UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
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: Donald C. Burke, Chief Executive Officer, BlackRock Virginia Municipal Bond Trust, 800 Scudders Mill Road, Plainsboro, NJ 08536. Mailing address: P.O. Box 9011, Princeton, NJ 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2009
Date of reporting period: 02/28/2009
| Item 1 | – | Report to Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITIES |
|
FIXED INCOME |
|
REAL ESTATE |
|
LIQUIDITY |
|
ALTERNATIVES |
|
BLACKROCK SOLUTIONS |
|
|
|
|
|
|
|
|
|
|
Semi-Annual Report |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEBRUARY 28, 2009 | (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock California Insured Municipal Income Trust (BCK) |
|
|
|
BlackRock California Municipal Bond Trust (BZA) |
|
|
|
BlackRock California Municipal Income Trust II (BCL) |
|
|
|
BlackRock Maryland Municipal Bond Trust (BZM) |
|
|
|
BlackRock MuniHoldings New York Insured Fund, Inc. (MHN) |
|
|
|
BlackRock New Jersey Municipal Bond Trust (BLJ) |
|
|
|
BlackRock New York Insured Municipal Income 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 |
|
MAY LOSE VALUE |
|
NO BANK GUARANTEE |
|
|
|
|
|
|
|
|
|
|
Table of Contents |
|
|
|
|
|
|
|
|
|
Page |
|
|
|
3 |
|
|
|
Semi-Annual Report: |
|
|
|
|
|
4 |
|
|
|
|
15 |
|
|
|
|
15 |
|
|
|
Financial Statements: |
|
|
|
|
|
16 |
|
|
|
|
42 |
|
|
|
|
44 |
|
|
|
|
46 |
|
|
|
|
48 |
|
|
|
|
59 |
|
|
|
|
65 |
|
|
|
|
66 |
|
|
|
|
|
|
|
|
|
|
|
|
2 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
Dear Shareholder
The present time may well be remembered as one of the most tumultuous periods in financial market history. Over the past year, the housing market collapse and the ensuing credit crisis swelled into an all-out global financial market meltdown, featuring the collapse of storied financial firms, volatile swings in the world’s financial markets and monumental government actions, including the recent passage of the nearly $800 billion American Recovery and Reinvestment Act of 2009.
The US economy appeared somewhat resilient through the first few months of 2008 before becoming mired in the worst recession in decades. The economic data was dire across the board, but worse was the intensifying pace of deterioration in consumer spending, employment, manufacturing and other key indicators. US gross domestic product (GDP) contracted at an annual rate of 6.3% in the 2008 fourth quarter—substantially below forecast and the worst reading since 1982. The Federal Reserve Board (the “Fed”) took forceful action to revive the global economy and financial system. In addition to slashing the federal funds target rate from 3% to a record low range of 0% to 0.25%, the central bank provided enormous cash injections and significantly expanded its balance sheet via various lending and acquisition programs.
Against this backdrop, US equities contended with relentless market volatility, and the sentiment turned decisively negative toward period end. Declines were significant and broad based, with little divergence among the returns for large and small cap stocks. Non-US stocks were not spared either, as the credit crisis revealed itself to be global in nature and economic activity slowed dramatically.
Risk aversion remained the dominant theme in fixed income markets, leading the Treasury sector to top all other asset classes. The high yield market was particularly hard hit in this environment, as economic turmoil, combined with frozen credit markets and substantial technical pressures, took a heavy toll. Meanwhile, tax-exempt issues posted positive returns for the period, but the sector was not without significant challenges, including a shortage of market participants, lack of liquidity, difficult funding environment and backlog of new-issue supply.
In all, investors continued to gravitate toward relative safety, as evidenced in the six- and 12-month returns of the major benchmark indexes:
|
|
|
|
|
|
|
|
|
|
Total Returns as of February 28, 2009 |
|
6-month |
|
12-month |
|
||
|
US equities (S&P 500 Index) |
|
(41.82 |
)% |
|
(43.32 |
)% |
|
|
Small cap US equities (Russell 2000 Index) |
|
(46.91 |
) |
|
(42.38 |
) |
|
|
International equities (MSCI Europe, Australasia, Far East Index) |
|
(44.58 |
) |
|
(50.22 |
) |
|
|
US Treasury securities (Merrill Lynch 10-Year US Treasury Index) |
|
8.52 |
|
|
8.09 |
|
|
|
Taxable fixed income (Barclays Capital US Aggregate Bond Index*) |
|
1.88 |
|
|
2.06 |
|
|
|
Tax-exempt fixed income (Barclays Capital Municipal Bond Index*) |
|
0.05 |
|
|
5.18 |
|
|
|
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index*) |
|
(21.50 |
) |
|
(20.92 |
) |
|
* Formerly a Lehman Brothers index.
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only.
You cannot invest directly in an index.
Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For our most current views on the economy and financial markets, we invite you to visit www.blackrock.com/funds. We thank you for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
THIS PAGE NOT PART OF YOUR FUND REPORT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
BlackRock California Insured Municipal Income Trust |
|
|
|
Investment Objective |
BlackRock California Insured Municipal Income Trust (BCK) (the “Trust”) seeks to provide high current income exempt from regular federal income taxes and California income taxes. The Trust will invest at least 80% of its total assets in municipal obligations that are insured as to the timely payment of both principal and interest.
|
|
|
Performance |
For the six months ended February 28, 2009, the Trust returned (14.11)% based on market price and (4.29)% based on net asset value (“NAV”). For the same period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (10.41)% on a market price basis and (6.22)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The range of states included in the insured Lipper category makes return comparisons inherently difficult. The Trust benefited from the outperformance of California credits, which occurred in spite of the negative fundamental backdrop involving the state’s budget finances. The Trust’s underweight in lower-rated credits was also additive, as a return to risk aversion caused credit spreads to widen during the six-month period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
|
|
Trust Information |
|
|
|
|
|
|
Symbol on New York Stock Exchange |
|
BCK |
|
|
Initial Offering Date |
|
October 31, 2002 |
|
|
Yield on Closing Market Price as of February 28, 2009 ($10.78)1 |
|
6.23% |
|
|
Tax Equivalent Yield2 |
|
9.58% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.056 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.672 |
|
|
Leverage as of February 28, 20094 |
|
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 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 15. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
10.78 |
|
$ |
12.95 |
|
(16.76 |
)% |
|
$ |
13.32 |
|
$ |
7.15 |
|
|
Net Asset Value |
|
$ |
13.06 |
|
$ |
14.08 |
|
(7.24 |
)% |
|
$ |
14.26 |
|
$ |
10.43 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
County/City/Special District/School District |
|
44 |
% |
|
38 |
% |
|
|
Utilities |
|
35 |
|
|
39 |
|
|
|
Health |
|
7 |
|
|
8 |
|
|
|
Education |
|
6 |
|
|
6 |
|
|
|
State |
|
5 |
|
|
4 |
|
|
|
Transportation |
|
3 |
|
|
5 |
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
AAA/Aaa |
|
35 |
% |
|
31 |
% |
|
|
AA/Aa |
|
58 |
|
|
58 |
|
|
|
A/A |
|
7 |
|
|
11 |
|
|
|
|
|
|
5 |
Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings. |
|
|
|
|
|
|
|
|
|
|
|
4 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Trust Summary as of February 28, 2009 |
BlackRock California Municipal Bond Trust |
|
|
|
Investment Objective |
BlackRock California Municipal Bond Trust (BZA) (the “Trust”) seeks to provide current income exempt from regular federal income taxes and California income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Advisor to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock.
|
|
|
Performance |
For the six months ended February 28, 2009, the Trust returned (21.61)% based on market price and (6.71)% based on NAV. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of (17.21)% on a market price basis and (11.72)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s performance benefited from the tightening of spreads in certain sectors specifically held in the Trust, such as corporate-backed securities, some land-based community facilities districts and alternative minimum tax paper. Tightening of credit spreads in the Trust’s lower-quality holdings muted the interest rate volatility that normally would have resulted from a negative rate environment.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
|
|
Trust Information |
|
|
|
|
|
|
Symbol on New York Stock Exchange |
|
BZA |
|
|
Initial Offering Date |
|
April 30, 2002 |
|
|
Yield on Closing Market Price as of February 28, 2009 ($10.97)1 |
|
6.78% |
|
|
Tax Equivalent Yield2 |
|
10.43% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.062 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.744 |
|
|
Leverage as of February 28, 20094 |
|
40% |
|
|
|
|
|
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 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 15. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
10.97 |
|
$ |
14.48 |
|
(24.24 |
)% |
|
$ |
14.57 |
|
$ |
7.66 |
|
|
Net Asset Value |
|
$ |
13.39 |
|
$ |
14.85 |
|
(9.83 |
)% |
|
$ |
15.05 |
|
$ |
11.24 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
County/City/Special District/School District |
|
39 |
% |
|
31 |
% |
|
|
Health |
|
17 |
|
|
23 |
|
|
|
Education |
|
16 |
|
|
10 |
|
|
|
Housing |
|
12 |
|
|
14 |
|
|
|
Transportation |
|
5 |
|
|
6 |
|
|
|
Utilities |
|
5 |
|
|
3 |
|
|
|
Corporate |
|
4 |
|
|
5 |
|
|
|
State |
|
2 |
|
|
— |
|
|
|
Tobacco |
|
— |
|
|
8 |
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
AAA/Aaa |
|
28 |
% |
|
29 |
% |
|
|
AA/Aa |
|
27 |
|
|
18 |
|
|
|
A |
|
31 |
|
|
35 |
|
|
|
BBB/Baa |
|
8 |
|
|
11 |
|
|
|
B |
|
1 |
|
|
1 |
|
|
|
Not Rated |
|
5 |
|
|
6 |
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
5 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of February 28, 2009 |
BlackRock California Municipal Income Trust II |
|
|
|
|
Investment Objective |
|
|
|
|
BlackRock California Municipal Income Trust II (BCL) (the “Trust”) seeks to provide high current income exempt from regular federal income taxes and California income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Advisor to be of equivalent credit quality at the time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. |
|
|
|
|
Performance |
|
|
|
|
|
For the six months ended February 28, 2009, the Trust returned (16.04)% based on market price and (5.87)% based on NAV. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of (17.21)% on a market price basis and (11.72)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s performance benefited from the tightening of spreads in certain sectors specifically held in the Trust, such as corporate-backed securities, some land-based community facilities districts and alternative minimum tax paper. Tightening of credit spreads in the Trust’s lower-quality holdings muted the interest rate volatility that normally would have resulted from a negative rate environment. |
|
|
|
|
|
|
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
Symbol on American Stock Exchange |
|
BCL |
|
Initial Offering Date |
|
July 30, 2002 |
|
Yield on Closing Market Price as of February 28, 2009 ($10.31)1 |
|
6.63% |
|
Tax Equivalent Yield2 |
|
10.20% |
|
Current Monthly Distribution per Common Share3 |
|
$0.057 |
|
Current Annualized Distribution per Common Share3 |
|
$0.684 |
|
Leverage as of February 28, 20094 |
|
41% |
|
|
|
|
1 |
Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
The distribution 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 15. |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and NAV per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
10.31 |
|
$ |
12.70 |
|
|
(18.82 |
)% |
$ |
13.00 |
|
$ |
6.85 |
|
|
Net Asset Value |
|
$ |
12.77 |
|
$ |
14.03 |
|
|
(8.98 |
)% |
$ |
14.20 |
|
$ |
10.50 |
|
|
|
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments: |
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
County/City/Special District/School District |
|
37 |
% |
|
34 |
% |
|
|
Utilities |
|
16 |
|
|
12 |
|
|
|
Health |
|
14 |
|
|
14 |
|
|
|
Transportation |
|
8 |
|
|
10 |
|
|
|
Tobacco |
|
7 |
|
|
11 |
|
|
|
Education |
|
6 |
|
|
6 |
|
|
|
State |
|
5 |
|
|
5 |
|
|
|
Corporate |
|
4 |
|
|
4 |
|
|
|
Housing |
|
3 |
|
|
4 |
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
AAA/Aaa |
|
21 |
% |
|
27 |
% |
|
|
AA/Aa |
|
45 |
|
|
35 |
|
|
|
A/A |
|
27 |
|
|
25 |
|
|
|
BBB/Baa |
|
4 |
|
|
6 |
|
|
|
B/B |
|
1 |
|
|
1 |
|
|
|
Not Rated6 |
|
2 |
|
|
6 |
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
6 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 28, 2009 and August 31, 2008, the market value of these securities was $1,019,889 representing 1%, and $1,173,229 representing 1% respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
6 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Trust Summary as of February 28, 2009 |
BlackRock Maryland Municipal Bond Trust |
|
|
|
|
Investment Objective |
|
|
|
|
BlackRock Maryland Municipal Bond Trust (BZM) (the “Trust”) seeks to provide current income exempt from regular federal income taxes and Maryland personal income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Advisor to be of equivalent credit quality at the time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. |
|
|
|
Performance |
|
|
|
|
For the six months ended February 28, 2009, the Trust returned (13.78)% based on market price and (11.58)% based on NAV. For the same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of (8.43)% on a market price basis and (5.85)% on a NAV basis. 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 Trust’s performance was hampered by its exposure to the long end of the municipal yield curve, which underperformed as the curve steepened. Also detracting from results was a widening in credit spreads, which had a negative impact on weaker credits in the Trust. |
|
|
|
|
|
|
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 American Stock Exchange |
|
BZM |
|
Initial Offering Date |
|
April 30, 2002 |
|
Yield on Closing Market Price as of February 28, 2009 ($13.17)1 |
|
5.96% |
|
Tax Equivalent Yield2 |
|
9.17% |
|
Current Monthly Distribution per Common Share3 |
|
$0.0654 |
|
Current Annualized Distribution per Common Share3 |
|
$0.7848 |
|
Leverage as of February 28, 20094 |
|
41% |
|
|
|
|
1 |
Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
The distribution 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 15. |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and NAV per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
13.17 |
|
$ |
15.75 |
|
|
(16.38 |
)% |
$ |
16.65 |
|
$ |
8.70 |
|
|
Net Asset Value |
|
$ |
12.39 |
|
$ |
14.45 |
|
|
(14.26 |
)% |
$ |
14.63 |
|
$ |
10.51 |
|
|
|
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments: |
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
County/City/Special District/School District |
|
27 |
% |
|
28 |
% |
|
|
Transportation |
|
19 |
|
|
21 |
|
|
|
Health |
|
20 |
|
|
19 |
|
|
|
Utilities |
|
12 |
|
|
12 |
|
|
|
Education |
|
11 |
|
|
11 |
|
|
|
Housing |
|
7 |
|
|
5 |
|
|
|
Tobacco |
|
3 |
|
|
3 |
|
|
|
State |
|
1 |
|
|
1 |
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
AAA/Aaa |
|
31 |
% |
|
31 |
% |
|
|
AA/Aa |
|
19 |
|
|
21 |
|
|
|
A |
|
36 |
|
|
27 |
|
|
|
BBB/Baa |
|
5 |
|
|
10 |
|
|
|
Not Rated |
|
9 |
|
|
11 |
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
7 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of February 28, 2009 |
BlackRock MuniHoldings New York Insured Fund, Inc. |
|
|
|
|
Investment Objective |
|
|
|
|
BlackRock MuniHoldings New York Insured Fund, Inc. (MHN) (the “Trust”) seeks to provide shareholders with current income exempt from federal income taxes and New York State and New York City personal income taxes by investing primarily in a portfolio of long-term, investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes and New York State and New York City personal income taxes. |
|
|
|
Performance |
|
|
|
|
For the six months ended February 28, 2009, the Trust returned (11.14)% based on market price and (6.29)% based on NAV. For the same period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (10.41)% on a market price basis and (6.22)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Trust performance was adversely affected by its slightly below-average distribution rate. During the first half of the period, an overweight in longer-maturity insured bonds with weaker underlying ratings hampered results, as the municipal market became increasingly dysfunctional and illiquid and these issues significantly underperformed. This positioning proved beneficial during the second half, however, as the selling pressure in municipals abated and the absolute yield levels attracted strong retail demand, pushing yields to their lows for the period. Portfolio turnover was very low through the end of 2008, but increased in the new year as new issues offered compelling opportunities to add credits and yield. |
|
|
|
|
|
|
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 |
|
MHN |
|
Initial Offering Date |
|
September 19, 1997 |
|
Yield on Closing Market Price as of February 28, 2009 ($10.42)1 |
|
6.10% |
|
Tax Equivalent Yield2 |
|
9.38% |
|
Current Monthly Distribution per Common Share3 |
|
$0.053 |
|
Current Annualized Distribution per Common Share3 |
|
$0.636 |
|
Leverage as of February 28, 20094 |
|
44% |
|
|
|
|
1 |
Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
The distribution is not constant and is subject to change. |
|
4 |
Represents Preferred Shares and TOBs as a percentage of 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 15. |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and NAV per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
10.42 |
|
$ |
12.12 |
|
|
(14.03 |
)% |
$ |
12.23 |
|
$ |
6.50 |
|
|
Net Asset Value |
|
$ |
12.62 |
|
$ |
13.92 |
|
|
(9.34 |
)% |
$ |
14.12 |
|
$ |
10.28 |
|
|
|
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments: |
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
County/City/Special District/School District |
|
27 |
% |
|
28 |
% |
|
|
Transportation |
|
27 |
|
|
28 |
|
|
|
State |
|
12 |
|
|
10 |
|
|
|
Utilities |
|
10 |
|
|
12 |
|
|
|
Education |
|
7 |
|
|
6 |
|
|
|
Corporate |
|
7 |
|
|
7 |
|
|
|
Health |
|
4 |
|
|
3 |
|
|
|
Housing |
|
3 |
|
|
3 |
|
|
|
Tobacco |
|
3 |
|
|
3 |
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
AAA/Aaa |
|
41 |
% |
|
41 |
% |
|
|
AA/Aa |
|
33 |
|
|
49 |
|
|
|
A/A |
|
20 |
|
|
5 |
|
|
|
BBB/Baa |
|
6 |
|
|
5 |
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
8 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Trust Summary as of February 28, 2009 |
BlackRock New Jersey Municipal Bond Trust |
|
|
|
|
Investment Objective |
|
|
|
|
BlackRock New Jersey Municipal Bond Trust (BLJ) (the “Trust”) seeks to provide current income exempt from regular federal income taxes and New Jersey gross income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Advisor to be of equivalent credit quality at the time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. |
|
|
|
|
Performance |
|
|
|
|
|
For the six months ended February 28, 2009, the Trust returned (15.67)% based on market price and (12.46)% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (13.71)% on a market price basis and (9.34)% on a NAV basis. 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. Sector allocation was a primary factor in the Trust’s performance during the period. Spread products, such as healthcare, housing and corporate-backed bonds, significantly underperformed, as the economic downturn continued to put more stress on the fundamental credit quality for these sectors. Additionally, the Trust’s alternative minimum tax bond holdings underperformed, as spreads widened during the six-month 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 American Stock Exchange |
|
BLJ |
|
Initial Offering Date |
|
April 30, 2002 |
|
Yield on Closing Market Price as of February 28, 2009 ($12.00)1 |
|
7.05% |
|
Tax Equivalent Yield2 |
|
10.85% |
|
Current Monthly Distribution per Common Share3 |
|
$0.0705 |
|
Current Annualized Distribution per Common Share3 |
|
$0.8460 |
|
Leverage as of February 28, 20094 |
|
41% |
|
|
|
|
1 |
Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
The distribution 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, 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 15. |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and NAV per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
12.00 |
|
$ |
14.76 |
|
|
(18.70 |
)% |
$ |
16.00 |
|
$ |
8.20 |
|
|
Net Asset Value |
|
$ |
11.95 |
|
$ |
14.16 |
|
|
(15.61 |
)% |
$ |
14.42 |
|
$ |
10.32 |
|
|
|
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments: |
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
Health |
|
27 |
% |
|
35 |
% |
|
|
State |
|
20 |
|
|
15 |
|
|
|
Transportation |
|
15 |
|
|
17 |
|
|
|
Education |
|
10 |
|
|
10 |
|
|
|
Housing |
|
9 |
|
|
5 |
|
|
|
County/City/Special District/ School District |
|
8 |
|
|
6 |
|
|
|
Corporate |
|
6 |
|
|
6 |
|
|
|
Utilities |
|
5 |
|
|
4 |
|
|
|
Tobacco |
|
— |
|
|
2 |
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
AAA/Aaa |
|
41 |
% |
|
29 |
% |
|
|
AA/Aa |
|
15 |
|
|
10 |
|
|
|
A |
|
19 |
|
|
31 |
|
|
|
BBB/Baa |
|
9 |
|
|
14 |
|
|
|
B |
|
4 |
|
|
4 |
|
|
|
Not Rated |
|
12 |
|
|
12 |
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
9 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of February 28, 2009 |
BlackRock New York Insured Municipal Income Trust |
|
|
|
|
Investment Objective |
|
|
|
|
|
|
BlackRock New York Insured Municipal Income Trust (BSE) (the “Trust”) seeks to provide high current income exempt from regular federal income taxes and New York State and New York City personal income taxes. The Trust will invest at least 80% of its total assets in municipal obligations that are insured as to the timely payment of both principal and interest. BSE is currently 100% invested in securities which are not subject to the alternative minimum tax. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended February 28, 2009, the Trust returned (8.90)% based on market price and (7.40)% based on NAV. For the same period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (10.41)% on a market price basis and (6.22)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. An above-average distribution rate benefited the Trust’s performance. During the first half of the period, an overweight in longer-maturity insured bonds with weaker underlying ratings hampered results, as the municipal market became increasingly dysfunctional and illiquid and these issues significantly underperformed. However, this positioning proved beneficial during the second half, as the selling pressure in municipals abated and the absolute yield levels attracted strong retail demand. Though the demand drove yields to their lows for the period, which helped the long end of the curve, it did not fully erase the damage of the credit spread widening. Portfolio turnover was very low through the end of 2008, but increased in the new year as new issues offered compelling opportunities to add credits and yield. |
|
|
|
|
|
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 |
|
BSE |
|
|
Initial Offering Date |
|
October 31, 2002 |
|
|
Yield on Closing Market Price as of February 28, 2009 ($11.68)1 |
|
5.96% |
|
|
Tax Equivalent Yield2 |
|
9.17% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.058 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.696 |
|
|
Leverage as of February 28, 20094 |
|
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 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 15. |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and NAV per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
Change |
|
High |
|
Low |
|
||||
|
Market Price |
|
$ |
11.68 |
|
$ |
13.26 |
|
(11.92 |
)% |
$ |
13.79 |
|
$ |
6.90 |
|
|
Net Asset Value |
|
$ |
12.49 |
|
$ |
13.95 |
|
(10.47 |
)% |
$ |
14.19 |
|
$ |
9.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments. |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
Sector Allocations |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
Transportation |
|
28 |
% |
|
27 |
% |
|
|
Education |
|
23 |
|
|
21 |
|
|
|
County/City/Special District/School District |
|
18 |
|
|
19 |
|
|
|
Health |
|
13 |
|
|
14 |
|
|
|
State |
|
11 |
|
|
9 |
|
|
|
Utilities |
|
7 |
|
|
7 |
|
|
|
Tobacco |
|
— |
|
|
2 |
|
|
|
Housing |
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
AAA/Aaa |
|
36 |
% |
|
36 |
% |
|
|
AA/Aa |
|
37 |
|
|
47 |
|
|
|
A |
|
18 |
|
|
7 |
|
|
|
BBB/Baa |
|
7 |
|
|
8 |
|
|
|
Not Rated |
|
2 |
|
|
2 |
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
10 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Trust Summary as of February 28, 2009 |
BlackRock New York Municipal Bond Trust |
|
|
|
|
Investment Objective |
|
|
|
|
|
|
BlackRock New York Municipal Bond Trust (BQH) (the “Trust”) seeks to provide current income exempt from regular federal income taxes and New York State and New York City personal income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Advisor to be of equivalent credit quality at the time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended February 28, 2009, the Trust returned (12.97)% based on market price and (5.54)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (13.42)% on a market price basis and (11.21)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Detracting from the Trust’s performance was its underweight in both utilities and tax-backed credits. Over the period, the Trust was positioned with a barbell-type structure, meaning it was overweight in both shorter- and longer-maturity holdings, while maintaining an underweight in the belly of the curve. The shorter-maturity and pre-refunded holdings managed well through the market turmoil. Longer-maturity bonds underperformed during the first half of the period; however, these issues outperformed in the second half, as the selling pressure in municipals abated and the absolute yield levels attracted strong retail demand, pushing yields to their lows for the period. Portfolio turnover was very low through the end of 2008, but increased in the new year as new issues offered compelling opportunities to add credits and yield. |
|
|
|
|
|
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 |
|
BQH |
|
|
Initial Offering Date |
|
April 30, 2002 |
|
|
Yield on Closing Market Price as of February 28, 2009 ($12.28)1 |
|
6.64% |
|
|
Tax Equivalent Yield2 |
|
10.22% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.068 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.816 |
|
|
Leverage as of February 28, 20094 |
|
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 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 15. |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and NAV per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
Change |
|
High |
|
Low |
|
||||
|
Market Price |
|
$ |
12.28 |
|
$ |
14.62 |
|
(16.01 |
)% |
$ |
14.76 |
|
$ |
8.01 |
|
|
Net Asset Value |
|
$ |
13.41 |
|
$ |
14.71 |
|
(8.84 |
)% |
$ |
14.92 |
|
$ |
11.52 |
|
|
|
|||||||||||||||
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments. |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
Sector Allocations |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
State |
|
22 |
% |
|
21 |
% |
|
|
Education |
|
14 |
|
|
12 |
|
|
|
Housing |
|
14 |
|
|
17 |
|
|
|
County/City/Special District/School District |
|
13 |
|
|
11 |
|
|
|
Transportation |
|
12 |
|
|
13 |
|
|
|
Utilities |
|
10 |
|
|
9 |
|
|
|
Corporate |
|
7 |
|
|
7 |
|
|
|
Tobacco |
|
7 |
|
|
9 |
|
|
|
Health |
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
AAA/Aaa |
|
31 |
% |
|
38 |
% |
|
|
AA/Aa |
|
30 |
|
|
25 |
|
|
|
A |
|
15 |
|
|
12 |
|
|
|
BBB/Baa |
|
16 |
|
|
17 |
|
|
|
BB/Ba |
|
1 |
|
|
— |
|
|
|
B |
|
6 |
|
|
7 |
|
|
|
Not Rated |
|
1 |
|
|
1 |
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
11 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of February 28, 2009 |
BlackRock New York Municipal Income Trust II |
|
|
|
|
Investment Objective |
|
|
|
|
|
|
BlackRock New York Municipal Income Trust II (BFY) (the “Trust”) seeks to provide high current income exempt from regular federal income taxes and New York State and New York City personal income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Advisor to be of equivalent credit quality at the time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended February 28, 2009, the Trust returned (17.48)% based on market price and (5.66)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (13.42)% on a market price basis and (11.21)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Detracting from the Trust’s performance were its below-average distribution rate, as well as its underweight in both utilities and tax-backed credits. Over the period, the Trust was positioned with a barbell-type structure, meaning it was overweight in both shorter-and longer-maturity holdings, while maintaining an underweight in the belly of the curve. The shorter-maturity and pre-refunded holdings managed well through the market turmoil. Longer-maturity bonds underperformed during the first half of the period; however, these issues outperformed in the second half, as the selling pressure in municipals abated and the absolute yield levels attracted strong retail demand, pushing yields to their lows for the period. Portfolio turnover was very low through the end of 2008, but increased in the new year as new issues offered compelling opportunities to add credits and yield. |
|
|
|
|
|
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 American Stock Exchange |
|
BFY |
|
|
Initial Offering Date |
|
July 30, 2002 |
|
|
Yield on Closing Market Price as of February 28, 2009 ($10.83)1 |
|
6.93% |
|
|
Tax Equivalent Yield2 |
|
10.66% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.0625 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.7500 |
|
|
Leverage as of February 28, 20094 |
|
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 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, 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 15. |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and NAV per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
Change |
|
High |
|
Low |
|
||||
|
Market Price |
|
$ |
10.83 |
|
$ |
13.60 |
|
(20.37 |
)% |
$ |
14.00 |
|
$ |
7.53 |
|
|
Net Asset Value |
|
$ |
13.00 |
|
$ |
14.28 |
|
(8.96 |
)% |
$ |
14.48 |
|
$ |
10.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
Sector Allocations |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
County/City/Special District/School District |
|
22 |
% |
|
20 |
% |
|
|
Education |
|
15 |
|
|
15 |
|
|
|
Corporate |
|
15 |
|
|
15 |
|
|
|
Transportation |
|
12 |
|
|
13 |
|
|
|
Utilities |
|
9 |
|
|
8 |
|
|
|
Health |
|
8 |
|
|
8 |
|
|
|
Tobacco |
|
8 |
|
|
11 |
|
|
|
Housing |
|
7 |
|
|
6 |
|
|
|
State |
|
4 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
AAA/Aaa |
|
28 |
% |
|
30 |
% |
|
|
AA/Aa |
|
31 |
|
|
40 |
|
|
|
A/A |
|
27 |
|
|
14 |
|
|
|
BBB/Baa |
|
7 |
|
|
7 |
|
|
|
BB/Ba |
|
1 |
|
|
2 |
|
|
|
B/B |
|
5 |
|
|
6 |
|
|
|
Not Rated |
|
1 |
|
|
1 |
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
12 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Trust Summary as of February 28, 2009 |
BlackRock Virginia Municipal Bond Trust |
|
|
|
|
Investment Objective |
|
|
|
|
|
|
BlackRock Virginia Municipal Bond Trust (BHV) (the “Trust”) seeks to provide current income exempt from regular federal income taxes and Virginia personal income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Advisor to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended February 28, 2009, the Trust returned (11.08)% based on market price and (6.95)% based on NAV, both with dividends reinvested. For the same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of (8.43)% on a market price basis and (5.85)% on a NAV basis. 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 Trust’s performance was hampered by its exposure to the long end of the municipal yield curve, which underperformed as the curve steepened. Also detracting from results was a widening in credit spreads, which had a negative impact on weaker credits in the Trust. |
|
|
|
|
|
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 American Stock Exchange |
|
BHV |
|
|
Initial Offering Date |
|
April 30, 2002 |
|
|
Yield on Closing Market Price as of February 28, 2009 ($16.70)1 |
|
5.20% |
|
|
Tax Equivalent Yield2 |
|
8.00% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.072428 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.869136 |
|
|
Leverage as of February 28, 20094 |
|
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 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 15. |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and NAV per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
Change |
|
High |
|
Low |
|
||||
|
Market Price |
|
$ |
16.70 |
|
$ |
19.50 |
|
(14.36 |
)% |
$ |
22.75 |
|
$ |
12.50 |
|
|
Net Asset Value |
|
$ |
13.47 |
|
$ |
15.03 |
|
(10.38 |
)% |
$ |
15.25 |
|
$ |
11.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
Sector Allocations |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
Health |
|
16 |
% |
|
20 |
% |
|
|
Utilities |
|
16 |
|
|
8 |
|
|
|
Transportation |
|
14 |
|
|
24 |
|
|
|
Housing |
|
14 |
|
|
14 |
|
|
|
County/City/Special District/School District |
|
13 |
|
|
15 |
|
|
|
Education |
|
11 |
|
|
11 |
|
|
|
Corporate |
|
7 |
|
|
5 |
|
|
|
State |
|
6 |
|
|
— |
|
|
|
Tobacco |
|
3 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
2/28/2009 |
|
8/31/2008 |
|
||
|
AAA/Aaa |
|
34 |
% |
|
34 |
% |
|
|
AA/Aa |
|
34 |
|
|
27 |
|
|
|
A/A |
|
18 |
|
|
— |
|
|
|
A |
|
— |
|
|
17 |
|
|
|
BBB/Baa |
|
5 |
|
|
7 |
|
|
|
Not Rated6 |
|
9 |
|
|
15 |
|
|
|
|
|
|
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, 2009 and August 31, 2008, the market value of these securities was $651,700, representing 2%, and $2,170,858, representing 6%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
13 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of February 28, 2009 |
The Massachusetts Health & Education Tax-Exempt Trust |
|
|
|
|
Investment Objective |
|
|
|
|
|
|
The Massachusetts Health & Education Tax-Exempt Trust (MHE) (the “Trust”) seeks 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 Massachusetts tax-exempt obligations issued on behalf of participating not-for-profit institutions. The Trust will continue to invest primarily in investment-grade obligations. The Trust is intended to be a long-term investment and not a short-term trading vehicle. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended February 28, 2009, the Trust returned (5.17)% based on market price and (10.94)% based on NAV. For the same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of (8.43)% on a market price basis and (5.85)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The range of states included in the Lipper category makes return comparisons inherently difficult. Since 80% of the Trust’s assets must be allocated to education and healthcare bonds, naturally, the Trust was overweight in both of these sectors. Healthcare bonds and the weaker bonds in the education sector would be classified as spread product. These spread products significantly underperformed, as the economic downturn continued to put more stress on the fundamental credit quality of these sectors over the six-month 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 American Stock Exchange |
|
MHE |
|
|
Initial Offering Date |
|
July 23, 1993 |
|
|
Yield on Closing Market Price as of February 28, 2009 ($10.30)1 |
|
5.71% |
|
|
Tax Equivalent Yield2 |
|
8.78% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.049 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.588 |
|
|
Leverage as of February 28, 20094 |
|
44% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
The distribution is not constant and is subject to change. |
|
4 |
Represents Preferred Shares and TOBs as a percentage of 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 15. |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and NAV per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
Change |
|
High |
|
Low |
|
||||
|
Market Price |
|
$ |
10.30 |
|
$ |
11.22 |
|
(8.20 |
)% |
$ |
11.40 |
|
$ |
7.18 |
|
|
Net Asset Value |
|
$ |
10.82 |
|
$ |
12.55 |
|
(13.78 |
)% |
$ |
12.72 |
|
$ |
9.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
Sector Allocations |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
Education |
|
62 |
% |
|
59 |
% |
|
|
Health |
|
26 |
|
|
28 |
|
|
|
State |
|
7 |
|
|
5 |
|
|
|
Housing |
|
2 |
|
|
3 |
|
|
|
Corporate |
|
2 |
|
|
4 |
|
|
|
Transportation |
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
2/28/09 |
|
8/31/08 |
|
||
|
AAA/Aaa |
|
19 |
% |
|
20 |
% |
|
|
AA/Aa |
|
18 |
|
|
22 |
|
|
|
A/A |
|
38 |
|
|
29 |
|
|
|
BBB/Baa |
|
14 |
|
|
12 |
|
|
|
BB/Ba |
|
2 |
|
|
3 |
|
|
|
B/B |
|
— |
|
|
2 |
|
|
|
C/C |
|
1 |
|
|
— |
|
|
|
Not Rated6 |
|
8 |
|
|
12 |
|
|
|
|
|
|
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, 2009 and August 31, 2008, the market value of these securities was $952,910, representing 2% and 1,139,707 representing 2%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
14 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
The Trusts may utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.
To leverage, the Trusts issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the cost of assets to be obtained from leverage will be based on short-term interest rates, which normally will be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent that the total assets of the Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trust’s Common Shareholders will benefit from the incremental yield.
To illustrate these concepts, assume a Trust’s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the Trust’s total portfolio of $150 million earns the income based on long-term interest rates. In this case, the dividends paid to 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 yield.
Conversely, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Trust pays dividends on the higher short-term interest rates whereas the Trust’s total portfolio earns income based on lower long-term interest rates. If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental yield pickup on the Common Shares will be reduced or eliminated completely.
Furthermore, the value of the Trust’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors also influence the value of portfolio investments. In contrast, the redemption value of the Trust’s Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trust’s NAV positively or negatively in addition to the impact on Trust performance from leverage from Preferred Shares discussed above.
The Trusts may also, from time to time, leverage their assets through the use of tender option bond (“TOB”) programs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Trusts with economic benefits in periods of declining short-term interest rates, but expose the Trusts to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trusts, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect the Trusts’ NAVs per share.
The use of leverage may enhance opportunities for increased returns to the Trusts and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Trusts’ NAV, market price and dividend rate than a comparable portfolio without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Trusts’ net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, the Trusts’ net income will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders will be reduced. The Trusts may be required to sell portfolio securities at inopportune times or below fair market 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 the Trusts to incur losses. The use of leverage may limit the Trusts’ ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate preferred shares issued by a Trust. The Trusts will incur expenses in connection with the use of leverage, all of which are borne by the holders of the Common Shares and may reduce returns on 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 TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of February 28, 2009, the Trusts had economic leverage from Preferred Shares and TOBs as a percentage of their total managed assets as follows:
|
|
|
|
|
|
|
|
|
Percent of |
|
|
|
BlackRock California Insured Municipal Income Trust |
|
38 |
% |
|
|
BlackRock California Municipal Bond Trust |
|
40 |
% |
|
|
BlackRock California Municipal Income Trust II |
|
41 |
% |
|
|
BlackRock Maryland Municipal Bond Trust |
|
41 |
% |
|
|
BlackRock MuniHoldings New York Insured Fund, Inc. |
|
44 |
% |
|
|
BlackRock New Jersey Municipal Bond Trust |
|
41 |
% |
|
|
BlackRock New York Insured Municipal Income Trust |
|
39 |
% |
|
|
BlackRock New York Municipal Bond Trust |
|
39 |
% |
|
|
BlackRock New York Municipal Income Trust II |
|
41 |
% |
|
|
BlackRock Virginia Municipal Bond Trust |
|
39 |
% |
|
|
The Massachusetts Health & Education Tax-Exempt Trust |
|
44 |
% |
|
|
|
|
|
|
The Trusts may invest in various derivative instruments, including swap agreements and futures, and other instruments specified in the Notes to Financials Statements, which 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 other party to the transaction and illiquidity of the derivative instrument. The Trusts’ ability to successfully use a derivative instrument depends on the Advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Trusts to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Trusts can realize on an investment or may cause the Trusts to hold a security that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
15 |
|
|
|
|
|
|
||
|
|
||
|
BlackRock California Insured Municipal Income Trust (BCK) |
||
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
California—136.0% |
|
|
|
|
|
|
|
|
County/City/Special District/School District—65.8% |
|
|
|
|
|
|
|
|
Alameda
County, California, Joint Powers Authority, Lease |
|
$ |
1,200 |
|
$ |
1,161,420 |
|
|
Benicia,
California, Unified School District, GO, Series B, |
|
|
6,500 |
|
|
2,980,900 |
|
|
Central
Unified School District, California, GO (Election |
|
|
400 |
|
|
405,492 |
|
|
Ceres,
California, Unified School District, GO (Election |
|
|
|
|
|
|
|
|
5.905%, 8/01/30 |
|
|
3,055 |
|
|
879,626 |
|
|
5.914%, 8/01/31 |
|
|
3,180 |
|
|
862,066 |
|
|
5.918%, 8/01/32 |
|
|
3,300 |
|
|
842,820 |
|
|
5.923%, 8/01/33 |
|
|
3,440 |
|
|
827,182 |
|
|
5.892%, 8/01/34 |
|
|
3,575 |
|
|
818,604 |
|
|
5.895%, 8/01/35 |
|
|
3,275 |
|
|
706,876 |
|
|
Evergreen,
California, Elementary School District, GO |
|
|
5,000 |
|
|
4,900,850 |
|
|
Fontana
Unified School District, California, GO (Election |
|
|
5,400 |
|
|
5,598,936 |
|
|
Glendale,
California, Community College District, GO |
|
|
2,500 |
|
|
2,433,675 |
|
|
Hemet,
California, Unified School District, GO, Series B, |
|
|
2,140 |
|
|
2,063,923 |
|
|
Los Angeles, California, Unified School District, GO: |
|
|
|
|
|
|
|
|
Series D, 5%, 7/01/26 |
|
|
600 |
|
|
594,467 |
|
|
Series I, 5%, 7/01/27 |
|
|
1,000 |
|
|
976,470 |
|
|
Morongo,
California, Unified School District, GO (Election |
|
|
2,775 |
|
|
2,721,887 |
|
|
Murrieta
Valley, California, Unified School District, |
|
|
1,000 |
|
|
939,980 |
|
|
Riverside,
California, Unified School District, GO (Election |
|
|
5,000 |
|
|
4,935,750 |
|
|
San Jose,
California, Financing Authority, Lease Revenue |
|
|
6,000 |
|
|
5,762,760 |
|
|
Stockton,
California, Unified School District, GO (Election |
|
|
3,000 |
|
|
2,882,610 |
|
|
West Contra
Costa, California, Unified School District, |
|
|
2,000 |
|
|
2,050,640 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
45,346,934 |
|
|
Education—9.4% |
|
|
|
|
|
|
|
|
California
Educational Facilities Authority Revenue Bonds |
|
|
2,385 |
|
|
2,599,984 |
|
|
California
State University, Systemwide Revenue Refunding |
|
|
4,000 |
|
|
3,901,480 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,501,464 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
California (concluded) |
|
|
|
|
|
|
|
|
Health—11.1% |
|
|
|
|
|
|
|
|
California
Statewide Communities Development Authority |
|
|
|
|
|
|
|
|
(Adventist), Series B, 5%, 3/01/37 (d) |
|
$ |
1,000 |
|
$ |
886,090 |
|
|
(Sutter Health), Series D, 5.05%, 8/15/38 (a) |
|
|
5,000 |
|
|
4,447,550 |
|
|
Kaweah
Delta Health Care District, California, |
|
|
2,000 |
|
|
2,333,160 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,666,800 |
|
|
State—6.7% |
|
|
|
|
|
|
|
|
California
State Public Works Board, Lease Revenue Bonds |
|
|
5,000 |
|
|
4,615,700 |
|
|
Transportation—5.1% |
|
|
|
|
|
|
|
|
San Joaquin
Hills, California, Transportation Corridor Agency, |
|
|
20,000 |
|
|
3,516,600 |
|
|
Utilities—37.9% |
|
|
|
|
|
|
|
|
California
State Department of Water Resources, Water |
|
|
2,500 |
|
|
2,531,250 |
|
|
East Bay,
California, Municipal Utility District, Water System |
|
|
4,000 |
|
|
3,905,040 |
|
|
Imperial
Irrigation District, California, Electric Revenue |
|
|
1,275 |
|
|
1,232,798 |
|
|
Los
Angeles, California, Department of Water and Power, |
|
|
5,000 |
|
|
4,857,400 |
|
|
Los
Angeles, California, Wastewater System Revenue |
|
|
|
|
|
|
|
|
Series A, 5%, 6/01/32 (e) |
|
|
6,025 |
|
|
5,800,087 |
|
|
Sub-Series A, 5%, 6/01/27 |
|
|
5,000 |
|
|
4,934,800 |
|
|
Napa, California, Water Revenue Bonds, 5%, 5/01/35 (f) |
|
|
3,000 |
|
|
2,848,740 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
26,110,115 |
|
|
Total Municipal Bonds—136.0% |
|
|
|
|
|
93,757,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred |
|
|
|
|
|
|
|
|
California—13.6% |
|
|
|
|
|
|
|
|
Utilities—13.6% |
|
|
|
|
|
|
|
|
San Diego
County, California, Water Authority, Water Revenue |
|
|
|
|
|
|
|
|
5%, 5/01/32 (b) |
|
|
5,292 |
|
|
5,248,418 |
|
|
5%, 5/01/33 (a) |
|
|
4,250 |
|
|
4,150,635 |
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
9,399,053 |
|
|
Total Long-Term Investments |
|
|
|
|
|
103,156,666 |
|
|
|
|
|
Portfolio Abbreviations |
|
To simplify the listings of the Trusts’ portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the list on the right.
|
|
|
|
|
|
AMT |
Alternative Minimum Tax (subject to) |
|
|
CABS |
Capital Appreciation Bonds |
|
|
COP |
Certificates of Participation |
|
|
EDA |
Economic Development Authority |
|
|
EDR |
Economic Development Revenue Bonds |
|
|
GO |
General Obligation Bonds |
|
|
HDA |
Housing Development Authority |
|
|
HFA |
Housing Finance Agency |
|
|
IDA |
Industrial Development Authority |
|
|
IDR |
Industrial Development Revenue Bonds |
|
|
M/F |
Multi-Family |
|
|
PCR |
Pollution Control Revenue Bonds |
|
|
PILOT |
Payment in Lieu of Taxes |
|
|
S/F |
Single-Family |
|
|
TFABS |
Tobacco Flexible Amortization Bonds |
|
|
VRDN |
Variable Rate Demand Notes |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
16 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (concluded) |
|
BlackRock California Insured Municipal Income Trust (BCK) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Par |
|
Value |
|
||
|
California—4.4% |
|
|
|
|
|
|
|
|
Los Angeles County, California, Metropolitan |
|
$ |
3,000 |
|
$ |
3,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
Money Market Funds—13.6% |
|
|
|
|
|
|
|
|
CMA California Municipal Money Fund, 0.26% (k)(l) |
|
|
9,410,597 |
|
|
9,410,597 |
|
|
Total Short-Term Securities |
|
|
|
|
|
12,410,597 |
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost—$120,133,690*)—167.6% |
|
|
|
|
|
115,567,263 |
|
|
Liabilities in Excess of Other Assets—(6.2)% |
|
|
|
|
|
(4,267,677 |
) |
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
|
(4,798,695 |
) |
|
Preferred Shares, at Redemption Value—(54.5)% |
|
|
|
|
|
(37,556,582 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
68,944,309 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of February 28, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
115,391,542 |
|
|
|
|
|
|||
|
|
Gross unrealized appreciation |
|
$ |
848,865 |
|
|
|
Gross unrealized depreciation |
|
|
(5,444,993 |
) |
|
|
|
|
|||
|
|
Net unrealized depreciation |
|
$ |
(4,596,128 |
) |
|
|
|
|
|
|
|
|
(a) |
FSA Insured. |
|
(b) |
NPFGC Insured. |
|
(c) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
(d) |
Assured Guaranty Insured. |
|
(e) |
FGIC Insured. |
|
(f) |
AMBAC Insured. |
|
(g) |
BHAC Insured. |
|
(h) |
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. |
|
(i) |
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. |
|
(j) |
Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. Rate shown is as of report date. This rate changes periodically based upon prevailing market rates. |
|
(k) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Affiliate |
|
Net
|
|
Income |
|
||
|
|
||||||||
|
|
CMA California Municipal Money Fund |
|
|
3,137,730 |
|
$ |
34,712 |
|
|
|
||||||||
|
|
|
|
|
(l) |
Represents the current yield as of report date. |
|
|
|
|
|
|
• |
For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
|
|
|
|
|
|
• |
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
|
|
The following table summarizes the inputs used as of February 28, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Valuation |
|
Investments
in |
|
|
|
|
|||||
|
|
|
|
Assets |
|
|
|
|
|
|
|||
|
|
Level 1 |
|
$ |
9,410,597 |
|
|
|
Level 2 |
|
|
106,156,666 |
|
|
|
Level 3 |
|
|
— |
|
|
|
|||||
|
|
Total |
|
$ |
115,567,263 |
|
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
17 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments February 28, 2009 (Unaudited) |
BlackRock California Municipal Bond Trust (BZA) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
California—136.4% |
|
|
|
|
|
|
|
|
Corporate—5.4% |
|
|
|
|
|
|
|
|
California
Pollution Control Financing Authority, Solid Waste |
|
$ |
1,530 |
|
$ |
1,269,303 |
|
|
California
Pollution Control Financing Authority, Solid Waste |
|
|
500 |
|
|
436,505 |
|
|
Los Angeles,
California, Regional Airports Improvement |
|
|
1,000 |
|
|
758,540 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,464,348 |
|
|
County/City/Special District/School District—52.2% |
|
|
|
|
|
|
|
|
Chino Basin,
California, Desalter Authority, Revenue |
|
|
2,000 |
|
|
1,912,560 |
|
|
Lathrop,
California, Financing Authority Revenue Bonds |
|
|
|
|
|
|
|
|
5.90%, 6/01/27 |
|
|
655 |
|
|
512,498 |
|
|
6%, 6/01/35 |
|
|
1,180 |
|
|
870,781 |
|
|
Live Oak Unified
School District, California, GO (Election |
|
|
|
|
|
|
|
|
5.568%, 8/01/18 (d) |
|
|
905 |
|
|
291,292 |
|
|
5.578%, 8/01/18 (d) |
|
|
945 |
|
|
287,450 |
|
|
5.528%, 8/01/29 |
|
|
705 |
|
|
204,549 |
|
|
5.538%, 8/01/30 |
|
|
795 |
|
|
213,084 |
|
|
5.548%, 8/01/31 |
|
|
830 |
|
|
206,048 |
|
|
5.558%, 8/01/32 |
|
|
865 |
|
|
199,383 |
|
|
Los Angeles, California, Unified School District, GO: |
|
|
|
|
|
|
|
|
Series D, 5.30%, 1/01/34 |
|
|
500 |
|
|
497,230 |
|
|
Series I, 5%, 7/01/26 |
|
|
650 |
|
|
644,007 |
|
|
Modesto, California, Irrigation District, COP, Series B, |
|
|
|
|
|
|
|
|
5.50%, 7/01/35 |
|
|
750 |
|
|
751,028 |
|
|
Orange County, California, Community Facilities District, |
|
|
|
|
|
|
|
|
Special Tax Bonds (Number 01-1 Ladera Ranch), |
|
|
|
|
|
|
|
|
Series A, 6%, 8/15/10 (d) |
|
|
2,400 |
|
|
2,596,296 |
|
|
Pittsburg,
California, Redevelopment Agency, Tax Allocation |
|
|
1,000 |
|
|
994,530 |
|
|
San Diego, California,
Regional Building Authority, Lease |
|
|
2,000 |
|
|
1,959,500 |
|
|
San Francisco,
California, City and County Redevelopment |
|
|
2,500 |
|
|
2,132,425 |
|
|
Santa Ana,
California, Unified School District, |
|
|
15,000 |
|
|
4,992,900 |
|
|
Santa Ana, California,
Unified School District, GO, |
|
|
500 |
|
|
499,690 |
|
|
Santa Cruz County,
California, Redevelopment Agency, |
|
|
500 |
|
|
517,280 |
|
|
Stockton, California,
Unified School District, GO (Election |
|
|
2,000 |
|
|
1,921,740 |
|
|
Val Verde,
California, Unified School District, GO (Election |
|
|
1,615 |
|
|
1,629,115 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
23,833,386 |
|
|
Education—24.7% |
|
|
|
|
|
|
|
|
California Educational Facilities Authority Revenue Bonds: |
|
|
|
|
|
|
|
|
(Stanford University), Series Q, 5.25%, 12/01/32 |
|
|
4,000 |
|
|
4,083,680 |
|
|
(University of San Diego), Series A, 5.25%, 10/01/30 |
|
|
4,000 |
|
|
3,913,840 |
|
|
California
Infrastructure and Economic Development |
|
|
3,750 |
|
|
3,261,075 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,258,595 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
California (concluded) |
|
|
|
|
|
|
|
|
Health—25.7% |
|
|
|
|
|
|
|
|
California Statewide Communities Development Authority Revenue Bonds: |
|
|
|
|
|
|
|
|
(Catholic Healthcare West), Series E, 5.50% |
|
$ |
1,250 |
|
$ |
1,140,612 |
|
|
(Daughters of Charity National
Health System), |
|
|
1,500 |
|
|
993,090 |
|
|
(Kaiser Permanente), Series A, 5.50% |
|
|
5,000 |
|
|
4,476,950 |
|
|
(Sutter Health), Series B, 5.625%, 8/15/42 |
|
|
3,250 |
|
|
3,061,532 |
|
|
Kaweah Delta
Health Care District, California, Revenue |
|
|
1,745 |
|
|
2,035,682 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,707,866 |
|
|
Housing—9.4% |
|
|
|
|
|
|
|
|
California M/F
Housing Revenue Bonds (San Lucas |
|
|
2,120 |
|
|
2,025,957 |
|
|
Santa Maria,
California, M/F Housing Revenue Bonds |
|
|
2,280 |
|
|
2,280,342 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,306,299 |
|
|
State—3.4% |
|
|
|
|
|
|
|
|
California State
Department of Water Resources, Power Supply |
|
|
1,500 |
|
|
1,558,530 |
|
|
Transportation—8.2% |
|
|
|
|
|
|
|
|
Foothill/Eastern
Corridor Agency, California, Toll Road |
|
|
3,845 |
|
|
2,743,061 |
|
|
San Francisco,
California, City and County Airport |
|
|
950 |
|
|
984,685 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,727,746 |
|
|
Utilities—7.4% |
|
|
|
|
|
|
|
|
Chino Basin,
California, Regional Financing Authority, |
|
|
1,000 |
|
|
945,740 |
|
|
Eastern Municipal
Water District, California, Water and |
|
|
2,545 |
|
|
2,437,728 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,383,468 |
|
|
Multi-State—8.3% |
|
|
|
|
|
|
|
|
Housing—8.3% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 7.20%, 10/31/52 (h)(i) |
|
|
3,500 |
|
|
3,790,045 |
|
|
Total Municipal Bonds—144.7% |
|
|
|
|
|
66,030,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Municipal Bonds Transferred |
|
|
|
|
|
|
|
|
California—6.4% |
|
|
|
|
|
|
|
|
County/City/Special District/School District—6.4% |
|
|
|
|
|
|
|
|
Santa Clara
County, California, Financing Authority, Lease |
|
|
2,999 |
|
|
2,930,627 |
|
|
Total Municipal Bonds Transferred |
|
|
|
|
|
2,930,627 |
|
|
Total Long-Term Investments (Cost—$72,108,281)—151.1% |
|
|
|
|
|
68,960,910 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
18 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock
California Municipal Bond Trust (BZA) |
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Par |
|
Value |
|
||
|
California—4.4% |
|
|
|
|
|
|
|
|
Los Angeles County, California, Metropolitan
Transportation |
|
$ |
2,000 |
|
$ |
2,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
Money Market Funds—4.9% |
|
|
|
|
|
|
|
|
CMA California Municipal Money Fund, 0.26% (l)(m) |
|
|
2,248,240 |
|
|
2,248,240 |
|
|
Total
Short-Term Securities |
|
|
|
|
|
4,248,240 |
|
|
Total Investments (Cost—$76,356,521*)—160.4% |
|
|
|
|
|
73,209,150 |
|
|
|
|
|
|
|
|
|
|
|
Other Assets Less Liabilities—5.3% |
|
|
|
|
|
2,429,324 |
|
|
|
|
|
|
|
|
|
|
|
Liability for Trust Certificates,
Including Interest |
|
|
|
|
|
(2,002,786 |
) |
|
|
|
|
|
|
|
|
|
|
Preferred Shares, at Redemption Value—(61.3)% |
|
|
|
|
|
(27,979,904 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
45,655,784 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of February 28, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
74,181,536 |
|
|
|
|
|
||
|
Gross unrealized appreciation |
|
$ |
1,574,936 |
|
|
Gross unrealized depreciation |
|
|
(4,546,169 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(2,971,233 |
) |
|
|
|
|
|
|
|
(a) |
Assured Guaranty Insured. |
|
(b) |
XL Capital Insured. |
|
(c) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
(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) |
FSA Insured. |
|
(f) |
NPFGC Insured. |
|
(g) |
AMBAC Insured. |
|
(h) |
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. |
|
(i) |
Securities represent a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. |
|
(j) |
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. |
|
(k) |
Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. Rate shown is as of report date. This rate changes periodically based upon prevailing market rates. |
|
(l) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Income |
|
||
|
CMA California Municipal Money Fund |
|
|
114,135 |
|
$ |
13,721 |
|
|
|
|
|
|
(m) |
Represents the current yield as of report date. |
|
|
|
|
|
|
• |
For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
|
|
|
|
|
|
• |
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
|
|
The following table summarizes the inputs used as of February 28, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
Valuation |
|
Investments
in |
|
|
|
|
|
Assets |
|
|
|
|
|
|||
|
Level 1 |
|
$ |
2,248,240 |
|
|
Level 2 |
|
|
70,960,910 |
|
|
Level 3 |
|
|
— |
|
|
Total |
|
$ |
73,209,150 |
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
19 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments February 28, 2009 (Unaudited) |
BlackRock California Municipal Income Trust II (BCL) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
California—134.9% |
|
|
|
|
|
|
|
|
Corporate—5.9% |
|
|
|
|
|
|
|
|
California
Pollution Control Financing Authority, Solid |
|
|
|
|
|
|
|
|
5.125%, 11/01/23 |
|
$ |
4,180 |
|
$ |
3,467,770 |
|
|
6.75%, 12/01/27 |
|
|
1,225 |
|
|
1,221,827 |
|
|
Los
Angeles, California, Regional Airports Improvement |
|
|
1,785 |
|
|
1,353,994 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,043,591 |
|
|
County/City/Special District/School District—50.8% |
|
|
|
|
|
|
|
|
Alameda
County, California, Joint Powers Authority, Lease |
|
|
3,500 |
|
|
3,387,475 |
|
|
Corona-Norco
Unified School District, California, |
|
|
6,000 |
|
|
5,824,020 |
|
|
La Quinta,
California, Redevelopment Agency, Tax |
|
|
4,000 |
|
|
3,480,360 |
|
|
Los
Angeles, California, Community College District, |
|
|
1,500 |
|
|
1,462,755 |
|
|
Los
Alamitos, California, Unified School District, GO |
|
|
3,500 |
|
|
3,594,150 |
|
|
Los
Angeles, California, Unified School District, GO: |
|
|
2,100 |
|
|
2,088,366 |
|
|
Series I, 5%, 7/01/26 |
|
|
3,100 |
|
|
3,071,418 |
|
|
Modesto,
California, Irrigation District, COP, Series B, |
|
|
1,650 |
|
|
1,652,260 |
|
|
Pittsburg,
California, Redevelopment Agency, Tax Allocation |
|
|
2,000 |
|
|
1,989,060 |
|
|
San Diego,
California, Regional Building Authority, Lease |
|
|
1,600 |
|
|
1,567,600 |
|
|
San
Francisco, California, City and County Redevelopment |
|
|
3,000 |
|
|
2,558,910 |
|
|
San Jose,
California, Unified School District, Santa Clara |
|
|
2,750 |
|
|
2,708,860 |
|
|
Santa Ana,
California, Unified School District, GO |
|
|
|
|
|
|
|
|
5.50%, 8/01/30 |
|
|
5,830 |
|
|
5,945,726 |
|
|
5.125%, 8/01/33 |
|
|
2,000 |
|
|
1,949,600 |
|
|
Santa Cruz
County, California, Redevelopment Agency, |
|
|
1,000 |
|
|
1,020,390 |
|
|
Stockton,
California, Unified School District, GO (Election |
|
|
2,000 |
|
|
1,921,740 |
|
|
Torrance,
California, Unified School District, GO, |
|
|
1,500 |
|
|
1,577,085 |
|
|
Val Verde,
California, Unified School District, GO |
|
|
5,000 |
|
|
5,043,700 |
|
|
Val Verde,
California, Unified School District Financing |
|
|
1,170 |
|
|
1,019,889 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
51,863,364 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
California (concluded) |
|
|
|
|
|
|
|
|
Education—7.7% |
|
|
|
|
|
|
|
|
California
Educational Facilities Authority Revenue |
|
$ |
3,500 |
|
$ |
3,563,210 |
|
|
University
of California Revenue Bonds, Series D, 5%, |
|
|
2,500 |
|
|
2,374,700 |
|
|
University
of California, General Revenue Bonds, Series A, |
|
|
2,000 |
|
|
1,950,480 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,888,390 |
|
|
Health—21.5% |
|
|
|
|
|
|
|
|
California
Health Facilities Financing Authority, Revenue |
|
|
1,000 |
|
|
1,047,140 |
|
|
California
Infrastructure and Economic Development |
|
|
1,735 |
|
|
1,554,890 |
|
|
California
Statewide Communities Development Authority |
|
|
|
|
|
|
|
|
(Catholic Healthcare West), Series E, 5.50%, 7/01/31 |
|
|
1,250 |
|
|
1,140,612 |
|
|
(Kaiser Permanente), Series A, 5.50%, 11/01/32 |
|
|
5,000 |
|
|
4,476,950 |
|
|
(Sutter Health), Series B, 5.50%, 8/15/34 |
|
|
8,000 |
|
|
7,570,720 |
|
|
California
Statewide Communities Development Authority, |
|
|
7,000 |
|
|
6,145,930 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
21,936,242 |
|
|
State—7.8% |
|
|
|
|
|
|
|
|
California
State Department of Water Resources, Power Supply |
|
|
7,650 |
|
|
7,948,503 |
|
|
Tobacco—10.4% |
|
|
|
|
|
|
|
|
Golden
State Tobacco Securitization Corporation of |
|
|
9,000 |
|
|
10,593,540 |
|
|
Transportation—12.9% |
|
|
|
|
|
|
|
|
Foothill/Eastern
Corridor Agency, California, Toll Road Revenue |
|
|
10,000 |
|
|
4,602,700 |
|
|
Foothill/Eastern
Corridor Agency, California, Toll Road |
|
|
6,550 |
|
|
1,084,418 |
|
|
Port of
Oakland, California, Revenue Bonds, AMT, |
|
|
2,000 |
|
|
1,709,340 |
|
|
San
Francisco, California, City and County Airport |
|
|
1,575 |
|
|
1,632,503 |
|
|
San Joaquin
Hills, California, Transportation Corridor Agency, |
|
|
30,000 |
|
|
4,136,700 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
13,165,661 |
|
|
Utilities—17.9% |
|
|
|
|
|
|
|
|
Eastern
Municipal Water District, California, Water and |
|
|
7,100 |
|
|
6,800,735 |
|
|
Los
Angeles, California, Department of Water and Power, |
|
|
1,600 |
|
|
1,615,104 |
|
|
Los
Angeles, California, Department of Water and Power, |
|
|
5,500 |
|
|
5,343,140 |
|
|
San Diego,
California, Public Facilities Financing Authority, |
|
|
|
|
|
|
|
|
5%, 8/01/26 |
|
|
1,000 |
|
|
1,013,470 |
|
|
5.25%, 8/01/38 |
|
|
2,500 |
|
|
2,496,175 |
|
|
Santa Rosa,
California, Wastewater Revenue Refunding |
|
|
2,685 |
|
|
1,058,132 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
18,326,756 |
|
|
Total Municipal Bonds in California |
|
|
|
|
|
137,766,047 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
20 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
||
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock California
Municipal Income Trust II (BCL) |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Multi-State—4.0% |
|||||||
|
Housing—4.0% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (h)(i): |
|
|
|
|
|
|
|
|
5.75%, 4/30/15 |
|
$ |
500 |
|
$ |
507,075 |
|
|
6%, 4/30/15 |
|
|
1,500 |
|
|
1,538,775 |
|
|
6%, 4/30/19 |
|
|
1,000 |
|
|
1,012,490 |
|
|
6.30%, 4/30/19 |
|
|
1,000 |
|
|
1,017,640 |
|
|
Total Municipal Bonds in Multi-State |
|
|
|
|
|
4,075,980 |
|
|
Total Municipal Bonds—138.9% |
|
|
|
|
|
141,842,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred |
|
|
|
|
|
|
|
|
California—16.8% |
|||||||
|
County/City/Special District/School District—7.7% |
|
|
|
|
|
|
|
|
Santa Clara
County, California, Financing Authority, Lease |
|
|
8,005 |
|
|
7,823,144 |
|
|
Education—2.2% |
|
|
|
|
|
|
|
|
California
State University, Systemwide Revenue Bonds, |
|
|
2,400 |
|
|
2,298,264 |
|
|
Utilities—6.9% |
|
|
|
|
|
|
|
|
California
State Department of Water Resources Revenue |
|
|
7,000 |
|
|
7,061,460 |
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
17,182,868 |
|
|
Total Long-Term Investments |
|
|
|
|
|
159,024,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
California—3.9% |
|||||||
|
Los Angeles
County, California, Metropolitan Transportation |
|
|
4,000 |
|
|
4,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
Money Market Fund—6.0% |
|||||||
|
CMA California Municipal Money Fund, 0.26% (k)(l) |
|
|
6,141,300 |
|
|
6,141,300 |
|
|
Total Short-Term Securities |
|
|
|
|
|
10,141,300 |
|
|
Total Investments (Cost—$175,762,634*)—165.6% |
|
|
|
|
|
169,166,195 |
|
|
Other Assets Less Liabilities—2.7% |
|
|
|
|
|
2,784,682 |
|
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
|
(10,056,672 |
) |
|
Preferred Shares, at Redemption Value—(58.5)% |
|
|
|
|
|
(59,756,135 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
102,138,070 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of February 28, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
165,646,865 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
2,973,904 |
|
|
Gross unrealized depreciation |
|
|
(9,489,865 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(6,515,961 |
) |
|
|
|
|
|
|
|
(a) |
FSA Insured. |
|
(b) |
AMBAC Insured. |
|
(c) |
NPFGC Insured. |
|
(d) |
FGIC Insured. |
|
(e) |
US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(f) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
(g) |
Security is collateralized by Municipal or U.S. Treasury Obligations. |
|
(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 governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. |
|
(i) |
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. |
|
(j) |
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. |
|
(k) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Income |
|
|
|
CMA California Municipal Money Fund |
|
6,141,056 |
|
$ |
38,270 |
|
|
|
|
|
(l) |
Represents the current yield as of report date. |
|
(m) |
Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. Rate shown is as of report date. This rate changes periodically based upon prevailing market rates. |
|
|
|
|
|
• |
For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
|
|
|
|
|
|
• |
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
|
|
|
|
|
The inputs or methodology 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 the Trust’s most recent financial statements as contained in its semi-annual report. |
|
|
|
|
|
|
|
The following table summarizes the inputs used as of February 28, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
Valuation |
|
Investments
in |
|
|
|
|
|
Assets |
|
|
|
|
|
|||
|
Level 1 |
|
$ |
6,141,300 |
|
|
Level 2 |
|
|
163,024,895 |
|
|
Level 3 |
|
|
— |
|
|
Total |
|
$ |
169,166,195 |
|
|
|
|
|||
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
21 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments February 28, 2009 (Unaudited) |
BlackRock Maryland
Municipal Bond Trust (BZM) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Maryland—114.5% |
|||||||
|
County/City/Special District/School District—34.1% |
|
|
|
|
|
|
|
|
Annapolis,
Maryland, Special Obligation Revenue Bonds |
|
$ |
500 |
|
$ |
291,775 |
|
|
Baltimore County, Maryland, Metropolitan District, GO: |
|
|
|
|
|
|
|
|
67th Issue, 5%, 6/01/22 |
|
|
2,000 |
|
|
2,071,500 |
|
|
68th Issue, 5%, 8/01/28 |
|
|
2,000 |
|
|
2,014,940 |
|
|
Baltimore,
Maryland, Special Obligation Tax Bonds |
|
|
1,000 |
|
|
703,490 |
|
|
Frederick
County, Maryland, Special Obligation Tax Bonds |
|
|
1,000 |
|
|
753,010 |
|
|
Montgomery
County, Maryland, Lease Revenue Bonds |
|
|
|
|
|
|
|
|
5%, 6/01/23 |
|
|
500 |
|
|
512,805 |
|
|
5%, 6/01/24 |
|
|
1,435 |
|
|
1,459,051 |
|
|
Prince
Georges County, Maryland, Special Obligation Bonds |
|
|
1,500 |
|
|
820,260 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,626,831 |
|
|
Education—24.0% |
|
|
|
|
|
|
|
|
Anne
Arundel County, Maryland, EDR (Community College |
|
|
1,870 |
|
|
1,730,217 |
|
|
Maryland
State Health and Higher Educational Facilities |
|
|
|
|
|
|
|
|
(Baltimore Board of Child Care), 5.375%, 7/01/32 |
|
|
2,000 |
|
|
1,806,780 |
|
|
(Loyola College), 5%, 10/01/39 |
|
|
2,000 |
|
|
1,653,720 |
|
|
Maryland
State Industrial Development Financing Authority, |
|
|
1,000 |
|
|
653,690 |
|
|
University
System of Maryland, Auxiliary Facility and Tuition |
|
|
250 |
|
|
246,212 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,090,619 |
|
|
Health—29.8% |
|
|
|
|
|
|
|
|
Baltimore
County, Maryland, Revenue Refunding Bonds |
|
|
1,000 |
|
|
703,290 |
|
|
Howard
County, Maryland, Retirement Community Revenue |
|
|
500 |
|
|
278,960 |
|
|
Maryland
State Health and Higher Educational Facilities |
|
|
|
|
|
|
|
|
(Carroll County General Hospital), 6%, 7/01/37 |
|
|
1,990 |
|
|
1,774,921 |
|
|
(Union Hospital of Cecil County), 5.625%, 7/01/32 |
|
|
2,000 |
|
|
1,797,680 |
|
|
(University
of Maryland Medical System), |
|
|
2,000 |
|
|
2,167,760 |
|
|
Maryland
State Health and Higher Educational Facilities |
|
|
1,000 |
|
|
820,230 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,542,841 |
|
|
Housing—1.9% |
|
|
|
|
|
|
|
|
Maryland
State Community Development Administration, |
|
|
500 |
|
|
490,005 |
|
|
Transportation—7.0% |
|
|
|
|
|
|
|
|
Maryland
State Transportation Authority, Parking Revenue Bonds |
|
|
2,000 |
|
|
1,786,480 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Maryland (concluded) |
|||||||
|
Utilities—17.7% |
|
|
|
|
|
|
|
|
Baltimore,
Maryland, Wastewater Project Revenue Refunding |
|
|
|
|
|
|
|
|
5.20%, 7/01/32 |
|
$ |
2,500 |
|
$ |
2,521,325 |
|
|
5.125%, 7/01/42 |
|
|
2,000 |
|
|
1,954,540 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,475,865 |
|
|
Total Municipal Bonds in Maryland |
|
|
|
|
|
29,012,641 |
|
|
Multi-State—8.5% |
|||||||
|
Housing—8.5% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 7.20%, 10/31/52 (e)(f) |
|
|
2,000 |
|
|
2,165,740 |
|
|
Puerto Rico—15.1% |
|||||||
|
State—1.2% |
|
|
|
|
|
|
|
|
Puerto Rico
Public Buildings Authority, Government Facilities |
|
|
350 |
|
|
294,665 |
|
|
Tobacco—4.0% |
|
|
|
|
|
|
|
|
Children’s
Trust Fund Project of Puerto Rico, Tobacco |
|
|
1,500 |
|
|
1,005,015 |
|
|
Transportation—9.9% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
|
|
|
|
|
|
Series CC, 5.25%, 7/01/36 (g) |
|
|
895 |
|
|
856,166 |
|
|
Series D, 5.25%, 7/01/12 (a) |
|
|
1,500 |
|
|
1,661,010 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,517,176 |
|
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
3,816,856 |
|
|
Total Municipal Bonds—138.1% |
|
|
|
|
|
34,995,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
Maryland—11.9% |
|||||||
|
Transportation—11.9% |
|
|
|
|
|
|
|
|
Maryland
State Transportation Authority, Transportation |
|
|
3,000 |
|
|
3,008,700 |
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
3,008,700 |
|
|
Total Long-Term Investments |
|
|
|
|
|
38,003,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|||||||
|
Short-Term Securities |
|
Shares |
|
|
|
||
|
Money Market Funds—17.8% |
|
|
|
|
|
|
|
|
Merrill Lynch Institutional Tax-Exempt Fund, 0.66% (i)(j) |
|
|
4,502,411 |
|
|
4,502,411 |
|
|
Total Short-Term Securities (Cost—$4,502,411)—17.8% |
|
|
|
|
|
4,502,411 |
|
|
Total Investments (Cost—$45,919,664*)—167.8% |
|
|
|
|
|
42,506,348 |
|
|
Other Assets Less Liabilities—1.3% |
|
|
|
|
|
335,705 |
|
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
|
(1,502,578 |
) |
|
Preferred Shares, at Redemption Value—(63.2)% |
|
|
|
|
|
(16,001,184 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
25,338,291 |
|
|
|
|
|
|
|
|||
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
22 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Maryland Municipal Bond Trust (BZM) |
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of February 28, 2009 as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
44,337,945 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
887,230 |
|
|
Gross unrealized depreciation |
|
|
(4,218,827 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(3,331,597 |
) |
|
|
|
|
|
|
|
(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) |
AMBAC Insured. |
|
(c) |
FGIC Insured. |
|
(d) |
NPFGC Insured. |
|
(e) |
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. |
|
(f) |
Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. |
|
(g) |
FSA Insured. |
|
(h) |
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. |
|
(i) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Income |
|
||
|
Merrill Lynch Institutional Tax-Exempt Fund |
|
2,398,985 |
|
$ |
21,217 |
|
|
|
|
|
|
(j) |
Represents the current yield as of report date. |
|
|
|
|
|
• |
For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
|
|
|
|
|
|
• |
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
|
|
The following table summarizes the inputs used as of February 28, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
Valuation |
|
Investments
in |
|
|
|
|
|
Assets |
|
|
|
|
|
|||
|
Level 1 |
|
$ |
4,502,411 |
|
|
Level 2 |
|
|
38,003,937 |
|
|
Level 3 |
|
|
— |
|
|
Total |
|
$ |
42,506,348 |
|
|
|
|
|||
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
23 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments February 28, 2009 (Unaudited) |
|
BlackRock MuniHoldings New York Insured Fund, Inc. (MHN) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York—134.8% |
|||||||
|
Corporate—12.2% |
|
|
|
|
|
|
|
|
New York
City, New York, City IDA, IDR (Japan Airlines |
|
$ |
9,640 |
|
$ |
9,652,436 |
|
|
New York
City, New York, City IDA, Special Facility Revenue |
|
|
1,500 |
|
|
1,291,680 |
|
|
New York
State Energy Research and Development |
|
|
15,090 |
|
|
13,086,501 |
|
|
New York
State Energy Research and Development Authority, |
|
|
6,000 |
|
|
6,026,700 |
|
|
Suffolk
County, New York, IDA, IDR (Keyspan-Port Jefferson), |
|
|
4,355 |
|
|
3,533,299 |
|
|
Suffolk
County, New York, IDA, Solid Waste Disposal Facility, |
|
|
|
|
|
|
|
|
6%, 10/01/10 |
|
|
4,660 |
|
|
4,816,576 |
|
|
6.15%, 10/01/11 |
|
|
5,000 |
|
|
5,227,700 |
|
|
6.25%, 10/01/12 |
|
|
3,530 |
|
|
3,726,727 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
47,361,619 |
|
|
County/City/Special District/School District—41.6% |
|
|
|
|
|
|
|
|
Buffalo, New York, GO, Series D (a)(d): |
|
|
|
|
|
|
|
|
6%, 12/01/09 |
|
|
2,000 |
|
|
2,104,640 |
|
|
Erie
County, New York, Public Improvement, GO, Series A, |
|
|
1,025 |
|
|
1,048,636 |
|
|
Hudson
Yards Infrastructure Corporation, New York, |
|
|
|
|
|
|
|
|
4.50%, 2/15/47 (e) |
|
|
13,750 |
|
|
10,155,337 |
|
|
5%, 2/15/47 (b) |
|
|
10,250 |
|
|
8,304,447 |
|
|
Nassau
Health Care Corporation, New York, Health |
|
|
4,210 |
|
|
4,382,526 |
|
|
New York
City, New York, City Health and Hospital Corporation, |
|
|
2,000 |
|
|
2,019,200 |
|
|
New York City, New York, City IDA, PILOT Revenue Bonds: |
|
|
|
|
|
|
|
|
(Queens Baseball Stadium Project) 5%, 1/01/31 (c) |
|
|
4,000 |
|
|
3,374,640 |
|
|
(Queens Baseball Stadium Project) 5%, 1/01/36 (c) |
|
|
12,740 |
|
|
10,354,435 |
|
|
(Queens Baseball Stadium Project) 5%, 1/01/39 (c) |
|
|
4,000 |
|
|
3,213,400 |
|
|
(Queens Baseball Stadium Project) 6.375%, 1/01/39 (f) |
|
|
800 |
|
|
846,360 |
|
|
(Queens Baseball Stadium Project) 5%, 1/01/46 (c) |
|
|
7,800 |
|
|
6,107,634 |
|
|
(Yankee Stadium Project) 5%, 3/01/36 (e) |
|
|
3,950 |
|
|
3,208,941 |
|
|
(Yankee Stadium Project) 5%, 3/01/46 (b) |
|
|
10,500 |
|
|
7,809,480 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
|
|
|
|
|
|
Series S-1, 5.50%, 7/15/38 (f) |
|
|
4,000 |
|
|
4,020,120 |
|
|
Series S-2, 4.25%, 1/15/34 (b)(e) |
|
|
4,830 |
|
|
3,935,436 |
|
|
Series S-2, 5%, 1/15/37 (a)(b) |
|
|
3,750 |
|
|
3,640,013 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
1,760 |
|
|
1,491,195 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
|
|
|
|
|
|
5.50%, 2/01/12 (e) |
|
|
1,145 |
|
|
1,232,341 |
|
|
5.50%, 2/01/13 (e) |
|
|
805 |
|
|
861,374 |
|
|
6.25%, 11/15/18 (b) |
|
|
6,405 |
|
|
6,886,272 |
|
|
|
|||||||
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York (continued) |
|||||||
|
County/City/Special District/School District (concluded) |
|
|
|
|
|
|
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
|
|
|
|
|
|
Series C, 5%, 2/01/33 (b) |
|
$ |
16,200 |
|
$ |
15,758,712 |
|
|
Series E, 5.25%, 2/01/22 (e) |
|
|
2,500 |
|
|
2,590,950 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
1,000 |
|
|
1,006,660 |
|
|
New York
City, New York, GO, Refunding, Series A, |
|
|
3,700 |
|
|
3,944,163 |
|
|
New York City, New York, GO, Series B, 5.75%, 8/01/13 (e) |
|
|
2,280 |
|
|
2,422,204 |
|
|
New York
City, New York, Sales Tax Asset Receivable |
|
|
|
|
|
|
|
|
DRIVERS, Series 1438Z, 11.763%, 10/15/12 (c)(g) |
|
|
1,250 |
|
|
1,315,888 |
|
|
Series A, 5%, 10/15/32 (c) |
|
|
14,175 |
|
|
14,277,911 |
|
|
New York
Convention Center Development Corporation, |
|
|
|
|
|
|
|
|
5%, 11/15/30 |
|
|
2,100 |
|
|
1,988,049 |
|
|
5%, 11/15/35 |
|
|
21,000 |
|
|
19,620,720 |
|
|
5%, 11/15/44 |
|
|
2,055 |
|
|
1,877,633 |
|
|
Oneida-Herkimer,
New York, Solid Waste Management |
|
|
1,800 |
|
|
2,004,786 |
|
|
Syracuse,
New York, IDA, PILOT Revenue Bonds (Carousel |
|
|
10,000 |
|
|
7,781,600 |
|
|
Yonkers, New York, GO, Series A, 5.75%, 10/01/10 (b) |
|
|
1,795 |
|
|
1,945,080 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
161,530,783 |
|
|
Education—10.8% |
|
|
|
|
|
|
|
|
Albany, New
York, IDA, Civic Facility Revenue Bonds |
|
|
3,375 |
|
|
3,569,974 |
|
|
Madison
County, New York, IDA, Civic Facility Revenue Bonds |
|
|
|
|
|
|
|
|
5%, 7/01/30 |
|
|
4,000 |
|
|
3,897,320 |
|
|
5%, 7/01/35 |
|
|
750 |
|
|
712,080 |
|
|
New York
City, New York, City IDA, Civic Facility Revenue |
|
|
|
|
|
|
|
|
(Nightingale-Bamford School), 5.25%, 1/15/17 (c) |
|
|
1,200 |
|
|
1,275,948 |
|
|
(Polytechnic University), 5.25%, 11/01/37 (j) |
|
|
2,160 |
|
|
1,596,197 |
|
|
New York
City, New York, Trust for Cultural Resources Revenue |
|
|
|
|
|
|
|
|
5%, 7/01/36 |
|
|
3,800 |
|
|
3,678,704 |
|
|
5%, 7/01/44 |
|
|
1,500 |
|
|
1,423,770 |
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
2,100 |
|
|
1,982,505 |
|
|
New York State Dormitory Authority Revenue Bonds: |
|
|
|
|
|
|
|
|
(853 Schools Program), Issue 2,
Series E, |
|
|
1,340 |
|
|
1,368,555 |
|
|
(Cooper Union of Advance Science), 6.25%, 7/01/09 (d)(e) |
|
|
1,200 |
|
|
1,235,472 |
|
|
(Pace University), 6%, 7/01/10 (d)(e) |
|
|
5,345 |
|
|
5,756,672 |
|
|
Schenectady,
New York, IDA, Civic Facility Revenue Bonds |
|
|
5,000 |
|
|
5,290,550 |
|
|
Schenectady,
New York, IDA, Civic Facility Revenue |
|
|
3,000 |
|
|
3,363,510 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
24 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (continued) |
|
BlackRock MuniHoldings New York Insured Fund, Inc. (MHN) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York (continued) |
|||||||
|
Education (concluded) |
|
|
|
|
|
|
|
|
Westchester
County, New York, IDA, Civic Facility Revenue |
|
$ |
7,000 |
|
$ |
6,964,090 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
42,115,347 |
|
|
Health—7.4% |
|
|
|
|
|
|
|
|
New York
City, New York, City IDA, Parking Facility Revenue |
|
|
7,965 |
|
|
8,124,619 |
|
|
New York
State Dormitory Authority, Hospital Revenue |
|
|
1,000 |
|
|
1,076,500 |
|
|
New York
State Dormitory Authority, Mortgage Revenue Bonds |
|
|
1,000 |
|
|
929,650 |
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
4,000 |
|
|
3,860,960 |
|
|
New York State Dormitory Authority Revenue Bonds: |
|
|
|
|
|
|
|
|
(Gustavus Adolphus Child &
Family Services, Inc.), |
|
|
2,058 |
|
|
2,099,016 |
|
|
(Hudson Valley Hospital Center, 5%, 8/15/36 (a)(k) |
|
|
5,000 |
|
|
4,911,950 |
|
|
(New York State Rehabilitation
Association), Series A, |
|
|
1,180 |
|
|
1,213,087 |
|
|
(New York State Rehabilitation
Association), Series A, |
|
|
1,000 |
|
|
1,020,990 |
|
|
(Saint Barnabas Hospital), 5.45%, 8/01/35 (c)(k) |
|
|
2,150 |
|
|
2,046,005 |
|
|
New York
State Dormitory Authority, Revenue Refunding Bonds |
|
|
3,400 |
|
|
3,443,010 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
28,725,787 |
|
|
Housing—5.2% |
|
|
|
|
|
|
|
|
New York
City, New York, City Housing Development Corporation, |
|
|
|
|
|
|
|
|
Series C, 5%, 11/01/26 |
|
|
1,250 |
|
|
1,161,125 |
|
|
Series C, 5.05%, 11/01/36 |
|
|
2,000 |
|
|
1,623,520 |
|
|
Series H-1, 4.70%, 11/01/40 |
|
|
1,000 |
|
|
797,010 |
|
|
Series H-2, 5.125%, 11/01/34 |
|
|
2,340 |
|
|
2,071,391 |
|
|
New York
State, HFA, M/F Housing Revenue Bonds (Saint |
|
|
3,250 |
|
|
2,739,295 |
|
|
New York
State Mortgage Agency, Homeowner Mortgage |
|
|
|
|
|
|
|
|
Series 143, 4.90%, 10/01/37 |
|
|
1,000 |
|
|
842,060 |
|
|
Series 145, 5.125%, 10/01/37 |
|
|
1,000 |
|
|
884,730 |
|
|
New York
State Mortgage Agency, Homeowner Mortgage |
|
|
|
|
|
|
|
|
AMT Series 67, 5.70%, 10/01/17 (e) |
|
|
2,140 |
|
|
2,151,770 |
|
|
AMT Series 133, 4.95%, 10/01/21 |
|
|
1,500 |
|
|
1,484,010 |
|
|
AMT Series 143, 4.85%, 10/01/27 (e) |
|
|
2,000 |
|
|
1,794,060 |
|
|
Series 83, 5.55%, 10/01/27 (e) |
|
|
2,100 |
|
|
2,100,966 |
|
|
New York
State Mortgage Agency Revenue Refunding Bonds, |
|
|
1,035 |
|
|
983,964 |
|
|
Yonkers,
New York, IDA, Revenue Bonds (Monastery Manor |
|
|
2,000 |
|
|
1,658,980 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,292,881 |
|
|
State—14.7% |
|
|
|
|
|
|
|
|
New York
State Dormitory Authority, Hospital Revenue |
|
|
2,000 |
|
|
2,100,600 |
|
|
|
|||||||
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York (continued) |
|||||||
|
State (concluded) |
|
|
|
|
|
|
|
|
New York State Dormitory Authority, Lease Revenue Bonds: |
|
|
|
|
|
|
|
|
(Municipal Health Facilities
Improvement Program), |
|
$ |
1,535 |
|
$ |
1,642,450 |
|
|
(Office Facilities Audit and Control), 5.50%, 4/01/23 (e) |
|
|
645 |
|
|
646,071 |
|
|
(State University Dormitory Facilities), 5%, 7/01/37 (c) |
|
|
1,000 |
|
|
956,180 |
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
|
|
|
|
|
|
Series A, 5%, 10/01/35 |
|
|
450 |
|
|
435,200 |
|
|
Series C, 5%, 10/01/37 |
|
|
2,500 |
|
|
2,407,875 |
|
|
New York
State Dormitory Authority, Non-State Supported Debt, |
|
|
|
|
|
|
|
|
(NYS Association for Retarded
Children, Inc.), |
|
|
1,500 |
|
|
1,498,170 |
|
|
(School District Financing
Program), Series A, |
|
|
5,000 |
|
|
4,835,550 |
|
|
New York
State Dormitory Authority Revenue Bonds |
|
|
|
|
|
|
|
|
Series D, 5%, 10/01/30 |
|
|
1,240 |
|
|
1,186,283 |
|
|
Series E, 5.75%, 10/01/30 |
|
|
6,900 |
|
|
7,000,050 |
|
|
New York
State Dormitory Authority, Revenue Refunding Bonds |
|
|
1,370 |
|
|
1,500,219 |
|
|
New York
State Dormitory Authority, State Personal Income |
|
|
5,000 |
|
|
5,354,450 |
|
|
New York
State Dormitory Authority, State Supported Debt |
|
|
|
|
|
|
|
|
AMT, Series C, 5.40%, 2/15/33 (a) |
|
|
5,650 |
|
|
5,122,177 |
|
|
Series B, 5.25%, 2/15/14 (d) |
|
|
1,550 |
|
|
1,792,823 |
|
|
Series B, 5%, 2/15/33 (a) |
|
|
4,650 |
|
|
4,395,552 |
|
|
Series D, 5.875%, 8/15/10 (a)(d) |
|
|
1,060 |
|
|
1,136,288 |
|
|
New York
State Thruway Authority, Highway and Bridge Trust |
|
|
1,000 |
|
|
997,590 |
|
|
New York
State Thruway Authority, Second General Highway |
|
|
8,700 |
|
|
8,761,596 |
|
|
New York
State Urban Development Corporation, Personal |
|
|
|
|
|
|
|
|
Series C-1, 5%, 3/15/13 (d) |
|
|
3,000 |
|
|
3,384,090 |
|
|
(State Facilities), Series A-1, 5%, 3/15/29 (b) |
|
|
2,000 |
|
|
2,001,720 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
57,154,934 |
|
|
Tobacco—5.2% |
|
|
|
|
|
|
|
|
Tobacco
Settlement Financing Corporation of New York |
|
|
|
|
|
|
|
|
5.25%, 6/01/20 |
|
|
5,000 |
|
|
5,034,250 |
|
|
5.25%, 6/01/21 |
|
|
13,275 |
|
|
13,286,417 |
|
|
5.25%, 6/01/22 |
|
|
2,000 |
|
|
1,983,820 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,304,487 |
|
|
Transportation—22.2% |
|
|
|
|
|
|
|
|
Metropolitan
Transportation Authority, New York, Dedicated |
|
|
2,000 |
|
|
1,911,860 |
|
|
Metropolitan
Transportation Authority, New York, Revenue |
|
|
6,015 |
|
|
6,621,853 |
|
|
Metropolitan
Transportation Authority, New York, Revenue |
|
|
|
|
|
|
|
|
5.125%, 11/15/31 (f) |
|
|
2,425 |
|
|
2,378,536 |
|
|
5.25%, 11/15/31 (b)(e) |
|
|
2,500 |
|
|
2,483,400 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
25 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (continued) |
|
BlackRock MuniHoldings New York Insured Fund, Inc. (MHN) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York (concluded) |
|||||||
|
Transportation (concluded) |
|
|
|
|
|
|
|
|
Metropolitan
Transportation Authority, New York, Transit |
|
$ |
2,535 |
|
$ |
2,804,470 |
|
|
Metropolitan
Transportation Authority, New York, |
|
|
6,300 |
|
|
7,143,443 |
|
|
New York
State Thruway Authority, General Revenue Bonds, |
|
|
5,000 |
|
|
4,793,500 |
|
|
New York
State Thruway Authority, General Revenue |
|
|
|
|
|
|
|
|
Series G, 4.75%, 1/01/29 |
|
|
1,250 |
|
|
1,206,300 |
|
|
Series G, 4.75%, 1/01/30 |
|
|
1,000 |
|
|
952,860 |
|
|
Series H, 5%, 1/01/37 (b) |
|
|
8,500 |
|
|
8,130,420 |
|
|
Port
Authority of New York and New Jersey, Consolidated |
|
|
1,000 |
|
|
759,000 |
|
|
Port
Authority of New York and New Jersey, Special Obligation |
|
|
|
|
|
|
|
|
6.25%, 12/01/11 |
|
|
3,000 |
|
|
3,005,130 |
|
|
6.25%, 12/01/15 |
|
|
7,830 |
|
|
7,384,707 |
|
|
5.90%, 12/01/17 |
|
|
7,000 |
|
|
6,402,550 |
|
|
5.75%, 12/01/22 |
|
|
26,725 |
|
|
21,548,635 |
|
|
Triborough
Bridge and Tunnel Authority, New York, |
|
|
|
|
|
|
|
|
5%, 11/15/28 (c) |
|
|
2,465 |
|
|
2,475,082 |
|
|
Series A, 5.25%, 11/15/30 (e) |
|
|
6,000 |
|
|
6,054,360 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
86,056,106 |
|
|
Utilities—15.5% |
|
|
|
|
|
|
|
|
Long Island
Power Authority, New York, Electric System |
|
|
|
|
|
|
|
|
Series A, 5%, 9/01/29 (c) |
|
|
3,000 |
|
|
2,855,820 |
|
|
Series A, 6%, 5/01/33 (f) |
|
|
1,500 |
|
|
1,582,860 |
|
|
Series A, 5%, 9/01/34 (c) |
|
|
4,700 |
|
|
4,466,175 |
|
|
Series A, 5.75%, 4/01/39 (f) |
|
|
1,000 |
|
|
1,050,740 |
|
|
Series B, 5%, 12/01/35 (a) |
|
|
3,500 |
|
|
3,384,464 |
|
|
New York
City, New York, City Municipal Water Finance |
|
|
2,900 |
|
|
2,404,360 |
|
|
New York
City, New York, City Municipal Water Finance Authority, |
|
|
|
|
|
|
|
|
Series A, 5.125%, 6/15/34 (e) |
|
|
1,250 |
|
|
1,242,013 |
|
|
Series A, 5%, 6/15/35 (c) |
|
|
3,500 |
|
|
3,409,805 |
|
|
Series C, 5%, 6/15/35 (e) |
|
|
1,000 |
|
|
974,230 |
|
|
Series F, 5%, 6/15/29 (a) |
|
|
500 |
|
|
500,500 |
|
|
New York
State Environmental Facilities Corporation, |
|
|
6,000 |
|
|
4,614,000 |
|
|
New York
State Environmental Facilities Corporation, Water |
|
|
4,400 |
|
|
4,405,940 |
|
|
New York
City, New York, City Municipal Water Finance |
|
|
2,400 |
|
|
2,478,888 |
|
|
New York
City, New York, City Municipal Water Finance |
|
|
|
|
|
|
|
|
5.75%, 6/15/11 (d)(e) |
|
|
23,000 |
|
|
25,338,410 |
|
|
5.75%, 6/15/40 |
|
|
1,400 |
|
|
1,491,685 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
60,199,890 |
|
|
Total Municipal Bonds in New York |
|
|
|
|
|
523,741,834 |
|
|
|
|||||||
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Guam—1.2% |
|||||||
|
Transportation—1.2% |
|
|
|
|
|
|
|
|
A.B. Won
Guam International Airport Authority, General |
|
|
|
|
|
|
|
|
5.25%, 10/01/21 |
|
$ |
3,700 |
|
$ |
3,468,750 |
|
|
5.25%, 10/01/22 |
|
|
1,050 |
|
|
967,354 |
|
|
Total Municipal Bonds in Guam |
|
|
|
|
|
4,436,104 |
|
|
Puerto Rico—15.3% |
|||||||
|
Housing—0.8% |
|
|
|
|
|
|
|
|
Puerto Rico
Housing Financing Authority, Capital Funding |
|
|
3,000 |
|
|
2,962,380 |
|
|
State—5.9% |
|
|
|
|
|
|
|
|
Puerto Rico Commonwealth, GO, Refunding, Sub-Series C-7 (e): |
|
|
|
|
|
|
|
|
6%, 7/01/27 |
|
|
2,000 |
|
|
1,960,620 |
|
|
6%, 7/01/28 |
|
|
4,000 |
|
|
3,888,240 |
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
4,000 |
|
|
4,035,680 |
|
|
Puerto Rico
Commonwealth Infrastructure Financing |
|
|
|
|
|
|
|
|
4.62%, 7/01/31 (b) |
|
|
10,280 |
|
|
1,842,690 |
|
|
4.66%, 7/01/33 (b) |
|
|
5,500 |
|
|
835,450 |
|
|
4.66%, 7/01/34 (c) |
|
|
9,300 |
|
|
1,304,232 |
|
|
4.67%, 7/01/37 (c) |
|
|
2,200 |
|
|
246,400 |
|
|
Puerto Rico
Commonwealth, Public Improvement, GO, |
|
|
1,970 |
|
|
1,851,032 |
|
|
Puerto Rico
Convention Center District Authority, Hotel |
|
|
3,270 |
|
|
2,659,491 |
|
|
Puerto Rico
Municipal Finance Agency, GO, Series A, |
|
|
2,000 |
|
|
1,877,340 |
|
|
Puerto Rico
Public Buildings Authority, Government Facilities |
|
|
2,500 |
|
|
2,430,150 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
22,931,325 |
|
|
Transportation—6.2% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
|
|
|
|
|
|
5.25%, 7/01/33 |
|
|
1,000 |
|
|
964,000 |
|
|
5.25%, 7/01/34 |
|
|
3,895 |
|
|
3,746,990 |
|
|
5.25%, 7/01/36 |
|
|
3,750 |
|
|
3,587,288 |
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
4,800 |
|
|
4,565,952 |
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
10,000 |
|
|
11,234,600 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
24,098,830 |
|
|
Utilities—2.4% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Aqueduct and Sewer Authority, |
|
|
9,950 |
|
|
8,433,023 |
|
|
Puerto Rico
Electric Power Authority, Power Revenue Bonds, |
|
|
940 |
|
|
1,068,338 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,501,361 |
|
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
59,493,896 |
|
|
Total Municipal Bonds—151.3% |
|
|
|
|
|
587,671,834 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
26 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniHoldings New York Insured Fund, Inc. (MHN) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
New York—22.5 |
|||||||
|
County/City/Special District/ School District—4.7% |
|
|
|
|
|
|
|
|
Erie
County, New York, IDA, School Facility Revenue Bonds |
|
$ |
4,158 |
|
$ |
4,192,413 |
|
|
New York City, New York, GO, Series J, 5%, 5/15/23 |
|
|
6,800 |
|
|
6,723,840 |
|
|
New York
City, New York, Sales Tax Asset Receivable |
|
|
7,000 |
|
|
7,184,485 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
18,100,738 |
|
|
Education—1.4% |
|
|
|
|
|
|
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
5,498 |
|
|
5,293,394 |
|
|
Transportation—16.4% |
|
|
|
|
|
|
|
|
Metropolitan
Transportation Authority, New York, Dedicated |
|
|
7,002 |
|
|
6,770,743 |
|
|
Metropolitan
Transportation Authority, New York, Revenue |
|
|
|
|
|
|
|
|
5%, 11/15/30 |
|
|
5,010 |
|
|
4,886,453 |
|
|
5.75%, 11/15/32 |
|
|
29,000 |
|
|
29,432,390 |
|
|
Port
Authority of New York and New Jersey, Consolidated |
|
|
2,500 |
|
|
2,241,000 |
|
|
Triborough
Bridge and Tunnel Authority, New York, Revenue |
|
|
|
|
|
|
|
|
5.25%, 11/15/23 (d) |
|
|
12,000 |
|
|
12,448,560 |
|
|
5%, 11/15/32 (d) |
|
|
8,309 |
|
|
8,160,968 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
63,940,114 |
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
87,334,246 |
|
|
Total Long-Term Investments |
|
|
|
|
|
675,006,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
New York—0.1% |
|
|
|
|
|
|
|
|
New York
City, New York, GO, VRDN, Sub-Series A-6, |
|
|
375 |
|
|
375,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
Money Market Fund—4.1% |
|||||||
|
CMA New York Municipal Money Fund, 0.29% (r)(s) |
|
|
16,044,997 |
|
|
16,044,997 |
|
|
Total Short-Term Securities |
|
|
|
|
|
16,419,997 |
|
|
Total Investments (Cost—$732,438,784*)—178.0% |
|
|
|
|
|
691,426,077 |
|
|
Other Assets Less Liabilities—1.7% |
|
|
|
|
|
6,754,688 |
|
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
|
(56,744,031 |
) |
|
Preferred Shares, at Redemption Value—(65.1)% |
|
|
|
|
|
(252,909,375 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
388,527,359 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of February 28, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
||||
|
Aggregate cost |
|
$ |
676,720,537 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
10,450,614 |
|
|
Gross unrealized depreciation |
|
|
(52,057,314 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(41,606,700 |
) |
|
|
|
|
|
|
|
|
|
|
(a) |
FSA Insured. |
|
(b) |
FGIC Insured. |
|
(c) |
AMBAC Insured. |
|
(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) |
NPFGC Insured. |
|
(f) |
Assured Guaranty Insured. |
|
(g) |
Variable rate security. Rate shown is as of report date. |
|
(h) |
XL Capital Insured. |
|
(i) |
Radian Insured. |
|
(j) |
ACA Insured. |
|
(k) |
FHA Insured. |
|
(l) |
CIFG Insured. |
|
(m) |
FNMA Collateralized. |
|
(n) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
(o) |
Commonwealth Guaranteed. |
|
(p) |
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. |
|
(q) |
Security may have a maturity date of more than one year at time of issuance, but has various rate and demand features that qualify it as a short-term security. Rate shown is as of report date. This rate changes periodically based on prevailing market rates. |
|
(r) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
||||||
|
Affiliate |
|
Net |
|
Income |
|
|
|
CMA New York Municipal Money Fund |
|
12,575,524 |
|
$ |
78,960 |
|
|
|
|
|
|
|
|
|
|
(s) |
Represents the current yield as of report date. |
|
|
|
|
|
|
• |
For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
|
|
|
|
|
|
• |
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
|
|
The following table summarizes the inputs used as of February 28, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
|
||||
|
Valuation |
|
Investments
in |
|
|
|
|
|
Assets |
|
|
|
|
|
|||
|
Level 1 |
|
$ |
16,044,997 |
|
|
Level 2 |
|
|
675,381,079 |
|
|
Level 3 |
|
|
— |
|
|
Total |
|
$ |
691,426,076 |
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
27 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments February 28, 2009 (Unaudited) |
BlackRock New Jersey Municipal Bond Trust (BLJ) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New Jersey—132.9% |
|||||||
|
Corporate—9.6% |
|
|
|
|
|
|
|
|
New Jersey
EDA, Solid Waste Disposal Facilities Revenue |
|
$ |
1,000 |
|
$ |
919,940 |
|
|
New Jersey
EDA, Special Facility Revenue Bonds |
|
|
2,335 |
|
|
1,603,748 |
|
|
Port
Authority of New York and New Jersey, Special Obligation |
|
|
120 |
|
|
120,162 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,643,850 |
|
|
County/City/Special District/School District—12.5% |
|
|
|
|
|
|
|
|
Essex
County, New Jersey, Improvement Authority, Project |
|
|
790 |
|
|
808,620 |
|
|
Middlesex
County, New Jersey, Improvement Authority, |
|
|
560 |
|
|
317,313 |
|
|
Salem
County, New Jersey, Improvement Authority Revenue |
|
|
100 |
|
|
101,087 |
|
|
Vineland, New Jersey, Electric Utility, GO, Refunding, AMT (a): |
|
|
|
|
|
|
|
|
5.30%, 5/15/29 |
|
|
1,000 |
|
|
896,980 |
|
|
5.375%, 5/15/32 |
|
|
1,500 |
|
|
1,310,355 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,434,355 |
|
|
Education—15.6% |
|
|
|
|
|
|
|
|
New Jersey
State Educational Facilities Authority |
|
|
|
|
|
|
|
|
(Fairleigh Dickinson University), Series D, 6%, 7/01/25 |
|
|
1,000 |
|
|
880,440 |
|
|
(Georgian
Court College Project), Series C, |
|
|
630 |
|
|
752,604 |
|
|
(Montclair State University), Series J, 5.25%, 7/01/38 |
|
|
180 |
|
|
179,186 |
|
|
New Jersey
State Educational Facilities Authority, Revenue |
|
|
|
|
|
|
|
|
(College of New Jersey), Series D, 5%, 7/01/35 (b) |
|
|
1,010 |
|
|
1,008,465 |
|
|
(Fairleigh Dickinson University), Series C, 6%, 7/01/20 |
|
|
1,000 |
|
|
933,600 |
|
|
(Fairleigh Dickinson University), Series C, 5.50%, 7/01/23 |
|
|
500 |
|
|
425,885 |
|
|
(Georgian Court University), Series D, 5%, 7/01/33 |
|
|
150 |
|
|
114,020 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,294,200 |
|
|
Health—42.4% |
|
|
|
|
|
|
|
|
New Jersey
EDA, First Mortgage Revenue Bonds |
|
|
|
|
|
|
|
|
5.75%, 1/01/25 |
|
|
150 |
|
|
103,392 |
|
|
5.875%, 1/01/37 |
|
|
265 |
|
|
164,446 |
|
|
New Jersey
EDA, First Mortgage Revenue Refunding Bonds |
|
|
2,500 |
|
|
1,894,525 |
|
|
New Jersey
EDA, Retirement Community Revenue Refunding |
|
|
470 |
|
|
323,811 |
|
|
New Jersey
Health Care Facilities Financing Authority, Health |
|
|
2,000 |
|
|
2,267,440 |
|
|
New Jersey
Health Care Facilities Financing Authority |
|
|
|
|
|
|
|
|
(Kennedy Health System), 5.625%, 7/01/31 |
|
|
2,000 |
|
|
1,790,720 |
|
|
(Meridian Health), Series I, 5%, 7/01/38 (d) |
|
|
250 |
|
|
240,317 |
|
|
(South Jersey Hospital System), 6%, 7/01/12 (c) |
|
|
2,500 |
|
|
2,840,125 |
|
|
New Jersey
Health Care Facilities Financing Authority, |
|
|
|
|
|
|
|
|
(Atlantic City Medical Center), 5.75%, 7/01/25 |
|
|
1,110 |
|
|
1,096,025 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New Jersey (concluded) |
|||||||
|
Health (concluded) |
|
|
|
|
|
|
|
|
(Saint
Barnabas Health Care System), Series B, |
|
$ |
500 |
|
$ |
66,345 |
|
|
(Saint
Barnabas Health Care System), Series B, |
|
|
3,600 |
|
|
257,652 |
|
|
(Saint
Barnabas Health Care System), Series B, |
|
|
3,600 |
|
|
233,352 |
|
|
(South Jersey Hospital System), 5%, 7/01/46 |
|
|
500 |
|
|
388,015 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,666,165 |
|
|
Housing—6.3% |
|
|
|
|
|
|
|
|
New Jersey
State Housing and Mortgage Finance Agency |
|
|
|
|
|
|
|
|
6.375%, 10/01/28 |
|
|
1,000 |
|
|
1,059,520 |
|
|
6.50%, 10/01/38 |
|
|
450 |
|
|
469,201 |
|
|
New Jersey
State Housing and Mortgage Finance Agency, |
|
|
250 |
|
|
204,932 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,733,653 |
|
|
State—26.7% |
|
|
|
|
|
|
|
|
Garden
State Preservation Trust of New Jersey, Capital |
|
|
4,000 |
|
|
1,467,320 |
|
|
New Jersey
EDA, Cigarette Tax Revenue Bonds, |
|
|
2,000 |
|
|
1,452,320 |
|
|
New Jersey
EDA, EDR, Refunding (Kapkowski Road Landfill |
|
|
2,250 |
|
|
1,689,637 |
|
|
New Jersey
EDA, Revenue Bonds (Newark Downtown |
|
|
250 |
|
|
167,452 |
|
|
New Jersey EDA, School Facilities Construction Revenue Bonds: |
|
|
|
|
|
|
|
|
Series U, 5%, 9/01/37 (g) |
|
|
500 |
|
|
484,495 |
|
|
Series Z, 6%, 12/15/34 (d) |
|
|
1,000 |
|
|
1,071,120 |
|
|
New Jersey
State Transportation Trust Fund Authority, |
|
|
|
|
|
|
|
|
Series A, 5.625%, 12/15/28 (d) |
|
|
200 |
|
|
208,630 |
|
|
Series A, 6%, 12/15/38 |
|
|
500 |
|
|
527,220 |
|
|
Series C, 4.836%, 12/15/32 (b)(e) |
|
|
1,250 |
|
|
290,200 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,358,394 |
|
|
Transportation—19.3% |
|
|
|
|
|
|
|
|
Hudson
County, New Jersey, Improvement Authority, Parking |
|
|
800 |
|
|
805,352 |
|
|
Port Authority of New York and New Jersey, Consolidated |
|
|
2,250 |
|
|
1,939,928 |
|
|
Port
Authority of New York and New Jersey, Consolidated |
|
|
|
|
|
|
|
|
125th Series, 5%, 4/15/32 (b) |
|
|
1,500 |
|
|
1,499,505 |
|
|
AMT, 152nd Series, 5.75%, 11/01/30 |
|
|
525 |
|
|
509,765 |
|
|
AMT, 152nd Series, 5.25%, 11/01/35 |
|
|
630 |
|
|
556,070 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,310,620 |
|
|
Utilities—0.5% |
|
|
|
|
|
|
|
|
Rahway
Valley Sewerage Authority, New Jersey, Sewer Revenue |
|
|
650 |
|
|
145,217 |
|
|
Total Municipal Bonds in New Jersey |
|
|
|
|
|
36,586,454 |
|
|
Multi-State—7.8% |
|||||||
|
Housing—7.8% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 7.20%, 10/31/52 (i)(j) |
|
|
2,000 |
|
|
2,165,740 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
28 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock New Jersey Municipal Bond Trust (BLJ) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Puerto Rico—16.2% |
|||||||
|
Housing—0.9% |
|
|
|
|
|
|
|
|
Puerto Rico
Housing Financing Authority, Capital Funding |
|
$ |
265 |
|
$ |
261,677 |
|
|
State—4.4% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Infrastructure Financing Authority, |
|
|
|
|
|
|
|
|
4.353%, 7/01/37 |
|
|
1,750 |
|
|
196,000 |
|
|
4.523%, 7/01/43 |
|
|
1,000 |
|
|
70,950 |
|
|
Puerto Rico
Public Buildings Authority, Government Facilities |
|
|
|
|
|
|
|
|
Series D, 5.25%, 7/01/27 |
|
|
615 |
|
|
532,073 |
|
|
Series M-3, 6%, 7/01/27 (a)(k) |
|
|
425 |
|
|
416,632 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,215,655 |
|
|
Transportation—3.7% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
1,000 |
|
|
1,008,920 |
|
|
Utilities—7.2% |
|
|
|
|
|
|
|
|
Puerto Rico
Electric Power Authority, Power Revenue Bonds, |
|
|
1,750 |
|
|
1,978,060 |
|
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
4,464,312 |
|
|
Total Long-Term Investments |
|
|
|
|
|
43,216,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
Money Market Funds—11.1% |
|
|
|
|
|
|
|
|
CMA New Jersey Municipal Money Fund, 0.55% (l)(m) |
|
|
3,049,223 |
|
|
3,049,223 |
|
|
Total Short-Term Securities (Cost—$3,049,223)—11.1% |
|
|
|
|
|
3,049,223 |
|
|
Total Investments (Cost—$51,475,971*)—168.0% |
|
|
|
|
|
46,265,729 |
|
|
Other Assets Less Liabilities—1.7% |
|
|
|
|
|
471,892 |
|
|
Preferred Shares, at Redemption Value—(69.7)% |
|
|
|
|
|
(19,202,885 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
27,534,736 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of February 28, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
||||
|
Aggregate cost |
|
$ |
51,363,148 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
1,586,805 |
|
|
Gross unrealized depreciation |
|
|
(6,684,224 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(5,097,419 |
) |
|
|
|
|
|
|
|
|
|
|
(a) |
NPFGC Insured. |
|
(b) |
FSA Insured. |
|
(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) |
Assured Guaranty Insured. |
|
(e) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
(f) |
Radian Insured. |
|
(g) |
AMBAC Insured. |
|
(h) |
FGIC Insured. |
|
(i) |
Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. |
|
(j) |
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. |
|
(k) |
Commonwealth Guaranteed. |
|
(l) |
Represents the current yield as of report date. |
|
(m) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
||||||
|
Affiliate |
|
Net |
|
Income |
|
|
|
CMA New Jersey Municipal Money Fund |
|
2,221,016 |
|
$ |
37,573 |
|
|
|
|
|
|
|
||
|
• |
For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
|
|
|
|
|
|
• |
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
|
|
The following table summarizes the inputs used as of February 28, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation |
|
Investments
in |
|
|
|
|
|
Assets |
|
|
|
|
|
|||
|
Level 1 |
|
$ |
3,049,223 |
|
|
Level 2 |
|
|
43,216,506 |
|
|
Level 3 |
|
|
— |
|
|
Total |
|
$ |
46,265,729 |
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
29 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments February 28, 2009 (Unaudited) |
|
BlackRock New York Insured Municipal |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York—125.4% |
|
|
|
|
|
|
|
|
County/City/Special District/School District—28.0% |
|
|
|
|
|
|
|
|
Erie
County, New York, IDA, School Facility Revenue Bonds |
|
$ |
1,000 |
|
$ |
1,035,500 |
|
|
Hudson
Yards Infrastructure Corporation, New York, |
|
|
3,000 |
|
|
2,430,570 |
|
|
New York City, New York, City IDA, PILOT Revenue Bonds: |
|
|
|
|
|
|
|
|
(Queens Baseball Stadium Project), 6.375%, 1/01/39 (c) |
|
|
150 |
|
|
158,692 |
|
|
(Queens Baseball Stadium Project), 5%, 1/01/46 (d) |
|
|
3,225 |
|
|
2,525,272 |
|
|
(Yankee Stadium Project), 4.75%, 3/01/46 (e) |
|
|
1,000 |
|
|
742,770 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
850 |
|
|
825,069 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
3,265 |
|
|
3,214,458 |
|
|
New York
City, New York, Sales Tax Asset Receivable |
|
|
6,000 |
|
|
6,043,560 |
|
|
New York Convention
Center Development Corporation, |
|
|
6,175 |
|
|
5,642,036 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
22,617,927 |
|
|
Education—32.0% |
|
|
|
|
|
|
|
|
Herkimer
County, New York, IDA, Civic Facility Revenue Bonds |
|
|
1,000 |
|
|
743,380 |
|
|
Madison
County, New York, IDA, Civic Facility Revenue Bonds |
|
|
1,000 |
|
|
974,330 |
|
|
New York
City, New York, IDA, Civic Facility Revenue Bonds |
|
|
2,500 |
|
|
2,037,325 |
|
|
New York
City, New York, Trust for Cultural Resources Revenue |
|
|
4,100 |
|
|
3,891,638 |
|
|
New York
State Dormitory Authority, Non-State Supported Debt, |
|
|
2,500 |
|
|
2,360,125 |
|
|
New York State Dormitory Authority Revenue Bonds: |
|
|
|
|
|
|
|
|
(Brooklyn Law School), Series B, 5.125%, 7/01/30 (g) |
|
|
4,000 |
|
|
3,599,280 |
|
|
(Fashion
Institute of Technology Student Housing |
|
|
2,500 |
|
|
2,887,200 |
|
|
(New York University), Series 2, 5%, 7/01/41 (d) |
|
|
7,000 |
|
|
6,665,890 |
|
|
(SS Joachim and Anne Residence), 5.25%, 7/01/27 |
|
|
3,000 |
|
|
2,708,280 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
25,867,448 |
|
|
Health—20.6% |
|
|
|
|
|
|
|
|
New York
State Dormitory Authority, Hospital Revenue Bonds |
|
|
4,500 |
|
|
4,250,610 |
|
|
New York
State Dormitory Authority, Hospital Revenue |
|
|
4,000 |
|
|
3,758,240 |
|
|
New York
State Dormitory Authority, Mortgage Hospital |
|
|
5,000 |
|
|
4,726,150 |
|
|
New York
State Dormitory Authority Revenue Bonds (Hudson |
|
|
2,000 |
|
|
1,964,780 |
|
|
New York
State Dormitory Authority, Revenue Refunding |
|
|
2,000 |
|
|
1,962,460 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
16,662,240 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Shares |
|
Value |
|
||
|
New York (concluded) |
|
|
|
|
|
|
|
|
State—12.7% |
|
|
|
|
|
|
|
|
New York
State Dormitory Authority, Lease Revenue Bonds |
|
$ |
500 |
|
$ |
478,090 |
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
|
|
|
|
|
|
(NYS
Association for Retarded Children, Inc.), |
|
|
2,000 |
|
|
1,997,560 |
|
|
(School District Financing Program), 5%, 10/01/35 |
|
|
1,000 |
|
|
967,110 |
|
|
New York
State Dormitory Authority Revenue Bonds (School |
|
|
3,500 |
|
|
3,348,380 |
|
|
New York
State Dormitory Authority, Revenue Refunding |
|
|
2,000 |
|
|
1,904,820 |
|
|
New York
State Dormitory Authority, State Personal Income |
|
|
600 |
|
|
642,534 |
|
|
New York
State Dormitory Authority, State Supported Debt |
|
|
1,000 |
|
|
945,280 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,283,774 |
|
|
Transportation—23.8% |
|
|
|
|
|
|
|
|
Metropolitan
Transportation Authority, New York, Revenue Bonds, |
|
|
750 |
|
|
825,667 |
|
|
Metropolitan
Transportation Authority, New York, Revenue |
|
|
|
|
|
|
|
|
Series A, 5.25%, 11/15/31 |
|
|
4,250 |
|
|
4,221,780 |
|
|
Series E, 5.25%, 11/15/31 |
|
|
2,660 |
|
|
2,628,479 |
|
|
Metropolitan
Transportation Authority, New York, Service |
|
|
8,000 |
|
|
7,764,480 |
|
|
New York
State Thruway Authority, General Revenue |
|
|
4,000 |
|
|
3,826,080 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
19,266,486 |
|
|
Utilities—8.3% |
|
|
|
|
|
|
|
|
Long Island
Power Authority, New York, Electric System |
|
|
1,000 |
|
|
980,310 |
|
|
Long Island
Power Authority, New York, Electric System |
|
|
|
|
|
|
|
|
Series A, 6%, 5/01/33 (c) |
|
|
2,000 |
|
|
2,110,480 |
|
|
Series A, 5.75%, 4/01/39 (c) |
|
|
1,690 |
|
|
1,775,751 |
|
|
Series F, 4.25%, 5/01/33 (e) |
|
|
1,415 |
|
|
1,158,673 |
|
|
New York
City, New York, City Municipal Water Finance |
|
|
400 |
|
|
413,148 |
|
|
New York
City, New York, City Municipal Water Finance |
|
|
300 |
|
|
319,647 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,758,009 |
|
|
Total Municipal Bonds in New York |
|
|
|
|
|
101,455,884 |
|
|
Puerto Rico—12.6% |
|
|
|
|
|
|
|
|
Education—4.1% |
|
|
|
|
|
|
|
|
Puerto Rico
Industrial, Tourist, Educational, Medical and |
|
|
1,000 |
|
|
805,330 |
|
|
Puerto Rico
Industrial, Tourist, Educational, Medical and |
|
|
4,000 |
|
|
2,491,160 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,296,490 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
30 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (concluded) |
|
BlackRock New York Insured Municipal Income Trust (BSE) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Puerto Rico (concluded) |
|
|
|
|
|
|
|
|
State—4.2% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth, GO, Refunding, |
|
$ |
1,000 |
|
$ |
980,310 |
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
1,000 |
|
|
1,008,920 |
|
|
Puerto Rico
Municipal Finance Agency, GO, Series A, |
|
|
1,000 |
|
|
938,670 |
|
|
Puerto Rico
Public Buildings Authority, Government Facilities |
|
|
500 |
|
|
486,030 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,413,930 |
|
|
Transportation—1.2% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
1,000 |
|
|
962,000 |
|
|
Utilities—3.1% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Aqueduct and Sewer Authority, |
|
|
1,925 |
|
|
1,631,515 |
|
|
Puerto Rico
Electric Power Authority, Power Revenue |
|
|
1,000 |
|
|
901,500 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,533,015 |
|
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
10,205,435 |
|
|
Total Municipal Bonds—138.0% |
|
|
|
|
|
111,661,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
New York—18.8% |
|
|
|
|
|
|
|
|
Transportation—18.8% |
|
|
|
|
|
|
|
|
Metropolitan
Transportation Authority, New York, Revenue |
|
|
6,080 |
|
|
5,930,067 |
|
|
Triborough
Bridge and Tunnel Authority, New York, Revenue |
|
|
9,404 |
|
|
9,236,331 |
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
15,166,398 |
|
|
Total Long-Term Investments |
|
|
|
|
|
126,827,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
New York—0.1% |
|
|
|
|
|
|
|
|
New York
City, New York, GO, Refunding, VRDN, Series H, |
|
|
50 |
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
Money Market Funds—7.4% |
|
|
|
|
|
|
|
|
CMA New York Municipal Money Fund, 0.29% (o)(p) |
|
|
6,009,862 |
|
|
6,009,862 |
|
|
Total Short-Term Securities (Cost—$6,059,862)—7.5% |
|
|
|
|
|
6,059,862 |
|
|
Total Investments (Cost—$141,428,669*)—164.3% |
|
|
|
|
|
132,887,579 |
|
|
Liabilities in Excess of Other Assets—(1.2)% |
|
|
|
|
|
(952,923 |
) |
|
Liability for Trust Certificates, Including Interest
|
|
|
|
|
|
(9,366,554 |
) |
|
Preferred Shares, at Redemption Value—(51.5)% |
|
|
|
|
|
(41,678,083 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
80,890,019 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of February 28, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
132,378,796 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
754,569 |
|
|
Gross unrealized depreciation |
|
|
(9,554,526 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(8,799,957 |
) |
|
|
|
|
|
|
|
(a) |
FSA Insured. |
|
(b) |
FGIC Insured. |
|
(c) |
Assured Guaranty Insured. |
|
(d) |
AMBAC Insured. |
|
(e) |
MBIA Insured. |
|
(f) |
ACA Insured. |
|
(g) |
XL Capital Insured. |
|
(h) |
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. |
|
(i) |
FHA Insured. |
|
(j) |
BHAC Insured. |
|
(k) |
CIFG Insured. |
|
(l) |
Commonwealth Guaranteed. |
|
(m) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as a 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. |
|
(n) |
Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. Rate shown is as of report date. This rate changes periodically based upon prevailing market rates. |
|
(o) |
Represents the current yield as of report date. |
|
(p) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net |
|
|
|
|
|
Affiliate |
|
|
Activity |
|
Income |
|
|
|
CMA New York Municipal Money Fund |
|
|
6,009,562 |
|
$ |
10,895 |
|
|
|
|
|
|
• |
For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
|
|
|
|
|
|
• |
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of February 28, 2009 in determining the fair valuation of the Trust’s investments:
|
|
|
|
|
|
|
Valuation |
|
Investments
in |
|
|
|
|
|
Assets |
|
|
|
|
|
|||
|
Level 1 |
|
$ |
6,009,862 |
|
|
Level 2 |
|
|
126,877,717 |
|
|
Level 3 |
|
|
— |
|
|
Total |
|
$ |
132,887,579 |
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
31 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments February 28, 2009 (Unaudited) |
BlackRock New York Municipal Bond Trust (BQH) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York—125.2% |
|
|
|
|
|
|
|
|
Corporate—11.1% |
|
|
|
|
|
|
|
|
Essex
County, New York, IDA, Environmental Improvement |
|
$ |
100 |
|
$ |
68,277 |
|
|
New York
City, New York, City IDA, Special Facility |
|
|
|
|
|
|
|
|
(American Airlines, Inc. - JFK
International Airport), |
|
|
750 |
|
|
563,978 |
|
|
(Continental Airlines Inc. Project), 7.75%, 8/01/31 |
|
|
1,000 |
|
|
737,620 |
|
|
Port
Authority of New York and New Jersey, Special Obligation |
|
|
2,340 |
|
|
2,343,159 |
|
|
Suffolk
County, New York, IDA, IDR (Keyspan-Port Jefferson), |
|
|
500 |
|
|
405,660 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,118,694 |
|
|
County/City/Special District/School District—20.5% |
|
|
|
|
|
|
|
|
Hudson Yards
Infrastructure Corporation, New York, |
|
|
|
|
|
|
|
|
4.50%, 2/15/47 (a) |
|
|
1,000 |
|
|
738,570 |
|
|
5%, 2/15/47 (b) |
|
|
500 |
|
|
405,095 |
|
|
New York
City, New York, City Health and Hospital Corporation, |
|
|
1,100 |
|
|
1,089,715 |
|
|
New York City, New York, City IDA, PILOT Revenue Bonds: |
|
|
|
|
|
|
|
|
(Queens Baseball Stadium Project), 5%, 1/01/39 (c) |
|
|
250 |
|
|
200,838 |
|
|
(Queens Baseball Stadium Project), 6.375%, 1/01/39 (d) |
|
|
100 |
|
|
105,795 |
|
|
(Queens Baseball Stadium Project), 5%, 1/01/46 (c) |
|
|
150 |
|
|
117,454 |
|
|
(Yankee Stadium Project), 5%, 3/01/46 (b) |
|
|
500 |
|
|
371,880 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
500 |
|
|
482,445 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
250 |
|
|
211,817 |
|
|
New York City, New York, GO: |
|
|
|
|
|
|
|
|
Series A-1, 4.75%, 8/15/25 |
|
|
1,000 |
|
|
943,000 |
|
|
Series D, 5.375%, 6/01/32 |
|
|
2,040 |
|
|
2,019,784 |
|
|
New York
Convention Center Development Corporation, |
|
|
1,000 |
|
|
913,690 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,600,083 |
|
|
Education—21.9% |
|
|
|
|
|
|
|
|
Albany, New
York, IDA, Civic Facility Revenue Bonds |
|
|
|
|
|
|
|
|
7%, 5/01/25 |
|
|
200 |
|
|
133,654 |
|
|
7%, 5/01/35 |
|
|
130 |
|
|
81,055 |
|
|
Dutchess
County, New York, IDA, Civic Facility Revenue Bonds |
|
|
1,000 |
|
|
1,108,460 |
|
|
Dutchess County,
New York, IDA, Civic Facility Revenue |
|
|
500 |
|
|
375,835 |
|
|
New York
City, New York, IDA, Civic Facility Revenue Bonds |
|
|
250 |
|
|
237,502 |
|
|
New York
City, New York, City IDA, Civic Facility Revenue Refunding |
|
|
250 |
|
|
184,745 |
|
|
New York
Liberty Development Corporation Revenue Bonds |
|
|
385 |
|
|
385 |
|
|
New York
State Dormitory Authority, Consolidated Fourth |
|
|
2,215 |
|
|
2,421,194 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
Par |
|
|
Value |
|
|
New York (continued) |
|
|
|
|
|
|
|
|
Education (concluded) |
|
|
|
|
|
|
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
|
|
|
|
|
|
(Manhattan College), Series B, 5.30%, 7/01/37 (h) |
|
$ |
200 |
|
$ |
157,706 |
|
|
(Rochester Institute of
Technology), Series A, |
|
|
325 |
|
|
339,134 |
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
|
|
|
|
|
|
(Mount Sinai School of Medicine of
New York University), |
|
|
150 |
|
|
141,608 |
|
|
(Teachers College), 5.50%, 3/01/39 |
|
|
350 |
|
|
352,272 |
|
|
New York
State Dormitory Authority Revenue Bonds |
|
|
2,500 |
|
|
2,201,300 |
|
|
Rensselaer
County, New York, IDA, Civic Facility Revenue Bonds |
|
|
400 |
|
|
371,500 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,106,350 |
|
|
Health—2.3% |
|
|
|
|
|
|
|
|
Genesee
County, New York, IDA, Civic Facility Revenue |
|
|
150 |
|
|
89,326 |
|
|
New York
State Dormitory Authority, Non-State Supported Debt |
|
|
260 |
|
|
170,508 |
|
|
New York
State Dormitory Authority Revenue Bonds |
|
|
250 |
|
|
245,598 |
|
|
Saratoga
County, New York, IDA, Civic Facility Revenue Bonds |
|
|
200 |
|
|
153,482 |
|
|
Suffolk
County, New York, IDA, Continuing Care and Retirement, |
|
|
260 |
|
|
183,698 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
842,612 |
|
|
Housing—7.2% |
|
|
|
|
|
|
|
|
New York
City, New York, City Housing Development Corporation, |
|
|
2,500 |
|
|
2,276,350 |
|
|
New York
State, HFA, M/F Housing Revenue Bonds (Highland |
|
|
500 |
|
|
408,305 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,684,655 |
|
|
State—22.3% |
|
|
|
|
|
|
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
500 |
|
|
463,110 |
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
500 |
|
|
482,715 |
|
|
New York
State Dormitory Authority, State Personal Income |
|
|
|
|
|
|
|
|
Series A, 5%, 3/15/38 |
|
|
125 |
|
|
121,271 |
|
|
Series B, 5.75%, 3/15/36 |
|
|
300 |
|
|
321,267 |
|
|
New York
State Dormitory Authority, State Supported Debt |
|
|
350 |
|
|
330,848 |
|
|
New York
State Urban Development Corporation, Personal |
|
|
|
|
|
|
|
|
Series A, 5.25%, 3/15/12 (e) |
|
|
5,000 |
|
|
5,547,750 |
|
|
Series B, 5%, 3/15/37 |
|
|
1,000 |
|
|
973,500 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,240,461 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
32 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
||
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock New York Municipal Bond Trust (BQH) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York (concluded) |
|
|
|
|
|
|
|
|
Tobacco—9.0% |
|
|
|
|
|
|
|
|
New York
Counties Tobacco Trust III, Tobacco Settlement |
|
$ |
1,445 |
|
$ |
1,051,006 |
|
|
TSASC, Inc., New York, TFABS, Series 1, 5.75%, 7/15/12 (e) |
|
|
2,000 |
|
|
2,272,960 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,323,966 |
|
|
Transportation—15.8% |
|
|
|
|
|
|
|
|
Metropolitan
Transportation Authority, New York, |
|
|
500 |
|
|
550,445 |
|
|
Metropolitan
Transportation Authority, New York, Revenue |
|
|
3,000 |
|
|
2,930,880 |
|
|
Port
Authority of New York and New Jersey, Consolidated |
|
|
2,750 |
|
|
2,371,023 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,852,348 |
|
|
Utilities—15.1% |
|
|
|
|
|
|
|
|
Long Island
Power Authority, New York, Electric System |
|
|
500 |
|
|
490,155 |
|
|
Long Island
Power Authority, New York, Electric System |
|
|
100 |
|
|
106,863 |
|
|
New York
City, New York, City Municipal Water Finance |
|
|
250 |
|
|
216,695 |
|
|
New York
City, New York, City Municipal Water Finance Authority, |
|
|
1,000 |
|
|
925,040 |
|
|
New York
City, New York, City Municipal Water Finance Authority, |
|
|
|
|
|
|
|
|
5.25%, 6/15/11 (b)(e) |
|
|
2,500 |
|
|
2,725,925 |
|
|
5.75%, 6/15/40 |
|
|
100 |
|
|
106,549 |
|
|
New York
State Environmental Facilities Corporation, |
|
|
1,000 |
|
|
1,004,590 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,575,817 |
|
|
Total Municipal Bonds in New York |
|
|
|
|
|
46,344,986 |
|
|
Multi-State—7.3% |
|
|
|
|
|
|
|
|
Housing—7.3% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 7.20%, 10/31/52 (n)(o) |
|
|
2,500 |
|
|
2,707,175 |
|
|
Guam—0.4% |
|
|
|
|
|
|
|
|
Tobacco—0.4% |
|
|
|
|
|
|
|
|
Guam
Economic Development and Commerce Authority, |
|
|
200 |
|
|
133,544 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Puerto Rico—15.7% |
|
|
|
|
|
|
|
|
State—12.6% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Infrastructure Financing Authority, |
|
|
|
|
|
|
|
|
4.353%, 7/01/37 |
|
$ |
2,000 |
|
$ |
224,000 |
|
|
4.998%, 7/01/44 |
|
|
2,000 |
|
|
131,380 |
|
|
Puerto Rico
Commonwealth, Public Improvement, GO, |
|
|
1,825 |
|
|
1,507,030 |
|
|
Puerto Rico
Public Buildings Authority, Government Facilities |
|
|
|
|
|
|
|
|
5.25%, 7/01/12 (e) |
|
|
1,980 |
|
|
2,167,605 |
|
|
5.25%, 7/01/27 |
|
|
720 |
|
|
622,915 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,652,930 |
|
|
Tobacco—0.9% |
|
|
|
|
|
|
|
|
Children’s
Trust Fund Project of Puerto Rico, Tobacco |
|
|
500 |
|
|
334,715 |
|
|
Transportation—2.2% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
750 |
|
|
830,505 |
|
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
5,818,150 |
|
|
Total Municipal Bonds—148.6% |
|
|
|
|
|
55,003,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
New York—6.6% |
|
|
|
|
|
|
|
|
Housing—6.6% |
|
|
|
|
|
|
|
|
New York
State Mortgage Agency Revenue Bonds, AMT, |
|
|
2,641 |
|
|
2,435,231 |
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
2,435,231 |
|
|
Total Long-Term Investments |
|
|
|
|
|
57,439,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
Money Market Funds—7.4% |
|
|
|
|
|
|
|
|
CMA New York Municipal Money Fund, 0.29% (r)(s) |
|
|
2,736,776 |
|
|
2,736,776 |
|
|
Total Short-Term Securities |
|
|
|
|
|
2,736,776 |
|
|
Total Investments (Cost—$62,682,365*)—162.6% |
|
|
|
|
|
60,175,862 |
|
|
Other Assets Less Liabilities—1.5% |
|
|
|
|
|
573,127 |
|
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
|
(1,329,607 |
) |
|
Preferred Shares, at Redemption Value—(60.5)% |
|
|
|
|
|
(22,402,946 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
37,016,436 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
33 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (concluded) |
|
BlackRock New York Municipal Bond Trust (BQH) |
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of February 28, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
61,231,225 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
2,318,398 |
|
|
Gross unrealized depreciation |
|
|
(4,695,018 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(2,376,620 |
) |
|
|
|
|
|
|
|
(a) |
MBIA Insured. |
|
(b) |
FGIC Insured. |
|
(c) |
AMBAC Insured. |
|
(d) |
Assured Guaranty Insured. |
|
(e) |
US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(f) |
ACA Insured. |
|
(g) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
(h) |
Radian Insured. |
|
(i) |
XL Capital Insured. |
|
(j) |
FSA Insured. |
|
(k) |
FHA Insured. |
|
(l) |
BHAC Insured. |
|
(m) |
CIFG Insured. |
|
(n) |
Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. |
|
(o) |
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. |
|
(p) |
Represents a zero-coupon bond. Rate shown is the current yield as of report date. |
|
(q) |
Securities represent underlying bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as a 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. |
|
(r) |
Represents the current yield as of report date. |
|
(s) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Income |
|
||
|
CMA New York Municipal Money Fund |
|
|
1,608,182 |
|
$ |
1,784 |
|
|
|
|
|
|
• |
For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
|
|
|
|
|
|
• |
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of February 28, 2009 in determining the fair valuation of the Trust’s investments:
|
|
|
|
|
|
|
Valuation |
|
Investments
in |
|
|
|
|
|
Assets |
|
|
|
|
|
|||
|
Level 1 |
|
$ |
2,736,776 |
|
|
Level 2 |
|
|
57,439,086 |
|
|
Level 3 |
|
|
— |
|
|
Total |
|
$ |
60,175,862 |
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
34 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments February 28, 2009 (Unaudited) |
|
BlackRock New York Municipal Income Trust II (BFY) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York—151.3% |
|
|
|
|
|
|
|
|
Corporate—24.3% |
|
|
|
|
|
|
|
|
Essex
County, New York, IDA, Environmental Improvement |
|
$ |
200 |
|
$ |
136,554 |
|
|
Essex
County, New York, IDA, Solid Waste Disposal, Revenue |
|
|
625 |
|
|
390,200 |
|
|
New York
City, New York, City IDA, Revenue Bonds |
|
|
1,000 |
|
|
603,990 |
|
|
New York
City, New York, City IDA, Special Facility Revenue |
|
|
|
|
|
|
|
|
(American Airlines, Inc. - JFK
International Airport), |
|
|
1,600 |
|
|
1,203,152 |
|
|
(Continental Airlines Inc. Project), AMT, 7.75%, 8/01/31 |
|
|
1,500 |
|
|
1,106,430 |
|
|
New York
State Energy Research and Development Authority, |
|
|
5,500 |
|
|
5,501,210 |
|
|
New York
State Energy Research and Development Authority, |
|
|
1,500 |
|
|
1,300,845 |
|
|
Port
Authority of New York and New Jersey, Special Obligation |
|
|
3,310 |
|
|
3,314,469 |
|
|
Suffolk
County, New York, IDA, IDR (Keyspan-Port Jefferson), |
|
|
2,500 |
|
|
2,028,300 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
15,585,150 |
|
|
County/City/Special District/School District—36.6% |
|
|
|
|
|
|
|
|
New York
City, New York, City IDA, PILOT Revenue Bonds |
|
|
|
|
|
|
|
|
5%, 1/01/39 (b) |
|
|
500 |
|
|
401,675 |
|
|
6.375%, 1/01/39 (c) |
|
|
100 |
|
|
105,795 |
|
|
5%, 1/01/46 (b) |
|
|
2,050 |
|
|
1,605,211 |
|
|
New York
City, New York, City Transit Authority, Metropolitan |
|
|
5,000 |
|
|
5,244,350 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
|
|
|
|
|
|
Series S-2, 4.50%, 1/15/31 (a)(e) |
|
|
2,500 |
|
|
2,178,225 |
|
|
Series S-2, 4.25%, 1/15/34 (a)(e) |
|
|
250 |
|
|
203,697 |
|
|
Series S-3, 5.25%, 1/15/39 |
|
|
1,300 |
|
|
1,254,357 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
500 |
|
|
423,635 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
5,000 |
|
|
5,024,650 |
|
|
New York City, New York, GO: |
|
|
|
|
|
|
|
|
Series A-1, 4.75%, 8/15/25 |
|
|
1,000 |
|
|
943,000 |
|
|
Series B, 5.75%, 12/01/11 (d) |
|
|
3,000 |
|
|
3,356,160 |
|
|
New York
Convention Center Development Corporation, |
|
|
3,000 |
|
|
2,802,960 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
23,543,715 |
|
|
Education—25.4% |
|
|
|
|
|
|
|
|
Albany, New
York, IDA, Civic Facility Revenue Bonds |
|
|
|
|
|
|
|
|
7%, 5/01/25 |
|
|
345 |
|
|
230,553 |
|
|
7%, 5/01/35 |
|
|
220 |
|
|
137,170 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York (continued) |
|
|
|
|
|
|
|
|
Education (concluded) |
|
|
|
|
|
|
|
|
Dutchess
County, New York, IDA, Civic Facility Revenue Bonds |
|
$ |
4,000 |
|
$ |
4,433,840 |
|
|
Dutchess
County, New York, IDA, Civic Facility Revenue |
|
|
755 |
|
|
567,511 |
|
|
Geneva, New
York, IDA, Civic Facility Revenue Refunding |
|
|
3,250 |
|
|
3,056,333 |
|
|
Herkimer
County, New York, IDA, Civic Facility Revenue Bonds |
|
|
385 |
|
|
286,201 |
|
|
New York
City, New York, City IDA, Civic Facility Revenue |
|
|
460 |
|
|
339,931 |
|
|
New York
City, New York, IDA, Civic Facility Revenue Bonds |
|
|
1,500 |
|
|
1,222,395 |
|
|
New York
Liberty Development Corporation Revenue Bonds |
|
|
675 |
|
|
675 |
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
|
|
|
|
|
|
(Manhattan College), Series B, 5.30%, 7/01/37 (g) |
|
|
250 |
|
|
197,133 |
|
|
(Rochester Institute of
Technology), Series A, |
|
|
625 |
|
|
652,181 |
|
|
New York
State Dormitory Authority, Non-State Supported Debt, |
|
|
|
|
|
|
|
|
(Mount Sinai School of Medicine of
New York University), |
|
|
500 |
|
|
472,025 |
|
|
(Teachers College), 5.50%, 3/01/39 |
|
|
650 |
|
|
654,219 |
|
|
New York State Dormitory Authority Revenue Bonds: |
|
|
|
|
|
|
|
|
(Brooklyn Law School), Series B, 5.125%, 7/01/30 (h) |
|
|
2,000 |
|
|
1,799,640 |
|
|
(New School University), 5%, 7/01/31 (e) |
|
|
1,425 |
|
|
1,356,757 |
|
|
Rensselaer
County, New York, IDA, Civic Facility Revenue Bonds |
|
|
950 |
|
|
882,313 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
16,288,877 |
|
|
Health—13.7% |
|
|
|
|
|
|
|
|
Clarence,
New York, IDA, Civic Facility Revenue Bonds |
|
|
1,695 |
|
|
1,718,696 |
|
|
Genesee
County, New York, IDA, Civic Facility Revenue |
|
|
250 |
|
|
148,877 |
|
|
New York
City, New York, City IDA, Mortgage Revenue Bonds |
|
|
|
|
|
|
|
|
4.95%, 11/20/32 |
|
|
980 |
|
|
882,823 |
|
|
5.875%, 5/20/44 |
|
|
975 |
|
|
981,776 |
|
|
New York
State Dormitory Authority, Mortgage Hospital |
|
|
1,500 |
|
|
1,417,845 |
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
|
|
|
|
|
|
(New York Hospital Medical Center
of Queens), |
|
|
315 |
|
|
271,826 |
|
|
(New York University Hospitals
Center), Series B, |
|
|
530 |
|
|
347,574 |
|
|
New York
State Dormitory Authority Revenue Bonds |
|
|
500 |
|
|
491,195 |
|
|
New York
State Dormitory Authority, Revenue Refunding Bonds |
|
|
2,000 |
|
|
1,959,840 |
|
|
Saratoga
County, New York, IDA, Civic Facility Revenue Bonds |
|
|
350 |
|
|
268,594 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
35 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (continued) |
|
BlackRock New York Municipal Income Trust II (BFY) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York (continued) |
|
|
|
|
|
|
|
|
Health (concluded) |
|
|
|
|
|
|
|
|
Suffolk
County, New York, IDA, Continuing Care and |
|
$ |
450 |
|
$ |
317,939 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,806,985 |
|
|
Housing—3.2% |
|
|
|
|
|
|
|
|
New York
City, New York, City Housing Development Corporation, |
|
|
1,420 |
|
|
1,248,677 |
|
|
New York
State, HFA, M/F Housing Revenue Bonds |
|
|
1,000 |
|
|
816,610 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,065,287 |
|
|
State—7.0% |
|
|
|
|
|
|
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
1,000 |
|
|
926,220 |
|
|
New York
State Dormitory Authority, Non-State Supported |
|
|
750 |
|
|
724,073 |
|
|
New York
State Dormitory Authority, State Personal Income Tax |
|
|
300 |
|
|
321,267 |
|
|
New York
State Dormitory Authority, State Supported Debt |
|
|
600 |
|
|
567,168 |
|
|
New York
State Urban Development Corporation, Personal |
|
|
2,000 |
|
|
1,962,800 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,501,528 |
|
|
Tobacco—11.7% |
|
|
|
|
|
|
|
|
New York
Counties Tobacco Trust III, Tobacco Settlement |
|
|
2,535 |
|
|
1,843,807 |
|
|
TSASC, Inc., New York, TFABS, Series 1, 5.75%, 7/15/12 (d) |
|
|
5,000 |
|
|
5,682,400 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,526,207 |
|
|
Transportation—15.6% |
|
|
|
|
|
|
|
|
Metropolitan
Transportation Authority, New York, Dedicated Tax |
|
|
5,000 |
|
|
4,857,700 |
|
|
Metropolitan
Transportation Authority, New York, Revenue Bonds, |
|
|
750 |
|
|
825,667 |
|
|
Metropolitan
Transportation Authority, New York, Revenue |
|
|
1,250 |
|
|
1,241,700 |
|
|
Metropolitan
Transportation Authority, New York, Service |
|
|
3,000 |
|
|
2,975,820 |
|
|
Triborough
Bridge and Tunnel Authority, New York, Revenue |
|
|
150 |
|
|
147,384 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,048,271 |
|
|
Utilities—13.8% |
|
|
|
|
|
|
|
|
Long Island
Power Authority, New York, Electric System |
|
|
|
|
|
|
|
|
5.189%, 6/01/28 (l)(m) |
|
|
3,515 |
|
|
1,226,911 |
|
|
Series C, 5.25%, 9/01/29 (n) |
|
|
1,000 |
|
|
980,310 |
|
|
Long Island
Power Authority, New York, Electric System |
|
|
150 |
|
|
160,294 |
|
|
New York
City, New York, City Municipal Water Finance Authority, |
|
|
850 |
|
|
736,763 |
|
|
New York
City, New York, City Municipal Water Finance |
|
|
250 |
|
|
266,372 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York (concluded) |
|
|
|
|
|
|
|
|
Utilities (concluded) |
|
|
|
|
|
|
|
|
New York
City, New York, City Municipal Water Finance |
|
$ |
4,000 |
|
$ |
3,974,440 |
|
|
New York
State Environmental Facilities Corporation, |
|
|
1,500 |
|
|
1,497,630 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,842,720 |
|
|
Total Municipal Bonds in New York |
|
|
|
|
|
97,208,740 |
|
|
Multi-State—6.4% |
|
|
|
|
|
|
|
|
Housing—6.4% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (o)(p): |
|
|
|
|
|
|
|
|
5.75%, 4/30/15 |
|
|
500 |
|
|
507,075 |
|
|
6%, 4/30/15 |
|
|
1,500 |
|
|
1,538,775 |
|
|
6%, 4/30/19 |
|
|
1,000 |
|
|
1,012,490 |
|
|
6.30%, 4/30/19 |
|
|
1,000 |
|
|
1,017,640 |
|
|
Total Municipal Bonds in Multi-State |
|
|
|
|
|
4,075,980 |
|
|
Guam—0.4% |
|
|
|
|
|
|
|
|
Tobacco—0.4% |
|
|
|
|
|
|
|
|
Guam
Economic Development and Commerce Authority, |
|
|
375 |
|
|
250,395 |
|
|
Puerto Rico—6.5% |
|
|
|
|
|
|
|
|
Housing—1.5% |
|
|
|
|
|
|
|
|
Puerto Rico
Housing Financing Authority, Capital Funding |
|
|
1,000 |
|
|
987,460 |
|
|
State—0.3% |
|
|
|
|
|
|
|
|
Puerto Rico
Sales Tax Financing Corporation, Sales Tax |
|
|
5,000 |
|
|
195,050 |
|
|
Tobacco—0.5% |
|
|
|
|
|
|
|
|
Children’s
Trust Fund Project of Puerto Rico, Tobacco |
|
|
500 |
|
|
334,715 |
|
|
Transportation—3.5% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
2,000 |
|
|
2,222,740 |
|
|
Utilities—0.7% |
|
|
|
|
|
|
|
|
Puerto Rico
Electric Power Authority, Power Revenue |
|
|
500 |
|
|
454,050 |
|
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
4,194,015 |
|
|
Total Long-Term Investments |
|
|
|
|
|
105,729,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|||||||
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
Money Market Funds—3.2% |
|
|
|
|
|
|
|
|
CMA New York Municipal Money Fund, 0.29% (q)(r) |
|
|
2,055,271 |
|
|
2,055,271 |
|
|
Total Short-Term Securities |
|
|
|
|
|
2,055,271 |
|
|
Total Investments (Cost—$113,507,404*)—167.8% |
|
|
|
|
|
107,784,401 |
|
|
Other Assets Less Liabilities—1.7% |
|
|
|
|
|
1,114,524 |
|
|
Preferred Shares, at Redemption Value—(69.5)% |
|
|
|
|
|
(44,654,619 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
64,244,306 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
36 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (concluded) |
|
BlackRock New York Municipal Income Trust II (BFY) |
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of February 28, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
113,340,827 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
2,480,317 |
|
|
Gross unrealized depreciation |
|
|
(8,036,743 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(5,556,426 |
) |
|
|
|
|
|
|
|
(a) |
FGIC Insured. |
|
(b) |
AMBAC Insured. |
|
(c) |
Assured Guaranty Insured. |
|
(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) |
MBIA Insured. |
|
(f) |
ACA Insured. |
|
(g) |
Radian Insured. |
|
(h) |
XL Capital Insured. |
|
(i) |
GNMA Collateralized. |
|
(j) |
FHA Insured. |
|
(k) |
BHAC Insured. |
|
(l) |
FSA Insured. |
|
(m) |
Represents a zero-coupon bond. Rate shown is the current yield as of report date. |
|
(n) |
CIFG Insured. |
|
(o) |
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. |
|
(p) |
Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. |
|
(q) |
Represents the current yield as of report date. |
|
(r) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Income |
|
||
|
CMA New York Municipal Money Fund |
|
|
1,208,837 |
|
$ |
12,867 |
|
|
|
|
|
|
• |
For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
|
|
|
|
|
|
• |
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
|
|
The following table summarizes the inputs used as of February 28, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
Valuation |
|
Investments
in |
|
|
|
|
|
Assets |
|
|
|
|
|
|||
|
Level 1 |
|
$ |
2,055,271 |
|
|
Level 2 |
|
|
105,729,130 |
|
|
Level 3 |
|
|
— |
|
|
Total |
|
$ |
107,784,401 |
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
37 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments February 28, 2009 (Unaudited) |
BlackRock Virginia Municipal Bond Trust (BHV) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
District of Columbia—7.3% |
|
|
|
|
|
|
|
|
Transportation—7.3% |
|
|
|
|
|
|
|
|
Metropolitan
Washington Airports Authority, D.C., Airport |
|
|
|
|
|
|
|
|
Series A, 5.25%, 10/01/32 (a)(b) |
|
$ |
1,500 |
|
$ |
1,314,420 |
|
|
Series B, 5%, 10/01/34 (c) |
|
|
250 |
|
|
212,872 |
|
|
Total Municipal Bonds in the District of Columbia |
|
|
|
|
|
1,527,292 |
|
|
Multi-State—7.7% |
|
|
|
|
|
|
|
|
Housing—7.7% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 7.20%, 10/31/52 (d)(e) |
|
|
1,500 |
|
|
1,624,305 |
|
|
Virginia—124.8% |
|
|
|
|
|
|
|
|
Corporate—10.4% |
|
|
|
|
|
|
|
|
Chesterfield
County, Virginia, EDA, Solid Waste and Sewer |
|
|
500 |
|
|
339,585 |
|
|
Isle Wight
County, Virginia, IDA, Environmental Improvement |
|
|
1,300 |
|
|
817,232 |
|
|
Louisa,
Virginia, IDA, PCR, Refunding (Virginia Electric and |
|
|
1,000 |
|
|
1,031,580 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,188,397 |
|
|
County/City/Special District/School District—20.5% |
|
|
|
|
|
|
|
|
Celebrate
North Community Development Authority, Virginia, |
|
|
1,500 |
|
|
1,024,425 |
|
|
Dulles Town
Center, Virginia, Community Development Authority, |
|
|
955 |
|
|
676,379 |
|
|
Hampton, Virginia, Public Improvement, GO, 5%, 4/01/20 |
|
|
1,000 |
|
|
1,064,850 |
|
|
Prince
William County, Virginia, Lease Participation Certificates, |
|
|
1,275 |
|
|
1,321,831 |
|
|
The Shops
at White Oak Village Community Development |
|
|
250 |
|
|
205,587 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,293,072 |
|
|
Education—7.6% |
|
|
|
|
|
|
|
|
Virginia
College Building Authority, Educational Facilities Revenue |
|
|
|
|
|
|
|
|
5.25%, 1/01/26 |
|
|
500 |
|
|
546,405 |
|
|
5.25%, 1/01/31 |
|
|
1,000 |
|
|
1,054,020 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,600,425 |
|
|
Health—24.9% |
|
|
|
|
|
|
|
|
Arlington
County, Virginia, IDA, Hospital Facilities Revenue |
|
|
1,150 |
|
|
1,253,627 |
|
|
Danville,
Virginia, IDA, Hospital Revenue Refunding Bonds |
|
|
1,500 |
|
|
1,631,655 |
|
|
Fairfax
County, Virginia, EDA, Residential Care Facilities, |
|
|
1,000 |
|
|
651,700 |
|
|
Henrico
County, Virginia, EDA, Revenue Refunding Bonds |
|
|
|
|
|
|
|
|
5.60%, 11/15/12 (f) |
|
|
60 |
|
|
68,392 |
|
|
5.60%, 11/15/30 |
|
|
1,440 |
|
|
1,313,525 |
|
|
Peninsula
Ports Authority, Virginia, Residential Care Facilities, |
|
|
500 |
|
|
297,965 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,216,864 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Virginia (concluded) |
|
|
|
|
|
|
|
|
Housing—14.0% |
|
|
|
|
|
|
|
|
Virginia
State, HDA, Commonwealth Mortgage Revenue Bonds, |
|
$ |
3,000 |
|
$ |
2,926,350 |
|
|
State—9.1% |
|
|
|
|
|
|
|
|
Virginia
College Building Authority, Educational Facilities |
|
|
1,000 |
|
|
1,006,010 |
|
|
Virginia
State Public School Authority Revenue Bonds, |
|
|
500 |
|
|
513,065 |
|
|
Virginia
State Public School Authority, Special Obligation |
|
|
360 |
|
|
400,097 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,919,172 |
|
|
Transportation—14.7% |
|
|
|
|
|
|
|
|
Norfolk,
Virginia, Airport Authority Revenue Bonds, Series A, |
|
|
1,500 |
|
|
1,389,885 |
|
|
Richmond,
Virginia, Metropolitan Authority, Expressway |
|
|
1,250 |
|
|
1,304,837 |
|
|
Virginia
Port Authority, Port Facilities Revenue Bonds, |
|
|
500 |
|
|
390,220 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,084,942 |
|
|
Utilities—23.6% |
|
|
|
|
|
|
|
|
Fairfax
County, Virginia, Water Authority, Water Revenue |
|
|
1,205 |
|
|
1,216,279 |
|
|
Henrico
County, Virginia, Water and Sewer Revenue Refunding |
|
|
1,000 |
|
|
1,062,240 |
|
|
Virginia
State Resources Authority, Infrastructure Revenue |
|
|
|
|
|
|
|
|
Series A, 5.125%, 5/01/27 |
|
|
635 |
|
|
644,150 |
|
|
Senior Series B, 5%, 11/01/33 |
|
|
2,000 |
|
|
2,024,360 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,947,029 |
|
|
Total Municipal Bonds in Virginia |
|
|
|
|
|
26,176,251 |
|
|
Puerto Rico—4.4% |
|
|
|
|
|
|
|
|
Tobacco—4.4% |
|
|
|
|
|
|
|
|
Children’s
Trust Fund Project of Puerto Rico, Tobacco |
|
|
1,285 |
|
|
916,770 |
|
|
Total Municipal Bonds—144.2% |
|
|
|
|
|
30,244,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
Virginia—9.6% |
|
|
|
|
|
|
|
|
Education—9.6% |
|
|
|
|
|
|
|
|
Education
University of Virginia, Revenue Refunding Bonds, |
|
|
2,000 |
|
|
2,025,000 |
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
2,025,000 |
|
|
Total Long-Term Investments |
|
|
|
|
|
32,269,618 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
38 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Virginia Municipal Bond Trust (BHV) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Par |
|
Value |
|
||
|
Virginia—11.9% |
|
|
|
|
|
|
|
|
Alexandria,
Virginia, IDA, Revenue Bonds (American |
|
$ |
1,800 |
|
$ |
1,800,000 |
|
|
Virginia
Small Business Financing Authority, Hospital |
|
|
700 |
|
|
700,000 |
|
|
Total Short-Term Securities (Cost—$2,500,000)—11.9% |
|
|
|
|
|
2,500,000 |
|
|
Total Investments (Cost—$36,705,204*)—165.7% |
|
|
|
|
|
34,769,618 |
|
|
Liabilities in Excess of Other Assets—(2.9)% |
|
|
|
|
|
(613,786 |
) |
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
|
(1,001,956 |
) |
|
Preferred Shares, at Redemption Value—(58.0)% |
|
|
|
|
|
(12,175,900 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
20,977,976 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of February 28, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
35,685,882 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
879,771 |
|
|
Gross unrealized depreciation |
|
|
(2,796,035 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(1,916,264 |
) |
|
|
|
|
|
|
|
(a) |
FGIC Insured. |
|
(b) |
MBIA Insured. |
|
(c) |
FSA Insured. |
|
(d) |
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. |
|
(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 governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. |
|
(f) |
US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(g) |
AMBAC Insured. |
|
(h) |
Security is collateralized by Municipal or US Treasury Obligations. |
|
(i) |
Securities represent underlying 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. |
|
(j) |
Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. Rate shown is as of report date. This rate changes periodically based upon prevailing market rates. |
|
|
|
|
• |
For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
|
|
|
|
• |
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
The following table summarizes the inputs used as of February 28, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
Valuation |
|
Investments
in |
|
|
|
|
|
Assets |
|
|
|
|
|
|||
|
Level 1 |
|
|
— |
|
|
Level 2 |
|
$ |
34,769,618 |
|
|
Level 3 |
|
|
— |
|
|
Total |
|
$ |
34,769,618 |
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
39 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments February 28, 2009 (Unaudited) |
The Massachusetts Health & Tax-Exempt (MHE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Massachusetts—151.1% |
|
|
|
|
|
|
|
|
Corporate—3.0% |
|
|
|
|
|
|
|
|
Massachusetts
State Development Finance Agency, |
|
$ |
555 |
|
$ |
513,691 |
|
|
Massachusetts
State Industrial Finance Agency, PCR |
|
|
1,000 |
|
|
250,000 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
763,691 |
|
|
Education—94.8% |
|
|
|
|
|
|
|
|
Massachusetts
State College Building Authority, Project |
|
|
825 |
|
|
839,627 |
|
|
Massachusetts
State Development Finance Agency, |
|
|
|
|
|
|
|
|
(Belmont Hill School), 5%, 9/01/11 (c) |
|
|
1,100 |
|
|
1,208,856 |
|
|
(Xaverian Brothers High School), 5.65%, 7/01/29 |
|
|
250 |
|
|
197,508 |
|
|
Massachusetts
State Development Finance Agency, |
|
|
1,000 |
|
|
590,290 |
|
|
Massachusetts
State Development Finance Agency |
|
|
|
|
|
|
|
|
(Boston University), Series T-1, 5%, 10/01/39 (a) |
|
|
1,000 |
|
|
935,850 |
|
|
(College of Pharmacy and Allied
Health Services), |
|
|
500 |
|
|
502,125 |
|
|
(Franklin W. Olin College), Series B, 5.25%, 7/01/33 (b) |
|
|
400 |
|
|
390,836 |
|
|
(Massachusetts College of Pharmacy
and Health Sciences), |
|
|
1,000 |
|
|
1,173,580 |
|
|
(Smith College), 5%, 7/01/35 |
|
|
2,000 |
|
|
1,991,160 |
|
|
(WGBH Educational Foundation), Series A, 5.75%, 1/01/42 (a) |
|
|
1,100 |
|
|
1,096,678 |
|
|
(The Wheeler School), 6.50%, 12/01/29 |
|
|
540 |
|
|
497,335 |
|
|
(Williston Northampton School Project), 5%, 10/01/25 (b) |
|
|
500 |
|
|
431,805 |
|
|
(Worcester Polytechnic Institute), 5%, 9/01/27 (f) |
|
|
1,985 |
|
|
1,959,056 |
|
|
Massachusetts
State Development Finance Agency, |
|
|
|
|
|
|
|
|
(Boston University, Series P, 5.45%, 5/15/59 |
|
|
1,500 |
|
|
1,487,115 |
|
|
(Clark University), 5.125%, 10/01/35 (b) |
|
|
500 |
|
|
479,325 |
|
|
(Western New England College),
Series A, |
|
|
1,500 |
|
|
1,418,970 |
|
|
(Wheelock College), Series C, 5.25%, 10/01/37 |
|
|
1,000 |
|
|
745,760 |
|
|
Massachusetts
State Health and Educational Facilities |
|
|
|
|
|
|
|
|
(Harvard University), Series FF, 5.125%, 7/15/37 |
|
|
850 |
|
|
858,755 |
|
|
(Northeastern University), Series R, 5%, 10/01/33 |
|
|
225 |
|
|
204,017 |
|
|
(Simmons College), Series F, 5%, 10/01/13 (c)(g) |
|
|
1,000 |
|
|
1,130,580 |
|
|
(Tufts University), 5.375%, 8/15/38 |
|
|
1,000 |
|
|
1,023,440 |
|
|
(University of Massachusetts),
Series C, |
|
|
230 |
|
|
221,269 |
|
|
(Wheaton College), Series D, 6%, 1/01/18 |
|
|
1,040 |
|
|
952,910 |
|
|
Massachusetts
State Health and Educational Facilities |
|
|
|
|
|
|
|
|
(Berklee College of Music), Series A, 5%, 10/01/37 |
|
|
1,000 |
|
|
848,400 |
|
|
(Boston College), Series N, 5.125%, 6/01/37 |
|
|
1,000 |
|
|
1,000,870 |
|
|
(Learning Center For Deaf
Children), Series C, |
|
|
495 |
|
|
349,079 |
|
|
(Wellesley College), 5%, 7/01/33 |
|
|
1,500 |
|
|
1,511,550 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
24,046,746 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Massachusetts (concluded) |
|
|
|
|
|
|
|
|
Health—40.4% |
|
|
|
|
|
|
|
|
Massachusetts
State Development Finance Agency, |
|
|
|
|
|
|
|
|
(Edgecombe Project), Series A, 6.75%, 7/01/21 |
|
$ |
855 |
|
$ |
767,080 |
|
|
(Overlook Communities Inc.), Series
A, |
|
|
850 |
|
|
614,099 |
|
|
Massachusetts
State Development Finance Agency, |
|
|
1,250 |
|
|
839,163 |
|
|
Massachusetts
State Development Finance Agency, |
|
|
500 |
|
|
365,085 |
|
|
Massachusetts
State Development Finance Agency |
|
|
425 |
|
|
295,379 |
|
|
Massachusetts
State Health and Educational Facilities |
|
|
|
|
|
|
|
|
(Baystate Medical Center), Series F, 5.75%, 7/01/33 |
|
|
1,000 |
|
|
896,510 |
|
|
(Berkshire Health System), Series E, 6.25%, 10/01/31 |
|
|
350 |
|
|
286,104 |
|
|
(Berkshire Health System), Series F, 5%, 10/01/19 (e) |
|
|
1,000 |
|
|
997,760 |
|
|
(Lahey Clinic Medical Center), Series D, 5.25%, 8/15/37 |
|
|
1,000 |
|
|
838,800 |
|
|
(Milford-Whitinsville Hospital),
Series D, |
|
|
750 |
|
|
861,608 |
|
|
Massachusetts
State Health and Educational Facilities |
|
|
|
|
|
|
|
|
6%, 1/01/12 (c) |
|
|
255 |
|
|
287,288 |
|
|
6%, 7/01/22 |
|
|
630 |
|
|
642,380 |
|
|
6%, 7/01/31 |
|
|
315 |
|
|
296,188 |
|
|
Massachusetts
State Health and Educational Facilities |
|
|
|
|
|
|
|
|
(Bay Cove Human Services Issue),
Series A, |
|
|
775 |
|
|
538,594 |
|
|
(Caregroup, Inc.), Series E-1, 5%, 7/01/28 |
|
|
500 |
|
|
390,420 |
|
|
(Christopher House), Series A, 6.875%, 1/01/29 |
|
|
480 |
|
|
373,229 |
|
|
(Valley Regional Health System),
Series C, |
|
|
395 |
|
|
347,414 |
|
|
Massachusetts
State Industrial Finance Agency, Health Care |
|
|
695 |
|
|
620,878 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,257,979 |
|
|
Housing—3.7% |
|
|
|
|
|
|
|
|
Massachusetts
State, HFA, Housing Revenue Refunding Bonds, |
|
|
1,000 |
|
|
936,420 |
|
|
State—7.2% |
|
|
|
|
|
|
|
|
Massachusetts
State College Building Authority, Project |
|
|
|
|
|
|
|
|
5%, 5/01/31 (a) |
|
|
1,000 |
|
|
952,300 |
|
|
5.50%, 5/01/39 |
|
|
500 |
|
|
497,040 |
|
|
Massachusetts
State Development Finance Agency, Education |
|
|
400 |
|
|
366,220 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,815,560 |
|
|
Transportation—2.0% |
|
|
|
|
|
|
|
|
Rail
Connections, Inc., Massachusetts, Capital Appreciation |
|
|
1,000 |
|
|
501,220 |
|
|
Total Municipal Bonds—151.1% |
|
|
|
|
|
38,321,616 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
40 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
The Massachusetts Health & Tax-Exempt (MHE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
State—8.0% |
|
|
|
|
|
|
|
|
Massachusetts
State School Building Authority, Dedicated |
|
$ |
2,010 |
|
$ |
2,030,559 |
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
2,030,559 |
|
|
Total Long-Term Investments |
|
|
|
|
|
40,352,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
Massachusetts—4.7% |
|
|
|
|
|
|
|
|
Massachusetts State Health and Educational Facilities Authority, Revenue Refunding Bonds (Partners Healthcare System), VRDN, Series D-1, 0.30%, 3/02/09 (n) |
|
|
1,200 |
|
|
1,200,000 |
|
|
Total Short-Term Securities |
|
|
|
|
|
1,200,000 |
|
|
Total Investments (Cost—$45,323,072*)—163.8% |
|
|
|
|
|
41,552,175 |
|
|
Other Assets Less Liabilities—14.4% |
|
|
|
|
|
3,652,358 |
|
|
Liability for Trust Certificates, Including Interest Expense Payable—(5.3)% |
|
|
|
|
|
(1,340,755 |
) |
|
Preferred Shares, at Redemption Value—(72.9)% |
|
|
|
|
|
(18,502,174 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
25,361,604 |
|
|
|
|
|
|
|
|||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of February 28, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
43,854,399 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
894,810 |
|
|
Gross unrealized depreciation |
|
|
(4,536,629 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(3,641,819 |
) |
|
|
|
|
|
|
|
(a) |
AMBAC Insured. |
|
(b) |
XL Capital Insured. |
|
(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) |
ACA Insured. |
|
(e) |
Assured Guaranty Insured. |
|
(f) |
NPFGC Insured. |
|
(g) |
FGIC Insured. |
|
(h) |
Radian Insured. |
|
(i) |
Connie Lee Insured. |
|
(j) |
When-issued security. |
|
(k) |
Represents a zero coupon bond. Rate shown reflects the current yield as of report date. |
|
(l) |
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. |
|
(m) |
FSA Insured. |
|
(n) |
Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. Rate shown is as of report date. This rate changes periodically based upon prevailing market rates. |
|
|
|
|
• |
For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
|
|
|
|
• |
Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of February 28, 2009 in determining the fair valuation of the Trust’s investments:
|
|
|
|
|
|
|
Valuation |
|
Investments
in |
|
|
|
|
|
Assets |
|
|
|
|
|
|||
|
Level 1 |
|
|
— |
|
|
Level 2 |
|
$ |
41,552,175 |
|
|
Level 3 |
|
|
— |
|
|
Total |
|
$ |
41,552,175 |
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28, 2009 (Unaudited) |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value - unaffiliated1 |
|
$ |
106,156,666 |
|
$ |
70,960,910 |
|
$ |
163,024,895 |
|
$ |
38,003,937 |
|
|
Investments at value - affiliated2 |
|
|
9,410,597 |
|
|
2,248,240 |
|
|
6,141,300 |
|
|
4,502,411 |
|
|
Cash |
|
|
60,568 |
|
|
39,826 |
|
|
7,658 |
|
|
19,463 |
|
|
Investments sold receivable |
|
|
— |
|
|
1,886,817 |
|
|
1,610,417 |
|
|
— |
|
|
Interest receivable |
|
|
946,192 |
|
|
792,686 |
|
|
1,723,028 |
|
|
502,810 |
|
|
Income receivable - affiliated |
|
|
35 |
|
|
34 |
|
|
68 |
|
|
37 |
|
|
Prepaid expenses |
|
|
7,326 |
|
|
4,888 |
|
|
11,241 |
|
|
2,879 |
|
|
Other assets |
|
|
3,880 |
|
|
3,789 |
|
|
7,524 |
|
|
4,117 |
|
|
|
|
||||||||||||
|
Total assets |
|
|
116,585,264 |
|
|
75,937,190 |
|
|
172,526,131 |
|
|
43,035,654 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments purchased payable |
|
|
4,894,100 |
|
|
— |
|
|
— |
|
|
— |
|
|
Income dividends payable - Common Shares |
|
|
295,573 |
|
|
211,399 |
|
|
455,988 |
|
|
133,763 |
|
|
Investment advisory fees payable |
|
|
37,816 |
|
|
26,221 |
|
|
58,553 |
|
|
14,559 |
|
|
Interest expense and fees payable |
|
|
26,846 |
|
|
3,939 |
|
|
21,381 |
|
|
2,578 |
|
|
Other affiliates payable |
|
|
790 |
|
|
560 |
|
|
1,220 |
|
|
305 |
|
|
Officer’s and Directors’/Trustees’ fees payable |
|
|
4,964 |
|
|
4,249 |
|
|
8,135 |
|
|
5,190 |
|
|
Other liabilities |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Other accrued expenses payable |
|
|
52,435 |
|
|
56,287 |
|
|
51,358 |
|
|
39,784 |
|
|
|
|
||||||||||||
|
Total accrued liabilities |
|
|
5,312,524 |
|
|
302,655 |
|
|
596,635 |
|
|
196,179 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust certificates3 |
|
|
4,771,849 |
|
|
1,998,847 |
|
|
10,035,291 |
|
|
1,500,000 |
|
|
|
|
||||||||||||
|
Total Liabilities |
|
|
10,084,373 |
|
|
2,301,502 |
|
|
10,631,926 |
|
|
1,696,179 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares at Redemption Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares at liquidation preference, plus unpaid dividends4,5 |
|
|
37,556,582 |
|
|
27,979,904 |
|
|
59,756,135 |
|
|
16,001,184 |
|
|
|
|
||||||||||||
|
Net Assets Applicable to Common Shareholders |
|
$ |
68,944,309 |
|
$ |
45,655,784 |
|
$ |
102,138,070 |
|
$ |
25,338,291 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders Consist of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares, par value per share6,7,8 |
|
$ |
5,278 |
|
$ |
3,410 |
|
$ |
8,000 |
|
$ |
2,045 |
|
|
Paid-in capital in excess of par |
|
|
74,835,958 |
|
|
48,406,377 |
|
|
113,484,176 |
|
|
28,972,364 |
|
|
Undistributed net investment income |
|
|
390,680 |
|
|
322,400 |
|
|
950,672 |
|
|
204,582 |
|
|
Accumulated net realized gain (loss) |
|
|
(1,721,180 |
) |
|
70,968 |
|
|
(5,708,339 |
) |
|
(427,384 |
) |
|
Net unrealized appreciation/depreciation |
|
|
(4,566,427 |
) |
|
(3,147,371 |
) |
|
(6,596,439 |
) |
|
(3,413,316 |
) |
|
|
|
||||||||||||
|
Net Assets Applicable to Common Shareholders |
|
$ |
68,944,309 |
|
$ |
45,655,784 |
|
$ |
102,138,070 |
|
$ |
25,338,291 |
|
|
|
|
||||||||||||
|
Net asset value per Common Share |
|
$ |
13.06 |
|
$ |
13.39 |
|
$ |
12.77 |
|
$ |
12.39 |
|
|
|
|
||||||||||||
|
1 Investments at cost - unaffiliated |
|
$ |
110,723,093 |
|
$ |
74,108,281 |
|
$ |
169,621,334 |
|
$ |
41,417,253 |
|
|
|
|
||||||||||||
|
2 Investments at cost - affiliated |
|
$ |
9,410,597 |
|
$ |
2,248,240 |
|
$ |
6,141,300 |
|
$ |
4,502,411 |
|
|
|
|
||||||||||||
|
3 Represents short-term floating rate certificates issued by tender option bond trusts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 Preferred Shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par value $0.001 per share |
|
|
1,502 |
|
|
1,119 |
|
|
2,390 |
|
|
640 |
|
|
Par value $0.01 per share |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Par value $0.10 per share |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||
|
5 Preferred Shares at liquidation preference |
|
$ |
25,000 |
|
$ |
25,000 |
|
$ |
25,000 |
|
$ |
25,000 |
|
|
|
|
||||||||||||
|
6 Common Shares outstanding |
|
|
5,278,087 |
|
|
3,409,668 |
|
|
7,999,789 |
|
|
2,045,313 |
|
|
|
|
||||||||||||
|
7 Common Shares authorized |
|
|
unlimited |
|
|
unlimited |
|
|
unlimited |
|
|
unlimited |
|
|
|
|
||||||||||||
|
8 Par value per Common Share |
|
$ |
0.001 |
|
$ |
0.001 |
|
$ |
0.001 |
|
$ |
0.001 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
42 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28, 2009 (Unaudited) |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
The
Massachusetts |
|
|||||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value - unaffiliated1 |
|
$ |
675,381,080 |
|
$ |
43,216,506 |
|
$ |
126,877,717 |
|
$ |
57,439,086 |
|
$ |
105,729,130 |
|
$ |
34,769,618 |
|
$ |
41,552,175 |
|
|
Investments at value - affiliated2 |
|
|
16,044,997 |
|
|
3,049,223 |
|
|
6,009,862 |
|
|
2,736,776 |
|
|
2,055,271 |
|
|
— |
|
|
— |
|
|
Cash |
|
|
65,442 |
|
|
91,422 |
|
|
62,414 |
|
|
36,048 |
|
|
33,486 |
|
|
101,649 |
|
|
4,067,827 |
|
|
Investments sold receivable |
|
|
1,121,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
94,093 |
|
|
15,000 |
|
|
— |
|
|
Interest receivable |
|
|
9,082,990 |
|
|
612,541 |
|
|
1,470,016 |
|
|
808,627 |
|
|
1,372,039 |
|
|
503,343 |
|
|
627,510 |
|
|
Income receivable - affiliated |
|
|
270 |
|
|
36 |
|
|
35 |
|
|
37 |
|
|
47 |
|
|
29 |
|
|
— |
|
|
Prepaid expenses |
|
|
20,582 |
|
|
3,293 |
|
|
8,884 |
|
|
3,944 |
|
|
6,883 |
|
|
2,266 |
|
|
1,390 |
|
|
Other assets |
|
|
20,159 |
|
|
3,947 |
|
|
3,906 |
|
|
4,088 |
|
|
5,213 |
|
|
3,282 |
|
|
— |
|
|
|
|
|||||||||||||||||||||
|
Total assets |
|
|
701,736,608 |
|
|
46,976,968 |
|
|
134,432,834 |
|
|
61,028,606 |
|
|
109,296,162 |
|
|
35,395,187 |
|
|
46,248,902 |
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments purchased payable |
|
|
1,510,125 |
|
|
— |
|
|
2,013,500 |
|
|
— |
|
|
— |
|
|
1,074,100 |
|
|
858,750 |
|
|
Income dividends payable - Common Shares |
|
|
1,632,142 |
|
|
162,490 |
|
|
375,547 |
|
|
187,695 |
|
|
308,794 |
|
|
112,762 |
|
|
114,859 |
|
|
Investment advisory fees payable |
|
|
243,838 |
|
|
15,518 |
|
|
44,990 |
|
|
21,315 |
|
|
38,400 |
|
|
12,230 |
|
|
17,977 |
|
|
Interest expense and fees payable |
|
|
431,791 |
|
|
— |
|
|
57,814 |
|
|
8,350 |
|
|
— |
|
|
1,956 |
|
|
1,160 |
|
|
Other affiliates payable |
|
|
4,816 |
|
|
370 |
|
|
930 |
|
|
392 |
|
|
715 |
|
|
255 |
|
|
291 |
|
|
Officer’s and Directors’/Trustees’ fees payable |
|
|
20,548 |
|
|
4,391 |
|
|
4,414 |
|
|
4,552 |
|
|
5,743 |
|
|
4,175 |
|
|
27 |
|
|
Other liabilities |
|
|
1,294 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
16 |
|
|
— |
|
|
Other accrued expenses payable |
|
|
143,080 |
|
|
56,578 |
|
|
58,797 |
|
|
65,663 |
|
|
43,585 |
|
|
35,817 |
|
|
52,465 |
|
|
|
|
|||||||||||||||||||||
|
Total accrued liabilities |
|
|
3,987,634 |
|
|
239,347 |
|
|
2,555,992 |
|
|
287,967 |
|
|
397,237 |
|
|
1,241,311 |
|
|
1,045,529 |
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust certificates3 |
|
|
56,312,240 |
|
|
— |
|
|
9,308,740 |
|
|
1,321,257 |
|
|
— |
|
|
1,000,000 |
|
|
1,339,595 |
|
|
|
|
|||||||||||||||||||||
|
Total Liabilities |
|
|
60,299,874 |
|
|
239,347 |
|
|
11,864,732 |
|
|
1,609,224 |
|
|
397,237 |
|
|
2,241,311 |
|
|
2,385,124 |
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares at Redemption Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares at liquidation preference, plus unpaid dividends4,5 |
|
|
252,909,375 |
|
|
19,202,885 |
|
|
41,678,083 |
|
|
22,402,946 |
|
|
44,654,619 |
|
|
12,175,900 |
|
|
18,502,174 |
|
|
|
|
|||||||||||||||||||||
|
Net Assets Applicable to Common Shareholders |
|
$ |
388,527,359 |
|
$ |
27,534,736 |
|
$ |
80,890,019 |
|
$ |
37,016,436 |
|
$ |
64,244,306 |
|
$ |
20,977,976 |
|
$ |
25,361,604 |
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders Consist of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares, par value per share6,7,8 |
|
$ |
3,079,514 |
|
$ |
2,305 |
|
$ |
6,475 |
|
$ |
2,760 |
|
$ |
4,941 |
|
$ |
1,557 |
|
$ |
23,441 |
|
|
Paid-in capital in excess of par |
|
|
470,986,538 |
|
|
32,675,348 |
|
|
91,845,967 |
|
|
39,181,450 |
|
|
70,053,876 |
|
|
22,105,134 |
|
|
29,660,491 |
|
|
Undistributed net investment income |
|
|
2,144,209 |
|
|
257,575 |
|
|
700,661 |
|
|
332,291 |
|
|
776,907 |
|
|
301,007 |
|
|
357,173 |
|
|
Accumulated net realized gain (loss) |
|
|
(46,670,195 |
) |
|
(190,250 |
) |
|
(3,121,994 |
) |
|
6,438 |
|
|
(868,415 |
) |
|
505,864 |
|
|
(908,604 |
) |
|
Net unrealized appreciation/depreciation |
|
|
(41,012,707 |
) |
|
(5,210,242 |
) |
|
(8,541,090 |
) |
|
(2,506,503 |
) |
|
(5,723,003 |
) |
|
(1,935,586 |
) |
|
(3,770,897 |
) |
|
|
|
|||||||||||||||||||||
|
Net Assets Applicable to Common Shareholders |
|
$ |
388,527,359 |
|
$ |
27,534,736 |
|
$ |
80,890,019 |
|
$ |
37,016,436 |
|
$ |
64,244,306 |
|
$ |
20,977,976 |
|
$ |
25,361,604 |
|
|
|
|
|||||||||||||||||||||
|
Net asset value per Common Share |
|
$ |
12.62 |
|
$ |
11.95 |
|
$ |
12.49 |
|
$ |
13.41 |
|
$ |
13.00 |
|
$ |
13.47 |
|
$ |
10.82 |
|
|
|
|
|||||||||||||||||||||
|
1 Investments at cost - unaffiliated |
|
$ |
716,393,787 |
|
$ |
48,426,748 |
|
$ |
135,418,807 |
|
$ |
59,945,589 |
|
$ |
111,452,133 |
|
$ |
36,705,204 |
|
$ |
45,323,072 |
|
|
|
|
|||||||||||||||||||||
|
2 Investments at cost - affiliated |
|
$ |
16,044,997 |
|
$ |
3,049,223 |
|
$ |
6,009,862 |
|
$ |
2,736,776 |
|
$ |
2,055,271 |
|
$ |
— |
|
|
|
|
|
|
|
|||||||||||||||||||||
|
3 Represents short-term floating rate certificates issued by tender option bond trusts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 Preferred Shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par value $0.001 per share |
|
|
— |
|
|
768 |
|
|
1,667 |
|
|
896 |
|
|
1,786 |
|
|
487 |
|
|
— |
|
|
Par value $0.01 per share |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
370 |
|
|
Par value $0.10 per share |
|
|
10,115 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|||||||||||||||||||||
|
5 Preferred Shares at liquidation preference |
|
$ |
25,000 |
|
$ |
25,000 |
|
$ |
25,000 |
|
$ |
25,000 |
|
$ |
25,000 |
|
$ |
25,000 |
|
$ |
50,000 |
|
|
|
|
|||||||||||||||||||||
|
6 Common Shares outstanding |
|
|
30,795,138 |
|
|
2,304,823 |
|
|
6,474,946 |
|
|
2,760,221 |
|
|
4,940,705 |
|
|
1,556,890 |
|
|
2,344,067 |
|
|
|
|
|||||||||||||||||||||
|
7 Common Shares authorized |
|
|
200,000,000 |
|
|
unlimited |
|
|
unlimited |
|
|
unlimited |
|
|
unlimited |
|
|
unlimited |
|
|
unlimited |
|
|
|
|
|||||||||||||||||||||
|
8 Par value per Common Share |
|
$ |
0.10 |
|
$ |
0.001 |
|
$ |
0.001 |
|
$ |
0.001 |
|
$ |
0.001 |
|
$ |
0.001 |
|
$ |
0.01 |
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 28, 2009 (Unaudited) |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
||||
|
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
2,755,905 |
|
$ |
2,114,427 |
|
$ |
4,677,852 |
|
$ |
1,148,308 |
|
|
Income - affiliated |
|
|
35,082 |
|
|
14,083 |
|
|
38,983 |
|
|
21,608 |
|
|
|
|
||||||||||||
|
Total income |
|
|
2,790,987 |
|
|
2,128,510 |
|
|
4,716,835 |
|
|
1,169,916 |
|
|
|
|
||||||||||||
|
|
|||||||||||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
|
300,183 |
|
|
238,905 |
|
|
459,969 |
|
|
137,892 |
|
|
Commissions for Preferred Shares |
|
|
37,064 |
|
|
27,649 |
|
|
57,005 |
|
|
14,684 |
|
|
Professional |
|
|
31,227 |
|
|
30,991 |
|
|
34,779 |
|
|
27,783 |
|
|
Accounting services |
|
|
11,050 |
|
|
10,031 |
|
|
17,799 |
|
|
6,840 |
|
|
Transfer agent |
|
|
9,787 |
|
|
9,822 |
|
|
15,099 |
|
|
9,329 |
|
|
Printing |
|
|
7,614 |
|
|
4,717 |
|
|
10,230 |
|
|
2,592 |
|
|
Officer and Directors/Trustees |
|
|
3,688 |
|
|
1,451 |
|
|
3,423 |
|
|
561 |
|
|
Registration |
|
|
4,693 |
|
|
4,697 |
|
|
1,681 |
|
|
411 |
|
|
Custodian |
|
|
4,240 |
|
|
3,388 |
|
|
5,785 |
|
|
1,935 |
|
|
Miscellaneous |
|
|
20,371 |
|
|
19,634 |
|
|
25,256 |
|
|
16,774 |
|
|
|
|
||||||||||||
|
Total expenses excluding interest expense and fees |
|
|
429,917 |
|
|
351,285 |
|
|
631,026 |
|
|
218,801 |
|
|
Interest expense and fees1 |
|
|
88,285 |
|
|
18,091 |
|
|
94,203 |
|
|
22,006 |
|
|
|
|
||||||||||||
|
Total expenses |
|
|
518,202 |
|
|
369,376 |
|
|
725,229 |
|
|
240,807 |
|
|
Less fees waived by advisor |
|
|
(78,420 |
) |
|
(78,961 |
) |
|
(101,690 |
) |
|
(45,485 |
) |
|
Less fees paid indirectly |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||
|
Total expenses after fees waived and paid indirectly |
|
|
439,782 |
|
|
290,415 |
|
|
623,539 |
|
|
195,322 |
|
|
|
|
||||||||||||
|
Net investment income |
|
|
2,351,205 |
|
|
1,838,095 |
|
|
4,093,296 |
|
|
974,594 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
(306,909 |
) |
|
574,007 |
|
|
(1,360,484 |
) |
|
(403,438 |
) |
|
Futures and forward interest rate swaps |
|
|
— |
|
|
— |
|
|
(521,411 |
) |
|
— |
|
|
|
|
||||||||||||
|
|
|
|
(306,909 |
) |
|
574,007 |
|
|
(1,881,895 |
) |
|
(403,438 |
) |
|
|
|
||||||||||||
|
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
(5,111,298 |
) |
|
(5,739,707 |
) |
|
(9,155,237 |
) |
|
(3,747,159 |
) |
|
Futures and forward interest rate swaps |
|
|
— |
|
|
— |
|
|
375,543 |
|
|
— |
|
|
|
|
||||||||||||
|
|
|
|
(5,111,298 |
) |
|
(5,739,707 |
) |
|
(8,779,694 |
) |
|
(3,747,159 |
) |
|
|
|
||||||||||||
|
Total realized and unrealized loss |
|
|
(5,418,207 |
) |
|
(5,165,700 |
) |
|
(10,661,589 |
) |
|
(4,150,597 |
) |
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Preferred Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(518,053 |
) |
|
(383,043 |
) |
|
(820,457 |
) |
|
(219,872 |
) |
|
Net realized gain |
|
|
— |
|
|
(4,924 |
) |
|
— |
|
|
(2,361 |
) |
|
|
|
||||||||||||
|
|
|
|
(518,053 |
) |
|
(387,967 |
) |
|
(820,457 |
) |
|
(222,233 |
) |
|
|
|
||||||||||||
|
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations |
|
$ |
(3,585,055 |
) |
$ |
(3,715,572 |
) |
$ |
(7,388,750 |
) |
$ |
(3,398,236 |
) |
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Related to tender option bond trusts. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 28, 2009 (Unaudited) |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
The Massachusetts |
|
|||||||
|
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
17,094,631 |
|
$ |
1,331,721 |
|
$ |
3,345,753 |
|
$ |
1,734,942 |
|
$ |
2,939,143 |
|
$ |
840,458 |
|
$ |
1,184,629 |
|
|
Income - affiliated |
|
|
80,263 |
|
|
37,950 |
|
|
11,270 |
|
|
2,174 |
|
|
13,361 |
|
|
314 |
|
|
— |
|
|
|
|
|||||||||||||||||||||
|
Total income |
|
|
17,174,894 |
|
|
1,369,671 |
|
|
3,357,023 |
|
|
1,737,116 |
|
|
2,952,504 |
|
|
840,772 |
|
|
1,184,629 |
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
|
1,886,027 |
|
|
151,321 |
|
|
351,892 |
|
|
192,663 |
|
|
291,032 |
|
|
109,526 |
|
|
111,538 |
|
|
Commissions for Preferred Shares |
|
|
260,814 |
|
|
18,719 |
|
|
38,796 |
|
|
22,196 |
|
|
43,035 |
|
|
11,730 |
|
|
20,970 |
|
|
Professional |
|
|
65,831 |
|
|
27,626 |
|
|
35,023 |
|
|
27,116 |
|
|
32,116 |
|
|
23,259 |
|
|
33,897 |
|
|
Accounting services |
|
|
103,781 |
|
|
9,490 |
|
|
12,797 |
|
|
9,413 |
|
|
9,973 |
|
|
1,969 |
|
|
4,903 |
|
|
Transfer agent |
|
|
33,530 |
|
|
9,915 |
|
|
9,589 |
|
|
7,406 |
|
|
10,811 |
|
|
9,728 |
|
|
12,472 |
|
|
Printing |
|
|
24,100 |
|
|
2,519 |
|
|
10,113 |
|
|
3,131 |
|
|
5,807 |
|
|
1,393 |
|
|
— |
|
|
Officer and Directors/Trustees |
|
|
24,004 |
|
|
785 |
|
|
3,526 |
|
|
308 |
|
|
1,656 |
|
|
496 |
|
|
2,022 |
|
|
Registration |
|
|
5,680 |
|
|
493 |
|
|
4,622 |
|
|
4,838 |
|
|
1,065 |
|
|
328 |
|
|
580 |
|
|
Custodian |
|
|
19,029 |
|
|
2,275 |
|
|
4,400 |
|
|
2,431 |
|
|
4,662 |
|
|
1,801 |
|
|
3,176 |
|
|
Miscellaneous |
|
|
60,497 |
|
|
18,929 |
|
|
23,336 |
|
|
19,759 |
|
|
23,977 |
|
|
18,735 |
|
|
10,671 |
|
|
|
|
|||||||||||||||||||||
|
Total expenses excluding interest expense and fees |
|
|
2,483,293 |
|
|
242,072 |
|
|
494,094 |
|
|
289,261 |
|
|
424,134 |
|
|
178,965 |
|
|
200,229 |
|
|
Interest expense and fees1 |
|
|
877,602 |
|
|
5,880 |
|
|
174,069 |
|
|
14,274 |
|
|
— |
|
|
11,844 |
|
|
15,869 |
|
|
|
|
|||||||||||||||||||||
|
Total expenses |
|
|
3,360,895 |
|
|
247,952 |
|
|
668,163 |
|
|
303,535 |
|
|
424,134 |
|
|
190,809 |
|
|
216,098 |
|
|
Less fees waived by advisor |
|
|
(443,709 |
) |
|
(54,996 |
) |
|
(83,546 |
) |
|
(62,768 |
) |
|
(57,566 |
) |
|
(33,700 |
) |
|
— |
|
|
Less fees paid indirectly |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(498 |
) |
|
|
|
|||||||||||||||||||||
|
Total expenses after fees waived and paid indirectly |
|
|
2,917,186 |
|
|
192,956 |
|
|
584,617 |
|
|
240,767 |
|
|
366,568 |
|
|
157,109 |
|
|
215,600 |
|
|
|
|
|||||||||||||||||||||
|
Net investment income |
|
|
14,257,708 |
|
|
1,176,715 |
|
|
2,772,406 |
|
|
1,496,349 |
|
|
2,585,936 |
|
|
683,663 |
|
|
969,029 |
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
(2,179,727 |
) |
|
84,165 |
|
|
(2,302,979 |
) |
|
68,948 |
|
|
178,648 |
|
|
551,774 |
|
|
(506,420 |
) |
|
Futures and forward interest rate swaps |
|
|
67,701 |
|
|
— |
|
|
12,943 |
|
|
5,974 |
|
|
10,951 |
|
|
— |
|
|
(99,000 |
) |
|
|
|
|||||||||||||||||||||
|
|
|
|
(2,112,026 |
) |
|
84,165 |
|
|
(2,290,036 |
) |
|
74,922 |
|
|
189,599 |
|
|
551,774 |
|
|
(605,420 |
) |
|
|
|
|||||||||||||||||||||
|
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
(38,807,258 |
) |
|
(5,111,644 |
) |
|
(7,093,856 |
) |
|
(3,713,673 |
) |
|
(6,601,326 |
) |
|
(2,558,804 |
) |
|
(3,532,225 |
) |
|
Futures and forward interest rate swaps |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
83,017 |
|
|
|
|
|||||||||||||||||||||
|
|
|
|
(38,807,258 |
) |
|
(5,111,644 |
) |
|
(7,093,856 |
) |
|
(3,713,673 |
) |
|
(6,601,326 |
) |
|
(2,558,804 |
) |
|
(3,449,208 |
) |
|
|
|
|||||||||||||||||||||
|
Total realized and unrealized loss |
|
|
(40,919,284 |
) |
|
(5,027,479 |
) |
|
(9,383,892 |
) |
|
(3,638,751 |
) |
|
(6,411,727 |
) |
|
(2,007,030 |
) |
|
(4,054,628 |
) |
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Preferred Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(3,501,557 |
) |
|
(264,225 |
) |
|
(576,364 |
) |
|
(303,259 |
) |
|
(621,123 |
) |
|
(140,542 |
) |
|
(258,962 |
) |
|
Net realized gain |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,799 |
) |
|
— |
|
|
(45,559 |
) |
|
— |
|
|
|
|
|||||||||||||||||||||
|
|
|
|
(3,501,557 |
) |
|
(264,225 |
) |
|
(576,364 |
) |
|
(307,058 |
) |
|
(621,123 |
) |
|
(186,101 |
) |
|
(258,962 |
) |
|
|
|
|||||||||||||||||||||
|
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations |
|
$ |
(30,163,133 |
) |
$ |
(4,114,989 |
) |
$ |
(7,187,850 |
) |
$ |
(2,449,460 |
) |
$ |
(4,446,914 |
) |
$ |
(1,509,468 |
) |
$ |
(3,344,561 |
) |
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock |
|
||||||||
|
|
|
|
|
||||||||||
|
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Year Ended |
|
||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
2,351,205 |
|
$ |
5,029,423 |
|
$ |
1,838,095 |
|
$ |
3,804,585 |
|
|
Net realized gain (loss) |
|
|
(306,909 |
) |
|
(696,593 |
) |
|
574,007 |
|
|
16,331 |
|
|
Net change in unrealized appreciation/depreciation |
|
|
(5,111,298 |
) |
|
(2,327,135 |
) |
|
(5,739,707 |
) |
|
(1,372,393 |
) |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(518,053 |
) |
|
(1,418,583 |
) |
|
(383,043 |
) |
|
(1,029,626 |
) |
|
Net realized gain |
|
|
— |
|
|
— |
|
|
(4,924 |
) |
|
— |
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
|
(3,585,055 |
) |
|
587,112 |
|
|
(3,715,572 |
) |
|
1,418,897 |
|
|
|
|
||||||||||||
|
|
|||||||||||||
|
Dividends and Distributions to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(1,773,437 |
) |
|
(3,641,581 |
) |
|
(1,268,397 |
) |
|
(3,103,983 |
) |
|
Net realized gain |
|
|
— |
|
|
— |
|
|
(9,946 |
) |
|
— |
|
|
|
|
||||||||||||
|
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
|
(1,773,437 |
) |
|
(3,641,581 |
) |
|
(1,278,343 |
) |
|
(3,103,983 |
) |
|
|
|
||||||||||||
|
|
|||||||||||||
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
|
— |
|
|
19,225 |
|
|
— |
|
|
351,551 |
|
|
|
|
||||||||||||
|
|
|||||||||||||
|
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shareholders |
|
|
(5,358,492 |
) |
|
(3,035,244 |
) |
|
(4,993,915 |
) |
|
(1,333,535 |
) |
|
Beginning of period |
|
|
74,302,801 |
|
|
77,338,045 |
|
|
50,649,699 |
|
|
51,983,234 |
|
|
|
|
||||||||||||
|
End of period |
|
$ |
68,944,309 |
|
$ |
74,302,801 |
|
$ |
45,655,784 |
|
$ |
50,649,699 |
|
|
|
|
||||||||||||
|
End of period undistributed net investment income |
|
$ |
390,680 |
|
$ |
330,965 |
|
$ |
322,400 |
|
$ |
135,745 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock |
|
||||||||
|
|
|
|
|
||||||||||
|
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Year Ended |
|
||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
2,772,406 |
|
$ |
6,193,181 |
|
$ |
1,496,349 |
|
$ |
3,123,151 |
|
|
Net realized gain (loss) |
|
|
(2,290,036 |
) |
|
(653,991 |
) |
|
74,922 |
|
|
51,106 |
|
|
Net change in unrealized appreciation/depreciation |
|
|
(7,093,856 |
) |
|
(3,146,975 |
) |
|
(3,713,673 |
) |
|
(1,618,246 |
) |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(576,364 |
) |
|
(1,637,764 |
) |
|
(303,259 |
) |
|
(796,921 |
) |
|
Net realized gain |
|
|
— |
|
|
(82,413 |
) |
|
(3,799 |
) |
|
(19,635 |
) |
|
|
|
||||||||||||
|
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
|
(7,187,850 |
) |
|
672,038 |
|
|
(2,449,460 |
) |
|
739,455 |
|
|
|
|
||||||||||||
|
|
|||||||||||||
|
Dividends and Distributions to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(2,253,281 |
) |
|
(4,505,354 |
) |
|
(1,126,170 |
) |
|
(2,552,826 |
) |
|
Net realized gain |
|
|
— |
|
|
(221,583 |
) |
|
(10,873 |
) |
|
(62,036 |
) |
|
|
|
||||||||||||
|
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
|
(2,253,281 |
) |
|
(4,726,937 |
) |
|
(1,137,043 |
) |
|
(2,614,862 |
) |
|
|
|
||||||||||||
|
|
|||||||||||||
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
|
— |
|
|
72,019 |
|
|
— |
|
|
318,829 |
|
|
|
|
||||||||||||
|
|
|||||||||||||
|
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shareholders |
|
|
(9,441,131 |
) |
|
(3,982,880 |
) |
|
(3,586,503 |
) |
|
(1,556,578 |
) |
|
Beginning of period |
|
|
90,331,150 |
|
|
94,314,030 |
|
|
40,602,939 |
|
|
42,159,517 |
|
|
|
|
||||||||||||
|
End of period |
|
$ |
80,890,019 |
|
$ |
90,331,150 |
|
$ |
37,016,436 |
|
$ |
40,602,939 |
|
|
|
|
||||||||||||
|
End of period undistributed net investment income |
|
$ |
700,661 |
|
$ |
757,900 |
|
$ |
332,291 |
|
$ |
265,371 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
46 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Year Ended |
|
||||||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
4,093,296 |
|
$ |
8,516,520 |
|
$ |
974,594 |
|
$ |
2,187,858 |
|
$ |
14,257,708 |
|
$ |
30,229,458 |
|
$ |
1,176,715 |
|
$ |
2,624,072 |
|
|
Net realized gain (loss) |
|
|
(1,881,895 |
) |
|
(240,663 |
) |
|
(403,438 |
) |
|
52,367 |
|
|
(2,112,026 |
) |
|
(4,358,744 |
) |
|
84,165 |
|
|
(274,414 |
) |
|
Net change in unrealized appreciation/depreciation |
|
|
(8,779,694 |
) |
|
(7,181,675 |
) |
|
(3,747,159 |
) |
|
(801,629 |
) |
|
(38,807,258 |
) |
|
(10,569,389 |
) |
|
(5,111,644 |
) |
|
(2,291,456 |
) |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(820,457 |
) |
|
(2,305,653 |
) |
|
(219,872 |
) |
|
(575,579 |
) |
|
(3,501,557 |
) |
|
(9,817,592 |
) |
|
(264,225 |
) |
|
(675,482 |
) |
|
Net realized gain |
|
|
— |
|
|
— |
|
|
(2,361 |
) |
|
(10,561 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(6,860 |
) |
|
|
|
||||||||||||||||||||||||
|
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
|
(7,388,750 |
) |
|
(1,211,471 |
) |
|
(3,398,236 |
) |
|
852,456 |
|
|
(30,163,133 |
) |
|
5,483,733 |
|
|
(4,114,989 |
) |
|
(624,140 |
) |
|
|
|
||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
Dividends and Distributions to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(2,735,928 |
) |
|
(6,207,529 |
) |
|
(801,903 |
) |
|
(1,770,800 |
) |
|
(9,856,970 |
) |
|
(20,232,405 |
) |
|
(974,350 |
) |
|
(2,176,081 |
) |
|
Net realized gain |
|
|
— |
|
|
— |
|
|
(6,564 |
) |
|
(29,818 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(21,875 |
) |
|
|
|
||||||||||||||||||||||||
|
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
|
(2,735,928 |
) |
|
(6,207,529 |
) |
|
(808,467 |
) |
|
(1,800,618 |
) |
|
(9,856,970 |
) |
|
(20,232,405 |
) |
|
(974,350 |
) |
|
(2,197,956 |
) |
|
|
|
||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
|
— |
|
|
78,795 |
|
|
56,905 |
|
|
134,190 |
|
|
— |
|
|
— |
|
|
40,264 |
|
|
159,974 |
|
|
|
|
||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shareholders |
|
|
(10,124,678 |
) |
|
(7,340,205 |
) |
|
(4,149,798 |
) |
|
(813,972 |
) |
|
(40,020,103 |
) |
|
(14,748,672 |
) |
|
(5,049,075 |
) |
|
(2,662,122 |
) |
|
Beginning of period |
|
|
112,262,748 |
|
|
119,602,953 |
|
|
29,488,089 |
|
|
30,302,061 |
|
|
428,547,462 |
|
|
443,296,134 |
|
|
32,583,811 |
|
|
35,245,933 |
|
|
|
|
||||||||||||||||||||||||
|
End of period |
|
$ |
102,138,070 |
|
$ |
112,262,748 |
|
$ |
25,338,291 |
|
$ |
29,488,089 |
|
$ |
388,527,359 |
|
$ |
428,547,462 |
|
$ |
27,534,736 |
|
$ |
32,583,811 |
|
|
|
|
||||||||||||||||||||||||
|
End of period undistributed net investment income |
|
$ |
950,672 |
|
$ |
413,761 |
|
$ |
204,582 |
|
$ |
251,763 |
|
$ |
2,144,209 |
|
$ |
1,245,028 |
|
$ |
257,575 |
|
$ |
319,435 |
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock |
|
The Massachusetts |
|
|||||||||||||||
|
|
|
|||||||||||||||||||||
|
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Period |
|
Year Ended |
|
|||||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
2,585,936 |
|
$ |
5,330,243 |
|
$ |
683,663 |
|
$ |
1,723,577 |
|
$ |
969,029 |
|
$ |
1,371,557 |
|
$ |
2,150,393 |
|
|
Net realized gain (loss) |
|
|
189,599 |
|
|
(987,855 |
) |
|
551,774 |
|
|
292,759 |
|
|
(605,420 |
) |
|
(142,627 |
) |
|
(90,387 |
) |
|
Net change in unrealized appreciation/depreciation |
|
|
(6,601,326 |
) |
|
(1,764,010 |
) |
|
(2,558,804 |
) |
|
(1,013,968 |
) |
|
(3,449,208 |
) |
|
(1,202,802 |
) |
|
(1,821,519 |
) |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(621,123 |
) |
|
(1,408,467 |
) |
|
(140,542 |
) |
|
(457,881 |
) |
|
(258,962 |
) |
|
(408,081 |
) |
|
(718,637 |
) |
|
Net realized gain |
|
|
— |
|
|
(35,412 |
) |
|
(45,559 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|||||||||||||||||||||
|
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
|
(4,446,914 |
) |
|
1,134,499 |
|
|
(1,509,468 |
) |
|
544,487 |
|
|
(3,344,561 |
) |
|
(381,953 |
) |
|
(480,150 |
) |
|
|
|
|||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Dividends and Distributions to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(1,852,764 |
) |
|
(3,827,367 |
) |
|
(675,720 |
) |
|
(1,394,947 |
) |
|
(709,790 |
) |
|
(918,874 |
) |
|
(1,378,312 |
) |
|
Net realized gain |
|
|
— |
|
|
(84,756 |
) |
|
(247,310 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,635 |
) |
|
|
|
|||||||||||||||||||||
|
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
|
(1,852,764 |
) |
|
(3,912,123 |
) |
|
(923,030 |
) |
|
(1,394,947 |
) |
|
(709,790 |
) |
|
(918,874 |
) |
|
(1,383,947 |
) |
|
|
|
|||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
|
— |
|
|
19,335 |
|
|
63,551 |
|
|
144,001 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shareholders |
|
|
(6,299,678 |
) |
|
(2,758,289 |
) |
|
(2,368,947 |
) |
|
(706,459 |
) |
|
(4,054,351 |
) |
|
(1,300,827 |
) |
|
(1,864,097 |
) |
|
Beginning of period |
|
|
70,543,984 |
|
|
73,302,273 |
|
|
23,346,923 |
|
|
24,053,382 |
|
|
29,415,955 |
|
|
30,716,782 |
|
|
32,580,879 |
|
|
|
|
|||||||||||||||||||||
|
End of period |
|
$ |
64,244,306 |
|
$ |
70,543,984 |
|
$ |
20,977,976 |
|
$ |
23,346,923 |
|
$ |
25,361,604 |
|
$ |
29,415,955 |
|
$ |
30,716,782 |
|
|
|
|
|||||||||||||||||||||
|
End of period undistributed net investment income |
|
$ |
776,907 |
|
$ |
664,858 |
|
$ |
301,007 |
|
$ |
433,606 |
|
$ |
357,173 |
|
$ |
356,896 |
|
$ |
323,091 |
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
47 |
|
|
|
|
|
|
|
|
|
|
BlackRock California Insured Municipal Income Trust (BCK) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended August 31, |
|
||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
14.08 |
|
$ |
14.66 |
|
$ |
15.24 |
|
$ |
15.22 |
|
$ |
14.01 |
|
$ |
13.09 |
|
|
|
|
||||||||||||||||||
|
Net investment income |
|
|
0.45 |
1 |
|
0.95 |
1 |
|
0.99 |
|
|
0.98 |
|
|
0.99 |
|
|
1.02 |
|
|
Net realized and unrealized gain (loss) |
|
|
(1.03 |
) |
|
(0.57 |
) |
|
(0.59 |
) |
|
(0.01 |
) |
|
1.27 |
|
|
0.89 |
|
|
Dividends to Preferred Shareholders from net investment income |
|
|
(0.10 |
) |
|
(0.27 |
) |
|
(0.28 |
) |
|
(0.24 |
) |
|
(0.15 |
) |
|
(0.08 |
) |
|
|
|
||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
(0.68 |
) |
|
0.11 |
|
|
0.12 |
|
|
0.73 |
|
|
2.11 |
|
|
1.83 |
|
|
|
|
||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.34 |
) |
|
(0.69 |
) |
|
(0.70 |
) |
|
(0.71 |
) |
|
(0.90 |
) |
|
(0.90 |
) |
|
Net realized gain |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
|
|
|
||||||||||||||||||
|
Total dividends and distributions to Common Shareholders |
|
|
(0.34 |
) |
|
(0.69 |
) |
|
(0.70 |
) |
|
(0.71 |
) |
|
(0.90 |
) |
|
(0.91 |
) |
|
|
|
||||||||||||||||||
|
Net asset value, end of period |
|
$ |
13.06 |
|
$ |
14.08 |
|
$ |
14.66 |
|
$ |
15.24 |
|
$ |
15.22 |
|
$ |
14.01 |
|
|
|
|
||||||||||||||||||
|
Market price, end of period |
|
$ |
10.78 |
|
$ |
12.95 |
|
$ |
14.30 |
|
$ |
14.61 |
|
$ |
16.08 |
|
$ |
14.00 |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
(4.29 |
)%3 |
|
0.92 |
% |
|
0.76 |
% |
|
5.22 |
% |
|
15.62 |
% |
|
14.34 |
% |
|
|
|
||||||||||||||||||
|
Based on market price |
|
|
(14.11 |
)%3 |
|
(4.84 |
)% |
|
2.52 |
% |
|
(4.53 |
)% |
|
22.24 |
% |
|
14.97 |
% |
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees4,5 |
|
|
1.07 |
%6 |
|
1.00 |
% |
|
0.90 |
% |
|
0.95 |
% |
|
0.97 |
% |
|
0.99 |
% |
|
|
|
||||||||||||||||||
|
Total expenses after waiver and fees paid indirectly5 |
|
|
1.34 |
%6 |
|
1.07 |
% |
|
0.90 |
% |
|
0.95 |
% |
|
0.97 |
% |
|
0.99 |
% |
|
|
|
||||||||||||||||||
|
Total expenses after waiver and before fees paid indirectly5 |
|
|
1.34 |
%6 |
|
1.07 |
% |
|
0.92 |
% |
|
0.97 |
% |
|
0.98 |
% |
|
0.99 |
% |
|
|
|
||||||||||||||||||
|
Total expenses5 |
|
|
1.58 |
%6 |
|
1.36 |
% |
|
1.24 |
% |
|
1.28 |
% |
|
1.30 |
% |
|
1.32 |
% |
|
|
|
||||||||||||||||||
|
Net investment income5 |
|
|
7.16 |
%6 |
|
6.54 |
% |
|
6.50 |
% |
|
6.58 |
% |
|
6.72 |
% |
|
7.26 |
% |
|
|
|
||||||||||||||||||
|
Dividends paid to Preferred Shareholders |
|
|
1.58 |
%6 |
|
1.85 |
% |
|
1.87 |
% |
|
1.63 |
% |
|
1.04 |
% |
|
0.54 |
% |
|
|
|
||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
5.58 |
%6 |
|
4.69 |
% |
|
4.63 |
% |
|
4.95 |
% |
|
5.68 |
% |
|
6.72 |
% |
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
$ |
68,944 |
|
$ |
74,303 |
|
$ |
77,338 |
|
$ |
80,418 |
|
$ |
80,289 |
|
$ |
73,823 |
|
|
|
|
||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
$ |
37,550 |
|
$ |
37,550 |
|
$ |
46,500 |
|
$ |
46,500 |
|
$ |
46,500 |
|
$ |
46,500 |
|
|
|
|
||||||||||||||||||
|
Portfolio turnover |
|
|
30 |
% |
|
35 |
% |
|
28 |
% |
|
20 |
% |
|
16 |
% |
|
4 |
% |
|
|
|
||||||||||||||||||
|
Asset coverage per Preferred Share, end of period |
|
$ |
70,906 |
|
$ |
74,484 |
|
$ |
66,591 |
|
$ |
68,241 |
|
$ |
68,170 |
|
$ |
64,691 |
|
|
|
|
||||||||||||||||||
|
|
|
|
1 |
Based on average 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. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
5 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
6 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
48 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock California Municipal Bond Trust (BZA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended August 31, |
|
||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
14.85 |
|
$ |
15.35 |
|
$ |
16.28 |
|
$ |
16.19 |
|
$ |
14.67 |
|
$ |
13.71 |
|
|
Net investment income |
|
|
0.54 |
1 |
|
1.12 |
1 |
|
1.13 |
|
|
1.14 |
|
|
1.13 |
|
|
1.15 |
|
|
Net realized and unrealized gain (loss) |
|
|
(1.52 |
) |
|
(0.41 |
) |
|
(0.82 |
) |
|
0.17 |
|
|
1.50 |
|
|
0.92 |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.11 |
) |
|
(0.30 |
) |
|
(0.30 |
) |
|
(0.26 |
) |
|
(0.15 |
) |
|
(0.07 |
) |
|
Net realized gain |
|
|
(0.00 |
)2 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
|
|
|
||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
(1.09 |
) |
|
0.41 |
|
|
0.01 |
|
|
1.05 |
|
|
2.48 |
|
|
1.99 |
|
|
|
|
||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.37 |
) |
|
(0.91 |
) |
|
(0.94 |
) |
|
(0.96 |
) |
|
(0.96 |
) |
|
(0.96 |
) |
|
Net realized gain |
|
|
(0.00 |
)2 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.07 |
) |
|
|
|
||||||||||||||||||
|
Total dividends and distributions to Common Shareholders |
|
|
(0.37 |
) |
|
(0.91 |
) |
|
(0.94 |
) |
|
(0.96 |
) |
|
(0.96 |
) |
|
(1.03 |
) |
|
|
|
||||||||||||||||||
|
Net asset value, end of period |
|
$ |
13.39 |
|
$ |
14.85 |
|
$ |
15.35 |
|
$ |
16.28 |
|
$ |
16.19 |
|
$ |
14.67 |
|
|
|
|
||||||||||||||||||
|
Market price, end of period |
|
$ |
10.97 |
|
$ |
14.48 |
|
$ |
16.50 |
|
$ |
18.05 |
|
$ |
16.33 |
|
$ |
13.90 |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
(6.71 |
)%4 |
|
2.64 |
% |
|
(0.33 |
)% |
|
6.71 |
% |
|
17.71 |
% |
|
15.20 |
% |
|
|
|
||||||||||||||||||
|
Based on market price |
|
|
(21.61 |
)%4 |
|
(6.89 |
)% |
|
(3.37 |
)% |
|
17.30 |
% |
|
25.31 |
% |
|
13.80 |
% |
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees5,6 |
|
|
1.24 |
%7 |
|
1.09 |
% |
|
0.94 |
% |
|
0.96 |
% |
|
1.00 |
% |
|
1.06 |
% |
|
|
|
||||||||||||||||||
|
Total expenses after waiver and fees paid indirectly6 |
|
|
1.33 |
%7 |
|
1.11 |
% |
|
0.94 |
% |
|
0.96 |
% |
|
1.00 |
% |
|
1.06 |
% |
|
|
|
||||||||||||||||||
|
Total expenses after waiver and before fees paid indirectly6 |
|
|
1.33 |
%7 |
|
1.11 |
% |
|
0.96 |
% |
|
0.98 |
% |
|
1.03 |
% |
|
1.07 |
% |
|
|
|
||||||||||||||||||
|
Total expenses6 |
|
|
1.69 |
%7 |
|
1.52 |
% |
|
1.41 |
% |
|
1.45 |
% |
|
1.50 |
% |
|
1.55 |
% |
|
|
|
||||||||||||||||||
|
Net investment income6 |
|
|
8.40 |
%7 |
|
7.31 |
% |
|
7.08 |
% |
|
7.20 |
% |
|
7.30 |
% |
|
7.87 |
% |
|
|
|
||||||||||||||||||
|
Dividends paid to Preferred Shareholders |
|
|
1.75 |
%7 |
|
1.98 |
% |
|
1.87 |
% |
|
1.64 |
% |
|
0.98 |
% |
|
0.49 |
% |
|
|
|
||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
6.65 |
%7 |
|
5.33 |
% |
|
5.21 |
% |
|
5.56 |
% |
|
6.32 |
% |
|
7.38 |
% |
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
$ |
45,656 |
|
$ |
50,650 |
|
$ |
51,983 |
|
$ |
54,801 |
|
$ |
54,265 |
|
$ |
49,145 |
|
|
|
|
||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
$ |
27,975 |
|
$ |
27,975 |
|
$ |
29,975 |
|
$ |
29,975 |
|
$ |
29,975 |
|
$ |
29,975 |
|
|
|
|
||||||||||||||||||
|
Portfolio turnover |
|
|
21 |
% |
|
24 |
% |
|
21 |
% |
|
16 |
% |
|
22 |
% |
|
24 |
% |
|
|
|
||||||||||||||||||
|
Asset coverage per Preferred Share, end of period |
|
$ |
65,805 |
|
$ |
70,278 |
|
$ |
68,364 |
|
$ |
70,714 |
|
$ |
70,263 |
|
$ |
65,990 |
|
|
|
|
||||||||||||||||||
|
|
|
|
1 |
Based on average 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. Total investment returns exclude the effects of sales charges. |
|
4 |
Aggregate total investment return. |
|
5 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
6 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
7 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
49 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock California Municipal Income Trust II (BCL) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended August 31, |
|
||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
14.03 |
|
$ |
14.96 |
|
$ |
15.72 |
|
$ |
15.52 |
|
$ |
13.77 |
|
$ |
12.76 |
|
|
|
|
||||||||||||||||||
|
Net investment income |
|
|
0.51 |
1 |
|
1.06 |
1 |
|
1.07 |
|
|
1.08 |
|
|
1.09 |
|
|
1.09 |
|
|
Net realized and unrealized gain (loss) |
|
|
(1.33 |
) |
|
(0.92 |
) |
|
(0.74 |
) |
|
0.16 |
|
|
1.75 |
|
|
0.97 |
|
|
Dividends to Preferred Shareholders from net investment income |
|
|
(0.10 |
) |
|
(0.29 |
) |
|
(0.30 |
) |
|
(0.25 |
) |
|
(0.15 |
) |
|
(0.08 |
) |
|
|
|
||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
(0.92 |
) |
|
(0.15 |
) |
|
0.03 |
|
|
0.99 |
|
|
2.69 |
|
|
1.98 |
|
|
|
|
||||||||||||||||||
|
Dividends to Common Shareholders from net investment income |
|
|
(0.34 |
) |
|
(0.78 |
) |
|
(0.79 |
) |
|
(0.79 |
) |
|
(0.94 |
) |
|
(0.97 |
) |
|
|
|
||||||||||||||||||
|
Net asset value, end of period |
|
$ |
12.77 |
|
$ |
14.03 |
|
$ |
14.96 |
|
$ |
15.72 |
|
$ |
15.52 |
|
$ |
13.77 |
|
|
|
|
||||||||||||||||||
|
Market price, end of period |
|
$ |
10.31 |
|
$ |
12.70 |
|
$ |
14.44 |
|
$ |
15.40 |
|
$ |
14.26 |
|
$ |
13.71 |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
(5.87 |
)%3 |
|
(0.89 |
)% |
|
0.09 |
% |
|
6.93 |
% |
|
20.38 |
% |
|
15.94 |
% |
|
|
|
||||||||||||||||||
|
Based on market price |
|
|
(16.04 |
)%3 |
|
(7.05 |
)% |
|
(1.38 |
)% |
|
14.01 |
% |
|
11.09 |
% |
|
13.21 |
% |
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees4,5 |
|
|
1.09 |
%6 |
|
1.08 |
% |
|
0.95 |
% |
|
0.98 |
% |
|
1.01 |
% |
|
1.05 |
% |
|
|
|
||||||||||||||||||
|
Total expenses after waiver and fees paid indirectly5 |
|
|
1.28 |
%6 |
|
1.13 |
% |
|
0.95 |
% |
|
0.98 |
% |
|
1.01 |
% |
|
1.05 |
% |
|
|
|
||||||||||||||||||
|
Total expenses after waiver and before fees paid indirectly5 |
|
|
1.28 |
%6 |
|
1.13 |
% |
|
0.96 |
% |
|
1.00 |
% |
|
1.02 |
% |
|
1.05 |
% |
|
|
|
||||||||||||||||||
|
Total expenses5 |
|
|
1.49 |
%6 |
|
1.29 |
% |
|
1.19 |
% |
|
1.24 |
% |
|
1.26 |
% |
|
1.30 |
% |
|
|
|
||||||||||||||||||
|
Net investment income5 |
|
|
8.41 |
%6 |
|
7.30 |
% |
|
6.81 |
% |
|
7.06 |
% |
|
7.46 |
% |
|
7.97 |
% |
|
|
|
||||||||||||||||||
|
Dividends paid to Preferred Shareholders |
|
|
1.69 |
%6 |
|
1.97 |
% |
|
1.89 |
% |
|
1.62 |
% |
|
1.00 |
% |
|
0.58 |
% |
|
|
|
||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
6.72 |
%6 |
|
5.33 |
% |
|
4.92 |
% |
|
5.44 |
% |
|
6.46 |
% |
|
7.39 |
% |
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
$ |
102,138 |
|
$ |
112,263 |
|
$ |
119,603 |
|
$ |
125,525 |
|
$ |
123,920 |
|
$ |
109,952 |
|
|
|
|
||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
$ |
59,750 |
|
$ |
59,750 |
|
$ |
71,950 |
|
$ |
71,950 |
|
$ |
71,950 |
|
$ |
71,950 |
|
|
|
|
||||||||||||||||||
|
Portfolio turnover |
|
|
32 |
% |
|
36 |
% |
|
30 |
% |
|
18 |
% |
|
21 |
% |
|
19 |
% |
|
|
|
||||||||||||||||||
|
Asset coverage per Preferred Share, end of period |
|
$ |
67,738 |
|
$ |
71,981 |
|
$ |
66,563 |
|
$ |
68,625 |
|
$ |
68,063 |
|
$ |
63,209 |
|
|
|
|
||||||||||||||||||
|
|
|
|
1 |
Based on average 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. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
5 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
6 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
50 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Maryland Municipal Bond Trust (BZM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended August 31, |
|
||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
14.45 |
|
$ |
14.91 |
|
$ |
15.98 |
|
$ |
16.11 |
|
$ |
15.24 |
|
$ |
14.36 |
|
|
|
|
||||||||||||||||||
|
Net investment income |
|
|
0.48 |
1 |
|
1.07 |
1 |
|
1.08 |
|
|
1.07 |
|
|
1.07 |
|
|
1.06 |
|
|
Net realized and unrealized gain (loss) |
|
|
(2.04 |
) |
|
(0.36 |
) |
|
(0.99 |
) |
|
(0.08 |
) |
|
0.83 |
|
|
0.76 |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.11 |
) |
|
(0.28 |
) |
|
(0.31 |
) |
|
(0.26 |
) |
|
(0.17 |
) |
|
(0.08 |
) |
|
Net realized gain |
|
|
(0.00 |
)2 |
|
(0.01 |
) |
|
(0.00 |
)2 |
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
(1.67 |
) |
|
0.42 |
|
|
(0.22 |
) |
|
0.73 |
|
|
1.73 |
|
|
1.74 |
|
|
|
|
||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.39 |
) |
|
(0.87 |
) |
|
(0.85 |
) |
|
(0.86 |
) |
|
(0.86 |
) |
|
(0.86 |
) |
|
Net realized gain |
|
|
(0.00 |
)2 |
|
(0.01 |
) |
|
(0.00 |
)2 |
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
Total dividends and distributions |
|
|
(0.39 |
) |
|
(0.88 |
) |
|
(0.85 |
) |
|
(0.86 |
) |
|
(0.86 |
) |
|
(0.86 |
) |
|
|
|
||||||||||||||||||
|
Net asset value, end of period |
|
$ |
12.39 |
|
$ |
14.45 |
|
$ |
14.91 |
|
$ |
15.98 |
|
$ |
16.11 |
|
$ |
15.24 |
|
|
|
|
||||||||||||||||||
|
Market price, end of period |
|
$ |
13.17 |
|
$ |
15.75 |
|
$ |
17.43 |
|
$ |
17.45 |
|
$ |
15.96 |
|
$ |
14.99 |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
(11.58 |
)%4 |
|
2.60 |
% |
|
(1.85 |
)% |
|
4.57 |
% |
|
11.73 |
% |
|
12.50 |
% |
|
|
|
||||||||||||||||||
|
Based on market price |
|
|
(13.78 |
)%4 |
|
(4.33 |
)% |
|
5.08 |
% |
|
15.26 |
% |
|
12.53 |
% |
|
14.31 |
% |
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees5,6 |
|
|
1.39 |
%7 |
|
1.28 |
% |
|
1.07 |
% |
|
1.11 |
% |
|
1.11 |
% |
|
1.18 |
% |
|
|
|
||||||||||||||||||
|
Total expenses after waiver and fees paid indirectly6 |
|
|
1.57 |
%7 |
|
1.32 |
% |
|
1.07 |
% |
|
1.11 |
% |
|
1.11 |
% |
|
1.18 |
% |
|
|
|
||||||||||||||||||
|
Total expenses after waiver and before fees paid indirectly6 |
|
|
1.57 |
%7 |
|
1.32 |
% |
|
1.10 |
% |
|
1.17 |
% |
|
1.13 |
% |
|
1.19 |
% |
|
|
|
||||||||||||||||||
|
Total expenses6 |
|
|
1.93 |
%7 |
|
1.70 |
% |
|
1.54 |
% |
|
1.64 |
% |
|
1.60 |
% |
|
1.67 |
% |
|
|
|
||||||||||||||||||
|
Net investment income6 |
|
|
7.82 |
%7 |
|
7.19 |
% |
|
6.87 |
% |
|
6.76 |
% |
|
6.82 |
% |
|
7.05 |
% |
|
|
|
||||||||||||||||||
|
Dividends paid to Preferred Shareholders |
|
|
1.76 |
%7 |
|
1.89 |
% |
|
1.94 |
% |
|
1.66 |
% |
|
1.05 |
% |
|
0.54 |
% |
|
|
|
||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
6.06 |
%7 |
|
5.30 |
% |
|
4.93 |
% |
|
5.10 |
% |
|
5.77 |
% |
|
6.51 |
% |
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
$ |
25,338 |
|
$ |
29,488 |
|
$ |
30,302 |
|
$ |
32,354 |
|
$ |
32,492 |
|
$ |
30,715 |
|
|
|
|
||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
$ |
16,000 |
|
$ |
16,000 |
|
$ |
18,000 |
|
$ |
18,000 |
|
$ |
18,000 |
|
$ |
18,000 |
|
|
|
|
||||||||||||||||||
|
Portfolio turnover |
|
|
2 |
% |
|
15 |
% |
|
7 |
% |
|
— |
% |
|
4 |
% |
|
12 |
% |
|
|
|
||||||||||||||||||
|
Asset coverage per Preferred Share, end of period |
|
$ |
64,593 |
|
$ |
71,083 |
|
$ |
67,089 |
|
$ |
69,950 |
|
$ |
70,138 |
|
$ |
67,662 |
|
|
|
|
||||||||||||||||||
|
|
|
|
1 |
Based on average 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. Total investment returns exclude the effects of sales charges. |
|
4 |
Aggregate total investment return. |
|
5 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
6 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
7 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
51 |
|
|
|
|
|
|
||
|
|
|
|
|
Financial Highlights |
|
BlackRock MuniHoldings New York Insured Fund, Inc. (MHN) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended August 31, |
|
||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||||
|
Per Share Operating Performance |
|||||||||||||||||||||
|
Net asset value, beginning of period |
|
|
$ |
13.92 |
|
|
$ |
14.40 |
|
$ |
14.96 |
|
$ |
15.54 |
|
$ |
15.41 |
|
$ |
15.19 |
|
|
|
|
||||||||||||||||||||
|
Net investment income1 |
|
|
|
0.47 |
|
|
|
0.98 |
|
|
1.00 |
|
|
1.03 |
|
|
1.04 |
|
|
1.05 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(1.34 |
) |
|
|
(0.48 |
) |
|
(0.52 |
) |
|
(0.48 |
) |
|
0.21 |
|
|
0.18 |
|
|
Dividends to Preferred Shareholders from net investment income |
|
|
|
(0.11 |
) |
|
|
(0.32 |
) |
|
(0.34 |
) |
|
(0.29 |
) |
|
(0.17 |
) |
|
(0.08 |
) |
|
Net increase (decrease) from investment operations |
|
|
|
(0.98 |
) |
|
|
0.18 |
|
|
0.14 |
|
|
0.26 |
|
|
1.08 |
|
|
1.15 |
|
|
|
|
||||||||||||||||||||
|
Dividends to Common Shareholders from net investment income |
|
|
|
(0.32 |
) |
|
|
(0.66 |
) |
|
(0.70 |
) |
|
(0.84 |
) |
|
(0.95 |
) |
|
(0.93 |
) |
|
|
|
||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
12.62 |
|
|
$ |
13.92 |
|
$ |
14.40 |
|
$ |
14.96 |
|
$ |
15.54 |
|
$ |
15.41 |
|
|
|
|
||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
10.42 |
|
|
$ |
12.12 |
|
$ |
13.53 |
|
$ |
14.62 |
|
$ |
15.28 |
|
$ |
14.10 |
|
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Total Investment Return2 |
|||||||||||||||||||||
|
Based on net asset value |
|
|
|
(6.29 |
)%3 |
|
|
1.74 |
% |
|
1.12 |
% |
|
1.98 |
% |
|
7.63 |
% |
|
8.36 |
% |
|
|
|
||||||||||||||||||||
|
Based on market price |
|
|
|
(11.14 |
)%3 |
|
|
(5.72 |
)% |
|
(2.78 |
)% |
|
1.36 |
% |
|
15.66 |
% |
|
9.21 |
% |
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|||||||||||||||||||||
|
Total expenses after waiver and excluding interest expense and fees4,5 |
|
|
|
1.10 |
%6 |
|
|
1.15 |
% |
|
1.15 |
% |
|
1.15 |
% |
|
1.14 |
% |
|
1.14 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver4 |
|
|
|
1.57 |
%6 |
|
|
1.52 |
% |
|
1.71 |
% |
|
1.65 |
% |
|
1.52 |
% |
|
1.43 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses4 |
|
|
|
1.81 |
%6 |
|
|
1.65 |
% |
|
1.79 |
% |
|
1.73 |
% |
|
1.59 |
% |
|
1.50 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income4 |
|
|
|
7.68 |
%6 |
|
|
6.90 |
% |
|
6.65 |
% |
|
6.94 |
% |
|
6.71 |
% |
|
6.80 |
% |
|
|
|
||||||||||||||||||||
|
Dividends paid to Preferred Shareholders |
|
|
|
1.87 |
%6 |
|
|
2.24 |
% |
|
2.29 |
% |
|
1.93 |
% |
|
1.09 |
% |
|
0.55 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
5.81 |
%6 |
|
|
4.66 |
% |
|
4.36 |
% |
|
5.01 |
% |
|
5.62 |
% |
|
6.25 |
% |
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Supplemental Data |
|||||||||||||||||||||
|
Net assets applicable to Common Shares,end of period (000) |
|
|
$ |
388,527 |
|
|
$ |
428,547 |
|
$ |
443,296 |
|
$ |
460,638 |
|
$ |
478,413 |
|
$ |
474,357 |
|
|
|
|
||||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference,end of period (000) |
|
|
$ |
252,875 |
|
|
$ |
252,875 |
|
$ |
313,000 |
|
$ |
313,000 |
|
$ |
313,000 |
|
$ |
313,000 |
|
|
|
|
||||||||||||||||||||
|
Portfolio turnover |
|
|
|
13 |
% |
|
|
21 |
% |
|
24 |
% |
|
47 |
% |
|
33 |
% |
|
31 |
% |
|
|
|
||||||||||||||||||||
|
Asset coverage per Preferred Share, end of period |
|
|
$ |
63,414 |
|
|
$ |
67,379 |
|
$ |
60,422 |
7 |
$ |
61,799 |
7 |
$ |
63,214 |
7 |
$ |
62,889 |
7 |
|
|
|
||||||||||||||||||||
|
|
|
|
1 |
Based on average 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. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
5 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
6 |
Annualized. |
|
7 |
Amounts have been recalculated to conform with current period presentation. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
52 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
||
|
|
|
|
|
Financial Highlights |
|
BlackRock New Jersey Municipal Bond Trust (BLJ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended August 31, |
|
||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||||
|
Per Share Operating Performance |
|||||||||||||||||||||
|
Net asset value, beginning of period |
|
|
$ |
14.16 |
|
|
$ |
15.38 |
|
$ |
16.33 |
|
$ |
16.26 |
|
$ |
14.71 |
|
$ |
13.77 |
|
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
0.51 |
1 |
|
|
1.14 |
1 |
|
1.15 |
|
|
1.16 |
|
|
1.16 |
|
|
1.16 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(2.19 |
) |
|
|
(1.11 |
) |
|
(0.87 |
) |
|
0.18 |
|
|
1.48 |
|
|
0.84 |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.11 |
) |
|
|
(0.29 |
) |
|
(0.29 |
) |
|
(0.24 |
) |
|
(0.15 |
) |
|
(0.07 |
) |
|
Net realized gain |
|
|
|
— |
|
|
|
(0.00 |
)2 |
|
— |
|
|
(0.02 |
) |
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(1.79 |
) |
|
|
(0.26 |
) |
|
(0.01 |
) |
|
1.08 |
|
|
2.49 |
|
|
1.93 |
|
|
|
|
||||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.42 |
) |
|
|
(0.95 |
) |
|
(0.94 |
) |
|
(0.95 |
) |
|
(0.94 |
) |
|
(0.94 |
) |
|
Net realized gain |
|
|
|
— |
|
|
|
(0.01 |
) |
|
— |
|
|
(0.06 |
) |
|
— |
|
|
(0.05 |
) |
|
|
|
||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.42 |
) |
|
|
(0.96 |
) |
|
(0.94 |
) |
|
(1.01 |
) |
|
(0.94 |
) |
|
(0.99 |
) |
|
|
|
||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
11.95 |
|
|
$ |
14.16 |
|
$ |
15.38 |
|
$ |
16.33 |
|
$ |
16.26 |
|
$ |
14.71 |
|
|
|
|
||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
12.00 |
|
|
$ |
14.76 |
|
$ |
16.90 |
|
$ |
18.30 |
|
$ |
15.98 |
|
$ |
13.91 |
|
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Total Investment Return3 |
|||||||||||||||||||||
|
Based on net asset value |
|
|
|
(12.46 |
)%4 |
|
|
(2.12 |
)% |
|
(0.61 |
)% |
|
6.77 |
% |
|
17.60 |
% |
|
14.56 |
% |
|
|
|
||||||||||||||||||||
|
Based on market price |
|
|
|
(15.67 |
)%4 |
|
|
(7.15 |
)% |
|
(2.54 |
)% |
|
21.74 |
% |
|
22.22 |
% |
|
9.32 |
% |
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|||||||||||||||||||||
|
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees5,6 |
|
|
|
1.38 |
%7 |
|
|
1.26 |
% |
|
1.00 |
% |
|
1.06 |
% |
|
1.08 |
% |
|
1.14 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver and fees paid indirectly6 |
|
|
|
1.42 |
%7 |
|
|
1.28 |
% |
|
1.00 |
% |
|
1.06 |
% |
|
1.08 |
% |
|
1.14 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver and before fees paid indirectly6 |
|
|
|
1.42 |
%7 |
|
|
1.28 |
% |
|
1.03 |
% |
|
1.11 |
% |
|
1.10 |
% |
|
1.15 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses6 |
|
|
|
1.83 |
%7 |
|
|
1.67 |
% |
|
1.47 |
% |
|
1.59 |
% |
|
1.57 |
% |
|
1.63 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income6 |
|
|
|
8.67 |
%7 |
|
|
7.64 |
% |
|
7.11 |
% |
|
7.24 |
% |
|
7.44 |
% |
|
7.93 |
% |
|
|
|
||||||||||||||||||||
|
Dividends paid to Preferred Shareholders |
|
|
|
1.95 |
%7 |
|
|
1.97 |
% |
|
1.79 |
% |
|
1.50 |
% |
|
0.98 |
% |
|
0.49 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
6.72 |
%7 |
|
|
5.67 |
% |
|
5.32 |
% |
|
5.74 |
% |
|
6.46 |
% |
|
7.44 |
% |
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Supplemental Data |
|||||||||||||||||||||
|
Net assets applicable to Common Shareholders, end of period (000) |
|
|
$ |
27,535 |
|
|
$ |
32,584 |
|
$ |
35,246 |
|
$ |
37,263 |
|
$ |
36,928 |
|
$ |
33,384 |
|
|
|
|
||||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
|
$ |
19,200 |
|
|
$ |
19,200 |
|
$ |
20,225 |
|
$ |
20,225 |
|
$ |
20,225 |
|
$ |
20,225 |
|
|
|
|
||||||||||||||||||||
|
Portfolio turnover |
|
|
|
13 |
% |
|
|
17 |
% |
|
35 |
% |
|
— |
% |
|
12 |
% |
|
20 |
% |
|
|
|
||||||||||||||||||||
|
Asset coverage per Preferred Share, end of period |
|
|
$ |
60,856 |
|
|
$ |
67,439 |
|
$ |
68,578 |
|
$ |
71,067 |
|
$ |
70,649 |
|
$ |
66,266 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
1 |
Based on average 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. Total investment returns exclude the effects of sales charges. |
|
4 |
Aggregate total investment return. |
|
5 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
6 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
7 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
53 |
|
|
|
|
|
|
||
|
|
|
|
|
Financial Highlights |
|
BlackRock New York Insured Municipal Income Trust (BSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended August 31, |
|
||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||||
|
Per Share Operating Performance |
|||||||||||||||||||||
|
Net asset value, beginning of period |
|
|
$ |
13.95 |
|
|
$ |
14.58 |
|
$ |
15.34 |
|
$ |
15.30 |
|
$ |
14.18 |
|
$ |
13.45 |
|
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
0.43 |
1 |
|
|
0.96 |
1 |
|
0.99 |
|
|
1.00 |
|
|
1.00 |
|
|
1.01 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(1.45 |
) |
|
|
(0.60 |
) |
|
(0.72 |
) |
|
(0.01 |
) |
|
1.16 |
|
|
0.69 |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.09 |
) |
|
|
(0.25 |
) |
|
(0.26 |
) |
|
(0.24 |
) |
|
(0.14 |
) |
|
(0.07 |
) |
|
Net realized gain |
|
|
|
— |
|
|
|
(0.01 |
) |
|
(0.02 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(1.11 |
) |
|
|
0.10 |
|
|
(0.01 |
) |
|
0.75 |
|
|
2.02 |
|
|
1.63 |
|
|
|
|
||||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.35 |
) |
|
|
(0.70 |
) |
|
(0.70 |
) |
|
(0.71 |
) |
|
(0.90 |
) |
|
(0.90 |
) |
|
Net realized gain |
|
|
|
— |
|
|
|
(0.03 |
) |
|
(0.05 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.35 |
) |
|
|
(0.73 |
) |
|
(0.75 |
) |
|
(0.71 |
) |
|
(0.90 |
) |
|
(0.90 |
) |
|
|
|
||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
12.49 |
|
|
$ |
13.95 |
|
$ |
14.58 |
|
$ |
15.34 |
|
$ |
15.30 |
|
$ |
14.18 |
|
|
|
|
||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
11.68 |
|
|
$ |
13.26 |
|
$ |
14.12 |
|
$ |
14.70 |
|
$ |
15.35 |
|
$ |
14.08 |
|
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Total Investment Return2 |
|||||||||||||||||||||
|
Based on net asset value |
|
|
|
(7.40 |
)%3 |
|
|
0.80 |
% |
|
(0.06 |
)% |
|
5.46 |
% |
|
14.72 |
% |
|
12.40 |
% |
|
|
|
||||||||||||||||||||
|
Based on market price |
|
|
|
(8.90 |
)%3 |
|
|
(1.07 |
)% |
|
1.01 |
% |
|
0.73 |
% |
|
15.92 |
% |
|
13.04 |
% |
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|||||||||||||||||||||
|
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees4,5 |
|
|
|
1.08 |
%6 |
|
|
0.99 |
% |
|
0.89 |
% |
|
0.90 |
% |
|
0.92 |
% |
|
0.93 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver and fees paid indirectly5 |
|
|
|
1.54 |
%6 |
|
|
1.09 |
% |
|
0.89 |
% |
|
0.90 |
% |
|
0.92 |
% |
|
0.93 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver and before fees paid indirectly5 |
|
|
|
1.54 |
%6 |
|
|
1.09 |
% |
|
0.90 |
% |
|
0.92 |
% |
|
0.93 |
% |
|
0.95 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses5 |
|
|
|
1.76 |
%6 |
|
|
1.34 |
% |
|
1.21 |
% |
|
1.25 |
% |
|
1.25 |
% |
|
1.27 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income5 |
|
|
|
7.31 |
%6 |
|
|
6.59 |
% |
|
6.53 |
% |
|
6.63 |
% |
|
6.77 |
% |
|
7.14 |
% |
|
|
|
||||||||||||||||||||
|
Dividends paid to Preferred Shareholders |
|
|
|
1.52 |
%6 |
|
|
1.74 |
% |
|
1.69 |
% |
|
1.58 |
% |
|
0.96 |
% |
|
0.52 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
5.79 |
%6 |
|
|
4.85 |
% |
|
4.84 |
% |
|
5.05 |
% |
|
5.81 |
% |
|
6.62 |
% |
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Supplemental Data |
|||||||||||||||||||||
|
Net assets applicable to Common Shareholders, end of period (000) |
|
|
$ |
80,890 |
|
|
$ |
90,331 |
|
$ |
94,314 |
|
$ |
99,255 |
|
$ |
98,853 |
|
$ |
91,260 |
|
|
|
|
||||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
|
$ |
41,675 |
|
|
$ |
41,675 |
|
$ |
56,000 |
|
$ |
56,000 |
|
$ |
56,000 |
|
$ |
56,000 |
|
|
|
|
||||||||||||||||||||
|
Portfolio turnover |
|
|
|
13 |
% |
|
|
24 |
% |
|
30 |
% |
|
9 |
% |
|
21 |
% |
|
11 |
% |
|
|
|
||||||||||||||||||||
|
Asset coverage per Preferred Share, end of period |
|
|
$ |
73,526 |
|
|
$ |
79,196 |
|
$ |
67,107 |
|
$ |
69,324 |
|
$ |
69,138 |
|
$ |
65,744 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
1 |
Based on average 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. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
5 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
6 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
54 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
||
|
|
||
|
Financial Highlights |
|
BlackRock New York Municipal Bond Trust (BQH) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
Year Ended August 31, |
||||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$ |
14.71 |
|
|
$ |
15.39 |
|
$ |
16.02 |
|
$ |
16.09 |
|
$ |
15.09 |
|
$ |
14.15 |
|
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
0.541 |
|
|
|
1.14 |
1 |
|
1.14 |
|
|
1.13 |
|
|
1.13 |
|
|
1.13 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(1.32 |
) |
|
|
(0.57 |
) |
|
(0.56 |
) |
|
(0.02 |
) |
|
0.95 |
|
|
0.81 |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.11 |
) |
|
|
(0.29 |
) |
|
(0.29 |
) |
|
(0.25 |
) |
|
(0.15 |
) |
|
(0.07 |
) |
|
Net realized gain |
|
|
|
(0.00 |
)2 |
|
|
(0.01 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(0.89 |
) |
|
|
0.27 |
|
|
0.29 |
|
|
0.86 |
|
|
1.93 |
|
|
1.87 |
|
|
|
|
||||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.41 |
) |
|
|
(0.93 |
) |
|
(0.92 |
) |
|
(0.93 |
) |
|
(0.93 |
) |
|
(0.93 |
) |
|
Net realized gain |
|
|
|
(0.00 |
)2 |
|
|
(0.02 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.41 |
) |
|
|
(0.95 |
) |
|
(0.92 |
) |
|
(0.93 |
) |
|
(0.93 |
) |
|
(0.93 |
) |
|
|
|
||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
13.41 |
|
|
$ |
14.71 |
|
$ |
15.39 |
|
$ |
16.02 |
|
$ |
16.09 |
|
$ |
15.09 |
|
|
|
|
||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
12.28 |
|
|
$ |
14.62 |
|
$ |
16.32 |
|
$ |
16.81 |
|
$ |
15.85 |
|
$ |
13.97 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
(5.54 |
)%4 |
|
|
1.62 |
% |
|
1.52 |
% |
|
5.51 |
% |
|
13.56 |
% |
|
13.97 |
% |
|
|
|
||||||||||||||||||||
|
Based on market price |
|
|
|
(12.97 |
)%4 |
|
|
(4.76 |
)% |
|
2.60 |
% |
|
12.39 |
% |
|
20.83 |
% |
|
11.83 |
% |
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees5,6 |
|
|
|
1.27 |
%7 |
|
|
1.23 |
% |
|
1.00 |
% |
|
1.06 |
% |
|
1.06 |
% |
|
1.11 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver and fees paid indirectly6 |
|
|
|
1.35 |
%7 |
|
|
1.25 |
% |
|
1.00 |
% |
|
1.06 |
% |
|
1.06 |
% |
|
1.11 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver and before fees paid indirectly6 |
|
|
|
1.35 |
%7 |
|
|
1.25 |
% |
|
1.02 |
% |
|
1.09 |
% |
|
1.08 |
% |
|
1.12 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses6 |
|
|
|
1.70 |
%7 |
|
|
1.63 |
% |
|
1.47 |
% |
|
1.56 |
% |
|
1.56 |
% |
|
1.60 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
8.40 |
%7 |
|
|
7.45 |
% |
|
7.16 |
% |
|
7.16 |
% |
|
7.20 |
% |
|
7.57 |
% |
|
|
|
||||||||||||||||||||
|
Dividends paid to Preferred Shareholders |
|
|
|
1.70 |
%7 |
|
|
1.90 |
% |
|
1.81 |
% |
|
1.60 |
% |
|
0.97 |
% |
|
0.48 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
6.70 |
%7 |
|
|
5.55 |
% |
|
5.35 |
% |
|
5.56 |
% |
|
6.23 |
% |
|
7.09 |
% |
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
|
$ |
37,016 |
|
|
$ |
40,603 |
|
$ |
42,160 |
|
$ |
43,541 |
|
$ |
43,460 |
|
$ |
40,757 |
|
|
|
|
||||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
|
$ |
22,400 |
|
|
$ |
22,400 |
|
$ |
24,200 |
|
$ |
24,200 |
|
$ |
24,200 |
|
$ |
24,200 |
|
|
|
|
||||||||||||||||||||
|
Portfolio turnover |
|
|
|
19 |
% |
|
|
19 |
% |
|
23 |
% |
|
12 |
% |
|
3 |
% |
|
16 |
% |
|
|
|
||||||||||||||||||||
|
Asset coverage per Preferred Share, end of period |
|
|
$ |
66,316 |
|
|
$ |
70,327 |
|
$ |
68,560 |
|
$ |
69,985 |
|
$ |
69,899 |
|
$ |
67,108 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
1 |
Based on average 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. Total investment returns exclude the effects of sales charges. |
|
4 |
Aggregate total investment return. |
|
5 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
6 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
7 |
Annualized. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
55 |
|
|
|
|
|
|
||
|
|
||
|
Financial Highlights |
|
BlackRock New York Municipal Income Trust II (BFY) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
Year Ended August 31, |
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
2008 |
|
|
2007 |
|
|
2006 |
|
|
2005 |
|
|
2004 |
|
||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$ |
14.28 |
|
|
$ |
14.84 |
|
$ |
15.47 |
|
$ |
15.23 |
|
$ |
14.16 |
|
$ |
13.36 |
|
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
0.521 |
|
|
|
1.081 |
|
|
1.07 |
|
|
1.06 |
|
|
1.04 |
|
|
1.04 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(1.29 |
) |
|
|
(0.55 |
) |
|
(0.67 |
) |
|
0.14 |
|
|
1.07 |
|
|
0.79 |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.13 |
) |
|
|
(0.29 |
) |
|
(0.30 |
) |
|
(0.25 |
) |
|
(0.15 |
) |
|
(0.08 |
) |
|
Net realized gain |
|
|
|
— |
|
|
|
(0.01 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(0.90 |
) |
|
|
0.23 |
|
|
0.10 |
|
|
0.95 |
|
|
1.96 |
|
|
1.75 |
|
|
|
|
||||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.38 |
) |
|
|
(0.77 |
) |
|
(0.73 |
) |
|
(0.71 |
) |
|
(0.89 |
) |
|
(0.95 |
) |
|
Net realized gain |
|
|
|
— |
|
|
|
(0.02 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.38 |
) |
|
|
(0.79 |
) |
|
(0.73 |
) |
|
(0.71 |
) |
|
(0.89 |
) |
|
(0.95 |
) |
|
|
|
||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
13.00 |
|
|
$ |
14.28 |
|
$ |
14.84 |
|
$ |
15.47 |
|
$ |
15.23 |
|
$ |
14.16 |
|
|
|
|
||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
10.83 |
|
|
$ |
13.60 |
|
$ |
14.22 |
|
$ |
14.38 |
|
$ |
14.02 |
|
$ |
13.70 |
|
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
(5.66 |
)%3 |
|
|
1.70 |
% |
|
0.69 |
% |
|
6.93 |
% |
|
14.46 |
% |
|
13.50 |
% |
|
|
|
||||||||||||||||||||
|
Based on market price |
|
|
|
(17.48 |
)%3 |
|
|
1.08 |
% |
|
3.80 |
% |
|
7.97 |
% |
|
8.91 |
% |
|
11.82 |
% |
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after waiver and fees paid indirectly4 |
|
|
|
1.19 |
%5 |
|
|
1.13 |
% |
|
1.00 |
% |
|
1.02 |
% |
|
1.04 |
% |
|
1.07 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver and before fees paid indirectly4 |
|
|
|
1.19 |
%5 |
|
|
1.13 |
% |
|
1.01 |
% |
|
1.05 |
% |
|
1.05 |
% |
|
1.08 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses4 |
|
|
|
1.38 |
%5 |
|
|
1.30 |
% |
|
1.25 |
% |
|
1.29 |
% |
|
1.30 |
% |
|
1.32 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income4 |
|
|
|
8.40 |
%5 |
|
|
7.33 |
% |
|
6.92 |
% |
|
6.96 |
% |
|
7.04 |
% |
|
7.36 |
% |
|
|
|
||||||||||||||||||||
|
Dividends paid to Preferred Shareholders |
|
|
|
2.02 |
%5 |
|
|
1.94 |
% |
|
1.94 |
% |
|
1.66 |
% |
|
0.99 |
% |
|
0.59 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
6.38 |
%5 |
|
|
5.39 |
% |
|
4.98 |
% |
|
5.30 |
% |
|
6.05 |
% |
|
6.77 |
% |
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
|
$ |
64,244 |
|
|
$ |
70,544 |
|
$ |
73,302 |
|
$ |
76,393 |
|
$ |
75,193 |
|
$ |
69,903 |
|
|
|
|
||||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
|
$ |
44,650 |
|
|
$ |
44,650 |
|
$ |
44,650 |
|
$ |
44,650 |
|
$ |
44,650 |
|
$ |
44,650 |
|
|
|
|
||||||||||||||||||||
|
Portfolio turnover |
|
|
|
10 |
% |
|
|
12 |
% |
|
27 |
% |
|
22 |
% |
|
27 |
% |
|
14 |
% |
|
|
|
||||||||||||||||||||
|
Asset coverage per Preferred Share, end of period |
|
|
$ |
60,974 |
|
|
$ |
64,508 |
|
$ |
66,048 |
|
$ |
67,775 |
|
$ |
67,113 |
|
$ |
64,144 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
1 |
Based on average 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. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
5 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
56 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Virginia Municipal Bond Trust (BHV) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended August 31, |
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Net asset value, beginning of period |
|
|
$ |
15.03 |
|
|
$ |
15.57 |
|
$ |
16.35 |
|
$ |
16.34 |
|
$ |
15.47 |
|
$ |
14.46 |
|
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
0.44 |
1 |
|
|
1.11 |
1 |
|
1.11 |
|
|
1.10 |
|
|
1.10 |
|
|
1.09 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(1.29 |
) |
|
|
(0.45 |
) |
|
(0.68 |
) |
|
0.04 |
|
|
0.80 |
|
|
0.86 |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.09 |
) |
|
|
(0.30 |
) |
|
(0.27 |
) |
|
(0.26 |
) |
|
(0.16 |
) |
|
(0.07 |
) |
|
Net realized gain |
|
|
|
(0.03 |
) |
|
|
— |
|
|
(0.02 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(0.97 |
) |
|
|
0.36 |
|
|
0.14 |
|
|
0.88 |
|
|
1.74 |
|
|
1.88 |
|
|
|
|
||||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.47 |
) |
|
|
(0.90 |
) |
|
(0.87 |
) |
|
(0.87 |
) |
|
(0.87 |
) |
|
(0.87 |
) |
|
Net realized gain |
|
|
|
(0.12 |
) |
|
|
— |
|
|
(0.05 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.59 |
) |
|
|
(0.90 |
) |
|
(0.92 |
) |
|
(0.87 |
) |
|
(0.87 |
) |
|
(0.87 |
) |
|
|
|
||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
13.47 |
|
|
$ |
15.03 |
|
$ |
15.57 |
|
$ |
16.35 |
|
$ |
16.34 |
|
$ |
15.47 |
|
|
|
|
||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
16.70 |
|
|
$ |
19.50 |
|
$ |
17.85 |
|
$ |
18.45 |
|
$ |
17.30 |
|
$ |
15.34 |
|
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
(6.95 |
)%3 |
|
|
1.59 |
% |
|
0.21 |
% |
|
5.30 |
% |
|
11.52 |
% |
|
13.28 |
% |
|
|
|
||||||||||||||||||||
|
Based on market price |
|
|
|
(11.08 |
)%3 |
|
|
14.97 |
% |
|
1.80 |
% |
|
12.23 |
% |
|
19.07 |
% |
|
12.79 |
% |
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees4,5 |
|
|
|
1.42 |
%6 |
|
|
1.31 |
% |
|
1.09 |
% |
|
1.15 |
% |
|
1.18 |
% |
|
1.25 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver and fees paid indirectly |
|
|
|
1.53 |
%6 |
|
|
1.34 |
% |
|
1.09 |
% |
|
1.15 |
% |
|
1.18 |
% |
|
1.25 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver and before fees paid indirectly5 |
|
|
|
1.53 |
%6 |
|
|
1.34 |
% |
|
1.14 |
% |
|
1.22 |
% |
|
1.20 |
% |
|
1.26 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses5 |
|
|
|
1.86 |
%6 |
|
|
1.70 |
% |
|
1.58 |
% |
|
1.68 |
% |
|
1.67 |
% |
|
1.73 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income5 |
|
|
|
6.67 |
%6 |
|
|
7.14 |
% |
|
6.85 |
% |
|
6.83 |
% |
|
6.90 |
% |
|
7.15 |
% |
|
|
|
||||||||||||||||||||
|
Dividends paid to Preferred Shareholders |
|
|
|
1.37 |
%6 |
|
|
1.90 |
% |
|
1.69 |
% |
|
1.60 |
% |
|
1.00 |
% |
|
0.47 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
5.30 |
%6 |
|
|
5.24 |
% |
|
5.16 |
% |
|
5.23 |
% |
|
5.90 |
% |
|
6.68 |
% |
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
|
$ |
20,978 |
|
|
$ |
23,347 |
|
$ |
24,053 |
|
$ |
25,097 |
|
$ |
24,966 |
|
$ |
23,527 |
|
|
|
|
||||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
|
$ |
12,175 |
|
|
$ |
12,175 |
|
$ |
13,525 |
|
$ |
13,525 |
|
$ |
13,525 |
|
$ |
13,525 |
|
|
|
|
||||||||||||||||||||
|
Portfolio turnover |
|
|
|
18 |
% |
|
|
11 |
% |
|
12 |
% |
|
5 |
% |
|
5 |
% |
|
14 |
% |
|
|
|
||||||||||||||||||||
|
Asset coverage per Preferred Share, end of period |
|
|
$ |
68,078 |
|
|
$ |
72,948 |
|
$ |
69,463 |
|
$ |
71,404 |
|
$ |
71,158 |
|
$ |
68,490 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
1 |
Based on average 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. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
5 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
6 |
Annualized. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
57 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
The Massachusetts Health & Tax-Exempt Trust (MHE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Period |
|
Year Ended December 31, |
|
|||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
20041 |
|
2003 |
|
|||||||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net asset value, beginning of period |
|
|
$ |
12.55 |
|
|
|
$ |
13.10 |
|
|
$ |
13.90 |
|
$ |
13.59 |
|
$ |
13.74 |
|
$ |
13.91 |
|
$ |
13.76 |
|
|
|
|
|||||||||||||||||||||||||
|
Net investment income2 |
|
|
|
0.41 |
|
|
|
|
0.59 |
|
|
|
0.92 |
|
|
0.90 |
|
|
0.83 |
|
|
0.82 |
|
|
0.93 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(1.73 |
) |
|
|
|
(0.58 |
) |
|
|
(0.82 |
) |
|
0.47 |
|
|
0.15 |
|
|
0.08 |
|
|
0.07 |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.11 |
) |
|
|
|
(0.17 |
) |
|
|
(0.31 |
) |
|
(0.25 |
) |
|
(0.11 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
|
Net realized gain |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
(0.03 |
) |
|
(0.01 |
) |
|
(0.01 |
) |
|
— |
|
|
|
|
|||||||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(1.43 |
) |
|
|
|
(0.16 |
) |
|
|
(0.21 |
) |
|
1.09 |
|
|
0.86 |
|
|
0.86 |
|
|
0.97 |
|
|
|
|
|||||||||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.30 |
) |
|
|
|
(0.39 |
) |
|
|
(0.59 |
) |
|
(0.68 |
) |
|
(0.78 |
) |
|
(0.87 |
) |
|
(0.82 |
) |
|
Net realized gain |
|
|
|
— |
|
|
|
|
— |
|
|
|
(0.00 |
)3 |
|
(0.10 |
) |
|
(0.13 |
) |
|
(0.16 |
) |
|
— |
|
|
|
|
|||||||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.30 |
) |
|
|
|
(0.39 |
) |
|
|
(0.59 |
) |
|
(0.78 |
) |
|
(0.91 |
) |
|
(1.03 |
) |
|
(0.82 |
) |
|
|
|
|||||||||||||||||||||||||
|
Capital charges with respect to issuance of preferred shares |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
(0.10 |
) |
|
— |
|
|
— |
|
|
|
|
|||||||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
10.82 |
|
|
|
$ |
12.55 |
|
|
$ |
13.10 |
|
$ |
13.90 |
|
$ |
13.59 |
|
$ |
13.74 |
|
$ |
13.91 |
|
|
|
|
|||||||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
10.30 |
|
|
|
$ |
11.22 |
|
|
$ |
11.95 |
|
$ |
13.10 |
|
$ |
13.60 |
|
$ |
16.24 |
|
$ |
15.26 |
|
|
|
|
|||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Total Investment Return4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
(10.94 |
)%5 |
|
|
|
(1.01 |
)%5 |
|
|
(1.23 |
)% |
|
8.30 |
% |
|
5.46 |
% |
|
6.08 |
% |
|
7.26 |
% |
|
|
|
|||||||||||||||||||||||||
|
Based on market price |
|
|
|
(5.17 |
)%5 |
|
|
|
(2.99 |
)%5 |
|
|
(4.40 |
)% |
|
1.99 |
% |
|
(10.71 |
)% |
|
14.29 |
% |
|
20.11 |
% |
|
|
|
|||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees6,7 |
|
|
|
1.61 |
%8 |
|
|
|
1.73 |
%8 |
|
|
1.47 |
% |
|
1.64 |
% |
|
1.30 |
% |
|
1.45 |
% |
|
1.16 |
% |
|
|
|
|||||||||||||||||||||||||
|
Total expenses after waiver and fees paid indirectly7 |
|
|
|
1.74 |
%8 |
|
|
|
1.77 |
%8 |
|
|
1.47 |
% |
|
1.64 |
% |
|
1.30 |
% |
|
1.45 |
% |
|
1.16 |
% |
|
|
|
|||||||||||||||||||||||||
|
Total expenses7 |
|
|
|
1.74 |
%8 |
|
|
|
1.77 |
%8 |
|
|
1.47 |
% |
|
1.64 |
% |
|
1.30 |
% |
|
1.45 |
% |
|
1.16 |
% |
|
|
|
|||||||||||||||||||||||||
|
Net investment income7 |
|
|
|
7.80 |
%8 |
|
|
|
6.82 |
%8 |
|
|
6.78 |
% |
|
6.61 |
% |
|
6.00 |
% |
|
5.97 |
% |
|
6.74 |
% |
|
|
|
|||||||||||||||||||||||||
|
Dividends paid to Preferred Shareholders |
|
|
|
2.00 |
%8 |
|
|
|
2.03 |
%8 |
|
|
2.27 |
% |
|
2.07 |
% |
|
0.76 |
% |
|
0.24 |
% |
|
0.25 |
% |
|
|
|
|||||||||||||||||||||||||
|
Net investment income Common Shareholders |
|
|
|
5.80 |
%8 |
|
|
|
4.79 |
%8 |
|
|
4.51 |
% |
|
4.54 |
% |
|
5.24 |
% |
|
5.73 |
% |
|
6.49 |
% |
|
|
|
|||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
|
$ |
25,362 |
|
|
|
$ |
29,416 |
|
|
$ |
30,717 |
|
$ |
32,581 |
|
$ |
31,792 |
|
$ |
32,076 |
|
$ |
32,390 |
|
|
|
|
|||||||||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
|
$ |
18,500 |
|
|
|
$ |
129,523 |
|
|
$ |
20,000 |
|
$ |
20,000 |
|
$ |
20,000 |
|
$ |
10,000 |
|
$ |
10,000 |
|
|
|
|
|||||||||||||||||||||||||
|
Portfolio turnover |
|
|
|
6 |
% |
|
|
|
5 |
% |
|
|
18 |
% |
|
9 |
% |
|
16 |
% |
|
21 |
% |
|
26 |
% |
|
|
|
|||||||||||||||||||||||||
|
Asset coverage per Preferred Share, end of period |
|
|
$ |
118,551 |
|
|
|
$ |
129,523 |
|
|
$ |
126,835 |
9 |
$ |
131,484 |
9 |
$ |
129,506 |
9 |
$ |
210,378 |
9 |
$ |
211,950 |
9 |
|
|
|
|||||||||||||||||||||||||
|
|
|
|
1 |
On September 1, 2004, Fund Asset Management, L.P. became the investment adviser, which combined with BlackRock, Inc. on September 26, 2006. |
|
2 |
Based on average shares outstanding. |
|
3 |
Amount is less than $(0.01) per share. |
|
4 |
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. Total investment returns exclude the effects of sales charges. |
|
5 |
Aggregate total investment return. |
|
6 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
7 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
8 |
Annualized. |
|
9 |
Amounts have been recalculated to conform with current period presentation. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
58 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
1. Organization and Significant Accounting Policies:
BlackRock California Insured Municipal Income Trust (“California Insured”), BlackRock MuniHoldings New York Insured Fund, Inc. (“MuniHoldings New York”), BlackRock New York Insured Municipal Income Trust (“New York Insured”) (collectively the “Insured Trusts”), BlackRock California Municipal Bond Trust (“California Bond”), BlackRock Maryland Municipal Bond Trust (“Maryland Bond”), BlackRock New Jersey Municipal Bond Trust (“New Jersey Bond”), BlackRock New York Municipal Bond Trust (“New York Bond”), BlackRock Virginia Municipal Bond Trust (“Virginia Bond”) (collectively the “Bond Trusts”), BlackRock California Municipal Income Trust II (“California Income II”) and BlackRock New York Municipal Income Trust II (“New York Income II”) (collectively the “Income II Trusts”), and The Massachusetts Health & Education Tax-Exempt Trust (“MA HEFA”) (all, collectively the “Trusts” or individually as the “Trust”) are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as non-diversified, closed-end management investment companies. All Trusts are organized as Delaware statutory trusts except MuniHoldings New York and MA HEFA, which are organized as a Maryland corporation and a Massachusetts business trust, respectively. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. Each Trust determines, and makes available for publication the net asset value of its Common Shares on a daily basis.
The following is a summary of significant accounting policies followed by the Trusts:
Valuation of Investments: 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 selected under the supervision of each Trust’s Board of Trustees/Directors (the “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from bond 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. Swap agreements are valued by utilizing quotes received daily by the Trusts’ pricing service or through brokers, which are derived using daily swap curves and trades of underlying securities. Short-term securities with maturities less than 60 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at net asset value each business day.
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by each Trust’s Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or 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’slength transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.
Derivative Financial Instruments: Each Trust may engage in various portfolio investment strategies both to increase the return of the Trust and to hedge, or protect, its exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract.
|
|
|
|
• |
Financial futures contracts: Each Trust may purchase or sell financial futures contracts and options on such futures contracts for investment purposes or to manage its interest rate risk. Futures are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Pursuant to the contract, the Trust agrees to receive from, or pay to, the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recognized by the Trust as unrealized gains or losses. When the contract is closed, the Trust records 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 futures transactions involves the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and the underlying assets, and the possible inability of counterparties to meet the terms of their contracts. |
|
|
|
|
• |
Forward interest rate swaps - The Trusts may enter into forward interest rate swaps for investment purposes. The Trusts may enter into swap agreements, in which the Trust and a counterparty agree to make periodic net payments on a specified notional amount. In a forward interest rate swap, a Trust and the counterparty agreed to make periodic net payments on a specified notional contract amount, commencing on a specified future effective date, unless terminated earlier. These periodic payments received or made by the Trusts are recorded in the accompanying Statements of Operations as realized gains or losses, respectively. Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). When the swap is terminated, the Trusts will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts’ basis in the contract, if any. The Trusts generally intend to close each forward interest rate swap before the effective date specified in the agreement and therefore avoid entering into the interest rate swap underlying each forward interest rate swap. Swap transactions involve, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions. |
Forward Commitments and When-Issued Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
59 |
|
|
|
|
|
|
|
|
|
|
Notes to Financial Statements (continued) |
|
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 purchaser is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed-delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations.
Municipal Bonds Transferred to Tender Option Bond Trusts: The Trusts leverage their assets through the use of tender option bond trusts (“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 securities to a TOB into which each 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 the Trust (1) to cause the holders of a proportional share of the floating rate certificates to tender their certificates at par, and (2) to transfer, within seven days, a corresponding share of the municipal bonds from the TOB to the Trust. The TOB may also be terminated without the consent of the 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.
The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to the Trust, which typically invests the cash in additional municipal bonds. Each Trust’s transfer of the municipal bonds to a TOB is accounted for as a secured borrowing, therefore the municipal bonds deposited into a TOB are presented in the Trusts’ Schedule of Investments and the proceeds from the issuance of the short-term floating rate certificates are shown on the Statements of Assets and Liabilities as trust certificates.
Interest income from the underlying security 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 reported as expenses of the Trusts. The 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, 2009, 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 the trust certificates were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying |
|
Liability |
|
Range
of |
|
|||
|
California Insured |
|
$ |
9,399,053 |
|
$ |
4,771,849 |
|
|
1.559% - 4.464% |
|
|
California Bond |
|
$ |
2,930,627 |
|
$ |
1,998,847 |
|
|
1.666% |
|
|
California Income II |
|
$ |
17,182,868 |
|
$ |
10,035,291 |
|
|
1.496% - 2.353% |
|
|
Maryland Bond |
|
$ |
3,008,700 |
|
$ |
1,500,000 |
|
|
1.517% - 4.383% |
|
|
MuniHoldings New York |
|
$ |
87,334,246 |
|
$ |
56,312,240 |
|
|
1.198% - 3.226% |
|
|
New York Insured |
|
$ |
15,166,398 |
|
$ |
9,308,740 |
|
|
2.497% - 3.727% |
|
|
New York Bond |
|
$ |
2,435,231 |
|
$ |
1,321,257 |
|
|
1.169% - 3.821% |
|
|
Virginia Bond |
|
$ |
2,025,000 |
|
$ |
1,000,000 |
|
|
1.002% - 5.283% |
|
|
MA HEFA |
|
$ |
2,030,559 |
|
$ |
1,339,595 |
|
|
2.227% |
|
Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds when short-term interest rates rise, but tend to outperform the market for fixed rate bonds when short-term interest rates decline or remain relatively stable. Should short-term interest rates rise, the Trusts’ investments in TOBs may adversely affect the Trusts’ investment income and distributions to shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB may adversely affect the Trusts’ net asset value per share.
Zero-Coupon Bonds: The Trusts may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations which provide regular interest payments.
Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that each Trust segregates assets in connection with certain investments (e.g., financial futures contracts and swaps), each Trust will, consistent with certain interpretive letters issued by the SEC, 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, the Trusts may also be required to deliver or deposit securities as collateral for certain investments (e.g., financial futures contracts and swaps).
Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual method. Each Trust amortizes all premiums and discounts on debt securities.
Dividends and Distributions: Dividends from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. Dividends and distributions to Preferred Shareholders are accrued and determined as described in Note 5.
Income Taxes: It is each Trust’s policy to comply with the requirements of the Internal Revenue Code 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.
|
|
|
|
|
|
|
|
|
|
|
60 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Notes to Financial Statements (continued) |
|
Each Trust files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts’ US federal tax returns remains open for each of the four years ended August 31, 2008 (three years ended December 31, 2007 and the period ended August 31, 2008 for MA HEFA). The statutes of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Recent Accounting Pronouncement: In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”), was issued. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for and how derivative instruments affect an entity’s results of operations and financial position. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.
Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees or Directors (“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 other certain 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 other certain BlackRock Closed-End Funds.
The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of other certain BlackRock Closed-End Funds selected by the Independent Trustees in order to match their deferred compensation obligations. Investments to cover each Trust’s deferred compensation liability are included in other assets on the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income — affiliated on the Statements of Operations.
Other: Expenses directly related to each 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.
2. Investment Advisory Agreement and Other Transactions with Affiliates:
Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide investment advisory and administration services. The PNC Financial Services Group, Inc. (“PNC”) and Bank of America Corporation (“BAC”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). BAC became a stockholder of BlackRock following its acquisition of Merrill Lynch & Co., Inc. (“Merrill Lynch”) on January 1, 2009. Prior to that date, both PNC and Merrill Lynch were considered affiliates of the Trusts under the 1940 Act. Subsequent to the acquisition, PNC remains an affiliate, but due to the restructuring of Merrill Lynch’s ownership interest of BlackRock, BAC is not deemed to be an affiliate under the 1940 Act.
The Advisor 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 Advisor a monthly fee at an annual rate of 0.50% for MA HEFA, 0.55% for the Insured Trusts and Income II Trusts and 0.65% for the Bond Trusts of each Trust’s average daily net assets. Average daily net assets is the average daily value of the respective Trust’s total assets minus the sum of its accrued liabilities.
The Advisor has voluntarily agreed to waive its advisory fee on the proceeds of Preferred Shares and TOBs that exceed 35% of the average daily net assets of MuniHoldings New York. For the six months ended February 28, 2009, the Advisor waived $408,418, which is included in fees waived by advisor on the Statements of Operations.
The Advisor has voluntarily agreed to waive a portion of the investment advisory fee. With respect to California Insured and New York Insured, the waiver, as a percentage of average daily net assets is as follows: 0.15% through October 2008, 0.10% through October 2009, and 0.05% through October 2010. With respect to the Bond Trusts, the waiver, as a percentage of average daily net assets, is as follows: 0.20% through April 2009, 0.15% through April 2010, 0.10% through April 2011 and 0.05% through April 2012. With respect to the Income II Trusts, the waiver, as a percentage of average daily net assets, is 0.10% through July 2009, and 0.05% through July 2012. For the six months ended February 28, 2009, the Advisor waived the following amounts, which are included in fees waived by advisor on the Statements of Operations:
|
|
|
|
|
|
|
California Insured |
|
$ |
67,070 |
|
|
California Bond |
|
$ |
65,580 |
|
|
California Income II |
|
$ |
83,815 |
|
|
Maryland Bond |
|
$ |
37,693 |
|
|
New Jersey Bond |
|
$ |
46,560 |
|
|
New York Insured |
|
$ |
75,392 |
|
|
New York Bond |
|
$ |
59,281 |
|
|
New York Income II |
|
$ |
52,915 |
|
|
Virginia Bond |
|
$ |
28,265 |
|
The Advisor has agreed to waive its advisory fees by the amount of investment advisory fees each Trust pays to the Advisor indirectly through its investment in affiliated money market funds. This amount is shown on the Statements of Operations as fees waived by advisor. For the six months ended February 28, 2009, the amounts were as follows:
|
|
|
|
|
|
|
|
|
Fees
Waived |
|
|
|
California Insured |
|
$ |
11,350 |
|
|
California Bond |
|
$ |
13,381 |
|
|
California Income II |
|
$ |
17,875 |
|
|
Maryland Bond |
|
$ |
7,792 |
|
|
MuniHoldings New York |
|
$ |
35,291 |
|
|
New Jersey Bond |
|
$ |
8,436 |
|
|
New York Insured |
|
$ |
8,154 |
|
|
New York Bond |
|
$ |
3,487 |
|
|
New York Income II |
|
$ |
4,651 |
|
|
Virginia Bond |
|
$ |
5,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
61 |
|
|
|
|
|
|
|
Notes to Financial Statements (continued) |
The Advisor has entered into a separate sub-advisory agreements with BlackRock Investment Management, LLC (“BIM”) for MuniHoldings New York and MA HEFA and BlackRock Financial Management, Inc. (“BFM”) for all other Trusts. BIM and BFM are affiliates of the Advisor. The Advisor pays BIM and BFM for services they provide, a monthly fee that is a percentage of the investment advisory fee paid by the Trusts to the Advisor.
For the six months ended February 28, 2009, each Trust reimbursed the Advisor for certain accounting services in the following amounts, which are included in accounting services on the Statements of Operations:
|
|
|
|
|
|
|
|
|
Amount |
|
|
|
California Insured |
|
$ |
994 |
|
|
California Bond |
|
$ |
733 |
|
|
California Income II |
|
$ |
1,521 |
|
|
Maryland Bond |
|
$ |
382 |
|
|
MuniHoldings New York |
|
$ |
6,528 |
|
|
New Jersey Bond |
|
$ |
477 |
|
|
New York Insured |
|
$ |
1,172 |
|
|
New York Bond |
|
$ |
463 |
|
|
New York Income II |
|
$ |
984 |
|
|
Virginia Bond |
|
$ |
331 |
|
|
MA HEFA |
|
$ |
452 |
|
Pursuant to the terms of the custody agreement, custodian fees may be reduced by amounts calculated on uninvested cash balances, which are shown on the Statements of Operations as fees paid indirectly.
Certain officers and/or trustees/directors of each Trust are officers and/or directors of BlackRock, Inc. or its affiliates. The Trusts reimburse the Advisor for compensation paid to the Trusts’ Chief Compliance Officer.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2009 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
Sales |
|
||
|
California Insured |
|
$ |
30,872,926 |
|
$ |
29,932,931 |
|
|
California Bond |
|
$ |
14,914,607 |
|
$ |
18,624,708 |
|
|
California Income II |
|
$ |
47,732,609 |
|
$ |
50,794,748 |
|
|
Maryland Bond |
|
$ |
739,868 |
|
$ |
3,576,301 |
|
|
MuniHoldings New York |
|
$ |
65,370,129 |
|
$ |
106,769,089 |
|
|
New Jersey Bond |
|
$ |
5,454,228 |
|
$ |
8,842,662 |
|
|
New York Insured |
|
$ |
16,409,344 |
|
$ |
23,885,808 |
|
|
New York Bond |
|
$ |
10,817,462 |
|
$ |
12,792,153 |
|
|
New York Income II |
|
$ |
11,189,618 |
|
$ |
10,703,596 |
|
|
Virginia Bond |
|
$ |
8,864,677 |
|
$ |
8,084,759 |
|
|
MA HEFA |
|
$ |
2,335,315 |
|
$ |
5,753,209 |
|
4. Concentration, Market and Credit Risk:
The Trusts invest a substantial amount of its assets in issuers located in a single state or limited number of states. Please see the Schedule of Investments for concentrations in specific states.
Many municipalities insure repayment of their bonds, which reduces the risk of loss due to issuer default. 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 issuer will meet its obligation.
In the normal course of business, the Trusts invest in securities and enters 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 (credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Trusts may be exposed to counterparty risk, or the risk that an entity with which the Trusts have unsettled or open transactions may default. Financial assets, which potentially expose the Trusts to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Trusts’ exposure to credit and counterparty risks with respect to these financial assets is approximated by their value recorded in the Trusts’ Statements of Assets and Liabilities.
5. Capital Share Transactions:
The Trusts, except MuniHoldings New York, are authorized to issue an unlimited number of shares (200 million shares for MuniHoldings New York), all of which were initially classified as Common Shares. The par value for the Trusts, except MuniHoldings New York and MA HEFA, is $0.001 per share ($0.10 for MuniHoldings New York and $0.01 for MA HEFA). Each Trust’s Board is authorized, however, to reclassify any unissued shares without approval of Common Shareholders.
Common Shares
Shares issued and outstanding during the six months ended February 28, 2009 and during the year ended August 31, 2008 increased by the following amounts as a result of dividend reinvestment:
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year
Ended |
|
||
|
California Insured |
|
|
— |
|
|
1,344 |
|
|
California Bond |
|
|
— |
|
|
22,468 |
|
|
California Income II |
|
|
— |
|
|
5,688 |
|
|
Maryland Bond |
|
|
4,276 |
|
|
8,599 |
|
|
New Jersey Bond |
|
|
3,171 |
|
|
10,138 |
|
|
New York Insured |
|
|
— |
|
|
5,180 |
|
|
New York Bond |
|
|
— |
|
|
20,407 |
|
|
New York Income II |
|
|
— |
|
|
1,272 |
|
|
Virginia Bond |
|
|
3,974 |
|
|
8,252 |
|
Shares issued and outstanding remained constant for MuniHoldings New York and MA HEFA for the periods ended February 28, 2009, August 31, 2008 and the year ended December 31, 2007 for the MA HEFA.
Preferred Shares
The Preferred Shares of each of California Insured, California Bond, California Income II, Maryland Bond, MuniHoldings New York, New York Insured, New York Bond, Virginia Bond and MA HEFA (each, a “Preferred Trust”) are redeemable at the option of the Preferred Trust, in whole or in part, on any dividend payment date at their liquidation preference 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 each Trust, as set forth in each Trust’s Statements of
|
|
|
|
|
|
|
|
|
|
|
62 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
Notes to Financial Statements (continued) |
Preferences/Articles Supplementary/Certificates of Designation, as applicable, (“Governing Instrument”) are not satisfied.
From time to time in the future, a Preferred Trust may effect repurchases of its Preferred Shares at prices below its liquidation preference as agreed upon by the Preferred Trust and seller. The Preferred Trust also may redeem its Preferred Shares from time to time as provided in the applicable Governing Instrument. The Preferred Trust intends to effect such redemptions and/or repurchases to the extent necessary to maintain applicable asset coverage requirements or for such other reasons as the Board may determine.
The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two 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 and effective yields as of February 28, 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Shares |
|
Yield |
|
Reset |
|
||||
|
California Insured |
|
|
F-7 |
|
|
1,502 |
|
|
0.899 |
% |
|
7 |
|
|
California Bond |
|
|
F-7 |
|
|
1,119 |
|
|
0.899 |
% |
|
7 |
|
|
California Income II |
|
|
T-7 |
|
|
1,195 |
|
|
0.959 |
% |
|
7 |
|
|
|
|
|
R-7 |
|
|
1,195 |
|
|
0.899 |
% |
|
7 |
|
|
Maryland Bond |
|
|
R-7 |
|
|
640 |
|
|
0.899 |
% |
|
7 |
|
|
MuniHoldings New York |
|
|
A |
|
|
1,535 |
|
|
0.944 |
% |
|
7 |
|
|
|
|
|
B |
|
|
1,535 |
|
|
0.899 |
% |
|
7 |
|
|
|
|
|
C |
|
|
2,456 |
|
|
0.914 |
% |
|
7 |
|
|
|
|
|
D |
|
|
2,973 |
|
|
0.899 |
% |
|
7 |
|
|
|
|
|
E |
|
|
1,616 |
|
|
0.960 |
% |
|
7 |
|
|
New Jersey Bond |
|
|
M-7 |
|
|
768 |
|
|
0.914 |
% |
|
7 |
|
|
New York Insured |
|
|
R-7 |
|
|
1,667 |
|
|
0.899 |
% |
|
7 |
|
|
New York Bond |
|
|
T-7 |
|
|
896 |
|
|
0.959 |
% |
|
7 |
|
|
New York Income II |
|
|
W-7 |
|
|
1,786 |
|
|
0.944 |
% |
|
7 |
|
|
Virginia Bond |
|
|
R-7 |
|
|
487 |
|
|
0.899 |
% |
|
7 |
|
|
MA HEFA |
|
|
A |
|
|
185 |
|
|
0.944 |
% |
|
7 |
|
|
|
|
|
B |
|
|
185 |
|
|
0.959 |
% |
|
7 |
|
Dividends on seven-day Preferred Shares are cumulative at a rate, which is reset every seven days based on the results of an auction. Dividends on 28 day Preferred Shares are cumulative at a rate which is reset every 28 days based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, the Trust is required to pay the maximum applicable rate on the Preferred Shares to holders of such shares for successive dividend periods until such time as the shares are successfully auctioned. The maximum applicable rate on the Preferred Shares is the higher of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. The low, high and average dividend rates on the Preferred Shares for each Trust for the six months ended February 28, 2009 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Low |
|
High |
|
Average |
|
||||
|
California Insured |
|
|
F-7 |
|
|
0.594 |
% |
|
11.728 |
% |
|
2.775 |
% |
|
California Bond |
|
|
F-7 |
|
|
0.594 |
% |
|
11.728 |
% |
|
2.773 |
% |
|
California Income II |
|
|
T-7 |
|
|
0.594 |
% |
|
11.347 |
% |
|
2.729 |
% |
|
|
|
|
R-7 |
|
|
0.594 |
% |
|
12.261 |
% |
|
2.737 |
% |
|
Maryland Bond |
|
|
R-7 |
|
|
0.594 |
% |
|
12.261 |
% |
|
2.789 |
% |
|
MuniHoldings New York |
|
|
A |
|
|
0.640 |
% |
|
12.565 |
% |
|
2.859 |
% |
|
|
|
|
B |
|
|
0.594 |
% |
|
12.261 |
% |
|
2.747 |
% |
|
|
|
|
C |
|
|
0.594 |
% |
|
10.205 |
% |
|
2.800 |
% |
|
|
|
|
D |
|
|
0.594 |
% |
|
11.728 |
% |
|
2.820 |
% |
|
|
|
|
E |
|
|
0.594 |
% |
|
11.347 |
% |
|
2.738 |
% |
|
New Jersey Bond |
|
|
M-7 |
|
|
0.594 |
% |
|
10.205 |
% |
|
2.759 |
% |
|
New York Insured |
|
|
R-7 |
|
|
0.594 |
% |
|
12.261 |
% |
|
2.747 |
% |
|
New York Bond |
|
|
T-7 |
|
|
0.594 |
% |
|
11.347 |
% |
|
2.774 |
% |
|
New York Income II |
|
|
W-7 |
|
|
0.640 |
% |
|
12.565 |
% |
|
2.845 |
% |
|
Virginia Bond |
|
|
R-7 |
|
|
0.594 |
% |
|
12.261 |
% |
|
2.835 |
% |
|
MA HEFA |
|
|
A |
|
|
0.640 |
% |
|
12.565 |
% |
|
2.739 |
% |
|
|
|
|
B |
|
|
0.594 |
% |
|
11.347 |
% |
|
2.77 |
% |
For the six months ended February 28, 2009, the Preferred Shares of each Trust 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 0.594% to 12.565%. 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. It is impossible to predict how long this imbalance will last. A successful auction for each Trust’s Preferred Shares may not occur for some time, if ever, and even if liquidity does resume, Preferred Shareholders may not have the ability to sell the Preferred Shares at their liquidation preference.
The Trusts may not declare dividends or make other distributions on Common Shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares is less than 200%.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
63 |
|
|
|
|
|
|
|
|
|
|
Notes to Financial Statements (concluded) |
|
Prior to December 22, 2008, the Trusts paid commissions to certain broker-dealers at the end of each auction at an annual rate of 0.25%, calculated on the aggregate principal amount. In December 22, 2008, commissions paid to broker-dealers on preferred shares that experienced a failed auction were reduced to 0.15% on the aggregate principal amount. The Trusts will continue to pay commissions of 0.25% on the aggregate principal amount of all shares that successfully clear their auctions. Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), a wholly owned subsidiary of Merrill Lynch, earned commissions for the period September 1, 2008 through December 31, 2008, as follows:
|
|
|
|
|
|
|
Commissions |
|
|||
|
California Insured |
|
$ |
739 |
|
|
California Bond |
|
$ |
1,811 |
|
|
California Income II |
|
$ |
10,139 |
|
|
Maryland Bond |
|
$ |
1,116 |
|
|
MuniHoldings New York |
|
$ |
101,126 |
|
|
New Jersey Bond |
|
$ |
3,984 |
|
|
New York Insured |
|
$ |
1,653 |
|
|
New York Bond |
|
$ |
2,602 |
|
|
New York Income II |
|
$ |
12,083 |
|
|
Virginia Bond |
|
$ |
434 |
|
|
MA HEFA |
|
$ |
10,877 |
|
During the year ended August 31, 2008, the Trusts announced the following redemptions of Preferred Shares at a price of $25,000 ($50,000 for MA HEFA) per share plus any accrued and unpaid dividends through the redemption date:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Redemption |
|
Shares |
|
Aggregate |
|
|||||
|
California Insured |
|
|
F-7 |
|
|
6/30/08 |
|
|
358 |
|
|
$ |
8,950,000 |
|
|
California Bond |
|
|
F-7 |
|
|
6/30/08 |
|
|
80 |
|
|
$ |
2,000,000 |
|
|
California Income II |
|
|
T-7 |
|
|
6/25/08 |
|
|
244 |
|
|
$ |
6,100,000 |
|
|
|
|
|
R-7 |
|
|
6/27/08 |
|
|
244 |
|
|
$ |
6,100,000 |
|
|
Maryland Bond |
|
|
R-7 |
|
|
6/27/08 |
|
|
80 |
|
|
$ |
2,000,000 |
|
|
MuniHoldings New York |
|
|
A |
|
|
6/26/08 |
|
|
365 |
|
|
$ |
9,125,000 |
|
|
|
|
|
B |
|
|
6/27/08 |
|
|
365 |
|
|
$ |
9,125,000 |
|
|
|
|
|
C |
|
|
6/24/08 |
|
|
584 |
|
|
$ |
14,600,000 |
|
|
|
|
|
D |
|
|
6/23/08 |
|
|
707 |
|
|
$ |
17,675,000 |
|
|
|
|
|
E |
|
|
6/25/08 |
|
|
384 |
|
|
$ |
9,600,000 |
|
|
New Jersey Bond |
|
|
M-7 |
|
|
6/24/08 |
|
|
41 |
|
|
$ |
1,025,000 |
|
|
New York Insured |
|
|
R-7 |
|
|
6/27/08 |
|
|
573 |
|
|
$ |
14,325,000 |
|
|
New York Bond |
|
|
T-7 |
|
|
6/25/08 |
|
|
72 |
|
|
$ |
1,800,000 |
|
|
Virginia Bond |
|
|
R-7 |
|
|
6/27/08 |
|
|
54 |
|
|
$ |
1,350,000 |
|
|
MA HEFA |
|
|
A |
|
|
6/12/08 |
|
|
15 |
|
|
$ |
750,000 |
|
|
|
|
|
B |
|
|
6/11/08 |
|
|
15 |
|
|
$ |
750,000 |
|
The Trusts financed the Preferred Share redemptions with cash received from TOB transactions.
Shares issued and outstanding remained constant during the six months ended February 28, 2009 for all the Trusts and during the year ended August 31, 2008 for New York Income II.
6. Capital Loss Carryforward:
As of August 31, 2008, the following Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expires August 31, |
|
California |
|
California |
|
California |
|
MuniHoldings |
|
||||
|
2009 |
|
|
— |
|
|
— |
|
|
— |
|
$ |
17,055,889 |
|
|
2012 |
|
|
— |
|
$ |
477,260 |
|
$ |
3,224,992 |
|
|
— |
|
|
2013 |
|
$ |
717,737 |
|
|
— |
|
|
— |
|
|
15,054,033 |
|
|
2014 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,097,743 |
|
|
2015 |
|
|
— |
|
|
— |
|
|
360,789 |
|
|
2,782,666 |
|
|
2016 |
|
|
351,912 |
|
|
— |
|
|
113,830 |
|
|
710,089 |
|
|
|
|
||||||||||||
|
Total |
|
$ |
1,069,649 |
|
$ |
477,260 |
|
$ |
3,699,611 |
|
$ |
36,700,420 |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Expires August 31, |
|
New
Jersey |
|
New
York |
|
MA |
|
|||
|
2015 |
|
|
— |
|
$ |
70,160 |
|
$ |
35,869 |
|
|
2016 |
|
$ |
25,168 |
|
|
383,137 |
|
|
285,683 |
|
|
|
|
|||||||||
|
Total |
|
$ |
25,168 |
|
$ |
453,297 |
|
$ |
321,552 |
|
|
|
|
|||||||||
7. Subsequent Events:
The Trusts paid a net investment income dividend in the following amounts per share on April 1, 2009 to shareholders of record on March 16, 2009:
|
|
|
|
|
|
|
Common |
|
|||
|
California Insured |
|
$ |
0.056000 |
|
|
California Bond |
|
$ |
0.062000 |
|
|
California Income II |
|
$ |
0.057000 |
|
|
Maryland Bond |
|
$ |
0.065400 |
|
|
MuniHoldings New York |
|
$ |
0.053000 |
|
|
New Jersey Bond |
|
$ |
0.070500 |
|
|
New York Insured |
|
$ |
0.058000 |
|
|
New York Bond |
|
$ |
0.068000 |
|
|
New York Income II |
|
$ |
0.062500 |
|
|
Virginia Bond |
|
$ |
0.072428 |
|
|
MA HEFA |
|
$ |
0.049000 |
|
The dividends declared on Preferred Shares for the period March 1, 2009 to March 31, 2009 for the Trusts were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Dividends |
|
||
|
California Insured |
|
|
F-7 |
|
$ |
24,347 |
|
|
California Bond |
|
|
F-7 |
|
$ |
18,139 |
|
|
California Income II |
|
|
T-7 |
|
$ |
19,473 |
|
|
|
|
|
R-7 |
|
$ |
19,006 |
|
|
Maryland Bond |
|
|
R-7 |
|
$ |
10,173 |
|
|
MuniHoldings New York |
|
|
A |
|
$ |
24,851 |
|
|
|
|
|
B |
|
$ |
24,399 |
|
|
|
|
|
C |
|
$ |
40,102 |
|
|
|
|
|
D |
|
$ |
48,192 |
|
|
|
|
|
E |
|
$ |
26,320 |
|
|
New Jersey Bond |
|
|
M-7 |
|
$ |
12,540 |
|
|
New York Insured |
|
|
R-7 |
|
$ |
26,498 |
|
|
New York Bond |
|
|
T-7 |
|
$ |
14,593 |
|
|
New York Income II |
|
|
W-7 |
|
$ |
28,914 |
|
|
Virginia Bond |
|
|
R-7 |
|
$ |
12,451 |
|
|
MA HEFA |
|
|
A |
|
$ |
40,094 |
|
|
|
|
|
B |
|
$ |
37,614 |
|
|
|
|
|
|
|
|
|
|
|
|
64 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
Officers and Directors/Trustees
Committee and Director/Trustee
Richard S. Davis, Director/Trustee
Kent Dixon, Director/Trustee
Frank J. Fabozzi, Director/Trustee
Kathleen F. Feldstein, Director/Trustee
James T. Flynn, Director/Trustee
Henry Gabbay, Director/Trustee
Jerrold B. Harris, Director/Trustee
R. Glenn Hubbard, Director/Trustee
W. Carl Kester, Director/Trustee
Donald C. Burke, Trust President and Chief Executive Officer
Anne F. Ackerley, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian P. Kindelan, Chief Compliance Officer of the Trusts
Howard B. Surloff, Secretary
Effective January 1, 2009, Robert S. Salomon, Jr. retired as Director/Trustee of the Trusts. The Board wishes Mr. Salomon well in his retirement.
Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540
Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY 10036
Independent Registered Public
Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540
Trust Address
BlackRock Closed-End Funds
c/o BlackRock Advisors, LLC
100 Bellevue Parkway
Wilmington, DE 19809
For all Trusts except BlackRock MuniHoldings
New York Insured Fund, Inc.:
Boston, MA 02101
New York, NY 10286
Common Stock:
For all Trusts except BlackRock MuniHoldings
New York Insured Fund, Inc. and The Massachusetts
Health & Education Tax-Exempt Trust:
Canton, MA 02021
New York Insured Fund, Inc. and The Massachusetts
Health & Education Tax-Exempt Trust:
Jersey City, NJ 07310
For the Insured Trusts, Bond Trusts and
BlackRock MuniHoldings New York Insured Fund, Inc.:
Jersey City, NJ 07310
Health & Education Tax-Exempt Trust:
New York, NY 10005
|
|
|
|
|
|
|
|
|
|
Additional Information |
|
|
|
|
|
Availability of Quarterly Schedule of Investments |
|
Each Trust files their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each Trust’s 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.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proxy Results |
|
The Annual Meeting of Shareholders was held on September 12, 2008 for shareholders of record on July 14, 2008 to elect director or trustee nominees of each Trust:
Approved the Class I Directors/Trustees as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G. Nicholas Beckwith, III |
|
Kent Dixon |
|
R. Glenn Hubbard |
|
||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
|
Votes For |
|
Votes Withheld |
|
Votes For |
|
Votes Withheld |
|
Votes For |
|
Votes Withheld |
|
||||||
|
BlackRock California Municipal Income Trust II |
|
|
6,585,380 |
|
|
117,302 |
|
|
6,588,280 |
|
|
114,402 |
|
|
6,586,780 |
|
|
115,902 |
|
|
BlackRock California Insured Municipal Income Trust |
|
|
4,374,207 |
|
|
126,498 |
|
|
4,375,907 |
|
|
124,798 |
|
|
4,373,310 |
|
|
127,395 |
|
|
BlackRock California Municipal Bond Trust |
|
|
2,899,569 |
|
|
60,056 |
|
|
2,899,569 |
|
|
60,056 |
|
|
2,898,069 |
|
|
61,556 |
|
|
BlackRock Maryland Municipal Bond Trust |
|
|
2,010,851 |
|
|
16,459 |
|
|
2,015,218 |
|
|
12,092 |
|
|
2,015,351 |
|
|
11,959 |
|
|
BlackRock New Jersey Municipal Bond Trust |
|
|
2,177,858 |
|
|
53,157 |
|
|
2,176,608 |
|
|
54,407 |
|
|
2,177,858 |
|
|
53,157 |
|
|
BlackRock New York Insured Municipal Income Trust |
|
|
5,775,873 |
|
|
191,972 |
|
|
5,773,970 |
|
|
193,875 |
|
|
5,781,137 |
|
|
186,708 |
|
|
BlackRock New York Municipal Bond Trust |
|
|
2,524,166 |
|
|
31,603 |
|
|
2,524,166 |
|
|
31,603 |
|
|
2,524,166 |
|
|
31,603 |
|
|
BlackRock New York Municipal Income Trust II |
|
|
4,345,939 |
|
|
163,046 |
|
|
4,345,939 |
|
|
163,046 |
|
|
4,345,939 |
|
|
163,046 |
|
|
BlackRock Virginia Municipal Bond Trust |
|
|
1,420,649 |
|
|
113,703 |
|
|
1,419,649 |
|
|
114,703 |
|
|
1,420,649 |
|
|
113,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W. Carl Kester |
|
Robert S. Salomon, Jr. |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Votes For |
|
Votes Withheld |
|
Votes For |
|
Votes Withheld |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||||||||||||
|
BlackRock California Municipal Income Trust II |
|
|
1,546 |
1 |
|
159 |
1 |
|
6,586,530 |
|
|
116,152 |
|
|
|
|
|
|
|
|
BlackRock California Insured Municipal Income Trust |
|
|
1,202 |
1 |
|
17 |
1 |
|
4,374,207 |
|
|
126,498 |
|
|
|
|
|
|
|
|
BlackRock California Municipal Bond Trust |
|
|
702 |
1 |
|
15 |
1 |
|
2,899,570 |
|
|
60,055 |
|
|
|
|
|
|
|
|
BlackRock Maryland Municipal Bond Trust |
|
|
540 |
1 |
|
22 |
1 |
|
2,015,351 |
|
|
11,959 |
|
|
|
|
|
|
|
|
BlackRock New Jersey Municipal Bond Trust |
|
|
425 |
1 |
|
202 |
1 |
|
2,176,608 |
|
|
54,407 |
|
|
|
|
|
|
|
|
BlackRock New York Insured Municipal Income Trust |
|
|
1,559 |
1 |
|
8 |
1 |
|
5,783,266 |
|
|
184,579 |
|
|
|
|
|
|
|
|
BlackRock New York Municipal Bond Trust |
|
|
830 |
1 |
|
2 |
1 |
|
2,524,166 |
|
|
31,603 |
|
|
|
|
|
|
|
|
BlackRock New York Municipal Income Trust II |
|
|
1,382 |
1 |
|
334 |
1 |
|
4,345,939 |
|
|
163,046 |
|
|
|
|
|
|
|
|
BlackRock Virginia Municipal Bond Trust |
|
|
450 |
1 |
|
13 |
1 |
|
1,419,649 |
|
|
114,703 |
|
|
|
|
|
|
|
Approved the Directors/Trustees as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
G. Nicholas Beckwith, III |
|
Kent Dixon |
|
R. Glenn Hubbard |
|
||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
|
Votes For |
|
Votes Withheld |
|
Votes For |
|
Votes Withheld |
|
Votes For |
|
Votes Withheld |
|
||||||
|
BlackRock MuniHoldings New York Insured Fund, Inc. |
|
|
27,684,424 |
|
|
947,285 |
|
|
27,687,519 |
|
|
944,190 |
|
|
27,681,615 |
|
|
950,094 |
|
|
The Massachusetts Health & Education Tax-Exempt Trust |
|
|
2,046,284 |
|
|
91,814 |
|
|
2,046,284 |
|
|
91,814 |
|
|
2,044,684 |
|
|
93,414 |
|
|
|
|||||||||||||||||||
|
|
|
W. Carl Kester |
|
Robert S. Salomon, Jr. |
|
Richard S. Davis |
|
||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
|
Votes For |
|
Votes Withheld |
|
Votes For |
|
Votes Withheld |
|
Votes For |
|
Votes Withheld |
|
||||||
|
BlackRock MuniHoldings New York Insured Fund, Inc. |
|
|
8,753 |
1 |
|
926 |
1 |
|
27,665,324 |
|
|
966,385 |
|
|
27,708,729 |
|
|
922,980 |
|
|
The Massachusetts Health & Education Tax-Exempt Trust |
|
|
356 |
1 |
|
0 |
1 |
|
2,046,284 |
|
|
91,814 |
|
|
2,046,674 |
|
|
91,424 |
|
|
|
|||||||||||||||||||
|
|
|
Frank J. Fabozzi |
|
James T. Flynn |
|
Karen P. Robards |
|
||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
|
Votes For |
|
Votes Withheld |
|
Votes For |
|
Votes Withheld |
|
Votes For |
|
Votes Withheld |
|
||||||
|
BlackRock MuniHoldings New York Insured Fund, Inc. |
|
|
8,753 |
1 |
|
926 |
1 |
|
27,685,199 |
|
|
946,510 |
|
|
27,679,452 |
|
|
952,257 |
|
|
The Massachusetts Health & Education Tax-Exempt Trust |
|
|
356 |
1 |
|
0 |
1 |
|
2,046,284 |
|
|
91,814 |
|
|
2,046,284 |
|
|
91,814 |
|
|
|
|||||||||||||||||||
|
|
|
Richard E. Cavanagh |
|
Kathleen F. Feldstein |
|
Henry Gabbay |
|
||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
|
Votes For |
|
Votes Withheld |
|
Votes For |
|
Votes Withheld |
|
Votes For |
|
Votes Withheld |
|
||||||
|
BlackRock MuniHoldings New York Insured Fund, Inc. |
|
|
27,669,541 |
|
|
962,168 |
|
|
27,668,324 |
|
|
963,385 |
|
|
27,705,612 |
|
|
926,097 |
|
|
The Massachusetts Health & Education Tax-Exempt Trust |
|
|
2,046,674 |
|
|
91,424 |
|
|
2,045,184 |
|
|
92,914 |
|
|
2,046,284 |
|
|
91,814 |
|
|
|
|||||||||||||||||||
|
|
|
Jerrold B. Harris |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Votes For |
|
Votes Withheld |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
BlackRock MuniHoldings New York Insured Fund, Inc. |
|
|
27,691,502 |
|
|
940,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Massachusetts Health & Education Tax-Exempt Trust |
|
|
2,045,184 |
|
|
92,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1 Voted on by holders of Preferred Shares only.
|
|
|
|
Electronic Delivery |
|
Electronic copies of most financial reports are available on the Trusts’ website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses 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.
|
|
|
|
|
|
|
|
|
|
|
66 |
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
|
|
|
|
|
|
|
|
|
|
|
Additional Information (concluded) |
|
|
|
|
|
Section 19 Notices |
|
The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on the tax regulations. Each Trust will send you a Form 1099-DIV each calendar year that will tell you how to report these distributions for federal income tax purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fiscal Year-to-Date Cumulative Distributions by Character |
Percentage of Fiscal Year-to-Date 5Cumulative Distributions by Character |
|
||||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
|
|
Net |
|
Net Realized |
|
Return of |
|
Total Per |
|
Net |
|
Net Realized |
|
Return of |
|
Total Per |
|
||||||||
|
California Bond |
|
$ |
0.37200 |
|
$ |
0.00292 |
|
|
— |
|
$ |
0.37492 |
|
|
99 |
% |
|
1 |
% |
|
0 |
% |
|
100 |
% |
|
Maryland Bond |
|
$ |
0.39240 |
|
$ |
0.00321 |
|
|
— |
|
$ |
0.39561 |
|
|
99 |
% |
|
1 |
% |
|
0 |
% |
|
100 |
% |
|
MuniHoldings New York |
|
$ |
0.32008 |
|
|
— |
|
|
— |
|
$ |
0.32008 |
|
|
100 |
% |
|
0 |
% |
|
0 |
% |
|
100 |
% |
|
New York Bond |
|
$ |
0.40800 |
|
$ |
0.00394 |
|
|
— |
|
$ |
0.41194 |
|
|
99 |
% |
|
1 |
% |
|
0 |
% |
|
100 |
% |
|
Virginia Bond |
|
$ |
0.47091 |
|
$ |
0.12273 |
|
|
— |
|
$ |
0.59363 |
|
|
79 |
% |
|
21 |
% |
|
0 |
% |
|
100 |
% |
|
MA HEFA |
|
$ |
0.30280 |
|
|
— |
|
|
— |
|
$ |
0.30280 |
|
|
100 |
% |
|
0 |
% |
|
0 |
% |
|
100 |
% |
|
|
|
|
General Information |
|
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 it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 441-7762.
Quarterly performance, semi-annual and annual reports and other information regarding each Trust 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 regarding each Trust and does not, and is not intended to, incorporate BlackRock’s website into this report.
|
|
|
|
BlackRock Privacy Principles |
|
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic information about its Clients, except as permitted by law or as necessary to service Client accounts. These nonaffiliated 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 nonpublic 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 nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
FEBRUARY 28, 2009 |
67 |
This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares and the risk that fluctuations in the short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may affect the yield to Common Shareholders. Statements and other information herein are as dated and are subject to change.
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 toll-free (800) 411-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s website at http://www.sec.gov. Information about how each Trust voted proxies relating to securities held in each Trust’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#CEF-STMUNI-II-0209 |
|
| 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 – Not Applicable to this semi-annual report |
| 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 – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures. |
| Item 11 – | Controls and Procedures |
| 11(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 13(a)-15(b) under the Securities Exchange Act of 1934, as amended. |
| 11(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 |
| 12(a)(1) – | Code of Ethics – Not Applicable to this semi-annual report |
| 12(a)(2) – | Certifications – Attached hereto |
| 12(a)(3) – | Not Applicable |
| 12(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/ Donald C. Burke |
| Donald C. Burke | |
| Chief Executive Officer of | |
| BlackRock Virginia Municipal Bond Trust | |
| Date: April 22, 2009 | |
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/ Donald C. Burke |
| Donald C. Burke | |
| Chief Executive Officer (principal executive officer) of | |
| BlackRock Virginia Municipal Bond Trust | |
| Date: April 22, 2009 | |
| By: | /s/ Neal J. Andrews |
| Neal J. Andrews | |
| Chief Financial Officer (principal financial officer) of | |
| BlackRock Virginia Municipal Bond Trust | |
| Date: April 22, 2009 | |