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
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July 31, 2012 |
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Annual Report |
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BlackRock California Municipal Income Trust (BFZ) |
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BlackRock Florida Municipal 2020 Term Trust (BFO) |
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BlackRock Municipal Income Investment Trust (BBF) |
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BlackRock New Jersey Municipal Income Trust (BNJ) |
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BlackRock New York Municipal Income Trust (BNY) |
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Not FDIC Insured § No Bank Guarantee § May Lose Value |
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Table of Contents |
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Page |
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3 |
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Annual Report: |
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4 |
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5 |
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10 |
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10 |
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Financial Statements: |
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11 |
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28 |
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29 |
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30 |
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32 |
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33 |
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38 |
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47 |
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47 |
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |
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48 |
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52 |
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53 |
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56 |
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2 |
ANNUAL REPORT |
JULY 31, 2012 |
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About this time one year ago, financial markets fell into turmoil, triggered by Standard & Poors 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 regions debt crisis drew investors back to the markets. Improving sentiment carried over into early 2012 as investors saw some relief from the worlds 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 Europes debt problems boiled over once again. High levels of volatility returned as political instability in Greece threatened the countrys membership in the euro zone. Spain faced severe deficit issues while the nations 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.
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Sincerely, |
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Rob Kapito |
President, BlackRock Advisors, LLC |
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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. |
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Rob Kapito |
President, BlackRock Advisors, LLC |
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Total Returns as of July 31, 2012 |
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6-month |
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12-month |
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US large cap equities |
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6.25 |
% |
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9.13 |
% |
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US small cap equities |
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(0.03 |
) |
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0.19 |
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International equities |
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(1.15 |
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(11.45 |
) |
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Emerging market |
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(4.83 |
) |
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(13.93 |
) |
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3-month Treasury bill |
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0.05 |
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0.07 |
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US Treasury securities |
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4.31 |
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15.58 |
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US investment grade |
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2.88 |
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7.25 |
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Tax-exempt municipal |
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3.22 |
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10.70 |
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US high yield bonds |
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6.05 |
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8.00 |
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Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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THIS PAGE NOT PART OF YOUR FUND REPORT |
3 |
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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.
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 & Poors (S&P) downgraded the US governments 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 Europes 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.
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Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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4 |
ANNUAL REPORT |
JULY 31, 2012 |
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BlackRock California Municipal Income Trust |
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Trust Overview |
BlackRock California Municipal Income Trusts (BFZ) (the Trust) investment objective is to provide current income exempt from regular US federal income and California income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and California income taxes. The Trust invests, under normal market conditions, at least 80% of its assets in municipal obligations that are investment grade quality. The Trust may invest directly in such securities or synthetically through the use of derivatives.
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No assurance can be given that the Trusts investment objective will be achieved. |
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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 Trusts 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 Trusts 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 Trusts 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.
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The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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Trust Information |
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Symbol on New York Stock Exchange (NYSE) |
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BFZ |
Initial Offering Date |
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July 27, 2001 |
Yield on Closing Market Price as of July 31, 2012 ($16.64)1 |
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5.60% |
Tax Equivalent Yield2 |
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8.62% |
Current Monthly Distribution per Common Share3 |
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$0.0777 |
Current Annualized Distribution per Common Share3 |
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$0.9324 |
Economic Leverage as of July 31, 20124 |
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39% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution rate is not constant and is subject to change. |
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4 |
Represents Variable Rate Muni Term Preferred Shares (VMTP Shares) and tender option bond trusts (TOBs) as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10. |
The table below summarizes the changes in the Trusts market price and NAV per share:
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7/31/12 |
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7/31/11 |
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Change |
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High |
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Low |
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Market Price |
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$ |
16.64 |
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$ |
13.16 |
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26.44 |
% |
$ |
16.75 |
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$ |
12.95 |
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Net Asset Value |
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$ |
16.32 |
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$ |
13.88 |
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17.58 |
% |
$ |
16.38 |
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$ |
13.88 |
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The following charts show the sector and credit quality allocations of the Trusts long-term investments:
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Sector Allocations |
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7/31/12 |
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7/31/11 |
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County/City/Special District/School District |
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37 |
% |
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39 |
% |
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Utilities |
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29 |
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29 |
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Health |
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12 |
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11 |
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Education |
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9 |
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7 |
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Transportation |
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7 |
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7 |
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State |
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5 |
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5 |
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Housing |
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1 |
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2 |
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Credit Quality Allocations5 |
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7/31/12 |
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7/31/11 |
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AAA/Aaa |
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9 |
% |
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11 |
% |
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AA/Aa |
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71 |
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67 |
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A |
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19 |
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20 |
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BBB/Baa |
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1 |
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2 |
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5 |
Using the higher of S&Ps or Moodys Investors Service (Moodys) ratings. |
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ANNUAL REPORT |
JULY 31, 2012 |
5 |
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Trust Summary as of July 31, 2012 |
BlackRock Florida Municipal 2020 Term Trust |
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Trust Overview |
BlackRock Florida Municipal 2020 Term Trusts (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 Trusts maturity date. The Trust may invest directly in such securities or synthetically through the use of derivatives. Effective January 1, 2007, the Florida intangible personal property tax was repealed.
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No assurance can be given that the Trusts investment objective will be achieved. |
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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 Trusts 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 Trusts exposure to intermediate and longer maturity bonds and lower-quality investment grade bonds had a significant positive impact on the Trusts 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 Trusts 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.
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The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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Trust Information |
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Symbol on NYSE |
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BFO |
Initial Offering Date |
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September 30, 2003 |
Termination Date (on or about) |
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December 31, 2020 |
Yield on Closing Market Price as of July 31, 2012 ($15.60)1 |
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4.31% |
Tax Equivalent Yield2 |
|
6.63% |
Current Monthly Distribution per Common Share3 |
|
$0.0560 |
Current Annualized Distribution per Common Share3 |
|
$0.6720 |
Economic Leverage as of July 31, 20124 |
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33% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution rate is not constant and is subject to change. |
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4 |
Represents Auction Market Preferred Shares (AMPS) and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to AMPS and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10. |
The table below summarizes the changes in the Trusts market price and NAV per share:
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7/31/12 |
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7/31/11 |
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Change |
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High |
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Low |
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Market Price |
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$ |
15.60 |
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$ |
13.91 |
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12.15% |
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$ |
15.86 |
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$ |
13.79 |
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Net Asset Value |
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$ |
16.05 |
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$ |
14.94 |
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7.43% |
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$ |
16.08 |
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$ |
14.94 |
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The following charts show the sector and credit quality allocations of the Trusts long-term investments:
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Sector Allocations |
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7/31/12 |
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7/31/11 |
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County/City/Special District/School District |
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40 |
% |
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46 |
% |
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State |
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15 |
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11 |
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Utilities |
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14 |
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18 |
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Health |
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13 |
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12 |
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Transportation |
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10 |
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4 |
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Corporate |
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4 |
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6 |
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Housing |
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2 |
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2 |
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Education |
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2 |
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1 |
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Credit Quality Allocations5 |
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7/31/12 |
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7/31/11 |
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AAA/Aaa |
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8 |
% |
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7 |
% |
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AA/Aa |
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45 |
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40 |
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A |
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28 |
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23 |
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BBB/Baa |
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8 |
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12 |
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BB/Ba |
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1 |
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Not Rated6 |
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11 |
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17 |
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5 |
Using the higher of S&Ps or Moodys ratings. |
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6 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of July 31, 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 Trusts long-term investments. |
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6 |
ANNUAL REPORT |
JULY 31, 2012 |
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Trust Summary as of July 31, 2012 |
BlackRock Municipal Income Investment Trust |
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Trust Overview |
BlackRock Municipal Income Investment Trusts (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.
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|
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No assurance can be given that the Trusts investment objective will be achieved. |
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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 Trusts 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 Trusts 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.
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|
|
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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Trust Information |
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|
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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. |
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|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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|
|
|
3 |
The distribution rate is not constant and is subject to change. |
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4 |
Represents 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 Trusts market price and NAV per share:
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|
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|
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|
|
|
|
|
|
|
|
|
|
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 Trusts long-term investments:
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Sector Allocations |
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|
|
|
|
|
|
|
|
|
7/31/12 |
|
7/31/11 |
|
||
County/City/Special District/School District |
|
22 |
% |
|
19 |
% |
|
Health |
|
20 |
|
|
21 |
|
|
State |
|
16 |
|
|
9 |
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Utilities |
|
15 |
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|
18 |
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Transportation |
|
12 |
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|
16 |
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Education |
|
12 |
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|
7 |
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Corporate |
|
1 |
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|
8 |
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Tobacco |
|
1 |
|
|
1 |
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|
Housing |
|
1 |
|
|
1 |
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Credit Quality Allocations5 |
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|
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&Ps or Moodys 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 Trusts (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 Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trusts 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&Ps or Moodys 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 Trusts 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 Trusts (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 Trusts 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 Trusts 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 Trusts long duration posture (greater sensitivity to interest rates) contributed positively to performance as interest rates declined over the period. The Trusts 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 Trusts heavy exposures to transportation, education and health, which were among the better performing sectors for the period. The Trusts lower quality holdings also enhanced results as credit spreads narrowed during the period. Conversely, the Trusts 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 Trusts 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 Trusts 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&Ps or Moodys 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 Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trusts net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced. Each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Trust to incur losses. The use of leverage may limit each Trusts ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by 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 Trusts 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 |
|
|
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 advisors 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 |
|
|
|
|
BlackRock California Municipal Income Trust (BFZ) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
California 93.5% |
|
|
|
|
|
|
|
Corporate 0.2% |
|
|
|
|
|
|
|
City of Chula Vista California, Refunding
RB, San Diego |
|
$ |
680 |
|
$ |
802,706 |
|
County/City/Special District/School District 34.1% |
|
|
|
|
|
|
|
Butte-Glenn Community College District, GO,
Election of |
|
|
8,425 |
|
|
9,932,232 |
|
California State Public Works Board, RB,
Various Capital |
|
|
8,000 |
|
|
9,864,800 |
|
Cerritos Community College District, GO,
Election of 2004, |
|
|
3,000 |
|
|
3,462,210 |
|
City of San Jose California Hotel Tax, RB,
Convention |
|
|
|
|
|
|
|
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 |
|
|
2,000 |
|
|
2,344,220 |
|
Desert Community College District, GO, CAB,
Election of |
|
|
4,230 |
|
|
672,189 |
|
Evergreen Elementary School District, GO,
Election of 2006, |
|
|
2,500 |
|
|
2,838,250 |
|
Grossmont Healthcare District, GO, Election
of 2006, |
|
|
|
|
|
|
|
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, |
|
|
4,135 |
|
|
4,917,094 |
|
Los Alamitos Unified School District
California, GO, |
|
|
5,735 |
|
|
6,645,718 |
|
Los Angeles Municipal Improvement Corp.,
Refunding RB, |
|
|
4,975 |
|
|
5,695,380 |
|
Los Angeles Unified School District
California, GO, |
|
|
1,500 |
|
|
1,788,645 |
|
Modesto Irrigation District, COP, Capital
Improvements, |
|
|
|
|
|
|
|
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, |
|
|
12,870 |
|
|
3,351,863 |
|
Oak Grove School District California, GO,
Election of 2008, |
|
|
6,000 |
|
|
7,019,160 |
|
Orange County Water District, COP,
Refunding, 5.25%, |
|
|
2,000 |
|
|
2,326,320 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
California (continued) |
|
|
|
|
|
|
|
County/City/Special District/School District |
|
|
|
|
|
|
|
(concluded) |
|
|
|
|
|
|
|
Pico Rivera Public Financing Authority, RB, 5.75%, |
|
$ |
2,000 |
|
$ |
2,256,020 |
|
Pittsburg Unified School District, GO, Election of 2006, |
|
|
2,000 |
|
|
2,284,480 |
|
Sacramento Area Flood Control Agency, Special |
|
|
3,000 |
|
|
3,437,700 |
|
San Bernardino Community College District, GO, |
|
|
5,000 |
|
|
991,700 |
|
San Diego Community College District California, GO, |
|
|
1,500 |
|
|
1,759,185 |
|
San Diego Regional Building Authority California, RB, |
|
|
6,500 |
|
|
7,327,840 |
|
San Jose Financing Authority, Refunding RB, Civic Center |
|
|
6,000 |
|
|
6,019,140 |
|
San Leandro Unified School District California, GO, |
|
|
3,060 |
|
|
3,642,287 |
|
Santa Ana Unified School District, GO, Election of 2008, |
|
|
|
|
|
|
|
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, |
|
|
21,000 |
|
|
23,386,650 |
|
Snowline Joint Unified School District, COP, Refunding, |
|
|
2,250 |
|
|
2,595,600 |
|
Torrance Unified School District California, GO, |
|
|
4,000 |
|
|
4,794,480 |
|
Tustin Unified School District, GO, Election of 2008, |
|
|
3,445 |
|
|
4,100,308 |
|
West Contra Costa Unified School District, GO, |
|
|
4,760 |
|
|
5,570,628 |
|
Westminster Redevelopment Agency California, Tax |
|
|
7,750 |
|
|
9,417,490 |
|
William S. Hart Union High School District, GO, CAB, |
|
|
|
|
|
|
|
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: |
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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 |
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See Notes to Financial Statements. |
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ANNUAL REPORT |
JULY 31, 2012 |
11 |
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Schedule of Investments (continued) |
BlackRock California Municipal Income Trust (BFZ) |
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(Percentages shown are based on Net Assets) |
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Municipal Bonds |
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Par |
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Value |
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California (continued) |
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Education 3.3% |
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California Educational Facilities Authority, Refunding RB, |
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$ |
6,280 |
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$ |
7,685,401 |
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California Municipal Finance Authority, RB, Emerson |
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2,500 |
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2,917,275 |
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University of California, RB, Series O, 5.38%, 5/15/34 |
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460 |
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538,021 |
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University of California, Refunding RB, Limited Project, |
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5,155 |
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5,957,427 |
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17,098,124 |
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Health 19.5% |
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ABAG Finance Authority for Nonprofit Corps, Refunding |
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6.38%, 8/01/34 |
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3,055 |
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3,256,783 |
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6.25%, 8/01/39 |
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3,760 |
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4,471,542 |
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Series A, 6.00%, 8/01/30 |
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2,275 |
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2,801,754 |
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California Health Facilities Financing Authority, RB: |
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Adventist Health System West, Series A, 5.75%, |
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6,655 |
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7,595,950 |
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Catholic Healthcare West, Series J, 5.63%, 7/01/32 |
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7,000 |
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7,661,080 |
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Childrens Hospital, Series A, 5.25%, 11/01/41 |
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2,575 |
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2,848,929 |
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Stanford Hospital and Clinics, Series A, 5.00%, |
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6,250 |
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6,854,625 |
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Sutter Health, Series A, 5.25%, 11/15/46 |
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9,000 |
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9,542,880 |
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Sutter Health, Series B, 6.00%, 8/15/42 |
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6,015 |
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7,224,015 |
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California Health Facilities Financing Authority, |
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Catholic Healthcare West, Series A, 6.00%, 7/01/29 |
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1,000 |
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1,189,540 |
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Catholic Healthcare West, Series A, 6.00%, 7/01/34 |
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4,400 |
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5,203,792 |
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Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
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3,050 |
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3,598,817 |
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Providence Health, 6.50%, 10/01/18 (c) |
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25 |
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33,103 |
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Providence Health, 6.50%, 10/01/38 |
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4,090 |
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4,877,529 |
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California Statewide Communities Development Authority, |
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Health Facility Memorial Health Services, 5.50%, |
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7,000 |
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7,248,010 |
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Kaiser Permanente, 5.50%, 11/01/32 |
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11,090 |
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11,192,028 |
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Kaiser Permanente, 5.00%, 4/01/42 |
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7,000 |
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7,662,060 |
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California Statewide Communities Development Authority, |
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Catholic Healthcare West, Series B, 5.50%, 7/01/30 |
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2,960 |
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3,285,866 |
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Catholic Healthcare West, Series E, 5.50%, 7/01/31 |
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4,255 |
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4,721,348 |
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101,269,651 |
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State 7.9% |
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California State Public Works Board, RB: |
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Department of Education, Riverside Campus Project, |
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9,000 |
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10,877,940 |
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Various Capital Projects, Sub-Series I-1, 6.38%, |
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5,025 |
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6,104,119 |
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State of California, GO, Various Purpose: |
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6.00%, 3/01/33 |
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5,080 |
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6,257,747 |
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6.50%, 4/01/33 |
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5,985 |
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7,475,624 |
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6.00%, 4/01/38 |
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8,630 |
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10,189,096 |
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40,904,526 |
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Transportation 10.1% |
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City of Los Angeles Department of Airports, Refunding RB: |
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Los Angeles International Airport, Sub-Series C, |
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1,455 |
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1,603,323 |
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Series A, 5.00%, 5/15/34 |
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6,000 |
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6,724,020 |
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City of San Jose California, Refunding ARB, California |
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5.75%, 3/01/34 |
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2,265 |
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2,603,731 |
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6.25%, 3/01/34 |
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2,650 |
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3,142,979 |
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Municipal Bonds |
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Par |
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Value |
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California (concluded) |
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Transportation (concluded) |
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County of Orange California, ARB, Series B, 5.75%, |
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$ |
8,000 |
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$ |
9,037,520 |
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County of Sacramento California, ARB: |
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PFC/Grant, Sub-Series D, 6.00%, 7/01/35 |
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3,000 |
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3,468,660 |
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Senior Series B, 5.75%, 7/01/39 |
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1,850 |
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2,108,815 |
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Los Angeles Harbor Department, RB, Series B, 5.25%, |
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5,530 |
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6,347,942 |
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San Francisco City & County Airports Commission, RB, |
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6,750 |
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7,983,225 |
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San Joaquin County Transportation Authority, Refunding |
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6.00%, 3/01/36 |
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2,880 |
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3,527,021 |
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5.50%, 3/01/41 |
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5,000 |
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5,898,150 |
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52,445,386 |
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Utilities 18.4% |
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Anaheim Public Financing Authority, RB, Anaheim |
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5.25%, 10/01/39 |
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1,500 |
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1,698,615 |
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Series A, 5.38%, 10/01/36 |
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7,690 |
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9,048,746 |
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California Infrastructure & Economic Development Bank, |
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5,500 |
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6,068,645 |
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Calleguas-Las Virgines Public Financing Authority |
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4,000 |
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4,367,480 |
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City of Chula Vista California, Refunding RB, San Diego |
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Series D, 5.88%, 1/01/34 |
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2,500 |
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2,934,225 |
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Series E, 5.88%, 1/01/34 |
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6,500 |
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7,628,985 |
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City of Los Angeles California Wastewater System, |
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Series A, 5.00%, 6/01/39 |
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2,000 |
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2,232,300 |
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Sub-Series A, 5.00%, 6/01/32 |
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4,000 |
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4,602,840 |
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City of Petaluma California Wastewater, Refunding RB, |
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5,625 |
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6,876,112 |
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City of San Francisco Public Utilities Commission, |
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4,000 |
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4,048,000 |
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Dublin-San Ramon Services District, Refunding RB, |
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2,425 |
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2,953,044 |
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Los Angeles Department of Water & Power, RB: |
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Power System, Sub-Series A-1, 5.25%, 7/01/38 |
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9,000 |
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10,493,190 |
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Series A, 5.38%, 7/01/34 |
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3,050 |
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3,523,756 |
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Series B, 5.00%, 7/01/43 (b) |
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5,000 |
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5,796,350 |
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Los Angeles Department of Water & Power, Refunding RB, |
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Series A, 5.25%, 7/01/39 |
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4,000 |
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4,681,160 |
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Sub-Series A-2, 5.00%, 7/01/30 |
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2,200 |
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2,282,764 |
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San Diego County Water Authority, COP, Refunding, |
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1,850 |
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1,871,590 |
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San Diego Public Facilities Financing Authority, |
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Senior Series A, 5.25%, 5/15/34 |
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9,520 |
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10,952,570 |
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Series A, 5.25%, 8/01/38 |
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3,340 |
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3,761,575 |
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95,821,947 |
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Total Municipal Bonds in California |
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485,508,671 |
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See Notes to Financial Statements. |
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12 |
ANNUAL REPORT |
JULY 31, 2012 |
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Schedule of Investments (continued) |
BlackRock California Municipal Income Trust (BFZ) |
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(Percentages shown are based on Net Assets) |
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Municipal Bonds |
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Par |
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Value |
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Multi-State 1.6% |
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Housing 1.6% |
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Centerline Equity Issuer Trust (d)(e): |
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7.20%, 11/15/14 |
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$ |
3,500 |
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$ |
3,880,625 |
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5.75%, 5/15/15 |
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500 |
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547,420 |
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6.00%, 5/15/15 |
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1,500 |
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1,651,185 |
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6.00%, 5/15/19 |
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1,000 |
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1,185,850 |
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6.30%, 5/15/19 |
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1,000 |
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1,202,120 |
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Total Municipal Bonds in Multi-State |
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8,467,200 |
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Puerto Rico 0.4% |
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State 0.4% |
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Puerto Rico Sales Tax Financing Corp., Refunding RB, |
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8,750 |
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2,059,575 |
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Total Municipal Bonds 95.5% |
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496,035,446 |
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Municipal Bonds Transferred to |
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California 67.1% |
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County/City/Special District/School District 25.4% |
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El Dorado Union High School District, GO, Election of |
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5,020 |
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5,630,733 |
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Los Angeles Community College District California, GO: |
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Election of 2001, Series A (AGM), 5.00%, 8/01/32 |
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8,000 |
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9,018,720 |
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Election of 2003, Series F-1, 5.00%, 8/01/33 |
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5,000 |
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5,647,850 |
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Election of 2008, Series C, 5.25%, 8/01/39 |
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12,900 |
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15,040,949 |
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Los Angeles Community College District California, GO, |
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20,131 |
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24,514,539 |
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Los Angeles Unified School District California, GO, |
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5,000 |
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5,650,300 |
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Mount San Antonio Community College District California, |
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10,770 |
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11,647,755 |
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Ohlone Community College District, GO, Series B (AGM), |
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12,499 |
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13,692,350 |
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San Bernardino Community College District California, |
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2,000 |
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2,241,000 |
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San Diego Community College District California, GO: |
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Election of 2002, 5.25%, 8/01/33 |
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10,484 |
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12,296,111 |
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Election of 2006 (AGM), 5.00%, 8/01/32 |
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9,000 |
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10,028,970 |
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San Jose Unified School District Santa Clara County |
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14,625 |
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16,545,989 |
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131,955,266 |
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Education 11.2% |
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California Educational Facilities Authority, RB, University |
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10,395 |
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12,167,867 |
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Grossmont Union High School District, GO, Election of |
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13,095 |
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14,508,159 |
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Mount Diablo California Unified School District, GO, |
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4,000 |
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4,289,400 |
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San Mateo County Community College District, GO, |
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8,630 |
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9,770,627 |
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University of California, RB: |
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Limited Project, Series D (AGM), 5.00%, 5/15/41 |
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2,600 |
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2,912,624 |
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Series O, 5.75%, 5/15/34 |
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12,300 |
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14,790,299 |
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58,438,976 |
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Transportation 1.1% |
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City of Los Angeles California Department of Airports, |
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4,999 |
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5,611,360 |
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Municipal Bonds Transferred to |
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Par |
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Value |
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California (concluded) |
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Utilities 29.4% |
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California State Department of Water Resources, |
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$ |
7,000 |
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$ |
8,171,590 |
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City of Napa California Water System, RB (AMBAC), |
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3,000 |
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|
3,253,950 |
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East Bay Municipal Utility District, RB, Sub-Series A |
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3,000 |
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3,305,100 |
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Eastern Municipal Water District, COP, Series H, 5.00%, |
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18,002 |
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19,889,794 |
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Los Angeles Department of Water & Power, RB: |
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|
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Power System, Sub-Series A-1 (AMBAC), 5.00%, |
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15,998 |
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|
18,016,024 |
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Water System, Sub-Series A-2 (AGM), 5.00%, |
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2,000 |
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|
2,258,760 |
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Metropolitan Water District of Southern California, RB, |
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|
11,180 |
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|
12,741,063 |
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Orange County Sanitation District, COP, Series B (AGM), |
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|
14,700 |
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|
16,432,248 |
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Orange County Water District, COP, Refunding, 5.00%, |
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|
10,480 |
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|
11,793,878 |
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San Diego County Water Authority, COP, Refunding, |
|
|
14,290 |
|
|
15,868,187 |
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San Diego Public Facilities Financing Authority, |
|
|
12,457 |
|
|
14,225,096 |
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San Francisco City & County Public Utilities Commission, |
|
|
12,698 |
|
|
14,580,927 |
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San Francisco City & County Public Utilities Commission, |
|
|
10,625 |
|
|
12,051,704 |
|
|
|
|
|
|
|
152,588,321 |
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Total
Municipal Bonds Transferred to |
|
|
|
|
|
348,593,923 |
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Total
Long-Term Investments |
|
|
|
|
|
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 |
|
|
|
|
|
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 |
|
|
|
|
|
(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. |
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(b) |
When-issued security. Unsettled when-issued transactions were as follows: |
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|
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|
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Counterparty |
|
Value |
|
Unrealized |
|
||
Wells Fargo & Co. |
|
$ |
5,796,350 |
|
$ |
6,200 |
|
Barclays Plc |
|
$ |
5,957,427 |
|
$ |
(12,527 |
) |
|
|
|
|
See Notes to Financial Statements. |
|||
|
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|
|
|
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. |
|
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(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. |
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(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 Trusts 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. |
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|
(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: |
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Affiliate |
|
Shares
Held |
|
Net |
|
Shares
Held |
|
Income |
|
||||
BIF California Municipal |
|
|
2,720,243 |
|
|
5,233,035 |
|
|
7,953,278 |
|
|
$ 60 |
|
|
|
|
(h) |
Represents the current yield as of report date. |
|
|
|
|
|
For Trust compliance purposes, the Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trusts investments categorized in the disclosure hierarchy as of July 31, 2012: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term |
|
|
|
|
$ |
844,629,369 |
|
|
|
|
$ |
844,629,369 |
|
Short-Term |
|
$ |
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 Trusts 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 |
|
|
|
|
$ |
(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 |
|
Value |
|
||
Florida 144.4% |
|
|
|
|
|
|
|
Corporate 6.3% |
|
|
|
|
|
|
|
Hillsborough County IDA, Refunding RB, Tampa |
|
|
|
|
|
|
|
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, |
|
|
2,000 |
|
|
2,469,800 |
|
|
|
|
|
|
|
5,638,501 |
|
County/City/Special District/School District 59.2% |
|
|
|
|
|
|
|
Broward County School Board Florida, COP, |
|
|
2,000 |
|
|
2,359,420 |
|
Broward County School Board Florida, COP, Series A |
|
|
2,500 |
|
|
2,911,750 |
|
City of Jacksonville Florida, Refunding RB, Better |
|
|
4,000 |
|
|
4,770,280 |
|
County of Hillsborough Florida, RB (AMBAC), 5.00%, |
|
|
5,545 |
|
|
6,504,341 |
|
County of Miami-Dade Florida, RB, Sub-Series B |
|
|
7,560 |
|
|
2,480,209 |
|
County of Miami-Dade Florida, Refunding RB, |
|
|
|
|
|
|
|
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 |
|
|
2,200 |
|
|
2,239,116 |
|
Florida State Board of Education, GO, Refunding, |
|
|
485 |
|
|
598,087 |
|
Hillsborough County School Board, COP (NPFGC), |
|
|
1,000 |
|
|
1,043,460 |
|
Miami-Dade County Educational Facilities Authority |
|
|
1,000 |
|
|
1,076,590 |
|
Miami-Dade County School Board, COP, Refunding, |
|
|
4,000 |
|
|
4,687,040 |
|
Northern Palm Beach County Improvement District, |
|
|
1,000 |
|
|
1,016,560 |
|
Palm Beach County School District, COP, Refunding, |
|
|
4,000 |
|
|
4,000,000 |
|
Sterling Hill Community Development District, Special |
|
|
3,490 |
|
|
3,364,500 |
|
Stevens Plantation Improvement Project Dependent |
|
|
2,425 |
|
|
1,820,375 |
|
Village Center Community Development District, RB, |
|
|
2,000 |
|
|
2,037,480 |
|
Village Community Development District No. 5 Florida, |
|
|
1,000 |
|
|
1,022,770 |
|
Watergrass Community Development District, Special |
|
|
960 |
|
|
715,411 |
|
|
|
|
|
|
|
52,871,690 |
|
Education 2.9% |
|
|
|
|
|
|
|
Florida State Board of Governors, Refunding RB, |
|
|
500 |
|
|
592,030 |
|
Florida State Higher Educational Facilities Financial |
|
|
1,000 |
|
|
1,131,130 |
|
Orange County Educational Facilities Authority, RB, Rollins |
|
|
725 |
|
|
824,608 |
|
|
|
|
|
|
|
2,547,768 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Florida (continued) |
|
|
|
|
|
|
|
Health 18.7% |
|
|
|
|
|
|
|
Highlands County Health Facilities Authority, Refunding |
|
$ |
2,155 |
|
$ |
2,556,692 |
|
Hillsborough County IDA, RB, H. Lee Moffitt Cancer |
|
|
1,500 |
|
|
1,648,500 |
|
Marion County Hospital District Florida, Refunding RB, |
|
|
1,500 |
|
|
1,623,645 |
|
Orange County Health Facilities Authority, RB, Hospital, |
|
|
3,000 |
|
|
3,076,320 |
|
Orange County Health Facilities Authority, Refunding RB, |
|
|
|
|
|
|
|
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, |
|
|
|
|
|
|
|
Acts Retirement-Life Communities, Inc., 5.00%, |
|
|
4,735 |
|
|
5,320,814 |
|
Bethesda Healthcare System Project, Series A (AGM), |
|
|
1,285 |
|
|
1,541,473 |
|
|
|
|
|
|
|
16,695,446 |
|
Housing 2.3% |
|
|
|
|
|
|
|
Florida Housing Finance Corp., RB, Homeowner Mortgage, |
|
|
925 |
|
|
980,528 |
|
Jacksonville Housing Finance Authority, Refunding RB, |
|
|
450 |
|
|
485,923 |
|
Manatee County Housing Finance Authority, RB, Series A, |
|
|
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, |
|
|
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, |
|
|
3,000 |
|
|
3,669,420 |
|
|
|
|
|
|
|
17,957,438 |
|
Transportation 14.9% |
|
|
|
|
|
|
|
Broward County Florida Airport System Revenue, |
|
|
2,500 |
|
|
2,906,875 |
|
Broward County Florida Port Facilities Revenue, |
|
|
2,500 |
|
|
2,808,175 |
|
County of Lee Florida Transportation Facilities, |
|
|
|
|
|
|
|
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 |
|
|
550 |
|
|
669,125 |
|
Greater Orlando Aviation Authority, Refunding RB, |
|
|
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 |
|
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, |
|
|
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 |
|
|
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 |
|
|
1,000 |
|
|
1,159,480 |
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, |
|
|
415 |
|
|
498,265 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
1,657,745 |
|
Total Municipal Bonds 146.3% |
|
|
|
|
|
130,552,616 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
Florida 0.8% |
|
|
|
|
|
|
|
Housing 0.8% |
|
|
|
|
|
|
|
Lee County Housing Finance Authority, RB, Multi-County |
|
|
705 |
|
|
751,537 |
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
751,537 |
|
Total
Long-Term Investments |
|
|
|
|
|
131,304,153 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
BIF Florida Municipal Money Fund, 0.00% (f)(g) |
|
|
781,042 |
|
|
781,042 |
|
Total
Short-Term Securities |
|
|
|
|
|
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 |
|
|
|
|
|
(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 Trusts 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 |
|
Net |
|
Shares
Held |
|
Income |
|
||||
BIF Florida Municipal |
|
|
1,843,816 |
|
|
(1,062,774 |
) |
|
781,042 |
|
$ |
91 |
|
|
|
|
(g) |
Represents the current yield as of report date. |
|
|
|
|
|
For Trust compliance purposes, the Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trusts investments categorized in the disclosure hierarchy as of July 31, 2012: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term |
|
|
|
|
$ |
131,304,153 |
|
|
|
|
$ |
131,304,153 |
|
Short-Term |
|
$ |
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 Trusts 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 |
|
Value |
|
||
Alabama 0.3% |
|
|
|
|
|
|
|
Selma IDB, RB, International Paper Company Project, |
|
$ |
275 |
|
$ |
299,610 |
|
Alaska 0.2% |
|
|
|
|
|
|
|
Northern Tobacco Securitization Corp., Refunding RB, |
|
|
330 |
|
|
258,862 |
|
Arizona 1.9% |
|
|
|
|
|
|
|
Arizona Board of Regents, Refunding COP, University of |
|
|
|
|
|
|
|
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 |
|
|
500 |
|
|
573,120 |
|
|
|
|
|
|
|
2,006,156 |
|
California 13.7% |
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University |
|
|
1,315 |
|
|
1,570,478 |
|
California Health Facilities Financing Authority, RB, |
|
|
815 |
|
|
900,282 |
|
California Health Facilities Financing Authority, |
|
|
890 |
|
|
1,050,147 |
|
California Statewide Communities Development Authority, |
|
|
695 |
|
|
760,733 |
|
Grossmont Union High School District, GO, Election of |
|
|
1,910 |
|
|
2,058,751 |
|
Los Angeles Department of Water & Power, RB, Power |
|
|
1,750 |
|
|
2,040,342 |
|
San Diego Regional Building Authority California, RB, |
|
|
1,600 |
|
|
1,803,776 |
|
State of California, GO, Various Purpose, 6.00%, |
|
|
1,275 |
|
|
1,570,596 |
|
State of California, GO, Refunding, Various Purpose, |
|
|
1,500 |
|
|
1,744,845 |
|
University of California, Refunding RB, 5.00%, |
|
|
1,000 |
|
|
1,155,660 |
|
|
|
|
|
|
|
14,655,610 |
|
Colorado 3.0% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Refunding RB, |
|
|
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 |
|
|
1,000 |
|
|
1,166,170 |
|
Florida 1.5% |
|
|
|
|
|
|
|
Orange County Health Facilities Authority, RB, The |
|
|
780 |
|
|
873,319 |
|
Watergrass Community Development District, Special |
|
|
960 |
|
|
715,411 |
|
|
|
|
|
|
|
1,588,730 |
|
Georgia 1.8% |
|
|
|
|
|
|
|
Municipal Electric Authority of Georgia, Refunding RB, |
|
|
1,565 |
|
|
1,869,236 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Illinois 14.3% |
|
|
|
|
|
|
|
Chicago Board of Education Illinois, GO, Series A, 5.50%, |
|
$ |
1,000 |
|
$ |
1,165,820 |
|
Chicago Park District, GO, Harbor Facilities, Series C, |
|
|
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, OHare International Airport, |
|
|
2,955 |
|
|
3,627,794 |
|
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, |
|
|
385 |
|
|
441,972 |
|
Cook County Forest Preserve District, GO, Series C, |
|
|
285 |
|
|
325,011 |
|
Cook County Forest Preserve District, GO, Refunding, |
|
|
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, |
|
|
1,600 |
|
|
2,024,432 |
|
Illinois Finance Authority, Refunding RB, Northwestern |
|
|
1,900 |
|
|
2,234,191 |
|
Metropolitan Pier & Exposition Authority, Refunding RB, |
|
|
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%, |
|
|
125 |
|
|
142,013 |
|
|
|
|
|
|
|
15,208,895 |
|
Indiana 2.4% |
|
|
|
|
|
|
|
Indiana Municipal Power Agency, RB, Series B, 6.00%, |
|
|
2,210 |
|
|
2,577,479 |
|
Kansas 1.8% |
|
|
|
|
|
|
|
Kansas Development Finance Authority, Refunding RB, |
|
|
1,600 |
|
|
1,876,064 |
|
Kentucky 3.0% |
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, RB, |
|
|
660 |
|
|
776,615 |
|
Louisville & Jefferson County Metropolitan Government, |
|
|
1,450 |
|
|
1,850,200 |
|
Louisville & Jefferson County Metropolitan Government |
|
|
500 |
|
|
616,545 |
|
|
|
|
|
|
|
3,243,360 |
|
Louisiana 0.8% |
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & |
|
|
715 |
|
|
828,285 |
|
Maine 1.5% |
|
|
|
|
|
|
|
Maine Health & Higher Educational Facilities Authority, |
|
|
1,270 |
|
|
1,578,966 |
|
Massachusetts 2.3% |
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, RB, |
|
|
330 |
|
|
385,625 |
|
Massachusetts Health & Educational Facilities Authority, |
|
|
1,000 |
|
|
1,216,470 |
|
Massachusetts State College Building Authority, RB, |
|
|
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 |
|
Value |
|
||
Michigan 3.3% |
|
|
|
|
|
|
|
Lansing Board of Water & Light Utilities System, RB, |
|
$ |
915 |
|
$ |
1,084,129 |
|
Michigan State Building Authority, Refunding RB, |
|
|
1,000 |
|
|
1,156,400 |
|
Royal Oak Hospital Finance Authority Michigan, |
|
|
995 |
|
|
1,283,460 |
|
|
|
|
|
|
|
3,523,989 |
|
Nevada 3.7% |
|
|
|
|
|
|
|
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts |
|
|
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, |
|
|
1,140 |
|
|
1,259,084 |
|
New Jersey Transportation Trust Fund Authority, RB, |
|
|
|
|
|
|
|
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, |
|
|
1,000 |
|
|
1,172,070 |
|
Metropolitan Transportation Authority, RB, Series E, 5.00%, |
|
|
240 |
|
|
269,762 |
|
New York Liberty Development Corp., Refunding RB, |
|
|
605 |
|
|
690,093 |
|
New York State Dormitory Authority, ERB, Series B, 5.25%, |
|
|
3,250 |
|
|
3,765,385 |
|
New York State Dormitory Authority, RB, Series B, 5.00%, |
|
|
750 |
|
|
863,033 |
|
Triborough Bridge & Tunnel Authority, RB, General, |
|
|
1,000 |
|
|
1,180,980 |
|
|
|
|
|
|
|
7,941,323 |
|
North Carolina 1.9% |
|
|
|
|
|
|
|
North Carolina Medical Care Commission, RB, Duke |
|
|
1,335 |
|
|
1,538,734 |
|
North Carolina Medical Care Commission, Refunding RB, |
|
|
420 |
|
|
476,562 |
|
|
|
|
|
|
|
2,015,296 |
|
Pennsylvania 5.0% |
|
|
|
|
|
|
|
Pennsylvania Economic Development Financing Authority, |
|
|
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 |
|
|
1,375 |
|
|
1,586,392 |
|
|
|
|
|
|
|
5,346,015 |
|
Puerto Rico 2.7% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
|
2,605 |
|
|
2,914,656 |
|
South Carolina 0.7% |
|
|
|
|
|
|
|
City of North Charleston South Carolina, RB, Public |
|
|
675 |
|
|
760,988 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Texas 15.4% |
|
|
|
|
|
|
|
Central Texas Regional Mobility Authority, Refunding RB, |
|
$ |
1,670 |
|
$ |
1,932,474 |
|
Conroe ISD Texas, GO, School Building, Series A, 5.75%, |
|
|
890 |
|
|
1,088,728 |
|
Harris County Health Facilities Development Corp., |
|
|
500 |
|
|
607,515 |
|
Katy ISD Texas, GO, Refunding, Unlimited Tax School |
|
|
560 |
|
|
653,318 |
|
Lamar Texas Consolidated ISD, GO, Refunding, School |
|
|
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, |
|
|
1,000 |
|
|
1,187,830 |
|
North Texas Tollway Authority, Refunding RB, System, |
|
|
1,000 |
|
|
1,142,470 |
|
Tarrant County Cultural Education Facilities Finance Corp., |
|
|
1,905 |
|
|
2,250,796 |
|
Texas Private Activity Bond Surface Transportation Corp., |
|
|
1,505 |
|
|
1,806,993 |
|
Texas State Turnpike Authority, RB, First Tier, Series A |
|
|
1,025 |
|
|
1,025,266 |
|
University of Texas System, Refunding RB, Financing |
|
|
1,355 |
|
|
1,592,247 |
|
|
|
|
|
|
|
16,457,066 |
|
Virginia 2.2% |
|
|
|
|
|
|
|
Virginia Public School Authority, RB, School Financing, |
|
|
1,000 |
|
|
1,246,850 |
|
Virginia Resources Authority, RB, Infrastructure, 5.00%, |
|
|
925 |
|
|
1,079,161 |
|
|
|
|
|
|
|
2,326,011 |
|
Wisconsin 2.7% |
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, RB, |
|
|
925 |
|
|
1,027,203 |
|
Wisconsin Health & Educational Facilities Authority, |
|
|
1,675 |
|
|
1,858,379 |
|
|
|
|
|
|
|
2,885,582 |
|
Total Municipal Bonds 100.2% |
|
|
|
|
|
106,808,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
California 18.8% |
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University |
|
|
1,995 |
|
|
2,335,247 |
|
Grossmont Union High School District, GO, Election of |
|
|
2,400 |
|
|
2,677,680 |
|
Los Angeles Community College District California, GO, |
|
|
2,630 |
|
|
3,066,488 |
|
Los Angeles Community College District California, GO, |
|
|
3,898 |
|
|
4,747,105 |
|
Los Angeles Unified School District California, GO, |
|
|
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 |
|
Par |
|
Value |
|
||
California (concluded) |
|
|
|
|
|
|
|
San Diego Public Facilities Financing Authority, |
|
$ |
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 |
|
|
1,799 |
|
|
2,103,011 |
|
|
|
|
|
|
|
3,846,584 |
|
Florida 0.5% |
|
|
|
|
|
|
|
County of Miami-Dade Florida, RB, Transit System, Sales |
|
|
490 |
|
|
549,814 |
|
Illinois 4.1% |
|
|
|
|
|
|
|
City of Chicago Illinois, Refunding RB, Second Lien Water |
|
|
760 |
|
|
864,792 |
|
Illinois Finance Authority, RB, University of Chicago, |
|
|
2,800 |
|
|
3,453,828 |
|
|
|
|
|
|
|
4,318,620 |
|
Massachusetts 1.6% |
|
|
|
|
|
|
|
Massachusetts School Building Authority, RB, Dedicated |
|
|
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, |
|
|
1,094 |
|
|
1,306,127 |
|
New Jersey 2.1% |
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, RB, |
|
|
2,000 |
|
|
2,286,600 |
|
New York 13.9% |
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB, |
|
|
1,410 |
|
|
1,699,457 |
|
New York City Municipal Water Finance Authority, |
|
|
|
|
|
|
|
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, |
|
|
1,500 |
|
|
1,694,482 |
|
New York Liberty Development Corp., RB, 1 World Trade |
|
|
2,205 |
|
|
2,543,357 |
|
New York Liberty Development Corp., Refunding RB, |
|
|
1,300 |
|
|
1,538,095 |
|
New York State Dormitory Authority, ERB, Series B, |
|
|
2,000 |
|
|
2,317,160 |
|
|
|
|
|
|
|
14,854,188 |
|
Ohio 1.6% |
|
|
|
|
|
|
|
County of Allen Ohio, Refunding RB, Catholic Healthcare, |
|
|
1,560 |
|
|
1,724,174 |
|
Puerto Rico 0.9% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, |
|
|
880 |
|
|
977,227 |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
Par |
|
Value |
|
|
Texas 6.4% |
|
|
|
|
|
|
|
City of San Antonio Texas, Refunding RB, Series A, 5.25%, |
|
$ |
2,025 |
|
$ |
2,360,609 |
|
Harris County Cultural Education Facilities Finance Corp., |
|
|
2,750 |
|
|
3,260,812 |
|
Waco Educational Finance Corp., Refunding RB, Baylor |
|
|
1,005 |
|
|
1,152,373 |
|
|
|
|
|
|
|
6,773,794 |
|
Virginia 1.0% |
|
|
|
|
|
|
|
Fairfax County IDA Virginia, Refunding RB, Health Care, |
|
|
899 |
|
|
1,027,634 |
|
Washington 1.5% |
|
|
|
|
|
|
|
University of Washington, Refunding RB, Series A, 5.00%, |
|
|
1,380 |
|
|
1,608,427 |
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
66,567,288 |
|
Total
Long-Term Investments |
|
|
|
|
|
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 |
|
|
|
|
|
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 |
|
|
|
|
|
(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 |
|
||
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 |
|
Net |
|
Shares Held |
|
Income |
|
||||
FFI Institutional |
|
|
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 Trusts 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 Trusts 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 Trusts 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 Trusts investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term |
|
|
|
|
$ |
173,375,606 |
|
|
|
|
$ |
173,375,606 |
|
Short-Term |
|
$ |
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 Trusts 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 |
|
|
|
|
$ |
(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) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
New Jersey 121.4% |
|
|
|
|
|
|
|
Corporate 9.1% |
|
|
|
|
|
|
|
New Jersey EDA, RB, Continental Airlines Inc. |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
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, |
|
|
2,400 |
|
|
2,655,744 |
|
|
|
|
|
|
|
11,256,427 |
|
County/City/Special District/School District 13.9% |
|
|
|
|
|
|
|
City of Margate City New Jersey, GO, Refunding, |
|
|
1,085 |
|
|
1,252,123 |
|
City of Perth Amboy New Jersey, GO, Refunding, |
|
|
|
|
|
|
|
5.00%, 7/01/34 |
|
|
1,075 |
|
|
1,161,344 |
|
5.00%, 7/01/35 |
|
|
175 |
|
|
188,314 |
|
Essex County Improvement Authority, Refunding RB, |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
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, |
|
|
1,790 |
|
|
134,232 |
|
Newark Housing Authority, Refunding RB, Newark |
|
|
2,600 |
|
|
2,445,560 |
|
Union County Improvement Authority, RB, Guaranteed |
|
|
1,515 |
|
|
1,728,160 |
|
|
|
|
|
|
|
17,205,586 |
|
Education 13.2% |
|
|
|
|
|
|
|
New Jersey EDA, RB, School Facilities Construction, |
|
|
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, |
|
|
|
|
|
|
|
College of New Jersey, Series D, (AGM), 5.00%, |
|
|
3,230 |
|
|
3,541,049 |
|
Georgian Court University, Series D, 5.00%, |
|
|
250 |
|
|
264,480 |
|
Kean University, Series A, 5.50%, 9/01/36 |
|
|
2,060 |
|
|
2,328,851 |
|
New Jersey Institute of Technology, Series H, |
|
|
660 |
|
|
738,566 |
|
University of Medicine & Dentistry, Series B, |
|
|
1,450 |
|
|
1,816,734 |
|
New Jersey Higher Education Student Assistance |
|
|
|
|
|
|
|
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, |
|
|
970 |
|
|
1,102,318 |
|
|
|
|
|
|
|
16,328,142 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
New Jersey (continued) |
|
|
|
|
|
|
|
Health 18.6% |
|
|
|
|
|
|
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
First Mortgage, Lions Gate Project, Series A, |
|
$ |
500 |
|
$ |
506,090 |
|
First Mortgage, Lions Gate Project, Series A, |
|
|
855 |
|
|
858,574 |
|
Masonic Charity Foundation Project, 5.50%, |
|
|
875 |
|
|
885,045 |
|
New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
First Mortgage, Winchester, Series A, 5.75%, |
|
|
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, |
|
|
|
|
|
|
|
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, |
|
|
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%, |
|
|
1,750 |
|
|
1,799,455 |
|
|
|
|
|
|
|
23,024,544 |
|
Housing 11.9% |
|
|
|
|
|
|
|
Middlesex County Improvement Authority, RB, AMT |
|
|
|
|
|
|
|
Administration Building Residential Project, |
|
|
1,400 |
|
|
1,401,456 |
|
New Brunswick Apartments Rental Housing, |
|
|
4,335 |
|
|
4,339,465 |
|
New Jersey State Housing & Mortgage Finance |
|
|
|
|
|
|
|
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 |
|
|
6,000 |
|
|
3,811,260 |
|
New Jersey Economic Development Authority, |
|
|
2,940 |
|
|
3,421,072 |
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
Kapkowski Road Landfill Project, Series B, AMT, |
|
|
5,000 |
|
|
5,892,800 |
|
Motor Vehicle Surcharge, Series A, (NPFGC), |
|
|
1,000 |
|
|
1,219,520 |
|
Motor Vehicle Surcharge, Series A, (NPFGC), |
|
|
1,365 |
|
|
1,673,749 |
|
School Facilities Construction, Series Z, (AGC), |
|
|
3,000 |
|
|
3,441,330 |
|
|
|
|
|
|
|||
|
ANNUAL REPORT |
JULY 31, 2012 |
21 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
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%, |
|
|
3,500 |
|
|
4,132,590 |
|
New Jersey Health Care Facilities Financing Authority, |
|
|
2,350 |
|
|
2,559,902 |
|
New Jersey Transportation Trust Fund Authority, RB, |
|
|
|
|
|
|
|
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, |
|
|
|
|
|
|
|
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%, |
|
|
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 |
|
|
|
|
|
|
|
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, |
|
|
1,750 |
|
|
2,090,025 |
|
|
|
|
|
|
|
13,521,131 |
|
Utilities 2.7% |
|
|
|
|
|
|
|
Rahway Valley Sewerage Authority, RB, CAB, Series A |
|
|
2,000 |
|
|
782,800 |
|
Union County Utilities Authority, Refunding RB, |
|
|
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, |
|
|
2,160 |
|
|
2,162,570 |
|
Puerto Rico Housing Finance Authority, Refunding RB, |
|
|
2,160 |
|
|
2,163,111 |
|
|
|
|
|
|
|
4,325,681 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Puerto Rico (concluded) |
|
|
|
|
|
|
|
State 11.2% |
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority, RB, CAB, |
|
|
|
|
|
|
|
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, |
|
|
|
|
|
|
|
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, |
|
|
1,740 |
|
|
1,995,484 |
|
|
|
|
|
|
|
13,822,559 |
|
Transportation 0.3% |
|
|
|
|
|
|
|
Puerto Rico Highway & Transportation Authority, |
|
|
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, |
|
|
3,000 |
|
|
3,535,500 |
|
Rutgers State University of New Jersey, Refunding RB, |
|
|
1,499 |
|
|
1,669,545 |
|
|
|
|
|
|
|
5,205,045 |
|
Transportation 6.8% |
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, RB, |
|
|
2,000 |
|
|
2,286,600 |
|
Port Authority of New York & New Jersey, RB, |
|
|
3,495 |
|
|
3,852,853 |
|
Port Authority of New York & New Jersey, Refunding RB, |
|
|
2,039 |
|
|
2,254,904 |
|
|
|
|
|
|
|
8,394,357 |
|
Utilities 5.1% |
|
|
|
|
|
|
|
Union County Utilities Authority, Refunding RB, |
|
|
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, |
|
|
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 |
|
|
|
|
|
|
|||
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 |
|
|
|
|
|
(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 |
|
Net |
|
Shares
Held |
|
Income |
|
||||
BIF New Jersey Municipal |
|
|
5,114,806 |
|
|
(2,785,450 |
) |
|
2,329,356 |
|
$ |
133 |
|
|
|
|
(i) |
Represents the current yield as of report date. |
|
|
|
|
|
For Trust compliance purposes, the Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trusts investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term |
|
|
|
|
$ |
189,674,584 |
|
|
|
|
$ |
189,674,584 |
|
Short-Term |
|
$ |
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 Trusts 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 |
|
|
|
|
$ |
(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) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
New York 125.2% |
|
|
|
|
|
|
|
Corporate 15.0% |
|
|
|
|
|
|
|
Chautauqua County Industrial Development Agency, |
|
$ |
1,000 |
|
$ |
1,123,150 |
|
Essex County Industrial Development Agency New York, |
|
|
550 |
|
|
611,881 |
|
New York City Industrial Development Agency, RB, |
|
|
|
|
|
|
|
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 |
|
|
6,350 |
|
|
7,331,075 |
|
Port Authority of New York & New Jersey, RB, Continental |
|
|
6,040 |
|
|
6,192,570 |
|
Suffolk County Industrial Development Agency New York, |
|
|
7,000 |
|
|
7,217,000 |
|
|
|
|
|
|
|
30,109,340 |
|
County/City/Special District/School District 29.6% |
|
|
|
|
|
|
|
Amherst Development Corp., Refunding RB, University |
|
|
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, |
|
|
800 |
|
|
893,584 |
|
Monroe County Industrial Development Corp., Refunding |
|
|
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%, |
|
|
1,960 |
|
|
462,952 |
|
Marymount School of New York Project, (ACA), |
|
|
750 |
|
|
766,395 |
|
Marymount School of New York Project, (ACA), |
|
|
500 |
|
|
508,835 |
|
Queens Baseball Stadium, PILOT, (AGC), 6.38%, |
|
|
150 |
|
|
176,729 |
|
Queens Baseball Stadium, PILOT, (AMBAC), |
|
|
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, |
|
|
|
|
|
|
|
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 |
|
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%, |
|
|
1,670 |
|
|
1,842,928 |
|
7 World Trade Center Project, Class 3, 5.00%, |
|
|
2,070 |
|
|
2,223,615 |
|
Second Priority, Bank of America Tower at One |
|
|
2,000 |
|
|
2,241,900 |
|
Second Priority, Bank of America Tower at One |
|
|
1,200 |
|
|
1,368,780 |
|
New York State Dormitory Authority, RB, State University |
|
|
750 |
|
|
834,623 |
|
New York State Dormitory Authority, Refunding RB, |
|
|
395 |
|
|
435,183 |
|
St. Lawrence County Industrial Development Agency, |
|
|
275 |
|
|
314,586 |
|
|
|
|
|
|
|
59,189,281 |
|
Education 22.8% |
|
|
|
|
|
|
|
Albany Industrial Development Agency, RB, New |
|
|
|
|
|
|
|
7.00%, 5/01/25 |
|
|
910 |
|
|
204,741 |
|
7.00%, 5/01/35 |
|
|
590 |
|
|
132,744 |
|
City of Troy New York, Refunding RB, Rensselaer |
|
|
3,240 |
|
|
3,588,559 |
|
Dutchess County Industrial Development Agency |
|
|
7,000 |
|
|
7,144,480 |
|
Madison County Industrial Development Agency |
|
|
|
|
|
|
|
Colgate University Project, Series B, 5.00%, |
|
|
2,000 |
|
|
2,087,880 |
|
Commons II LLC, Student Housing, Series A (CIFG), |
|
|
275 |
|
|
283,250 |
|
Nassau County Industrial Development Agency, |
|
|
1,165 |
|
|
1,276,176 |
|
New York City Trust for Cultural Resources, RB, Juilliard |
|
|
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%, |
|
|
155 |
|
|
180,194 |
|
Convent of the Sacred Heart (AGM), 5.63%, |
|
|
750 |
|
|
903,045 |
|
Convent of the Sacred Heart (AGM), 5.75%, |
|
|
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%, |
|
|
1,440 |
|
|
1,960,272 |
|
New York University, Series A, (AMBAC), 5.00%, |
|
|
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, |
|
|
1,000 |
|
|
1,179,910 |
|
Teachers College, 5.00%, 7/01/42 |
|
|
1,000 |
|
|
1,131,900 |
|
University of Rochester, Series A, 4.85%, |
|
|
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) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
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 |
|
|
2,000 |
|
|
2,372,480 |
|
Suffolk County Industrial Development Agency, |
|
|
1,000 |
|
|
1,034,560 |
|
Tompkins County Development Corp., RB, Ithaca |
|
|
700 |
|
|
815,703 |
|
Westchester County Industrial Development Agency |
|
|
2,500 |
|
|
2,501,675 |
|
Yonkers Industrial Development Agency New York, |
|
|
625 |
|
|
706,225 |
|
|
|
|
|
|
|
45,530,270 |
|
Health 12.7% |
|
|
|
|
|
|
|
Dutchess County Local Development Corp., Refunding |
|
|
300 |
|
|
347,211 |
|
Genesee County Industrial Development Agency |
|
|
500 |
|
|
495,215 |
|
Monroe County Industrial Development Corp., Refunding |
|
|
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, |
|
|
200 |
|
|
234,224 |
|
New York University Hospital Center, Series A, |
|
|
500 |
|
|
587,275 |
|
New York University Hospital Center, Series B, |
|
|
530 |
|
|
578,447 |
|
North Shore-Long Island Jewish Health System, |
|
|
2,000 |
|
|
2,079,240 |
|
North Shore-Long Island Jewish Health System, |
|
|
1,775 |
|
|
2,018,672 |
|
North Shore-Long Island Jewish Health System, |
|
|
750 |
|
|
761,948 |
|
North Shore-Long Island Jewish Health System, |
|
|
1,460 |
|
|
1,479,725 |
|
North Shore-Long Island Jewish Health System, |
|
|
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, |
|
|
3,390 |
|
|
3,592,620 |
|
North Shore-Long Island Jewish Health System, |
|
|
1,750 |
|
|
1,958,880 |
|
North Shore-Long Island Jewish Health System, |
|
|
1,100 |
|
|
1,248,159 |
|
Suffolk County Industrial Development Agency |