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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21053

Name of Fund: BlackRock Virginia Municipal Bond Trust (BHV)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock
Virginia Municipal Bond 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: 08/31/2011

Date of reporting period: 02/28/2011

Item 1 – Report to Stockholders




February 28, 2011

Semi-Annual Report (Unaudited)

BlackRock Maryland Municipal Bond Trust (BZM)

BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

BlackRock New Jersey Municipal Bond Trust (BLJ)

BlackRock New York Municipal Income Quality Trust (BSE)

BlackRock New York Municipal Bond Trust (BQH)

BlackRock New York Municipal Income Trust II (BFY)

BlackRock Virginia Municipal Bond Trust (BHV)

The Massachusetts Health & Education Tax-Exempt Trust (MHE)

Not FDIC Insured • No Bank Guarantee • May Lose Value



Table of Contents

  Page 
Dear Shareholder  3 
Semi-Annual Report:   
Municipal Market Overview  4 
Trust Summaries  5 
The Benefits and Risks of Leveraging  13 
Derivative Financial Instruments  14 
Financial Statements:   
Schedules of Investments  15 
Statements of Assets and Liabilities  38 
Statements of Operations  40 
Statements of Changes in Net Assets  42 
Financial Highlights  45 
Notes to Financial Statements  53 
Officers and Trustees  59 
Additional Information  60 

 

2 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Dear Shareholder

Over the past 12 months, we have seen a sluggish, stimulus-driven economic recovery at long last gain real traction, accelerate, and transition into a con-
sumption-driven expansion. For the most part, 2010 was plagued with widely fluctuating economic data, but as the year drew to a close, it became clear
that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets showed signs
of continuing improvement. Although the sovereign debt crises and emerging market inflation that troubled the global economy in 2010 remain a challenge,
overall investor sentiment considerably improved. Near the end of the period, geopolitical tensions across the Middle East North Africa (“MENA”) region
along with rising oil prices introduced new cause for concern about the future of the global economy. As of this writing, economic news remains fairly
positive although we face additional uncertainties related to the aftermath of the devastating earthquake in Japan, with particular focus on the damage
to nuclear power plants.

In the United States, strength from the corporate sector and increasing consumer spending have been key drivers of economic growth, while the housing
and labor markets have been the heaviest burdens. While housing has yet to show any meaningful sign of improvement, labor statistics have delivered a
mixed bag month after month, but became increasingly encouraging toward the end of the period when the unemployment rate fell to its lowest level
since April 2009.

Global equity markets experienced uneven growth and high volatility over the course of 2010, but ended the year strong. Following a strong start to
2011,
stocks lost their momentum on the back of geopolitical events in the MENA region and a sharp rise in oil prices. Overall, equities posted
strong returns for the
12-month period. US stocks outpaced most international markets and small cap stocks outperformed large caps as investors
moved into higher-risk assets.


Fixed income markets saw yields trend lower over most of 2010, until the fourth quarter brought an abrupt reversal in sentiment and risk tolerance that
drove yields sharply upward (pushing bond prices down) through year end. Improving economic data continued to pressure fixed income yields in 2011;
however, escalating geopolitical risks have acted as a counterweight, restoring relative stability to yield movements. Nevertheless, the yield curve
remained
steep and higher-risk sectors outperformed the fixed income market.

The tax-exempt municipal market enjoyed a powerful rally during the period of low interest rates in 2010; however, when the yield trend reversed, the market
was dealt an additional blow as it became evident that the Build America Bond program would expire at year end. In addition, negative headlines regarding
fiscal challenges faced by state and local governments damaged investor confidence and further heightened volatility in the municipal market. Tax-exempt
mutual funds experienced heavy outflows, resulting in wider quality spreads and further downward pressure on municipal bond prices. These headwinds
began to abate as the period came to a close and municipals finally posted gains in February, following a five-month run of negative performance.

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

Total returns as of February 28, 2011  6-month  12-month 
US large cap equities (S&P 500 Index)  27.73%  22.57% 
US small cap equities (Russell 2000 Index)  37.55  32.60 
International equities (MSCI Europe, Australasia, Far East Index)  23.77  20.00 
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)  0.07  0.14 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)  (6.04)  4.76 
US investment grade bonds (Barclays Capital US Aggregate Bond Index)  (0.83)  4.93 
Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)  (3.51)  1.72 
US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  10.05  17.34 
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.   


While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer

investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us to identify trends
early and capitalize on market opportunities. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where
you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As
always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.


THIS PAGE NOT PART OF YOUR FUND REPORT 3



Municipal Market Overview

As of February 28, 2011

The municipal market began the six-month period with yields at historic lows as investor concerns were focused on the possibility of deflation and a double-
dip in the US economy. However, as these fears soon abated, yields began drifting higher in October, and ultimately, a “perfect storm” of negative events
resulted in the worst quarterly performance that the municipal market has seen since the Fed tightening cycle of 1994. Treasury yields lost their support as
concerns about the US deficit raised questions over the willingness of foreign investors to continue to purchase Treasury securities, at least at the previous
historically low yields. Municipal valuations also suffered a quick and severe setback as it became evident that the Build America Bond (“BAB”) program
would expire at year-end. The program had opened the taxable market to municipal issuers, which had successfully alleviated supply pressure in the
traditional tax-exempt marketplace, bringing down yields in that space.


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

As demand for municipal securities from traditional retail investors was declining and trading desk liquidity was being curtailed, there was no comparable
reduction in supply. As it became evident that the BAB program would be retired, issuers rushed deals to market both in the taxable municipal space and,
to a lesser degree, in the traditional tax-exempt space. This imbalance in the supply/demand technicals provided the classic market action, leading to wider
quality spreads and higher bond yields. The municipal curve steepened as the issuance was concentrated in longer (greater than 20-year) maturities. Curve
steepening that began in October accelerated in November, spurred on by Treasury weakness, heavy supply and record outflows. As measured by Thomson
Municipal Market Data, yields on AAA-rated municipals rose nearly 103 basis points (“bps”) for maturities 25 years and longer from August 31, 2010, to
February 28, 2011. The spread between two-year and 30-year maturities widened from 332 bps to 398 bps over the period.

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

4 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Trust Summary as of February 28, 2011 BlackRock Maryland Municipal Bond Trust

Trust Overview

BlackRock Maryland Municipal Bond Trust’s (BZM) (the “Trust”) investment objective is to provide current income exempt from regular federal income
taxes and Maryland personal income taxes. The Trust seeks to achieve its investment objectives 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 Maryland personal income taxes. The Trust
invests, under normal market conditions, at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment.
The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Performance

For the six months ended February 28, 2011, the Trust returned (3.76)% based on market price and (4.83)% based on net asset value (“NAV”). For the
same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of (9.15)% based on market price and (6.07)%
based on NAV. All returns reflect reinvestment of dividends. The Trust's premium to NAV, which widened during the period, accounts for the difference
between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. At the beginning of
the period, the Trust benefited from tightening credit quality spreads driven by generous investor cash flows into tax-exempt mutual funds. Spreads were
pushed even tighter by heightened demand from taxable investors for corporate-backed municipal debt due to its attractive valuation relative to the corpo-
rate sector. In this environment of strong demand, we were able to sell lower-quality securities that had outperformed and had previously been very limited
in their liquidity. Toward the end of the period, the Trust’s position in cash and cash equivalents proved beneficial when the municipal market saw net cash
flows into mutual funds turn dramatically negative. However, as municipal rates rose on credit concerns and the Build America Bonds program neared its
expiration, while long-term investment rates (i.e., rates on US Treasuries and other fixed income securities) were generally increasing, the Trust’s longer dura-
tion stance had an overall negative impact on performance.

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

Trust Information   
Symbol on NYSE Amex  BZM 
Initial Offering Date  April 30, 2002 
Yield on Closing Market Price as of February 28, 2011 ($14.81)1  6.40% 
Tax Equivalent Yield2  9.85% 
Current Monthly Distribution per Common Share3  $0.079 
Current Annualized Distribution per Common Share3  $0.948 
Leverage as of February 28, 20114  38% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution rate is not constant and is subject to change.
4 Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets, which is the total assets of the
Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 13.

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

  2/28/11  8/31/10  Change  High  Low 
Market Price  $14.81  $15.91  (6.91)%  $17.32  $13.80 
Net Asset Value  $14.02  $15.23  (7.94)%  $15.33  $13.42 

 

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

Sector Allocations     
  2/28/11  8/31/10 
County/City/Special District/School District  24%  26% 
Health  20  20 
Transportation  17  18 
Housing  12  8 
Education  11  11 
Utilities  9  10 
State  3  3 
Tobacco  3  3 
Corporate  1  1 

 

Credit Quality Allocations5     
  2/28/11  8/31/10 
AAA/Aaa  14%  28% 
AA/Aa  31  9 
A  36  29 
BBB/Baa  7  23 
BB/Ba  1  2 
Not Rated  116  9 

5 Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service
(“Moody’s”) ratings.
6 The investment advisor has deemed certain of these non-rated securities to be
of investment grade quality. As of February 28, 2011, the market value of these
securities was $1,219,323, representing 3% of the Trust’s long-term investments.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 5



Trust Summary as of February 28, 2011 BlackRock MuniHoldings New York Quality Fund, Inc.

Trust Overview

Effective November 9, 2010 BlackRock MuniHoldings New York Insured Fund, Inc. changed its name to BlackRock MuniHoldings New York Quality
Fund, Inc.


BlackRock MuniHoldings New York Quality Fund, Inc.’s (MHN) (the “Trust”) investment objective is to provide shareholders with current income
exempt from
federal income tax and New York State and New York City personal income taxes. The Trust seeks to achieve its investment objective
by investing, under nor
mal market conditions, at least 80% of its assets in investment grade New York municipal obligations exempt from federal
income taxes (except that the
interest may be subject to the federal alternative minimum tax) and New York State and New York City personal
income taxes ("New York Municipal Bonds"),
except at times when, in the judgment of its investment adviser, New York Municipal Bonds of
sufficient quality and quantity are unavailable for investment
by the Trust. At all times, however, except during temporary defensive periods,
the Trust invests at least 65% of its assets in New York Municipal Bonds. The
Trust invests, under normal market conditions, at least 80%
of its assets in municipal obligations with remaining maturities of one year or more. The Trust
may invest directly in such securities or
synthetically through the use of derivatives.

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

Performance

Effective November 9, 2010, the Trust’s investment policy was changed by the removal of the insurance investment policy that required at least 80%
of its
assets to be invested in insured municipal securities. Accordingly, the Trust was moved from the Lipper Single-State Insured Municipal
Debt Funds category
into the Lipper New York Municipal Debt Funds category. For the six months ended February 28, 2011, the Trust returned
(10.55)% based on market price
and (8.98)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds
category posted an average return of (9.60)%
based on market price and (6.76)% based on NAV, while the closed-end Lipper Single-State
Insured Municipal Debt Funds category posted an average
return of (10.54)% based on market price and (6.87)% based on NAV. All returns
reflect reinvestment of dividends. The Trust moved from a premium to NAV
to a discount by period-end, which accounts for the difference
between performance based on price and performance based on NAV. The following discus
sion relates to performance based on NAV.
The Trust’s exposure to the long end of the yield curve and holdings of low-coupon, long-duration bonds during a
period of rising rates
had a negative impact on performance. The Trust’s holdings of Puerto Rico credits also detracted from performance, as did holdings of

lower-quality credits, where spreads widened amid the backdrop of poor relative performance across the municipal market. Conversely,
the Trust benefited
from its holdings of tax-backed credits (state, county, city and school district) as well as its limited exposure to
corporate-backed credits, which experienced
some buy-side demand from non-traditional cross-over buyers.

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

Trust Information   
Symbol on New York Stock Exchange (“NYSE”)  MHN 
Initial Offering Date  September 19, 1997 
Yield on Closing Market Price as of February 28, 2011 ($13.11)1  7.28% 
Tax Equivalent Yield2  11.20% 
Current Monthly Distribution per Common Share3  $0.0795 
Current Annualized Distribution per Common Share3  $0.9540 
Leverage as of February 28, 20114  43% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution rate is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and
TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

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

  2/28/11  8/31/10  Change  High  Low 
Market Price  $13.11  $15.17  (13.58)%  $15.39  $12.35 
Net Asset Value  $13.27  $15.09  (12.06)%  $15.09  $12.61 

 

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

Sector Allocations     
  2/28/11  8/31/10 
Transportation  32%  31% 
County/City/Special District/School District  24  25 
State  11  12 
Utilities  9  10 
Education  8  7 
Health  6  4 
Housing  4  3 
Tobacco  3  3 
Corporate  3  5 

 

Credit Quality Allocations5     
  2/28/11  8/31/10 
AAA/Aaa  14%  42% 
AA/Aa  52  20 
A  20  29 
BBB/Baa  10  3 
BB/Ba  3  4 
Not Rated  1  26 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated securities to be of
investment grade quality. As of August 31, 2010, the market value of these securities
was $3,941,088 representing 1% of the Trust’s long-term investments.

6 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Trust Summary as of February 28, 2011 BlackRock New Jersey Municipal Bond Trust

Trust Overview

BlackRock New Jersey Municipal Bond Trust’s (BLJ) (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 subject to the federal alternative minimum tax) and New Jersey gross income taxes.
Under normal market conditions, the
Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time
of investment. The Trust may invest directly in such
securities or synthetically through the use of derivatives.

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

Performance

For the six months ended February 28, 2011, the Trust returned (13.80)% based on market price and (7.59)% based on NAV. For the same
period, the
closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (12.05)% based on market price and
(7.61)% based on NAV. All
returns reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period end,
which accounts for the difference between
performance based on price and performance based on NAV. The following discussion relates to
performance based on NAV. The Trust’s exposure to housing
and corporate-backed bonds aided performance as both sectors outperformed
the broad municipal market. The Trust’s holdings of high-quality essential
service bonds with premium coupons (6% or higher) also
benefited performance, as they held their value better than lower-coupon bonds in the rising
interest rate environment. Conversely,
exposure to longer-duration and longer-maturity bonds detracted from performance as the long end of the yield curve
steepened
during the period. Additionally, holdings in health care and transportation hindered performance as both sectors underperformed the broad

municipal market.

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

Trust Information   
Symbol on NYSE Amex  BLJ 
Initial Offering Date  April 30, 2002 
Yield on Closing Market Price as of February 28, 2011 ($13.00)1  7.20% 
Tax Equivalent Yield2  11.08% 
Current Monthly Distribution per Common Share3  $0.078 
Current Annualized Distribution per Common Share3  $0.936 
Leverage as of February 28, 20114  38% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution rate is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares
and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

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

  2/28/11  8/31/10  Change  High  Low 
Market Price  $13.00  $15.63  (16.83)%  $16.81  $12.21 
Net Asset Value  $13.58  $15.23  (10.83)%  $15.26  $12.88 

 

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

Sector Allocations     
  2/28/11  8/31/10 
State  23%  23% 
Transportation  20  16 
Health  15  16 
Education  12  10 
Housing  11  12 
Corporate  9  9 
County/City/Special District/School District  8  11 
Utilities  2  2 
Tobacco    1 

 

Credit Quality Allocations5     
  2/28/11  8/31/10 
AAA/Aaa  10%  27% 
AA/Aa  45  28 
A  24  23 
BBB/Baa  7  10 
BB/Ba  4  2 
B  5  5 
Not Rated6  5  5 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated securities to be of
investment grade quality. As of February 28, 2011 and August 31, 2010, the market
value of these securities was $1,469,185 representing 3% and $1,013,550
representing 2% respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 7



Trust Summary as of February 28, 2011 BlackRock New York Municipal Income Quality Trust

Trust Overview

Effective November 9, 2010 BlackRock New York Insured Municipal Income Trust changed its name to BlackRock New York Municipal Income Quality Trust.

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

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

Performance

Effective November 9, 2010, the Trust’s investment policy was changed by the removal of the insurance investment policy that required at least 80% of its
assets to be invested in insured municipal securities. Accordingly, the Trust was moved from the Lipper Single-State Insured Municipal Debt Funds category
into the Lipper New York Municipal Debt Funds category. For the six months ended February 28, 2011, the Trust returned (12.49)% based on market price
and (7.51)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (9.60)%
based on market price and (6.76)% based on NAV, while the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average
return of (10.54)% based on market price and (6.87)% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a premium to NAV
to a discount by period-end, which accounts for the difference between performance based on price and performance based on NAV. The following discus-
sion relates to performance based on NAV. The Trust’s exposure to the long end of the yield curve and holdings of low-coupon, long-duration bonds during a
period of rising rates had a negative impact on performance. Also detracting from performance was the Trust’s holdings of Puerto Rico credits, as it was
the poorest performing state/territory for the period. Conversely, the Trust benefited from its holdings of tax-backed credits (state, county, city and school
district), which were among the better performing sectors during the period. Additionally, avoiding tobacco credits proved beneficial as it was the worst
performing sector for 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  BSE 
Initial Offering Date  October 31, 2002 
Yield on Closing Market Price as of February 28, 2011 ($12.64)1  6.79% 
Tax Equivalent Yield2  10.45% 
Current Monthly Distribution per Common Share3  $0.0715 
Current Annualized Distribution per Common Share3  $0.8580 
Leverage as of February 28, 20114  37% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution rate is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and
TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

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

  2/28/11  8/31/10  Change  High  Low 
Market Price  $12.64  $14.91  (15.22)%  $15.03  $12.01 
Net Asset Value  $13.35  $14.90  (10.40)%  $14.90  $12.46 

 

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

Sector Allocations     
  2/28/11  8/31/10 
Transportation  29%  26% 
Education  26  24 
County/City/Special District/School District  17  18 
Health  11  13 
State  9  10 
Utilities  8  8 
Corporate    1 

 

Credit Quality Allocations5     
  2/28/11  8/31/10 
AAA/Aaa  9%  31% 
AA/Aa  45  19 
A  23  30 
BBB/Baa  15  8 
BB/Ba  1  2 
Not Rated6  7  10 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated securities to be of
investment grade quality. As of February 28, 2011 and August 31, 2010, the market
value of these securities was $1,864,940 representing 1% and $9,329,772 repre-
senting 6%, respectively, of the Trust’s long-term investments.

8 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Trust Summary as of February 28, 2011 BlackRock New York Municipal Bond Trust

Trust Overview

BlackRock New York Municipal Bond Trust’s (BQH) (the “Trust”) investment objective is to provide current income exempt from regular federal income taxes
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. Under normal market conditions, the Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at
the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Performance

For the six months ended February 28, 2011, the Trust returned (8.35)% based on market price and (6.14)% based on NAV. For the same period, the
closed-end Lipper New York Municipal Debt Funds category posted an average return of (9.60)% based on market price and (6.76)% based on NAV. All
returns reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period-end, which accounts for the difference between
performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust’s exposure to the
long
end of the yield curve and holdings of low-coupon, long-duration bonds during a period of rising rates had a negative impact on performance. The
Trust’s
holdings of Puerto Rico credits also detracted from performance, as did holdings of lower-quality credits, where spreads widened amid the
backdrop of poor
relative performance across the municipal market. Positively impacting performance was the Trust’s high exposure to pre-refunded
bonds, which performed
well due to their shorter duration as municipal rates rose sharply. In addition, the Trust benefited from its holdings of
corporate-backed credits, which
experienced some buy-side demand from non-traditional cross-over buyers.

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  BQH 
Initial Offering Date  April 30, 2002 
Yield on Closing Market Price as of February 28, 2011 ($13.99)1  7.03% 
Tax Equivalent Yield2  10.82% 
Current Monthly Distribution per Common Share3  $0.082 
Current Annualized Distribution per Common Share3  $0.984 
Leverage as of February 28, 20114  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 Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and
TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

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

  2/28/11  8/31/10  Change  High  Low 
Market Price  $13.99  $15.79  (11.40)%  $16.19  $13.30 
Net Asset Value  $14.20  $15.65  (9.27)%  $15.70  $13.68 

 

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

Sector Allocations     
  2/28/11  8/31/10 
State  21%  19% 
County/City/Special District/School District  18  20 
Housing  13  12 
Education  12  13 
Corporate  9  10 
Transportation  9  8 
Tobacco  7  6 
Health  6  5 
Utilities  5  7 

 

Credit Quality Allocations5     
  2/28/11  8/31/10 
AAA/Aaa  25%  29% 
AA/Aa  26  23 
A  27  28 
BBB/Baa  12  10 
BB/Ba  2  2 
B  3  7 
Not Rated  5  1 
5 Using the higher of S&P’s or Moody’s ratings.     

 

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 9



Trust Summary as of February 28, 2011 BlackRock New York Municipal Income Trust II

Trust Overview

BlackRock New York Municipal Income Trust II’s (BFY) (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. Under normal market conditions, the Trust invests at least 80% of its assets in municipal bonds that are investment
grade quality at
the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Performance

For the six months ended February 28, 2011, the Trust returned (8.56)% based on market price and (6.59)% based NAV. For the same period, the
closed-
end Lipper New York Municipal Debt Funds category posted an average return of (9.60)% based on market price and (6.76)% based on NAV.
All returns
reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period-end, which accounts for the difference
between perform
ance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust’s
exposure to the long end of
the yield curve and holdings of low-coupon, long-duration bonds during a period of rising rates had a negative impact on
performance. The Trust’s holdings
of Puerto Rico credits also detracted from performance, as did holdings of lower-quality credits, where spreads
widened amid the backdrop of poor relative
performance across the municipal market. Conversely, the Trust benefited from its exposure to
corporate-backed credits, which experienced some buy-side
demand from non-traditional cross-over buyers.

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

Trust Information   
Symbol on NYSE Amex  BFY 
Initial Offering Date  July 30, 2002 
Yield on Closing Market Price as of February 28, 2011 ($13.67)1  7.33% 
Tax Equivalent Yield2  11.28% 
Current Monthly Distribution per Common Share3  $0.0835 
Current Annualized Distribution per Common Share3  $1.0020 
Leverage as of February 28, 20114  39% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution rate is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and
TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

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

  2/28/11  8/31/10  Change  High  Low 
Market Price  $13.67  $15.48  (11.69)%  $15.60  $12.93 
Net Asset Value  $13.83  $15.33  (9.78)%  $15.34  $13.12 

 

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

Sector Allocations     
  2/28/11  8/31/10 
County/City/Special District/School District  21%  20% 
Education  16  15 
Transportation  12  14 
Health  12  11 
Corporate  10  14 
Utilities  10  10 
Housing  7  6 
State  6  4 
Tobacco  6  6 

 

Credit Quality Allocations5     
  2/28/11  8/31/10 
AAA/Aaa  23%  24% 
AA/Aa  27  24 
A  25  29 
BBB/Baa  15  11 
BB/Ba  2  3 
B  3  6 
Not Rated  5  3 
5 Using the higher of S&P’s or Moody’s ratings.     

 

10 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Trust Summary as of February 28, 2011 BlackRock Virginia Municipal Bond Trust

Trust Overview

BlackRock Virginia Municipal Bond Trust’s (BHV) (the “Trust”) investment objective is to provide current income exempt from regular federal income tax
and Virginia personal income taxes. The Trust seeks to achieve its investment objectives 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 Virginia personal income taxes. The Trust invests, under
normal market conditions, at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest
directly in such securities or synthetically through the use of derivatives.

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

Performance

For the six months ended February 28, 2011, the Trust returned (3.79)% based on market price and (6.19)% based on NAV. For the same period, the
closed-end Lipper Other States Municipal Debt Funds category posted an average return of (9.15)% based on market price and (6.07)% based on NAV.
All returns reflect reinvestment of dividends. The Trust's premium to NAV, which widened during the period, accounts for the difference between perform-
ance based on price and performance based on NAV. The following discussion relates to performance based on NAV. At the beginning of the period, the
Trust benefited from tightening credit quality spreads driven by generous investor cash flows into tax-exempt mutual funds. Spreads were pushed even
tighter by heightened demand from taxable investors for corporate-backed municipal debt due to its attractive valuation relative to the corporate sector. In
this environment of strong demand, we were able to sell lower-quality securities that had outperformed and had previously been very limited in their liq-
uidity. However, toward the end of the period, when municipal rates rose on credit concerns and the Build America Bonds program neared its expiration,
while long-term investment rates (i.e., rates on US Treasuries and other fixed income securities) were generally increasing, the Trust’s longer duration
stance had an overall negative impact on performance.

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

Trust Information   
Symbol on NYSE Amex  BHV 
Initial Offering Date  April 30, 2002 
Yield on Closing Market Price as of February 28, 2011 ($17.46)1  5.70% 
Tax Equivalent Yield2  8.77% 
Current Monthly Distribution per Common Share3  $0.083 
Current Annualized Distribution per Common Share3  $0.996 
Leverage as of February 28, 20114  37% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution rate is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and
TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

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

  2/28/11  8/31/10  Change  High  Low 
Market Price  $17.46  $18.77  (6.98)%  $20.60  $15.98 
Net Asset Value  $14.53  $16.02  (9.30)%  $16.03  $13.80 

 

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

Sector Allocations     
  2/28/11  8/31/10 
Health  19%  17% 
Education  15  10 
County/City/Special District/School District  13  12 
Housing  13  16 
Utilities  12  14 
Transportation  12  14 
Corporate  8  7 
State  6  5 
Tobacco  2  5 

 

Credit Quality Allocations5     
  2/28/11  8/31/10 
AAA/Aaa  25%  31% 
AA/Aa  36  30 
A  17  17 
BBB/Baa  9  9 
Not Rated6  13  13 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated securities to be
of investment grade quality. As of February 28, 2011 and August 31, 2010, the
market value of these securities was $2,490,031 representing 7% and $2,770,588
representing 7%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 11



Trust Summary as of February 28, 2011 The Massachusetts Health & Education Tax-Exempt Trust

Trust Overview

The Massachusetts Health & Education Tax-Exempt Trust’s (MHE) (the “Trust”) investment objective is to provide shareholders with as high a
level of current
income exempt from both regular federal income taxes and Massachusetts personal income taxes as is consistent with the
preservation of shareholders’ capital.
The Trust seeks to achieve its investment objective by investing primarily in tax-exempt obligations
(including bonds, notes and capital lease obligations) issued
on behalf of Massachusetts not-for-profit health and education institutions
(“Massachusetts Health & Education Obligations”). The Trust invests, under normal
market conditions, at least 80% of its assets in
Massachusetts Health & Education Obligations and at least 80% of its assets in obligations that are rated invest
ment grade at the
time of investment. Under normal market conditions, the Trust invests its assets so that at least 80% of the income generated by
the Trust is
exempt from federal income taxes, including federal alternative minimum tax, and Massachusetts personal income taxes.
The Trust invests primarily in long term
municipal obligations with maturities of more than ten years. The Trust may invest directly in
such securities or synthetically through the use of derivatives.


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

Performance

For the six months ended February 28, 2011, the Trust returned (8.64)% based on market price and (7.22)% based on NAV. For the same period, the
closed-end Lipper Other States Municipal Debt Funds category posted an average return of (9.15)% based on market price and (6.07)% based on NAV. All
returns reflect reinvestment of dividends. The Trust's premium to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. The following discussion relates to performance based on NAV. Holdings in health care and education
hindered performance as both sectors underperformed the broad municipal market. Additionally, exposure to longer-duration and longer-maturity bonds
detracted from the Trust’s performance as the long end of the yield curve steepened during the period. Conversely, exposure to pre-refunded bonds in
the 2- to 3-year maturity range aided performance as that sector was the best performer in the municipal market.

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

Trust Information   
Symbol on NYSE Amex  MHE 
Initial Offering Date  July 23, 1993 
Yield on Closing Market Price as of February 28, 2011 ($12.36)1  6.80% 
Tax Equivalent Yield2  10.46% 
Current Monthly Distribution per Common Share3  $0.07 
Current Annualized Distribution per Common Share3  $0.84 
Leverage as of February 28, 20114  41% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution rate is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and
TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

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

  2/28/11  8/31/10  Change  High  Low 
Market Price  $12.36  $13.98  (11.59)%  $14.37  $12.05 
Net Asset Value  $12.14  $13.52  (10.21)%  $13.52  $11.33 

 

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

Sector Allocations     
  2/28/11  8/31/10 
Education  50%  50% 
Health  27  30 
State  10  8 
Housing  6  4 
Utilities  3  3 
Corporate  2  3 
County/City/Special District/School District  2  2 

 

Credit Quality Allocations5     
  2/28/11  8/31/10 
AAA/Aaa  12%  19% 
AA/Aa  38  25 
A  32  34 
BBB/Baa  12  14 
Not Rated6  6  8 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated securities to be
of investment grade quality. As of February 28, 2011 and August 31, 2010, the
market value of these securities was $855,000 representing 2% and $2,061,578
representing 4%, respectively, of the Trust’s long-term investments.

12 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



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 can-
not be achieved in all interest rate environments.

To leverage, the Trusts issue preferred shares (“Preferred Shares”), which
pay dividends at prevailing short-term interest rates, and invest the pro-
ceeds 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 nor-
mally be lower than the income earned by each Trust on its longer-term
portfolio investments. To the extent that the total assets of each Trust
(including the assets obtained from leverage) are invested in higher-
yielding portfolio investments, each Trust’s holders of Common Shares
(“Common Shareholders”) will benefit from the incremental net income.

To illustrate these concepts, assume a Trust’s Common Shares capitaliza-
tion 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 Preferred
Shares issuance earn income based on long-term interest rates. In this
case, the dividends paid to holders of Preferred Shares (“Preferred
Shareholders”) are significantly lower than the income earned on the
Trust’s long-term investments, and therefore the Common Shareholders
are the beneficiaries of the incremental net income.

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

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

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

The use of leverage may enhance opportunities for increased income to the
Trusts and Common Shareholders, but as described above, it also creates
risks as short or long-term interest rates fluctuate. Leverage also will gener-
ally 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, each Trust’s net income will be greater than if leverage had
not been used. Conversely, if the income from the securities purchased is
not sufficient to cover the cost of leverage, the Trusts’ net income will be
less than if leverage had not been used, and therefore the amount avail-
able for distribution to Common Shareholders will be reduced. Each Trust
may be required to sell portfolio securities at inopportune times or at dis-
tressed values in order to comply with regulatory requirements applicable
to the use of leverage or as required by the terms of leverage instruments,
which may cause a Trust to incur losses. The use of leverage may limit each
Trust’s ability to invest in certain types of securities or use certain types of
hedging strategies, such as in the case of certain restrictions imposed by
ratings agencies that rate Preferred Shares issued by the Trusts. Each Trust
will incur expenses in connection with the use of leverage, all of which are
borne by Common Shareholders and may reduce income to the Common
Shares.

Under the Investment Company Act of 1940, the Trusts are permitted to
issue Preferred Shares in an amount of up to 50% of their total managed
assets at the time of issuance. Under normal circumstances, each Trust
anticipates that the total economic leverage from Preferred Shares and/or
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of February 28, 2011, the Trusts had economic
leverage from Preferred Shares and/or TOBs as a percentage of their total
managed assets as follows:

  Percent of 
  Leverage 
BZM  38% 
MHN  43% 
BLJ  38% 
BSE  37% 
BQH  36% 
BFY  39% 
BHV  37% 
MHE  41% 

 

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 13



Derivative Financial Instruments

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

14 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments February 28, 2011 (Unaudited)
BlackRock Maryland Municipal Bond Trust (BZM)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Maryland — 119.5%       
Corporate — 1.0%       
Maryland EDC, Refunding RB, Potomac Electric       
Power Co., 6.20%, 9/01/22  $ 250  $ 282,853 
County/City/Special District/School District — 36.6%     
City of Annapolis Maryland, Tax Allocation Bonds,       
Park Place Project, Series A, 5.35%, 7/01/34    494  403,796 
City of Baltimore Maryland, Special Tax Bonds, Special     
Obligation, Harborview Lot No. 2, 6.50%, 7/01/31    993  895,805 
County of Anne Arundel Maryland, RB, Community       
College Project, 5.25%, 9/01/28    1,870  1,840,566 
County of Baltimore Maryland, GO, Metropolitan       
District (a):       
67th Issue, 5.00%, 6/01/22    2,000  2,044,240 
68th Issue, 5.00%, 8/01/28    2,000  2,126,940 
County of Montgomery Maryland, RB, Metrorail       
Garage Projects:       
5.00%, 6/01/23    500  518,235 
5.00%, 6/01/24    1,435  1,487,334 
County of Prince George’s Maryland, SO, National       
Harbor Project, 5.20%, 7/01/34    1,500  1,259,385 
      10,576,301 
Education — 16.4%       
Maryland Health & Higher Educational Facilities       
Authority, RB:       
Board of Child Care, 5.38%, 7/01/32    2,000  1,961,280 
Loyola College Issue, 5.00%, 10/01/39    2,000  1,870,260 
Maryland Industrial Development Financing Authority,       
RB, Our Lady of Good Counsel School, Series A,       
6.00%, 5/01/35    1,000  926,760 
      4,758,300 
Health — 30.4%       
County of Howard Maryland, Refunding RB, Vantage       
House Facility, Series A, 5.25%, 4/01/33    500  354,085 
Gaithersburg Maryland, Refunding RB, Asbury Maryland     
Obligation, Series B, 6.00%, 1/01/23    250  252,192 
Maryland Health & Higher Educational Facilities       
Authority, RB:       
Anne Arundel Health System, 5.00%, 7/01/40    1,000  933,020 
Carroll County General Hospital, 6.00%, 7/01/37  1,990  2,000,229 
Peninsula Regional Medical Center, 5.00%, 7/01/36  1,000  925,580 
Union Hospital of Cecil County Issue, 5.63%, 7/01/32  2,000  2,002,520 
Maryland Health & Higher Educational Facilities       
Authority, Refunding RB:       
Charlestown Community, 6.25%, 1/01/41    1,000  967,130 
Doctor’s Community Hospital, 5.75%, 7/01/38    500  412,785 
University of Maryland Medical System,       
5.13%, 7/01/39    1,000  939,580 
      8,787,121 

 

    Par   
Municipal Bonds    (000)  Value 
Maryland (concluded)       
Housing — 10.5%       
Maryland Community Development Administration, RB:     
AMT, 5.10%, 9/01/37  $ 1,000  $ 935,280 
Residential, Series A, 5.05%, 9/01/39    500  481,720 
Residential, Series B, 4.75%, 9/01/39    150  137,115 
Maryland Community Development Administration,       
Refunding RB, Residential, Series B, 5.25%, 9/01/35  1,500  1,487,730 
      3,041,845 
Transportation — 10.1%       
Maryland EDC, RB:       
Term Project, Series B, 5.75%, 6/01/35    500  448,765 
Transportation Facilities Project, Series A,       
5.75%, 6/01/35    500  448,765 
Maryland State Transportation Authority, RB, Baltimore/     
Washington International Airport, Series B, AMT       
(AMBAC), 5.13%, 3/01/24    2,000  2,010,380 
      2,907,910 
Utilities — 14.5%       
City of Baltimore Maryland, Refunding RB, Wastewater     
Projects, Series A (NPFGC):       
5.20%, 7/01/32    2,250  2,263,883 
5.13%, 7/01/42    1,500  1,453,290 
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,     
5.75%, 9/01/25    500  467,915 
      4,185,088 
Total Municipal Bonds in Maryland      34,539,418 
District of Columbia — 3.5%       
Transportation — 3.5%       
Washington Metropolitan Area Transit Authority, RB,       
Transit, Series A, 5.13%, 7/01/32    1,000  1,020,680 
Total Municipal Bonds in the District of Columbia      1,020,680 
Guam — 1.4%       
County/City/Special District/School District — 1.4%     
Territory of Guam, RB, Section 30, Series A,       
5.63%, 12/01/29    410  403,202 
Total Municipal Bonds in Guam      403,202 
Multi-State — 7.5%       
Housing — 7.5%       
Centerline Equity Issuer Trust, 7.20%, 11/15/52 (b)(c)  2,000  2,174,520 
Total Municipal Bonds in Multi-State      2,174,520 

 

Portfolio Abbreviations         
To simplify the listings of portfolio holdings in the  BOCES  Board of Cooperative Educational Services  HRB  Housing Revenue Bonds 
Schedules of Investments, the names and descriptions of  CAB  Capital Appreciation Bonds  IDA  Industrial Development Authority 
many of the securities have been abbreviated according to  CIFG  CDC IXIS Financial Guaranty  LRB  Lease Revenue Bonds 
the following list:  COP  Certificates of Participation  MRB  Mortgage Revenue Bonds 
    EDA  Economic Development Authority  NPFGC  National Public Finance Guarantee Corp. 
ACA  American Capital Access Corp.  EDC  Economic Development Corp.  PILOT  Payment in Lieu of Taxes 
AGC  Assured Guaranty Corp.  ERB  Economic Revenue Bonds  RB  Revenue Bonds 
AGM  Assured Guaranty Municipal Corp.  FGIC  Financial Guaranty Insurance Co.  SBPA  Stand-by Bond Purchase Agreement 
AMBAC  American Municipal Bond Assurance Corp.  FHA  Federal Housing Administration  S/F  Single-Family 
AMT  Alternative Minimum Tax (subject to)  GO  General Obligation Bonds  SO  Special Obligation 
BHAC  Berkshire Hathaway Assurance Corp.  HDA  Housing Development Authority  SONYMA  State of New York Mortgage Agency 
See Notes to Financial Statements.  HFA  Housing Finance Agency  VRDN  Variable Rate Demand Notes 

 

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 15



Schedule of Investments (concluded)
BlackRock Maryland Municipal Bond Trust (BZM)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Puerto Rico — 12.5%       
State — 5.1%       
Commonwealth of Puerto Rico, GO, Refunding, Public       
Improvement, Series A-4 (AGM), 5.25%, 7/01/30  $ 130  $ 125,849 
Puerto Rico Public Buildings Authority, Refunding RB,       
Government Facilities, Series D, 5.38%, 7/01/33    350  324,461 
Puerto Rico Sales Tax Financing Corp., RB, First       
Sub-Series A, 6.38%, 8/01/39    1,000  1,035,150 
      1,485,460 
Tobacco — 4.5%       
Children’s Trust Fund, Refunding RB, Asset-Backed,       
5.50%, 5/15/39    1,500  1,294,980 
Transportation — 2.9%       
Puerto Rico Highway & Transportation Authority,       
Refunding RB, Series CC (AGM), 5.25%, 7/01/36    895  829,987 
Total Municipal Bonds in Puerto Rico      3,610,427 
Total Municipal Bonds — 144.4%      41,748,247 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (d)       
Maryland — 10.4%       
Transportation — 10.4%       
Maryland State Transportation Authority, RB,       
Transportation Facility Project (AGM), 5.00%, 7/01/41  3,000  3,012,600 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 10.4%      3,012,600 
Total Long-Term Investments       
(Cost — $45,578,941) — 154.8%      44,760,847 
Short-Term Securities    Shares   
FFI Institutional Tax-Exempt Fund, 0.13% (e)(f)  1,294,031  1,294,031 
Total Short-Term Securities       
(Cost — $1,294,031) — 4.5%      1,294,031 
Total Investments (Cost — $46,872,972*) — 159.3%      46,054,878 
Other Assets Less Liabilities — 1.2%      373,350 
Liability for Trust Certificates, Including Interest       
Expense and Fees Payable — (5.2)%      (1,500,773) 
Preferred Shares, at Redemption Value — (55.3)%      (16,000,694) 
Net Assets Applicable to Common Shares — 100.0%      $ 28,926,761 

 

* The cost and unrealized appreciation (depreciation) of investments as of
February 28, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 45,291,345 
Gross unrealized appreciation  $ 594,318 
Gross unrealized depreciation  (1,330,785) 
Net unrealized depreciation  $ (736,467) 


(a) US government securities, held in escrow, are used to pay interest on this security as

well as to retire the bond in full at the date indicated, typically at a premium to par.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(c) 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 govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(d) Securities represent bonds transferred to a TOB trust in exchange for which the
Trust acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to TOBs.
(e) Investments in companies considered to be an affiliate of the Trust during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as
amended, were as follows:

  Shares Held    Shares Held   
  at August 31,  Net  at February 28,   
Affiliate  2010  Activity  2011  Income 
FFI Institutional         
Tax-Exempt Fund  1,846,050  (552,019)  1,294,031  $ 1,489 


(f) Represents the current yield as of report date.

For Trust compliance purposes, the Trust’s sector classifications refer to any one or
more of the sector sub-classifications used by one or more widely recognized mar-
ket indexes or ratings group indexes, and/or as defined by Trust management. This
definition may not apply for purposes of this report, which may combine such sector
sub-classifications for reporting ease.
Financial futures contracts sold as of February 28, 2011 were as follows:

      Notional         Unrealized 
Contracts Issue  Exchange  Expiration  Value        Depreciation 
10 10-Year U.S.  Chicago Board     
Treasury Note  of Trade  June 2011       $ 1,185,137         $ (5,332) 


Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivatives. These inputs are summarized in three broad levels for
financial statement purposes as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments
and derivatives)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following tables summarize the inputs used as of February 28, 2011 in deter-
mining the fair valuation of the Trust’s investments and derivatives:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Long-Term         
Investments1    $44,760,847    $44,760,847 
Short-Term         
Securities  $ 1,294,031      1,294,031 
Total  $ 1,294,031  $44,760,847    $46,054,878 
1 See above Schedule of Investments for values in each sector.   

 

Derivative Financial Instruments2

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Liabilities:         
Interest rate         
contracts  $ (5,332)     $ (5,332) 
2 Derivative financial instruments are financial futures contracts, which are 
shown at the unrealized appreciation/depreciation on the instruments. 

 

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments February 28, 2011 (Unaudited)
BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
New York — 119.0%     
Corporate — 5.0%     
New York City Industrial Development Agency, Refunding     
RB, Terminal One Group Association Project, AMT,     
5.50%, 1/01/24 (a)  $ 1,500  $ 1,497,150 
New York Liberty Development Corp., RB, Goldman     
Sachs Headquarters, 5.25%, 10/01/35  1,500  1,463,520 
New York State Energy Research & Development     
Authority, RB, Lilco Project, Series A (NPFGC),     
5.15%, 3/01/16  1,000  1,018,790 
New York State Energy Research & Development     
Authority, Refunding RB, Brooklyn Union Gas/Keyspan,     
Series A, AMT (FGIC), 4.70%, 2/01/24  3,340  3,294,375 
Suffolk County Industrial Development Agency New York,     
RB, KeySpan, Port Jefferson, AMT, 5.25%, 6/01/27  4,355  4,143,347 
Suffolk County Industrial Development Agency New York,     
Refunding RB, Ogden Martin System Huntington,     
AMT (AMBAC):     
6.15%, 10/01/11  5,000  5,147,950 
6.25%, 10/01/12  3,530  3,771,099 
    20,336,231 
County/City/Special District/School District — 33.2%     
Amherst Development Corp., RB, University at Buffalo     
Foundation Faculty-Student Housing Corp., Series A     
(AGM), 4.63%, 10/01/40  4,975  4,192,532 
Hudson Yards Infrastructure Corp., RB, Series A:     
5.00%, 2/15/47  2,150  1,802,582 
(FGIC), 5.00%, 2/15/47  8,250  6,916,882 
(NPFGC), 4.50%, 2/15/47  14,505  10,976,659 
New York City Industrial Development Agency, RB, PILOT:     
CAB, Yankee Stadium (AGC), 6.53%, 3/01/39 (b)  1,380  243,529 
Queens Baseball Stadium (AGC), 6.38%, 1/01/39  800  827,048 
Queens Baseball Stadium (AMBAC),     
5.00%, 1/01/31  3,500  2,953,440 
Queens Baseball Stadium (AMBAC),     
5.00%, 1/01/36  12,740  10,305,513 
Queens Baseball Stadium (AMBAC),     
5.00%, 1/01/39  4,000  3,193,240 
Queens Baseball Stadium (AMBAC),     
5.00%, 1/01/46  6,800  5,307,400 
Yankee Stadium (FGIC), 5.00%, 3/01/46  9,500  8,078,800 
Yankee Stadium (NPFGC), 5.00%, 3/01/36  3,450  3,042,555 
New York City Transitional Finance Authority, RB:     
Fiscal 2008, Series S-1, 4.50%, 1/15/38  1,510  1,345,788 
Fiscal 2009, Series S-1 (AGC), 5.50%, 7/15/38  4,000  4,067,640 
Fiscal 2009, Series S-4 (AGC), 5.50%, 1/15/39  1,250  1,273,100 
Future Tax Secured, Series C (FGIC),     
5.00%, 2/01/33  10,000  9,881,500 
Future Tax Secured, Series E (NPFGC),     
5.25%, 2/01/22  2,500  2,636,350 
Series B (NPFGC), 5.50%, 2/01/13  110  111,583 
Series S-2 (AGM), 5.00%, 1/15/37  3,750  3,669,862 
Series S-2 (NPFGC), 4.25%, 1/15/34  4,830  4,245,860 
New York City Transitional Finance Authority, Refunding     
RB, Series A (FGIC), 5.00%, 11/15/26  1,000  1,015,080 
New York Convention Center Development Corp., RB,     
Hotel Unit Fee Secured (AMBAC):     
5.00%, 11/15/30  2,100  2,028,327 
5.00%, 11/15/35  20,500  18,709,530 
5.00%, 11/15/44  4,955  4,370,558 
New York State Dormitory Authority, Refunding RB,     
School Districts Financing Program, Series A (AGM),     
5.00%, 10/01/35  5,000  4,868,650 
Oneida-Herkimer Solid Waste Management Authority     
New York, Refunding RB (AGM), 5.50%, 4/01/13  1,800  1,947,690 

 

  Par   
Municipal Bonds  (000)  Value 
New York (continued)     
County/City/Special District/School District (concluded)   
Sales Tax Asset Receivable Corp., RB, Series A (AMBAC),     
5.00%, 10/15/32  $ 14,175  $ 14,277,060 
Syracuse Industrial Development Agency New York, RB,     
Carousel Center Project, Series A, AMT (Syncora),     
5.00%, 1/01/36  5,350  3,937,118 
    136,225,876 
Education — 13.5%     
City of Troy New York, Refunding RB, Rensselaer     
Polytechnic, Series A, 5.13%, 9/01/40  4,050  3,757,266 
Madison County Industrial Development Agency     
New York, RB, Colgate University Project, Series A     
(AMBAC), 5.00%, 7/01/30  4,000  4,035,440 
New York City Industrial Development Agency,     
Refunding RB:     
Nightingale-Bamford School (AMBAC),     
5.25%, 1/15/17  1,200  1,270,248 
Polytechnic University Project (ACA),     
5.25%, 11/01/37  1,500  1,356,630 
New York City Transitional Finance Authority, RB,     
Fiscal 2009, Series S-4 (AGC), 5.50%, 1/15/33  3,000  3,088,650 
New York State Dormitory Authority, RB:     
Convent of the Sacred Heart (AGM),     
5.75%, 11/01/40  1,770  1,787,488 
Cornell University, Series A, 5.00%, 7/01/40  1,000  1,002,150 
Mount Sinai School of Medicine, 5.13%, 7/01/39  1,000  916,940 
Mount Sinai School of Medicine at NYU (NPFGC),     
5.00%, 7/01/35  5,100  4,753,302 
New York University, Series A (AMBAC),     
5.00%, 7/01/37  2,000  1,956,880 
New York University, Series 1 (AMBAC),     
5.50%, 7/01/40  3,500  3,632,440 
The New School (AGM), 5.50%, 7/01/43  5,475  5,494,381 
Siena College, 5.13%, 7/01/39  1,345  1,322,202 
Schenectady County Industrial Development Agency,     
Refunding RB, Union College Project, Series A     
(AMBAC), 5.63%, 7/01/11 (c)  3,000  3,114,120 
Trust for Cultural Resources, RB, Carnegie Hall, Series A:     
4.75%, 12/01/39  3,150  2,869,587 
5.00%, 12/01/39  1,850  1,752,746 
Trust for Cultural Resources, Refunding RB, American     
Museum of Natural History, Series A (NPFGC),     
5.00%, 7/01/36  6,800  6,665,496 
Westchester County Industrial Development Agency     
New York, RB, Purchase College Foundation Housing,     
Series A (AMBAC), 5.75%, 12/01/31  7,000  6,752,900 
    55,528,866 
Health — 9.6%     
Dutchess County Industrial Development Agency,     
RB, Vassar Brothers Medical Center (AGC),     
5.50%, 4/01/34  500  485,970 
Monroe County Industrial Development Corp., RB, Unity     
Hospital of Rochester Project (FHA), 5.50%, 8/15/40  3,925  3,985,406 
New York City Health & Hospital Corp., Refunding RB,     
Health System, Series A, 5.00%, 2/15/30  1,800  1,723,410 
New York City Industrial Development Agency, RB,     
Royal Charter, New York Presbyterian (AGM),     
5.75%, 12/15/29  7,965  8,233,580 
New York State Dormitory Authority, MRB, Montefiore     
Hospital (NPFGC), 5.00%, 8/01/33  1,000  953,310 
New York State Dormitory Authority, RB:     
Healthcare, Series A, 5.00%, 3/15/38  2,250  2,207,407 
Hudson Valley Hospital (BHAC), 5.00%, 8/15/36  5,500  5,368,330 
New York & Presbyterian Hospital (AGM),     
5.25%, 2/15/31  1,500  1,524,150 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 17



Schedule of Investments (continued)
BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
Health (concluded)       
New York State Dormitory Authority, RB (concluded):       
New York & Presbyterian Hospital (AGM),       
5.00%, 8/15/36  $ 4,000  $ 3,849,480 
North Shore-Long Island Jewish Health System,       
Series A, 5.50%, 5/01/37    1,825  1,768,279 
NYU Hospital Center, Series A, 5.75%, 7/01/31    2,680  2,667,056 
NYU Hospital Center, Series A, 6.00%, 7/01/40    2,300  2,287,212 
New York State Dormitory Authority, Refunding RB:       
St. Charles Hospital & Rehabilitation Center,       
Series A (NPFGC), 5.63%, 7/01/12    3,400  3,427,302 
St. Luke’s Roosevelt Hospital (FHA), 4.90%, 8/15/31  1,000  917,630 
      39,398,522 
Housing — 5.4%       
New York City Housing Development Corp., RB, AMT:       
Series A-1-A, 5.00%, 11/01/30    750  686,655 
Series A-1-A, 5.45%, 11/01/46    1,335  1,183,704 
Series C, 5.00%, 11/01/26    1,250  1,226,225 
Series C, 5.05%, 11/01/36    2,000  1,752,580 
Series H-1, 4.70%, 11/01/40    1,000  861,920 
Series H-2-A, 5.20%, 11/01/35    835  757,445 
Series H-2-A, 5.35%, 5/01/41    600  534,444 
New York Mortgage Agency, RB, Series 145, AMT,       
5.13%, 10/01/37    1,000  932,040 
New York Mortgage Agency, Refunding RB:       
Homeowner Mortgage, Series 67 AMT (NPFGC),       
5.70%, 10/01/17    2,140  2,142,504 
Homeowner Mortgage, Series 83 (NPFGC),       
5.55%, 10/01/27    2,100  2,100,567 
Homeowner Mortgage, Series 97, AMT,       
5.50%, 4/01/31    805  795,316 
Series 82, AMT (NPFGC), 5.65%, 4/01/30    815  815,033 
Series 133, AMT, 4.95%, 10/01/21    685  691,583 
Series 143, AMT, 4.85%, 10/01/27    1,085  1,008,399 
Series 143, AMT, 4.90%, 10/01/37    950  847,723 
Series 143, AMT (NPFGC), 4.85%, 10/01/27    2,000  1,904,780 
New York State HFA, RB, St. Philip’s Housing, Series A,       
AMT (Fannie Mae), 4.65%, 11/15/38    1,000  878,450 
Yonkers Economic Development Corp., Refunding RB,       
Riverview II (Freddie Mac), 4.50%, 5/01/25    1,500  1,434,675 
Yonkers Industrial Development Agency New York, RB,       
Monastery Manor Associates LP Project, AMT       
(SONYMA), 5.25%, 4/01/37    2,000  1,791,260 
      22,345,303 
State — 10.5%       
New York State Dormitory Authority, ERB, Series C,       
5.00%, 12/15/31    2,320  2,355,983 
New York State Dormitory Authority, RB:       
Master BOCES Program Lease (AGC),       
5.00%, 8/15/28    250  254,658 
Mental Health Facilities, Series B,       
5.25%, 2/15/14 (c)    1,550  1,732,001 
Mental Health Services Facilities Improvement,       
Series B (AGM), 5.00%, 2/15/33    4,500  4,553,010 
Mental Health Services Facilities, Series C AMT       
(AGM), 5.40%, 2/15/33    5,650  5,432,192 
School Districts Financing Program, Series A (AGM),     
5.00%, 10/01/35    450  438,179 
School Districts Financing Program, Series C (AGM),     
5.00%, 10/01/37    2,500  2,417,800 
School Districts Financing Program, Series D       
(NPFGC), 5.00%, 10/01/30    1,240  1,240,508 
School Districts Financing Program, Series E       
(NPFGC), 5.75%, 10/01/30    6,900  7,216,365 

 

  Par   
Municipal Bonds  (000)  Value 
New York (continued)     
State (concluded)     
New York State Dormitory Authority, Refunding RB,     
Secured Hospital, North General Hospital (Syncora),     
5.75%, 2/15/17  $ 2,000  $ 2,056,220 
New York State Thruway Authority, RB:     
Second General, Series B, 5.00%, 4/01/27  1,000  1,026,480 
Series A (AMBAC), 5.00%, 4/01/26  8,700  8,915,499 
New York State Urban Development Corp., RB (NPFGC):     
Personal Income Tax, Series C-1,     
5.00%, 3/15/13 (c)  3,000  3,262,770 
State Personal Income Tax, State Facilities,     
Series A-1, 5.00%, 3/15/29  2,000  2,027,560 
    42,929,225 
Tobacco — 5.2%     
Tobacco Settlement Financing Corp. New York, RB,     
Asset-Backed, Series A-1 (AMBAC):     
5.25%, 6/01/20  5,000  5,318,650 
5.25%, 6/01/21  13,275  13,952,290 
5.25%, 6/01/22  2,000  2,088,040 
    21,358,980 
Transportation — 25.9%     
Hudson Yards Infrastructure Corp., RB:     
(AGC), 5.00%, 2/15/47  7,370  6,427,672 
Series A (AGC), 5.00%, 2/15/47  305  266,003 
Series A (AGM), 5.00%, 2/15/47  8,800  7,685,480 
Metropolitan Transportation Authority, RB:     
Series 2008C, 6.50%, 11/15/28  6,015  6,699,988 
Transportation, Series A (NPFGC), 5.00%, 11/15/32  1,100  1,050,137 
Metropolitan Transportation Authority, Refunding RB:     
Series A (NPFGC), 5.25%, 11/15/31  2,500  2,484,175 
Series B, 5.00%, 11/15/34  2,500  2,445,450 
Series C (AGM), 4.75%, 7/01/12 (c)  2,535  2,680,990 
Transportation, Series F (NPFGC),     
5.25%, 11/15/12 (c)  6,300  6,806,079 
New York State Thruway Authority, RB:     
Series F (AMBAC), 5.00%, 1/01/30  5,000  5,003,150 
Series G (AGM), 4.75%, 1/01/29  1,250  1,249,925 
Series G (AGM), 4.75%, 1/01/30  1,000  980,420 
Series G (AGM), 5.00%, 1/01/32  5,225  5,228,710 
Niagara Falls Bridge Commission, Refunding RB, Bridge     
System, Series A (AGC), 4.00%, 10/01/19  2,600  2,689,206 
Port Authority of New York & New Jersey, RB:     
Consolidated, 116th Series, 4.13%, 9/15/32  2,685  2,399,047 
Consolidated, 161st Series, 4.50%, 10/15/37  1,000  910,360 
Special Project, JFK International Air Terminal,     
Series 6 AMT (NPFGC), 6.25%, 12/01/11  3,000  3,061,680 
Special Project, JFK International Air Terminal,     
Series 6 AMT (NPFGC), 6.25%, 12/01/15  7,830  8,229,017 
Special Project, JFK International Air Terminal,     
Series 6 AMT (NPFGC), 5.90%, 12/01/17  4,000  4,000,680 
Special Project, JFK International Air Terminal,     
Series 6 AMT (NPFGC), 5.75%, 12/01/22  26,725  25,978,036 
Triborough Bridge & Tunnel Authority, RB:     
Sub-Series A (NPFGC), 5.25%, 11/15/30  6,000  6,058,380 
Subordinate Bonds (AMBAC), 5.00%, 11/15/28  2,465  2,471,631 
Triborough Bridge & Tunnel Authority, Refunding RB,     
Series C, 5.00%, 11/15/38  1,385  1,358,422 
    106,164,638 
Utilities — 10.7%     
Long Island Power Authority, RB, Series A (AMBAC),     
5.00%, 9/01/29  3,000  2,960,790 
Long Island Power Authority, Refunding RB:     
General, Series A (AGC), 6.00%, 5/01/33  1,500  1,616,205 
General, Series B (AGM), 5.00%, 12/01/35  3,500  3,383,940 
Series A (AGC), 5.75%, 4/01/39  1,000  1,035,900 

 

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments (continued)
BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
New York (concluded)     
Utilities (concluded)     
New York City Municipal Water Finance Authority, RB:     
Series A (NPFGC), 5.75%, 6/15/11 (c)  $ 8,000  $ 8,127,520 
Series B, 5.00%, 6/15/36  3,500  3,455,200 
Series DD, 5.00%, 6/15/32  4,500  4,540,725 
Series DD (AGM), 4.50%, 6/15/39  2,500  2,252,275 
Series G (AGM), 5.00%, 6/15/34  6,475  6,439,258 
New York City Municipal Water Finance Authority,     
Refunding RB:     
2nd General Resolution, Fiscal 2011, Series BB,     
5.00%, 6/15/31  1,000  1,019,300 
Series A (AGM), 4.25%, 6/15/39  2,200  1,907,180 
Series A (NPFGC), 5.13%, 6/15/34  1,250  1,251,225 
Series F (AGM), 5.00%, 6/15/29  500  500,725 
New York State Environmental Facilities Corp., RB,     
Long Island Water Corp. Project, Series A, AMT     
(NPFGC), 4.90%, 10/01/34  6,000  5,218,680 
    43,708,923 
Total Municipal Bonds in New York    487,996,564 
Guam — 1.7%     
Transportation — 1.2%     
Guam International Airport Authority, Refunding RB,     
General, Series C, AMT (NPFGC):     
5.25%, 10/01/21  3,700  3,701,480 
5.25%, 10/01/22  1,050  1,050,158 
    4,751,638 
Utilities — 0.5%     
Guam Power Authority, Refunding RB, Series A (AGM),     
5.00%, 10/01/37  2,400  2,180,400 
Total Municipal Bonds in Guam    6,932,038 
Puerto Rico — 20.7%     
County/City/Special District/School District — 0.8%     
Puerto Rico Sales Tax Financing Corp., RB, First     
Sub-Series A (AGM), 5.00%, 8/01/40  1,905  1,764,221 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
CAB, Series A (NPFGC), 5.77%, 8/01/41 (b)  11,000  1,465,970 
    3,230,191 
Housing — 0.7%     
Puerto Rico Housing Finance Authority, Refunding RB,     
Subordinate, Capital Fund Modernization,     
5.13%, 12/01/27  3,000  3,008,340 
State — 7.7%     
Commonwealth of Puerto Rico, GO, Refunding:     
Public Improvement, Series A (NPFGC),     
5.50%, 7/01/20  1,970  2,025,633 
Public Improvement, Series A (NPFGC),     
5.50%, 7/01/21  3,000  3,059,040 
Public Improvement, Series A-4 (AGM),     
5.25%, 7/01/30  1,400  1,355,298 
Sub-Series C-7 (NPFGC), 6.00%, 7/01/27  2,000  2,039,000 
Sub-Series C-7 (NPFGC), 6.00%, 7/01/28  4,000  4,066,000 
Puerto Rico Commonwealth Infrastructure Financing     
Authority, RB, CAB, Series A (b):     
(AMBAC), 4.66%, 7/01/34  9,300  1,685,718 
(AMBAC), 4.67%, 7/01/37  2,200  306,350 
(FGIC), 4.62%, 7/01/31  10,280  2,399,044 
(FGIC), 4.66%, 7/01/33  5,500  1,079,595 
Puerto Rico Convention Center Authority, RB, Series A     
(AMBAC), 5.00%, 7/01/31  3,270  2,923,772 

 

    Par   
Municipal Bonds    (000)  Value 
Puerto Rico (concluded)       
State (concluded)       
Puerto Rico Highway & Transportation Authority,       
Refunding RB, Series CC (AGM):       
5.50%, 7/01/31  $ 1,855  $ 1,836,932 
5.25%, 7/01/32    2,000  1,908,520 
Puerto Rico Public Buildings Authority, Refunding RB,       
Government Facilities, Series M-3 (NPFGC),       
6.00%, 7/01/28    2,500  2,541,250 
Puerto Rico Sales Tax Financing Corp., RB, First       
Sub-Series A:       
5.63%, 8/01/30    1,000  985,440 
5.75%, 8/01/37    3,000  2,963,700 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
CAB, Series A (NPFGC), 5.99%, 8/01/43 (b)    3,500  399,455 
      31,574,747 
Transportation — 8.7%       
Puerto Rico Highway & Transportation Authority, RB:       
Series Y (AGM), 6.25%, 7/01/21    5,025  5,487,652 
Subordinate (FGIC), 5.25%, 7/01/17    4,800  4,860,768 
Puerto Rico Highway & Transportation Authority,       
Refunding RB:       
Series AA-1 (AGM), 4.95%, 7/01/26    8,350  8,011,241 
Series CC (AGM), 5.50%, 7/01/29    2,145  2,147,295 
Series CC (AGM), 5.25%, 7/01/33    875  826,586 
Series CC (AGM), 5.25%, 7/01/36    3,750  3,477,600 
Series D, 5.75%, 7/01/12 (c)    10,000  10,684,300 
      35,495,442 
Utilities — 2.8%       
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien,     
Series A (AGC), 5.13%, 7/01/47    9,425  8,507,947 
Puerto Rico Electric Power Authority, RB:       
Series NN, 5.13%, 7/01/13 (c)    940  1,035,504 
Series RR (NPFGC), 5.00%, 7/01/24    1,000  968,710 
Puerto Rico Electric Power Authority, Refunding RB,       
Series VV (NPFGC), 5.25%, 7/01/30    1,000  940,340 
      11,452,501 
Total Municipal Bonds in Puerto Rico      84,761,221 
Total Municipal Bonds — 141.4%      579,689,823 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (d)       
New York — 32.8%       
County/City/Special District/School District — 8.0%     
City of New York New York, GO:       
Series J, 5.00%, 5/15/23    6,800  7,116,336 
Sub-Series C-3 (AGC), 5.75%, 8/15/28    10,000  10,828,700 
New York State Dormitory Authority, RB, State University     
Dormitory Facilities, Series A, 5.25%, 7/01/29    5,000  5,212,200 
Sales Tax Asset Receivable Corp., RB, Series A (AMBAC),     
5.00%, 10/15/32    9,500  9,846,275 
      33,003,511 
Education — 1.3%       
New York State Dormitory Authority, RB, New York       
University, Series A, 5.00%, 7/01/38    5,498  5,369,843 
State — 1.3%       
New York State Dormitory Authority, ERB, Series B,       
5.75%, 3/15/36    5,000  5,320,700 
Transportation — 20.6%       
Metropolitan Transportation Authority, RB, Series A       
(NPFGC), 5.00%, 11/15/31    7,002  6,992,433 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 19



Schedule of Investments (concluded)
BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (d)  (000)  Value 
New York (concluded)     
Transportation (concluded)     
Metropolitan Transportation Authority, Refunding RB,     
Series A (AGM):     
5.00%, 11/15/30  $ 5,010  $ 4,978,587 
5.75%, 11/15/32  29,000  29,100,050 
New York State Thruway Authority, RB, Series G (AGM),     
5.00%, 1/01/32  12,000  12,008,520 
New York State Thruway Authority, Refunding RB,     
Series H (AGM), 5.00%, 1/01/37  8,500  8,259,280 
Port Authority of New York & New Jersey, RB,     
Consolidated, 155th Series, AMT (AGM),     
5.13%, 7/15/30  2,500  2,501,600 
Triborough Bridge & Tunnel Authority, Refunding     
RB (NPFGC):     
5.25%, 11/15/23  12,000  12,176,280 
5.00%, 11/15/32  8,309  8,315,036 
    84,331,786 
Utilities — 1.6%     
New York City Municipal Water Finance Authority, RB:     
Fiscal 2009, Series A, 5.75%, 6/15/40  4,004  4,225,510 
Series FF-2, 5.50%, 6/15/40  2,399  2,469,966 
    6,695,476 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 32.8%    134,721,316 
Total Long-Term Investments     
(Cost — $740,768,898) — 174.2%    714,411,139 
Short-Term Securities     
New York — 0.1%     
City of New York New York, GO, VRDN, Sub-Series A-6     
(AGM Insurance, Dexia Credit Local SBPA),     
0.23%, 11/01/26 (e)  375  375,000 
  Shares   
Money Market Fund — 1.4%     
BIF New York Municipal Money Fund 0.00% (f)(g)  5,616,588  5,616,588 
Total Short-Term Securities     
(Cost — $5,991,588) — 1.5%    5,991,588 
Total Investments (Cost — $746,760,486*) — 175.7%    720,402,727 
Other Assets Less Liabilities — 1.2%    5,104,927 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (17.5)%    (71,771,530) 
Preferred Shares, at Redemption Value — (59.4)%    (243,637,023) 
Net Assets Applicable to Common Shares — 100.0%    $410,099,101 

 

* The cost and unrealized appreciation (depreciation) of investments as of
February 28, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 676,042,924 
Gross unrealized appreciation  $ 9,876,194 
Gross unrealized depreciation  (37,228,991) 
Net unrealized depreciation  $ (27,352,797) 

 

(a) Variable rate security. Rate shown is as of report date.
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(c) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(d) 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 tender option bond trusts.
(e) Variable rate security. Rate shown is as of report date and maturity shown is the
date the principal owed can be recovered through demand.
(f) Investments in companies considered to be an affiliate of the Trust during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as follows:

  Shares Held    Shares Held   
  at August 31,  Net  at February 28,   
Affiliate  2010  Activity  2011  Income 
BIF New York Municipal       
Money Fund  8,738,117  (3,121,529)  5,616,588   


(g) Represents the current yield as of report date.

Financial futures contracts sold as of February 28, 2011 were as follows: 
      Notional         Unrealized 
Contracts Issue  Exchange  Expiration  Value        Depreciation 
176 30-Year U.S.  Chicago Board     
Treasury Bond  of Trade  June 2011  $20,968,520      $ (211,928) 


For Trust compliance purposes, the Trust’s sector classifications refer to any one or
more of the sector sub-classifications used by one or more widely recognized mar-
ket indexes or ratings group indexes, and/or as defined by Trust management. This
definition may not apply for purposes of this report, which may combine such sector
sub-classifications for reporting ease.
Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivatives. These inputs are summarized in three broad levels for
financial statement purposes as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments
and derivatives)

The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following tables summarize the inputs used as of February 28, 2011 in deter-
mining the fair valuation of the Trust’s investments and derivatives:

Valuation Inputs    Level 1  Level 2  Level 3  Total 
Assets:           
Investments in Securities:         
Long-Term           
Investments1      $714,411,139    $714,411,139 
Short-Term           
Securities  $ 5,616,588  375,000    5,991,588 
Total  $ 5,616,588  $714,786,139    $720,402,727 
1 See above Schedule of Investments for values in each sector.   

 

Derivative Financial Instruments2

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Liabilities:         
Interest rate         
contracts  $ (211,928)     $ (211,928) 
2 Derivative financial instruments are financial futures contracts, which are 
shown at the unrealized appreciation/depreciation on the instruments. 

 

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments February 28, 2011 (Unaudited)
BlackRock New Jersey Municipal Bond Trust (BLJ)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
New Jersey — 129.7%     
Corporate — 14.9%     
New Jersey EDA, RB, AMT (a):     
Continental Airlines Inc. Project, 7.00%, 11/15/30 $  2,335  $ 2,335,467 
Disposal, Waste M Management of New Jersey,     
Series A, Mandatory Put Bonds, 5.30%, 6/01/15  1,000  1,045,810 
New Jersey EDA, Refunding RB, New Jersey     
American Water Co., Inc. Project, Series A, AMT,     
5.70%, 10/01/39  475  474,041 
Port Authority of New York & New Jersey, RB, Continental     
Airlines Inc. and Eastern Air Lines Inc. Project,     
LaGuardia, AMT, 9.13%, 12/01/15  105  106,397 
Salem County Utilities Authority, Refunding RB,     
Atlantic City Electric, Series A, 4.88%, 6/01/29  750  725,722 
    4,687,437 
County/City/Special District/School District — 7.9%     
City of Margate City New Jersey, GO, Improvement:     
5.00%, 1/15/27  230  234,480 
5.00%, 1/15/28  110  111,450 
Essex County Improvement Authority, Refunding RB,     
Project Consolidation (NPFGC):     
5.50%, 10/01/28  400  426,592 
5.50%, 10/01/29  790  837,416 
Hudson County Improvement Authority, RB,     
Harrison Parking Facility Project, Series C (AGC),     
5.38%, 1/01/44  800  805,792 
Middlesex County Improvement Authority, RB,     
Subordinate, Heldrich Center Hotel, Series B,     
6.25%, 1/01/37 (b)(c)  560  56,000 
    2,471,730 
Education — 18.5%     
New Jersey EDA, RB, School Facilities Construction:     
Series CC-2, 5.00%, 12/15/31  500  489,830 
Series S, 5.00%, 9/01/36  280  260,560 
New Jersey Educational Facilities Authority, RB:     
Georgian Court College Project, Series C,     
6.50%, 7/01/13 (d)  630  714,874 
Montclair State University, Series J, 5.25%, 7/01/38  180  172,190 
New Jersey Educational Facilities Authority, Refunding RB:     
College of New Jersey, Series D (AGM),     
5.00%, 7/01/35  1,010  997,324 
Fairleigh Dickinson University, Series C,     
6.00%, 7/01/20  500  520,005 
Georgian Court University, Series D, 5.00%, 7/01/33  150  132,838 
New Jersey Institute of Technology, Series H,     
5.00%, 7/01/31  210  205,267 
University of Medicine & Dentistry, Series B,     
7.50%, 12/01/32  450  494,406 
New Jersey Higher Education Assistance Authority,     
Refunding RB, Series 1A:     
5.00%, 12/01/25  165  159,962 
5.00%, 12/01/26  125  120,371 
5.13%, 12/01/27  300  292,242 
5.25%, 12/01/32  300  287,697 
Rutgers-State University of New Jersey, Refunding RB,     
Series F, 5.00%, 5/01/39  1,000  992,460 
    5,840,026 
Health — 24.7%     
New Jersey EDA, RB, First Mortgage, Lions Gate Project,     
Series A:     
5.75%, 1/01/25  150  133,290 
5.88%, 1/01/37  265  219,497 
New Jersey EDA, Refunding RB:     
First Mortgage, Winchester, Series A,     
5.80%, 11/01/31  1,000  949,180 
Seabrook Village Inc. Facility, 5.25%, 11/15/26  470  396,266 

 

    Par   
Municipal Bonds    (000)  Value 
New Jersey (continued)       
Health (concluded)       
New Jersey Health Care Facilities Financing Authority, RB:     
Health System, Catholic Health East, Series A,       
5.38%, 11/15/12 (d)  $ 2,000  $ 2,161,680 
Hospital Asset Transformation Program, Series A,       
5.25%, 10/01/38    500  474,860 
Meridian Health, Series I (AGC), 5.00%, 7/01/38  250  236,803 
Virtua Health (AGC), 5.50%, 7/01/38    400  406,384 
New Jersey Health Care Facilities Financing Authority,       
Refunding RB:       
Atlantic City Medical System, 5.75%, 7/01/25    1,110  1,124,907 
CAB, St. Barnabas Health, Series B,       
5.90%, 7/01/30 (e)    500  112,560 
CAB, St. Barnabas Health, Series B,       
5.68%, 7/01/36 (e)    3,600  465,156 
CAB, St. Barnabas Health, Series B,       
5.74%, 7/01/37 (e)    3,600  423,684 
Robert Wood Johnson, 5.00%, 7/01/31    235  224,582 
South Jersey Hospital, 5.00%, 7/01/46    500  434,715 
      7,763,564 
Housing — 10.0%       
New Jersey State Housing & Mortgage Finance       
Agency, RB:       
S/F Housing, Series CC, 5.00%, 10/01/34    560  540,422 
Series A, 4.75%, 11/01/29    370  348,544 
Series AA, 6.38%, 10/01/28    940  997,227 
Series AA, 6.50%, 10/01/38    365  393,014 
New Jersey State Housing & Mortgage Finance       
Agency, Refunding RB, S/F Housing, Series T, AMT,       
4.70%, 10/01/37    250  221,642 
Newark Housing Authority, RB, South Ward Police       
Facility (AGC):       
5.75%, 12/01/30    180  186,237 
6.75%, 12/01/38    405  447,173 
      3,134,259 
State — 28.3%       
Garden State Preservation Trust, RB, CAB, Series B       
(AGM), 5.24%, 11/01/27 (e)    4,000  1,738,520 
New Jersey EDA, RB:       
Motor Vehicle Surcharge, Series A (NPFGC),       
5.25%, 7/01/24    500  515,970 
Motor Vehicle Surcharge, Series A (NPFGC),       
5.25%, 7/01/25    500  511,620 
Newark Downtown District Management Corp.,       
5.13%, 6/15/37    250  207,745 
School Facilities Construction, Series Z (AGC),       
5.50%, 12/15/34    1,000  1,018,950 
School Facilities Construction, Series Z (AGC),       
6.00%, 12/15/34    1,000  1,052,550 
New Jersey EDA, Refunding RB:       
New Jersey American Water Co., Inc. Project,       
Series B, AMT, 5.60%, 11/01/34    395  390,371 
School Facilities Construction, Series AA,       
5.50%, 12/15/29    500  516,770 
New Jersey EDA, Special Assessment Bonds, Refunding,     
Kapkowski Road Landfill Project, 6.50%, 4/01/28    2,250  2,246,602 
New Jersey Transportation Trust Fund Authority, RB,       
Transportation System:       
CAB, Series C (AGM), 4.85%, 12/15/32 (e)    1,250  303,288 
Series A (AGC), 5.63%, 12/15/28    200  215,052 
State of New Jersey, COP, Equipment Lease Purchase,       
Series A, 5.25%, 6/15/28    200  201,186 
      8,918,624 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 21



Schedule of Investments (continued)
BlackRock New Jersey Municipal Bond Trust (BLJ)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New Jersey (concluded)       
Transportation — 24.3%       
Delaware River Port Authority, RB:       
Port District Project, Series B (AGM),       
5.70%, 1/01/22  $ 600  $ 600,768 
Series D, 5.00%, 1/01/40    250  241,830 
New Jersey State Turnpike Authority, RB, Series E,       
5.25%, 1/01/40    1,000  992,580 
New Jersey Transportation Trust Fund Authority, RB,       
Transportation System:       
6.00%, 12/15/38    325  346,391 
Series A, 6.00%, 12/15/18 (d)    175  218,773 
Series A, 5.88%, 12/15/38    555  576,190 
Port Authority of New York & New Jersey, RB:       
Consolidated, 125th Series (AGM), 5.00%, 4/15/32  1,500  1,502,925 
Consolidated, 126th Series, AMT (NPFGC),       
5.25%, 5/15/37    2,250  2,205,855 
JFK International Air Terminal, 6.00%, 12/01/42  450  435,582 
Port Authority of New York & New Jersey, Refunding RB,     
Consolidated, 152nd Series, AMT, 5.75%, 11/01/30  525  543,333 
      7,664,227 
Utilities — 1.1%       
Cumberland County Improvement Authority, RB, Series A,     
5.00%, 7/01/11 (d)    195  198,071 
Rahway Valley Sewerage Authority, RB, CAB, Series A       
(NPFGC), 4.41%, 9/01/33 (e)    650  155,084 
      353,155 
Total Municipal Bonds in New Jersey      40,833,022 
Multi-State — 6.9%       
Housing — 6.9%       
Centerline Equity Issuer Trust, 7.20%, 11/15/52 (f)(g)  2,000  2,174,520 
Puerto Rico — 18.3%       
County/City/Special District/School District — 5.5%     
Puerto Rico Sales Tax Financing Corp., RB, First       
Sub-Series A, 6.00%, 8/01/42    500  497,170 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
First Sub-Series C:       
6.00%, 8/01/39    540  537,781 
(AGM), 5.13%, 8/01/42    750  707,055 
      1,742,006 
State — 7.5%       
Commonwealth of Puerto Rico, GO, Refunding, Public     
Improvement, Series A-4 (AGM), 5.25%, 7/01/30    250  242,018 
Puerto Rico Commonwealth Infrastructure Financing       
Authority, RB, CAB, Series A (AMBAC) (e):       
4.37 %, 7/01/37    1,750  243,687 
4.53%, 7/01/43    1,000  87,530 
Puerto Rico Highway & Transportation Authority,       
Refunding RB, Series CC (AGM), 5.50%, 7/01/30    400  399,024 
Puerto Rico Public Buildings Authority, Refunding RB,     
Government Facilities, Series M-3 (NPFGC),       
6.00%, 7/01/27    425  433,287 
Puerto Rico Sales Tax Financing Corp., RB, First       
Sub-Series A, 5.75%, 8/01/37    970  958,263 
      2,363,809 
Transportation — 3.1%       
Puerto Rico Highway & Transportation Authority,       
Refunding RB, Series CC (AGC), 5.50%, 7/01/31    1,000  990,260 

 

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico (concluded)     
Utilities — 2.2%     
Puerto Rico Electric Power Authority, RB, Series WW,     
5.50%, 7/01/38  $ 750  $ 681,203 
Total Municipal Bonds in Puerto Rico    5,777,278 
Total Municipal Bonds — 154.9%    48,784,820 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (h)     
New Jersey — 3.8%     
Transportation — 3.8%     
New Jersey Transportation Trust Fund Authority,     
RB, Transportation System, Series A (AGM),     
5.00%, 12/15/32  600  600,984 
Port Authority of New York & New Jersey, Refunding RB,     
Consolidated, 152nd Series, AMT, 5.25%, 11/01/35  630  611,084 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 3.8%    1,212,068 
Total Long-Term Investments     
(Cost — $52,078,514) — 158.7%    49,996,888 
Short-Term Securities  Shares   
BIF New Jersey Municipal Money Fund, 0.04% (i)(j)  553,213  553,213 
Total Short-Term Securities     
(Cost — $553,213) — 1.8%    553,213 
Total Investments (Cost — $52,631,727*) — 160.5%    50,550,101 
Other Assets Less Liabilities — 1.4%    439,967 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (2.3)%    (720,438) 
Preferred Shares, at Redemption Value — (59.6)%    (18,776,534) 
Net Assets Applicable to Common Shares — 100.0%    $ 31,493,096 
* The cost and unrealized appreciation (depreciation) of investments as of 
February 28, 2011, as computed for federal income tax purposes, were as follows: 
Aggregate cost    $ 51,796,969 
Gross unrealized appreciation    $ 1,149,221 
Gross unrealized depreciation    (3,115,872) 
Net unrealized depreciation    $ (1,966,651) 


(a) Variable rate security. Rate shown is as of report date.

(b) Issuer filed for bankruptcy and/or is in default of interest payments.
(c) Non-income producing security.
(d) 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.
(e) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(g) 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 govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(h) Securities represent bonds transferred to a TOB in exchange for which the Trust
acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to TOBs.

See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments (concluded)
BlackRock New Jersey Municipal Bond Trust (BLJ)

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

  Shares Held    Shares Held   
  at August 31,  Net  at February 28,   
Affiliate  2010  Activity  2011  Income 
BIF New Jersey         
Municipal         
Money Fund  915,154  (361,941)  553,213  $ 188 


(i) Represents the current yield as of report date.

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

Financial futures contracts sold as of February 28, 2011 were as follows:

      Notional Unrealized 
Contracts Issue  Exchange  Expiration  Value Depreciation 
12 10-Year U.S.  Chicago Board     
Treasury Note  of Trade  June 2011  $1,422,165 $ (6,398) 


Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivatives. These inputs are summarized in three broad levels for
financial statement purposes as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments
and derivatives)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and derivatives 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 February 28, 2011 in deter-
mining the fair valuation of the Trust ‘s investments and derivatives:

Valuation Inputs    Level 1  Level 2  Level 3  Total 
Assets:           
Investments in Securities:         
Long-Term           
Investments1      $49,996,888    $49,996,888 
Short-Term           
Securities  $ 553,213      553,213 
Total  $ 553,213  $49,996,888    $50,550,101 
1 See above Schedule of Investments for values in each sector.   

 

Derivative Financial Instruments2

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Liabilities:         
Interest rate         
contracts  $ (6,398)      $ (6,398) 
2 Derivative financial instruments are financial futures contracts, which are 
shown at the unrealized appreciation/depreciation on the instrument. 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 23



Schedule of Investments February 28, 2011 (Unaudited)
BlackRock New York Municipal Income Quality Trust (BSE)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York — 119.9%       
County/City/Special District/School District — 25.3%     
Erie County Industrial Development Agency, RB, City       
School District of Buffalo Project, Series A (AGM),       
5.75%, 5/01/25  $ 1,000  $ 1,083,470 
Haverstraw-Stony Point Central School District New York,     
GO (AGM), 3.00%, 10/15/27    140  114,156 
Hudson Yards Infrastructure Corp., RB, Series A:       
(FGIC), 5.00%, 2/15/47    2,750  2,305,627 
(NPFGC), 4.50%, 2/15/47    250  189,188 
New York City Industrial Development Agency, RB, PILOT:     
CAB, Yankee Stadium, (AGC), 6.53%, 3/01/39 (a)  1,000  176,470 
Queens Baseball Stadium, (AGC), 6.38%, 1/01/39  150  155,072 
Queens Baseball Stadium, (AMBAC),       
5.00%, 1/01/46    1,725  1,346,362 
Yankee Stadium, (NPFGC), 4.75%, 3/01/46    1,000  810,440 
New York City Transitional Finance Authority, RB,       
Series S-2 (AGM), 5.00%, 1/15/37    850  831,835 
New York City Transitional Finance Authority,       
Refunding RB (AMBAC), Series B:       
Future Tax, 5.00%, 11/01/11 (b)    5  5,205 
Future Tax Secured, 5.00%, 5/01/30    3,260  3,274,311 
New York Convention Center Development Corp., RB,       
Hotel Unit Fee Secured (AMBAC), 5.00%, 11/15/44  5,175  4,564,609 
New York State Dormitory Authority, Refunding RB,       
School Districts Financing Program, Series A (AGM),     
5.00%, 10/01/35    1,000  973,730 
Sales Tax Asset Receivable Corp., RB, Series A (AMBAC),     
5.00%, 10/15/32    6,000  6,043,200 
      21,873,675 
Education — 36.0%       
City of Troy New York, Refunding RB, Rensselaer       
Polytechnic, Series A, 5.13%, 9/01/40    1,175  1,090,071 
Herkimer County Industrial Development Agency       
New York, RB, College Foundation Inc. Student       
Housing Project, 6.25%, 8/01/34    1,000  961,940 
Madison County Industrial Development Agency       
New York, RB, Colgate University Project, Series A       
(AMBAC), 5.00%, 7/01/30    1,000  1,008,860 
New York City Industrial Development Agency, RB,       
Lycee Francais de New York Project, Series A (ACA),     
5.38%, 6/01/23    2,500  2,528,800 
New York City Transitional Finance Authority, RB,       
Fiscal 2009, Series S-4 (AGC), 5.50%, 1/15/33    1,000  1,029,550 
New York City Trust for Cultural Resources, Refunding RB,     
Museum of Modern Art, Series 1A, 5.00%, 4/01/31  700  709,681 
New York State Dormitory Authority, RB:       
Brooklyn Law School, Series B (Syncora),       
5.13%, 7/01/30    4,000  3,953,800 
Convent of the Sacred Heart (AGM),       
5.75%, 11/01/40    300  302,964 
Cornell University, Series A, 5.00%, 7/01/40    250  250,538 
FIT Student Housing Corp. (FGIC),       
5.13%, 7/01/14 (b)    2,500  2,835,400 
Mount Sinai School of Medicine at NYU (NPFGC),     
5.00%, 7/01/35    2,500  2,330,050 
The New School (AGM), 5.50%, 7/01/43    1,365  1,369,832 
New York University, Series 2 (AMBAC),       
5.00%, 7/01/41    4,000  3,860,520 
New York University, Series A (AMBAC),       
5.00%, 7/01/37    2,500  2,446,100 
Saint Joachim & Anne Residence, 5.25%, 7/01/27  3,000  2,999,790 
New York State Dormitory Authority, Refunding RB,       
Skidmore College, Series A, 5.00%, 7/01/27    135  136,513 

 

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
Education (concluded)       
Trust for Cultural Resources, Refunding RB, American       
Museum of Natural History, Series A (NPFGC):       
5.00%, 7/01/36  $ 1,000  $ 980,220 
5.00%, 7/01/44    2,500  2,424,875 
      31,219,504 
Health — 17.3%       
Dutchess County Industrial Development Agency,       
RB, Vassar Brothers Medical Center (AGC),       
5.50%, 4/01/30    500  491,850 
Monroe County Industrial Development Corp., RB, Unity     
Hospital of Rochester Project (FHA), 5.50%, 8/15/40  325  330,002 
New York State Dormitory Authority, MRB:       
Hospital, Lutheran Medical (NPFGC),       
5.00%, 8/01/31    4,500  4,376,340 
St. Barnabas, Series A (FHA), 5.00%, 2/01/31    5,000  4,864,550 
New York State Dormitory Authority, RB:       
Hudson Valley Hospital (BHAC), 5.00%, 8/15/36  1,250  1,220,075 
NYU Hospital Center, Series A, 6.00%, 7/01/40    500  497,220 
New York & Presbyterian Hospital (AGM),       
5.25%, 2/15/31    500  508,050 
North Shore-Long Island Jewish Health System,       
Series A, 5.50%, 5/01/37    350  339,122 
New York State Dormitory Authority, Refunding RB:       
St. Luke’s Roosevelt Hospital (FHA), 4.90%, 8/15/31  500  458,815 
Winthrop University Hospital Association, Series A     
(AMBAC), 5.25%, 7/01/31    2,000  1,864,940 
      14,950,964 
State — 10.1%       
New York State Dormitory Authority, ERB:       
Series B, 5.75%, 3/15/36    600  638,484 
Series C, 5.00%, 12/15/31    1,500  1,523,265 
New York State Dormitory Authority, RB:       
Mental Health Services Facilities Improvement,       
Series A (AGM), 5.00%, 2/15/22    1,000  1,061,510 
School Districts Financing Program, Series D       
(NPFGC), 5.00%, 10/01/30    3,500  3,501,435 
New York State Dormitory Authority, Refunding RB,       
School Districts Financing Program, Series A (NPFGC),     
5.00%, 4/01/31    2,000  1,987,380 
      8,712,074 
Transportation — 23.1%       
Hudson Yards Infrastructure Corp., RB:       
(AGC), 5.00%, 2/15/47    1,250  1,090,175 
Series A (AGM), 5.00%, 2/15/47    605  528,377 
Metropolitan Transportation Authority, RB, Series 2008C,     
6.50%, 11/15/28    750  835,410 
Metropolitan Transportation Authority, Refunding RB:       
Series A (AMBAC), 5.00%, 7/01/30    4,600  4,600,276 
Series A (NPFGC), 5.25%, 11/15/31    4,250  4,223,098 
Series B, 5.00%, 11/15/34    540  528,217 
Transportation, Series E (NPFGC), 5.25%, 11/15/31  2,660  2,643,162 
New York State Thruway Authority, RB, Series G (AGM),     
5.00%, 1/01/32    500  500,355 
New York State Thruway Authority, Refunding RB,       
Series H (AGM), 5.00%, 1/01/37    4,000  3,886,720 
Port Authority of New York & New Jersey, RB,       
Consolidated, 116th Series, 4.13%, 9/15/32    250  223,375 
Triborough Bridge & Tunnel Authority, Refunding RB,       
Series C, 5.00%, 11/15/38    1,000  980,810 
      20,039,975 

 

See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments (continued)
BlackRock New York Municipal Income Quality Trust (BSE)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (concluded)       
Utilities — 8.1%       
Long Island Power Authority, RB, General, Series C       
(CIFG), 5.25%, 9/01/29  $ 1,000  $ 1,033,620 
Long Island Power Authority, Refunding RB:       
General, Series A (AGC), 6.00%, 5/01/33    2,000  2,154,940 
General, Series F (NPFGC), 4.25%, 5/01/33    1,000  877,440 
Series A (AGC), 5.75%, 4/01/39    1,690  1,750,671 
New York City Municipal Water Finance Authority, RB:       
Second General Resolution, Series EE,       
5.38%, 6/15/43    700  709,793 
Series DD, 5.00%, 6/15/32    500  504,525 
      7,030,989 
Total Municipal Bonds in New York      103,827,181 
Guam — 0.7%       
Utilities — 0.7%       
Guam Power Authority, Refunding RB, Series A (AGM),     
5.00%, 10/01/37    675  613,237 
Puerto Rico — 16.3%       
County/City/Special District/School District — 0.8%     
Puerto Rico Sales Tax Financing Corp., RB, First       
Sub-Series A (AGM), 5.00%, 8/01/40    500  463,050 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
CAB, Series A (NPFGC), 5.77%, 8/01/41 (a)    1,500  199,905 
      662,955 
Education — 4.4%       
Puerto Rico Industrial Tourist Educational Medical       
& Environmental Control Facilities Financing Authority,     
RB, University Plaza Project, Series A (NPFGC),       
5.00%, 7/01/33    1,000  871,090 
Puerto Rico Industrial Tourist Educational Medical       
& Environmental Control Facilities Financing Authority,     
Refunding RB, Polytechnic University Project, Series A     
(ACA), 5.00%, 8/01/32    3,800  2,983,836 
      3,854,926 
State — 4.4%       
Commonwealth of Puerto Rico, GO, Refunding,       
Sub-Series C-7 (NPFGC), 6.00%, 7/01/27    1,000  1,019,500 
Puerto Rico Highway & Transportation Authority,       
Refunding RB, Series CC (AGM), 5.25%, 7/01/32    1,000  954,260 
Puerto Rico Public Buildings Authority, Refunding RB,       
Government Facilities, Series M-3 (NPFGC),       
6.00%, 7/01/28    500  508,250 
Puerto Rico Sales Tax Financing Corp., RB, First       
Sub-Series A, 5.75%, 8/01/37    1,000  987,900 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
CAB, Series A (NPFGC), 5.99%, 8/01/43 (a)    3,000  342,390 
      3,812,300 
Transportation — 3.7%       
Puerto Rico Highway & Transportation Authority, RB,       
Series Y (AGM), 6.25%, 7/01/21    2,000  2,184,140 
Puerto Rico Highway & Transportation Authority,       
Refunding RB, Series CC (AGM), 5.50%, 7/01/29    1,000  1,001,070 
      3,185,210 

 

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico (concluded)     
Utilities — 3.0%     
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien,     
Series A (AGC), 5.13%, 7/01/47  $ 500  $ 451,350 
Puerto Rico Electric Power Authority, Refunding RB,     
Series VV (NPFGC):     
5.25%, 7/01/29  250  237,555 
5.25%, 7/01/30  2,000  1,880,680 
    2,569,585 
Total Municipal Bonds in Puerto Rico    14,084,976 
Total Municipal Bonds — 136.9%    118,525,394 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (c)     
New York — 20.1%     
County/City/Special District/School District — 1.2%     
City of New York New York, GO, Sub-Series C-3 (AGC),     
5.75%, 8/15/28  1,000  1,082,870 
Transportation — 17.8%     
Metropolitan Transportation Authority, Refunding RB,     
Series A (AGM), 5.00%, 11/15/30  6,080  6,041,878 
Triborough Bridge & Tunnel Authority, Refunding RB     
(NPFGC), 5.00%, 11/15/32  9,404  9,410,700 
    15,452,578 
Utilities — 1.1%     
New York City Municipal Water Finance Authority, RB:     
Fiscal 2009, Series A, 5.75%, 6/15/40  495  522,254 
Series FF-2, 5.50%, 6/15/40  405  416,807 
    939,061 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 20.1%    17,474,509 
Total Long-Term Investments     
(Cost — $139,259,270) — 157.0%    135,999,903 
Short-Term Securities     
New York — 0.1%     
City of New York New York, GO, Refunding, VRDN,     
Sub-Series H-3 (AGM Insurance, State Street     
Bank & Co. SBPA), 0.22%, 3/01/11 (d)  50  50,000 
  Shares   
Money Market Fund — 0.4%     
BIF New York Municipal Money Fund, 0.0% (e)(f)  328,224  328,224 
Total Short-Term Securities     
(Cost — $378,224) — 0.5%    378,224 
Total Investments (Cost — $139,637,494*) — 157.5%    136,378,127 
Other Assets Less Liabilities — 1.4%    1,225,444 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (12.0)%    (10,418,303) 
Preferred Shares, at Redemption Value — (46.9)%    (40,576,761) 
Net Assets Applicable to Common Shares — 100.0%    $ 86,608,507 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 25



Schedule of Investments (concluded)
BlackRock New York Municipal Income Quality Trust (BSE)

* The cost and unrealized appreciation (depreciation) of investments as of
February 28, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 129,328,229 
Gross unrealized appreciation  $ 1,467,629 
Gross unrealized depreciation  (4,826,234) 
Net unrealized depreciation  $ (3,358,605) 


(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of

report date.
(b) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(c) Securities represent bonds transferred to a tender option bond trust in exchange
for which the Trust acquired residual interest certificates. These securities serve
as collateral in a financing transaction. See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to tender option bond trusts.
(d) Variable rate security. Rate shown is as of report date and maturity shown is the
date the principal owed can be recovered through demand.
(e) Investments in companies considered to be an affiliate of the Trust during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as follows:

  Shares Held    Shares Held   
  at August 31,  Net  at February 28,   
Affiliate  2010  Activity  2011  Income 
BIF New York         
Municipal         
Money Fund  1,077,827  (749,603)  328,224  $ 96 


(f) Represents the current yield as of report date.

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

Financial futures contracts sold as of February 28, 2011 were as follows:

      Notional         Unrealized 
Contracts Issue  Exchange  Expiration  Value       Depreciation 
37 30 Year U.S.  Chicago Board     
Treasury Bond  of Trade  June 2011      $ 4,408,180      $ (44,539) 


Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivatives. These inputs are summarized in three broad levels for
financial statement purposes as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments
and derivatives)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and derivatives and
other significant accounting policies, please refer to the Note 1 of the Notes to
Financial Statements.

The following tables summarize the inputs used as of February 28, 2011 in deter-
mining the fair valuation of the Trust’s investments and derivatives:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Long-Term         
Investments1  —                               $135,999,903             —                         $135,999,903 
Short-Term         
Securities  $ 328,224  50,000              —  378,224 
Total                  $ 328,224                             $136,049,903             —                           $136,378,127 
1 See above Schedule of Investments for values in each sector.   
Derivative Financial Instruments2

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Liabilities:         
Interest rate         
contracts  $ (44,539)    $ (44,539) 
2 Derivative financial instruments are financial futures contracts, which are 
shown at the unrealized appreciation/depreciation on the instrument. 

 

See Notes to Financial Statements.

26 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments February 28, 2011 (Unaudited)
BlackRock New York Municipal Bond Trust (BQH)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York — 125.9%       
Corporate — 14.5%       
Chautauqua County Industrial Development Agency, RB,     
Nrg Dunkirk Power Project, 5.88%, 4/01/42  $ 250  $ 239,008 
Essex County Industrial Development Agency New York,     
RB, International Paper Co. Project, Series A, AMT,       
6.63%, 9/01/32    100  103,246 
New York City Industrial Development Agency, RB,       
American Airlines Inc., JFK International Airport, AMT (a):     
7.63%, 8/01/25    750  762,007 
7.75%, 8/01/31    1,000  1,020,200 
New York Liberty Development Corp., RB, Goldman       
Sachs Headquarters, 5.25%, 10/01/35    1,100  1,073,248 
Port Authority of New York & New Jersey, RB, Continental     
Airlines Inc. and Eastern Air Lines Inc. Project,       
LaGuardia, AMT, 9.13%, 12/01/15    2,035  2,062,065 
Suffolk County Industrial Development Agency New York,     
RB, KeySpan, Port Jefferson, AMT, 5.25%, 6/01/27  500  475,700 
      5,735,474 
County/City/Special District/School District — 26.6%     
Amherst Development Corp., RB, University at       
Buffalo Foundation Faculty-Student Housing Corp.,     
Series A (AGM):       
4.38%, 10/01/30    250  223,138 
4.63%, 10/01/40    140  117,981 
City of New York New York, GO:       
Series A-1, 4.75%, 8/15/25    500  511,340 
Series D, 5.38%, 6/01/12 (b)    5  5,305 
Series D, 5.38%, 6/01/32    2,035  2,039,111 
Sub-Series G-1, 6.25%, 12/15/31    250  277,788 
Sub-Series I-1, 5.38%, 4/01/36    450  457,501 
Hudson Yards Infrastructure Corp., RB, Series A:       
5.00%, 2/15/47    1,050  880,330 
(FGIC), 5.00%, 2/15/47    500  419,205 
(NPFGC), 4.50%, 2/15/47    850  643,237 
New York City Industrial Development Agency, PILOT, RB:     
CAB, Yankee Stadium, (AGC), 6.43%, 3/01/41 (c)  5,155  792,117 
CAB, Yankee Stadium, (AGC), 6.04%, 3/01/42 (c)  1,000  143,500 
CAB, Yankee Stadium, (AGC), 6.47%, 3/01/43 (c)  2,000  267,080 
Queens Baseball Stadium, (AGC), 6.38%, 1/01/39  100  103,381 
Queens Baseball Stadium, (AMBAC),       
5.00%, 1/01/39    750  598,732 
Yankee Stadium, (FGIC), 5.00%, 3/01/46    175  148,820 
New York City Transitional Finance Authority, RB,       
Fiscal 2009, Series S-3, 5.25%, 1/15/39    500  503,495 
New York Convention Center Development Corp., RB,       
Hotel Unit Fee Secured (AMBAC), 5.00%, 11/15/44  1,000  882,050 
New York Liberty Development Corp., Refunding RB,       
Second Priority, Bank of America Tower at One Bryant     
Park Project:       
5.63%, 7/15/47    850  811,435 
6.38%, 7/15/49    285  283,555 
New York State Dormitory Authority, RB:       
Interagency Council Pooled, Series A-1,       
4.25%, 7/01/25    250  235,603 
State University Dormitory Facilities, Series A,       
5.00%, 7/01/39    150  146,219 
      10,490,923 
Education — 18.3%       
Albany Industrial Development Agency, RB, New       
Covenant Charter School Project, Series A (d)(e):       
7.00%, 5/01/25    200  59,994 
7.00%, 5/01/35    130  38,996 

 

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
Education (concluded)       
City of Troy New York, Refunding RB, Rensselaer       
Polytechnic, Series A, 5.13%, 9/01/40  $ 175  $ 162,351 
Dutchess County Industrial Development Agency       
New York, Refunding RB, Bard College Civic Facility,     
Series A-2, 4.50%, 8/01/36    500  410,660 
Nassau County Industrial Development Agency,       
Refunding RB, New York Institute of Technology       
Project, Series A, 4.75%, 3/01/26    200  189,504 
New York City Industrial Development Agency, RB,       
Lycee Francais de New York Project, Series A (ACA),     
5.50%, 6/01/15    250  260,885 
New York State Dormitory Authority, RB:       
5.83%, 7/01/39 (f)    175  146,669 
Convent of the Sacred Heart (AGM),       
5.75%, 11/01/40    300  302,964 
Cornell University, Series A, 5.00%, 7/01/40    150  150,323 
Iona College (Syncora), 5.13%, 7/01/32    2,000  1,911,160 
New York University, Series 1 (BHAC),       
5.50%, 7/01/31    245  257,549 
Rochester Institute of Technology, Series A,       
6.00%, 7/01/33    325  343,515 
The New School (AGM), 5.50%, 7/01/43    400  401,416 
University of Rochester, Series A, 5.13%, 7/01/39  215  211,044 
Vassar College, 5.00%, 7/01/49    200  193,110 
New York State Dormitory Authority, Refunding RB:       
Brooklyn Law School, 5.75%, 7/01/33    125  129,169 
Skidmore College, Series A, 5.00%, 7/01/28    250  251,992 
Teachers College, 5.50%, 3/01/39    350  353,608 
Suffolk County Industrial Development Agency,       
Refunding RB, New York Institute of Technology Project,     
5.00%, 3/01/26    150  145,382 
Trust for Cultural Resources, RB, Series A:       
Carnegie Hall, 4.75%, 12/01/39    550  501,039 
Juilliard School, 5.00%, 1/01/39    550  549,961 
Yonkers Industrial Development Agency New York,       
RB, Sarah Lawrence College Project, Series A,       
6.00%, 6/01/41    250  251,428 
      7,222,719 
Health — 9.7%       
Dutchess County Local Development Corp.,       
Refunding RB, Health Quest System Inc., Series A,       
5.75%, 7/01/30    350  350,221 
Genesee County Industrial Development Agency       
New York, Refunding RB, United Memorial Medical       
Center Project, 5.00%, 12/01/27    150  117,912 
Monroe County Industrial Development Corp., RB, Unity     
Hospital of Rochester Project (FHA), 5.50%, 8/15/40  275  279,232 
New York State Dormitory Authority, RB:       
New York State Association for Retarded       
Children, Inc., Series B (AMBAC), 6.00%, 7/01/32  185  191,606 
New York University Hospital Center, Series A,       
5.75%, 7/01/31    220  218,937 
New York University Hospital Center, Series B,       
5.63%, 7/01/37    260  250,144 
North Shore-Long Island Jewish Health System,       
Series A, 5.50%, 5/01/37    450  436,014 
North Shore-Long Island Jewish Health System,       
Series A, 5.75%, 5/01/37    500  500,600 
New York State Dormitory Authority, Refunding RB:       
Mount Sinai Hospital, Series A, 5.00%, 7/01/26  350  347,571 
North Shore-Long Island Jewish Health System,       
Series E, 5.50%, 5/01/33    250  244,653 
Saratoga County Industrial Development Agency       
New York, RB, Saratoga Hospital Project, Series B,       
5.25%, 12/01/32    200  184,626 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 27



Schedule of Investments (continued)
BlackRock New York Municipal Bond Trust (BQH)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (concluded)       
Health (concluded)       
Suffolk County Industrial Development Agency       
New York, Refunding RB, Jeffersons Ferry Project,       
5.00%, 11/01/28  $ 260  $ 231,626 
Westchester County Industrial Development Agency       
New York, MRB, Kendal on Hudson Project, Series A,     
6.38%, 1/01/24    500  474,845 
      3,827,987 
Housing — 12.9%       
New York City Housing Development Corp., RB, Series A,     
AMT, 5.50%, 11/01/34    2,500  2,473,675 
New York Mortgage Agency, Refunding RB, Series 101,     
AMT, 5.40%, 4/01/32    2,240  2,174,054 
New York State HFA, RB, Highland Avenue Senior       
Apartments, Series A, AMT (SONYMA), 5.00%, 2/15/39  500  428,405 
      5,076,134 
State — 17.1%       
New York State Dormitory Authority, ERB:       
Series B, 5.75%, 3/15/36    300  319,242 
Series C, 5.00%, 12/15/31    250  253,878 
New York State Dormitory Authority, LRB, Municipal       
Health Facilities, Sub-Series 2-4, 4.75%, 1/15/30  350  338,537 
New York State Dormitory Authority, RB, Mental Health     
Services Facilities Improvement, Series A (AGM),       
5.00%, 2/15/22    335  355,606 
New York State Urban Development Corp., RB,       
Personal Income Tax, State Facilities, Series A,       
5.25%, 3/15/12 (b)    5,000  5,244,450 
State of New York, GO, Series A, 5.00%, 2/15/39    250  249,995 
      6,761,708 
Tobacco — 8.4%       
New York Counties Tobacco Trust III, RB, Tobacco       
Settlement Pass-Thru, Turbo, 6.00%, 6/01/43    1,445  1,189,380 
TSASC Inc. New York, RB, Tobacco Settlement       
Asset-Backed, Series 1, 5.75%, 7/15/12 (b)    2,000  2,142,800 
      3,332,180 
Transportation — 12.0%       
Metropolitan Transportation Authority, RB:       
Series 2008C, 6.50%, 11/15/28    700  779,716 
Series A, 5.63%, 11/15/39    250  256,660 
Series B, 4.50%, 11/15/37    100  83,511 
Port Authority of New York & New Jersey, RB:       
Consolidated, 116th Series, 4.13%, 9/15/32    500  446,750 
Consolidated, 126th Series AMT (NPFGC),       
5.25%, 5/15/37    2,750  2,696,045 
JFK International Air Terminal, 6.00%, 12/01/42  500  483,980 
      4,746,662 
Utilities — 6.4%       
Long Island Power Authority, RB, General, Series C       
(CIFG), 5.25%, 9/01/29    500  516,810 
Long Island Power Authority, Refunding RB, Series A,       
5.50%, 4/01/24    250  267,838 
New York City Municipal Water Finance Authority, RB:       
Second General Resolution, Series EE,       
5.38%, 6/15/43    200  202,798 
Series A (FGIC), 5.25%, 6/15/11 (b)    500  507,225 
New York State Environmental Facilities Corp.,       
Refunding RB, Revolving Funds, New York City       
Water Project, Series D, 5.13%, 6/15/31    1,000  1,009,860 
      2,504,531 
Total Municipal Bonds in New York      49,698,318 

 

    Par   
Municipal Bonds    (000)  Value 
Guam — 1.9%       
State — 0.6%       
Territory of Guam, GO, Series A, 7.00%, 11/15/39  $ 225  $ 234,337 
Tobacco — 0.4%       
Guam Economic Development & Commerce Authority,     
Refunding RB, Tobacco Settlement Asset-Backed,       
5.63%, 6/01/47    200  171,546 
Utilities — 0.9%       
Guam Government Waterworks Authority, Refunding RB,     
Water, 5.88%, 7/01/35    350  333,536 
Total Municipal Bonds in Guam      739,419 
Multi-State — 6.9%       
Housing — 6.9%       
Centerline Equity Issuer Trust, 7.20%, 11/15/52 (g)(h)  2,500  2,718,150 
Puerto Rico — 19.0%       
County/City/Special District/School District — 3.6%     
Puerto Rico Sales Tax Financing Corp., RB, First       
Sub-Series A, 5.75%, 8/01/37    1,250  1,234,875 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
CAB, Series A (NPFGC), 5.76%, 8/01/41 (c)    1,400  186,578 
      1,421,453 
State — 12.3%       
Commonwealth of Puerto Rico, GO, Public Improvement,     
Series A, 5.13%, 7/01/31    1,725  1,630,125 
Puerto Rico Commonwealth Infrastructure Financing       
Authority, RB, CAB, Series A (AMBAC) (c):       
4.37%, 7/01/37    2,000  278,500 
4.99%, 7/01/44    2,000  161,840 
Puerto Rico Public Buildings Authority, Refunding RB,     
Government Facilities, Series D:       
5.25%, 7/01/12 (b)    1,980  2,100,899 
5.25%, 7/01/27    720  682,128 
      4,853,492 
Tobacco — 1.1%       
Children’s Trust Fund, Refunding RB, Asset-Backed,       
5.63%, 5/15/43    500  434,015 
Transportation — 2.0%       
Puerto Rico Highway & Transportation Authority,       
Refunding RB, Series D, 5.25%, 7/01/12 (b)    750  796,320 
Total Municipal Bonds in Puerto Rico      7,505,280 
Total Municipal Bonds — 153.7%      60,661,167 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (i)       
New York — 1.1%       
Utilities — 1.1%       
New York City Municipal Water Finance Authority, RB,       
Fiscal 2009, Series A, 5.75%, 6/15/40    405  427,299 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 1.1%      427,299 
Total Long-Term Investments       
(Cost — $61,843,025) — 154.8%      61,088,466 

 

See Notes to Financial Statements.

28 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments (concluded)
BlackRock New York Municipal Bond Trust (BQH)
(Percentages shown are based on Net Assets)

Short-Term Securities  Shares  Value 
BIF New York Municipal Money Fund, 0.00% (j)(k)  238,561  $ 238,561 
Total Short-Term Securities     
(Cost — $238,561) — 0.6%    238,561 
Total Investments (Cost — $62,081,586*) — 155.4%    61,327,027 
Other Assets Less Liabilities — 1.4%    535,997 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (0.7)%    (270,055) 
Preferred Shares, at Redemption Value — (56.1)%    (22,126,549) 
Net Assets Applicable to Common Shares — 100.0%    $ 39,466,420 


* The cost and unrealized appreciation (depreciation) of investments as of

February 28, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 61,719,368 
Gross unrealized appreciation  $ 1,686,922 
Gross unrealized depreciation  (2,349,161) 
Net unrealized depreciation  $ (662,239) 


(a) Variable rate security. Rate shown is as of report date.

(b) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(c) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(d) Issuer filed for bankruptcy and/or is in default of interest payments.
(e) Non-income producing security.
(f) Represents a step-up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown reflects the current
yield as of report date.
(g) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(h) 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 govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(i) 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.
(j) Investments in companies considered to be an affiliate of the Trust during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as follows:

  Shares Held    Shares Held   
  at August 31,  Net  at February 28,   
Affiliate  2010  Activity  2011  Income 
BIF New York         
Municipal         
Money Fund  563,059  (324,498)  238,561  $ 37 


(k) Represents the current yield as of report date.

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

Financial futures contracts sold as of February 28, 2011 were as follows:

      Notional       Unrealized 
Contracts Issue  Exchange  Expiration  Value       Depreciation 
17 30–Year U.S.  Chicago Board     
Treasury Bond  of Trade  June 2011  $2,025,373     $ (20,469) 


Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivatives. These inputs are summarized in three broad levels for
financial statement purposes as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments
and derivatives)

The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and derivatives 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 February 28, 2011 in deter-
mining the fair valuation of the Trust’s investments and derivatives:

Valuation Inputs    Level 1  Level 2  Level 3  Total 
Assets:           
Investments in Securities:         
Long-Term           
Investments1      $61,088,466    $61,088,466 
Short-Term           
Securities  $ 238,561      238,561 
Total  $ 238,561  $61,088,466    $61,327,027 
1 See above Schedule of Investments for values in each sector.   

 

Derivative Financial Instruments2

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Liabilities:         
Interest rate         
contracts  $ (20,469)          —   $ (20,469) 
2 Derivative financial instruments are financial futures contracts, which are 
valued at the unrealized appreciation/depreciation on the instrument. 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 29



Schedule of Investments February 28, 2011 (Unaudited)
BlackRock New York Municipal Income Trust II (BFY)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York — 144.0%       
Corporate — 16.4%       
Chautauqua County Industrial Development Agency, RB,     
Nrg Dunkirk Power Project, 5.88%, 4/01/42  $ 500  $ 478,015 
Essex County Industrial Development Agency New York,     
RB, International Paper Co. Project, Series A, AMT,       
6.63%, 9/01/32    200  206,492 
Essex County Industrial Development Agency New York,     
Refunding RB, International Paper Co. Project,       
Series A, AMT, 5.50%, 10/01/26    625  597,863 
Jefferson County Industrial Development Agency       
New York, Refunding RB, Solid Waste, Series A, AMT,     
5.20%, 12/01/20    750  722,430 
New York City Industrial Development Agency, RB,       
American Airlines Inc., JFK International Airport,       
AMT (a):       
7.63%, 8/01/25    1,600  1,625,616 
7.75%, 8/01/31    1,500  1,530,300 
New York Liberty Development Corp., RB, Goldman       
Sachs Headquarters, 5.25%, 10/01/35    780  761,030 
Port Authority of New York & New Jersey, RB, Continental     
Airlines Inc. and Eastern Air Lines Inc. Project,       
LaGuardia, AMT, 9.13%, 12/01/15    2,880  2,918,304 
Suffolk County Industrial Development Agency New York,     
RB, KeySpan, Port Jefferson, AMT, 5.25%, 6/01/27  2,500  2,378,500 
      11,218,550 
County/City/Special District/School District — 32.6%     
Amherst Development Corp., RB, University at       
Buffalo Foundation Faculty-Student Housing Corp.,     
Series A (AGM):       
4.38%, 10/01/30    500  446,275 
4.63%, 10/01/40    275  231,748 
City of New York New York, GO:       
Series A-1, 4.75%, 8/15/25    500  511,340 
Series B, 5.75%, 12/01/11 (b)    2,000  2,080,880 
Sub-Series G-1, 6.25%, 12/15/31    250  277,787 
Sub-Series I-1, 5.38%, 4/01/36    450  457,501 
Hudson Yards Infrastructure Corp., RB, Series A:       
5.00%, 2/15/47    1,850  1,551,058 
(FGIC), 5.00%, 2/15/47    500  419,205 
(NPFGC), 4.50%, 2/15/47    250  189,188 
New York City Industrial Development Agency,PILOT, RB:     
CAB, Yankee Stadium, (AGC), 5.83%, 3/01/35 (c)  500  116,245 
CAB, Yankee Stadium, (AGC), 6.04%, 3/01/42 (c)  2,000  287,000 
Queens Baseball Stadium, (AGC), 6.38%, 1/01/39  100  103,381 
Queens Baseball Stadium, (AMBAC),       
5.00%, 1/01/39    1,000  798,310 
Queens Baseball Stadium, (AMBAC),       
5.00%, 1/01/46    1,300  1,014,650 
New York City Transitional Finance Authority, RB:       
Fiscal 2009, Series S-3, 5.25%, 1/15/39    1,300  1,309,087 
Series S-2 (NPFGC), 4.50%, 1/15/31    2,500  2,349,525 
Series S-2 (NPFGC), 4.25%, 1/15/34    250  219,765 
New York City Transitional Finance Authority, Refunding     
RB, Future Tax Secured, Series B, 5.00%, 11/01/27  5,000  5,201,150 
New York Convention Center Development Corp., RB,       
Hotel Unit Fee Secured (AMBAC):       
5.00%, 11/15/35    2,750  2,509,815 
5.00%, 11/15/44    250  220,513 
New York Liberty Development Corp., Refunding RB,       
Second Priority, Bank of America Tower at One Bryant     
Park Project:       
5.63%, 7/15/47    1,400  1,336,482 
6.38%, 7/15/49    500  497,465 
New York State Dormitory Authority, RB, State University     
Dormitory Facilities, Series A, 5.00%, 7/01/39    250  243,698 
      22,372,068 

 

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
Education — 25.7%       
Albany Industrial Development Agency, RB, New       
Covenant Charter School Project, Series A (d)(e):       
7.00%, 5/01/25  $ 345  $ 103,490 
7.00%, 5/01/35    220  65,993 
City of Troy New York, Refunding RB, Rensselaer       
Polytechnic, Series A, 5.13%, 9/01/40    250  231,930 
Dutchess County Industrial Development Agency       
New York, RB, Vassar College Project,       
5.35%, 8/01/11 (b)    1,000  1,030,920 
Dutchess County Industrial Development Agency       
New York, Refunding RB, Bard College Civic Facility,     
Series A-2, 4.50%, 8/01/36    755  620,097 
Geneva Industrial Development Agency New York,       
RB, Hobart & William Smith Project, Series A,       
5.38%, 2/01/33    3,250  3,190,362 
Herkimer County Industrial Development Agency       
New York, RB, College Foundation Inc. Student       
Housing Project, 6.25%, 8/01/34    385  370,347 
Nassau County Industrial Development Agency,       
Refunding RB, New York Institute of Technology Project,     
Series A, 4.75%, 3/01/26    350  331,632 
New York City Industrial Development Agency, RB,       
Lycee Francais de New York Project, Series A (ACA),     
5.38%, 6/01/23    1,500  1,517,280 
New York State Dormitory Authority, RB:       
Brooklyn Law School, Series B (Syncora),       
5.13%, 7/01/30    2,000  1,976,900 
Convent of the Sacred Heart (AGM),       
5.75%, 11/01/40    500  504,940 
The New School (AGM), 5.50%, 7/01/43    775  777,744 
New School University (NPFGC), 5.00%, 7/01/31  1,425  1,389,389 
Rochester Institute of Technology, Series A,       
6.00%, 7/01/33    625  660,606 
University of Rochester, Series A, 5.13%, 7/01/39  250  245,400 
Vassar College, 5.00%, 7/01/49    400  386,220 
New York State Dormitory Authority, Refunding RB:       
Brooklyn Law School, 5.75%, 7/01/33    250  258,338 
Skidmore College, Series A, 5.25%, 7/01/29    200  204,472 
Skidmore College, Series A, 5.25%, 7/01/31    300  304,524 
Teachers College, 5.50%, 3/01/39    650  656,702 
Suffolk County Industrial Development Agency,       
Refunding RB, New York Institute of Technology Project,     
5.00%, 3/01/26    410  397,376 
Trust for Cultural Resources, RB, Series A:       
Carnegie Hall, 4.75%, 12/01/39    925  842,656 
Juilliard School, 5.00%, 1/01/39    1,050  1,049,926 
Yonkers Industrial Development Agency New York,       
RB, Sarah Lawrence College Project, Series A,       
6.00%, 6/01/41    500  502,855 
      17,620,099 
Health — 19.8%       
Clarence Industrial Development Agency, RB, Bristol       
Village Project (Ginnie Mae), 6.00%, 1/20/44    1,660  1,677,065 
Dutchess County Local Development Corp.,       
Refunding RB, Health Quest System Inc., Series A,       
5.75%, 7/01/40    300  288,081 
Genesee County Industrial Development Agency       
New York, Refunding RB, United Memorial Medical       
Center Project, 5.00%, 12/01/27    250  196,520 
Monroe County Industrial Development Corp., RB, Unity     
Hospital of Rochester Project (FHA), 5.50%, 8/15/40  425  431,541 
New York City Industrial Development Agency, RB,       
Eger Harbor Project, Series A (Ginnie Mae):       
4.95%, 11/20/32    1,070  1,036,958 
5.88%, 5/20/44    975  996,879 

 

See Notes to Financial Statements.

30 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments (continued)
BlackRock New York Municipal Income Trust II (BFY)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
Health (concluded)       
New York State Dormitory Authority, MRB, St. Barnabas,     
Series A (FHA), 5.00%, 2/01/31  $ 1,500  $ 1,459,365 
New York State Dormitory Authority, RB:       
Healthcare, Series A, 5.00%, 3/15/38    500  490,535 
New York Hospital Medical Center-Queens (FHA),     
4.75%, 2/15/37    305  268,598 
New York State Association for Retarded       
Children, Inc., Series A, 6.00%, 7/01/32    350  362,026 
New York University Hospital Center, Series A,       
5.75%, 7/01/31    425  422,947 
New York University Hospital Center, Series B,       
5.63%, 7/01/37    530  509,908 
North Shore-Long Island Jewish Health System,       
Series A, 5.50%, 5/01/37    750  726,690 
New York State Dormitory Authority, Refunding RB:       
Kateri Residence, 5.00%, 7/01/22    2,000  2,045,300 
Mount Sinai Hospital, Series A, 5.00%, 7/01/26  575  571,009 
North Shore-Long Island Jewish Health System,       
Series E, 5.50%, 5/01/33    500  489,305 
Saratoga County Industrial Development Agency       
New York, RB, Saratoga Hospital Project, Series B,       
5.25%, 12/01/32    350  323,096 
Suffolk County Industrial Development Agency       
New York, Refunding RB, Jeffersons Ferry Project,       
5.00%, 11/01/28    450  400,892 
Westchester County Healthcare Corp. New York,       
Refunding RB, Senior Lien, Series B, 6.00%, 11/01/30  150  148,280 
Westchester County Industrial Development Agency       
New York, MRB, Kendal on Hudson Project, Series A,     
6.38%, 1/01/24    750  712,267 
      13,557,262 
Housing — 3.2%       
New York City Housing Development Corp., RB,       
Series J-2-A, AMT, 4.75%, 11/01/27    1,420  1,340,594 
New York State HFA, RB, Highland Avenue Senior       
Apartments, Series A, AMT (SONYMA), 5.00%, 2/15/39  1,000  856,810 
      2,197,404 
State — 5.9%       
New York State Dormitory Authority, ERB:       
Series B, 5.75%, 3/15/36    300  319,242 
Series C, 5.00%, 12/15/31    500  507,755 
New York State Dormitory Authority, LRB, Municipal       
Health Facilities, Sub-Series 2-4, 4.75%, 1/15/30  800  773,800 
New York State Urban Development Corp., RB, State       
Personal Income Tax, Series B, 5.00%, 3/15/35    2,000  1,980,620 
State of New York, GO, Series A, 5.00%, 2/15/39    500  499,990 
      4,081,407 
Tobacco — 8.1%       
New York Counties Tobacco Trust III, RB, Tobacco       
Settlement Pass-Thru, Turbo, 6.00%, 6/01/43    2,535  2,086,558 
TSASC Inc. New York, RB, Tobacco Settlement       
Asset-Backed, Series 1, 5.75%, 7/15/12 (b)    3,250  3,482,050 
      5,568,608 
Transportation — 18.3%       
Metropolitan Transportation Authority, RB:       
Series 2008C, 6.50%, 11/15/28    750  835,410 
Series B, 4.50%, 11/15/37    500  417,555 
Series D (AGM), 5.25%, 11/15/40    680  667,896 
Metropolitan Transportation Authority, Refunding RB,       
Series A:       
5.00%, 11/15/30    5,000  4,974,800 
(NPFGC), 5.25%, 11/15/31    1,250  1,242,087 

 

  Par   
Municipal Bonds  (000)  Value 
New York (concluded)     
Transportation (concluded)     
Port Authority of New York & New Jersey, RB:     
Consolidated, 116th Series, 4.13%, 9/15/32  $ 2,000  $ 1,787,000 
Consolidated, 161st Series, 4.50%, 10/15/37  500  455,180 
JFK International Air Terminal, 6.00%, 12/01/42  1,000  967,960 
Special Project, JFK International Air Terminal,     
Series 6 AMT (NPFGC), 6.25%, 12/01/13  1,000  1,050,130 
Triborough Bridge & Tunnel Authority, RB, General     
Purpose, Series A, 5.00%, 1/01/32  150  150,125 
    12,548,143 
Utilities — 14.0%     
Long Island Power Authority, RB:     
CAB (AGM), 5.23%, 6/01/28 (c)  3,515  1,509,025 
General, Series C (CIFG), 5.25%, 9/01/29  1,000  1,033,620 
Long Island Power Authority, Refunding RB, Series A,     
5.50%, 4/01/24  500  535,675 
New York City Municipal Water Finance Authority, RB:     
Second General Resolution, Series EE,     
5.38%, 6/15/43  400  405,596 
Series B, 5.00%, 6/15/36  600  592,320 
New York City Municipal Water Finance Authority,     
Refunding RB, Series A, 5.13%, 6/15/34  4,000  4,003,920 
New York State Environmental Facilities Corp.,     
Refunding RB, Revolving Funds, New York City     
Water Project, Series A, 5.00%, 6/15/37  1,500  1,503,525 
    9,583,681 
Total Municipal Bonds in New York    98,747,222 
Guam — 1.8%     
State — 0.7%     
Territory of Guam, GO, Series A, 7.00%, 11/15/39  485  505,127 
Tobacco — 0.5%     
Guam Economic Development & Commerce Authority,     
Refunding RB, Tobacco Settlement Asset-Backed,     
5.63%, 6/01/47  375  321,649 
Utilities — 0.6%     
Guam Government Waterworks Authority, Refunding RB,     
Water, 5.88%, 7/01/35  400  381,184 
Total Municipal Bonds in Guam    1,207,960 
Multi-State — 6.1%     
Housing — 6.1%     
Centerline Equity Issuer Trust (f)(g):     
5.75%, 5/15/15  500  525,320 
6.00%, 5/15/15  1,500  1,571,190 
6.00%, 5/15/19  1,000  1,042,110 
6.30%, 5/15/19  1,000  1,046,300 
Total Municipal Bonds in Multi-State    4,184,920 
Puerto Rico — 9.5%     
County/City/Special District/School District — 2.1%     
Puerto Rico Sales Tax Financing Corp., RB:     
CAB, Series A, 6.39%, 8/01/32 (c)  750  185,805 
First Sub-Series A, 6.50%, 8/01/44  1,000  1,039,330 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
CAB, Series A (NPFGC), 5.77%, 8/01/41 (c)  1,500  199,905 
    1,425,040 
Housing — 1.5%     
Puerto Rico Housing Finance Authority, Refunding     
RB, Subordinate, Capital Fund Modernization,     
5.13%, 12/01/27  1,000  1,002,780 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 31



Schedule of Investments (continued)
BlackRock New York Municipal Income Trust II (BFY)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico (concluded)     
State — 3.1%     
Commonwealth of Puerto Rico, GO, Refunding, Public     
Improvement, Series C, 6.00%, 7/01/39  $ 340  $ 330,058 
Puerto Rico Highway & Transportation Authority,     
Refunding RB, Series CC (AGM), 5.50%, 7/01/30  1,000  997,560 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
CAB, Series A (c):     
(AMBAC), 5.14%, 8/01/54  5,000  247,800 
(NPFGC), 5.99%, 8/01/43  5,000  570,650 
    2,146,068 
Tobacco — 0.6%     
Children’s Trust Fund, Refunding RB, Asset-Backed,     
5.63%, 5/15/43  500  434,015 
Transportation — 1.5%     
Puerto Rico Highway & Transportation Authority,     
Refunding RB, Series D, 5.38%, 7/01/12 (b)  1,000  1,063,420 
Utilities — 0.7%     
Puerto Rico Electric Power Authority, Refunding RB,     
Series VV (NPFGC), 5.25%, 7/01/29  500  475,110 
Total Municipal Bonds in Puerto Rico    6,546,433 
Total Municipal Bonds — 161.4%    110,686,535 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (h)     
New York — 0.3%     
Utilities — 0.3%     
New York City Municipal Water Finance Authority, RB,     
Fiscal 2009, Series A, 5.75%, 6/15/40  240  253,214 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 0.3%    253,214 
Total Long-Term Investments     
(Cost — $112,628,837) — 161.7%    110,939,749 
Short-Term Securities  Shares   
BIF New York Municipal Money Fund 0.00% (i)(j)  1,360,205  1,360,205 
Total Short-Term Securities     
(Cost — $1,360,205) — 2.0%    1,360,205 
Total Investments (Cost — $113,989,042*) — 163.7%    112,299,954 
Other Assets Less Liabilities — 1.3%    920,156 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (0.2)%    (160,033) 
Preferred Shares, at Redemption Value — (64.8)%    (44,477,504) 
Net Assets Applicable to Common Shares — 100.0%    $ 68,582,573 


* The cost and unrealized appreciation (depreciation) of investments as of

February 28, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 113,670,692 
Gross unrealized appreciation  $ 2,355,659 
Gross unrealized depreciation  (3,886,337) 
Net unrealized depreciation  $ (1,530,678) 


(a) Variable rate security. Rate shown is as of report date.

(b) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(c) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(d) Issuer filed for bankruptcy and/or is in default of interest payments.
(e) Non-income producing security.
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(g) 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 govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(h) Securities represent bonds transferred to a TOB in exchange for which the Trust
acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details
of municipal bonds transferred to TOBs.
(i) Investments in companies considered to be an affiliate of the Trust during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as follows:

  Shares Held    Shares Held   
  at August 31,  Net  at February 28,   
Affiliate  2010  Activity  2011  Income 
BIF New York         
Municipal         
Money Fund  935,140  425,065  1,360,205  $ 151 


(j) Represents the current yield as of report date.

Financial futures contracts sold as of February 28, 2011 were as follows:

      Notional           Unrealized 
Contracts               Issue     Exchange  Expiration  Value           Depreciation 
30        30 - Year U.S.  Chicago Board     
Treasury Bond  of Trade  June 2011       $3,547,193        $ (36,120) 

 

See Notes to Financial Statements.

32 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments (concluded)
BlackRock New York Municipal Income Trust II (BFY)

Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivatives. These inputs are summarized in three broad levels for
financial statement purposes as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments
and derivatives)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and derivatives 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 February 28, 2011 in deter-
mining the fair valuation of the Trust’s investments and derivatives:

Valuation Inputs    Level 1  Level 2  Level 3  Total 
Assets:           
Investments in Securities:         
Long-Term           
Investments1      $110,939,749    $110,939,749 
Short-Term           
Securities  $ 1,360,205      1,360,205 
Total  $ 1,360,205  $110,939,749    $112,299,954 
1 See above Schedule of Investments for values in each sector.   

 

Derivative Financial Instruments2

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Liabilities:         
Interest rate         
contracts  $ (36,120)       —   $(36,120) 
2 Derivative financial instruments are financial futures contracts, which are 
valued at the unrealized appreciation/depreciation on the instrument. 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 33



Schedule of Investments February 28, 2011 (Unaudited)
BlackRock Virginia Municipal Bond Trust (BHV)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Virginia — 119.7%       
Corporate — 12.3%       
Chesterfield County EDA, RB, Virginia Electric Power Co.     
Project, Series A, AMT, 5.60%, 11/01/31  $ 500  $ 464,705 
Isle Wight County IDA Virginia, RB, Series A, AMT,       
5.70%, 11/01/27    1,300  1,268,488 
Louisa IDA, Refunding RB, Virginia Electric & Power Co.     
Project, Series A, Mandatory Put Bonds,       
5.38%, 11/01/35 (a)    1,000  1,077,790 
      2,810,983 
County/City/Special District/School District — 20.2%     
Celebrate North Community Development Authority,       
Special Assessment Bonds, Celebrate Virginia North     
Project, Series B, 6.75%, 3/01/34    1,458  1,003,979 
City of Portsmouth Virginia, GO, Refunding, Series D,       
5.00%, 7/15/34    500  508,210 
County of Prince William Virginia, RB,       
5.00%, 6/01/12 (b)    500  528,360 
Dulles Town Center Community Development Authority,     
Special Assessment Bonds, Dulles Town Center       
Project, 6.25%, 3/01/26    910  871,607 
Fairfax County Redevelopment & Housing Authority, RB,     
Fairfax Redevelopment & Housing, 5.00%, 10/01/39  1,500  1,510,350 
White Oak Village Shops Community Development       
Authority, Special Assessment Bonds, Special       
Assessment, 5.30%, 3/01/17    205  204,998 
      4,627,504 
Education — 15.2%       
Montgomery County EDA, Refunding RB, Virginia Tech     
Foundation, Series A, 5.00%, 6/01/39    355  355,234 
Virginia College Building Authority, Refunding RB:       
Liberty University Projects, 5.00%, 3/01/41    1,000  969,770 
Washington & Lee University Project (NPFGC),       
5.25%, 1/01/26    500  558,205 
Washington & Lee University Project (NPFGC),       
5.25%, 1/01/31    1,000  1,085,190 
Virginia Small Business Financing Authority, RB,       
Roanoke College, 5.75%, 4/01/41 (c)    500  503,135 
      3,471,534 
Health — 20.7%       
Danville IDA Virginia, Refunding RB, Danville Regional     
Medical Center (AMBAC), 5.25%, 10/01/28 (d)    1,000  1,135,750 
Fairfax County EDA, Refunding RB, Goodwin House Inc.,     
5.00%, 10/01/27    1,000  922,240 
Henrico County EDA, Refunding RB, Bon Secours,       
Series A, 5.60%, 11/15/30    1,440  1,406,290 
Peninsula Ports Authority, Refunding RB, Virginia Baptist     
Homes, Series C, 5.40%, 12/01/33    250  158,367 
Roanoke Economic Development Authority, Refunding     
RB, Carilion Health System, Series B (AGM),       
5.00%, 7/01/38    500  466,825 
Winchester IDA Virginia, RB, Valley Health System       
Obligation, Series E, 5.63%, 1/01/44    650  638,950 
      4,728,422 
Housing — 13.0%       
Virginia HDA, RB:       
Rental Housing, Series B, 5.63%, 6/01/39    1,000  1,021,550 
Rental Housing, Series D, 4.60%, 9/01/40    500  449,505 
Sub-Series H-1 (NPFGC), 5.38%, 7/01/36    1,500  1,500,855 
      2,971,910 

 

    Par   
Municipal Bonds    (000)  Value 
Virginia (concluded)       
State — 8.5%       
Virginia College Building Authority, RB, Public       
Higher Education Financing Program, Series A,       
5.00%, 9/01/33  $ 1,000  $ 1,018,790 
Virginia Public School Authority, RB, School Financing:     
6.50%, 12/01/35    360  394,096 
1997 Resolution, Series B, 5.25%, 8/01/33    500  518,635 
      1,931,521 
Transportation — 10.7%       
City of Norfolk Virginia, Refunding RB, Series B (AMBAC),     
5.50%, 2/01/31    465  432,041 
Norfolk Airport Authority Virginia, RB, Series A (NPFGC),     
5.13%, 7/01/31    1,500  1,493,325 
Richmond Metropolitan Authority Virginia, Refunding RB     
(NPFGC), 5.25%, 7/15/22    500  528,615 
      2,453,981 
Utilities — 19.1%       
Fairfax County Water Authority, Refunding RB,       
5.00%, 4/01/27    1,205  1,219,628 
Virginia Resources Authority, RB:       
Infrastructure, 5.13%, 5/01/27    635  641,350 
Senior, Virginia Pooled Financing Program, Series B,     
5.00%, 11/01/33    2,000  2,045,920 
State Revolving Fund, 5.00%, 10/01/30    425  447,725 
      4,354,623 
Total Municipal Bonds in Virginia      27,350,478 
District of Columbia — 7.5%       
Transportation — 7.5%       
Metropolitan Washington Airports Authority, RB:       
First Senior Lien, Series A, 5.00%, 10/01/39    290  272,786 
First Senior Lien, Series A, 5.25%, 10/01/44    460  434,396 
Series B, 5.00%, 10/01/29    1,000  1,011,090 
Total Municipal Bonds in the District of Columbia      1,718,272 
Guam — 0.9%       
County/City/Special District/School District — 0.9%     
Territory of Guam, RB, Section 30, Series A,       
5.63%, 12/01/29    200  196,684 
Total Municipal Bonds in Guam      196,684 
Multi-State — 7.1%       
Housing — 7.1%       
Centerline Equity Issuer Trust, 7.20%, 11/15/52 (e)(f)  1,500  1,630,890 
Total Municipal Bonds in Multi-State      1,630,890 
Puerto Rico — 4.6%       
Tobacco — 4.6%       
Children’s Trust Fund, Refunding RB, Asset-Backed,       
5.38%, 5/15/33    1,170  1,060,839 
Total Municipal Bonds in Puerto Rico      1,060,839 

 

See Notes to Financial Statements.

34 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments (concluded)
BlackRock Virginia Municipal Bond Trust (BHV)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
U.S. Virgin Islands — 0.4%     
State — 0.4%     
Virgin Islands Public Finance Authority, RB, Senior Lien,     
Capital Projects, Series A-1, 5.00%, 10/01/39  $ 100  $ 82,407 
Total Municipal Bonds in the U.S. Virgin Islands    82,407 
Total Municipal Bonds — 140.2%    32,039,570 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (g)     
Virginia — 17.6%     
Education — 8.9%     
University of Virginia, Refunding RB, General,     
5.00%, 6/01/40  2,000  2,032,700 
Health — 8.7%     
Fairfax County IDA Virginia, Refunding RB, Health Care,     
Inova Health System, Series A, 5.50%, 5/15/35  999  1,008,411 
Virginia Small Business Financing Authority, Refunding     
RB, Sentara Healthcare, 5.00%, 11/01/40  1,000  965,760 
    1,974,171 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 17.6%    4,006,871 
Total Long-Term Investments     
(Cost — $35,951,966) — 157.8%    36,046,441 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund, 0.13% (h)(i)  233,190  233,190 
Total Short-Term Securities     
(Cost — $233,190) — 1.0%    233,190 
Total Investments (Cost — $36,185,156*) — 158.8%    36,279,631 
Other Assets Less Liabilities — 1.2%    268,788 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (8.9)%    (2,021,123) 
Preferred Shares, at Redemption Value — (51.1)%    (11,675,507) 
Net Assets — 100.0%    $ 22,851,789 


* The cost and unrealized appreciation (depreciation) of investments as of

February 28, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 34,080,691 
Gross unrealized appreciation  $ 1,002,886 
Gross unrealized depreciation  (823,562) 
Net unrealized appreciation  $ 179,324 


(a) Variable rate security. Rate shown is as of report date.

(b) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(c) When-issued security. Unsettled when-issued transactions were as follows:

    Unrealized 
Counterparty  Value  Appreciation 
Wells Fargo Bank  $503,135  $15,040 


(d) Security is collateralized by Municipal or US Treasury obligations.

(e) 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 govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(g) Securities represent bonds transferred to a TOB in exchange for which the Trust
acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details
of municipal bonds transferred to TOBs.
(h) Investments in companies considered to be an affiliate of the Trust during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as follows:

  Shares Held    Shares Held   
  at August 31,  Net  at February 28,   
Affiliate  2010  Activity  2011  Income 
FFI Institutional         
Tax-Exempt Fund  164,857  68,333  233,190  $ 375 


(i) Represents the current yield as of report date.

Financial futures contracts sold as of February 28, 2011 were as follows:

      Notional             Unrealized 
Contracts           Issue  Exchange  Expiration      Value            Depreciation 
8      10 - Year U.S.  Chicago Board     
Treasury Note  of Trade  June 2011  $ 948,110         $ (4,265) 


 

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivatives.
These inputs are summarized in three broad levels for financial statement purposes as follows:

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

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

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Trust’s own assumptions used in determining the fair
value of investments and derivatives) The inputs or methodologies used for valuing securities are
not necessarily an indication of the risk associated with investing in those securities.

For information about the Trust’s policy regarding valuation of investments and derivatives 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 February 28, 2011 in
determining the fair valuation of the Trust’s investments and derivatives:

Valuation Inputs    Level 1  Level 2  Level 3  Total 
Assets:           
Investments in Securities:         
Long-Term           
Investments1      $36,046,441    $36,046,441 
Short-Term           
Securities  $ 233,190      233,190 
Total  $ 233,190  $36,046,441    $36,279,631 
1 See above Schedule of Investments for values in each sector.   

 

Derivative Financial Instruments2

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Liabilities:         
Interest rate         
contracts  $ (4,265)        $ (4,265) 
2 Derivative financial instruments are financial futures contracts, which are 
valued at the unrealized appreciation/depreciation on the instrument. 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 35



Schedule of Investments February 28, 2011 (Unaudited)
The Massachusetts Health & Tax-Exempt Trust (MHE)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Massachusetts — 147.9%       
Corporate — 4.2%       
Massachusetts Development Finance Agency, RB, Ogden     
Haverhill Project, Series A, AMT, 6.70%, 12/01/14  $ 255  $ 256,015 
Massachusetts Health & Educational Facilities       
Authority, RB, Cape Cod Healthcare Obligor (AGC),       
5.00%, 11/15/31    1,000  930,380 
      1,186,395 
Education — 83.2%       
Massachusetts Development Finance Agency, RB:       
Boston University, Series T-1 (AMBAC),       
5.00%, 10/01/39    1,000  937,880 
College Issue, Series B (Syncora), 5.25%, 7/01/33  860  845,500 
College of Pharmacy & Allied Health, Series D       
(AGC), 5.00%, 7/01/27    500  507,760 
Foxborough Regional Charter School, Series A,       
7.00%, 7/01/42    250  252,183 
Smith College, 5.00%, 7/01/35    2,000  2,007,600 
WGBH Educational Foundation, Series A (AMBAC),     
5.75%, 1/01/42    1,100  1,054,031 
Massachusetts Development Finance Agency,       
Refunding RB:       
Boston University, Series P, 5.45%, 5/15/59    1,500  1,438,920 
Clark University (Syncora), 5.13%, 10/01/35    500  476,805 
Harvard University, Series B-1, 5.00%, 10/15/40  350  358,313 
Trustees of Deerfield Academy, 5.00%, 10/01/40  1,675  1,696,574 
Western New England, Series A (AGC),       
5.00%, 9/01/33    250  237,685 
Wheelock College, Series C, 5.25%, 10/01/37    1,000  872,250 
Williston Northampton School Project (Syncora),       
5.00%, 10/01/25    500  475,595 
Worcester Polytechnic Institute (NPFGC),       
5.00%, 9/01/27    1,985  1,967,393 
Massachusetts Health & Educational Facilities       
Authority, RB:       
Harvard University, 5.13%, 7/15/12 (a)    155  164,771 
Harvard University, 5.13%, 7/15/37    695  698,878 
Harvard University, Series B, 5.00%, 10/01/38    400  407,172 
Northeastern University, Series R, 5.00%, 10/01/33  225  214,169 
Springfield College, 5.63%, 10/15/40    500  486,270 
Tufts University, 5.38%, 8/15/38    1,000  1,027,490 
University of Massachusetts, Series C (NPFGC),       
5.13%, 10/01/34    230  224,604 
Massachusetts Health & Educational Facilities Authority,     
Refunding RB:       
Berklee College of Music, Series A,       
5.00%, 10/01/37    1,000  951,960 
Boston College, Series N, 5.13%, 6/01/37    1,000  967,000 
Harvard University, Series A, 5.50%, 11/15/36    100  106,248 
Tufts University, Series M, 5.50%, 2/15/27    1,000  1,141,300 
Wellesley College, 5.00%, 7/01/33    1,500  1,509,450 
Massachusetts Health & Educational Facilities Authority,     
Wheaton College, Series D, 6.00%, 1/01/18    855  855,000 
Massachusetts State College Building Authority, RB,       
Series A (AMBAC), 5.00%, 5/01/31    1,000  1,007,630 
Massachusetts State College Building Authority,       
Refunding RB, Series B (Syncora), 5.50%, 5/01/39  825  853,652 
      23,744,083 

 

    Par   
Municipal Bonds    (000)  Value 
Massachusetts (concluded)       
Health — 45.1%       
Massachusetts Development Finance Agency, RB:       
First Mortgage, Edgecombe Project, Series A,       
6.75%, 7/01/21  $ 855  $ 868,355 
First Mortgage, Overlook Communities, Series A,       
6.13%, 7/01/12 (a)    850  923,950 
Seven Hills Foundation & Affiliates (Radian),       
5.00%, 9/01/35    375  288,056 
Massachusetts Development Finance Agency, Refunding     
RB, Carleton-Willard Village, 5.63%, 12/01/30    500  476,195 
Massachusetts Health & Educational Facilities       
Authority, RB:       
Baystate Medical Center, Series F, 5.75%, 7/01/33  1,000  1,001,440 
Berkshire Health System, Series E,       
6.25%, 10/01/31    350  350,140 
Berkshire Health System, Series F (AGC),       
5.00%, 10/01/19    1,000  1,039,830 
Children’s Hospital, Series M, 5.25%, 12/01/39  600  589,458 
Children’s Hospital, Series M, 5.50%, 12/01/39  500  504,450 
Lahey Clinic Medical Center, Series D,       
5.25%, 8/15/37    1,000  933,700 
Milford-Whitinsville Hospital, Series D,       
6.35%, 7/15/12 (a)    750  815,152 
Southcoast Health Obligation, Series D,       
5.00%, 7/01/39    500  434,670 
Winchester Hospital, 5.25%, 7/01/38    1,000  881,500 
Massachusetts Health & Educational Facilities Authority,     
Refunding RB:       
Caregroup, Series E-1, 5.00%, 7/01/28    500  471,180 
Christopher House, Series A, 6.88%, 1/01/29    455  414,346 
Healthcare System, Covenant, 6.00%, 1/01/12 (a)  85  89,835 
Healthcare System, Covenant, 6.00%, 1/01/12 (a)  170  179,670 
Healthcare System, Covenant, 6.00%, 7/01/22    630  639,406 
Healthcare System, Covenant, 6.00%, 7/01/31    315  312,414 
Partners Healthcare System, Series B,       
5.25%, 7/01/29    1,000  998,760 
Massachusetts Industrial Finance Agency, RB, Age       
Institute of Massachusetts Project, 8.05%, 11/01/25  655  655,229 
      12,867,736 
Housing — 9.4%       
Massachusetts HFA, HRB, Series B, AMT, 5.50%, 6/01/41  495  456,078 
Massachusetts HFA, Refunding HRB, Series F, AMT,       
5.70%, 6/01/40    970  927,427 
Massachusetts HFA, Refunding RB, AMT:       
Series 132, 5.38%, 12/01/27    400  400,700 
Series C, 5.35%, 12/01/42    1,000  904,220 
      2,688,425 
State — 6.0%       
Massachusetts Bay Transportation Authority, Refunding     
RB, Senior Series A, 5.25%, 7/01/29    730  802,649 
Massachusetts Development Finance Agency, ERB,       
Middlesex School Project, 5.00%, 9/01/33    400  388,424 
Massachusetts State College Building Authority, RB,       
Series A, 5.50%, 5/01/39    500  512,860 
      1,703,933 
Total Municipal Bonds in Massachusetts      42,190,572 

 

See Notes to Financial Statements.

36 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Schedule of Investments (concluded)
The Massachusetts Health & Tax-Exempt Trust (MHE)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico — 12.0%     
County/City/Special District/School District — 3.4%     
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
First Sub-Series C:     
6.00%, 8/01/39  $ 510  $ 507,904 
(AGM), 5.13%, 8/01/42  500  471,370 
    979,274 
State — 3.5%     
Puerto Rico Sales Tax Financing Corp., RB, First     
Sub-Series A, 5.75%, 8/01/37  1,000  987,900 
Utilities — 5.1%     
Puerto Rico Electric Power Authority, RB, Series WW,     
5.50%, 7/01/38  1,000  908,270 
Puerto Rico Electric Power Authority, Refunding RB,     
Series VV (BHAC), 5.25%, 7/01/25  500  531,115 
    1,439,385 
Total Municipal Bonds in Puerto Rico    3,406,559 
Total Municipal Bonds — 159.9%    45,597,131 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (b)     
Massachusetts — 7.1%     
State — 7.1%     
Massachusetts School Building Authority, RB, Series A     
(AGM), 5.00%, 8/15/30  2,010  2,036,006 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 7.1%    2,036,006 
Total Long-Term Investments     
(Cost — $48,676,285) — 167.0%    47,633,137 
Short-Term Securities  Shares   
BIF Massachusetts Municipal Money Fund (c)(d)  269,344  269,344 
Total Short-Term Securities     
(Cost — $269,344) — 0.9%    269,344 
Total Investments (Cost — $48,945,629*) — 167.9%    47,902,481 
Other Assets Less Liabilities — 1.6%    461,935 
Liability for Trust Certificates, Including Interest     
Expense and Fees Payable — (4.7)%    (1,339,738) 
Preferred Shares, at Redemption Value — (64.8)%    (18,501,169) 
Net Assets Applicable to Common Shares — 100.0%    $ 28,523,509 


* The cost and unrealized appreciation (depreciation) of investments as of

February 28, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 47,588,798 
Gross unrealized appreciation  $ 579,871 
Gross unrealized depreciation  (1,605,783) 
Net unrealized depreciation  $ (1,025,912) 


(a) US government securities, held in escrow, are used to pay interest on this security as

well as to retire the bond in full at the date indicated, typically at a premium to par.
(b) 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.
(c) Investments in companies considered to be an affiliate of the Trust during the
period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as follows:

  Shares Held    Shares Held   
  at August 31,  Net  at February 28,   
Affiliate  2010  Activity  2011  Income 
BIF Massachusetts         
Municipal         
Money Fund  1,455,666  (1,186,322)  269,344   


(d) Represents the current yield as of report date.

Financial futures contracts sold as of February 28, 2011 were as follows:

      Notional Unrealized 
Contracts           Issue  Exchange  Expiration  Value Depreciation 
12      10-Year U.S.  Chicago Board     
Treasury Note  of Trade  June 2011  $1,422,165 $ (6,398) 


Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivatives. These inputs are summarized in three broad levels for
financial statement purposes as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments
and derivatives)

The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and derivatives 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 February 28, 2011 in deter-
mining the fair valuation of the Trust’s investments and derivatives:

Valuation Inputs    Level 1  Level 2  Level 3  Total 
Assets:           
Investments in Securities:         
Long-Term           
Investments1      $47,633,137    $47,633,137 
Short-Term           
Securities  $ 269,344      269,344 
Total  $ 269,344  $47,633,137    $47,902,481 
1 See above Schedule of Investments for values in each sector.   

 

Derivative Financial Instruments2

Valuation Inputs  Level 1  Level 2  Level 3    Total 
Liabilities:           
Interest rate           
contracts  $ (6,398)           $ (6,398) 
2 Derivative financial instruments are financial futures contracts, which are 
valued at the unrealized appreciation/depreciation on the instrument. 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 37



Statements of Assets and Liabilities

  BlackRock  BlackRock 
  Maryland  MuniHoldings 
  Municipal  New York 
  Bond Trust  Quality Fund, Inc. 
February 28, 2011 (Unaudited)  (BZM)  (MHN) 
Assets     
Investments at value — unaffiliated1  $ 44,760,847  $ 714,786,139 
Investments at value — affiliated2  1,294,031  5,616,588 
Cash pledged as collateral for financial futures contracts  20,000  585,000 
Cash     
Interest receivable  577,727  8,857,794 
Income receivable — affiliated  26  195 
Investments sold receivable    318,958 
Prepaid expenses  2,284  19,195 
Other assets  7,249  122,835 
Total assets  46,662,164  730,306,704 
Accrued Liabilities     
Income dividends payable — Common Shares  162,939  2,456,470 
Investment advisory fees payable  19,362  259,603 
Bank overdraft  12,000  278 
Officer's and Trustees' fees payable  8,938  77,484 
Margin variation payable  1,094  33,000 
Interest expense and fees payable  773  58,930 
Other affiliates payable  237  3,753 
Investments purchased payable    1,968,462 
Other accrued expenses payable  29,366   
Total accrued liabilities  234,709  4,857,980 
Other Liabilities     
Trust certificates3  1,500,000  71,712,600 
Total Liabilities  1,734,709  76,570,580 
Preferred Shares at Redemption Value     
Preferred Shares at liquidation preference, plus unpaid dividends4,5,6  16,000,694  243,637,023 
Net Assets Applicable to Common Shareholders  $ 28,926,761  $ 410,099,101 
Net Assets Applicable to Common Shareholders Consist of     
Paid-in capital7,8,9  $ 29,222,579  $ 458,296,092 
Undistributed net investment income  608,429  9,888,410 
Undistributed (accumulated) net realized gain (loss)  (80,821)  (31,515,714) 
Net unrealized appreciation/depreciation  (823,426)  (26,569,687) 
Net Assets Applicable to Common Shareholders  $ 28,926,761  $ 410,099,101 
Net asset value per Common Share  $ 14.02  $ 13.27 
1 Investments at cost — unaffiliated  $ 45,578,941  $ 741,143,898 
2 Investments at cost — affiliated  $ 1,294,031  $ 5,616,588 
3 Represents short-term floating rate certificates issued by TOBs.     
4 Preferred Shares outstanding:     
Par value $0.001 per share  640   
  Par value $0.01 per share     
  Par value $0.10 per share    9,745 
5 Preferred Shares at liquidation preference  $ 25,000  $ 25,000 
6 Preferred Shares authorized  unlimited  12,520 
7 Par value per Common Share  $ 0.001  $ 0.10 
8 Common Shares outstanding  2,062,522  30,898,990 
9 Common Shares authorized  unlimited  200 million 

 

See Notes to Financial Statements.

38 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



BlackRock  BlackRock  BlackRock  BlackRock  BlackRock  The 
New Jersey  New York  New York  New York  Virginia  Massachusetts 
Municipal  Municipal Income  Municipal  Municipal  Municipal  Health & Education 
Bond Trust  Quality Trust  Bond Trust  Income Trust II  Bond Trust  Tax-Exempt Trust 
(BLJ)  (BSE)  (BQH)  (BFY)  (BHV)  (MHE) 
$ 49,996,888  $ 136,049,903  $ 61,088,466  $ 110,939,749  $ 36,046,441  $ 47,633,137 
553,213  328,224  238,561  1,360,205  233,190  269,344 
30,000  125,000  60,000  100,000  20,000  60,000 
          6,011 
659,893  1,576,607  788,956  1,312,669  577,710  615,955 
24  17  24  27  15   
  2,535,867      349,792   
2,588  20,422  3,136  18,919  1,802  4,226 
21,897  4,930  6,888  7,589  4,402   
51,264,503  140,640,970  62,186,031  113,739,158  37,233,352  48,588,673 
180,903  463,705  227,849  414,221  130,529  164,530 
21,113  56,993  25,788  42,625  15,219  18,248 
12,000    15,000    9,000   
8,313  6,694  8,640  9,507  5,807  85 
1,313  6,937  3,188  5,625  875  1,313 
655  9,800  157  93  1,507  143 
264  681  323  580  195  248 
  2,460,578      488,095   
50,529  41,811  42,219  46,490  35,213  39,833 
275,090  3,047,199  323,164  519,141  686,440  224,400 
719,783  10,408,503  269,898  159,940  2,019,616  1,339,595 
994,873  13,455,702  593,062  679,081  2,706,056  1,563,995 
18,776,534  40,576,761  22,126,549  44,477,504  11,675,507  18,501,169 
$ 31,493,096  $ 86,608,507  $ 39,466,420  $ 68,582,573  $ 22,851,789  $ 28,523,509 
$ 32,878,793  $ 91,999,453  $ 39,462,026  $ 70,348,684  $ 22,375,669  $ 29,766,594 
641,067  1,644,486  815,760  1,471,874  493,548  593,643 
61,260  (3,731,526)  (36,338)  (1,512,777)  (107,638)  (787,182) 
(2,088,024)  (3,303,906)  (775,028)  (1,725,208)  90,210  (1,049,546) 
$ 31,493,096  $ 86,608,507  $ 39,466,420  $ 68,582,573  $ 22,851,789  $ 28,523,509 
$ 13.58  $ 13.35  $ 14.20  $ 13.83  $ 14.53  $ 12.14 
$ 52,078,514  $ 139,309,270  $ 61,843,025  $ 112,628,837  $ 35,951,966  $ 48,676,285 
$ 553,213  $ 328,224  $ 238,561  $ 1,360,205  $ 233,190  $ 269,344 
751  1,623  885  1,779  467   
          370 
           
$ 25,000  $ 25,000  $ 25,000  $ 25,000  $ 25,000  $ 50,000 
unlimited  unlimited  unlimited  unlimited  unlimited  unlimited 
$ 0.001  $ 0.001  $ 0.001  $ 0.001  $ 0.001  $ 0.01 
2,319,264  6,485,389  2,778,649  4,960,734  1,572,634  2,350,429 
unlimited  unlimited  unlimited  unlimited  unlimited  unlimited 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 39



Statements of Operations

  BlackRock  BlackRock 
  Maryland  MuniHoldings 
  Municipal  New York 
  Bond Trust  Quality Fund, Inc. 
Six Months Ended February 28, 2011 (Unaudited)  (BZM)  (MHN) 
Investment Income     
Interest  $ 1,225,249  $ 17,923,591 
Income — affiliated  1,780  3,274 
Total income  1,227,029  17,926,865 
Expenses     
Investment advisory  152,955  2,039,869 
Professional  26,290  143,898 
Transfer agent  7,290  23,884 
Commissions for Preferred Shares  5,369  162,174 
Accounting services  4,191  46,895 
Printing  3,879  40,654 
Custodian  2,680  16,085 
Officer and Trustees  1,730  24,086 
Registration  358  4,840 
Miscellaneous  19,470  51,506 
Total expenses excluding interest expense and fees  224,212  2,553,891 
Interest expense and fees1  5,866  280,485 
Total expenses  230,078  2,834,376 
Less fees waived by advisor  (23,967)  (238,741) 
Total expenses after fees waived  206,111  2,595,635 
Net investment income  1,020,918  15,331,230 
Realized and Unrealized Gain (Loss)     
Net realized gain (loss) from investments  (56,853)  (444,290) 
Net change in unrealized appreciation/depreciation on:     
Investments  (2,393,568)  (55,350,815) 
Financial futures contracts  (5,332)  (211,928) 
  (2,398,900)  (55,562,743) 
Total realized and unrealized loss  (2,455,753)  (56,007,033) 
Dividends and Distributions to Preferred Shareholders From     
Net investment income  (32,391)  (507,310) 
Net realized gain  (1,631)  (3,952) 
Total dividends and distributions to Preferred Shareholders  (34,022)  (511,262) 
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations  $ (1,468,857)  $ (41,187,065) 
1 Related to TOBs.     

 

See Notes to Financial Statements.

40 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



BlackRock  BlackRock  BlackRock  BlackRock  BlackRock  The 
New Jersey  New York  New York  New York  Virginia  Massachusetts 
Municipal  Municipal Income  Municipal  Municipal  Municipal  Health & Education 
Bond Trust  Quality Trust  Bond Trust  Income Trust II  Bond Trust  Tax-Exempt Trust 
(BLJ)  (BSE)  (BQH)  (BFY)  (BHV)  (MHE) 
$ 1,377,969  $ 3,480,357  $ 1,720,934  $ 3,000,308  $ 996,552  $ 1,259,049 
372  287  294  447  544   
1,378,341  3,480,644  1,721,228  3,000,755  997,096  1,259,049 
169,272  385,243  205,698  316,580  124,309  122,541 
26,280  44,586  30,034  37,038  23,126  22,425 
8,864  9,034  8,646  8,252  8,596  13,054 
11,824  24,338  13,032  31,689  6,230  14,017 
6,361  12,622  6,039  8,193  1,912  5,273 
5,102  11,456  6,090  9,517  3,630  4,079 
3,482  5,037  3,494  4,829  3,131  1,726 
2,177  4,850  2,413  4,110  1,433  1,617 
487  4,394  4,439  1,024  321  501 
18,292  20,021  19,516  22,544  15,627  14,366 
252,141  521,581  299,401  443,776  188,315  199,599 
2,983  40,625  1,855  660  12,230  4,269 
255,124  562,206  301,256  444,436  200,545  203,868 
(27,476)  (13,621)  (32,637)  (31,821)  (19,242)  (451) 
227,648  548,585  268,619  412,615  181,303  203,417 
1,150,693  2,932,059  1,452,609  2,588,140  815,793  1,055,632 
114,417  (325,989)  102,465  (76,874)  (105,019)  (76,244) 
(3,871,079)  (9,737,679)  (4,115,433)  (7,337,184)  (2,112,818)  (3,202,484) 
(6,398)  (44,539)  (20,469)  (36,120)  (4,265)  (6,398) 
(3,877,477)  (9,782,218)  (4,135,902)  (7,373,304)  (2,117,083)  (3,208,882) 
(3,763,060)  (10,108,207)  (4,033,437)  (7,450,178)  (2,222,102)  (3,285,126) 
(37,760)  (84,574)  (45,808)  (93,005)  (22,332)  (38,578) 
(2,809)    (407)    (3,288)   
(40,569)  (84,574)  (46,215)  (93,005)  (25,620)  (38,578) 
$ (2,652,936)  $ (7,260,722)  $ (2,627,043)  $ (4,955,043)  $ (1,431,929)  $ (2,268,072) 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 41



Statements of Changes in Net Assets

  BlackRock Maryland Municipal  BlackRock MuniHoldings New York 
  Bond Trust (BZM)  Quality Fund, Inc. (MHN) 
  Six Months    Six Months   
  Ended  Year  Ended  Year 
  February 28,  Ended  February 28,  Ended 
  2011  August 31,  2011  August 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2010  (Unaudited)  2010 
Operations         
Net investment income  $ 1,020,918  $ 2,088,657  $ 15,331,230  $ 31,943,889 
Net realized gain (loss)  (56,853)  449,866  (444,290)  (441,393) 
Net change in unrealized appreciation/depreciation  (2,398,900)  2,210,199  (55,562,743)  38,026,973 
Dividends and distributions to Preferred Shareholders from:         
Net investment income  (32,391)  (64,833)  (507,310)  (994,537) 
Net realized gain  (1,631)    (3,952)   
Net increase (decrease) in net assets applicable to Common Shareholders         
resulting from operations  (1,468,857)  4,683,889  (41,187,065)  68,534,932 
Dividends and Distributions to Common Shareholders From         
Net investment income  (977,265)  (1,757,802)  (14,720,709)  (26,885,338) 
Net realized gain  (45,287)    (108,687)   
Decrease in net assets resulting from dividends and distributions to Common Shareholders  (1,022,552)  (1,757,802)  (14,829,396)  (26,885,338) 
Capital Share Transactions         
Reinvestment of dividends and distributions  68,967  113,254  1,262,324  220,939 
Net Assets Applicable to Common Shareholders         
Total increase (decrease) in net assets applicable to Common Shareholders  (2,422,442)  3,039,341  (54,754,137)  41,870,533 
Beginning of period  31,349,203  28,309,862  464,853,238  422,982,705 
End of period  $ 28,926,761  $ 31,349,203  $410,099,101  $464,853,238 
Undistributed net investment income  $ 608,429  $ 597,167  $ 9,888,410  $ 9,785,199 

 

See Notes to Financial Statements.

42 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



BlackRock New Jersey  BlackRock New York Municipal  BlackRock New York  BlackRock New York 
Municipal Bond Trust (BLJ)  Income Quality Trust (BSE)  Municipal Bond Trust (BQH)  Municipal Income Trust II (BFY) 
Six Months    Six Months    Six Months    Six Months   
Ended  Year  Ended  Year  Ended  Year  Ended  Year 
February 28,  Ended  February 28,  Ended  February 28,  Ended  February 28,  Ended 
2011  August 31,  2011  August 31,  2011  August 31,  2011  August 31, 
(Unaudited)  2010  (Unaudited)  2010  (Unaudited)  2010  (Unaudited)  2010 
$ 1,150,693  $ 2,423,696  $ 2,932,059  $ 5,921,344  $ 1,452,609  $ 2,952,260  $ 2,588,140  $ 5,224,782 
114,417  406,930  (325,989)  (28,147)  102,465  56,605  (76,874)  (282,141) 
(3,877,477)  3,328,634  (9,782,218)  7,960,451  (4,135,902)  2,995,199  (7,373,304)  6,454,641 
(37,760)  (77,531)  (84,574)  (164,411)  (45,808)  (80,292)  (93,005)  (182,533) 
(2,809)        (407)  (19,829)     
(2,652,936)  6,081,729  (7,260,722)  13,689,237  (2,627,043)  5,903,943  (4,955,043)  11,214,749 
(1,085,144)  (2,153,928)  (2,782,232)  (5,287,088)  (1,367,685)  (2,634,618)  (2,483,076)  (4,778,921) 
(80,453)        (13,755)  (257,521)     
(1,165,597)  (2,153,928)  (2,782,232)  (5,287,088)  (1,381,440)  (2,892,139)  (2,483,076)  (4,778,921) 
34,562  109,800  34,961  72,998  65,826  193,068  148,656  120,935 
(3,783,971)  4,037,601  (10,007,993)  8,475,147  (3,942,657)  3,204,872  (7,289,463)  6,556,763 
35,277,067  31,239,466  96,616,500  88,141,353  43,409,077  40,204,205  75,872,036  69,315,273 
$ 31,493,096  $ 35,277,067  $ 86,608,507  $ 96,616,500  $ 39,466,420  $ 43,409,077  $ 68,582,573  $ 75,872,036 
$ 641,067  $ 613,278  $ 1,644,486  $ 1,579,233  $ 815,760  $ 776,644  $ 1,471,874  $ 1,459,815 

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 43



Statements of Changes in Net Assets (concluded)

  BlackRock Virginia  The Massachusetts Health & 
  Municipal Bond Trust (BHV)  Education Tax-Exempt Trust (MHE) 
  Six Months    Six Months   
  Ended  Year  Ended  Year 
  February 28,  Ended  February 28,  Ended 
  2011  August 31,  2011  August 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2010  (Unaudited)  2010 
Operations         
Net investment income  $ 815,793  $ 1,623,893  $ 1,055,632  $ 2,081,185 
Net realized gain (loss)  (105,019)  281,039  (76,244)  186,532 
Net change in unrealized appreciation/depreciation  (2,117,083)  1,580,295  (3,208,882)  2,879,578 
Dividends and distributions to Preferred Shareholders from:         
Net investment income  (22,332)  (38,099)  (38,578)  (79,429) 
Net realized gain  (3,288)  (15,111)     
Net increase (decrease) in net assets applicable to Common Shareholders         
resulting from operations  (1,431,929)  3,432,017  (2,268,072)  5,067,866 
Dividends and Distributions to Common Shareholders From         
Net investment income  (782,445)  (1,511,124)  (986,666)  (1,947,321) 
Net realized gain  (133,542)  (415,819)     
Decrease in net assets resulting from dividends and distributions to Common Shareholders  (915,987)  (1,926,943)  (986,666)  (1,947,321) 
Capital Share Transactions         
Reinvestment of dividends and distributions  58,906  152,628  39,361  43,301 
Net Assets Applicable to Common Shareholders         
Total increase (decrease) in net assets applicable to Common Shareholders  (2,289,010)  1,657,702  (3,215,377)  3,163,846 
Beginning of period  25,140,799  23,483,097  31,738,886  28,575,040 
End of period  $ 22,851,789  $ 25,140,799  $ 28,523,509  $ 31,738,886 
Undistributed net investment income  $ 493,548  $ 482,532  $ 593,643  $ 563,255 

 

See Notes to Financial Statements.

44 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Financial Highlights BlackRock Maryland Municipal Bond Trust (BZM)

Six Months
Ended
February 28,
  2011    Year Ended August 31,     
  (Unaudited)  2010  2009  2008    2007  2006 
Per Share Operating Performance               
Net asset value, beginning of period  $ 15.23  $ 13.81  $ 14.45  $ 14.91  $ 15.98  $ 16.11 
Net investment income  0.501  1.021  0.961  1.071    1.08  1.07 
Net realized and unrealized gain (loss)  (1.20)  1.29  (0.68)  (0.36)    (0.99)  (0.08) 
Dividends and distributions to Preferred Shareholders from:               
Net investment income  (0.02)  (0.03)  (0.13)  (0.28)    (0.31)  (0.26) 
Net realized gain  (0.00)2    (0.00)2  (0.01)    (0.00)2   
Net increase (decrease) from investment operations  (0.72)  2.28  0.15  0.42    (0.22)  0.73 
Dividends and distributions to Common Shareholders from:               
Net investment income  (0.47)  (0.86)  (0.79)  (0.87)    (0.85)  (0.86) 
Net realized gain  (0.02)    (0.00)2  (0.01)    (0.00)2   
Total dividends and distributions to Common Shareholders  (0.49)  (0.86)  (0.79)  (0.88)    (0.85)  (0.86) 
Net asset value, end of period  $ 14.02  $ 15.23  $ 13.81  $ 14.45  $ 14.91  $ 15.98 
Market price, end of period  $ 14.81  $ 15.91  $ 15.35  $ 15.75  $ 17.43  $ 17.45 
Total Investment Return3               
Based on net asset value  (4.83)%4  16.80%  1.52%  2.60%    (1.85)%  4.57% 
Based on market price  (3.76)%4  9.77%  3.53%  (4.33)%    5.08%  15.26% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5  1.55%6  1.56%  1.83%  1.70%    1.54%  1.64% 
Total expenses after fees waived and before fees paid indirectly5  1.39%6  1.35%  1.50%  1.32%    1.10%  1.17% 
Total expenses after fees waived and paid indirectly5  1.39%6  1.35%  1.50%  1.32%    1.07%  1.11% 
Total expenses after fees waived and paid indirectly               
and excluding interest expense and fees5,7  1.35%6  1.31%  1.39%  1.28%    1.07%  1.11% 
Net investment income5  6.87%6  6.95%  7.62%  7.19%    6.87%  6.76% 
Dividends paid to Preferred Shareholders  0.22%6  0.21%  1.04%  1.89%    1.94%  1.66% 
Net investment income to Common Shareholders  6.656  6.74%  6.58%  5.30%    4.93%  5.10% 
Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 28,927  $ 31,349  $ 28,310  $ 29,488  $ 30,302  $ 32,354 
Preferred Shares outstanding at $25,000 liquidation preference,               
end of period (000)  $ 16,000  $ 16,000  $ 16,000  $ 16,000  $ 18,000  $ 18,000 
Portfolio turnover  6%  13%  9%  15%    7%   
Asset coverage per Preferred Share at $25,000 liquidation preference,               
end of period  $ 70,199  $ 73,985  $ 69,235  $ 71,083  $ 67,089  $ 69,950 

1 Based on average Common Shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 45



Financial Highlights BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

Six Months
Ended
February 28,
  2011    Year Ended August 31,     
  (Unaudited)  2010  2009  2008    2007  2006 
Per Share Operating Performance               
Net asset value, beginning of period  $ 15.09  $ 13.74  $ 13.92  $ 14.40  $ 14.96  $ 15.54 
Net investment income1  0.50  1.04  0.94  0.98    1.00  1.03 
Net realized and unrealized gain (loss)  (1.82)  1.21  (0.30)  (0.48)    (0.52)  (0.48) 
Dividends and distributions to Preferred Shareholders from:               
Net investment income  (0.02)  (0.03)  (0.14)  (0.32)    (0.34)  (0.29) 
Net realized gain  (0.00)2             
Net increase (decrease) from investment operations  (1.34)  2.22  0.50  0.18    0.14  0.26 
Dividends and distributions to Common Shareholders from:               
Net investment income  (0.48)  (0.87)  (0.68)  (0.66)    (0.70)  (0.84) 
Net realized gain  (0.00)2             
Total dividends and distributions  (0.48)  (0.87)  (0.68)  (0.66)    (0.70)  (0.84) 
Net asset value, end of period  $ 13.27  $ 15.09  $ 13.74  $ 13.92  $ 14.40  $ 14.96 
Market price, end of period  $ 13.11  $ 15.17  $ 12.89  $ 12.12  $ 13.53  $ 14.62 
Total Investment Return3               
Based on net asset value  (8.98)%4  16.87%  5.19%  1.74%    1.12%  1.98% 
Based on market price  (10.55)%4  25.24%  13.34%  (5.72)%    (2.78)%  1.36% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5  1.32%6  1.29%  1.55%  1.65%    1.79%  1.73% 
Total expenses after fees waived5  1.21%6  1.14%  1.35%  1.52%    1.71%  1.65% 
Total expenses after fees waived and excluding interest               
expense and fees5,7  1.08%6  1.02%  1.05%  1.15%    1.15%  1.15% 
Net investment income5  7.16%6  7.24%  7.45%  6.90%    6.65%  6.94% 
Dividends to Preferred Shareholders  0.24%6  0.23%  1.09%  2.24%    2.29%  1.93% 
Net investment income to Common Shareholders  6.92%6  7.01%  6.36%  4.66%    4.36%  5.01% 
Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 410,099  $ 464,853  $ 422,983  $ 428,547  $ 443,296  $ 460,638 
Preferred Shares outstanding at $25,000 liquidation preference,               
end of period (000)  $ 243,625  $ 243,625  $ 243,625  $ 252,875  $ 313,000  $ 313,000 
Portfolio turnover  10%  10%  18%  21%    24%  47% 
Asset coverage per Preferred Share at $25,000 liquidation preference,               
end of period  $ 67,084  $ 72,703  $ 68,407  $ 67,379  $ 60,422  $ 61,799 

1 Based on average Common Shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

46 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Financial Highlights BlackRock New Jersey Municipal Bond Trust (BLJ)

Six Months
Ended
February 28,
  2011    Year Ended August 31,     
  (Unaudited)  2010  2009  2008    2007  2006 
Per Share Operating Performance               
Net asset value, beginning of period  $ 15.23  $ 13.53  $ 14.16  $ 15.38  $ 16.33  $ 16.26 
Net investment income  0.501  1.051  1.051  1.141    1.15  1.16 
Net realized and unrealized gain (loss)  (1.63)  1.61  (0.68)  (1.11)    (0.87)  0.18 
Dividends and distributions to Preferred Shareholders from:               
Net investment income  (0.02)  (0.03)  (0.14)  (0.29)    (0.29)  (0.24) 
Net realized gain  (0.00)2      (0.00)2      (0.02) 
Net increase (decrease) from investment operations  (1.15)  2.63  0.23  (0.26)    (0.01)  1.08 
Dividends and distributions to Common Shareholders:               
Net investment income  (0.47)  (0.93)  (0.86)  (0.95)    (0.94)  (0.95) 
Net realized gain  (0.03)      (0.01)      (0.06) 
Total dividends and distributions  (0.50)  (0.93)  (0.86)  (0.96)    (0.94)  (1.01) 
Net asset value, end of period  $ 13.58  $ 15.23  $ 13.53  $ 14.16  $ 15.38  $ 16.33 
Market price, end of period  $ 13.00  $ 15.63  $ 13.59  $ 14.76  $ 16.90  $ 18.30 
Total Investment Return3               
Based on net asset value  (7.59)%4  20.04%  2.50%  (2.12)%    (0.61)%  6.77% 
Based on market price  (13.80)%4  22.65%  (1.23)%  (7.15)%    (2.54)%  21.74% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5  1.56%6  1.54%  1.72%  1.67%    1.47%  1.59% 
Total expenses after fees waived and before fees paid indirectly5  1.39%6  1.32%  1.36%  1.28%    1.03%  1.11% 
Total expenses after fees waived and paid indirectly5  1.39%6  1.32%  1.36%  1.28%    1.00%  1.06% 
Total expenses after fees waived and paid indirectly               
and excluding interest expense and fees5,7  1.37%6  1.31%  1.34%  1.26%    1.00%  1.06% 
Net investment income5  7.03%6  7.32%  8.55%  7.64%    7.11%  7.24% 
Dividends paid to Preferred Shareholders  0.23%6  0.24%  1.14%  1.97%    1.79%  1.50% 
Net investment income to Common Shareholders  6.80%6  7.08%  7.41%  5.67%    5.32%  5.74% 
Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 31,493  $ 35,277  $ 31,239  $ 32,584  $ 35,246  $ 37,263 
Preferred Shares outstanding at $25,000 liquidation preference,               
end of period (000)  $ 18,775  $ 18,775  $ 18,775  $ 19,200  $ 20,225  $ 20,225 
Portfolio turnover  9%  18%  28%  17%    35%   
Asset coverage per Preferred Share at $25,000 liquidation preference,               
end of period  $ 66,937  $ 71,974  $ 66,600  $ 67,439  $ 68,578  $ 71,067 

1 Based on average Common Shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 47



Financial Highlights BlackRock New York Municipal Income Quality Trust (BSE)

Six Months
Ended
February 28,
  2011    Year Ended August 31,     
  (Unaudited)  2010  2009  2008    2007  2006 
Per Share Operating Performance               
Net asset value, beginning of period  $ 14.90  $ 13.61  $ 13.95  $ 14.58  $ 15.34  $ 15.30 
Net investment income  0.451  0.911  0.881  0.961    0.99  1.00 
Net realized and unrealized gain (loss)  (1.56)  1.23  (0.39)  (0.60)    (0.72)  (0.01) 
Dividends and distributions to Preferred Shareholders from:               
Net investment income  (0.01)  (0.03)  (0.11)  (0.25)    (0.26)   
Net realized gain        (0.01)    (0.02)  (0.24) 
Net increase (decrease) from investment operations  (1.12)  2.11  0.38  0.10    (0.01)  0.75 
Dividends and distributions to Common Shareholders from:               
Net investment income  (0.43)  (0.82)  (0.72)  (0.70)    (0.70)  (0.71) 
Net realized gain        (0.03)    (0.05)   
Total dividends and distributions  (0.43)  (0.82)  (0.72)  (0.73)    (0.75)  (0.71) 
Net asset value, end of period  $ 13.35  $ 14.90  $ 13.61  $ 13.95  $ 14.58  $ 15.34 
Market price, end of period  $ 12.64  $ 14.91  $ 13.15  $ 13.26  $ 14.12  $ 14.70 
Total Investment Return2               
Based on net asset value  (7.51)%3  16.04%  3.98%  0.80%    (0.06)%  5.46% 
Based on market price  (12.49)%3  20.18%  5.70%  (1.07)%    1.01%  0.73% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4  1.26%5  1.21%  1.53%  1.34%    1.21%  1.25% 
Total expenses after fees waived and before fees paid indirectly4  1.23%5  1.12%  1.33%  1.09%    0.90%  0.92% 
Total expenses after fees waived and paid indirectly4  1.23%5  1.12%  1.33%  1.09%    0.89%  0.90% 
Total expenses after fees waived and paid indirectly               
and excluding interest expense and fees4,6  1.13%5  1.03%  1.05%  0.99%    0.89%  0.90% 
Net investment income4  6.65%5  6.45%  7.16%  6.59%    6.53%  6.63% 
Dividends paid to Preferred Shareholders  0.19%5  0.18%  0.88%  1.74%    1.69%  1.58% 
Net investment income to Common Shareholders  6.36%5  6.27%  6.28%  4.85%    4.84%  5.05% 
Supplemental Data               
Net assets applicable to Common Shareholders, end of year (000)  $ 86,609  $ 96,617  $ 88,141  $ 90,331  $ 94,314  $ 99,255 
Preferred Shares outstanding at $25,000 liquidation preference,               
end of period (000)  $ 40,575  $ 40,575  $ 40,575  $ 41,675  $ 56,000  $ 56,000 
Portfolio turnover  10%  8%  23%  24%    30%  9% 
Asset coverage per Preferred Share at $25,000 liquidation preference,               
end of period  $ 78,364  $ 84,531  $ 79,309  $ 79,196  $ 67,107  $ 69,324 

1 Based on average Common Shares outstanding.
2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized.
6 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

48 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Financial Highlights BlackRock New York Municipal Bond Trust (BQH)

Six Months
Ended
February 28,
  2011    Year Ended August 31,     
  (Unaudited)  2010  2009  2008    2007  2006 
Per Share Operating Performance               
Net asset value, beginning of period  $ 15.65  $ 14.56  $ 14.71  $ 15.39  $ 16.02  $ 16.09 
Net investment income  0.521  1.071  1.081  1.141    1.14  1.13 
Net realized and unrealized gain (loss)  (1.45)  1.09  (0.24)  (0.57)    (0.56)  (0.02) 
Dividends and distributions to Preferred Shareholders from:               
Net investment income  (0.02)  (0.03)  (0.14)  (0.29)    (0.29)  (0.25) 
Net realized gain  (0.00)2  (0.01)  (0.00)2  (0.01)       
Net increase (decrease) from investment operations  (0.95)  2.12  0.70  0.27    0.29  0.86 
Dividends and distributions to Common Shareholders from:               
Net investment income  (0.49)  (0.94)  (0.85)  (0.93)    (0.92)  (0.93 
Net realized gain  (0.01)  (0.09)  (0.00)2  (0.02)       
Total dividends and distributions to Common Shareholders  (0.50)  (1.03)  (0.85)  (0.95)    (0.92)  (0.93) 
Net asset value, end of period  $ 14.20  $ 15.65  $ 14.56  $ 14.71  $ 15.39  $ 16.02 
Market price, end of period  $ 13.99  $ 15.79  $ 14.32  $ 14.62  $ 16.32  $ 16.81 
Total Investment Return3               
Based on net asset value  (6.14)%4  15.18%  5.97%  1.62%    1.52%  5.51% 
Based on market price  (8.35)%4  18.15%  4.87%  (4.76)%    2.60%  12.39% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5  1.47%6  1.49%  1.61%  1.63%    1.47%  1.56% 
Total expenses after fees waived and before fees paid indirectly5  1.31%6  1.27%  1.30%  1.25%    1.02%  1.09% 
Total expenses after fees waived and paid indirectly5  1.31%6  1.27%  1.30%  1.25%    1.00%  1.06% 
Total expenses after fees waived and paid indirectly               
and excluding interest expense and fees5,7  1.30%6  1.24%  1.25%  1.23%    1.00%  1.06% 
Net investment income5  7.11%6  7.07%  8.06%  7.45%    7.16%  7.16% 
Dividends paid to Preferred Shareholders  0.23%6  0.19%  1.01%  1.90%    1.81%  1.60% 
Net investment income to Common Shareholders  6.88%6  6.88%  7.05%  5.55%    5.35%  5.56% 
Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 39,466  $ 43,409  $ 40,204  $ 40,603  $ 42,160  $ 43,541 
Preferred Shares outstanding at $25,000 liquidation preference,               
end of period (000)  $ 22,125  $ 22,125  $ 22,125  $ 22,400  $ 24,200  $ 24,200 
Portfolio turnover  8%  22%  30%  19%    23%  12% 
Asset coverage per Preferred Share at $25,000 liquidation preference,               
end of period  $ 72,062  $ 74,052  $ 70,431  $ 70,327  $ 68,560  $ 69,985 

1 Based on average Common Shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 49



Financial Highlights BlackRock New York Municipal Income Trust II (BFY)

Six Months
Ended
February 28,
  2011    Year Ended August 31,     
  (Unaudited)  2010  2009  2008    2007  2006 
Per Share Operating Performance               
Net asset value, beginning of period  $ 15.33  $ 14.03  $ 14.28  $ 14.84  $ 15.47  $ 15.23 
Net investment income  0.52  1.061  1.061  1.081    1.07  1.06 
Net realized and unrealized gain (loss)  (1.50)  1.25  (0.36)  (0.55)    (0.67)  0.14 
Dividends and distributions to Preferred Shareholders from:               
Net investment income  (0.02)  (0.04)  (0.15)  (0.29)    (0.30)  (0.25) 
Net realized gain        (0.01)       
Net increase (decrease) from investment operations  (1.00)  2.27  0.55  0.23    0.10  0.95 
Dividends and distributions to Common Shareholders from:               
Net investment income  (0.50)  (0.97)  (0.80)  (0.77)    (0.73)  (0.71) 
Net realized gain        (0.02)       
Total dividends and distributions to Common Shareholders  (0.50)  (0.97)  (0.80)  (0.79)    (0.73)  (0.71) 
Net asset value, end of period  $ 13.83  $ 15.33  $ 14.03  $ 14.28  $ 14.84  $ 15.47 
Market price, end of period  $ 13.67  $ 15.48  $ 14.00  $ 13.60  $ 14.22  $ 14.38 
Total Investment Return2               
Based on net asset value  (6.59)%3  16.69%  5.23%  1.70%    0.69%  6.93% 
Based on market price  (8.56)%3  18.09%  10.26%  1.08%    3.80%  7.97% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4  1.25%5  1.21%  1.33%  1.30%    1.25%  1.29% 
Total expenses after fees waived and before fees paid indirectly4  1.16%5  1.13%  1.16%  1.13%    1.01%  1.05% 
Total expenses after fees waived and paid indirectly4  1.16%5  1.13%  1.16%  1.13%    1.00%  1.02% 
Total expenses after fees waived and paid indirectly               
and excluding interest expense and fees4,6  1.16%5  1.13%  1.16%  1.13%    1.00%  1.02% 
Net investment income4  7.30%5  7.21%  8.17%  7.33%    6.92%  6.96% 
Dividends paid to Preferred Shareholders  0.26%5  0.25%  1.19%  1.94%    1.94%  1.66% 
Net investment income to Common Shareholders  7.04%5  6.96%  6.98%  5.39%    4.98%  5.30% 
Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 68,583  $ 75,872  $ 69,315  $ 70,544  $ 73,302  $ 76,393 
Preferred Shares outstanding at $25,000 liquidation preference,               
end of period (000)  $ 44,475  $ 44,475  $ 44,475  $ 44,650  $ 44,650  $ 44,650 
Portfolio turnover  13%  16%  16%  12%    27%  22% 
Asset coverage per Preferred Share at $25,000 liquidation preference,               
end of period  $ 63,553  $ 67,651  $ 63,965  $ 64,508  $ 66,048  $ 67,775 

1 Based on average Common Shares outstanding.
2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized.
6 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

50 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Financial Highlights BlackRock Virginia Municipal Bond Trust (BHV)

Six Months
Ended
February 28,
  2011    Year Ended August 31,     
  (Unaudited)  2010  2009  2008    2007  2006 
Per Share Operating Performance               
Net asset value, beginning of period  $ 16.02  $ 15.05  $ 15.03  $ 15.57  $ 16.35  $ 16.34 
Net investment income  0.521  1.041  1.021  1.111    1.111  1.10 
Net realized and unrealized gain (loss)  (1.42)  1.19  0.20  (0.45)    (0.68)  0.04 
Dividends and distributions to Preferred Shareholders from:               
Net investment income  (0.01)  (0.02)  (0.10)  (0.30)    (0.27)  (0.26) 
Net realized gain    (0.01)  (0.05)      (0.02)   
Net increase (decrease) from investment operations  (0.91)  2.20  1.07  0.36    0.14  0.88 
Dividends and distributions to Common Shareholders from:               
Net investment income  (0.50)  (0.96)  (0.89)  (0.90)    (0.87)  (0.87) 
Net realized gain  (0.08)  (0.27)  (0.16)      (0.05)   
Total dividends and distributions to Common Shareholders  (0.58)  (1.23)  (1.05)  (0.90)    (0.92)  (0.87) 
Net asset value, end of period  $ 14.53  $ 16.02  $ 15.05  $ 15.03  $ 15.57  $ 16.35 
Market price, end of period  $ 17.46  $ 18.77  $ 17.50  $ 19.50  $ 17.85  $ 18.45 
Total Investment Return2               
Based on net asset value  (6.19)%3  14.15%  6.94%  1.59%    0.21%  5.30% 
Based on market price  (3.79)%3  15.02%  (4.16)%  14.97%    1.80%  12.23% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4  1.70%5  1.57%  1.75%  1.70%    1.58%  1.68% 
Total expenses after fees waived and before fees paid indirectly4  1.54%5  1.36%  1.45%  1.34%    1.14%  1.22% 
Total expenses after fees waived and paid indirectly4  1.54%5  1.36%  1.45%  1.34%    1.09%  1.15% 
Total expenses after fees waived and paid indirectly               
and excluding interest expense and fees4,6  1.44%5  1.31%  1.37%  1.31%    1.09%  1.15% 
Net investment income4  6.94%5  6.71%  7.43%  7.14%    6.85%  6.83% 
Dividends paid to Preferred Shareholders  0.19%5  0.16%  0.72%  1.90%    1.69%  1.60% 
Net investment income to Common Shareholders  6.75%5  6.55%  6.71%  5.24%    5.16%  5.23% 
Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 22,852  $ 25,141  $ 23,483  $ 23,347  $ 24,053  $ 25,097 
Preferred Shares outstanding at $25,000 liquidation preference,               
end of period (000)  $ 11,675  $ 11,675  $ 11,675  $ 12,175  $ 13,525  $ 13,525 
Portfolio turnover  7%  26%  32%  11%    12%  5% 
Asset coverage per Preferred Share at $25,000 liquidation preference,               
end of period  $ 73,934  $ 78,836  $ 75,286  $ 72,948  $ 69,463  $ 71,404 

1 Based on average Common Shares outstanding.
2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized.
6 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 51



Financial Highlights The Massachusetts Health & Education Tax-Exempt Trust (MHE)

           
  Six Months      Period       
   Ended     January 1,        
  February 28, Year Ended August 31,   2008 to Year Ended December 31, 
  2011      August 31,       
  (Unaudited)  2010  2009  2008  2007  2006  2005 
Per Share Operating Performance                 
Net asset value, beginning of period  $ 13.52  $ 12.19  $ 12.55  $ 13.10  $ 13.90  $ 13.59  $ 13.74 
Net investment income1    0.45  0.89  0.83  0.59  0.92  0.90  0.83 
Net realized and unrealized gain (loss)    (1.39)  1.31  (0.43)  (0.58)  (0.82)  0.47  0.15 
Dividends and distributions to Preferred Shareholders from:                 
Net investment income    (0.02)  (0.03)  (0.13)  (0.17)  (0.31)  (0.25)  (0.11) 
Net realized gain              (0.03)  (0.01) 
Net increase (decrease) from investment operations    (0.96)  2.17  0.27  (0.16)  (0.21)  1.09  0.86 
Dividends and distributions to Common Shareholders from:                 
Net investment income    (0.42)  (0.84)  (0.63)  (0.39)  (0.59)  (0.68)  (0.78) 
Net realized gain            (0.00)2  (0.10)  (0.13) 
Total dividends and distributions to Common Shareholders    (0.42)  (0.84)  (0.63)  (0.39)  (0.59)  (0.78)  (0.91) 
Capital charges with respect to issuance of Preferred Shares                (0.10) 
Net asset value, end of period  $ 12.14  $ 13.52  $ 12.19  $ 12.55  $ 13.10  $ 13.90  $ 13.59 
Market price, end of period  $ 12.36  $ 13.98  $ 12.00  $ 11.22  $ 11.95  $ 13.10  $ 13.60 
Total Investment Return3                 
Based on net asset value    (7.22)%4  18.40%  3.29%  (1.01)%4  (1.23)%  8.30%  5.46% 
Based on market price    (8.64)%4  24.37%  13.73%  (2.99)%4  (4.40)%  1.99%  (10.71)% 
Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5    1.39%6  1.39%  1.54%  1.77%6  1.47%  1.64%  1.30% 
Total expenses after fees waived and paid indirectly5    1.39%6  1.38%  1.54%  1.77%6  1.47%  1.64%  1.30% 
Total expenses after fees waived and paid indirectly                 
and excluding interest expense and fees5,7    1.36%6  1.35%  1.45%  1.73%6  1.47%  1.64%  1.30% 
Net investment income5    7.19%6  6.95%  7.50%  6.82%6  6.78%  6.61%  6.00% 
Dividends paid to Preferred Shareholders    0.26%6  0.24%  1.22%  2.03%6  2.27%  2.07%  0.76% 
Net investment income Common Shareholders    6.93%6  6.71%  6.28%  4.79%6  4.51%  4.54%  5.24% 
Supplemental Data                 
Net assets applicable to Common Shareholders,                 
end of period (000)  $ 28,524  $ 31,739  $ 28,575  $ 29,416  $ 30,717  $ 32,581  $ 31,792 
Preferred Shares outstanding at $50,000                 
liquidation preference, end of period (000)  $ 18,500  $ 18,500  $ 18,500  $ 18,500  $ 20,000  $ 20,000  $ 20,000 
Portfolio turnover    9%  12%  12%  5%  18%  9%  16% 
Asset coverage per Preferred Share at $50,000                 
liquidation preference, end of period  $ 127,094  $ 135,785  $ 127,234  $ 129,523  $ 126,835  $ 131,484  $ 129,506 

1 Based on average Common Shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

52 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

BlackRock MuniHoldings New York Quality Fund, Inc. (“MHN”), BlackRock
New York Municipal Income Quality Trust (“BSE), BlackRock Maryland
Municipal Bond Trust (“BZM”), BlackRock New Jersey Municipal Bond Trust
(“BLJ”), BlackRock New York Municipal Bond Trust (“BQH”), BlackRock
Virginia Municipal Bond Trust (“BHV”) (collectively the “Bond Trusts”),
BlackRock New York Municipal Income Trust II (“BFY”) and The Mass-
achusetts Health & Education Tax-Exempt Trust (“MHE”) (all, collectively the
“Trusts” or individually as a “Trust”) are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), as non-diversified,
closed-end management investment companies. The Trusts are organized
as a Delaware statutory trusts except MHN and MHE, which are organized
as a Maryland corporation and a Massachusetts business trust, respec-
tively. The Trusts' financial statements are prepared in conformity with
accounting principles generally accepted in the United States of America
("US GAAP"), which may require management to make estimates and
assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from those estimates. Each
Trust’s Board of Directors/Trustees are collectively referred to throughout
this report as the “Board of Trustees” or the “Board.” The Trusts determine
and make available for publication the net asset values of their Common
Shares on a daily basis.

The following is a summary of significant accounting policies followed by
the Trusts:

Valuation: US GAAP defines fair value as the price the Trusts would receive
to sell an asset or pay to transfer a liability in an orderly transaction
between market participants at the measurement date. The Trusts fair
value their financial instruments at market value using independent
dealers or pricing services under policies approved by the Board. Municipal
investments (including commitments to purchase such investments on a
“when-issued” basis) are valued on the basis of prices provided by dealers
or pricing services. In determining the value of a particular investment,
pricing services may use certain information with respect to transactions
in such investments, quotations from dealers, pricing matrixes, market
transactions in comparable investments and information with respect to
various relationships between investments. Financial futures contracts
traded on exchanges are valued at their last sale price. Investments in
open-end registered investment companies are valued at net asset value
each business day. Short-term securities with remaining maturities of 60
days or less may be valued at amortized cost, which approximates
fair value.

In the event that application of these methods of valuation results in a
price for an investment which is deemed not to be representative of the
market value of such investment or is not available, the investment will
be valued in accordance with a policy approved by the Board as reflecting
fair value ("Fair Value Assets"). When determining the price for Fair Value
Assets, the investment advisor and/or the sub-advisor seeks to determine
the price that each Trust might reasonably expect to receive from the
current sale of that asset in an arm’s-length transaction. Fair value deter-
minations shall be based upon all available factors that the investment
advisor and/or sub-advisor deems relevant. The pricing of all Fair Value
Assets is subsequently reported to the Board or a committee thereof.

Zero-Coupon Bonds: The Trusts may invest in zero-coupon bonds, which are
normally issued at a significant discount from face value and do not pro-
vide for periodic interest payments. Zero-coupon bonds may experience
greater volatility in market value than similar maturity debt obligations
which provide for regular interest payments.

Forward Commitments and When-Issued Delayed Delivery Securities:
The Trusts may purchase securities on a when-issued basis and may pur-
chase or sell securities on a forward commitment basis. Settlement of such
transactions normally occurs within a month or more after the purchase or
sale commitment is made. The Trusts may purchase securities under such
conditions with the intention of actually acquiring them, but may enter into
a separate agreement to sell the securities before the settlement date.
Since the value of securities purchased may fluctuate prior to settlement,
the Trusts may be required to pay more at settlement than the security is
worth. In addition, the Trusts are not entitled to any of the interest earned
prior to settlement. When purchasing a security on a delayed delivery basis,
the Trusts assume the rights and risks of ownership of the security, inc-
luding the risk of price and yield fluctuations. In the event of default by
the counterparty, the Trusts' maximum amount of loss is the unrealized
appreciation of unsettled when-issued transactions, which is shown in
the Schedules of Investments, if any.

Municipal Bonds Transferred to TOBs: The Trusts leverage their assets
through the use of TOBs. A TOB is established by a third party sponsor
forming a special purpose entity, into which one or more funds, or an agent
on behalf of the funds, transfers municipal bonds. Other funds managed by
the investment advisor may also contribute municipal bonds to a TOB into
which a Trust has contributed bonds. A TOB typically issues two classes of
beneficial interests: short-term floating rate certificates, which are sold to
third party investors, and residual certificates (“TOB Residuals”), which are
generally issued to the participating funds that made the transfer. The TOB
Residuals held by a Trust include the right of a Trust (1) to cause the hold-
ers of a proportional share of the short-term floating rate certificates to
tender their certificates at par, including during instances of a rise in short-
term interest rates, and (2) to transfer, within seven days, a corresponding
share of the municipal bonds from the TOB to a Trust. The TOB may also be
terminated without the consent of a Trust upon the occurrence of certain
events as defined in the TOB agreements. Such termination events may
include the bankruptcy or default of the municipal bond, a substantial
downgrade in credit quality of the municipal bond, the inability of the TOB
to obtain quarterly or annual renewal of the liquidity support agreement, a
substantial decline in market value of the municipal bond or the inability to
remarket the short-term floating rate certificates to third party investors.
During the six months ended February 28, 2011, no TOBs that the Trusts
participated in were terminated without the consent of the Trusts.

The cash received by the TOB from the sale of the short-term floating rate
certificates, less transaction expenses, is paid to a Trust, which typically
invests the cash in additional municipal bonds. Each Trust's transfer of the
municipal bonds to a TOB is accounted for as a secured borrowing, there-
fore the municipal bonds deposited into a TOB are presented in the Trusts'
Schedules of Investments and the proceeds from the issuance of the

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 53



Notes to Financial Statements (continued)

short-term floating rate certificates are shown as trust certificates in the
Statements of Assets and Liabilities.

Interest income, including amortization and accretion of premiums and
discounts, from the underlying municipal bonds is recorded by the Trusts
on an accrual basis. Interest expense incurred on the secured borrowing
and other expenses related to remarketing, administration and trustee
services to a TOB are shown as interest expense and fees in the
Statements of Operations. The short-term floating rate certificates have
interest rates that generally reset weekly and their holders have the option
to tender certificates to the TOB for redemption at par at each reset date.
At February 28, 2011, the aggregate value of the underlying municipal
bonds transferred to TOBs, the related liability for trust certificates and the
range of interest rates on the liability for trust certificates were as follows:

Underlying
  Municipal Bonds  Liability  Range of 
  Transferred  for Trust  Interest 
  to TOBs  Certificates  Rates 
BZM  $ 3,012,600  $ 1,500,000  0.40% 
MHN  $134,721,316  $71,712,600  0.26% – 0.36% 
BLJ  $ 1,212,068  $ 719,783  0.32% – 0.33% 
BSE  $ 17,474,509  $10,408,503  0.26% – 0.36% 
BQH  $ 427,299  $ 269,898  0.26% 
BFY  $ 253,214  $ 159,940  0.26% 
BHV  $ 4,006,871  $ 2,019,616  0.22% – 0.26% 
MHE  $ 2,036,006  $ 1,339,595  0.26% 

 

For the six months ended February 28, 2011, the Trusts' average trust cer-
tificates outstanding and the daily weighted average interest rate, including
fees, were as follows:

  Average Trust  Daily Weighted 
  Certificates  Average 
  Outstanding  Interest Rate 
BZM  $ 1,500,000  0.79% 
MHN  $71,712,600  0.79% 
BLJ  $ 719,783  0.84% 
BSE  $10,408,503  0.79% 
BQH  $ 466,306  0.80% 
BFY  $ 159,940  0.83% 
BHV  $ 3,171,550  0.78% 
MHE  $ 1,339,595  0.64% 

 

Should short-term interest rates rise, the Trusts' investments in TOBs
may adversely affect the Trusts' net investment income and dividends to
Common Shareholders. Also, fluctuations in the market values of municipal
bonds deposited into the TOB may adversely affect the Trusts' net asset
values per share.

Segregation and Collateralization: In cases in which the 1940 Act and the
interpretive positions of the Securities and Exchange Commission (“SEC”)
require that the Trusts either deliver collateral or segregate assets in con-
nection with certain investments (e.g financial futures contracts) the Trusts
will, consistent with SEC rules and/or certain interpretive letters issued by
the SEC, segregate collateral or designate on their books and records cash
or other liquid securities having a market value at least equal to the
amount that would otherwise be required to be physically segregated.
Furthermore, based on requirements and agreements with certain
exchanges and third party broker-dealers, each party has requirements
to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the transac-
tions are entered into (the trade dates). Realized gains and losses on
investment transactions are determined on the identified cost basis.
Dividend income is recorded on the ex-dividend dates. Interest income,
including amortization and accretion of premiums and discounts on debt
securities, is recognized on the accrual basis.

Dividends and Distributions: Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on
the ex-dividend dates. The amount and timing of dividends and distribu-
tions are determined in accordance with federal income tax regulations,
which may differ from US GAAP. Dividends and distributions to Preferred
Shareholders are accrued and determined as described in Note 7.

Income Taxes: It is each Trust's policy to comply with the requirements of
the Internal Revenue Code of 1986, as amended, applicable to regulated
investment companies and to distribute substantially all of its taxable
income to its shareholders. Therefore, no federal income tax provision
is required.

Each Trust files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on each Trusts' US federal tax returns remains open for each of the
four years ended August 31, 2010 (two years ended August 31, 2010, the
period ended August 31, 2008 and the year ended December 31, 2007
for MHE). The statutes of limitations on each Trusts' state and local tax
returns may remain open for an additional year depending upon the
jurisdiction. Management does not believe there are any uncertain tax
positions that require recognition of a tax liability.

Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: Under the deferred compensation plan approved by each
Trust's Board, non-interested Directors/Trustees (“Independent Trustees”)
may defer a portion of their annual complex-wide compensation. Deferred
amounts earn an approximate return as though equivalent dollar amounts
had been invested in common shares of certain other BlackRock Closed-
End Funds selected by the Independent Trustees. This has approximately
the same economic effect for the Independent Trustees as if the
Independent Trustees had invested the deferred amounts directly in
certain other BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations there-under
represent general unsecured claims against the general assets of each
Trust. Each Trust may, however, elect to invest in common shares of certain
other BlackRock Closed-End Funds selected by the Independent Trustees in
order to match its deferred compensation obligations. Investments to cover
each Trust's deferred compensation liability, if any, are included in other
assets in the Statements of Assets and Liabilities. Dividends and distribu-
tions from the BlackRock Closed-End Fund investments under the plan
are included in income — affiliated in the Statements of Operations.

Other: Expenses directly related to a Trust are charged to that Trust. Other
operating expenses shared by several funds are pro rated among those
funds on the basis of relative net assets or other appropriate methods.The
Trusts have an arrangement with the custodian whereby fees may be

54 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Notes to Financial Statements (continued)

reduced by credits earned on uninvested cash balances, which if applica-
ble are shown as fees paid indirectly in the Statements of Operations. The
custodian imposes fees on overdrawn cash balances, which can be offset
by accumulated credits earned or may result in additional custody charges.

2. Derivative Financial Instruments:

The Trusts engage in various portfolio investment strategies using derivative
contracts both to increase the returns of the Trusts and to economically
hedge, or protect, their exposure to certain risks such as interest rate risk.
These contracts may be transacted on an exchange.

Losses may arise if the value of the contract decreases due to an unfavor-
able change in the market rates or values of the underlying instrument or
if the counterparty does not perform under the contract. Counterparty risk
related to exchange-traded financial futures contracts is deemed to be
minimal due to the protection against defaults provided by the exchange
on which these contracts trade.

Financial Futures Contracts: The Trusts purchase or sell financial futures
contracts and options on financial futures contracts to gain exposure to, or
economically hedge against, changes in interest rates (interest rate risk),
Financial futures contracts are agreements between the Trusts and the
counterparty to buy or sell a specific quantity of an underlying instrument
at a specified price and at a specified date. Depending on the terms of the
particular contract, futures contracts are settled either through physical
delivery of the underlying instrument on the settlement date or by payment
of a cash settlement amount on settlement date. Pursuant to the contract,
the Trusts agree to receive from or pay to the broker an amount of cash
equal to the daily fluctuation in value of the contract. Such receipts or pay-
ments are known as margin variation and are recorded by the Trusts as
unrealized appreciation or depreciation. When the contract is closed, the
Trusts record a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it
was closed. The use of financial futures contracts involves the risk of an
imperfect correlation in the movements in the price of financial futures con-
tracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:                 
Fair Values of Derivative Instruments as of February 28, 2011

          Liability Derivatives       
    BZM  MHN  BLJ  BSE  BQH  BFY  BHV  MHE 
  Statement of Assets and                 
  Liabilities Location                 
Interest rate  Net unrealized                 
contracts:  appreciation/deprecation*  $ 5,332  $211,928  $ 6,398  $ 44,539  $ 20,469  $ 36,120  $ 4,265  $ 6,398 
* Includes cumulative appreciation/depreciation of financial futures contracts as reported in Schedule of Investments. Only current day’s margin variation is reported within the 
Statement of Assets and Liabilities.                 
The Effect of Derivative Instruments in the Statements of Operations
Six Months Ended February 28, 2011

          Net Realized Gain from       
    BZM  MHN  BLJ  BSE  BQH  BFY  BHV  MHE 
Interest rate contracts:                   
Financial futures contracts  $ 5,332  $211,928  $ 6,398  $ 44,539  $ 20,469  $ 36,120  $ 4,265  $ 6,398 
For the six months ended February 28, 2011, the average quarterly balances of outstanding derivative financial instruments were as follows:   
    BZM  MHN  BLJ  BSE  BQH  BFY  BHV  MHE 
Financial futures contracts:                 
Average number of contracts sold  5  88  6  19  9  15  4  6 
Average notional value of contracts sold  $ 592,569  $10,484,286  $711,082  $2,204,090  $1,012,687  $1,787,097  $474,055  $711,082 

 

3. Investment Advisory Agreement and Other Transactions
with Affiliates:

The PNC Financial Services Group, Inc. ("PNC"), Bank of America
Corporation ("BAC") and Barclays Bank PLC ("Barclays") are the largest
stockholders of BlackRock, Inc. ("BlackRock"). Due to the ownership
structure, PNC is an affiliate of the Trusts for 1940 Act purposes, but BAC
and Barclays are not.

Each Trust entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the “Manager”), the Trusts' investment advisor, an indirect,
wholly owned subsidiary of BlackRock, to provide investment advisory and
administration services. The Manager is responsible for the management
of each Trust's portfolio and provides the necessary personnel, facilities,
equipment and certain other services necessary to the operations of each

Trust. For such services, each Trust pays the Manager a monthly fee at the
following annual rates of each Trust's average weekly net assets except
MHN and MHE, which are based upon average daily net assets as follows:

BZM  0.65% 
MHN  0.55% 
BLJ  0.65% 
BSE  0.55% 
BQH  0.65% 
BFY  0.55% 
BHV  0.65% 
MHE  0.50% 

 

Average weekly net assets and average daily net assets are the average
weekly value or the average daily value of each Trust's total assets minus
the sum of its accrued liabilities.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 55



Notes to Financial Statements (continued)

The Manager, for MHN, voluntarily agreed to waive its investment advisory
fee on the proceeds of the Preferred Shares and TOBs that exceed 35% of
net assets applicable to Common Shareholders. This amount is included in
fees waived by advisor in the Statements of Operations. For the six months
ended February 28, 2011 the waiver was $224,725.

The Manager voluntarily agreed to waive a portion of the investment advi-
sory fees for certain other funds. With respect to BSE, the waiver, as a per-
centage of its average weekly net assets was as follows: 0.05% through
October 2010. With respect to Bond Trusts, the waiver, as a percentage of
average weekly net assets, is as follows, 0.10% through April 2011 and
0.05% through April 2012. With respect to BFY, the waiver, as a percentage
of its average weekly net assets is 0.05% through July 2012. For the six
months ended February 28, 2011 the Manager waived the following
amounts, which are included in the fees waived by advisor Statements of
Operations.

BZM  $23,049 
BLJ  $ 1,434 
BSE  $12,295 
BQH  $31,646 
BFY  $25,898 
BHV  $19,125 

 

The Manager voluntarily agreed to waive its investment advisory fees by
the amount of investment advisory fees each Trust pays to the Manager
indirectly through its investment in affiliated money market funds, however
the Manager does not waive its investment advisory fees by the amount
of investment advisory fees paid through each Trust's investment in other
affiliated investment companies, if any. These amounts are shown as, or
included in, fees waived by advisor in the Statements of Operations. For the
six months ended February 28, 2011, the amounts waived were as follows:

BZM  $ 918 
MHN  $14,016 
BLJ  $26,042 
BSE  $ 1,326 
BQH  $ 991 
BFY  $ 5,923 
BHV  $ 117 
MHE  $ 451 

 

The Manager entered into a separate sub-advisory agreement with
BlackRock Investment Management LLC (“BIM”) for MHN and MHE and
and BlackRock Financial Management, Inc. (“BFM”) for all other Trusts. BIM
and BFM are affiliates of the Manager. The Manager pays BIM and BFM for
services they provide, a monthly fee that is a percentage of the investment
advisory fees paid by the Trust to the Manager.

For the period September 1, 2010 through December 31, 2010, each Trust
reimbursed the Manager for certain accounting services, which are
included in accounting services in the Statements of Operations. The
reimbursements were as follows:

BZM  $ 129 
MHN  $2,281 
BLJ  $ 176 
BSE  $ 434 
BQH  $ 207 
BFY  $ 377 
BHV  $ 129 
MHE  $ 167 

 

Effective January 1, 2011, the Trusts no longer reimburse the Manager for
accounting services.

Certain officers and/or trustees of the Trusts are officers and/or directors of
BlackRock or its affiliates. The Trusts reimburse the Manager for compensa-
tion paid to the Trusts' Chief Compliance Officer.

4. Investments:

Purchases and sales of investments excluding short-term securities and US
government securities for the six months ended February 28, 2011, were
as follows:

  Purchases  Sales 
BZM  $ 3,127,787  $ 2,600,974 
MHN  $76,776,153  $70,941,950 
BLJ  $ 4,800,026  $ 4,799,535 
BSE  $14,564,883  $13,975,246 
BQH  $ 4,999,805  $ 5,849,141 
BFY  $14,416,145  $14,797,169 
BHV  $ 2,756,484  $ 4,267,062 
MHE  $ 4,875,261  $ 4,337,947 

 

5. Capital Loss Carryforward:

As of August 31, 2010, the Trusts had capital loss carryforwards
available to offset future realized capital gains through the indicated
expiration dates:

Expires August 31,  MHN  BSE  BFY  MHE 
2013  $15,054,033       
2014  1,097,743       
2015  2,782,666    $ 70,160  $ 35,869 
2016  710,089    383,137  285,683 
2017  4,069,997  $1,631,721  254,346  375,230 
2018  3,861,956  1,544,362  357,549  32,672 
Total  $27,576,484  $3,176,083  $1,065,192  $729,454 

 

Under the recently enacted Regulated Investment Company Modernization
Act of 2010, capital losses incurred by the Trusts after August 31, 2011
will not be subject to expiration. In addition, these losses must be utilized
prior to the losses incurred in pre-enactment taxable years.

6. Concentration, Market and Credit Risk:

Each Trust invests a substantial amount of their assets in issuers located in
a single state or limited number of states. Please see the Schedules of
Investments for concentrations in specific states.

Many municipalities insure repayment of their bonds, which may reduce
the potential for loss due to credit risk. The market value of these bonds
may fluctuate for other reasons, including market perception of the value
of such insurance, and there is no guarantee that the insurer will meet
its obligation.

In the normal course of business, the Trusts invest in securities and enter
into transactions where risks exist due to fluctuations in the market (market
risk) or failure of the issuer of a security to meet all its obligations (issuer
credit risk). The value of securities held by the Trusts may decline in
response to certain events, including those directly involving the issuers
whose securities are owned by the Trusts; conditions affecting the general
economy; overall market changes; local, regional or global political, social

56 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Notes to Financial Statements (continued)

or economic instability; and currency and interest rate and price fluctua-
tions. Similar to issuer credit risk, the Trusts may be exposed to counter-
party credit risk, or the risk that an entity with which the Trusts have
unsettled or open transactions may fail to or be unable to perform on its
commitments. The Trusts manage counterparty credit risk by entering into
transactions only with counterparties that they believe have the financial
resources to honor their obligations and by monitoring the financial stability
of those counterparties. Financial assets, which potentially expose the
Trusts to market, issuer and counterparty credit risks, consist principally of
financial instruments and receivables due from counterparties. The extent
of the Trusts' exposure to market, issuer and counterparty credit risks with
respect to these financial assets is generally approximated by their value
recorded in the Trusts' Statements of Assets and Liabilities, less any collat-
eral held by the Trusts.

As of February 28, 2011, BZM invested a significant portion of its assets
in securities in the County/City/Special District/School District and Health
sectors. MHN invested a significant portion of its assets in securities in the
County/City/Special District/School District and Transportation sectors. BLJ
invested a significant portion of its assets in securities in the State and
Transportaion sectors. BSE invested a significant portion of its assets in
securities in the Education and Transportation sectors. BQH invested a sig-
nificant portion of its assets in securities in the State sector. BFY invested
a significant portion of its assets in securities in the County/City/Special
District/School District sector. MHE invested a significant portion of its
assets in securities in the Health and Education sectors. Changes in eco-
nomic conditions affecting the County/City/Special District/School District,
Education, Health, State and Transportation sectors would have a greater
impact on the Trusts and could affect the value, income and/or liquidity of
positions in such securities.

7. Capital Share Transactions:

The Trusts, except MHN, are authorized to issue an unlimited number of
shares (200 million shares for MHN), all of which were initially classified
as Common Shares. The par value for the Trusts, except MHN and MHE, is
$0.001 per share ($0.10 for MHN and $0.01 for MHE). Each Trust’s Board
is authorized, however, to reclassify any unissued shares without approval
of Common Shareholders.

Common Shares

For the six months ended February 28, 2011 and the year ended August
31, 2010, shares issued and outstanding increased by the following
amounts as a result of dividend reinvestment:

  Six Months  Year 
  Ended  Ended 
  February 28,  August 31, 
  2011  2010 
BZM  4,563  7,640 
MHN  88,688  15,164 
BLJ  2,281  7,707 
BSE  2,348  5,123 
BQH  4,265  12,821 
BFY  10,198  8,339 
BHV  3,363  8,764 
MHE  3,013  3,349 

 

Preferred Shares

The Preferred Shares are redeemable at the option of each Trust, in whole
or in part, on any dividend payment date at their liquidation preference
per share plus any accumulated and unpaid dividends whether or not
declared. The Preferred Shares are also subject to mandatory redemption
at their liquidation preference plus any accumulated and unpaid dividends,
whether or not declared, if certain requirements relating to the composition
of the assets and liabilities of a Trust, as set forth in each Trust's Articles of
Amendment/Statement of Preferences/Certificates of Vote of Trustees (the
“Governing Instrument”) are not satisfied.

From time to time in the future, each Trust may effect repurchases of its
Preferred Shares at prices below their liquidation preference as agreed
upon by the Trust and seller. Each Trust also may redeem its Preferred
Shares from time to time as provided in the applicable Governing
Instrument. Each Trust intends to effect such redemptions and/or repur-
chases to the extent necessary to maintain applicable asset coverage
requirements or for such other reasons as the Board may determine.

The holders of Preferred Shares have voting rights equal to the holders of
Common Shares (one vote per share) and will vote together with holders
of Common Shares (one vote per share) as a single class. However, the
holders of Preferred Shares, voting as a separate class, are also entitled
to elect two Directors/Trustees for each Trust. In addition, the 1940 Act
requires that along with approval by shareholders that might otherwise
be required, the approval of the holders of a majority of any outstanding
Preferred Shares, voting separately as a class would be required to (a)
adopt any plan of reorganization that would adversely affect the Preferred
Shares, (b) change a Trust's sub-classification as a closed-end investment
company or change its fundamental investment restrictions or (c) change
its business so as to cease to be an investment company.

The Trusts had the following series of Preferred Shares outstanding, effec-
tive yields and reset frequency as of February 28, 2011:

        Reset 
    Preferred  Effective  Frequency 
  Series  Shares  Yield  Days 
BZM  R-7  640  0.40%  7 
MHN  A  1,479  0.41%  7 
  B  1,479  0.40%  7 
  C  2,366  0.43%  7 
  D  2,864  0.40%  7 
  E  1,557  0.43%  7 
BLJ  M-7  751  0.43%  7 
BSE  R-7  1,623  0.40%  7 
BQH  T-7  885  0.43%  7 
BFY  W-7  1,779  0.41%  7 
BHV  R-7  467  0.40%  7 
MHE  A  185  0.41%  7 
  B  185  0.43%  7 

 

Dividends on seven-day Preferred Shares are cumulative at a rate, which is
reset every seven days, respectively, based on the results of an auction. If
the Preferred Shares fail to clear the auction on an auction date, each Trust
is required to pay the maximum applicable rate on the Preferred Shares to
holders of such shares for successive dividend periods until such time as

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 57



Notes to Financial Statements (concluded)

the shares are successfully auctioned. The maximum applicable rate on all
series of Preferred Shares is the higher of 110% of the AA commercial
paper rate or 100% of 90% of the Kenny S&P 30-day High Grade Index
divided by 1.00 minus the marginal tax rate. The low, high and average divi-
dend rates on the Preferred Shares for each Trust for the six months ended
February 28, 2011 were as follows:

  Series  Low  High  Average 
BZM  R-7  0.37%  0.50%  0.42% 
MHN  A  0.37%  0.50%  0.42% 
  B  0.37%  0.50%  0.42% 
  C  0.37%  0.50%  0.42% 
  D  0.37%  0.50%  0.42% 
  E  0.37%  0.50%  0.42% 
BLJ  M-7  0.37%  0.50%  0.42% 
BSE  R-7  0.37%  0.50%  0.42% 
BQH  T-7  0.37%  0.50%  0.42% 
BFY  W-7  0.37%  0.50%  0.42% 
BHV  R-7  0.37%  0.50%  0.42% 
MHE  A  0.37%  0.50%  0.42% 
  B  0.37%  0.50%  0.42% 

 

Since February 13, 2008, the Preferred Shares of the Trusts failed to clear
any of their auctions. As a result, the Preferred Shares dividend rates were
reset to the maximum applicable rate, which ranged from 0.37% to 0.50%
for the six months ended February 28, 2011. A failed auction is not an
event of default for the Trusts but it has a negative impact on the liquidity
of Preferred Shares. A failed auction occurs when there are more sellers of
a Trust's auction rate preferred shares than buyers. A successful auction for
the Trusts' Preferred Shares may not occur for some time, if ever, and even
if liquidity does resume, Preferred Shareholders may not have the ability to
sell the Preferred Shares at their liquidation preference.

The Trusts may not declare dividends or make other distributions on
Common Shares or purchase any such shares if, at the time of the declara-
tion, distribution or purchase, asset coverage with respect to the outstand-
ing Preferred Shares is less than 200%.

The Trusts pay commissions of 0.15% on the aggregate principal amount of
all shares that fail to clear their auctions and 0.25% on the aggregate prin-
cipal amount of all shares that successfully clear their auctions. Certain
broker dealers have individually agreed to reduce commissions for failed
auctions.

Preferred shares issued and outstanding remained constant for the six
months ended February 28, 2011 and the year ended August 31, 2010 for
all Trusts.

8. Subsequent Events:

Management's evaluation of the impact of all subsequent events on the
Trusts' financial statements was completed through the date the financial
statements were issued and the following items were noted:

Each Trust paid a net investment income dividend on April 1, 2011 to
Common Shareholders of record on March 15, 2011 as follows:

  Common 
  Dividend 
  Per Share 
BZM  $0.0790 
MHN  $0.0795 
BLJ  $0.0780 
BSE  $0.0715 
BQH  $0.0820 
BFY  $0.0835 
BHV  $0.0830 
MHE  $0.0700 

 

The dividends declared on Preferred Shares for the period March 1, 2011
to March 31, 2011 were as follows:

    Dividends 
  Series  Declared 
BZM  R-7  $ 1,215 
MHN  A  $12,249 
  B  $12,237 
  C  $19,570 
  D  $23,694 
  E  $12,878 
BLJ  M-7  $ 6,212 
BSE  R-7  $13,428 
BQH  T-7  $ 7,320 
BFY  W-7  $14,754 
BHV  R-7  $ 3,864 
MHE  A  $ 3,061 
  B  $ 3,057 

 

58 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Officers and Trustees

Richard E. Cavanagh, Chairman of the Board and Trustee
Karen P. Robards, Vice Chair of the Board, Chair of the Audit Committee
and Trustee
Richard S. Davis, Trustee
Frank J. Fabozzi, Trustee and Member of the Audit Committee
Kathleen F. Feldstein, Trustee
James T. Flynn, Trustee and Member of the Audit Committee
Henry Gabbay, Trustee
Jerrold B. Harris, Trustee
R. Glenn Hubbard, Trustee
W. Carl Kester, Trustee and Member of the Audit Committee
John M. Perlowski, President and Chief Executive Officer
Brendan Kyne, Vice President
Anne F. Ackerley, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer
Ira Shapiro, Secretary

Investment Advisor
BlackRock Advisors, LLC
WIlmington, DE 19809

Sub-Advisors
BlackRock Financial Management, Inc.1
New York, NY 10055

BlackRock Investment Management, LLC2
Plainsboro, NJ 08536

Custodians
State Street Bank and Trust Company3
Boston, MA 02111

The Bank of New York Mellon4
New York, NY 10286

Transfer Agent
Common Shares
BNY Mellon Shareowner Services2
Jersey City, NJ 07310

Computershare Trust Company, N.A.1
Providence, RI 02940

Auction Agent
Preferred Shares
The Bank of New York Mellon
New York, NY 10286

Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY 10036

Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809

1 For all Trusts except MHN and MHE.
2 For MHN and MHE.
3 For all Trusts except MHN.
4 For MHN.

Effective February 11, 2011, John M. Perlowski became President and
Chief Executive Officer of the Trusts.

Effective November 10, 2010, Ira Shapiro became Secretary of the Trusts.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 59



Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on September 2, 2010 for shareholders of record on July 6, 2010, to elect trustee/director nominees for
each Trust/Fund. Due to a lack of quorum of Preferred Shares, action on the proposal regarding the Preferred Shares nominees' election for MHE was
subsequently adjourned to October 5, 2010; and action on the proposal regarding Preferred Shares nominees' election for MHE was additionally adjourned
to November 2, 2010. There were no broker non-votes with regard to any of the Trusts/Funds.

Approved the Class III Trustees as follows:

  Richard E. Cavanagh  Kathleen F. Feldstein    Henry Gabbay 
    Votes      Votes      Votes   
  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain 
BZM  1,965,758  48,556  0  1,964,658  49,656  0  1,961,326  52,988  0 
BLJ  2,029,676  53,043  0  2,029,676  53,043  0  2,029,676  53,043  0 
BSE  5,479,372  311,359  0  5,481,854  308,877  0  5,472,133  318,598  0 
BQH  2,458,332  54,113  0  2,447,250  65,195  0  2,459,232  53,213  0 
BFY  4,240,327  160,500  0  4,239,827  161,000  0  4,240,527  160,300  0 
BHV  1,522,050  11,787  0  1,515,208  18,629  0  1,508,250  25,587  0 

 

    Jerrold B. Harris 
    Votes   
  Votes For  Withheld  Abstain 
BZM  1,965,434  48,880  0 
BLJ  2,029,676  53,043  0 
BSE  5,473,126  317,605  0 
BQH  2,459,232  53,213  0 
BFY  4,241,027  159,800  0 
BHV  1,520,800  13,037  0 

 

For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are
Richard S. Davis, Frank J. Fabozzi, James T. Flynn, R. Glenn Hubbard, W. Carl Kester and Karen P. Robards.

Approved the Directors/Trustees as follows:

  Richard E. Cavanagh    Richard S. Davis    Frank J. Fabozzi 
    Votes      Votes      Votes   
  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain 
MHN  25,436,503  1,034,036  0  25,760,403  710,136  0  2,528  1,961  0 
MHE1  2,025,241  129,096  0  2,028,244  126,093  0  106  0  0 
  Kathleen F. Feldstein    James T. Flynn      Henry Gabbay 
    Votes      Votes      Votes   
  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain 
MHN  25,418,058  1,052,481  0  25,724,320  746,219  0  25,716,249  754,290  0 
MHE  2,019,028  135,309  0  2,020,114  134,223  0  2,028,244  126,093  0 
    Jerrold B. Harris    R. Glenn Hubbard    W. Carl Kester 
    Votes      Votes      Votes   
  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain  Votes For  Withheld  Abstain 
MHN  25,489,078  981,461  0  25,661,033  809,506  0  2,528  1,961  0 
MHE¹  2,022,031  132,306  0  2,019,028  135,309  0  106  0  0 
    Karen P. Robards             
    Votes               
  Votes For  Withheld  Abstain             
MHN  25,653,675  816,864  0             
MHE  2,025,178  129,159  0             

1 Due to the lack of a quorum of Preferred Shares, MHE was unable to act on the election of the two directors reserved for election solely by the Preferred Shareholders for the Trust.
Accordingly, Frank J. Fabozzi and W. Carl Kester will remain in office and continue to serve as trustees for the Trust.

60 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Additional Information (continued)

Trust Certification

Those Trusts listed for trading on the New York Stock Exchange (“NYSE”)
have filed with the NYSE their annual chief executive officer certification
regarding compliance with the NYSE’s listing standards. The Trusts filed
with the Securities and Exchange Commission (“SEC”) the certification of
its chief executive officer and chief financial officer required by section 302
of the Sarbanes-Oxley Act.

General Information

On July 29, 2010, the Manager announced that a derivative complaint had
been filed by shareholders of BSE and BQH on July 27, 2010 in the
Supreme Court of the State of New York, New York County. The complaint
names the Manager, BlackRock, Inc. and certain of the trustees, officers
and portfolio managers of BSE and BQH as defendants. The complaint
alleges, among other things, that the parties named in the complaint
breached fiduciary duties owed to BSE and BQH and their Common
Shareholders by redeeming auction-market preferred shares, auction rate
preferred securities, auction preferred shares and auction rate securities
(collectively, “AMPS”) at their liquidation preference. The complaint seeks
unspecified damages for losses purportedly suffered by BSE and BQH as
a result of the prior redemptions and injunctive relief preventing BSE and
BQH from redeeming AMPS at their liquidation preference in the future.
The Manager, BlackRock, Inc. and the other parties named in the complaint
believe that the claims asserted in the complaint are without merit and
intend to vigorously defend themselves in the litigation.

The Trusts do not make available copies of their Statements of Additional
Information because the Trusts’ shares are not continuously offered, which
means that the Statement of Additional Information of each Trust has not
been updated after completion of the respective Trust’s offerings and the
information contained in each Trust’s Statement of Additional Information
may have become outdated.

Other than the revisions discussed in the Board Approvals on page 62,
there were no material changes in the Trusts’ investment objectives or
policies or to the Trusts’ charters or by-laws that would delay or prevent
a change of controls of the Trusts that were not approved by the sharehold-
ers or in the principal risk factors associated with investment in the Trusts.
There have been no changes in the persons who are primarily responsible
for the day-to-day management of the Trusts’ portfolio.

Quarterly performance, semi-annual and annual reports and other informa-
tion regarding the Trusts may be found on BlackRock’s website, which can
be accessed at http://www.blackrock.com. This reference to BlackRock’s
website is intended to allow investors public access to information regard-
ing the Trusts and does not, and is not intended to, incorporate BlackRock’s
website into this report.

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ web-
sites or shareholders can sign up for e-mail notifications of quarterly state-
ments, annual and semi-annual reports by enrolling in the Trusts’ electronic
delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:

Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your shareholder
documents may be householded indefinitely unless you instruct us other-
wise. If you do not want the mailing of these documents to be combined
with those for other members of your household, please
call (800) 441-7762.

Availability of Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the SEC
for the first and third quarters of each fiscal year on Form N-Q. The Trusts’
Forms N-Q are available on the SEC’s website at http://www.sec.gov and
may also be reviewed and copied at the SEC’s Public Reference Room in
Washington, DC. Information on the operation of the Public Reference
Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms
N-Q may also be obtained upon request and without charge by calling
(800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to
determine how to vote proxies relating to portfolio securities is available
(1) without charge, upon request, by calling (800) 441-7762;
(2) at http://www.blackrock.com; and (3) on the SEC’s website
at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities
held in the Trusts’ portfolios during the most recent 12-month period
ended June 30 is available upon request and without charge (1) at
http://www.blackrock.com or by calling (800) 441-7762 and
(2) on the SEC’s website at http://www.sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on
a monthly basis on its website in the “Closed-end Funds” section of
http://www.blackrock.com. Investors and others are advised to periodically
check the website for updated performance information and the release of
other material information about the Trusts.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 61



Additional Information (continued)

Board Approvals

On September 1, 2010, the Board of Directors/Trustees (the “Boards”) of
MHN and BSE (the “Insured Trusts”) approved changes to certain invest-
ment policies of the Insured Trusts.

Historically, under normal market conditions, each Insured Trust has
been required to invest at least 80% of its assets in municipal bonds
either (i) insured under an insurance policy purchased by the Insured
Trust or (ii) insured under an insurance policy obtained by the issuer of
the municipal bond or any other party. In September 2008, the Insured
Trusts adopted an amended investment policy of purchasing only munici-
pal bonds insured by insurance providers with claims-paying abilities
rated investment grade at the time of investment (the “Insurance
Investment Policy”).

Following the onset of the credit and liquidity crises, the claims-paying
ability rating of most of the municipal bond insurance providers has been
lowered by the rating agencies. These downgrades have called into question
the long-term viability of the municipal bond insurance market, which has
the potential to severely limit the ability of the Manager, to manage the
Insured Trusts under the Insurance Investment Policy.

As a result, on September 1, 2010, the Manager recommended, and the
Boards of the Insured Trusts approved, the removal of the Insurance
Investment Policy. As a result of this investment policy change, the Insured
Trusts will not be required to dispose of assets currently held within the
Insured Trusts. The Insured Trusts will maintain, and have no current inten-
tion to amend, their investment policy of, under normal market conditions,
generally investing in municipal obligations rated investment grade at the
time of investment.

As each Insured Trust increases the amount of its assets that are invested
in municipal obligations that are not insured, each Insured Trust’s share-
holders will be exposed to the risk of the failure of such securities’ issuers
to pay interest and repay principal and will not have the benefit of protec-
tion provided under municipal bond insurance policies. As a result, share-
holders will be more dependent on the analytical ability of the Manager to
evaluate the credit quality of issuers of municipal obligations in which
each Insured Trust invests. The Boards believe that the amended invest-
ment policy is in the best interests of each Insured Trust and its sharehold-
ers because it believes that the potential benefits from increased flexibility
outweigh the potential increase in risk from the lack of insurance policies
provided by weakened insurance providers. Of course, the new investment
policy cannot assure that each Insured Trust will achieve its
investment objective.

As disclosed in each Insured Trust’s prospectus, each Insured Trust is
required to provide shareholders 60 days notice of a change to the
Insurance Investment Policy. Accordingly, a notice describing the changes
discussed above was mailed to shareholders of record as of September 1,
2010. The new investment policy took effect on November 9, 2010. The
Manager has been gradually repositioning each Insured Trust’s portfolios
over time, and during such period, each Insured Trust may continue to
hold a substantial portion of its assets in insured municipal bonds. At this
time, the repositioning of each Insured Trust’s portfolio is still taking place,
and the Insured Trusts will continue to be subject to risks associated with
investing a substantial portion of their assets in insured municipal bonds
until the repositioning is complete. No action is required by shareholders
of the Insured Trusts in connection with this change.

In connection with this change in non-fundamental policy, each of the
Insured Trusts underwent a name change to reflect its new portfolio
characteristics.

Each Insured Trust continues to trade on the New York Stock Exchange
under its current ticker symbol.

The approved changes did not alter any Insured Trust’s investment
objective.

Section 19(a) Notices

These reported amounts and sources of distributions are estimates and are not being provided for tax reporting purposes. The actual amounts and sources
for tax reporting purposes wll depend upon each Trust’s investment experience during the year and may be subject to changes based on the tax regula-
tions. Each Trust will provide a Form 1099-DIV each calendar year that will explain the character of these dividends and distributions for federal income
tax purposes.

February 28, 2011                 
  Total Cumulative Distributions    % Breakdown of the Total Cumulative 
  for the Fiscal Year-to-Date    Distributions for the Fiscal Year-to-Date 
  Net  Net Realized    Total Per  Net  Net Realized    Total Per 
  Investment  Capital  Return of  Common  Investment  Capital  Return of  Common 
  Income  Gains  Capital  Share  Income  Gains  Capital  Share 
BZM  $0.474000  $0.021974    $0.495974  96%  4%  0%  100% 
BLJ  $0.468000  $0.031013    $0.499013  94%  6%  0%  100% 
BQH  $0.492000  $0.004950    $0.496950  99%  1%  0%  100% 
BHV  $0.498000  $0.084384    $0.582384  86%  14%  0%  100% 

 

62 SEMI-ANNUAL REPORT FEBRUARY 28, 2011



Additional Information (concluded)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and for-
mer fund investors and individual clients (collectively, “Clients”) and to
safeguarding their non-public personal information. The following infor-
mation is provided to help you understand what personal information
BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information we
receive from you or, if applicable, your financial intermediary, on applica-
tions, forms or other documents; (ii) information about your transactions
with us, our affiliates, or others; (iii) information we receive from a consumer
reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-
public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These non-affiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.

We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access
to non-public personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock
maintains physical, electronic and procedural safeguards that are designed
to protect the non-public personal information of its Clients, including pro-
cedures relating to the proper storage and disposal of such information.

SEMI-ANNUAL REPORT FEBRUARY 28, 2011 63



This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not

be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for

Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares and

the risk that fluctuations in the short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result

of failed auctions, may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject

to change.




Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under
Item 1 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous
Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies –
Not Applicable to this semi-annual report

Item 8 – Portfolio Managers of Closed-End Management Investment Companies
(a) Not Applicable to this semi-annual report
(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in
the most recent annual report on Form N-CSR.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these
procedures.

Item 11 – Controls and Procedures

(a) – The registrant’s principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-
3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date
within 90 days of the filing of this report based on the evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as
amended.

(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule
30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this
report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal
control over financial reporting.

Item 12 – Exhibits attached hereto

(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(b) – Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.



BlackRock Virginia Municipal Bond Trust

By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Virginia Municipal Bond Trust

Date: May 4, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, this report has been signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.

By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Virginia Municipal Bond Trust

Date: May 4, 2011

By: /S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Virginia Municipal Bond Trust

Date: May 4, 2011