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 811-21126

Name of Fund: BlackRock Municipal Income Trust II (BLE)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Municipal Income Trust II, 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: 08/31/2008

Date of reporting period: 09/01/2007 – 02/29/2008




Item 1 – Report to Stockholders

 



EQUITIES   FIXED INCOME   REAL ESTATE   LIQUIDITY   ALTERNATIVES   BLACKROCK SOLUTIONS

 

 

 

 

Semi-Annual Report


(BLACKROCK LOGO)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FEBRUARY 29, 2008 | (UNAUDITED)

 

 

 

 

 

 

 

BlackRock Insured Municipal Income Trust (BYM)

BlackRock Municipal Bond Trust (BBK)

BlackRock Municipal Income Trust II (BLE)

BlackRock California Insured Municipal Income Trust (BCK)

BlackRock California Municipal Bond Trust (BZA)

BlackRock California Municipal Income Trust II (BCL)

BlackRock Florida Insured Municipal Income Trust (BAF)

BlackRock Florida Municipal Bond Trust (BIE)

BlackRock Maryland Municipal Bond Trust (BZM)

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)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE



 

 


 

Table of Contents

 

 

Page   

 

 

A Letter to Shareholders

3

Semi-Annual Report:

 

Trust Summaries

4

The Benefits and Risks of Leveraging

18

Swap Agreements

18

Financial Statements:

 

Schedules of Investments

19

Statements of Assets and Liabilities

50

Statements of Operations

53

Statements of Changes in Net Assets

56

Financial Highlights

59

Notes to Financial Statements

73

Officers and Trustees

78

Additional Information

79


 

 

 

 

 

 

 

 

2

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

A Letter to Shareholders


Dear Shareholder

Financial markets weathered intense bouts of volatility in 2007, only to enter 2008 with no relief. January and February proved to be trying months for equities, but strong ones for some areas of the bond market, as fears of an economic recession swelled. The Federal Reserve Board (the “Fed”), after cutting the target federal funds rate 100 basis points (1%) between September 2007 and year-end, more than matched those cuts in January alone. Responding to a slowing economy and continued fallout from chaos in the credit markets, the Fed cut interest rates 75 basis points in a rare unscheduled session on January 22, and followed with a 50-basis-point cut at its regular meeting on January 30. Another 75-basis-point cut on March 18 brought the target rate to 2.25%.

Reverberations from the U.S. subprime mortgage collapse, and the associated liquidity and credit crisis, continue to permeate global financial markets. The S&P 500 Index of U.S. stocks was down in February, marking the fourth consecutive month of negative returns. International markets, while not unscathed, generally have outperformed their U.S. counterparts so far in 2008. Emerging markets, benefiting from stronger economic growth rates, have done particularly well.

In fixed income markets, fears related to the economic slowdown and related credit crisis have led to a prolonged flight to quality. Investors have largely shunned bonds associated with the housing and credit markets in favor of higher-quality government issues. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to 4.04% by year-end and to 3.53% by the end of February, while prices correspondingly rose. After setting a new-issuance record in 2007, supply in the municipal bond market has been on the decline for four consecutive months (measured year over year). The market has struggled with concerns around the creditworthiness of monoline bond insurers and the failure of auctions for auction rate securities, driving yields higher and prices lower across the curve. By period-end, municipal bonds were trading at higher yields than their Treasury counterparts, a very unusual occurrence by historical standards.

Against this backdrop, the major benchmark indexes posted mixed results for the current reporting period, generally reflecting heightened investor risk aversion:

 

 

 

 

 

 

 

 

Total Returns as of February 29, 2008

 

6-month

 

12-month

 

           

U.S. equities (S&P 500 Index)

 

-8.79

%

 

-3.60

%

 

               

Small cap U.S. equities (Russell 2000 Index)

 

-12.91

 

 

-12.44

 

 

               

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

 

-4.71

 

 

+0.84

 

 

               

Fixed income (Lehman Brothers U.S. Aggregate Bond Index)

 

+5.67

 

 

+7.30

 

 

               

Tax-exempt fixed income (Lehman Brothers Municipal Bond Index)

 

-0.60

 

 

-1.17

 

 

               

High yield bonds
(Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index)

 

-1.39

 

 

-3.08

 

 

               

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

As you navigate today’s volatile markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead.

Sincerely,

     -s- Rob Kapito

Rob Kapito
President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT

 

 

 

 

 

 

 

 

 

 

 

3



 

 



 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock Insured Municipal Income Trust


 

 

 

     

Investment Objective

 

 

     

 

 

 

 

BlackRock Insured Municipal Income Trust (BYM) seeks to provide high current income exempt from regular federal 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 29, 2008, the Trust returned -4.92% based on market price, with dividends reinvested. The Trust’s return based on net asset value (“NAV”) was -9.04%, with dividends reinvested, while the Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of -6.11% on an NAV basis. The Trust’s performance was negatively impacted by three primary factors: exposure to the long end of the municipal curve, which underperformed as the curve steepened significantly; a widening in credit spreads and insured credit spreads with weaker underlying ratings; and the massive underperformance of municipal cash relative to the Trust’s Bond Market Association hedges. The entire municipal insurance industry experienced unprecedented stress during the period, leading to their first-ever downgrades. Many of the problems caused by the stress on the insurers remained unresolved at period-end.

     

Trust Information

 

 

     

 

 

 

 

 

Symbol on New York Stock Exchange

 

BYM

 

Initial Offering Date

 

October 31, 2002

 

Yield on Closing Market Price as of February 29, 2008 ($13.30)1

 

5.50%

 

Tax Equivalent Yield2

 

8.46%

 

Current Monthly Distribution per Common Share3

 

$.061

 

Current Annualized Distribution per Common Share3

 

$.732

 

Leverage as of February 29, 20084

 

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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Auction Market Preferred Shares (“Preferred Shares”) that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

                     

 

Market Price

 

$

13.30

 

$

14.35

 

 

(7.32%

)

$

15.15

 

$

13.28

 

Net Asset Value

 

$

13.14

 

$

14.82

 

 

(11.34%

)

$

15.35

 

$

13.14

 

                     

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

 

 

 

 

 

 

 

 

 

 

                   

Portfolio Composition

 

 

 

 

 

 

 

 

 

           

 

 

 

 

 

 

Sector

 

2/29/08

 

8/31/07

 

           

Transportation

 

 

25

%

 

 

24

%

 

Water & Sewer

 

 

19

 

 

 

18

 

 

Tax Revenue

 

 

11

 

 

 

12

 

 

City, County & State

 

 

11

 

 

 

13

 

 

Education

 

 

9

 

 

 

8

 

 

Power

 

 

9

 

 

 

9

 

 

Tobacco

 

 

6

 

 

 

6

 

 

Hospitals

 

 

6

 

 

 

7

 

 

Lease Revenue

 

 

3

 

 

 

2

 

 

Industrial & Pollution Control

 

 

1

 

 

 

1

 

 

                   

 

 

 

 

 

 

           

Credit Quality Allocations5

 

 

 

 

 

           

 

 

 

 

 

 

Credit Rating

 

2/29/08

 

8/31/07

 

           

AAA/Aaa

 

 

74

%

 

 

92

%

 

AA/Aa

 

 

15

 

 

 

2

 

 

A

 

 

8

 

 

 

2

 

 

BBB/Baa

 

 

3

 

 

 

4

 

 

                   

 

 

5

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


 

 

 

 

 

 

 

 

4

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 

 



 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock Municipal Bond Trust


 

 

 

     

Investment Objective

 

 

     

 

 

 

 

BlackRock Municipal Bond Trust (BBK) seeks to provide current income exempt from regular federal 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 Trust’s investment 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 29, 2008, the Trust returned -6.38% based on market price, with dividends reinvested. The Trust’s return based on NAV was -9.14%, with dividends reinvested. For the same period, the Lipper General Municipal Debt Funds (leveraged) category posted an average return of -6.37% on a NAV basis. The Trust’s performance was negatively impacted by exposure to capital appreciation bonds, as well as lower-rated and non-rated credits. Both areas suffered in a market environment characterized by rising long-term rates and substantially wider credit spreads. An above-average dividend yield helped to mitigate these negative influences somewhat.

     

Trust Information

 

 

     

 

 

 

 

 

Symbol on New York Stock Exchange

 

BBK

 

Initial Offering Date

 

April 30, 2002

 

Yield on Closing Market Price as of February 29, 2008 ($14.85)1

 

6.18%

 

Tax Equivalent Yield2

 

9.51%

 

Current Monthly Distribution per Common Share3

 

$.0765

 

Current Annualized Distribution per Common Share3

 

$.918

 

Leverage as of February 29, 20084

 

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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

                     

 

Market Price

 

$

14.85

 

$

16.50

 

 

(10.00%

)

$

17.39

 

$

14.11

 

Net Asset Value

 

$

13.60

 

$

15.57

 

 

(12.65%

)

$

15.95

 

$

13.60

 

                     

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

             

Portfolio Composition

 

 

 

 

 

 

             

 

 

 

 

 

 

 

Sector

2/29/08

 

8/31/07

 

             

Hospitals

25

%

 

26

%

 

City, County & State

14

 

 

15

 

 

Industrial & Pollution Control

13

 

 

14

 

 

Housing

11

 

 

11

 

 

Tax Revenue

9

 

 

7

 

 

Power

8

 

 

6

 

 

Transportation

7

 

 

8

 

 

Education

5

 

 

5

 

 

Water & Sewer

4

 

 

4

 

 

Tobacco

3

 

 

3

 

 

Lease Revenue

1

 

 

1

 

 

             

 

 

 

 

 

 

 

         

Credit Quality Allocations5

 

 

 

 

         

 

 

 

 

 

Credit Rating

2/29/08

 

8/31/07

 

         

AAA/Aaa

35

%

 

34

%

 

AA/Aa

12

 

 

16

 

 

A

15

 

 

15

 

 

BBB/Baa

17

 

 

18

 

 

BB/Ba

2

 

 

6

 

 

B

6

 

 

5

 

 

CCC/Caa

1

 

 

 

 

Not Rated6

12

 

 

6

 

 

             

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 and August 31, 2007, the market value of these securities was $4,039,312 representing 2% and $2,980,782 representing 1%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

5



 

 

 

 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock Municipal Income Trust II

 

 

   

Investment Objective

 

   

BlackRock Municipal Income Trust II (BLE) seeks to provide high current income exempt from regular federal 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 Adviser 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 29, 2008, the Trust returned -7.55% based on market price, with dividends reinvested. The Trust’s return based on NAV was -9.92%, with dividends reinvested. For the same period, the Lipper General Municipal Debt Funds (leveraged) category posted an average return of -6.37% on a NAV basis. The Trust’s performance was negatively impacted by exposure to capital appreciation bonds, as well as lower-rated and non-rated credits. Both areas suffered in a market environment characterized by rising long-term rates and substantially wider credit spreads. An above-average dividend yield helped to mitigate these negative influences somewhat.

 

   

Trust Information

   

 

 

Symbol on American Stock Exchange

BLE

Initial Offering Date

July 30, 2002

Yield on Closing Market Price as of February 29, 2008 ($13.49)1

6.32%

Tax Equivalent Yield2

9.72%

Current Monthly Distribution per Common Share3

$.071

Current Annualized Distribution per Common Share3

$.852

Leverage as of February 29, 20084

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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

 

Market Price

 

$

13.49

 

$

15.05

 

 

(10.37

%)

$

15.85

 

$

13.25

 

Net Asset Value

 

$

13.17

 

$

15.08

 

 

(12.67

%)

$

15.45

 

$

13.17

 

 

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

 

 

 

 

 

 

 

 

 

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sector

 

2/29/08

 

8/31/07

 

 

Hospitals

 

 

 

26

%

 

 

 

26

%

 

Industrial & Pollution Control

 

 

 

16

 

 

 

 

16

 

 

City, County & State

 

 

 

12

 

 

 

 

13

 

 

Transportation

 

 

 

9

 

 

 

 

10

 

 

Tax Revenue

 

 

 

7

 

 

 

 

8

 

 

Housing

 

 

 

7

 

 

 

 

7

 

 

Water & Sewer

 

 

 

7

 

 

 

 

6

 

 

Power

 

 

 

7

 

 

 

 

6

 

 

Tobacco

 

 

 

4

 

 

 

 

4

 

 

Education

 

 

 

4

 

 

 

 

3

 

 

Lease Revenue

 

 

 

1

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality Allocations5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Rating

 

2/29/08

 

8/31/07

 

 

AAA/Aaa

 

 

 

31

%

 

 

 

33

%

 

AA/Aa

 

 

 

16

 

 

 

 

16

 

 

A

 

 

 

11

 

 

 

 

12

 

 

BBB/Baa

 

 

 

20

 

 

 

 

20

 

 

BB/Ba

 

 

 

1

 

 

 

 

3

 

 

B

 

 

 

6

 

 

 

 

5

 

 

CCC/Caa

 

 

 

1

 

 

 

 

 

 

Not Rated6

 

 

 

14

 

 

 

 

11

 

 

 

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 and August 31, 2007, the market value of these securities was $29,428,628 representing 6% and $24,066,103 representing 4%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

6

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock California Insured Municipal Income Trust

 

 

 

Investment Objective

 

 

BlackRock California Insured Municipal Income Trust (BCK) 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 29, 2008, the Trust returned -5.85% based on market price, with dividends reinvested. The Trust’s return based on NAV was -8.93%, with dividends reinvested. For the same period, the Lipper California Insured Municipal Debt Funds category posted an average return of -6.64% on a NAV basis. The Trust’s performance was impacted by two key factors: exposure to the long end of the municipal yield curve, which underperformed as the curve steepened; and pressure on municipal bond insurers, which affected the entire insured municipal marketplace. The Trust’s underweight of lower-rated credits was a negative factor as insured bonds lost any premium value.

 

 

Trust Information

 

 

 

Symbol on New York Stock Exchange

BCK

Initial Offering Date

October 31, 2002

Yield on Closing Market Price as of February 29, 2008 ($13.14)1

5.30%

Tax Equivalent Yield2

8.15%

Current Monthly Distribution per Common Share3

$.058

Current Annualized Distribution per Common Share3

$.696

Leverage as of February 29, 20084

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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

 

Market Price

 

$

13.14

 

$

14.30

 

 

(8.11

%)

$

15.05

 

$

13.14

 

Net Asset Value

 

$

13.03

 

$

14.66

 

 

(11.12

%)

$

15.34

 

$

13.03

 

 

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

 

 

 

 

 

 

 

 

 

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sector

 

2/29/08

 

 

8/31/07

 

 

Water & Sewer

 

 

 

34

%

 

 

 

31

%

 

Education

 

 

 

17

 

 

 

 

25

 

 

City, County & State

 

 

 

16

 

 

 

 

13

 

 

Lease Revenue

 

 

 

12

 

 

 

 

9

 

 

Power

 

 

 

7

 

 

 

 

10

 

 

Transportation

 

 

 

6

 

 

 

 

5

 

 

Tax Revenue

 

 

 

3

 

 

 

 

2

 

 

Hospitals

 

 

 

3

 

 

 

 

3

 

 

Housing

 

 

 

2

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality Allocations5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Rating

 

2/29/08

 

8/31/07

 

 

AAA/Aaa

 

 

 

97

%

 

 

 

98

%

 

A

 

 

 

3

 

 

 

 

2

 

 

 

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

7



 

 

   

 

 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock California Municipal Bond Trust


 

 

 

Investment Objective

     

 

 

 

BlackRock California Municipal Bond Trust (BZA) 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 Adviser 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 29, 2008, the Trust returned -1.54% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.18%, with dividends reinvested. For the same period, the Lipper California Municipal Debt Funds category posted an average return of -5.86% on a NAV basis. The Trust’s performance was impacted by three key factors: exposure to the long end of the municipal yield curve, which underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; a lower relative duration stance, which benefited the portfolio as rates rose.

     

Trust Information

 

     

 

 

 

 

 

 

 

Symbol on New York Stock Exchange

 

 

BZA

 

 

Initial Offering Date

 

 

April 30, 2002

 

 

Yield on Closing Market Price as of February 29, 2008 ($15.74)1

 

 

5.87%

 

 

Tax Equivalent Yield2

 

 

9.03%

 

 

Current Monthly Distribution per Common Share3

 

 

$.077

 

 

Current Annualized Distribution per Common Share3

 

 

$.924

 

 

Leverage as of February 29, 20084

 

 

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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

15.74

 

$

16.50

 

 

(4.61%

)

$

17.35

 

$

15.05

 

Net Asset Value

 

$

14.25

 

$

15.35

 

 

(7.17%

)

$

15.90

 

$

14.25

 

                                 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

               

Portfolio Composition


 

 

 

 

 

 

 

 

 

 

Sector

 

2/29/08

 

8/31/07

 

               

Hospitals

 

 

24

%

 

 

21

%

 

Education

 

 

20

 

 

 

22

 

 

Housing

 

 

16

 

 

 

14

 

 

City, County & State

 

 

13

 

 

 

13

 

 

Tobacco

 

 

9

 

 

 

8

 

 

Industrial & Pollution Control

 

 

6

 

 

 

5

 

 

Transportation

 

 

5

 

 

 

7

 

 

Power

 

 

2

 

 

 

 

 

Lease Revenue

 

 

2

 

 

 

2

 

 

Water & Sewer

 

 

1

 

 

 

7

 

 

Tax Revenue

 

 

1

 

 

 

 

 

Resource Recovery

 

 

1

 

 

 

1

 

 

               

 

 

 

 

 

 

 

 

               

Credit Quality Allocations5


 

 

 

 

 

 

 

 

 

 

Credit Rating

 

2/29/08

 

8/31/07

 

               

AAA/Aaa

 

 

28

%

 

 

32

%

 

AA/Aa

 

 

13

 

 

 

12

 

 

A

 

 

34

 

 

 

33

 

 

BBB/Baa

 

 

10

 

 

 

15

 

 

B

 

 

3

 

 

 

2

 

 

Not Rated

 

 

12

 

 

 

6

 

 

                  

 

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

8

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 

   

 

 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock California Municipal Income Trust II


 

 

 

     

Investment Objective

     

 

 

 

 

 

BlackRock California Municipal Income Trust II (BCL) 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 Adviser 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 29, 2008, the Trust returned -2.91% based on market price, with dividends reinvested. The Trust’s return based on NAV was -9.04%, with dividends reinvested. For the same period, the Lipper California Municipal Debt Funds category posted an average return of -5.86% on a NAV basis. The Trust’s performance was impacted by three key factors: exposure to the long end of the municipal yield curve, which underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; and additional pressure on insured zero-coupon securities held in the portfolio.

 

 

 

     

Trust Information

 

     

 

 

 

 

 

Symbol on American Stock Exchange

 

BCL

 

Initial Offering Date

 

July 30, 2002

 

Yield on Closing Market Price as of February 29, 2008 ($13.63)1

 

5.77%

 

Tax Equivalent Yield2

 

8.88%

 

Current Monthly Distribution per Common Share3

 

$.0655

 

Current Annualized Distribution per Common Share3

 

$.786

 

Leverage as of February 29, 20084

 

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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

 

 

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

 

Market Price

 

$

13.63

 

$

14.44

 

(5.61%)

 

$

15.35

 

$

13.51

 

Net Asset Value

 

$

13.23

 

$

14.96

 

(11.56%)

 

$

15.40

 

$

13.23

 

 

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

 

 

   Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

Sector

 

2/29/08

 

8/31/07

 

         

 

City, County & State

 

 

22

%

 

 

25

%

 

Tobacco

 

 

14

 

 

 

13

 

 

Education

 

 

13

 

 

 

15

 

 

Housing

 

 

12

 

 

 

5

 

 

Hospitals

 

 

12

 

 

 

12

 

 

Transportation

 

 

8

 

 

 

10

 

 

Power

 

 

6

 

 

 

5

 

 

Industrial & Pollution Control

 

 

5

 

 

 

5

 

 

Water & Sewer

 

 

3

 

 

 

6

 

 

Lease Revenue

 

 

3

 

 

 

3

 

 

Resource Recovery

 

 

1

 

 

 

1

 

 

Tax Revenue

 

 

1

 

 

 

 

 

                   

 

 

 

 

 

 

 

 

               

   Credit Quality Allocations5

 

 

 

 

 

 

 

               

 

 

 

 

 

 

 

 

 

 

Credit Rating

 

2/29/08

 

8/31/07

 

               

AAA/Aaa

 

 

54

%

 

 

55

%

 

AA/Aa

 

 

7

 

 

 

5

 

 

A

 

 

16

 

 

 

20

 

 

BBB/Baa

 

 

6

 

 

 

7

 

 

B

 

 

1

 

 

 

1

 

 

Not Rated6

 

 

16

 

 

 

12

 

 

                   

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 the market value of these securities was $7,215,690 representing 4% of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

9



 

 


 

 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock Florida Insured Municipal Income Trust


 

 

 

 

 

Investment Objective

 

 

 

 

 

BlackRock Florida Insured Municipal Income Trust (BAF) seeks to provide current income exempt from regular federal income taxes and Florida intangible personal property 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 29, 2008, the Trust returned -5.93% based on market price, with dividends reinvested. The Trust’s return based on NAV was -6.46%, with dividends reinvested. For the same period, the Lipper Florida Municipal Debt Funds category posted an average return of -5.59% on an NAV basis. (The Lipper group consists of insured and uninsured funds.) The Trust’s performance was affected by several key factors: exposure to the long end of the municipal yield curve, which, along with discount-coupon bonds, underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; pressure on municipal bond insurers, which affected the entire insured municipal marketplace; and hedge positions, which contributed positively given their low correlation to the factors causing municipal underperformance.

 

 

 

Trust Information

 

 

 

 

 

Symbol on New York Stock Exchange

 

BAF

 

Initial Offering Date

 

October 31, 2002

 

Yield on Closing Market Price as of February 29, 2008 ($12.42)1

 

5.60%

 

Tax Equivalent Yield2

 

8.62%

 

Current Monthly Distribution per Common Share3

 

$  .058       

 

Current Annualized Distribution per Common Share3

 

$  .696       

 

Leverage as of February 29, 20084

 

   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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

 

 

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

 

                                 

 

Market Price

 

$

12.42

 

$

13.55

 

 

(8.34%

)

$

14.30

 

$

12.38

 

 

Net Asset Value

 

$

13.38

 

$

14.68

 

 

(8.86%

)

$

15.27

 

$

13.38

 

 

                                 

 

 

 

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


 

 

 

 

 

 

 

         

 

   Portfolio Composition

 

 

 

 

 

         

 

 

 

 

 

 

 

Sector

 

2/29/08

 

8/31/07

 

         

 

Tax Revenue

 

  26%

 

  25%

 

City, County & State

 

21

 

20

 

Education

 

16

 

16

 

Hospitals

 

12

 

  9

 

Transportation

 

  8

 

  9

 

Power

 

  7

 

11

 

Water & Sewer

 

  7

 

  6

 

Lease Revenue

 

  3

 

  4

 

         

 

 

 

 

 

 

 

         

 

Credit Quality Allocations5

 

 

 

 

 

         

 

 

 

 

 

 

 

Credit Rating

 

2/29/08

 

8/31/07

 

         

 

AAA/Aaa

 

85%

 

88%

 

AA/Aa

 

3

 

7

 

A

 

8

 

1

 

Not Rated6

 

4

 

4

 

         

 

 

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 and August 31, 2007, the market value of these securities was $3,756,186 representing 4% and $3,995,690 representing 2%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

10

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock Florida Municipal Bond Trust


 

 

 

Investment Objective

 

 

 

 

 

BlackRock Florida Municipal Bond Trust (BIE) seeks to provide current income exempt from regular federal income taxes and Florida intangible personal property 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 Adviser 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 29, 2008, the Trust returned -1.02% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.07%, with dividends reinvested. For the same period, the Lipper Florida Municipal Debt Funds category posted an average return of -5.59% on an NAV basis. (Notably, the Lipper group consists of both insured and uninsured funds.) The Trust’s performance for the period was enhanced by its large overweight position in prerefunded securities. This sector had the best performance during the past six months as an investor flight to quality gained momentum toward the end of 2007.

 

 

 

Trust Information


 

 

 

 

 

Symbol on New York Stock Exchange

 

BIE

 

Initial Offering Date

 

April 30, 2002

 

Yield on Closing Market Price as of February 29, 2008 ($15.16)1

 

            6.16%

 

Tax Equivalent Yield2

 

            9.48%

 

Current Monthly Distribution per Common Share3

 

$.077808

 

Current Annualized Distribution per Common Share3

 

$.933696

 

Leverage as of February 29, 20084

 

               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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

 

 

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

 

                       

 

Market Price

 

$

15.16

 

$

15.82

 

 

(4.17%

)

$

16.70

 

$

14.40

 

 

Net Asset Value

 

$

14.35

 

$

15.45

 

 

(7.12%

)

$

15.86

 

$

14.35

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

         

 

     Portfolio Composition

 

 

 

 

 

         

 

 

 

 

 

 

 

Sector

 

2/29/08

 

8/31/07

 

         

 

Hospitals

 

     37%

 

    34%

 

Tax Revenue

 

18

 

18

 

City, County & State

 

13

 

11

 

Education

 

10

 

11

 

Lease Revenue

 

  6

 

  6

 

Housing

 

  6

 

  6

 

Water & Sewer

 

  4

 

  3

 

Transportation

 

  3

 

  3

 

Power

 

  2

 

  6

 

Industrial & Pollution Control

 

  1

 

  2

 

         

 

 

         

 

Credit Quality Allocations5

 

 

 

 

 

         

 

 

 

 

 

 

 

Credit Rating

 

2/29/08

 

8/31/07

 

         

 

AAA/Aaa

 

  36%

 

  40%

 

AA/Aa

 

12

 

20

 

A

 

23

 

14

 

BBB/Baa

 

  8

 

12

 

BB/Ba

 

  2

 

  2

 

Not Rated6

 

19

 

12

 

         

 

 

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 and August 31, 2007, the market value of these securities was $4,962,693 representing 10% and $1,525,724 representing 2%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

11



 

 


 

 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock Maryland Municipal Bond Trust

 

 

Investment Objective


 

BlackRock Maryland Municipal Bond Trust (BZM) 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 Adviser 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 29, 2008, the Trust returned -8.13% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.78%, with dividends reinvested. For the same period, the Lipper Other States Municipal Debt Funds category posted an average return of -4.52% on a NAV basis. The Trust’s performance was impacted by three key factors: exposure to the long end of the municipal yield curve, which underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; and pressure on municipal bond insurers, which affected the entire insured municipal marketplace.


 

Trust Information


 

 

 

 

Symbol on American Stock Exchange

 

BZM

 

Initial Offering Date

 

April 30, 2002

 

Yield on Closing Market Price as of February 29, 2008 ($15.53)1

 

5.51%

 

Tax Equivalent Yield2

 

8.48%

 

Current Monthly Distribution per Common Share3

 

$.07135

 

Current Annualized Distribution per Common Share3

 

$.8562

 

Leverage as of February 29, 20084

 

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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

15.53

 

$

17.43

 

 

(10.90%

)

$

17.83

 

$

14.60

 

Net Asset Value

 

$

13.77

 

$

14.91

 

 

(7.65%

)

$

15.45

 

$

13.77

 

                                 

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

 

Portfolio Composition


 

 

 

 

 

 

 

 

 

 

Sector

 

2/29/08

 

8/31/07

 

           

Hospitals

 

 

22

%

 

 

18

%

 

Education

 

 

21

 

 

 

21

 

 

City, County & State

 

 

21

 

 

 

24

 

 

Water & Sewer

 

 

12

 

 

 

12

 

 

Transportation

 

 

8

 

 

 

8

 

 

Housing

 

 

6

 

 

 

6

 

 

Lease Revenue

 

 

5

 

 

 

5

 

 

Tobacco

 

 

3

 

 

 

3

 

 

Tax Revenue

 

 

2

 

 

 

 

 

Power

 

 

 

 

 

3

 

 

                   

 

   Credit Quality Allocations5


 

 

 

 

 

 

 

 

 

 

Credit Rating

 

2/29/08

 

8/31/07

 

           

AAA/Aaa

 

 

33

%

 

 

37

%

 

AA/Aa

 

 

9

 

 

 

10

 

 

A

 

 

31

 

 

 

29

 

 

BBB/Baa

 

 

11

 

 

 

13

 

 

Not Rated

 

 

16

 

 

 

11

 

 

                   

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

12

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

Trust Summary  as of February 29, 2008 (Unaudited)

BlackRock New Jersey Municipal Bond Trust

 

Investment Objective


 

BlackRock New Jersey Municipal Bond Trust (BLJ) 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 Adviser 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 29, 2008, the Trust returned -0.44% based on market price, with dividends reinvested. The Trust’s return based on NAV was -6.98%, with dividends reinvested. For the same period, the Lipper New Jersey Municipal Debt Funds category posted an average return of -6.02% on a NAV basis. The Trust’s performance was impacted by several key factors: exposure to the long end of the municipal yield curve, which, along with discounted coupon bonds, underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; pressure on municipal bond insurers, which affected the entire insured municipal marketplace; and hedges, which exhibited low correlation to the factors causing municipal underperformance.


 

Trust Information


 

 

 

 

Symbol on American Stock Exchange

 

BLJ

 

Initial Offering Date

 

April 30, 2002

 

Yield on Closing Market Price as of February 29, 2008 ($16.30)1

 

5.79%

 

Tax Equivalent Yield2

 

8.91%

 

Current Monthly Distribution per Common Share3

 

$.078582

 

Current Annualized Distribution per Common Share3

 

$.942984

 

Leverage as of February 29, 20084

 

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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

16.30

 

$

16.90

 

 

(3.55%

)

$

18.35

 

$

15.69

 

Net Asset Value

 

$

13.86

 

$

15.38

 

 

(9.88%

)

$

15.78

 

$

13.86

 

                                 

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

 

 

 

 

 

 

 

 

 

 

Portfolio Composition

 

Sector

 

2/29/08

 

8/31/07

 

           

Hospitals

 

 

33

%

 

 

32

%

 

Education

 

 

13

 

 

 

13

 

 

Transportation

 

 

12

 

 

 

12

 

 

City, County & State

 

 

10

 

 

 

10

 

 

Industrial & Pollution Control

 

 

7

 

 

 

7

 

 

Housing

 

 

6

 

 

 

6

 

 

Tax Revenue

 

 

6

 

 

 

7

 

 

Tobacco

 

 

6

 

 

 

7

 

 

Power

 

 

5

 

 

 

4

 

 

Lease Revenue

 

 

1

 

 

 

1

 

 

Water & Sewer

 

 

1

 

 

 

1

 

 

                   

 

Credit Quality Allocations5


 

 

 

 

 

 

 

 

 

 

Credit Rating

 

2/29/08

 

8/31/07

 

           

AAA/Aaa

 

 

38

%

 

 

38

%

 

A

 

 

22

 

 

 

15

 

 

BBB/Baa

 

 

18

 

 

 

39

 

 

B

 

 

5

 

 

 

5

 

 

Not Rated

 

 

17

 

 

 

3

 

 

                   

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

13



 

 


 

 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock New York Insured Municipal Income Trust

 

 

Investment Objective

 

BlackRock New York Insured Municipal Income Trust (BSE) 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 (AMT).

 

Performance

For the six months ended February 29, 2008, the Trust returned -4.57% based on market price, with dividends reinvested. The Trust’s return based on NAV was -7.93%, with dividends reinvested. For the same period, the Lipper New York Insured Municipal Debt Funds category posted an average return of -5.24% on a NAV basis. The Trust’s performance was impacted by several key factors: exposure to the long end of the municipal yield curve, which, along with discounted coupon bonds, underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; pressure on municipal bond insurers, which affected the entire insured municipal marketplace; and hedges, which exhibited low correlation to the factors causing municipal underperformance.

 

Trust Information


 

 

 

Symbol on New York Stock Exchange

 

BSE

Initial Offering Date

 

October 31, 2002

Yield on Closing Market Price as of February 29, 2008 ($13.12)1

 

    5.30%

Tax Equivalent Yield2

 

    8.15%

Current Monthly Distribution per Common Share3

 

$.058

Current Annualized Distribution per Common Share3

 

$.696

Leverage as of February 29, 20084

 

       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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

2/29/08

 

 

8/31/07

 

 

Change

 

 

High

 

 

Low

 

                                 

Market Price

 

$

13.12

 

$

14.12

 

 

(7.08%

)

$

14.99

 

$

13.00

 

Net Asset Value

 

$

13.07

 

$

14.58

 

 

(10.36%

)

$

15.16

 

$

13.07

 

                                 

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

 

Portfolio Composition


 

 

 

 

 

 

 

 

 

 

 

 

Sector

 

 

2/29/08

 

 

8/31/07

 

               

Education

 

 

 

31

%

 

 

 

31

%

 

Transportation

 

 

 

25

 

 

 

 

29

 

 

City, County & State

 

 

 

14

 

 

 

 

8

 

 

Hospitals

 

 

 

12

 

 

 

 

13

 

 

Tax Revenue

 

 

 

9

 

 

 

 

8

 

 

Water & Sewer

 

 

 

3

 

 

 

 

4

 

 

Power

 

 

 

2

 

 

 

 

4

 

 

Tobacco

 

 

 

2

 

 

 

 

2

 

 

Housing

 

 

 

1

 

 

 

 

1

 

 

Industrial & Pollution Control

 

 

 

1

 

 

 

 

 

 

                       

 

Credit Quality Allocations5


 

 

 

 

 

 

 

 

 

 

 

 

Credit Rating

 

 

2/29/08

 

 

8/31/07

 

               

AAA/Aaa

 

 

 

86

%

 

 

 

92

%

 

AA/Aa

 

 

 

3

 

 

 

 

2

 

 

A

 

 

 

 

 

 

 

5

 

 

BBB/Baa

 

 

 

3

 

 

 

 

1

 

 

Not rated

 

 

 

8

 

 

 

 

 

 

                       

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

14

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 

 


 

 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock New York Municipal Bond Trust

 

 

Investment Objective

 

BlackRock New York Municipal Bond Trust (BQH) 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 Adviser 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 29, 2008, the Trust returned -0.93% based on market price, with dividends reinvested. The Trust’s return based on NAV was -3.73%, with dividends reinvested. For the same period, the Lipper New York Municipal Debt Funds category posted an average return of -4.96% on a NAV basis. The Trust’s performance was impacted by several key factors: exposure to the long end of the municipal yield curve, which, along with discounted coupon bonds, underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; pressure on municipal bond insurers, which affected the entire insured municipal marketplace; and hedges, which exhibited low correlation to the factors causing municipal underperformance.

 

Trust Information


 

 

 

Symbol on New York Stock Exchange

 

BQH

Initial Offering Date

 

April 30, 2002

Yield on Closing Market Price as of February 29, 2008 ($15.65)1

 

           5.91%

Tax Equivalent Yield2

 

           9.09%

Current Monthly Distribution per Common Share3

 

$.077099

Current Annualized Distribution per Common Share3

 

$.925188

Leverage as of February 29, 20084

 

              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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

2/29/08

 

 

8/31/07

 

 

Change

 

 

High

 

 

Low

 

                                 

Market Price

 

$

15.65

 

$

16.32

 

 

(4.11%

)

$

18.00

 

$

15.65

 

Net Asset Value

 

$

14.34

 

$

15.39

 

 

(6.82%

)

$

15.76

 

$

14.34

 

                                 

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

 

Portfolio Composition


 

 

 

 

 

 

 

 

 

 

 

 

Sector

 

 

2/29/08

 

 

8/31/07

 

               

Housing

 

 

 

17

%

 

 

 

17

%

 

Education

 

 

 

13

 

 

 

 

14

 

 

Transportation

 

 

 

12

 

 

 

 

12

 

 

Water & Sewer

 

 

 

11

 

 

 

 

11

 

 

Tax Revenue

 

 

 

10

 

 

 

 

8

 

 

City, County & State

 

 

 

9

 

 

 

 

9

 

 

Tobacco

 

 

 

9

 

 

 

 

10

 

 

Industrial & Pollution Control

 

 

 

9

 

 

 

 

9

 

 

Lease Revenue

 

 

 

4

 

 

 

 

5

 

 

Power

 

 

 

3

 

 

 

 

3

 

 

Hospitals

 

 

 

3

 

 

 

 

2

 

 

                       

 

Credit Quality Allocations5


 

 

 

 

 

 

 

 

 

 

 

 

Credit Rating

 

 

2/29/08

 

 

8/31/07

 

               

AAA/Aaa

 

 

 

45

%

 

 

 

43

%

 

AA/Aa

 

 

 

18

 

 

 

 

19

 

 

A

 

 

 

11

 

 

 

 

12

 

 

BBB/Baa

 

 

 

11

 

 

 

 

17

 

 

BB/Ba

 

 

 

1

 

 

 

 

 

 

B

 

 

 

8

 

 

 

 

8

 

 

Not Rated

 

 

 

6

 

 

 

 

1

 

 

                       

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

15



 

 



 

 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock New York Municipal Income Trust II

 

 


 

 

 

     

Investment Objective

 

     

 

 

 

 

 

BlackRock New York Municipal Income Trust II (BFY) 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 Adviser 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 29, 2008, the Trust returned -2.33% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.89%, with dividends reinvested. For the same period, the Lipper New York Municipal Debt Funds category posted an average return of -4.96% on a NAV basis. The Trust’s performance was impacted by several key factors: exposure to the long end of the municipal yield curve, which, along with discounted coupon bonds, underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; pressure on municipal bond insurers, which affected the entire insured municipal marketplace; and hedges, which exhibited low correlation to the factors causing municipal underperformance.

     

Trust Information

 

     

 

 

 

Symbol on American Stock Exchange

 

BFY

Initial Offering Date

 

July 30, 2002

Yield on Closing Market Price as of February 29, 2008 ($13.50)1

 

5.56%

Tax Equivalent Yield2

 

8.55%

Current Monthly Distribution per Common Share3

 

$.0625      

Current Annualized Distribution per Common Share3

 

$  .750       

Leverage as of February 29, 20084

 

  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

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

13.50

 

$

14.22

 

 

(5.06%)

 

$

15.30

 

$

13.50

 

Net Asset Value

 

$

13.72

 

$

14.84

 

 

(7.55%)

 

$

15.26

 

$

13.72

 

                                 

 

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


 

 

Portfolio Composition

 

 


 

 

 

 

 

 

 

 

Sector

 

2/29/08

 

8/31/07

 

               

Transportation

 

20

%

 

20

%

 

Education

 

18

 

 

18

 

 

Industrial & Pollution Control

 

15

 

 

15

 

 

Tobacco

 

11

 

 

11

 

 

Housing

 

11

 

 

10

 

 

City, County & State

 

8

 

 

9

 

 

Water & Sewer

 

5

 

 

6

 

 

Hospitals

 

5

 

 

4

 

 

Tax Revenue

 

5

 

 

5

 

 

Power

 

2

 

 

2

 

 

               

 

 

Credit Quality Allocations5

 

 

 

 

 

 

 

 

 

Credit Rating

 

2/29/08

 

8/31/07

 

               

AAA/Aaa

 

42

%

 

47

%

 

AA/Aa

 

29

 

 

25

 

 

A

 

10

 

 

13

 

 

BBB/Baa

 

5

 

 

8

 

 

BB/Ba

 

1

 

 

 

 

B

 

6

 

 

6

 

 

Not Rated

 

7

 

 

1

 

 

               

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

16

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 



 

 

Trust Summary as of February 29, 2008 (Unaudited)

BlackRock Virginia Municipal Bond Trust


 

 

 

     

Investment Objective

     

 

 

 

 

 

BlackRock Virginia Municipal Bond Trust (BHV) 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 Adviser 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 29, 2008, the Trust returned -1.08% based on market price, with dividends reinvested. The Trust’s return based on NAV was -3.21%, with dividends reinvested. For the same period, the Lipper Other States Municipal Debt Funds category posted an average return of -4.52% on a NAV basis. The Trust’s performance was impacted by three key factors: exposure to the long end of the municipal yield curve, which underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; and pressure on municipal bond insurers, which affected the entire insured municipal marketplace.

     

Trust Information

 

 

     

 

 

 

Symbol on American Stock Exchange

 

BHV

Initial Offering Date

 

April 30, 2002

Yield on Closing Market Price as of February 29, 2008 ($17.20)1

 

5.05%

Tax Equivalent Yield2

 

7.77%

Current Monthly Distribution per Common Share3

 

$.072428             

Current Annualized Distribution per Common Share3

 

$.869136             

Leverage as of February 29, 20084

 

37%

     

 

 

1

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

2

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

3

The distribution is not constant and is subject to change.

4

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).


 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

2/29/08

 

8/31/07

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

17.20

 

$

17.85

 

 

(3.64%)

 

$

20.60

 

$

16.30

 

Net Asset Value

 

$

14.68

 

$

15.57

 

 

(5.72%)

 

$

16.12

 

$

14.68

 

                                 

 

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


 

 

Portfolio Composition

 

 

 

 

 

 

 

 

 

Sector

 

2/29/08

 

8/31/07

 

               

Transportation

 

19

%

 

21

%

 

Hospitals

 

17

 

 

17

 

 

Water & Sewer

 

17

 

 

18

 

 

Housing

 

17

 

 

17

 

 

City, County & State

 

11

 

 

10

 

 

Industrial & Pollution Control

 

7

 

 

6

 

 

Education

 

4

 

 

4

 

 

Lease Revenue

 

4

 

 

4

 

 

Tobacco

 

3

 

 

3

 

 

Tax Revenue

 

1

 

 

 

 

               

 

 

Credit Quality Allocations5

 

 

 

 

 

 

 

 

 

Credit Rating

 

2/29/08

 

8/31/07

 

               

AAA/Aaa

 

50

%

 

50

%

 

AA/Aa

 

11

 

 

12

 

 

A

 

12

 

 

12

 

 

BBB/Baa

 

7

 

 

14

 

 

Not Rated6

 

20

 

 

12

 

 

               

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 and August 31, 2007, the market value of these securities was $1,408,079 representing 4% and $1,467,072 representing 4%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

17



 


 

The Benefits and Risks of Leveraging

BlackRock Insured Municipal Income Trust (“Insured Municipal”), BlackRock California Insured Municipal Income Trust (“California Insured”), BlackRock Florida Insured Municipal Income Trust (“Florida Insured”), BlackRock New York Insured Municipal Income Trust (“New York Insured”), BlackRock Municipal Bond Trust (“Municipal Bond”), BlackRock California Municipal Bond Trust (“California Bond”), BlackRock Florida Municipal Bond Trust (“Florida 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”), BlackRock Municipal Interest Trust II (“Municipal Income II”), BlackRock California Municipal Income Trust II (“California Income II”), and BlackRock New York Municipal Income Trust II (“New York Income II”) (each a “Trust” and collectively the “Trusts”) utilize leverage to seek to enhance the yield and net asset value of its 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. The interest earned on these investments, net of dividends to Preferred Shares, is paid to Common Shareholders in the form of dividends, and the value of each Trust’s holdings is reflected in the per share net asset value of the Trusts’ Common Shares. However, in order to benefit Common Shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. At the same time, a period of generally declining interest rates will benefit Common Shareholders. If either of these conditions change, then the risks of leveraging will begin to outweigh the benefits.

To illustrate these concepts, assume a trust’s Common Shares capitalization of $100 million and the issuance of 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 approximately 3% and long-term interest rates are approximately 6%, the yield curve has a strongly positive slope. 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. Of course, increases in short-term interest rates would reduce (and even eliminate) the dividends on the Common Shares.

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. However, 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. At the same time, the market value of the trust’s Common Shares (that is, its price as listed on the New York Stock Exchange or American Stock Exchange) may, as a result, decline. Furthermore, if long-term interest rates rise, the Common Shares’ net asset value will reflect the full decline in the price of the portfolio’s investments, since the value of the Trusts’ Preferred Shares does not fluctuate. In addition to the decline in net asset value, the market value of the trust’s Common Shares may also decline.

As of February 29, 2008 each Trust had the following leverage amounts, due to Preferred Shares, of managed assets before the deduction of Preferred Shares as follows:

 

 

 

 

 

         

 

 

Leverage %

 

         

Insured Municipal

 

40

%

 

Municipal Bond

 

39

%

 

Municipal Income II

 

40

%

 

California Insured

 

40

%

 

California Bond

 

38

%

 

California Income II

 

40

%

 

Florida Insured

 

39

%

 

Florida Bond

 

38

%

 

Maryland Bond

 

39

%

 

New Jersey Bond

 

39

%

 

New York Insured

 

40

%

 

New York Bond

 

38

%

 

New York Income II

 

40

%

 

Virginia Bond

 

37

%

 

         

As a part of its investment strategy, the Trusts may invest in certain securities whose potential income return is inversely related to changes in a floating interest rate (“inverse floaters”). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floaters may be characterized as derivative securities and may subject the Trusts to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market value of such securities will generally be more volatile than that of fixed rate, tax-exempt securities. To the extent a Trust invests in inverse floaters, the market value of the Trust’s portfolio and net asset value of the Trust’s shares may also be more volatile than if the Trust did not invest in these securities.

 

 

Swap Agreements

 

The Trusts may invest in swap agreements, which are over-the-counter contracts in which one party agrees to make periodic payments based on the change in market value of a specified bond, basket of bonds, or index in return for periodic payments based on a fixed or variable interest rate or the change in market value of a different bond, basket of bonds or index. Swap agreements may be used to obtain exposure to a bond market without owning or taking physical custody of securities. Swap agreements involve the risk that the party with whom each Trust has entered into a swap will default on its obligation to pay the Trust and the risk that the Trust will not be able to meet its obligation to pay the other party to the agreement.

 

 

 

 

 

 

 

 

18

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

Schedule of Investments as of February 29, 2008 (Unaudited)

BlackRock Insured Municipal Income Trust (BYM)
(Percentages shown are based on Net Assets)

   

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Alabama—0.8%

 

 

 

 

 

 

 

Jefferson County, Alabama, Limited Obligation School Warrants,
Series A, 4.75% due 1/01/2025

 

$

2,800

 

$

2,594,340

 

               

Arizona—4.9%

 

 

 

 

 

 

 

Phoenix, Arizona, Civic Improvement Corporation,
Excise Tax Revenue Bonds (Civic Plaza Expansion Project),
Sub-Series A, 5% due 7/01/2041 (a)

 

 

15,000

 

 

13,837,200

 

Salt Verde Financial Corporation, Arizona,
Senior Gas Revenue Bonds, 5% due 12/01/2037

 

 

4,000

 

 

3,245,320

 

 

 

 

 

 

     

 

 

 

 

 

 

17,082,520

 

               

California—38.6%

 

 

 

 

 

 

 

Arcadia, California, Unified School District, Capital Appreciation,
GO (Election of 2006), Series A, 4.96%
due 8/01/2039 (b)(c)

 

 

2,000

 

 

298,320

 

California Infrastructure and Economic Development Bank,
First Lien Revenue Bonds (Bay Area Toll Bridges Retrofit),
Series A, 5% due 1/01/2028 (d)(e)

 

 

10,100

 

 

10,111,918

 

California State Department of Water Resources,
Power Supply Revenue Bonds,
Series A, 5.375% due 5/01/2012 (e)

 

 

14,000

 

 

15,292,620

 

California State, GO, 5% due 11/01/2037 (f)

 

 

5,000

 

 

4,656,650

 

Coast Community College District, California,
GO (Election of 2002), Series C, 5.39%
due 8/01/2036 (b)(c)

 

 

4,200

 

 

784,728

 

Fresno, California, Unified School District,
GO (Election of 2001), Series E, 5% due 8/01/2030 (b)

 

 

1,100

 

 

1,066,780

 

Golden State Tobacco Securitization Corporation of California,
Tobacco Settlement Revenue Bonds, Series A-1 (e):

 

 

 

 

 

 

 

6.625% due 6/01/2013

 

 

6,500

 

 

7,352,020

 

6.75% due 6/01/2013

 

 

14,500

 

 

16,486,065

 

Los Angeles, California, Municipal Improvement Corporation,
Lease Revenue Bonds, Series B1,

 

 

 

 

 

 

 

4.75% due 8/01/2037 (a)

 

 

4,000

 

 

3,559,600

 

Metropolitan Water District of Southern California,
Waterworks Revenue Bonds, Series B-1,

 

 

 

 

 

 

 

5% due 10/01/2033 (a)

 

 

17,500

 

 

16,815,750

 

Monterey Peninsula Community College District, California,
GO, CABS, Series C (c):

 

 

 

 

 

 

 

5.15% due 8/01/2031

 

 

13,575

 

 

3,199,899

 

5.16% due 8/01/2032

 

 

14,150

 

 

3,144,838

 

Orange County, California, Sanitation District, COP, Series B,
5% due 2/01/2031 (b)

 

 

2,500

 

 

2,359,900

 

Rancho Cucamonga, California, Redevelopment Agency,
Tax Allocation Refunding Bonds
(Rancho Redevelopment Project), Series A,
5% due 9/01/2034 (g)

 

 

500

 

 

467,975

 

Sacramento, California, Unified School District,
GO (Election of 2002), 5% due 7/01/2030 (g)

 

 

2,700

 

 

2,608,200

 

San Francisco, California, City and County Public Utilities
Commission, Water Revenue Refunding Bonds,
Series A, 5% due 11/01/2031 (b)

 

 

15,000

 

 

14,474,400

 

San Joaquin Hills, California, Transportation Corridor Agency,
Toll Road Revenue Refunding Bonds, Series A,
5.45% due 1/15/2031 (c)(g)

 

 

53,000

 

 

11,918,640

 


 

 

 

 

 

 

 

 

           

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

California—(concluded)

 

 

 

 

 

 

 

University of California Revenue Bonds:
Series C, 4.75% due 5/15/2037 (g)

 

$

10,000

 

$

9,022,300

 

 

Series O, 5% due 9/01/2010 (a)(e)

 

 

9,000

 

 

9,538,920

 

 

 

 

 

 

     

 

 

 

 

 

 

133,159,523

 

               

District of Columbia—2.8%

 

 

 

 

 

 

 

District of Columbia Tobacco Settlement Financing Corporation,
Asset-Backed Revenue Refunding Bonds,
6.75% due 5/15/2040

 

 

9,500

 

 

9,550,350

 

               

Florida—6.1%

 

 

 

 

 

 

 

Duval County, Florida, School Board, COP (Master Lease
Program), 5% due 7/01/2033 (b)

 

 

2,800

 

 

2,613,240

 

Highlands County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Adventist Health System),
Series C, 5.25% due 11/15/2036

 

 

1,650

 

 

1,521,531

 

Jacksonville, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Baptist Medical Center Project),
5% due 8/15/2037 (b)

 

 

2,000

 

 

1,852,160

 

Miami-Dade County, Florida, Aviation Revenue Bonds
(Miami International Airport), Series B, 5%
due 10/01/2037 (a)

 

 

9,500

 

 

8,822,365

 

Miami-Dade County, Florida, Special Obligation Revenue
Bonds, Sub-Series A, 5.25% due 10/01/2038 (c)(g)

 

 

25,520

 

 

3,989,286

 

Miami-Dade County, Florida, Transit Sales Surtax Revenue
Bonds, 4.75% due 7/01/2036 (f)

 

 

1,365

 

 

1,180,234

 

Miami, Florida, Special Obligation Revenue Bonds
(Street and Sidewalk Improvement Program),
5% due 1/01/2037 (g)

 

 

1,000

 

 

929,390

 

 

 

 

 

 

     

 

 

 

 

 

 

20,908,206

 

               

Georgia—4.7%

 

 

 

 

 

 

 

Atlanta, Georgia, Airport Passenger Facility Charge and
Subordinate Lien General Revenue Bonds,
Series J, 5% due 1/01/2034 (b)

 

 

3,500

 

 

3,273,585

 

Atlanta, Georgia, Water and Wastewater Revenue Bonds (b):

 

 

 

 

 

 

 

5% due 11/01/2034

 

 

2,000

 

 

1,890,160

 

5% due 11/01/2037

 

 

3,235

 

 

3,044,426

 

Atlanta, Georgia, Water and Wastewater Revenue Refunding
Bonds, Series A, 5% due 11/01/2038 (a)

 

 

8,555

 

 

8,056,500

 

 

 

 

 

 

     

 

 

 

 

 

 

16,264,671

 

               

Illinois—18.0%

 

 

 

 

 

 

 

Bolingbrook, Illinois, GO, Refunding, Series A, 4.75%
due 1/01/2038 (g)

 

 

14,325

 

 

12,971,001

 

Chicago, Illinois, Special Transportation Revenue Bonds,
5.25% due 1/01/2027 (d)(e)

 

 

11,550

 

 

11,600,935

 

Illinois Municipal Electric Agency, Power Supply Revenue
Bonds, Series A, 5% due 2/01/2035 (a)

 

 

10,000

 

 

9,354,600

 

Metropolitan Pier and Exposition Authority, Illinois,
Dedicated State Tax Revenue Bonds
(McCormick Place Expansion),
Series A, 5% due 12/15/2028 (g)

 

 

24,010

 

 

23,077,692

 

Metropolitan Pier and Exposition Authority, Illinois,
Dedicated State Tax Revenue Refunding Bonds
(McCormick Place Expansion),
5.50% due 6/15/2028 (c)(g)

 

 

15,000

 

 

4,654,650

 

 

 

 

 

 

     

 

 

 

 

 

 

61,658,878

 

               

   

     Portfolio Abbreviations

   

 

To simplify the listings of the Trusts’ portfolio holdings in the Schedules of Investments, the names 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.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

19



 

 


Schedule of Investments (continued)

BlackRock Insured Municipal Income Trust (BYM)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

           

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Kentucky—1.7%

 

 

 

 

 

 

 

Kentucky State Municipal Power Agency,
Power System Revenue Bonds (Prairie State Project),
Series A, 5% due 9/01/2037 (g)

 

$

6,250

 

$

5,822,250

 

               

Louisiana—4.6%

 

 

 

 

 

 

 

Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A:

 

 

 

 

 

 

 

5% due 5/01/2035 (a)

 

 

5,450

 

 

5,074,822

 

4.75% due 5/01/2039 (b)

 

 

12,100

 

 

10,902,584

 

 

 

 

 

 

     

 

 

 

 

 

 

15,977,406

 

               

Massachusetts—9.1%

 

 

 

 

 

 

 

Massachusetts Bay Transportation Authority, Sales Tax Revenue
Refunding Bonds, Senior Series A-2 (c):

 

 

 

 

 

 

 

4.80% due 7/01/2032

 

 

10,190

 

 

2,332,899

 

5.12% due 7/01/2035

 

 

3,200

 

 

617,408

 

Massachusetts State Turnpike Authority, Metropolitan
Highway System Revenue Refunding Bonds, Sub-Series A,
5% due 1/01/2039 (d)

 

 

24,000

 

 

22,598,400

 

Massachusetts State Water Resource Authority,
General Revenue Refunding Bonds,
Series A, 5% due 8/01/2041

 

 

5,985

 

 

5,624,882

 

 

 

 

 

 

     

 

 

 

 

 

 

31,173,589

 

               

Michigan—3.2%

 

 

 

 

 

 

 

Detroit, Michigan, Sewage Disposal System,
Second Lien Revenue Bonds, Series B:

 

 

 

 

 

 

 

5% due 7/01/2033

 

 

4,000

 

 

3,801,400

 

5% due 7/01/2036

 

 

2,000

 

 

1,892,740

 

Detroit, Michigan, Water Supply System Revenue Bonds,
Senior Lien, Series A, 5% due 7/01/2030 (a)

 

 

1,000

 

 

948,380

 

Michigan State Hospital Finance Authority, Revenue
Refunding Bonds (Henry Ford Health System),
Series A, 5% due 11/15/2038

 

 

5,000

 

 

4,339,400

 

 

 

 

 

 

     

 

 

 

 

 

 

10,981,920

 

               

Nebraska—1.4%

 

 

 

 

 

 

 

Omaha Public Power District, Nebraska, Electric System
Revenue Bonds, Series A, 4.75% due 2/01/2044

 

 

1,030

 

 

918,317

 

Public Power Generation Agency, Nebraska, Revenue Bonds
(Whelan Energy Center Unit 2), Series A,
5% due 1/01/2032 (d)

 

 

4,000

 

 

3,735,840

 

 

 

 

 

 

     

 

 

 

 

 

 

4,654,157

 

               

Nevada—8.2%

 

 

 

 

 

 

 

Reno, Nevada, Sales and Room Tax Revenue Refunding Bonds
(ReTrac-Reno Transportation Rail Access Corridor Project),
Senior Lien, 5.125% due 6/01/2012 (d)(e)

 

 

5,000

 

 

5,343,500

 

Truckee Meadows, Nevada, Water Authority, Water Revenue Bonds,
Series A (b)(e):

 

 

 

 

 

 

 

5% due 7/01/2011

 

 

10,000

 

 

10,575,100

 

5.125% due 7/01/2011

 

 

6,500

 

 

6,899,295

 

5.25% due 7/01/2011

 

 

5,000

 

 

5,326,800

 

 

 

 

 

 

     

 

 

 

 

 

 

28,144,695

 

               

New York—3.3%

 

 

 

 

 

 

 

Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Revenue Bonds, Series A,
5% due 11/15/2031 (g)

 

 

7,000

 

 

6,708,730

 

New York City, New York, Trust for Cultural Resources Revenue
Refunding Bonds (American Museum of Natural History),
Series A, 5% due 7/01/2044 (g)

 

 

5,000

 

 

4,675,150

 

 

 

 

 

 

     

 

 

 

 

 

 

11,383,880

 

               

 

 

 

 

 

 

 

 

               

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Pennsylvania—3.4%

 

 

 

 

 

 

 

Lebanon County, Pennsylvania, Health Facilities Authority,
Hospital Revenue Bonds (Good Samaritan Hospital
Project), 6% due 11/15/2035

 

$

2,500

 

$

2,427,500

 

Philadelphia, Pennsylvania, Gas Works Revenue Bonds,
3rd Series, 5.125% due 8/01/2011 (b)(e)

 

 

5,200

 

 

5,522,400

 

Philadelphia, Pennsylvania, Gas Works Revenue
Refunding Bonds, 1998 General Ordinance, 7th Series,
5% due 10/01/2032 (d)

 

 

4,000

 

 

3,742,160

 

 

 

 

 

 

     

 

 

 

 

 

 

11,692,060

 

               

South Carolina—6.6%

 

 

 

 

 

 

 

South Carolina Transportation Infrastructure Bank
Revenue Bonds, Junior Lien, Series B, 5.125%
due 10/01/2011 (d)(e)

 

 

10,000

 

 

10,651,000

 

South Carolina Transportation Infrastructure Bank
Revenue Bonds, Series A, 5% due 10/01/2033 (d)

 

 

12,750

 

 

12,046,455

 

 

 

 

 

 

     

 

 

 

 

 

 

22,697,455

 

               

Tennessee—5.4%

 

 

 

 

 

 

 

Knox County, Tennessee, Health, Educational and Housing
Facilities Board, Hospital Facilities Revenue
Refunding Bonds Covenant Health), Series A (c):

 

 

 

 

 

 

 

5.84% due 1/01/2022 (b)

 

 

11,705

 

 

5,324,487

 

5.88% due 1/01/2023 (b)

 

 

9,260

 

 

3,951,983

 

5.90% due 1/01/2024 (b)

 

 

8,500

 

 

3,401,615

 

5.91% due 1/01/2025 (b)

 

 

6,850

 

 

2,577,381

 

5.93% due 1/01/2026 (b)

 

 

5,000

 

 

1,759,850

 

5.07% due 1/01/2041

 

 

10,000

 

 

1,185,600

 

Tennessee Energy Acquisition Corporation, Gas
Revenue Bonds, Series A, 5.25% due 9/01/2026

 

 

650

 

 

583,895

 

 

 

 

 

 

     

 

 

 

 

 

 

18,784,811

 

               

Texas—27.8%

 

 

 

 

 

 

 

Austin, Texas, Water and Wastewater System Revenue
Refunding Bonds, 5% due 11/15/2032

 

 

5,000

 

 

4,709,000

 

Coppell, Texas, Independent School District, GO, Refunding,
5.64% due 8/15/2030 (c)

 

 

10,030

 

 

2,758,852

 

Dallas, Texas, Area Rapid Transit Revenue Refunding Bonds,
Senior Lien, 5% due 12/01/2011 (d)(e)

 

 

2,350

 

 

2,497,603

 

Harris County, Texas, GO, Refunding (c)(g):

 

 

 

 

 

 

 

5.49% due 8/15/2025

 

 

7,485

 

 

2,767,504

 

5.20% due 8/15/2028

 

 

10,915

 

 

3,334,642

 

Harris County, Texas, Toll Road Revenue Refunding Bonds,
Senior Lien, 5% due 8/15/2030 (b)

 

 

5,510

 

 

5,294,283

 

Harris County-Houston Sports Authority, Texas, Revenue
Refunding Bonds, Junior Lien, Series H (c)(g):

 

 

 

 

 

 

 

5.811% due 11/15/2038

 

 

5,785

 

 

762,116

 

5.826% due 11/15/2039

 

 

6,160

 

 

763,655

 

Harris County-Houston Sports Authority, Texas, Revenue
Refunding Bonds, Third Lien, Series A-3 (c)(g):

 

 

 

 

 

 

 

5.98% due 11/15/2038

 

 

26,890

 

 

3,542,488

 

5.99% due 11/15/2039

 

 

27,675

 

 

3,430,870

 

Lewisville, Texas, Independent School District,
Capital Appreciation and School Building, GO,
Refunding, 4.67% due 8/15/2024 (a)(c)

 

 

5,315

 

 

1,951,881

 

Montgomery County, Texas, Municipal Utility District
Number 46, Waterworks and Sewer System, GO,
4.75% due 3/01/2030 (g)

 

 

1,045

 

 

941,973

 

North Texas Thruway Authority, Dallas North Thruway System
Revenue Bonds, Series A, 5% due 1/01/2035 (b)

 

 

1,100

 

 

1,045,407

 

Northside, Texas, Independent School District, GO,
5.125% due 6/15/2029

 

 

9,500

 

 

9,300,405

 

Pearland, Texas, GO, Refunding, 4.75% due 3/01/2029 (a)

 

 

3,000

 

 

2,763,870

 

San Antonio, Texas, Water System Revenue Refunding Bonds (a):

 

 

 

 

 

 

 

5.125% due 5/15/2029

 

 

9,350

 

 

8,981,236

 

5.125% due 5/15/2034

 

 

10,000

 

 

9,468,500

 

Texas State Turnpike Authority, Central Texas Turnpike System
Revenue Bonds, First Tier, Series A, 5% due 8/15/2042 (d)

 

 

30,145

 

 

28,045,401

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

20

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

Schedule of Investments (concluded)

BlackRock Insured Municipal Income Trust (BYM)
(Percentages shown are based on Net Assets)

   

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

               

Texas—(concluded)

 

 

 

 

 

 

 

Tyler, Texas, Health Facilities Development Corporation,
Hospital Revenue Bonds (Mother Frances Hospital
Regional Health Care Center), 6% due 7/01/2012 (e)

 

$

3,000

 

$

3,306,930

 

 

 

 

 

 

     

 

 

 

 

 

 

95,666,616

 

               

Virginia—2.1%

 

 

 

 

 

 

 

Chesterfield County, Virginia, IDA, PCR (Virginia Electric and
Power Company), Series A, 5.875% due 6/01/2017

 

 

3,000

 

 

3,124,620

 

Chesterfield County, Virginia, IDA, PCR, Refunding
(Virginia Electric and Power Company), Series B,
5.875% due 6/01/2017

 

 

4,000

 

 

4,208,000

 

 

 

 

 

 

     

 

 

 

 

 

 

7,332,620

 

               

Washington—8.7%

 

 

 

 

 

 

 

Central Washington University, System Revenue Bonds,
5% due 5/01/2034 (a)

 

 

9,610

 

 

8,921,636

 

Chelan County, Washington, Public Utility District Number 001,
Consolidated Revenue Bonds (Chelan Hydro System),
Series C, 5.125% due 7/01/2033 (d)

 

 

3,655

 

 

3,521,739

 

King County, Washington, Sewer Revenue Refunding Bonds,
5% due 1/01/2036 (b)

 

 

2,200

 

 

2,085,974

 

Port of Seattle, Washington, Revenue Bonds, Series A,
5% due 4/01/2031 (a)

 

 

4,500

 

 

4,286,655

 

Seattle, Washington, GO, Series F,
5.125% due 12/15/2008 (e)(g)

 

 

5.000

 

 

5,102,600

 

Washington State, GO, Series 02-A, 5% due 7/01/2025 (b)

 

 

6,380

 

 

6,299,484

 

 

 

 

 

 

     

 

 

 

 

 

 

30,218,088

 


 

 

 

 

 

 

 

 

               

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

West Virginia—0.4%

 

 

 

 

 

 

 

West Virginia EDA, Lease Revenue Bonds (Correctional,
Juvenile and Public Safety Facilities), Series A,
5% due 6/01/2029 (g)

 

$

1,295

 

$

1,223,620

 

               

Total Municipal Bonds
(Cost—$580,770,878)—161.8%

 

 

 

 

 

556,971,655

 

               

 

Short-Term Securities

 

 

Shares

 

 

 

 

               

Merrill Lynch Institutional Tax-Exempt Fund, 3.09% (h)(i)

 

 

11,718,592

 

 

11,718,592

 

               

Total Short-Term Securities
(Cost—$11,718,592)—3.4%

 

 

 

 

 

11,718,592

 

               

Total Investments (Cost—$592,489,470*)—165.2%

 

 

 

 

 

568,690,247

 

Other Assets Less Liabilities— 1.3%

 

 

 

 

 

4,706,688

 

Preferred Shares, at Redemption Value—(66.5%)

 

 

 

 

 

(229,105,424

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

344,291,511

 

 

 

 

 

 

     

 

               

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

592,529,743

 

 

 

     

Gross unrealized appreciation

 

$

10,599,013

 

Gross unrealized depreciation

 

 

(34,377,775

)

 

 

     

Net unrealized depreciation

 

$

(23,778,762

)

 

 

     

 

 

(a)

FGIC Insured.

(b)

FSA Insured.

(c)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.

(d)

AMBAC Insured.

(e)

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

(f)

XL Capital Insured.

(g)

MBIA Insured.

(h)

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
Activity

 

Dividend
Income

 

           

Merrill Lynch Institutional Tax-Exempt Fund

 

 

9,418,592

 

$

70,245

 

               

 

 

(i)

Represents the current yield as of report date.

 

 

Forward interest rate swaps outstanding as of February 29, 2008 were as follows:


 

 

 

 

 

 

 

 

               

 

 

 

Notional
Amount
(000)

 

Unrealized
Appreciation
(Depreciation)

 

               

Pay a fixed rate of 3.704% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker, JPMorgan Chase
Expires April 2023

 

$

15,000

 

$

213,090

 

 

 

 

 

 

 

 

 

Pay a fixed rate of 3.904% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker, Citibank, N.A.
Expires May 2028

 

$

20,000

 

 

(209,680

)

 

 

 

 

 

 

 

 

Pay a fixed rate of 3.841 and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker, Citibank, N.A.
Expires March 2033

 

$

7,500

 

 

41,663

 

 

 

 

 

 

 

 

 

Pay a fixed rate of 3.905% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker, Citibank, N.A.
Expires March 2038

 

$

16,500

 

 

54,499

 

               

Total

 

 

 

 

$

99,572

 

 

 

 

 

 

     

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

21



 

 


 

Schedule of Investments as of February 29, 2008

BlackRock Municipal Bond Trust (BBK)

(Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

         

 

Municipal Bonds

 

Par
(000)

Value

 

         

Alabama—7.1%

 

 

 

 

 

 

 

Birmingham, Alabama, Special Care Facilities Financing
Authority, Revenue Refunding Bonds (Ascension Health
Credit), Series C-2:

 

 

 

 

 

 

 

5% due 11/15/2036

 

$

1,135

 

$

1,035,188

 

5% due 11/15/2039

 

 

815

 

 

738,969

 

Huntsville, Alabama, Health Care Authority Revenue Bonds,
Series A, 5.75% due 6/01/2011 (a)

 

 

7,500

 

 

8,124,225

 

 

 

 

 

 

     

 

 

 

 

 

 

9,898,382

 

               

Arizona—4.4%

 

 

 

 

 

 

 

Salt Verde Financial Corporation, Arizona,
Senior Gas Revenue Bonds:

 

 

 

 

 

 

 

5% due 12/01/2032

 

 

2,545

 

 

2,116,040

 

5% due 12/01/2037

 

 

3,565

 

 

2,892,391

 

San Luis, Arizona, Facilities Development Corporation,
Senior Lien Revenue Bonds (Regional Detention
Center Project):

 

 

 

 

 

 

 

6.25% due 5/01/2015

 

 

300

 

 

280,821

 

7% due 5/01/2020

 

 

300

 

 

272,748

 

7.25% due 5/01/2027

 

 

600

 

 

536,700

 

 

 

 

 

 

     

 

 

 

 

 

 

6,098,700

 

               

California—8.8%

 

 

 

 

 

 

 

California County Tobacco Securitization Agency,
Tobacco Revenue Bonds (Stanislaus County Tobacco
Funding Corporation)(b):

 

 

 

 

 

 

 

Sub-Series B, 5.875% due 6/01/2046

 

 

850

 

 

48,458

 

Sub-Series C, 6.30% due 6/01/2055

 

 

4,500

 

 

106,560

 

Sub-Series D, 7.251% due 6/01/2055

 

 

5,750

 

 

108,502

 

California Health Facilities Financing Authority Revenue
Bonds (Sutter Health), Series A, 5.25% due 11/15/2046

 

 

4,100

 

 

3,751,008

 

California State, GO, Refunding:

 

 

 

 

 

 

 

5% due 6/01/2032

 

 

2,890

 

 

2,708,508

 

5% due 6/01/2034

 

 

1,800

 

 

1,681,254

 

University of California Revenue Bonds, Series B,
4.75% due 5/15/2038

 

 

2,660

 

 

2,385,461

 

Val Verde, California, Unified School District Financing
Authority, Special Tax Refunding Bonds, Junior Lien,
6.25% due 10/01/2028

 

 

1,585

 

 

1,507,525

 

 

 

 

 

 

     

 

 

 

 

 

 

12,297,276

 

               

Colorado—0.8%

 

 

 

 

 

 

 

Colorado Springs, Colorado, Utilities System
Improvement Revenue Bonds, Subordinate Lien,
Series C, 5% due 11/15/2045 (c)

 

 

635

 

 

595,185

 

Park Creek Metropolitan District, Colorado, Senior
Limited Tax Supported Revenue Refunding Bonds,
5.50% due 12/01/2037

 

 

635

 

 

562,394

 

 

 

 

 

 

     

 

 

 

 

 

 

1,157,579

 

               

District of Columbia—13.0%

 

 

 

 

 

 

 

District of Columbia Revenue Bonds (Georgetown University),
Series A, 6.071% due 4/01/2011 (a)(b)(d)

 

 

33,450

 

 

6,125,699

 

District of Columbia, Revenue Refunding Bonds
(Friendship Public Charter School, Inc.),
5.25% due 6/01/2033 (e)

 

 

595

 

 

494,308

 

District of Columbia, Tax Increment Revenue Bonds
(Gallery Place Project), 5.40% due 7/01/2031 (c)

 

 

6,000

 

 

6,022,500

 

District of Columbia Tobacco Settlement Financing
Corporation, Asset-Backed Revenue Refunding Bonds,
6.75% due 5/15/2040

 

 

5,580

 

 

5,609,574

 

 

 

 

 

 

     

 

 

 

 

 

 

18,252,081

 

               

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Florida—21.9%

 

 

 

 

 

 

 

Halifax Hospital Medical Center, Florida, Hospital
Revenue Refunding Bonds, Series A,
5% due 6/01/2038

 

$

1,535

 

$

1,264,825

 

Martin County, Florida, IDA, IDR, Refunding
(Indiantown Cogeneration Project), AMT, Series A,
7.875% due 12/15/2025

 

 

6,200

 

 

6,212,028

 

Miami Beach, Florida, Health Facilities Authority,
Hospital Revenue Refunding Bonds (Mount Sinai Medical
Center of Florida), 6.75% due 11/15/2021

 

 

2,810

 

 

2,823,123

 

Orange County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Adventist Health System),
5.625% due 11/15/2012 (a)

 

 

10,000

 

 

10,992,100

 

Orange County, Florida, Tourist Development, Tax Revenue
Refunding Bonds, 4.75% due 10/01/2032 (f)

 

 

1,845

 

 

1,666,478

 

Palm Beach County, Florida, HFA, M/F Housing Revenue
Bonds (Indian Trace Apartment Project), AMT, Series A,
5.625% due 1/01/2044 (c)

 

 

7,255

 

 

6,705,651

 

Stevens Plantation Community Development District,
Florida, Special Assessment Revenue Bonds, Series A,
7.10% due 5/01/2035

 

 

980

 

 

980,343

 

 

 

 

 

 

     

 

 

 

 

 

 

30,644,548

 

               

Georgia—4.0%

 

 

 

 

 

 

 

Atlanta, Georgia, Airport Passenger Facility Charge and
Subordinate Lien General Revenue Bonds, Series J,
5% due 1/01/2034 (c)

 

 

940

 

 

879,191

 

Atlanta, Georgia, Water and Wastewater Revenue Bonds,
5% due 11/01/2037 (c)

 

 

5,000

 

 

4,705,450

 

 

 

 

 

 

     

 

 

 

 

 

 

5,584,641

 

               

Illinois—18.7%

 

 

 

 

 

 

 

Bolingbrook, Illinois, GO, Refunding, Series B,
6.196% due 1/01/2036 (b)(g)

 

 

23,065

 

 

4,104,417

 

Centerpoint Intermodal Center Program Trust, Illinois,
Tax Allocation Bonds, Class A, 8% due 6/15/2023 (h)

 

 

1,150

 

 

1,056,286

 

Chicago, Illinois, GO, Refunding, Series A (d):

 

 

 

 

 

 

 

5.50% due 1/01/2011 (a)

 

 

4,340

 

 

4,663,027

 

5.50% due 1/01/2038

 

 

1,540

 

 

1,547,792

 

Illinois Health Facilities Authority, Revenue Refunding Bonds
(Lake Forest Hospital), Series A, 5.75% due 7/01/2029

 

 

6,000

 

 

6,001,740

 

Illinois Municipal Electric Agency, Power Supply
Revenue Bonds, 4.50% due 2/01/2035 (g)

 

 

2,005

 

 

1,735,067

 

Illinois State Finance Authority Revenue Bonds, Series A:
(Friendship Village of Schaumburg),
5.625% due 2/15/2037

 

 

420

 

 

345,181

 

(Monarch Landing, Inc. Project), 7% due 12/01/2037

 

 

720

 

 

692,114

 

Illinois State Financing Authority, Student Housing
Revenue Bonds (MJH Education Assistance IV LLC),
Sub-Series B, 5.375% due 6/01/2035

 

 

425

 

 

200,660

 

Metropolitan Pier and Exposition Authority, Illinois,
Dedicated State Tax Revenue Bonds (McCormick Place
Expansion), Series A (b)(d):

 

 

 

 

 

 

 

6.03% due 6/15/2035

 

 

10,000

 

 

2,083,500

 

6.05% due 12/15/2036

 

 

10,000

 

 

1,906,100

 

6.06% due 12/15/2037

 

 

10,000

 

 

1,799,500

 

 

 

 

 

 

     

 

 

 

 

 

 

26,135,384

 

               

Indiana—1.3%

 

 

 

 

 

 

 

AIG SunAmerica, Inc., Bloomington, Indiana,
M/F Housing Revenue Bonds (Canterbury House
Apartments), Pass-Through Certificates of Beneficial
Ownership, AMT, Series 1, 5.90% due 12/01/2034

 

 

1,925

 

 

1,887,289

 

               

Kansas—3.5%

 

 

 

 

 

 

 

Wichita, Kansas, Airport Authority, Airport Facilities
Revenue Bonds (Cessna Citation Service Center), AMT,
Series A, 6.25% due 6/15/2032

 

 

5,000

 

 

4,919,700

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

22

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


Schedule of Investments (continued)

BlackRock Municipal Bond Trust (BBK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Maryland—3.5%

 

 

 

 

 

 

 

Baltimore, Maryland, Special Obligation Tax Bonds
(Harborview Lot Number 2), 6.50% due 7/01/2031

 

$

1,250

 

$

1,197,837

 

Frederick County, Maryland, Special Obligation Tax Bonds
(Urbana Community Development Authority),
Series B, 6.25% due 7/01/2030

 

 

2,955

 

 

2,681,456

 

Maryland State Health and Higher Educational Facilities
Authority, Revenue Refunding Bonds (MedStar Health,
Inc.), 5.50% due 8/15/2033

 

 

1,040

 

 

956,062

 

 

 

 

 

 

     

 

 

 

 

 

 

4,835,355

 

               

Massachusetts—1.0%

 

 

 

 

 

 

 

Massachusetts State Water Resource Authority,
General Revenue Refunding Bonds, Series A,
4.978% due 8/01/2041

 

 

1,450

 

 

1,362,754

 

               

Michigan—0.7%

 

 

 

 

 

 

 

Michigan State Hospital Finance Authority, Revenue
Refunding Bonds (Henry Ford Health System), Series A,
5.25% due 11/15/2046

 

 

1,065

 

 

944,985

 

               

Mississippi—0.7%

 

 

 

 

 

 

 

Mississippi Business Finance Corporation Revenue Bonds
(Northrop Grumman Ship System),
4.55% due 12/01/2028

 

 

1,205

 

 

1,007,356

 

               

Nebraska—1.1%

 

 

 

 

 

 

 

Omaha Public Power District, Nebraska,
Electric System Revenue Bonds, Series A,
4.75% due 2/01/2044

 

 

1,760

 

 

1,569,163

 

               

Nevada—1.7%

 

 

 

 

 

 

 

Clark County, Nevada, EDR, Refunding (Alexander
Dawson School of Nevada Project), 5% due 5/15/2029

 

 

1,325

 

 

1,217,675

 

Las Vegas, Nevada, Special Improvement District
Number 809 Revenue Bonds (Summerlin Area),
5.65% due 6/01/2023

 

 

1,375

 

 

1,214,235

 

 

 

 

 

 

 

2,431,910

 

               

New Jersey—12.4%

 

 

 

 

 

 

 

Middlesex County, New Jersey, Improvement Authority,
Subordinate Revenue Bonds (Heldrich Center Hotel/
Conference Project), Series B, 6.25% due 1/01/2037

 

 

915

 

 

762,442

 

New Jersey EDA, Cigarette Tax Revenue Bonds:

 

 

 

 

 

 

 

5.50% due 6/15/2024

 

 

3,710

 

 

3,463,656

 

5.50% due 6/15/2031

 

 

1,500

 

 

1,344,195

 

New Jersey EDA, EDR, Refunding (Kapkowski Road
Landfill Reclamation Improvement District Project),
6.50% due 4/01/2028

 

 

7,500

 

 

7,520,325

 

New Jersey EDA, First Mortgage Revenue Refunding
Bonds (The Winchester Gardens at Ward Homestead
Project), Series A, 5.80% due 11/01/2031

 

 

1,500

 

 

1,389,150

 

New Jersey EDA, Special Facility Revenue Bonds
(Continental Airlines Inc. Project), AMT,
7.20% due 11/15/2030

 

 

3,000

 

 

2,911,590

 

 

 

 

 

 

     

 

 

 

 

 

 

17,391,358

 

               

New York—10.1%

 

 

 

 

 

 

 

Albany, New York, IDA, Civic Facility Revenue Bonds
(New Covenant Charter School Project), Series A,
7% due 5/01/2035 (h)

 

 

455

 

 

345,600

 

Metropolitan Transportation Authority, New York,
Service Contract Revenue Refunding Bonds, Series A,
5% due 7/01/2030 (i)

 

 

1,760

 

 

1,718,235

 

Nanuet, New York, Union Free School District, GO,
Refunding (c):

 

 

 

 

 

 

 

4.30% due 6/15/2029

 

 

1,085

 

 

955,234

 

4.30% due 6/15/2030

 

 

1,130

 

 

987,688

 

New York City, New York, City IDA, Special Facility
Revenue Bonds (Continental Airlines Inc. Project), AMT,
7.75% due 8/01/2031

 

 

6,165

 

 

6,373,562

 


 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

New York—(concluded)

 

 

 

 

 

 

 

New York Liberty Development Corporation Revenue Bonds
(Goldman Sachs Headquarters), 5.25% due 10/01/2035

 

$

2,610

 

$

2,517,789

 

New York State Environmental Facilities Corporation,
State Clean Water and Drinking Revenue Bonds (New
York City Water Project), Series B, 5% due 6/15/2031

 

 

1,330

 

 

1,288,983

 

 

 

 

 

 

     

 

 

 

 

 

 

14,187,091

 

             

 

North Carolina—1.8%

 

 

 

 

 

 

 

Gaston County, North Carolina, Industrial Facilities and
Pollution Control Financing Authority, Revenue Bonds
(National Gypsum Company Project), AMT,
5.75% due 8/01/2035

 

 

2,945

 

 

2,531,787

 

             

 

Ohio—3.4%

 

 

 

 

 

 

 

Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Bonds, Series A-2,
6.50% due 6/01/2047

 

 

1,125

 

 

1,107,585

 

Ohio State Air Quality Development Authority, Revenue
Refunding Bonds (Dayton Power and Light Company
Project), Series B, 4.80% due 1/01/2034 (g)

 

 

4,220

 

 

3,668,319

 

 

 

 

 

 

     

 

 

 

 

 

 

4,775,904

 

             

 

Oklahoma—2.1%

 

 

 

 

 

 

 

Oklahoma State Development Finance Authority,
Revenue Refunding Bonds (Saint John Health System),
5% due 2/15/2042

 

 

1,355

 

 

1,200,340

 

Tulsa, Oklahoma, Municipal Airport Trust, Revenue
Refunding Bonds, Series A, 7.75% due 6/01/2035

 

 

1,725

 

 

1,774,766

 

 

 

 

 

 

     

 

 

 

 

 

 

2,975,106

 

             

 

Oregon—0.4%

 

 

 

 

 

 

 

AIG SunAmerica, Inc., Portland, Oregon, M/F Housing
Revenue Bonds (Pacific Tower Apartments), Pass-
Through Certificates of Beneficial Ownership, AMT,
Series 6, 6.05% due 11/01/2034

 

 

540

 

 

515,911

 

             

 

Pennsylvania—2.7%

 

 

 

 

 

 

 

Pennsylvania Economic Development Financing
Authority, Exempt Facilities Revenue Bonds (Reliant
Energy), AMT, Series A, 6.75% due 12/01/2036

 

 

3,870

 

 

3,811,524

 

             

 

South Carolina—0.8%

 

 

 

 

 

 

 

South Carolina Jobs EDA, Hospital Facilities Revenue
Refunding Bonds (Palmetto Health Alliance),
Series C, 7% due 8/01/2013 (a)

 

 

1,000

 

 

1,169,445

 

             

 

Texas—19.5%

 

 

 

 

 

 

 

AIG SunAmerica, Inc., Texas, M/F Housing Revenue
Bonds (Copperwood Ranch Apartments), Pass-Through
Certificates of Beneficial Ownership, AMT, Series 9,
5.95% due 11/01/2035

 

 

2,540

 

 

2,490,368

 

Harris County-Houston Sports Authority, Texas,
Revenue Refunding Bonds, Senior Lien, Series G,
6.121% due 11/15/2041 (b)(d)

 

 

11,690

 

 

1,326,815

 

Lower Colorado River Authority, Texas, Revenue
Refunding Bonds (d):

 

 

 

 

 

 

 

5% due 5/15/2013 (a)

 

 

15

 

 

16,120

 

5% due 5/15/2031

 

 

590

 

 

560,435

 

Montgomery County, Texas, Municipal Utility District
Number 46, Waterworks and Sewer System, GO,
4.75% due 3/01/2030 (d)

 

 

430

 

 

387,606

 

SA Energy Acquisition Public Facilities Corporation,
Texas, Gas Supply Revenue Bonds:

 

 

 

 

 

 

 

5.50% due 8/01/2023

 

 

1,776

 

 

1,686,428

 

5.50% due 8/01/2024

 

 

1,620

 

 

1,523,173

 

Texas State Turnpike Authority, Central Texas Turnpike
System Revenue Bonds (i):

 

 

 

 

 

 

 

6.09% due 8/15/2035 (b)

 

 

60,000

 

 

9,874,200

 

First Tier, Series A, 5% due 8/15/2042

 

 

2,115

 

 

1,967,690

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

23



 

 


 

Schedule of Investments (concluded)

BlackRock Municipal Bond Trust (BBK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Texas—(concluded)

 

 

 

 

 

 

 

Tyler, Texas, Health Facilities Development Corporation,
Hospital Revenue Bonds (Mother Frances Hospital
Regional Health Care Center), 6% due 7/01/2012 (a)

 

$

6,840

 

$

7,539,800

 

 

 

 

 

 

     

 

 

 

 

 

 

27,372,635

 

               

Washington—1.4%

 

 

 

 

 

 

 

King County, Washington, Sewer Revenue Refunding
Bonds, 5% due 1/01/2036 (c)

 

 

905

 

 

858,094

 

Washington State Health Care Facilities Authority,
Revenue Refunding Bonds (Providence Health System),
Series A, 4.625% due 10/01/2034 (g)

 

 

1,325

 

 

1,147,371

 

 

 

 

 

 

     

 

 

 

 

 

 

2,005,465

 

               

West Virginia—0.4%

 

 

 

 

 

 

 

West Virginia EDA, Lease Revenue Bonds (Correctional,
Juvenile and Public Safety Facilities), Series A,
5% due 6/01/2029 (d)

 

 

520

 

 

491,338

 

               

Wisconsin—4.9%

 

 

 

 

 

 

 

Wisconsin State Health and Educational Facilities
Authority Revenue Bonds:

 

 

 

 

 

 

 

(Aurora Health Care, Inc.), 6.40% due 4/15/2033

 

 

1,350

 

 

1,373,058

 

(Wheaton Franciscan Services, Inc.),
5.75% due 2/15/2012 (a)

 

 

5,000

 

 

5,476,650

 

 

 

 

 

 

     

 

 

 

 

 

 

6,849,708

 


 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Puerto Rico—1.4%

 

 

 

 

 

 

 

Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds,
Series N (j):

 

 

 

 

 

 

 

5.25% due 7/01/2034

 

$

1,070

 

$

1,056,390

 

5.25% due 7/01/2036

 

 

900

 

 

888,174

 

 

 

 

 

 

     

 

 

 

 

 

 

1,944,564

 

               

Total Municipal Bonds
(Cost—$221,500,905)—153.5%

 

 

 

 

 

215,048,939

 

               

Corporate Bonds

 

 

 

 

 

 

 

               

Multi-State—8.5%

 

 

 

 

 

 

 

               

Charter Mac Equity Issuer Trust,
7.20% due 10/31/2052 (k)

 

 

10,500

 

 

11,867,940

 

               

Total Corporate Bonds
(Cost—$10,500,000)—8.5%

 

 

 

 

 

11,867,940

 

               

Short-Term Securities

 

 

Shares

 

 

 

 

               

Merrill Lynch Institutional Tax-Exempt Fund, 3.09% (l)(m)

 

 

1,803,513

 

 

1,803,513

 

               

Total Short-Term Securities
(Cost—$1,803,513)—1.3%

 

 

 

 

 

1,803,513

 

               

Total Investments (Cost—$233,804,418*)—163.3%

 

 

 

 

 

228,720,392

 

Other Assets Less Liabilities—1.3%

 

 

 

 

 

1,888,198

 

Preferred Shares, at Redemption Value—(64.6%)

 

 

 

 

 

(90,542,826

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

140,065,764

 

 

 

 

 

 

     

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

233,270,831

 

 

 

 

     

 

Gross unrealized appreciation

 

$

8,371,935

 

 

Gross unrealized depreciation

 

 

(12,898,267

)

 

 

 

     

 

Net unrealized depreciation

 

$

(4,526,332

)

 

 

 

     

 

 

(a)

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

(b)

Represents a zero coupon; the interest rate shown reflects the effective yield at the time of purchase.

(c)

FSA Insured.

(d)

MBIA Insured.

(e)

ACA Insured.

(f)

XL Capital Insured.

(g)

FGIC Insured.

(h)

Illiquid security.

(i)

AMBAC Insured.

(j)

Assured Guaranty Insured.

 

 

(k)

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. Unless otherwise indicated, these securities are not considered to be illiquid.

(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
Activity

 

Dividend
Income

 

 

   

 

Merrill Lynch Institutional Tax-Exempt Fund

 

 

(5,796,487

)

$

64,123

 

 

               

 

 

(m)

Represents the current yield as of report date.


 

 

Forward interest rate swaps outstanding as of February 29, 2008 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional
Amount
(000)

 

Unrealized
Appreciation

 

 

 

 

Pay a fixed rate of 3.311% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index
Broker, JPMorgan Chase
Expires April 2018

 

 

$35,000

 

 

$175,105

 

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

24

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 


 

 

 

Schedule of Investments as of February 29, 2008
(Unaudited)

BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

               

Municipal Bonds

 

Par
(000)

 

Value

 

           

Alabama—1.3%

 

 

 

 

 

 

 

Birmingham, Alabama, Special Care Facilities
Financing Authority, Revenue Refunding Bonds
(Ascension Health Credit), Series C-2:

 

 

 

 

 

 

 

5% due 11/15/2036

 

$

2,525

 

$

2,302,952

 

5% due 11/15/2039

 

 

1,825

 

 

1,654,746

 

 

 

 

 

 

     

 

 

 

 

 

 

3,957,698

 

               

Arizona—4.3%

 

 

 

 

 

 

 

Pima County, Arizona, IDA, Education Revenue Bonds
(American Charter Schools Foundation), Series A,
5.625% due 7/01/2038

 

 

2,525

 

 

2,116,354

 

Salt Verde Financial Corporation, Arizona, Senior
Gas Revenue Bonds:

 

 

 

 

 

 

 

5% due 12/01/2032

 

 

5,635

 

 

4,685,221

 

5% due 12/01/2037

 

 

7,890

 

 

6,401,394

 

 

 

 

 

 

     

 

 

 

 

 

 

13,202,969

 

               

California—12.2%

 

 

 

 

 

 

 

Agua Caliente Band of Cahuilla Indians, California,
Casino Revenue Bonds, 6% due 7/01/2018

 

 

2,250

 

 

2,192,400

 

California County Tobacco Securitization Agency, Tobacco
Revenue Bonds (Stanislaus County Tobacco Funding
Corporation) (a):

 

 

 

 

 

 

 

Sub-Series B, 5.875% due 6/01/2046

 

 

1,840

 

 

104,898

 

Sub-Series C, 6.30% due 6/01/2055

 

 

9,710

 

 

229,933

 

Sub-Series D, 7.251% due 6/01/2055

 

 

12,410

 

 

234,177

 

California Health Facilities Financing Authority Revenue
Bonds (Sutter Health), Series A, 5.25% due 11/15/2046

 

 

9,100

 

 

8,325,408

 

California Mobilehome Park Finance Authority Revenue
Bonds (Palomar Estates East and West), Series A,
5.25% due 3/15/2034 (b)

 

 

3,500

 

 

2,915,920

 

California State, GO, Refunding:

 

 

 

 

 

 

 

5% due 6/01/2032

 

 

6,425

 

 

6,021,510

 

5% due 6/01/2034

 

 

2,700

 

 

2,521,881

 

California Statewide Communities Development Authority,
Health Facility Revenue Bonds (Memorial Health Services),
Series A, 5.50% due 10/01/2033

 

 

5,000

 

 

4,788,150

 

San Francisco, California, City and County Redevelopment
Agency, Community Facilities District Number 1, Special
Tax Bonds (Mission Bay South Public Improvements Project),
6.625% due 8/01/2027

 

 

4,620

 

 

4,634,183

 

University of California Revenue Bonds, Series B, 4.75%
due 5/15/2038

 

 

5,755

 

 

5,161,027

 

 

 

 

 

 

     

 

 

 

 

 

 

37,129,487

 

               

Colorado—5.6%

 

 

 

 

 

 

 

Colorado Health Facilities Authority Revenue Bonds (Catholic
Health Initiatives), Series A, 5.50% due 3/01/2032 (c)

 

 

10,000

 

 

10,132,400

 

Colorado Springs, Colorado, Utilities System Improvement
Revenue Bonds, Subordinate Lien, Series C, 5%
due 11/15/2045 (d)

 

 

1,375

 

 

1,288,788

 

Northwest Parkway Public Highway Authority, Colorado, Senior
Revenue Bonds, Series A, 5.25% due 6/15/2011 (d)(e)

 

 

4,000

 

 

4,303,320

 

Park Creek Metropolitan District, Colorado, Senior Limited
Tax Supported Revenue Refunding Bonds, 5.50%
due 12/01/2037

 

 

1,375

 

 

1,217,783

 

 

 

 

 

 

     

 

 

 

 

 

 

16,942,291

 

               

District of Columbia—6.5%

 

 

 

 

 

 

 

District of Columbia, Revenue Refunding Bonds (Friendship
Public Charter School, Inc.), 5.25% due 6/01/2033 (b)

 

 

1,265

 

 

1,050,924

 

District of Columbia Tobacco Settlement Financing
Corporation, Asset-Backed Revenue Refunding Bonds:

 

 

 

 

 

 

 

6.50% due 5/15/2033

 

 

7,500

 

 

7,308,750

 

6.75% due 5/15/2040

 

 

11,500

 

 

11,560,950

 

 

 

 

 

 

     

 

 

 

 

 

 

19,920,624

 

               

 

 

 

 

 

 

 

 

               

Municipal Bonds

 

Par
(000)

 

Value

 

           

Florida—14.7%

 

 

 

 

 

 

 

Leesburg, Florida, Hospital Revenue Bonds (Leesburg
Regional Medical Center Project),
5.50% due 7/01/2032

 

$

2,650

 

$

2,424,459

 

Live Oak Community Development District Number 001,
Florida, Special Assessment Bonds, Series A,
6.30% due 5/01/2034

 

 

3,125

 

 

3,046,531

 

Miami Beach, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Mount Sinai Medical Center
of Florida), 6.75% due 11/15/2021

 

 

6,230

 

 

6,259,094

 

Orange County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Adventist Health System), 5.625% due
11/15/2012 (e)

 

 

6,850

 

 

7,529,589

 

Orange County, Florida, Tourist Development, Tax Revenue
Refunding Bonds, 4.75% due 10/01/2032 (f)

 

 

3,990

 

 

3,603,928

 

Pinellas County, Florida, Health Facilities Authority Revenue
Bonds (BayCare Health System Inc.), 5.50% due
5/15/2013 (e)

 

 

14,000

 

 

15,363,040

 

Stevens Plantation Community Development District,
Florida, Special Assessment Revenue Bonds, Series A,
7.10% due 5/01/2035

 

 

2,040

 

 

2,040,714

 

Sumter County, Florida, IDA, IDR (North Sumter Utility
Company LLC), AMT, 6.90% due 10/01/2034

 

 

4,465

 

 

4,389,943

 

 

 

 

 

 

     

 

 

 

 

 

 

44,657,298

 

               

Georgia—1.8%

 

 

 

 

 

 

 

Milledgeville-Baldwin County, Georgia, Development Authority
Revenue Bonds (Georgia College and State University
Foundation), 5.625% due 9/01/2014 (e)

 

 

5,000

 

 

5,603,700

 

               

Illinois—16.9%

 

 

 

 

 

 

 

Bolingbrook, Illinois, GO, Refunding, Series A, 5.375% due
1/01/2012 (e)(g)

 

 

4,000

 

 

4,290,800

 

Centerpoint Intermodal Center Program Trust, Illinois, Tax
Allocation Bonds, Class A, 8% due 6/15/2023 (h)

 

 

2,470

 

 

2,268,720

 

Chicago, Illinois, O’Hare International Airport Revenue
Refunding Bonds, Third Lien, AMT, Series C-2, 5.25%
due 1/01/2030 (d)

 

 

4,290

 

 

4,070,738

 

Illinois Health Facilities Authority, Revenue Refunding Bonds
(Elmhurst Memorial Healthcare), 5.50% due 1/01/2022

 

 

8,000

 

 

7,945,840

 

Illinois Municipal Electric Agency, Power Supply Revenue
Bonds, 4.50% due 2/01/2035 (g)

 

 

4,340

 

 

3,755,706

 

Illinois Sports Facilities Authority, State Tax Supported
Revenue Bonds, 5.546% due 6/15/2030 (a)(i)

 

 

15,000

 

 

12,909,450

 

Illinois State Finance Authority Revenue Bonds, Series A:
(Friendship Village of Schaumburg), 5.625%
due 2/15/2037

 

 

910

 

 

747,893

 

(Monarch Landing, Inc. Project), 7% due 12/01/2037

 

 

1,585

 

 

1,523,613

 

(Northwestern Memorial Hospital), 5.50% due 8/15/2014 (e)

 

 

1,880

 

 

2,077,757

 

Illinois State Financing Authority, Student Housing Revenue
Bonds (MJH Education Assistance IV LLC), Sub-Series B,
5.375% due 6/01/2035

 

 

900

 

 

424,926

 

Metropolitan Pier and Exposition Authority, Illinois, Dedicated
State Tax Revenue Bonds (McCormick Place Expansion),
Series A (a)(j):

 

 

 

 

 

 

 

5.72% due 6/15/2033

 

 

45,190

 

 

10,484,532

 

5.87% due 6/15/2040

 

 

5,000

 

 

782,850

 

 

 

 

 

 

     

 

 

 

 

 

 

51,282,825

 

               

Indiana—8.7%

 

 

 

 

 

 

 

Indiana Health Facilities Financing Authority, Revenue
Refunding Bonds (Ascension Health Credit Group),
Series F, 5.375% due 11/15/2025

 

 

5,000

 

 

5,322,750

 

Indianapolis, Indiana, Local Public Improvement Bond Bank
Revenue Bonds (Waterworks Project), Series A, 5.25%
due 7/01/2012 (e)(j)

 

 

19,735

 

 

21,269,791

 

 

 

 

 

 

     

 

 

 

 

 

 

26,592,541

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

25



 

 

Schedule of Investments (continued)

BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

               

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Maryland—2.4%

 

 

 

 

 

 

 

Baltimore, Maryland, Wastewater Project Revenue Bonds,
Series D, 5% due 7/01/2037 (i)(k)

 

$

1,800

 

$

1,707,133

 

Frederick County, Maryland, Special Obligation Tax Bonds
(Urbana Community Development Authority), Series A,
5.95% due 7/01/2030

 

 

3,000

 

 

2,693,070

 

Maryland State Health and Higher Educational Facilities
Authority Revenue Bonds (Union Hospital of Cecil County),
5.625% due 7/01/2032

 

 

1,000

 

 

983,640

 

Maryland State Health and Higher Educational Facilities
Authority, Revenue Refunding Bonds (MedStar Health, Inc.),
5.50% due 8/15/2033

 

 

2,240

 

 

2,059,210

 

 

 

 

 

 

     

 

 

 

 

 

 

7,443,053

 

               

Massachusetts—1.0%

 

 

 

 

 

 

 

Massachusetts State Water Resource Authority, General
Revenue Refunding Bonds, Series A, 5% due 8/01/2041

 

 

3,145

 

 

2,955,765

 

               

Michigan—0.7%

 

 

 

 

 

 

 

Michigan State Hospital Finance Authority, Revenue Refunding
Bonds (Henry Ford Health System), Series A, 5.25% due
11/15/2046

 

 

2,305

 

 

2,045,250

 

               

Mississippi—1.7%

 

 

 

 

 

 

 

Lowndes County, Mississippi, Solid Waste Disposal and PCR,
Refunding (Weyerhaeuser Company Project), Series A,
6.80% due 4/01/2022

 

 

4,950

 

 

5,187,996

 

               

Missouri—2.0%

 

 

 

 

 

 

 

Highway 370/Missouri Bottom Road/Taussig Road
Transportation Development District Revenue Bonds,
7.20% due 5/01/2033

 

 

6,000

 

 

6,066,540

 

               

Nevada—0.9%

 

 

 

 

 

 

 

Clark County, Nevada, EDR, Refunding (Alexander Dawson
School of Nevada Project), 5% due 5/15/2029

 

 

2,855

 

 

2,623,745

 

               

New Jersey—12.5%

 

 

 

 

 

 

 

New Jersey EDA, Cigarette Tax Revenue Bonds:

 

 

 

 

 

 

 

5.50% due 6/15/2031

 

 

9,000

 

 

8,065,170

 

5.75% due 6/15/2034

 

 

4,000

 

 

3,670,840

 

New Jersey EDA, EDR (Kapkowski Road Landfill Reclamation

 

 

 

 

 

 

 

Improvement District Project), AMT, Series B, 6.50%
due 4/01/2031

 

 

10,000

 

 

9,020,361

 

New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill
Reclamation Improvement District Project),
6.50% due 4/01/2028

 

 

7,475

 

 

7,495,257

 

New Jersey EDA, Special Facility Revenue Bonds (Continental
Airlines Inc. Project), AMT, 7.20% due 11/15/2030

 

 

10,100

 

 

9,802,353

 

 

 

 

 

 

     

 

 

 

 

 

 

38,053,981

 

               

New Mexico—1.9%

 

 

 

 

 

 

 

New Mexico Region III Housing Authority, M/F Housing
Revenue Bonds (Villa Del Oso Apartments), Series A,
6% due 1/01/2013 (e)

 

 

5,200

 

 

5,881,616

 

               

New York—7.4%

 

 

 

 

 

 

 

Albany, New York, IDA, Civic Facility Revenue Bonds (New
Covenant Charter School Project), Series A, 7%
due 5/01/2035 (l)

 

 

985

 

 

748,167

 

Metropolitan Transportation Authority, New York, Service
Contract Revenue Refunding Bonds, Series A,
5% due 7/01/2030 (i)

 

 

3,775

 

 

3,685,419

 

New York City, New York, City IDA, Special Facility Revenue
Bonds (Continental Airlines Inc. Project), AMT, 7.75%
due 8/01/2031

 

 

6,700

 

 

6,926,661

 

New York Liberty Development Corporation Revenue Bonds
(Goldman Sachs Headquarters), 5.25% due 10/01/2035

 

 

2,725

 

 

2,628,726

 

New York State Environmental Facilities Corporation, State
Clean Water and Drinking Revenue Bonds (New York City
Water Project), Series B, 5% due 6/15/2031

 

 

2,845

 

 

2,757,260

 


 

 

 

 

 

 

 

 

               



Municipal Bonds

 

Par
(000)

 

Value

 

           

New York—(concluded)

 

 

 

 

 

 

 

Port Authority of New York and New Jersey, Special
Obligation Revenue Bonds (Continental Airlines, Inc.—
LaGuardia Project), AMT, 9% due 12/01/2010

 

$

5,725

 

$

5,776,525

 

 

 

 

 

 

     

 

 

 

 

 

 

22,522,758

 

               

North Carolina—2.1%

 

 

 

 

 

 

 

Gaston County, North Carolina, Industrial Facilities and
Pollution Control Financing Authority, Revenue Bonds
(National Gypsum Company Project), AMT, 5.75%
due 8/01/2035

 

 

7,500

 

 

6,447,675

 

               

Ohio—3.0%

 

 

 

 

 

 

 

Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Bonds, Series A-2,
6.50% due 6/01/2047

 

 

1,190

 

 

1,171,579

 

Ohio State Air Quality Development Authority, Revenue
Refunding Bonds (Dayton Power and Light Company
Project), Series B, 4.80% due 1/01/2034 (g)

 

 

9,140

 

 

7,945,128

 

 

 

 

 

 

     

 

 

 

 

 

 

9,116,707

 

               

Oklahoma—2.2%

 

 

 

 

 

 

 

Oklahoma State Development Finance Authority, Revenue
Refunding Bonds (Saint John Health System),
5% due 2/15/2042

 

 

3,000

 

 

2,657,580

 

Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding
Bonds, Series A, 7.75% due 6/01/2035

 

 

3,925

 

 

4,038,236

 

 

 

 

 

 

     

 

 

 

 

 

 

6,695,816

 

               

Pennsylvania—6.3%

 

 

 

 

 

 

 

Monroe County, Pennsylvania, Hospital Authority Revenue
Bonds (Pocono Medical Center), 6% due 1/01/2014 (e)

 

 

5,000

 

 

5,584,750

 

Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, AMT, Series A:

 

 

5,175

 

 

5,208,224

 

(Amtrak Project), 6.375% due 11/01/2041

 

 

 

 

 

 

 

(Reliant Energy), 6.75% due 12/01/2036

 

 

8,425

 

 

8,297,698

 

 

 

 

 

 

     

 

 

 

 

 

 

19,090,672

 

               

South Carolina—6.0%

 

 

 

 

 

 

 

Greenwood County, South Carolina, Hospital Facilities Revenue
Bonds (Self Memorial Hospital):

 

 

 

 

 

 

 

5.50% due 10/01/2026

 

 

3,280

 

 

3,208,890

 

5.50% due 10/01/2031

 

 

3,250

 

 

3,093,318

 

South Carolina Jobs EDA, Hospital Facilities Revenue Bonds
(Georgetown Memorial Hospital), 5.375%
due 2/01/2030 (m)

 

 

3,750

 

 

3,518,138

 

South Carolina Jobs EDA, Hospital Facilities Revenue
Refunding Bonds (Palmetto Health Alliance):

 

 

 

 

 

 

 

Series A, 6.25% due 8/01/2031

 

 

2,640

 

 

2,623,790

 

Series C, 6.875% due 8/01/2013 (e)

 

 

5,000

 

 

5,817,977

 

 

 

 

 

 

     

 

 

 

 

 

 

18,262,113

 

               

Tennessee—3.3%

 

 

 

 

 

 

 

Knox County, Tennessee, Health, Educational and Housing

 

 

 

 

 

 

 

Facilities Board, Hospital Facilities Revenue Refunding
Bonds (Covenant Health), Series A, 5.77%
due 1/01/2021 (a)(d)

 

 

20,405

 

 

9,923,156

 

               

Texas—18.8%

 

 

 

 

 

 

 

Gulf Coast Waste Disposal Authority, Texas, Revenue

 

 

 

 

 

 

 

Refunding Bonds (International Paper Company),
AMT, Series A, 6.10% due 8/01/2024

 

 

20,000

 

 

19,237,400

 

Harris County-Houston Sports Authority, Texas, Revenue
Refunding Bonds, Third Lien, Series A-3, 5.96%
due 11/15/2036 (a)(j)

 

 

25,375

 

 

3,814,624

 

Lower Colorado River Authority, Texas, Revenue Refunding
Bonds (j):

 

 

 

 

 

 

 

5% due 5/15/2013 (e)

 

 

30

 

 

32,240

 

5% due 5/15/2031

 

 

1,270

 

 

1,206,360

 

Series A, 5% due 5/15/2013 (e)

 

 

5

 

 

5,373

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

26

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

Schedule of Investments (continued)

BlackRock Municipal Income Trust II (BLE)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

           

Municipal Bonds

 

Par
(000)

 

Value

 

           

Texas—(concluded)

 

 

 

 

 

 

 

Montgomery County, Texas, Municipal Utility District Number
46, Waterworks and Sewer System, GO, 4.75% due 3/01/2030 (j)

 

$

930

 

$

838,311

 

SA Energy Acquisition Public Facilities Corporation, Texas,
Gas Supply Revenue Bonds, 5.50% due 8/01/2024

 

 

3,600

 

 

3,384,828

 

Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds (i):

 

 

 

 

 

 

 

6.09% due 8/15/2036 (a)

 

 

73,370

 

 

11,268,898

 

6.10% due 8/15/2037 (a)

 

 

65,000

 

 

9,326,200

 

6.10% due 8/15/2038 (a)

 

 

27,600

 

 

3,697,572

 

First Tier, Series A, 5% due 8/15/2042

 

 

4,575

 

 

4,256,351

 

 

 

 

 

 

     

 

 

 

 

 

 

57,068,157

 

               

Virginia—7.1%

 

 

 

 

 

 

 

Alexandria, Virginia, Redevelopment and Housing Authority,
M/F Housing Revenue Refunding Bonds (3001 Park Center Apartments), Series A, 6.375% due 4/01/2034

 

 

12,870

 

 

12,628,559

 

Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old Dominion Electric Cooperative Project), AMT, 5.625% due 6/01/2028 (i)

 

 

9,000

 

 

9,012,780

 

 

 

 

 

 

     

 

 

 

 

 

 

21,641,339

 

               

Washington—2.0%

 

 

 

 

 

 

 

King County, Washington, Sewer Revenue Refunding Bonds, 5% due 1/01/2036 (d)

 

 

1,960

 

 

1,858,413

 

Washington State Health Care Facilities Authority, Revenue Refunding Bonds (Providence Health System), Series A, 4.625% due 10/01/2034 (g)

 

 

4,820

 

 

4,173,831

 

 

 

 

 

 

     

 

 

 

 

 

 

6,032,244

 

               

West Virginia—1.9%

 

 

 

 

 

 

 

Mason County, West Virginia, PCR, Refunding (Appalachian Power Company Project), Series L, 5.50% due 10/01/2022

 

 

5,000

 

 

4,666,800

 

West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile and Public Safety Facilities), Series A, 5% due 6/01/2029 (j)

 

 

1,115

 

 

1,053,541

 

 

 

 

 

 

     

 

 

 

 

 

 

5,720,341

 

               

 

 

 

 

 

 

 

 

           

Municipal Bonds

 

Par
(000)

 

Value

 

           

Wisconsin—3.1%

 

 

 

 

 

 

 

Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Aurora Health Care, Inc.), 6.40% due 4/15/2033

 

$

3,930

 

$

3,997,124

 

Wisconsin State Health and Educational Facilities Authority, Revenue Refunding Bonds (Wheaton Franciscan Services, Inc.), 5.75% due 2/15/2012 (e)

 

 

5,000

 

 

5,476,650

 

 

 

 

 

 

     

 

 

 

 

 

 

9,473,774

 

               

Puerto Rico—1.4%

 

 

 

 

 

 

 

Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Refunding Bonds, Series N, 5.25% due 7/01/2036 (n)

 

 

4,370

 

 

4,312,578

 

               

Total Municipal Bonds
(Cost—$501,365,225)—159.7%

 

 

 

 

 

485,854,709

 

               

 

 

 

 

 

 

 

 


 

Corporate Bonds

 

 

 

 

 

 

 

               

Multi-State—4.3%

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust (h):

 

 

 

 

 

 

 

5.75% due 4/30/2015

 

 

1,000

 

 

1,055,760

 

6% due 4/30/2015

 

 

5,000

 

 

5,281,050

 

6% due 4/30/2019

 

 

3,500

 

 

3,673,390

 

6.30% due 4/30/2019

 

 

3,000

 

 

3,177,030

 

               

Total Corporate Bonds
(Cost—$12,500,000)—4.3%

 

 

 

 

 

13,187,230

 

               



Short-Term Securities

 

 

Shares

 

 

 

 

               

Merrill Lynch Institutional Tax-Exempt Fund, 3.09% (o)(p)

 

 

5,512,528

 

 

5,512,528

 

               

Total Short-Term Securities
(Cost—$5,512,528)—1.8%

 

 

 

 

 

5,512,528

 

               

Total Investments (Cost—$519,377,753*)—165.8%

 

 

 

 

 

504,554,467

 

Other Assets Less Liabilities—1.8%

 

 

 

 

 

5,329,703

 

Preferred Shares, at Redemption Value—(67.6%)

 

 

 

 

 

(205,659,618

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

304,224,552

 

 

 

 

 

 

     

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

27



 

 


 

 

Schedule of Investments (concluded)

BlackRock Municipal Income Trust II (BLE)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

518,837,301

 

 

 

     

Gross unrealized appreciation

 

$

13,718,494

 

Gross unrealized depreciation

 

 

(27,945,586

)

 

 

     

Net unrealized depreciation

 

$

(14,227,092

)

 

 

     

 

 

(a)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.

(b)

ACA Insured.

(c)

Escrowed to maturity.

(d)

FSA Insured.

(e)

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

(f)

XL Capital Insured.

(g)

FGIC 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. Unless otherwise indicated, these securities are not considered to be illiquid.

(i)

AMBAC Insured.

(j)

MBIA Insured.

(k)

All or a portion of security held as collateral in connection with open swap contracts.

(l)

Illiquid security.

(m)

Radian Insured.

(n)

Assured Guaranty Insured.

(o)

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
Activity

 

 

Dividend
Income

 

 

               

 

Merrill Lynch Institutional Tax-Exempt Fund

 

 

2,312,528

 

$

125,178

 

 

               

 

 

(p)

Represents the current yield as of report date.

 

 

*

Forward interest rate swaps outstanding as of February 29, 2008 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Notional
Amount
(000)

 

Unrealized
Appreciation
(Depreciation)

 

               

Pay a fixed rate of 4.3385% and receive a floating rate based on 3-month USD LIBOR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker, JPMorgan Chase Expires May 2018

 

$

36,070

 

$

(278,208

)

 

 

 

 

 

 

 

 

Pay a fixed rate of 3.731% and receive a floating rate based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker, Citibank N.A.

 

 

 

 

 

 

 

Expires March 2028

 

$

25,670

 

 

234,573

 

               

Total

 

 

 

 

$

(43,635

)

 

 

 

 

 

     

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

28

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

 

Schedule of Investments as of February 29, 2008 (Unaudited)

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


 

 

 

 

 

 

 

 

               

Municipal Bonds

 


Par
(000)

 

Value

 

           

California—151.1%

 

 

 

 

 

 

 

               

Benicia, California, Unified School District, GO,
Series B, 5.45% due 8/01/2023 (a)(b)

 

$

6,500

 

$

2,663,245

 

               

California Educational Facilities Authority
Revenue Bonds (Scripps College), 5% due
8/01/2031 (a)(c)

 

 

2,385

 

 

2,529,650

 

               

California State Department of Water Resources,
Power Supply Revenue Bonds, Series A, 5.25% due
5/01/2012 (d)

 

 

6,500

 

 

7,068,685

 

               

California State Public Works Board, Lease
Revenue Bonds (Department of General Services—
Capitol East End Complex), Series A, 5% due
12/01/2027 (e)

 

 

5,000

 

 

4,746,850

 

               

California State, Various Purpose, GO, Refunding,
5% due 6/01/2031 (e)

 

 

4,000

 

 

3,763,960

 

               

Ceres, California, Unified School District, GO
(Election of 2001), Series B (b)(f):

 

 

 

 

 

 

 

5.907% due 8/01/2030

 

 

3,055

 

 

835,542

 

5.915% due 8/01/2031

 

 

3,180

 

 

820,122

 

5.919% due 8/01/2032

 

 

3,300

 

 

801,801

 

5.924% due 8/01/2033

 

 

3,440

 

 

787,450

 

5.894% due 8/01/2034

 

 

3,575

 

 

779,279

 

5.896% due 8/01/2035

 

 

3,275

 

 

672,947

 

               

Desert, California, Community College District,
GO, Series C, 5% due 8/01/2037 (g)

 

 

2,000

 

 

1,902,420

 

               

Glendale, California, Community College District,
GO (Election of 2002), Series D, 5% due
11/01/2031 (a)

 

 

2,500

 

 

2,386,350

 

               

Kaweah Delta Health Care District, California, Revenue
Refunding Bonds, 6% due 8/01/2012 (d)

 

 

2,600

 

 

2,931,344

 

               

Los Angeles, California, Department of Water and
Power, Waterworks Revenue Bonds, Series A, 5%
due 7/01/2043 (f)

 

 

5,000

 

 

4,654,450

 

               

Los Angeles, California, Department of Water and
Power, Waterworks Revenue Refunding Bonds,
Series A, 5.125% due 7/01/2041 (f)

 

 

5,000

 

 

4,765,850

 

               

Los Angeles, California, Wastewater System
Revenue Refunding Bonds:

 

 

 

 

 

 

 

Series A, 5% due 6/01/2032

 

 

6,025

 

 

5,732,004

 

Sub-Series A, 5% due 6/01/2027 (a)

 

 

5,000

 

 

4,739,050

 

               

Murrieta Valley, California, Unified School District,
Public Financing Authority, Special Tax Revenue
Bonds, Series A, 5.125% due 9/01/2026 (h)

 

 

1,000

 

 

985,310

 

               

Napa, California, Water Revenue Bonds, 5% due
5/01/2035 (e)

 

 

3,000

 

 

2,833,860

 

               

Palomar Pomerado Health Care District,
California, GO (Election of 2004), Series A, 5.125%
due 8/01/2037 (a)

 

 

1,850

 

 

1,810,040

 

               

Placentia-Yorba Linda, California, Unified School
District, COP, 5% due 10/01/2030 (f)

 

 

1,715

 

 

1,604,777

 

               

Rio, California, Elementary School District, GO,
Refunding, 5% due 8/01/2029 (e)

 

 

1,235

 

 

1,192,442

 

               

Riverside, California, Unified School District, GO
(Election of 2001), Series A, 5%
due 2/01/2027 (f)

 

 

5,000

 

 

4,741,850

 

               

Sacramento County, California, Airport System
Revenue Bonds, Series A, 5% due 7/01/2032 (g)

 

 

2,000

 

 

1,918,340

 

               

 

 

 

 

 

 

 

 

               

Municipal Bonds

 


Par
(000)

 

Value

 

           

California—(concluded)

 

 

 

 

 

 

 

               

Sacramento, California, Area Flood Control
Agency, Special Assessment Refunding Bonds
(Consolidated Capital Assessment District), Series
A, 5% due 10/01/2032 (f)

 

$

2,125

 

$

1,994,844

 

               

San Diego County, California, Water Authority,
Water Revenue Refunding Bonds, COP, Series A,
5% due 5/01/2032 (a)

 

 

5,295

 

 

5,037,981

 

               

San Diego State University Foundation, California,
Auxiliary Organization Revenue Refunding Bonds,
Series A, 5% due 3/01/2037 (a)

 

 

4,000

 

 

3,761,280

 

               

San Joaquin Hills, California, Transportation
Corridor Agency, Toll Road Revenue Refunding
Bonds, Series A, 5.45% due 1/15/2031 (a)(b)

 

 

20,000

 

 

4,497,600

 

               

San Jose, California, Financing Authority, Lease
Revenue Refunding Bonds (Civic Center Project),
Series B, 5% due 6/01/2037 (e)

 

 

6,000

 

 

5,648,580

 

               

Santa Rosa, California, Wastewater Revenue Refunding
Bonds, Series B, 5.46% due 9/01/2027 (b)(e)

 

 

11,125

 

 

3,485,129

 

               

Stockton, California, Unified School District, GO
(Election of 2005), 5% due 8/01/2031 (g)

 

 

3,000

 

 

2,895,540

 

               

Tustin, California, Unified School District, Senior
Lien Special Tax Bonds (Community Facilities
District Number 97-1), Series A, 5% due
9/01/2038 (g)

 

 

3,000

 

 

2,787,720

 

               

Vista, California, COP (Community Projects), 5%
due 5/01/2037 (a)

 

 

2,500

 

 

2,329,500

 

               

Westlands, California, Water District, COP, 5%
due 9/01/2034 (a)

 

 

4,000

 

 

3,775,880

 

               

Total Municipal Bonds
(Cost—$109,385,458)—151.1%

 

 

 

 

 

103,881,672

 

               

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Short-Term Securities

 

 

Shares

 

 

 

 

               

CMA California Municipal Money Fund, 2.88% (i)(j)

 

 

15,998,029

 

 

15,998,029

 

               

Total Short-Term Securities
(Cost—$15,998,029)—23.2%

 

 

 

 

 

15,998,029

 

               

Total Investments (Cost—$125,383,487*)—174.3%

 

 

 

 

 

119,879,701

 

Liabilities in Excess of Other Assets—(6.6%)

 

 

 

 

 

(4,582,394

)

Preferred Shares, at Redemption Value—(67.7%)

 

 

 

 

 

(46,530,151

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

68,767,156

 

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

    SEMI-ANNUAL REPORT

    FEBRUARY 29, 2008

29



 

 


 

 

Schedule of Investments (concluded)

BlackRock California Insured Municipal Income Trust (BCK)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

125,390,827

 

 

 

   

 

Gross unrealized appreciation

 

$

1,051,827

 

Gross unrealized depreciation

 

 

(6,555,612

)

 

 

   

 

Net unrealized depreciation

 

$

(5,503,785

)

 

 

   

 


 

 

(a)

MBIA Insured.

(b)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.

(c)

All or a portion of security held as collateral in connection with open financial futures contracts.

(d)

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

(e)

AMBAC Insured.

(f)

FGIC Insured.

(g)

FSA Insured.

(h)

Assured Guaranty Insured.

(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
Activity

 

Dividend
Income

 

           

CMA California Municipal Money Fund

 

14,554,571

 

$

57,541

 

             

 

 

(j)

Represents the current yield as of report date.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

30

    SEMI-ANNUAL REPORT

    FEBRUARY 29, 2008

 



 

 

 


 

 

 

Schedule of Investments as of February 29, 2008
(Unaudited)

 

BlackRock California Municipal Bond Trust (BZA)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

               

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

California—131.6%

 

 

 

 

 

 

 

               

AIG SunAmerica, Inc., M/F Housing Revenue Bonds
(San Lucas Apartments), Pass-Through Certificates of
Beneficial Ownership, AMT, Series 5, 5.95% due
11/01/2034

 

$

2,150

 

$

2,026,762

 

               

AIG SunAmerica, Inc., Santa Maria, California, M/F
Housing Revenue Bonds (Westgate Courtyards
Apartments), Pass-Through Certificates of Beneficial
Ownership, AMT, Series 3, 5.80% due 11/01/2034

 

 

2,320

 

 

2,231,167

 

               

Anaheim, California, Public Financing Authority,
Lease Revenue Bonds (Public Improvements Project),
Sub-Series C, 5.74% due 9/01/2032 (a)(b)

 

 

5,000

 

 

1,194,100

 

               

California Educational Facilities Authority Revenue
Bonds (University of San Diego), Series A, 5.25% due
10/01/2030

 

 

4,000

 

 

3,821,600

 

               

California Health Facilities Financing Authority
Revenue Bonds (Valleycare Medical Center), Series A,
5.375% due 5/01/2012 (c)

 

 

3,270

 

 

3,536,668

 

               

California Infrastructure and Economic Development
Bank Revenue Bonds (J. David Gladstone Institute
Project), 5.25% due 10/01/2034

 

 

3,750

 

 

3,554,512

 

               

California Pollution Control Financing Authority,
Solid Waste Disposal Revenue Bonds, AMT:

 

 

 

 

 

 

 

(Republic Services Inc. Project), Series C,
5.25% due 6/01/2023

 

 

500

 

 

479,325

 

(Waste Management Inc. Project), Series
A-2, 5.40% due 4/01/2025

 

 

530

 

 

481,516

 

(Waste Management Inc. Project),
Series C, 5.125% due 11/01/2023

 

 

1,000

 

 

889,440

 

               

California Statewide Communities Development
Authority Revenue Bonds:

 

 

 

 

 

 

 

(Daughters of Charity National Health System),
Series A, 5.25% due 7/01/2030

 

 

1,500

 

 

1,322,205

 

(Kaiser Permanente), Series A, 5.50%
due 11/01/2032

 

 

5,000

 

 

4,823,100

 

(Sutter Health), Series B, 5.625% due 8/15/2042

 

 

3,250

 

 

3,222,992

 

               

Chino Basin, California, Regional Financing
Authority, Revenue Refunding Bonds (Inland Empire
Utility Agency), Series A, 5% due 11/01/2033 (d)

 

 

1,000

 

 

930,290

 

               

Chula Vista, California, IDR (San Diego Gas and
Electric Company), AMT, Series B, 5% due 12/01/2027

 

 

1,175

 

 

1,058,816

 

               

Etiwanda School District, California, Public Financing
Authority, Local Agency Revenue Refunding Bonds,
5% due 9/15/2032 (e)

 

 

600

 

 

561,954

 

               

Foothill/Eastern Corridor Agency, California, Toll
Road Revenue Refunding Bonds, 5.75% due 1/15/2040

 

 

3,845

 

 

3,605,956

 

               

Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Bonds (c):

 

 

 

 

 

 

 

Series A-1, 6.625% due 6/01/2013

 

 

2,000

 

 

2,262,160

 

Series B, 5.50% due 6/01/2013

 

 

2,500

 

 

2,695,025

 

Series B, 5.625% due 6/01/2013

 

 

1,300

 

 

1,409,083

 

               

Kaweah Delta Health Care District, California,
Revenue Refunding Bonds, 6% due 8/01/2012 (c)

 

 

1,745

 

 

1,967,383

 

               

Lathrop, California, Financing Authority Revenue
Bonds (Water Supply Project):

 

 

 

 

 

 

 

5.90% due 6/01/2027

 

 

655

 

 

600,681

 

6% due 6/01/2035

 

 

1,180

 

 

1,067,511

 

               

 

 

 

 

 

 

 

 

               

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

               

California—(concluded)

 

 

 

 

 

 

 

               

Live Oak Unified School District, California, GO
(Election of 2004), Series B (b)(f):

 

 

 

 

 

 

 

5.53% due 8/01/2029

 

$

705

 

$

193,797

 

5.38% due 8/01/2030

 

 

795

 

 

204,863

 

5.55% due 8/01/2031

 

 

830

 

 

201,325

 

5.56% due 8/01/2032

 

 

865

 

 

197,972

 

5.57% due 8/01/2033

 

 

905

 

 

195,471

 

5.58% due 8/01/2034

 

 

945

 

 

192,667

 

               

Los Angeles, California, Regional Airports
Improvement Corporation, Lease Revenue Bonds
(American Airlines Inc.), AMT:

 

 

 

 

 

 

 

Series B, 7.50% due 12/01/2024

 

 

1,000

 

 

1,013,000

 

Series C, 7.50% due 12/01/2024

 

 

680

 

 

688,840

 

               

Orange County, California, Community Facilities
District, Special Tax Bonds (Number 01-1 Ladera
Ranch), Series A, 6% due 8/15/2010 (c)

 

 

2,400

 

 

2,598,408

 

               

Palm Springs, California, Mobile Home Park Revenue
Bonds (Sahara Mobile Home Park), Series A, 5.75%
due 5/15/2037

 

 

3,000

 

 

2,788,080

 

               

San Francisco, California, City and County
Redevelopment Agency, Community Facilities
District Number 1, Special Tax Bonds (Mission Bay
South Public Improvements Project), 6.25%
due 8/01/2033

 

 

2,500

 

 

2,377,950

 

               

Santa Ana, California, Unified School District, COP
(Financing Program), 5.75% due 4/01/2029 (a)(b)

 

 

15,000

 

 

4,684,350

 

               

Southern California Public Power Authority, Natural
Gas Project Number 1 Revenue Bonds, Series A, 5%
due 11/01/2033

 

 

1,500

 

 

1,315,320

 

               

Stockton, California, Unified School District, GO
(Election of 2005), 5% due 8/01/2031 (a)

 

 

2,000

 

 

1,930,360

 

               

Torrance, California, Hospital Revenue Refunding
Bonds (Torrance Memorial Medical Center), Series A,
5.50% due 6/01/2031

 

 

1,500

 

 

1,431,750

 

               

Total Municipal Bonds
(Cost—$63,964,277)—131.6%

 

 

 

 

 

63,756,399

 

               

 

 

 

 

 

 

 

 

               

Corporate Bonds

 

 

 

 

 

 

 

               

Multi State—8.2%

 

 

 

 

 

 

 

               

Charter Mac Equity Issuer Trust, 7.20%
due 10/31/2052 (g)

 

 

3,500

 

 

3,955,980

 

               

Total Corporate Bonds
(Cost—$3,500,000)—8.2%

 

 

 

 

 

3,955,980

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

Shares

 

 

 

 

               

CMA California Municipal Money Fund, 2.88% (h)(i)

 

 

8,264,677

 

 

8,264,677

 

               

Total Short-Term Securities
(Cost—$8,264,677)—17.0%

 

 

 

 

 

8,264,677

 

               

Total Investments (Cost—$75,728,954*)—156.8%

 

 

 

 

 

75,977,056

 

Other Assets Less Liabilities—5.1%

 

 

 

 

 

2,478,020

 

Preferred Shares, at Redemption Value—(61.9%)

 

 

 

 

 

(29,994,436

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

48,460,640

 

 

 

 

 

 

     

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

31



 

 

 


 

 

 

Schedule of Investments (concluded)

 

BlackRock California Municipal Bond Trust (BZA)


 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:

 

 

Aggregate cost

 

$

75,560,534

 

 

 

 

     

 

Gross unrealized appreciation

 

$

2,614,455

 

 

Gross unrealized depreciation

 

 

(2,190,763

)

 

 

 

     

 

Net unrealized appreciation

 

$

423,692

 

 

 

 

     

 

 

(a)

FSA Insured.

(b)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at time of purchase.

(c)

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

(d)

AMBAC Insured.

(e)

Assured Guaranty Insured.

(f)

XL Capital Insured.

(g)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid.

(h)

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
Activity

 

Dividend
Income

 

 

           

 

CMA California Municipal Money Fund

 

 

7,929,143

 

$

31,773

 

 

           

(i)

Represents the current yield as of report date.

 

 

 

 

 

 

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

32

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 

 


 

 

 

Schedule of Investments as of February 29, 2008
(Unaudited)

 

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

 

 

 

 

 

 

 

 

               

Municipal Bonds

 


Par
(000)

 

Value

 

           

  California—164.1%

 

 

 

 

 

 

 

               

Anaheim, California, Public Financing Authority, Lease Revenue
Bonds (Public Improvements Project), Sub-Series C (a):

 

 

 

 

 

 

 

5.771% due 9/01/2034 (b)

 

$

15,000

 

$

3,203,550

 

5.70% due 9/01/2036

 

 

10,000

 

 

1,906,200

 

               

California HFA, Home Mortgage Revenue Bonds, VRDN (c):

 

 

 

 

 

 

 

Series B, 3.07% due 8/01/2033 (a)

 

 

145

 

 

145,000

 

Series F, 6% due 2/01/2033 (d)

 

 

5,300

 

 

5,300,000

 

Series N, 3.15% due 8/01/2021 (a)

 

 

2,580

 

 

2,580,000

 

Series R, 4.55% due 8/01/2023 (d)

 

 

4,300

 

 

4,300,000

 

               

California Infrastructure and Economic Development
Bank Revenue Bonds:

 

 

 

 

 

 

 

(Asian Art Museum Foundation),
VRDN, 7.05% due 6/01/2034 (c)(e)

 

 

3,050

 

 

3,050,000

 

(Kaiser Hospital Assistance I-LLC),
Series A, 5.55% due 8/01/2031 (f)

 

 

1,735

 

 

1,694,921

 

               

California Mobilehome Park Finance Authority Revenue
Bonds (Palomar Estates East and West), Series A, 5.25%
due 3/15/2034 (g)

 

 

3,500

 

 

2,915,920

 

               

California Pollution Control Financing Authority, Solid
Waste Disposal Revenue Bonds: (Waste Management Inc.
Project), AMT:

 

 

 

 

 

 

 

Series A-2, 5.40% due 4/01/2025

 

 

1,180

 

 

1,072,054

 

Series C, 5.125% due 11/01/2023

 

 

3,000

 

 

2,668,320

 

               

California State Department of Water Resources, Power
Supply Revenue Bonds:

 

 

 

 

 

 

 

Series A, 5.375% due 5/01/2012 (h)

 

 

6,000

 

 

6,553,980

 

VRDN, Series C-4, 3.19% due 5/01/2022 (c)

 

 

1,200

 

 

1,200,000

 

               

California State, Various Purpose, GO, 5.50%
due 11/01/2033

 

 

8,000

 

 

8,018,640

 

               

California Statewide Communities Development
Authority, Health Facility Revenue Bonds (Memorial
Health Services), Series A, 5.50% due 10/01/2033

 

 

7,000

 

 

6,703,410

 

               

California Statewide Communities Development
Authority Revenue Bonds:

 

 

 

 

 

 

 

(Kaiser Permanente), Series A, 5.50% due 11/01/2032

 

 

5,000

 

 

4,823,100

 

(Sutter Health), Series B, 5.50% due 8/15/2034

 

 

8,000

 

 

7,793,200

 

               

California Transit Finance Authority Revenue Bonds,
VRDN, 3.08% due 10/01/2027 (a)(c)

 

 

400

 

 

400,000

 

               

Chabot-Las Positas, California, Community College
District, GO (Election of 2004), Series B, 5%
due 8/01/2031 (d)

 

 

2,000

 

 

1,909,640

 

               

Chula Vista, California, IDR (San Diego Gas and Electric
Company), AMT, Series B, 5% due 12/01/2027

 

 

2,690

 

 

2,424,013

 

               

Corona-Norco Unified School District, California,
Community Facilities District Number 98-1, Special Tax
Bonds, 5.10% due 9/01/2032 (d)

 

 

6,000

 

 

5,810,040

 

               

Etiwanda School District, California, Public Financing
Authority, Local Agency Revenue Refunding Bonds, 5%
due 9/15/2032 (i)

 

 

1,100

 

 

1,030,249

 

               

Foothill/Eastern Corridor Agency, California, Toll Road
Revenue Bonds, Senior Lien, Series A (b):

 

 

 

 

 

 

 

5.40% due 1/01/2026 (j)

 

 

15,470

 

 

5,745,713

 

5.42% due 1/01/2030 (j)

 

 

4,890

 

 

1,433,015

 

6.12% due 1/15/2030 (g)

 

 

6,550

 

 

1,626,431

 

               

Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Bonds (h):

 

 

 

 

 

 

 

Series A-1, 6.75% due 6/01/2013

 

$

9,000

 

 

10,232,730

 

Series A-1, 6.625% due 6/01/2013

 

 

2,900

 

 

3,280,132

 

Series B, 5.50% due 6/01/2013

 

 

5,650

 

 

6,090,757

 

Series B, 5.625% due 6/01/2013

 

 

3,000

 

 

3,251,730

 

               

 

 

 

 

 

 

 

 

               

Municipal Bonds

 

Par
(000)

 

Value

 

           

  California—(concluded)

 

 

 

 

 

 

 

               

La Quinta, California, Redevelopment Agency, Tax
Allocation Bonds (Redevelopment Project Area
Number 1), 5.125% due 9/01/2032 (d)

 

$

5,000

 

$

4,742,850

 

               

Los Angeles, California, Department of Water and
Power, Waterworks Revenue Refunding Bonds, Series A,
5.125% due 7/01/2041 (k)

 

 

5,500

 

 

5,242,435

 

               

Los Angeles, California, Regional Airports Improvement
Corporation, Lease Revenue Bonds (American Airlines
Inc.), AMT, Series C, 7.50% due 12/01/2024

 

 

1,785

 

 

1,808,205

 

               

Oxnard, California, Improvement Bond Act of 1915,
Special Assessment Bonds (District Number
01-1—Rice Avenue):

 

 

 

 

 

 

 

5.625% due 9/02/2027

 

 

1,905

 

 

1,687,620

 

5.70% due 9/02/2032

 

 

1,900

 

 

1,653,532

 

               

Poway, California, Unified School District, Special Tax
Bonds (Community Facilities District Number 6):

 

 

 

 

 

 

 

5.50% due 9/01/2025

 

 

1,500

 

 

1,438,200

 

5.60% due 9/01/2033

 

 

1,700

 

 

1,568,097

 

               

Rohnert Park, California, Financing Authority, Mobile
Home Park Revenue Bonds (Rancho Felix Mobile Home
Park), Series A, 5.625% due 9/15/2028

 

 

2,470

 

 

2,326,666

 

               

Sacramento County, California, Sanitation District
Financing Authority, Revenue Bonds (Sacramento
Regional County Sanitation District), 5%
due 12/01/2036 (k)

 

 

2,400

 

 

2,263,776

 

               

San Bernardino County, California, Special Tax Bonds
(Community Facilities District Number 2002-1), 5.90%
due 9/01/2033

 

 

6,000

 

 

5,350,140

 

               

San Diego, California, Unified School District, GO
(Election of 1998), Refunding:

 

 

 

 

 

 

 

Series D, 5.25% due 7/01/2023 (k)

 

 

8,665

 

 

9,351,874

 

Series F-1, 4.50% due 7/01/2029 (a)

 

 

2,000

 

 

1,782,760

 

               

San Francisco, California, City and County
Redevelopment Agency, Community Facilities District
Number 1, Special Tax Bonds (Mission Bay South Public
Improvements Project), 6.25% due 8/01/2033

 

 

5,000

 

 

4,755,900

 

               

San Joaquin Hills, California, Transportation Corridor
Agency, Toll Road Revenue Refunding Bonds, Series A,
5.46% due 1/15/2034 (b)(e)

 

 

30,000

 

 

5,603,100

 

               

Santa Clarita, California, Community Facilities District
Number 02-1, Special Tax Refunding Bonds (Valencia
Town Center Project):

 

 

 

 

 

 

 

5.80% due 11/15/2025

 

 

1,640

 

 

1,536,450

 

5.85% due 11/15/2032

 

 

1,500

 

 

1,332,045

 

               

Santa Rosa, California, Wastewater Revenue Refunding
Bonds, Series B, 5.35% due 9/01/2025 (b)(d)(l)

 

 

2,685

 

 

965,311

 

               

South Tahoe, California, Joint Powers Financing
Authority, Revenue Refunding Bonds (South Tahoe
Redevelopment Project Area Number 1), Series A, 5.45%
due 10/01/2033

 

 

2,200

 

 

2,013,176

 

               

Southern California Public Power Authority, Natural Gas
Project Number 1 Revenue Bonds, Series A, 5% due
11/01/2033

 

 

3,000

 

 

2,630,640

 

               

Stockton, California, Unified School District, GO
(Election of 2005), 5% due 8/01/2031 (a)

 

 

2,000

 

 

1,930,360

 

               

Tobacco Securitization Authority of Southern California,
Asset-Backed Revenue Bonds, Senior Series A, 5.625%
due 6/01/2012 (h)

 

 

1,600

 

 

1,746,272

 

               

Tustin, California, Unified School District, Junior Lien
Special Tax Bonds (Community Facilities District Number
97-1), Series B, 5.60% due 9/01/2029

 

 

2,000

 

 

1,748,760

 

               

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

33



 

 

 


 

 

 

Schedule of Investments (concluded)

 

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

 

 

 

 

 

 

 

 

               

Municipal Bonds

 


Par
(000)

 

Value

 

           

  California—(concluded)

 

 

 

 

 

 

 

               

University of California, General Revenue Bonds, Series A,
5% due 5/15/2033 (d)

 

$

2,000

 

$

1,898,260

 

               

Val Verde, California, Unified School District Financing
Authority, Special Tax Refunding Bonds, Junior Lien,
6.25% due 10/01/2028

 

 

1,170

 

 

1,112,810

 

               

Total Municipal Bonds
(Cost—$176,539,225)—164.1%

 

 

 

 

 

173,651,984

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Corporate Bonds

 

 

 

 

 

 

 

               

  Multi State—4.0%

 

 

 

 

 

 

 

               

Charter Mac Equity Issuer Trust (l):

 

 

 

 

 

 

 

5.75% due 4/30/2015

 

 

500

 

 

527,880

 

6% due 4/30/2015

 

 

1,500

 

 

1,584,315

 

6% due 4/30/2019

 

 

1,000

 

 

1,049,540

 

6.30% due 4/30/2019

 

 

1,000

 

 

1,059,010

 

               

Total Corporate Bonds
(Cost—$4,000,000)—4.0%

 

 

 

 

 

4,220,745

 

               

 

 

 

 

 

 

 

 

               


Short-Term Securities

 

 

Shares

 

 

Value

 

               

CMA California Municipal Money Fund, 2.88% (m)(n)

 

 

245

 

$

245

 

               

Total Short-Term Securities
(Cost—$245)—0.0%

 

 

 

 

 

245

 

               

Total Investments (Cost—$180,539,470*)—168.1%

 

 

 

 

 

177,872,974

 

Liabilities in Excess of Other Assets—(0.1%)

 

 

 

 

 

(79,071

)

Preferred Shares, at Redemption Value—(68.0%)

 

 

 

 

 

(71,984,048

)

 

 

 

 

 

   

 

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

105,809,855

 

 

 

 

 

 

   

 


 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

180,360,225

 

 

 

   

 

Gross unrealized appreciation

 

$

5,155,544

 

Gross unrealized depreciation

 

 

(7,628,879

)

 

 

   

 

Net unrealized depreciation

 

$

(2,473,335

)

 

 

   

 


 

 

(a)

FSA Insured.

(b)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.

(c)

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. The rate disclosed is as of report date. This rate changes periodically based upon prevailing market rates.

(d)

AMBAC Insured.

(e)

MBIA Insured.

(f)

Represents a pay-in-kind security which may pay interest/dividends in additional face/shares.

(g)

ACA Insured.

(h)

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

(i)

Assured Guaranty Insured.

(j)

Security is collateralized by municipal or U.S. Treasury obligations.

(k)

FGIC Insured.

(l)

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. Unless otherwise indicated, these securities are not considered to be illiquid.

(m)

Represents the current yield as of report date.

(n)

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
Activity

 

Dividend
Income

 

               

CMA California Municipal Money Fund

 

 

8

 

$

3

 

               

 

 

Forward interest rate swaps outstanding as of February 29, 2008 were as follows:


 

 

 

 

 

 

 

 

               

 

 

Notional
Amount
(000)

 

Unrealized
Appreciation
(Depreciation)

 

           

Pay a fixed rate of 3.495% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

Broker, Citibank, N.A.
Expires March 2018

 

$

6,000

 

$

(70,602

)

Pay a fixed rate of 3.698% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

Broker, JPMorganChase
Expires May 2028

 

$

7,000

 

 

105,441

 

Pay a fixed rate of 3.905% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

Broker, Citibank, N.A.
Expires March 2038

 

$

5,900

 

 

19,488

 

               

Total

 

 

 

 

$

54,327

 

 

 

 

 

 

     

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

34

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 



 

 

 

Schedule of Investments as of February 29, 2008

 

BlackRock Florida Insured Municipal Income Trust (BAF)

(Unaudited)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

           

Municipal Bonds

 


Par
(000)

 

Value

 

           

  Florida—158.5%

 

 

 

 

 

 

 

           

Brevard County, Florida, Health Facilities Authority, Healthcare
Facilities Revenue Bonds (Health First Inc. Project), 5%
due 4/01/2036

 

$

2,000

 

$

1,749,460

 

               

Colonial Country Club Community Development District,
Florida, Special Assessment Revenue Bonds, 6.40%
due 5/01/2033

 

 

3,780

 

 

3,756,186

 

               

Florida State Board of Education, GO (Public Education
Capital Outlay), Series A, 5% due 6/01/2027 (a)

 

 

9,000

 

 

8,771,220

 

               

Florida State Board of Education, Lottery Revenue Bonds,
Series C, 5% due 1/01/2022 (b)

 

 

8,640

 

 

8,622,288

 

               

Florida State Department of Transportation, GO, Refunding,
5% due 7/01/2027 (a)

 

 

7,000

 

 

6,821,710

 

               

Gainesville, Florida, Utilities System Revenue Bonds,
Series A, 5% due 10/01/2013 (a)(c)

 

 

2,500

 

 

2,697,350

 

               

Highlands County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Adventist Health System):

 

 

 

 

 

 

 

Series A, 6% due 11/15/2011 (c)

 

 

8,500

 

 

9,354,590

 

Series C, 5.25% due 11/15/2036

 

 

2,500

 

 

2,305,350

 

               

Hillsborough County, Florida, IDA, Hospital Revenue Bonds
(H. Lee Moffitt Cancer Center Project), Series A,
5.25% due 7/01/2037

 

 

2,200

 

 

1,954,040

 

               

Hillsborough County, Florida, School Board, COP, Refunding,
Series A, 5% due 7/01/2025 (b)

 

 

7,580

 

 

7,365,486

 

               

Jacksonville, Florida, Capital Improvement Revenue Bonds,
Series A, 5% due 10/01/2030 (d)

 

 

2,865

 

 

2,673,847

 

               

Jacksonville, Florida, Excise Taxes Revenue Bonds, Series B,
5% due 10/01/2026 (d)

 

 

8,000

 

 

7,628,880

 

               

Jacksonville, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Baptist Medical Center Project),
5% due 8/15/2037 (a)

 

 

1,000

 

 

926,080

 

               

Jacksonville, Florida, Sales Tax Revenue Bonds,
5% due 10/01/2027 (b)

 

 

9,500

 

 

9,121,235

 

               

Jacksonville, Florida, Transit Revenue Bonds,
5% due 10/01/2031 (b)

 

 

9,500

 

 

8,911,855

 

               

Julington Creek Plantation Community Development District,
Florida, Special Assessment Refunding Bonds,
5% due 5/01/2029 (b)

 

 

1,480

 

 

1,403,958

 

               

Lake County, Florida, School Board, COP, Series A,
5% due 7/01/2028 (d)

 

 

9,000

 

 

8,322,930

 

               

Miami-Dade County, Florida, Special Obligation Revenue
Bonds (b)(e):

 

 

 

 

 

 

 

Sub-Series A, 5.26% due 10/01/2039

 

 

10,000

 

 

1,473,500

 

Sub-Series A, 5.26% due 10/01/2040

 

 

10,000

 

 

1,383,700

 

Sub-Series B, 5.617% due 10/01/2031

 

 

26,935

 

 

6,678,533

 

               

Miami, Florida, Special Obligation Revenue Bonds
(Street and Sidewalk Improvement Program),
5% due 1/01/2037 (b)

 

 

2,000

 

 

1,858,780

 

               

Orange County, Florida, Educational Facilities Authority,
Educational Facilities Revenue Bonds (Rollins
College Project), 5.25% due 12/01/2027 (d)

 

 

1,335

 

 

1,318,726

 

               

Orange County, Florida, Sales Tax Revenue Refunding Bonds,
Series B, 5.125% due 1/01/2032 (f)

 

 

7,975

 

 

7,703,053

 

               

Orange County, Florida, School Board, COP, Series A:

 

 

 

 

 

 

 

5% due 8/01/2027 (b)

 

 

2,000

 

 

1,876,940

 

5% due 8/01/2032 (f)

 

 

1,000

 

 

935,760

 

               

Orange County, Florida, Tourist Development, Senior Lien
Tax Revenue Bonds, 5.125% due 4/01/2012 (c)(d)

 

 

9,250

 

 

9,864,940

 

               

Orange County, Florida, Tourist Development, Tax Revenue
Refunding Bonds, 5% due 10/01/2029 (d)

 

 

1,600

 

 

1,522,832

 

               

 

 

 

 

 

 

 

 

               

Municipal Bonds

 


Par
(000)

 

Value

 

           

  Florida—(concluded)

 

 

 

 

 

 

 

               

Orlando, Florida, Senior Tourist Development Tax Revenue
Bonds (6th Cent Contract Payments), Series A,
5.25% due 11/01/2038 (g)

 

$

1,200

 

$

1,155,684

 

               

Palm Bay, Florida, Utility System Improvement Revenue
Bonds (e)(f):

 

 

 

 

 

 

 

5.47% due 10/01/2028

 

 

4,015

 

 

1,198,437

 

5.48% due 10/01/2031

 

 

5,570

 

 

1,356,351

 

               

Palm Beach County, Florida, School Board, COP, Refunding,
Series D, 5% due 8/01/2028 (a)

 

 

9,200

 

 

8,769,532

 

               

Pasco County, Florida, School Board, COP, Series A,
5% due 8/01/2027 (f)

 

 

5,815

 

 

5,457,203

 

               

Pinellas County, Florida, Health Facilities Authority Revenue
Bonds (BayCare Health System Inc.),
5.50% due 5/15/2013 (c)

 

 

5,000

 

 

5,486,800

 

               

Pinellas County, Florida, Sewer Revenue Bonds,
5% due 10/01/2032 (a)

 

 

9,500

 

 

9,135,580

 

               

Polk County, Florida, Utility System Revenue Bonds,
5% due 10/01/2029 (f)

 

 

5,000

 

 

4,722,300

 

               

Saint Johns County, Florida, Ponte Vedra Utility System
Revenue Bonds, 5% due 10/01/2037 (a)

 

 

2,600

 

 

2,414,542

 

               

Sarasota County, Florida, Utilities System Revenue Refunding
Bonds, Series C, 5.25% due 10/01/2022 (f)

 

 

2,945

 

 

2,973,508

 

               

Tohopekaliga, Florida, Water Authority, Utility System Revenue
Bonds, Series B, 5% due 10/01/2023 (a)

 

 

1,000

 

 

1,001,400

 

               

University of North Florida, Capital Improvement Revenue
Bonds (Housing Project), 5% due 11/01/2032 (f)

 

 

1,600

 

 

1,496,656

 

               

Village Center Community Development District, Florida,
Recreational Revenue Bonds, Series A,
5% due 11/01/2032 (b)

 

 

10,000

 

 

9,405,600

 

               

Village Community Development District Number 5, Florida,
Special Assessment Bonds, Series A,
6.50% due 5/01/2033

 

 

3,590

 

 

3,625,828

 

               

Total Municipal Bonds
(Cost—$192,711,319)—158.5%

 

 

 

 

 

185,202,650

 

               

 

 

 

 

 

 

 

 



Short-Term Securities

 

Shares

 

 

 

           

CMA Florida Municipal Money Fund, 2.66% (h)(i)

 

 

6,923,459

 

 

6,923,459

 

               

Total Short-Term Securities
(Cost—$6,923,459)—5.9%

 

 

 

 

 

6,923,459

 

               

Total Investments (Cost—$199,634,778*)—164.4%

 

 

 

 

 

192,126,109

 

Other Assets Less Liabilities—0.7%

 

 

 

 

 

782,299

 

Preferred Shares, at Redemption Value—(65.1%)

 

 

 

 

 

(76,052,321

)

 

 

 

 

 

   

 

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

116,856,087

 

 

 

 

 

 

   

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

35




 

 



 

 

 

Schedule of Investments (concluded)

 

BlackRock Florida Insured Municipal Income Trust (BAF)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

199,651,051

 

 

 

     

Gross unrealized appreciation

 

$

1,999,972

 

Gross unrealized depreciation

 

 

(9,508,641

)

 

 

     

Net unrealized depreciation

 

$

(7,508,669

)

 

 

     

 

 

(a)

FSA Insured.

(b)

MBIA Insured.

(c)

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

(d)

AMBAC Insured.

(e)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.

(f)

FGIC Insured.

(g)

Assured Guaranty Insured.

 

 

(h)

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
Activity

 

Dividend
Income

 

           

CMA Florida Municipal Money Fund

 

 

1,854,081

 

$

54,586

 

               

 

 

(i)

Represents the current yield as of report date.
Forward rate interest swaps outstanding as of February 29, 2008 were as follows:


 

 

 

 

 

 

 

 

               

 

 

Notional
Amount
(000)

 

Unrealized
Depreciation

 

               

Pay a fixed rate of 3.687% and receive a floating rate
    based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

 

Broker, Citibank, N.A.
Expires March 2023

 

$

3,750

 

$

(19,793

)

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

36

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 

 


 

 

 

Schedule of Investments as of February 29, 2008 (Unaudited)

 

BlackRock Florida Municipal Bond Trust (BIE)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

 

Par

 

 

 

 

Municipal Bonds

 

(000)

 

 

Value

 

 

Florida—145.8%

 

 

 

 

 

 

 

 

Boynton Beach, Florida, M/F Housing Mortgage Revenue
Refunding Bonds (Clipper Cove Apartments),
5.30% due 1/01/2023 (a)

 

$

1,000

 

$

899,950

 

               

Brevard County, Florida, Health Facilities Authority,
Healthcare Facilities Revenue Bonds (Health First Inc.
Project), 5% due 4/01/2036

 

 

1,000

 

 

874,730

 

               

Colonial Country Club Community Development District,
Florida, Special Assessment Revenue Bonds,
6.40% due 5/01/2033

 

 

1,605

 

 

1,594,888

 

               

Florida Municipal Loan Council, Revenue Refunding Bonds,
Series A, 5.125% due 5/01/2032 (b)

 

 

3,150

 

 

2,988,814

 

               

Gateway Services Community Development District, Florida,
Special Assessment Bonds (Stoneybrook Project),
5.50% due 7/01/2008

 

 

25

 

 

24,954

 

               

Greater Orlando Aviation Authority, Florida, Airport Facilities
Revenue Refunding Bonds, Series A, 5.125%
due 10/01/2032 (c)

 

 

2,100

 

 

2,002,581

 

               

Halifax Hospital Medical Center, Florida, Hospital Revenue
Refunding and Improvement Bonds, Series A, 5.25%
due 6/01/2026

 

 

1,000

 

 

912,210

 

               

Heritage Harbour North Community Development District,
Florida, Capital Improvement Bonds, 6.375%
due 5/01/2038

 

 

750

 

 

656,805

 

               

Highlands County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Adventist Health System):

 

 

 

 

 

 

 

Series A, 6% due 11/15/2011 (d)

 

 

4,900

 

 

5,392,646

 

Series C, 5.25% due 11/15/2036

 

 

1,200

 

 

1,106,568

 

               

Hillsborough County, Florida, IDA, Hospital Revenue Bonds
(H. Lee Moffitt Cancer Center Project), Series A, 5.25%
due 7/01/2037

 

 

1,300

 

 

1,154,660

 

               

Hillsborough County, Florida, IDA, PCR, Refunding (Tampa
Electric Company Project), 5.50% due 10/01/2023

 

 

1,810

 

 

1,736,749

 

               

Jacksonville, Florida, Economic Development Commission,
Health Care Facilities Revenue Bonds (Mayo Clinic-
Jacksonville), Series B, 5.50% due 11/15/2036

 

 

3,500

 

 

3,458,350

 

               

Jacksonville, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Baptist Medical Center Project), 5%
due 8/15/2037 (c)

 

 

1,390

 

 

1,287,251

 

               

Lakeland, Florida, Hospital System Revenue Bonds (Lakeland
Regional Health System), 5.50% due 11/15/2012 (d)

 

 

3,000

 

 

3,295,200

 

               

Madison County, Florida, First Mortgage Revenue Bonds
(Twin Oaks Project), Series A, 6% due 7/01/2025

 

 

865

 

 

797,616

 

               

Miami Beach, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Mount Sinai Medical Center
of Florida), 6.75% due 11/15/2021

 

 

1,500

 

 

1,507,005

 

               

Miami-Dade County, Florida, Special Obligation Revenue
Bonds, Sub-Series B (b)(e):

 

 

 

 

 

 

 

5.95% due 10/01/2030

 

 

10,000

 

 

2,624,800

 

5.80% due 10/01/2032

 

 

5,410

 

 

1,267,455

 

               

Miami-Dade County, Florida, Special Obligation Revenue
Refunding Bonds, Series A, 5.89%
due 10/01/2026 (b)(e)

 

 

5,500

 

 

1,872,860

 

               

Miami, Florida, Special Obligation Revenue Bonds
(Street and Sidewalk Improvement Program),
5% due 1/01/2037 (b)

 

 

1,000

 

 

929,390

 

               

New River Community Development District, Florida,
Capital Improvement Revenue Bonds, Series B,
5% due 5/01/2013

 

 

750

 

 

677,902

 

               

 

 

 

 

 

 

 

 

 

 

 


Par

 

 

 

 

Municipal Bonds

 

(000)

 

 

Value

 

 

  Florida—(concluded)

 

 

 

 

 

 

 

 

Orange County, Florida, Educational Facilities Authority,
Educational Facilities Revenue Bonds (Rollins College
Project), 5.25% due 12/01/2037 (f)

 

$

1,000

 

$

972,060

 

               

Orange County, Florida, Health Facilities Authority, Health
Care Revenue Refunding Bonds (Orlando Lutheran Towers),
5.375% due 7/01/2020

 

 

340

 

 

303,729

 

               

Orange County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Orlando Regional Healthcare):

 

 

 

 

 

 

 

5.75% due 12/01/2012 (d)

 

 

5,000

 

 

5,484,500

 

5.70% due 7/01/2026

 

 

305

 

 

267,729

 

               

Orange County, Florida, School Board, COP, Series A,
5% due 8/01/2032 (g)

 

 

1,000

 

 

935,760

 

               

Orange County, Florida, Tourist Development, Senior Lien
Tax Revenue Bonds, 5.125% due 4/01/2012 (d)(f)

 

 

3,350

 

 

3,572,708

 

               

Osceola County, Florida, Tourist Development Tax Revenue
Bonds, Series A, 5% due 10/01/2032 (g)

 

 

3,105

 

 

2,885,073

 

               

Palm Bay, Florida, Utility System Improvement Revenue
Bonds, 5.68% due 10/01/2028 (e)(g)

 

 

3,630

 

 

1,083,519

 

               

Palm Beach County, Florida, School Board, COP, Series C,
5% due 8/01/2012 (c)(d)

 

 

3,000

 

 

3,197,760

 

               

Saint Johns County, Florida, Water and Sewer Revenue
Bonds, CABS, 5.393% due 6/01/2032 (e)(f)

 

 

1,370

 

 

306,469

 

               

South Broward, Florida, Hospital District Revenue Bonds,
5.60% due 5/01/2012 (d)

 

 

2,000

 

 

2,186,840

 

               

South Miami Health Facilities Authority, Florida, Hospital
Revenue Refunding Bonds (Baptist Health System
Obligation Group), 5% due 8/15/2032

 

 

1,000

 

 

908,230

 

               

Stevens Plantation Improvement Project Dependent Special
District, Florida, Revenue Bonds, 6.375% due 5/01/2013

 

 

1,560

 

 

1,519,409

 

               

Sumter County, Florida, IDA, IDR (North Sumter Utility
Company LLC), AMT, 6.80% due 10/01/2032

 

 

2,700

 

 

2,702,187

 

               

Suncoast Community Development District, Florida,
Capital Improvement Revenue Bonds, Series A,
5.875% due 5/01/2034

 

 

750

 

 

665,618

 

               

Tolomato Community Development District, Florida, Special
Assessment Bonds, 6.55% due 5/01/2027

 

 

650

 

 

608,914

 

               

University of North Florida, Capital Improvement Revenue
Bonds (Housing Project), 5% due 11/01/2032 (g)

 

 

1,000

 

 

935,410

 

               

Village Community Development District Number 5,
Florida, Special Assessment Bonds, Series A,
6.50% due 5/01/2033

 

 

1,370

 

 

1,383,673

 

               

Volusia County, Florida, Educational Facility Authority,
Educational Facilities Revenue Refunding Bonds
(Embry-Riddle Aeronautical University Project) (h):

 

 

 

 

 

 

 

5.20% due 10/15/2026

 

 

1,250

 

 

1,198,125

 

5.20% due 10/15/2033

 

 

1,610

 

 

1,485,837

 

 

 

 

 

 

     

 

 

 

 

 

 

69,666,934

 

               

  Puerto Rico—5.7%

 

 

 

 

 

 

 

               

Puerto Rico Public Buildings Authority, Government Facilities
Revenue Refunding Bonds, Series D,
5.25% due 7/01/2012 (d)

 

 

2,565

 

 

2,737,727

 

               

Total Municipal Bonds
(Cost—$72,189,955)—151.5%

 

 

 

 

 

72,404,661

 

               

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

37



 

 

 


 

 

 

Schedule of Investments (concluded)

 

BlackRock Florida Municipal Bond Trust (BIE)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

 


Par

 

 

 

 

Corporate Bonds

 

(000)

 

 

Value

 

 

Multi-State—7.1%

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust, 7.20% due 10/31/2052 (i)

 

$

3,000

 

$

3,390,840

 

               

Total Corporate Bonds
(Cost—$3,000,000)—7.1%

 

 

 

 

 

3,390,840

 

               

 

 

 

 

 

 

 

 

 

 

Short-Term Bonds

 

Shares

 

Value

 

 

CMA Florida Municipal Money Fund, 2.66% (j)(k)

 

 

940,441

 

$

940,441

 

               

Total Short-Term Securities
(Cost—$940,441)—1.9%

 

 

 

 

 

940,441

 

               

Total Investments (Cost—$76,130,396*)—160.5%

 

 

 

 

 

76,735,942

 

Other Assets Less Liabilities—1.8%

 

 

 

 

 

846,127

 

Preferred Shares, at Redemption Value—(62.3%)

 

 

 

 

 

(29,789,214

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

47,792,855

 

 

 

 

 

 

     

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

75,932,536

 

 

 

 

     

 

Gross unrealized appreciation

 

$

3,017,409

 

 

Gross unrealized depreciation

 

 

(2,208,686

)

 

 

 

     

 

Net unrealized appreciation

 

$

808,723

 

 

 

 

     

 

 

(a)

ACA Insured.

(b)

MBIA Insured.

(c)

FSA Insured.

(d)

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

(e)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.

(f)

AMBAC Insured.

(g)

FGIC Insured.

(h)

Radian Insured.

(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. Unless otherwise indicated, these securities are not considered to be illiquid.

(j)

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

 

 

Dividend

 

 

Affiliate

 

 

Activity

 

 

Income

 

 

               

 

CMA Florida Municipal Money Fund

 

 

(579,513

)

$

20,837

 

 

               

 

 

(k)

Represents the current yield as of report date.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

38

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

 

Schedule of Investments as of February 29, 2008 (Unaudited)

BlackRock Maryland Municipal Bond Trust (BZM)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

               

Municipal Bonds

 

Par
(000)

 

Value

 

           

  Maryland—135.6%

 

 

 

 

 

 

 

               

Annapolis, Maryland, Special Obligation Revenue Bonds
(Park Place Project), Series A, 5.35% due 7/01/2034

 

$

500

 

$

406,445

 

               

Anne Arundel County, Maryland, EDR (Community College
Project), 5.25% due 9/01/2028

 

 

2,870

 

 

2,806,573

 

               

Baltimore County, Maryland, Metropolitan District, GO:

 

 

 

 

 

 

 

67th Issue, 5% due 6/01/2022

 

 

2,000

 

 

2,013,620

 

68th Issue, 5% due 8/01/2028

 

 

2,000

 

 

1,935,300

 

               

Baltimore County, Maryland, Revenue Refunding Bonds
(Oak Crest Village, Inc.), Series A, 5% due 1/01/2037

 

 

1,000

 

 

829,210

 

               

Baltimore, Maryland, Special Obligation Tax Bonds
(Harborview Lot Number 2), 6.50% due 7/01/2031

 

 

1,000

 

 

958,270

 

               

Baltimore, Maryland, Wastewater Project Revenue
Refunding Bonds, Series A (a):

 

 

 

 

 

 

 

5.20% due 7/01/2032

 

 

3,500

 

 

3,359,790

 

5.125% due 7/01/2042

 

 

2,000

 

 

1,896,440

 

               

Frederick County, Maryland, Special Obligation Tax Bonds
(Urbana Community Development Authority),
6.625% due 7/01/2025

 

 

1,000

 

 

984,210

 

               

Howard County, Maryland, Retirement Community
Revenue Refunding Bonds (Columbia Vantage House
Corporation), Series A, 5.25% due 4/01/2033

 

 

500

 

 

404,735

 

               

Maryland State Community Development Administration,
Department of Housing and Community Development,
Residential Revenue Bonds, AMT, Series H,
5.10% due 9/01/2037

 

 

250

 

 

224,440

 

               

Maryland State Health and Higher Educational Facilities
Authority Revenue Bonds:

 

 

 

 

 

 

 

(Baltimore Board of Child Care),
5.375% due 7/01/2032

 

 

2,000

 

 

1,948,200

 

(Carroll County General Hospital), 6% due 7/01/2037

 

 

1,990

 

 

1,978,935

 

(Loyola College), 5% due 10/01/2039 (b)

 

 

2,000

 

 

1,831,320

 

(Union Hospital of Cecil County),
5.625% due 7/01/2032

 

 

2,000

 

 

1,967,280

 

(University of Maryland Medical System),
5.25% due 7/01/2011 (c)

 

 

2,000

 

 

2,130,720

 

               

Maryland State Health and Higher Educational Facilities
Authority, Revenue Refunding Bonds:

 

 

 

 

 

 

 

(Johns Hopkins University), 5% due 7/01/2041

 

 

2,000

 

 

1,873,860

 

(Peninsula Regional Medical Center),
5% due 7/01/2036

 

 

1,000

 

 

881,720

 

               

Maryland State Industrial Development Financing
Authority, EDR:

 

 

 

 

 

 

 

(National Aquarium in Baltimore, Inc.) Series B,
5.20% due 11/01/2026

 

 

1,905

 

 

1,851,660

 

(Our Lady of Good Counsel School), Series A,
6% due 5/01/2035

 

 

1,000

 

 

897,960

 


 

 

 

 

 

 

 

 

               

Municipal Bonds

 


Par
(000)

 

Value

 

           

  Maryland—(concluded)

 

 

 

 

 

 

 

               

Maryland State Transportation Authority, Parking Revenue
Bonds (Baltimore/Washington International Airport), AMT,
Series B, 5.125% due 3/01/2024 (d)

 

$

2,000

 

$

1,850,620

 

               

Montgomery County, Maryland, Lease Revenue Bonds
(Metrorail Garage Projects):

 

 

 

 

 

 

 

5% due 6/01/2023

 

 

500

 

 

500,530

 

5% due 6/01/2024

 

 

1,435

 

 

1,426,993

 

               

Prince Georges County, Maryland, Special Obligation Bonds
(National Harbor Project), 5.20% due 7/01/2034

 

 

1,500

 

 

1,184,625

 

               

Saint Mary’s College of Maryland, Academic and Auxiliary
Facilities Fees Revenue Bonds, Sub-Series A (d):

 

 

 

 

 

 

 

5% due 9/01/2027

 

 

1,000

 

 

947,500

 

5% due 9/01/2032

 

 

1,000

 

 

945,990

 

 

 

 

 

 

     

 

 

 

 

 

 

38,036,946

 

               

  Puerto Rico—11.9%

 

 

 

 

 

 

 

               

Children’s Trust Fund Project of Puerto Rico, Tobacco
Settlement Revenue Refunding Bonds,
5.50% due 5/15/2039

 

 

1,500

 

 

1,400,595

 

               

Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds,
Series D, 5.25% due 7/01/2012 (c)

 

 

1,500

 

 

1,610,370

 

               

Puerto Rico Public Buildings Authority, Government Facilities
Revenue Refunding Bonds, Series D,
5.375% due 7/01/2033

 

 

350

 

 

329,024

 

 

 

 

 

 

     

 

 

 

 

 

 

3,339,989

 

               

Total Municipal Bonds
(Cost—$42,708,073)—147.5%

 

 

 

 

 

41,376,935

 

               

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Corporate Bonds

 

 

 

 

 

 

 

               

  Multi-State—8.1%

 

 

 

 

 

 

 

               

Charter Mac Equity Issuer Trust, 7.20% due 10/31/2052 (e)

 

 

2,000

 

 

2,260,560

 

               

Total Corporate Bonds
(Cost—$2,000,000)—8.1%

 

 

 

 

 

2,260,560

 

               

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

             

Merrill Lynch Institutional Tax-Exempt Fund, 3.01% (f)(g)

 

 

2,002,297

 

 

2,002,297

 

               

Total Short-Term Securities
(Cost—$2,002,297)—7.1%

 

 

 

 

 

2,002,297

 

               

Total Investments (Cost—$46,710,370*)—162.7%

 

 

 

 

 

45,639,792

 

Other Assets Less Liabilities—1.5%

 

 

 

 

 

421,105

 

Preferred Shares, at Redemption Value—(64.2%)

 

 

 

 

 

(18,006,670

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

28,054,227

 

 

 

 

 

 

     

 

 

   


*


The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

46,617,810

 

 

 

     

Gross unrealized appreciation

 

$

728,812

 

Gross unrealized depreciation

 

 

(1,699,055

)

 

 

     

Net unrealized depreciation

 

$

(970,243

)

 

 

     

 

 

(a)

FGIC Insured.

(b)

Represents a pay-in-kind security which may pay interest/dividends in additional face/shares.

(c)

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

(d)

AMBAC 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. Unless otherwise indicated, these securities are not considered to be illiquid.

(f)

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
Activity

 

Dividend
Income

 

           

Merrill Lynch Institutional Tax-Exempt Fund

 

 

1,802,297

 

$

5,802

 

               

 

 

(g)

Represents the current yield as of report date.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

39



 

 

 


 

 

 

Schedule of Investments as of February 29, 2008
(Unaudited)

 

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


 

 

 

 

 

 

 

 

               

Municipal Bonds

 


Par
(000)

 

Value

 

           

  New Jersey—134.2%

 

 

 

 

 

 

 

               

Garden State Preservation Trust of New Jersey,
Capital Appreciation Revenue Bonds, Series B,
5.24% due 11/01/2027 (a)(b)

 

$

4,000

 

$

1,315,440

 

               

Middlesex County, New Jersey, Improvement
Authority, Subordinate Revenue Bonds (Heldrich
Center Hotel/Conference Project), Series B,
6.25% due 1/01/2037

 

 

560

 

 

466,631

 

               

New Jersey EDA, Cigarette Tax Revenue Bonds,
5.75% due 6/15/2034

 

 

2,000

 

 

1,835,420

 

               

New Jersey EDA, EDR, Refunding (Kapkowski
Road Landfill Reclamation Improvement District
Project), 6.50% due 4/01/2028

 

 

2,250

 

 

2,256,097

 

               

New Jersey EDA, First Mortgage Revenue Bonds
(Lions Gate Project), Series A:

 

 

 

 

 

 

 

5.75% due 1/01/2025

 

 

150

 

 

135,728

 

5.875% due 1/01/2037

 

 

265

 

 

230,372

 

               

New Jersey EDA, First Mortgage Revenue
Refunding Bonds, Series A:

 

 

 

 

 

 

 

(Fellowship Village), 5.50% due 1/01/2025

 

 

2,000

 

 

1,854,780

 

(The Winchester Gardens at Ward
Homestead Project), 5.80% due 11/01/2031

 

 

2,500

 

 

2,315,250

 

               

New Jersey EDA, Mortgage Revenue Refunding
Bonds (Victoria Health Corporation Project),
Series A, 5.20% due 12/20/2036 (c)

 

 

1,690

 

 

1,626,439

 

               

New Jersey EDA, Retirement Community
Revenue Refunding Bonds (Seabrook Village,
Inc.), 5.25% due 11/15/2026

 

 

470

 

 

401,215

 

               

New Jersey EDA, Revenue Bonds (Newark
Downtown District Management Corporation),
5.125% due 6/15/2037

 

 

250

 

 

209,185

 

               

New Jersey EDA, School Facilities Construction
Revenue Bonds, Series U, 5% due 9/01/2037 (d)

 

 

500

 

 

474,885

 

               

New Jersey EDA, Solid Waste Disposal Facilities
Revenue Bonds (Waste Management Inc.), AMT, Series
A, 5.30% due 6/01/2015

 

 

1,000

 

 

1,010,510

 

               

New Jersey EDA, Special Facility Revenue Bonds
(Continental Airlines Inc. Project), AMT, 7% due
11/15/2030

 

 

2,335

 

 

2,224,531

 

               

New Jersey Health Care Facilities Financing
Authority, Health System Revenue Bonds
(Catholic Health East), Series A, 5.375%
due 11/15/2012 (e)

 

 

2,000

 

 

2,162,640

 

               

New Jersey Health Care Facilities Financing
Authority Revenue Bonds:

 

 

 

 

 

 

 

(Kennedy Health System), 5.625%
due 7/01/2031

 

 

2,000

 

 

1,955,360

 

(South Jersey Hospital System), 6%
due 7/01/2012 (e)

 

 

2,500

 

 

2,737,850

 

               

New Jersey Health Care Facilities Financing
Authority, Revenue Refunding Bonds:

 

 

 

 

 

 

 

(Atlantic City Medical Center), 5.75%
due 7/01/2012 (e)

 

 

890

 

 

965,810

 

(Atlantic City Medical Center), 5.75% due 7/01/2025

 

 

1,110

 

 

1,117,936

 

(Saint Barnabas Health Care System),
Series B, 5.92% due 7/01/2030 (b)

 

 

500

 

 

104,090

 

(Saint Barnabas Health Care System),
Series B, 5.72% due 7/01/2036 (b)

 

 

3,600

 

 

497,088

 

(Saint Barnabas Health Care System),
Series B, 5.79% due 7/01/2037 (b)

 

 

3,600

 

 

463,536

 

(South Jersey Hospital System), 5% due 7/01/2046

 

 

500

 

 

428,495

 

               

 

 

 

 

 

 

 

 

           

Municipal Bonds

 


Par
(000)

 

Value

 

           

  New Jersey—(concluded)

 

 

 

 

 

 

 

               

New Jersey State Educational Facilities
Authority Revenue Bonds:

 

 

 

 

 

 

 

(Fairleigh Dickinson University), Series D,
6% due 7/01/2025

 

$

1,000

 

$

973,660

 

(Georgian Court College Project),
Series C, 6.50% due 7/01/2013 (e)

 

 

630

 

 

721,602

 

(Kean University), Series D, 5%
due 7/01/2032 (f)

 

 

100

 

 

94,352

 

(Kean University), Series D, 5%
due 7/01/2039 (f)

 

 

300

 

 

281,082

 

(Richard Stockton College), Series F, 5%
due 7/01/2031 (g)

 

 

1,250

 

 

1,177,700

 

               

New Jersey State Educational Facilities
Authority, Revenue Refunding Bonds:

 

 

 

 

 

 

 

(Fairleigh Dickinson University), Series C,
6% due 7/01/2020

 

 

1,000

 

 

1,009,860

 

(Fairleigh Dickinson University), Series C,
5.50% due 7/01/2023

 

 

500

 

 

468,450

 

(Georgian Court University), Series D, 5%
due 7/01/2033

 

 

150

 

 

128,840

 

(Rowan University), Series B, 4.25%
due 7/01/2034 (f)

 

 

350

 

 

289,825

 

               

New Jersey State Housing and Mortgage Finance
Agency, S/F Housing Revenue Refunding Bonds,
AMT, Series T, 4.70% due 10/01/2037

 

 

250

 

 

208,910

 

               

New Jersey State Transportation Trust Fund
Authority, Transportation System Revenue
Bonds, Series C, 4.666% due 12/15/2032 (a)(b)

 

 

1,250

 

 

290,713

 

               

Port Authority of New York and New Jersey,
Consolidated Revenue Bonds, AMT, 126th
Series, 5.25% due 5/15/2037 (f)

 

 

2,250

 

 

2,088,495

 

               

Port Authority of New York and New Jersey,
Consolidated Revenue Refunding Bonds, 125th
Series, 5% due 4/15/2032 (a)

 

 

1,500

 

 

1,442,985

 

               

Port Authority of New York and New Jersey,
Special Obligation Revenue Bonds (Continental
Airlines, Inc. - LaGuardia Project), AMT, 9.125%
due 12/01/2015

 

 

125

 

 

128,250

 

               

Rahway Valley Sewerage Authority, New Jersey,
Sewer Revenue Bonds, CABS, Series A, 4.36%
due 9/01/2033 (b)(g)

 

 

650

 

 

142,838

 

               

Salem County, New Jersey, Improvement
Authority Revenue Bonds (Finlaw State Office
Building Project), 5.25% due 8/15/2038 (a)

 

 

100

 

 

99,246

 

               

Tobacco Settlement Financing Corporation of
New Jersey, Asset Backed Revenue Refunding
Bonds:

 

 

 

 

 

 

 

6.125% due 6/01/2012 (e)

 

 

2,600

 

 

2,866,760

 

Series 1B, 5.65% due 6/01/2041 (b)

 

 

1,000

 

 

90,680

 

               

University of Medicine and Dentistry of New
Jersey, Revenue Bonds, Series A, 5% due
12/01/2031 (d)

 

 

1,000

 

 

924,090

 

               

Vineland, New Jersey, Electric Utility, GO,
Refunding, AMT (g):

 

 

 

 

 

 

 

5.30% due 5/15/2029

 

 

1,000

 

 

989,870

 

5.375% due 5/15/2032

 

 

1,500

 

 

1,497,450

 

               

 

 

 

 

 

 

42,704,946

 

               

Puerto Rico—16.8%

 

 

 

 

 

 

 

               

Puerto Rico Commonwealth Highway and
Transportation Authority, Transportation
Revenue Refunding Bonds, Series D, 5.25%
due 7/01/2012 (e)

 

 

2,000

 

 

2,147,160

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

40

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 

 


 

 

 

Schedule of Investments (concluded)

 

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


 

 

 

 

 

 

 

 

           

Municipal Bonds

 


Par
(000)

 

Value

 

           

  Puerto Rico—(concluded)

 

 

 

 

 

 

 

               

Puerto Rico Commonwealth Infrastructure
Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A (b)(d):

 

 

 

 

 

 

 

4.34% due 7/01/2037

 

$

1,750

 

$

282,135

 

4.51% due 7/01/2043

 

 

1,000

 

 

110,170

 

               

Puerto Rico Electric Power Authority, Power
Revenue Bonds, Series II, 5.25%
due 7/01/2012 (e)

 

 

1,750

 

 

1,897,560

 

               

Puerto Rico Electric Power Authority, Power
Revenue Refunding Bonds, Series SS, 5%
due 7/01/2025 (g)

 

 

350

 

 

337,393

 

               

Puerto Rico Public Buildings Authority,
Government Facilities Revenue Refunding
Bonds, Series D, 5.25% due 7/01/2027

 

 

615

 

 

569,201

 

 

 

 

 

 

     

 

 

 

 

 

 

5,343,619

 

               

Total Municipal Bonds
(Cost—$49,216,265)—151.0%

 

 

 

 

 

48,048,565

 

               

 

 

 

 

 

 

 

 

           

Corporate Bonds

 


Par
(000)

 

Value

 

           

  Multi-State—7.1%

 

 

 

 

 

 

 

               

Charter Mac Equity Issuer Trust, 7.20%
due 10/31/2052 (h)

 

$

2,000

 

$

2,260,560

 

               

Total Corporate Bonds
(Cost—$2,000,000)—7.1%

 

 

 

 

 

2,260,560

 

               

 

 

 

 

 

 

 

 


 

Short-Term Securities

 

Shares

 

 

 

 

               

CMA New Jersey Municipal Money Fund, 2.48% (i)(j)

 

 

1,113,091

 

 

1,113,091

 

           

 

 

 

 

 

 

 

 

Total Short-Term Securities
(Cost—$1,113,091)—3.5%

 

 

 

 

 

1,113,091

 

               

Total Investments (Cost—$52,329,356*)—161.6%

 

 

 

 

 

51,422,216

 

Other Assets Less Liabilities—2.0%

 

 

 

 

 

646,281

 

Preferred Shares, at Redemption Value—(63.6%)

 

 

 

 

 

(20,238,924

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

31,829,573

 

 

 

 

 

 

     

 

 

   

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

52,201,672

 

 

 

 

 

 

       

 

Gross unrealized appreciation

 

 

 

 

$

1,826,733

 

 

Gross unrealized depreciation

 

 

 

 

 

(2,598,715

)

 

 

 

 

 

       

 

Net unrealized depreciation

 

 

 

 

$

(771,982

)

 

 

 

 

 

       

 

 

(a)

FSA Insured.

(b)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.

(c)

GNMA Collateralized.

(d)

AMBAC Insured.

(e)

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

(f)

FGIC Insured.

(g)

MBIA 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. Unless otherwise indicated, these securities are not considered to be illiquid.

(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
Activity

 

Dividend
Income

 

               

CMA New Jersey Municipal Money Fund

 

 

605,718

 

$

6,073

 

               

 

 

(j)

Represents the current yield as of report date.


 

 

Forward interest rate swaps outstanding as of February 29, 2008 were as follows:

 

 

 

 

 

 

 

 

 

               

 

 

Notional
Amount
(000)

 

Unrealized
Appreciation
(Depreciation)

 

           

Pay a fixed rate of 3.984% and receive a floating
rate based on 1-week SIFMA Municipal Swap Index
Broker, JPMorgan Chase
Expires June 2008

 

$

1,100

 

$

(21,953

)

Pay a fixed rate of 3.682% and receive a floating
rate based on 1-week SIMFA Municipal Swap Index
Broker, JPMorgan Chase
Expires April 2008

 

 

1,700

 

 

68,065

 

               

Total

 

 

 

 

$

46,112

 

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

41



 



 

 

Schedule of Investments as of February 29, 2008 (Unaudited)

BlackRock New York Insured Municipal Income Trust (BSE)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

New York—156.4%

 

 

 

 

 

 

 

               

Babylon, New York, IDA Residential Recovery Revenue
Refunding Bonds (Ogden Martin Project), VRDN,
2.87% due 1/01/2019 (a)(b)

 

$

710

 

$

710,000

 

               

Herkimer County, New York, IDA, Civic Facility Revenue
Bonds (Herkimer College Foundation Inc.),
6.25% due 8/01/2034

 

 

1,000

 

 

962,480

 

               

Hudson Yards Infrastructure Corporation, New York,
Revenue Bonds, Series A, 5% due 2/15/2047 (c)

 

 

3,000

 

 

2,723,760

 

               

Long Island Power Authority, New York, Electric System
Revenue Refunding Bonds:

 

 

 

 

 

 

 

Series B, 5% due 12/01/2035 (a)

 

 

1,000

 

 

963,600

 

Series F, 4.25% due 5/01/2033 (d)

 

 

1,415

 

 

1,196,496

 

               

Metropolitan Transportation Authority, New York, Revenue
Refunding Bonds:

 

 

 

 

 

 

 

Series A, 5% due 11/15/2030 (a)

 

 

6,095

 

 

5,925,254

 

Series A, 5.25% due 11/15/2031 (c)

 

 

4,250

 

 

4,198,532

 

Series E, 5.25% due 11/15/2031 (c)

 

 

2,660

 

 

2,627,787

 

               

Metropolitan Transportation Authority, New York, Service
Contract Revenue Refunding Bonds, Series A,
5% due 7/01/2030 (e)

 

 

10,000

 

 

9,762,700

 

               

Nassau County, New York, Interim Financing Authority,
Sales Tax Secured Revenue Refunding Bonds, VRDN, Series A,
2.85% due 11/15/2022 (a)(b)

 

 

500

 

 

500,000

 

               

New York City, New York, City IDA, PILOT Revenue Bonds:

 

 

 

 

 

 

 

(Queens Baseball Stadium Project),
5% due 1/01/2046 (e)

 

 

3,725

 

 

3,429,533

 

(Yankee Stadium Project),
5% due 3/01/2046 (c)

 

 

650

 

 

598,422

 

               

New York City, New York, City Municipal Water Finance
Authority, Second General Resolution, Water and Sewer
System, Revenue Refunding Bonds (a):

 

 

 

 

 

 

 

Series A, 4.75% due 6/15/2037

 

 

1,385

 

 

1,266,458

 

Series DD, 4.75% due 6/15/2036

 

 

2,035

 

 

1,871,732

 

               

New York City, New York, City Municipal Water Finance
Authority, Water and Sewer System Revenue Bonds,
Series A, 4.25% due 6/15/2039 (a)

 

 

1,500

 

 

1,244,460

 

               

New York City, New York, City Transitional Finance Authority,
Building Aid Revenue Bonds, Series S-1,
5% due 7/15/2031 (c)

 

 

500

 

 

472,320

 

               

New York City, New York, City Transitional Finance Authority:

 

 

 

 

 

 

 

Future Tax Secured, Revenue Refunding Bonds, Series B (e):

 

 

 

 

 

 

 

5% due 11/01/2011 (f)

 

 

235

 

 

251,711

 

5% due 5/01/2030

 

 

5,765

 

 

5,562,418

 

               

New York City, New York, GO, Refunding, VRDN, Series H,
Sub-Series H-3 (a)(b):

 

 

 

 

 

 

 

2.90% due 8/01/2019

 

 

1,900

 

 

1,900,000

 

2.90% due 8/01/2022

 

 

2,300

 

 

2,300,000

 

               

New York City, New York, GO, Series D1,
5.125% due 12/01/2027

 

 

1,400

 

 

1,358,434

 

               

New York City, New York, GO, VRDN, Sub-Series A-6,
3.05% due 11/01/2026 (a)(b)

 

 

1,000

 

 

1,000,000

 

               

New York City, New York, IDA, Civic Facility Revenue Bonds
(Lycee Francais de New York Project), Series A,
5.375% due 6/01/2023 (g)

 

 

2,500

 

 

2,291,225

 

               

New York City, New York, IDA, Civic Facility Revenue
Refunding Bonds (Polytechnic University),
5.25% due 11/01/2037 (g)

 

 

440

 

 

350,645

 

               

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

New York—(concluded)

 

 

 

 

 

 

 

               

New York City, New York, Sales Tax Asset Receivable
Corporation Revenue Bonds, Series A,
5% due 10/15/2032 (e)

 

$

6,000

 

$

5,769,600

 

               

New York City, New York, Trust for Cultural Resources
Revenue Refunding Bonds (American Museum of
Natural History), Series A, 5% due 7/01/2044 (d)

 

 

4,100

 

 

3,833,623

 

               

New York Convention Center Development Corporation,
New York, Revenue Bonds (Hotel Unit Fee Secured),
5% due 11/15/2044 (e)

 

 

7,425

 

 

6,872,209

 

               

New York State Dormitory Authority, Hospital Revenue Bonds
(Lutheran Medical Center), 5% due 8/01/2031 (h)(d)

 

 

7,000

 

 

6,559,350

 

               

New York State Dormitory Authority, Hospital Revenue
Refunding Bonds (New York and Presbyterian Hospital),
5% due 8/01/2032 (e)(h)

 

 

5,000

 

 

4,678,800

 

               

New York State Dormitory Authority, Lease Revenue Bonds
(State University Dormitory Facilities),
5% due 7/01/2037 (e)

 

 

500

 

 

477,045

 

               

New York State Dormitory Authority, Mental Health Services
Revenue Bonds, VRDN (b):

 

 

 

 

 

 

 

Sub-Series D-2A, 5% due 2/15/2031 (d)

 

 

700

 

 

700,000

 

Sub-Series D-2B, 3.15% due 2/15/2031 (a)

 

 

800

 

 

800,000

 

               

New York State Dormitory Authority, Mortgage Hospital
Revenue Bonds (Saint Barnabas Hospital), Series A,
5% due 2/01/2031 (e)(h)

 

 

6,000

 

 

5,626,380

 

               

New York State Dormitory Authority, Non-State Supported
Debt Revenue Bonds (Health Quest Systems), Series B,
5.125% due 7/01/2037 (i)

 

 

750

 

 

711,308

 

               

New York State Dormitory Authority, Non-State Supported
Debt, Revenue Refunding Bonds (Mount Sinai School of
Medicine of New York University), 5% due 7/01/2035 (d)

 

 

2,500

 

 

2,351,000

 

               

New York State Dormitory Authority Revenue Bonds:

 

 

 

 

 

 

 

(Brooklyn Law School), Series B,
5.125% due 7/01/2030 (j)

 

 

5,000

 

 

4,665,850

 

(Fashion Institute of Technology Student Housing
Corporation), 5.125% due 7/01/2014 (c)(f)

 

 

2,500

 

 

2,706,875

 

(Memorial Sloan-Kettering Cancer Center), Series 1,
5.06% due 7/01/2030 (d)(k)(l)

 

 

10,000

 

 

2,911,900

 

(New York University), Series 2, 5% due 7/01/2041 (e)

 

 

7,000

 

 

6,589,310

 

(SS Joachim and Anne Residence),
5.25% due 7/01/2027

 

 

3,000

 

 

2,873,280

 

(School Districts Financing Program), Series D,
5% due 10/01/2030 (d)

 

 

3,500

 

 

3,309,635

 

               

New York State Dormitory Authority, Revenue Refunding
Bonds, Series A:

 

 

 

 

 

 

 

(School District Financing Program),
5% due 4/01/2031(d)

 

 

2,000

 

 

1,895,040

 

(Winthrop S. Nassau University),
5.25% due 7/01/2031 (e)

 

 

2,000

 

 

1,949,960

 

               

New York State, GO, Series A, 4.125% due 3/01/2037 (c)

 

 

320

 

 

258,038

 

               

New York State Local Government Assistance Corporation,
Revenue Refunding Bonds, Sub-Lien, VRDN, Series 4V,
3.10% due 4/01/2022 (a)(b)

 

 

500

 

 

500,000

 

               

Schuyler County, New York, Human Services Development
Corporation Revenue Bonds, 5% due 5/01/2032 (i)

 

 

1,150

 

 

1,103,207

 

               

TSASC, Inc., New York, TFABS, Series 1,
5.75% due 7/15/2012 (f)

 

 

2,500

 

 

2,735,825

 

               

Triborough Bridge and Tunnel Authority, New York, Revenue
Refunding Bonds, 5% due 11/15/2032 (d)

 

 

9,400

 

 

8,889,580

 

 

 

 

 

 

     

 

 

 

 

 

 

132,235,782

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

42

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 



 

 

Schedule of Investments (concluded)

BlackRock New York Insured Municipal Income Trust (BSE)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

Puerto Rico—6.4%

 

 

 

 

 

 

 

               

Puerto Rico Electric Power Authority, Power Revenue
Refunding Bonds, Series SS, 5% due 7/01/2025 (d)

 

$

1,000

 

$

963,980

 

               

Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Revenue Bonds
(University Plaza Project), Series A,
5% due 7/01/2033 (d)

 

 

1,000

 

 

930,720

 

               

Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities, Revenue Refunding
Bonds (Polytechnic University), Series A,
5% due 8/01/2032 (g)

 

 

4,000

 

 

3,551,280

 

 

 

 

 

 

     

 

 

 

 

 

 

5,445,980

 

               

Total Municipal Bonds
(Cost—$145,244,408)—162.8%

 

 

 

 

 

137,681,762

 

               

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

Value

 

 

CMA New York Municipal Money Fund, 2.63% (m)(n)

 

 

298

 

$

298

 

               

Total Short-Term Securities
(Cost—$298)—0.0%

 

 

 

 

 

298

 

               

Total Investments (Cost—$145,244,706*)—162.8%

 

 

 

 

 

137,682,060

 

Other Assets Less Liabilities—3.4%

 

 

 

 

 

2,898,823

 

Preferred Shares, at Redemption Value—(66.2%)

 

 

 

 

 

(56,020,750

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

84,560,133

 

 

 

 

 

 

     

 

               

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

145,262,500

 

 

 

     

Gross unrealized appreciation

 

$

547,837

 

Gross unrealized depreciation

 

 

(8,120,883

)

 

 

     

Net unrealized depreciation

 

$

(7,573,046

)

 

 

     


 

 

(a)

FSA Insured.

(b)

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. The rate disclosed is as of report date. This rate changes periodically based upon prevailing market rates.

(c)

FGIC Insured.

(d)

MBIA Insured.

(e)

AMBAC Insured.

(f)

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

(g)

ACA Insured.

(h)

FHA Insured.

(i)

Assured Guaranty Insured.

(j)

XL Capital Insured.

(k)

Security is collateralized by municipal or U.S. Treasury obligations.

(l)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.

(m)

Represents the current yield as of report date.

(n)

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:


 

 

 

 

 

 

 

 

Affillate

 

Net
Activity

Dividend
Income

 

 

 

CMA New York Municipal Money Fund

 

7

$4

 

       

 

 

 

Forward interest rate swaps outstanding as of February 29, 2008 were as follows:


 

 

 

 

 

 

 

 

 

 

 

Notional
Amount
(000)

 

Unrealized
Appreciation
(Depreciation)

 

               

Pay a fixed rate of 3.984% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

Broker, JPMorgan Chase
Expires June 2028

 

$

8,000

 

$

(159,656

)

 

 

 

 

 

 

 

 

Pay a fixed rate of 3.682% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index
Broker, JPMorgan Chase
Expires April 2038

 

$

6,000

 

 

240,228

 

               

Total

 

 

 

 

$

80,572

 

 

 

 

 

 

     

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

43



 

 


 

 

Schedule of Investments as of February 29, 2008

BlackRock New York Municipal Bond Trust (BQH)

(Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

           

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New York—127.6%

 

 

 

 

 

 

 

               

Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant
Charter School Project), Series A (a):

 

 

 

 

 

 

 

7% due 5/01/2025

 

$

200

 

$

155,238

 

7% due 5/01/2035

 

 

130

 

 

98,743

 

               

Dutchess County, New York, IDA, Civic Facility Revenue
Bonds (Vassar College Project),
5.35% due 8/01/2011 (b)

 

 

1,000

 

 

1,078,890

 

               

Dutchess County, New York, IDA, Civic Facility
Revenue Refunding Bonds
(Bard College), Series A-2, 4.50% due 8/01/2036

 

 

500

 

 

424,715

 

               

Genesee County, New York, IDA, Civic Facility Revenue
Refunding Bonds (United Memorial Medical Center
Project), 5% due 12/01/2027

 

 

150

 

 

124,280

 

               

Hudson Yards Infrastructure Corporation, New York,
Revenue Bonds, Series A, 4.50% due 2/15/2047 (c)

 

 

900

 

 

776,313

 

               

Madison County, New York, IDA, Civic Facility Revenue Bonds
(Commons II LLC - Student Housing), Series A,
5% due 6/01/2033 (d)

 

 

200

 

 

184,118

 

               

Metropolitan Transportation Authority, New York, Revenue
Refunding Bonds, Series A, 5.125% due 11/15/2031

 

 

3,000

 

 

2,886,270

 

               

New York City, New York, City Health and Hospital Corporation,
Health System Revenue Bonds, Series A,
5.375% due 2/15/2026

 

 

1,100

 

 

1,069,739

 

               

New York City, New York, City Housing Development
Corporation, M/F Housing Revenue Bonds, AMT,
Series A, 5.50% due 11/01/2034

 

 

2,500

 

 

2,379,100

 

               

New York City, New York, City IDA, PILOT Revenue Bonds:

 

 

 

 

 

 

 

(Queens Baseball Stadium Project), 5% due 1/01/2039 (e)

 

 

250

 

 

233,977

 

(Queens Baseball Stadium Project), 5% due 1/01/2046 (e)

 

 

150

 

 

138,102

 

(Yankee Stadium Project), 5% due 3/01/2036 (c)

 

 

250

 

 

234,617

 

(Yankee Stadium Project), 5% due 3/01/2046 (f)

 

 

750

 

 

690,487

 

               

New York City, New York, City IDA, Special Facility
Revenue Bonds AMT:

 

 

 

 

 

 

 

(American Airlines, Inc. - JFK International Airport),
7.625% due 8/01/2025

 

 

1,250

 

 

1,279,637

 

(Continental Airlines Inc. Project),
7.75% due 8/01/2031

 

 

1,000

 

 

1,033,830

 

               

New York City, New York, City Municipal Water Finance
Authority, Second General Resolution, Water and Sewer
System Revenue Bonds, Series AA,
4.50% due 6/15/2037 (c)

 

 

650

 

 

566,085

 

               

New York City, New York, City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, Series A:

 

 

 

 

 

 

 

5.25% due 6/15/2011 (b)

 

 

2,500

 

 

2,661,650

 

4.25% due 6/15/2033

 

 

250

 

 

210,757

 

               

New York City, New York, City Transitional Finance Authority,
Building Aid Revenue Bonds, Series S-1,
5% due 7/15/2031 (f)

 

 

250

 

 

236,160

 

               

New York City, New York, GO, Series D,
5.375% due 6/01/2032

 

 

2,040

 

 

2,035,696

 

               

New York City, New York, IDA, Civic Facility Revenue Bonds
(Lycee Francais de New York Project), Series A, 5.50%
due 6/01/2015 (g)

 

 

250

 

 

251,325

 

               

New York City, New York, IDA, Civic Facility Revenue Refunding
Bonds (Polytechnic University),
5.25% due 11/01/2037 (g)

 

 

480

 

 

382,522

 

               

New York Convention Center Development Corporation,
New York, Revenue Bonds (Hotel Unit Fee Secured),
5% due 11/15/2044 (e)

 

 

1,000

 

 

925,550

 

               

 

 

 

 

 

 

 

 

               

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New York—(concluded)

 

 

 

 

 

 

 

               

New York Counties Tobacco Trust III, Tobacco Settlement
Pass-Through Bonds, 6% due 6/01/2043

 

$

1,445

 

$

1,454,537

 

               

New York Liberty Development Corporation Revenue Bonds
(National Sports Museum Project), Series A,
6.125% due 2/15/2019

 

 

386

 

 

365,019

 

               

New York State Dormitory Authority, Consolidated Fourth
General Resolution Revenue Bonds (City University System),
Series A, 5.25% due 7/01/2011 (b)

 

 

2,215

 

 

2,359,772

 

               

New York State Dormitory Authority, Non-State Supported
Debt Revenue Bonds:

 

 

 

 

 

 

 

(Manhattan College), Series B, 5.30% due 7/01/2037 (h)

 

 

200

 

 

184,644

 

(New York University Hospitals Center), Series B,
5.625% due 7/01/2037

 

 

260

 

 

236,535

 

               

New York State Dormitory Authority, Non-State Supported Debt,
Revenue Refunding Bonds (Mount Sinai School of Medicine
of New York University), 5% due 7/01/2035 (c)

 

 

150

 

 

141,060

 

               

New York State Dormitory Authority Revenue Bonds:

 

 

 

 

 

 

 

(Iona College), 5.125% due 7/01/2032 (i)

 

 

2,500

 

 

2,311,825

 

(Willow Towers Inc. Project), 5.40% due 2/01/2034 (j)

 

 

2,500

 

 

2,500,950

 

               

New York State Environmental Facilities Corporation,
State Clean Water and Drinking Revenue Refunding Bonds
(New York City Water Project),
Series D, 5.125% due 6/15/2031

 

 

2,750

 

 

2,711,143

 

               

New York State Mortgage Agency Revenue Bonds, AMT,
Series 101, 5.40% due 4/01/2032

 

 

2,785

 

 

2,620,601

 

               

New York State Thruway Authority, General Revenue
Refunding Bonds, Series H, 5% due 1/01/2037 (f)

 

 

250

 

 

238,253

 

               

New York State Urban Development Corporation,
Personal Income Tax Revenue Bonds, Series A,
5.25% due 3/15/2012 (b)

 

 

5,000

 

 

5,356,850

 

               

Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, AMT, 126th Series,
5.25% due 5/15/2037 (f)

 

 

2,750

 

 

2,552,605

 

               

Port Authority of New York and New Jersey, Special
Obligation Revenue Bonds (Continental Airlines, Inc. -
LaGuardia Project), AMT, 9.125% due 12/01/2015

 

 

2,475

 

 

2,539,350

 

               

Saratoga County, New York, IDA, Civic Facility Revenue Bonds
(The Saratoga Hospital Project), Series B,
5.25% due 12/01/2032

 

 

200

 

 

179,818

 

               

Schuyler County, New York, Human Services Development
Corporation Revenue Bonds, 5% due 5/01/2032 (k)

 

 

600

 

 

575,586

 

               

Suffolk County, New York, IDA, Continuing Care and Retirement,
Revenue Refunding Bonds (Jeffersons Ferry Project),
5% due 11/01/2028

 

 

260

 

 

220,943

 

               

Suffolk County, New York, IDA, IDR (Keyspan-Port Jefferson),
AMT, 5.25% due 6/01/2027

 

 

500

 

 

461,765

 

               

TSASC, Inc., New York, TFABS, Series 1,
5.75% due 7/15/2012 (b)

 

 

3,000

 

 

3,282,990

 

 

 

 

 

 

     

 

 

 

 

 

 

50,352,047

 

               

Guam—0.5%

 

 

 

 

 

 

 

               

Guam Economic Development and Commerce Authority, Tobacco
Settlement Asset Backed Revenue Refunding Bonds,
5.625% due 6/01/2047

 

 

200

 

 

182,846

 

               

Puerto Rico—20.6%

 

 

 

 

 

 

 

               

Children’s Trust Fund Project of Puerto Rico, Tobacco Settlement
Revenue Refunding Bonds, 5.625% due 5/15/2043

 

 

500

 

 

467,485

 

               

Puerto Rico Commonwealth Highway and Transportation Authority,
Transportation Revenue Refunding Bonds, Series D, 5.25%
due 7/01/2012 (b)

 

 

750

 

 

805,185

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

44

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

 

Schedule of Investments (concluded)

BlackRock New York Municipal Bond Trust (BQH)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

               

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Puerto Rico—(concluded)

 

 

 

 

 

 

 

               

Puerto Rico Commonwealth Infrastructure Financing Authority,
Special Tax and Capital Appreciation Revenue Bonds,
Series A (e)(l):

 

 

 

 

 

 

 

4.34% due 7/01/2037

 

$

2,000

 

$

322,440

 

5.009% due 7/01/2044

 

 

2,000

 

 

207,020

 

               

Puerto Rico Commonwealth, Public Improvement, GO,
Series A, 5.125% due 7/01/2031

 

 

1,825

 

 

1,659,728

 

               

Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series II, 5.25% due 7/01/2012 (b)

 

 

1,750

 

 

1,897,560

 

               

Puerto Rico Public Buildings Authority, Government
Facilities Revenue Refunding Bonds, Series D:

 

 

 

 

 

 

 

5.25% due 7/01/2012 (b)

 

 

1,980

 

 

2,113,333

 

5.25% due 7/01/2027

 

 

720

 

 

666,382

 

 

 

 

 

 

     

 

 

 

 

 

 

8,139,133

 

               

Total Municipal Bonds
(Cost—$58,987,747)—148.7%

 

 

 

 

 

58,674,026

 

               

 

 

 

 

 

 

 

 

               

 

Corporate Bonds

 

Par
(000)

 

Value

 

               

Multi State—7.2%

 

 

 

 

 

 

 

               

Charter Mac Equity Issuer Trust,
7.20% due 10/31/2052 (m)

 

$

2,500

 

 

2,825,700

 

               

Total Corporate Bonds
(Cost—$2,500,000)—7.2%

 

 

 

 

 

2,825,700

 

               

 

 



 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

               

CMA New York Municipal Money Fund, 2.63% (n)(o)

 

 

1,614,379

 

$

1,614,379

 

               

Total Short-Term Securities
(Cost—$1,614,379)—4.1%

 

 

 

 

 

1,614,379

 

               

Total Investments (Cost—$63,102,126*)—160.0%

 

 

 

 

 

63,114,105

 

Other Assets Less Liabilities—1.4%

 

 

 

 

 

542,553

 

Preferred Shares, at Redemption Value—(61.4%)

 

 

 

 

 

(24,213,937

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

39,442,721

 

 

 

 

 

 

     

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

63,013,624

 

 

 

     

Gross unrealized appreciation

 

$

2,304,328

 

Gross unrealized depreciation

 

 

(2,196,116

)

 

 

     

Net unrealized appreciation

 

$

108,212

 

 

 

     

 

 

(a)

Illiquid security.

(b)

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

(c)

MBIA Insured.

(d)

CIFG Insured.

(e)

AMBAC Insured.

(f)

FGIC Insured.

(g)

ACA Insured.

(h)

Radian Insured.

(i)

XL Capital Insured.

(j)

GNMA Collateralized.

(k)

Assured Guaranty Insured.

(l)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.

(m)

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. Unless otherwise indicated, these securities are not considered illiquid.

(n)

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
Activity

 

Dividend
Income

 

               

CMA New York Municipal Money Fund

 

 

1,107,227

 

$

7,746

 

               

 

 

(o)

Represents the current yield as of report date.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

45




 

 

 


 

Schedule of Investments as of February 29, 2008
(Unaudited)

 

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

 

 

 

 

 

 

 

 

           

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New York—144.9%

 

 

 

 

 

 

 

               

Albany, New York, IDA, Civic Facility Revenue Bonds (New
Covenant Charter School Project), Series A (a):

 

 

 

 

 

 

 

7% due 5/01/2025

 

$

345

 

$

267,786

 

7% due 5/01/2035

 

 

220

 

 

167,103

 

               

Clarence, New York, IDA, Civic Facility Revenue Bonds
(Bristol Village Project), 6% due 1/20/2044 (b)

 

 

1,705

 

 

1,758,861

 

               

Dutchess County, New York, IDA, Civic Facility Revenue Bonds
(Vassar College Project), 5.35% due 8/01/2011 (c)

 

 

4,000

 

 

4,315,560

 

               

Essex County, New York, IDA, Solid Waste Disposal, Revenue
Refunding Bonds (International Paper Company), AMT,
Series A, 5.50% due 10/01/2026

 

 

625

 

 

546,500

 

               

Genesee County, New York, IDA, Civic Facility Revenue Refunding
Bonds (United Memorial Medical Center Project),
5% due 12/01/2027

 

 

250

 

 

207,132

 

               

Geneva, New York, IDA, Civic Facility Revenue Refunding
Bonds (Hobart and William Smith Project), Series A,
5.375% due 2/01/2033

 

 

3,250

 

 

3,225,592

 

               

Herkimer County, New York, IDA, Civic Facility Revenue Bonds
(Herkimer College Foundation Inc.), 6.25% due 8/01/2034

 

 

385

 

 

370,555

 

               

Long Island Power Authority, New York, Electric System
Revenue Bonds, 5.04% due 6/01/2028 (d)(l)

 

 

3,515

 

 

1,125,925

 

               

Madison County, New York, IDA, Civic Facility Revenue Bonds
(Commons II LLC - Student Housing), Series A,
5% due 6/01/2033 (e)

 

 

250

 

 

230,147

 

               

Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Revenue Refunding Bonds, Series A,
5% due 11/15/2030

 

 

5,000

 

 

4,790,100

 

               

Metropolitan Transportation Authority, New York,
Revenue Refunding Bonds, Series A,
5.25% due 11/15/2031 (f)

 

 

1,250

 

 

1,234,862

 

               

Metropolitan Transportation Authority, New York,
Service Contract Revenue Refunding Bonds, Series A,
5.125% due 1/01/2029

 

 

5,000

 

 

4,847,100

 

               

New York City, New York, City Housing Development Corporation,
M/F Housing Revenue Bonds, AMT, Series J-2,
4.75% due 11/01/2027

 

 

1,420

 

 

1,247,811

 

               

New York City, New York, City IDA, Mortgage Revenue Bonds
(Eger Harbor House Inc. Project), Series A (b):

 

 

 

 

 

 

 

4.95% due 11/20/2032

 

 

980

 

 

883,098

 

5.875% due 5/20/2044

 

 

975

 

 

993,486

 

               

New York City, New York, City IDA, PILOT Revenue Bonds
(Queens Baseball Stadium Project)(g):

 

 

 

 

 

 

 

5% due 1/01/2039

 

 

500

 

 

467,955

 

5% due 1/01/2046

 

 

2,050

 

 

1,887,394

 

               

New York City, New York, City IDA, Revenue Bonds
(IAC/InterActiveCorp Project), 5% due 9/01/2035

 

 

1,000

 

 

831,570

 

               

New York City, New York, City IDA, Special Facility Revenue
Bonds AMT:

 

 

 

 

 

 

 

(American Airlines, Inc. - JFK International Airport),
7.625% due 8/01/2025

 

 

1,600

 

 

1,637,936

 

(Continental Airlines Inc. Project)
7.75% due 8/01/2031

 

 

1,500

 

 

1,550,745

 

           

 

 

 

 

 

 

 

 

           

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New York—(continued)

 

 

 

 

 

 

 

               

New York City, New York, City Municipal Water Finance Authority,
Second General Resolution, Water and Sewer System
Revenue Bonds, Series AA, 4.50% due 6/15/2037 (h)

 

$

850

 

$

740,265

 

               

New York City, New York, City Municipal
Water Finance Authority,
Water and Sewer System, Revenue Refunding Bonds,
Series A, 5.125% due 6/15/2034

 

 

5,000

 

 

4,911,000

 

               

New York City, New York, City Transit Authority, Metropolitan
Transportation Authority, Triborough COP, Series A,
5.25% due 1/01/2010 (c)(g)

 

 

5,000

 

 

5,257,100

 

               

New York City, New York, City Transitional Finance Authority,
Building Aid Revenue Bonds (f):

 

 

 

 

 

 

 

Series S-1, 5% due 7/15/2031

 

 

500

 

 

472,320

 

Series S-2, 4.50% due 1/15/2031

 

 

2,500

 

 

2,185,525

 

Series S-2, 4.25% due 1/15/2034

 

 

250

 

 

205,095

 

               

New York City, New York, City Transitional Finance Authority,
Future Tax Secured, Revenue Refunding Bonds, Series B,
5% due 11/01/2027

 

 

5,000

 

 

4,871,350

 

               

New York City, New York, GO:

 

 

 

 

 

 

 

Series A, 5% due 8/01/2030

 

 

1,500

 

 

1,425,090

 

Series B, 5.75% due 12/01/2011 (c)

 

 

3,000

 

 

3,269,640

 

               

New York City, New York, IDA, Civic Facility Revenue Bonds (i):

 

 

 

 

 

 

 

(Lycee Francais de New York Project), Series A,
5.375% due 6/01/2023

 

 

1,500

 

 

1,374,735

 

(Polytechnic University), 5.25% due 11/01/2037

 

 

800

 

 

637,536

 

               

New York Convention Center Development Corporation,
New York, Revenue Bonds (Hotel Unit Fee Secured),
5% due 11/15/2035 (g)

 

 

3,000

 

 

2,820,090

 

               

New York Counties Tobacco Trust III, Tobacco Settlement
Pass-Through Bonds, 6% due 6/01/2043

 

 

2,535

 

 

2,551,731

 

               

New York Liberty Development Corporation Revenue Bonds
(National Sports Museum Project), Series A,
6.125% due 2/15/2019

 

 

675

 

 

639,967

 

               

New York State Dormitory Authority, Mortgage Hospital
Revenue Bonds (Saint Barnabas Hospital), Series A,
5% due 2/01/2031 (g)(k)

 

 

1,500

 

 

1,406,595

 

               

New York State Dormitory Authority, Non-State Supported
Debt Revenue Bonds:

 

 

 

 

 

 

 

(Manhattan College), Series B, 5.30% due 7/01/2037 (m)

 

 

250

 

 

230,805

 

(Mount Sinai School of Medicine of New York University),
5% due 7/01/2035 (h)

 

 

500

 

 

470,200

 

(New York University Hospitals Center), Series B,
5.625% due 7/01/2037

 

 

530

 

 

482,168

 

               

New York State Dormitory Authority Revenue Bonds:

 

 

 

 

 

 

 

(Brooklyn Law School), Series B,
5.125% due 7/01/2030 (j)

 

 

2,500

 

 

2,332,925

 

(New School University), 5% due 7/01/2031 (h)

 

 

1,425

 

 

1,342,578

 

               

New York State Dormitory Authority, Revenue Refunding Bonds:

 

 

 

 

 

 

 

(Kateri Residence), 5% due 7/01/2022

 

 

2,000

 

 

1,997,840

 

(Mount Saint Mary College Project), 5% due 7/01/2032 (m)

 

 

2,000

 

 

1,790,200

 

               

New York State Energy Research and Development Authority,
Facilities Revenue Bonds (Consolidated Edison Company
of New York, Inc. Project), AMT, 4.70% due 6/01/2036

 

 

5,500

 

 

5,503,355

 

               

New York State Energy Research and Development Authority,
Gas Facilities Revenue Refunding Bonds (Brooklyn Union
Gas Company/Keyspan), AMT, Series A,
4.70% due 2/01/2024 (f)

 

 

1,500

 

 

1,301,445

 

               

New York State Urban Development Corporation, Personal
Income Tax Revenue Bonds, Series B, 5% due 3/15/2035

 

 

2,000

 

 

1,928,160

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

46

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 

 

 


 

Schedule of Investments (concluded)
(Unaudited)

 

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

 

 

 

 

 

 

 

 

           

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New York—(concluded)

 

 

 

 

 

 

 

               

Port Authority of New York and New Jersey, Special Obligation
Revenue Bonds (Continental Airlines, Inc. - LaGuardia
Project), AMT, 9.125% due 12/01/2015

 

$

3,500

 

$

3,591,000

 

               

Saratoga County, New York, IDA, Civic Facility Revenue Bonds
(The Saratoga Hospital Project), Series B,
5.25% due 12/01/2032

 

 

350

 

 

314,682

 

               

Suffolk County, New York, IDA, Continuing Care and Retirement,
Revenue Refunding Bonds (Jeffersons Ferry Project),
5% due 11/01/2028

 

 

450

 

 

382,401

 

               

Suffolk County, New York, IDA, IDR (Keyspan-Port Jefferson),
AMT, 5.25% due 6/01/2027

 

 

2,500

 

 

2,308,825

 

               

TSASC, Inc., New York, TFABS, Series 1,
5.75% due 7/15/2012 (c)

 

 

8,000

 

 

8,754,640

 

               

Triborough Bridge and Tunnel Authority, New York, Revenue
Refunding Bonds, Series A, 5% due 1/01/2032

 

 

150

 

 

144,726

 

 

 

 

 

 

   

 

 

 

 

 

 

 

98,231,207

 

           

Guam—0.5%

 

 

 

 

 

 

 

               

Guam Economic Development and Commerce Authority,
Tobacco Settlement Asset Backed Revenue Refunding
Bonds, 5.625% due 6/01/2047

 

 

375

 

 

342,836

 

           

Puerto Rico—8.3%

 

 

 

 

 

 

 

               

Children’s Trust Fund Project of Puerto Rico,
Tobacco Settlement Revenue Refunding Bonds,
5.625% due 5/15/2043

 

 

500

 

 

467,485

 

               

Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds:

 

 

 

 

 

 

 

Series D, 5.375% due 7/01/2012 (c)

 

 

2,000

 

 

2,157,160

 

Series N, 5.25% due 7/01/2039 (f)

 

 

2,900

 

 

2,698,189

 

               

Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Refunding Bonds, Series A,
5.14% due 8/01/2054 (g)(l)

 

 

5,000

 

 

283,850

 

 

 

 

 

 

     

 

 

 

 

 

 

5,606,684

 


 

 

 

 

 

 

 

 

           

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Total Municipal Bonds
(Cost—$106,743,593)—153.7%

 

 

 

 

$

104,180,727

 

           

 

 

 

 

 

 

 

 









 

Corporate Bonds

 

 

 

 

 

 

 

           

Multi-State—6.2%

 

 

 

 

 

 

 

               

Charter Mac Equity Issuer Trust (n):

 

 

 

 

 

 

 

5.75% due 4/30/2015

 

$

500

 

 

527,880

 

6% due 4/30/2015

 

 

1,500

 

 

1,584,315

 

6% due 4/30/2019

 

 

1,000

 

 

1,049,540

 

6.30% due 4/30/2019

 

 

1,000

 

 

1,059,010

 

               

Total Corporate Bonds
(Cost—$4,000,000)—6.2%

 

 

 

 

 

4,220,745

 

               

 

 

 

 

 

 

 

 









 

Short-Term Securities

 

 

Shares

 

 

 

 

               

CMA New York Municipal Money Fund, 2.63% (o)(p)

 

 

2,721,307

 

$

2,721,307

 

               

Total Short-Term Securities
(Cost—$2,721,307)—4.0%

 

 

 

 

 

2,721,307

 

           

Total Investments (Cost—$113,464,900*)—163.9%

 

 

 

 

 

111,122,779

 

Other Assets Less Liabilities—2.0%

 

 

 

 

 

1,346,102

 

Preferred Shares, at Redemption Value—(65.9%)

 

 

 

 

 

(44,671,315

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

67,797,566

 

 

 

 

 

 

     

 

 

   


*


The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

113,313,472

 

 

 

 

     

 

Gross unrealized appreciation

 

$

2,392,322

 

 

Gross unrealized depreciation

 

 

(4,573,276

)

 

 

 

     

 

Net unrealized depreciation

 

$

(2,180,954

)

 

 

 

     

 

 

(a)

Illiquid security.

(b)

GNMA Collateralized.

(c)

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

(d)

FSA Insured.

(e)

CIFG Insured.

(f)

FGIC Insured.

(g)

AMBAC Insured.

(h)

MBIA Insured.

(i)

ACA Insured.

(j)

XL Capital Insured.

(k)

FHA Insured.

(l)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.

(m)

Radian Insured.

(n)

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. Unless otherwise indicated, these securities are not considered illiquid.

(o)

Represents the current yield as of report date.

(p)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 

           

Affiliate

 

Net
Activity

 

Dividend
Income

 

           

CMA New York Municipal Money Fund

 

 

1,810,432

 

$

11,079

 

               

 

 

Forward interest rate swaps outstanding as of report date were as follows:

 

 

Description

 

Notional
Amount
(000)

 

Unrealized
Appreciation

 

           

Pay a fixed rate of 3.841% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker, CitiBank, N.A.

 

 

 

 

 

 

 

Expires March 2033

 

$

3,500

 

$

19,442

 

 

 

 

 

 

 

 

 

Pay a fixed rate of 3.905% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker, CitiBank, N.A.

 

 

 

 

 

 

 

Expires March 2038

 

$

2,500

 

 

8,258

 

               

Total

 

 

 

 

$

27,700

 

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

47




 

 


 

Schedule of Investments as of February 29, 2008

BlackRock Virginia Municipal Bond Trust (BHV)

(Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

               

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

District of Columbia—7.2%

 

 

 

 

 

 

 

               

Metropolitan Washington Airports Authority, D.C.,

 

 

 

 

 

 

 

Airport System Revenue Bonds, AMT:

 

 

 

 

 

 

 

Series A, 5.25% due 10/01/2032 (a)

 

$

1,500

 

$

1,401,840

 

Series B, 5% due 10/01/2034 (b)

 

 

250

 

 

227,222

 

 

 

 

 

 

     

 

 

 

 

 

 

1,629,062

 

               

Virginia—137.5%

 

 

 

 

 

 

 

               

Alexandria, Virginia, Redevelopment and Housing

 

 

 

 

 

 

 

Authority, M/F Housing Revenue Refunding Bonds

 

 

 

 

 

 

 

(3001 Park Center Apartments),

 

 

 

 

 

 

 

Series A, 6.375% due 4/01/2034

 

 

1,435

 

 

1,408,079

 

               

Arlington County, Virginia, IDA, Hospital Facilities Revenue

 

 

 

 

 

 

 

Bonds (Virginia Hospital Center - Arlington Health

 

 

 

 

 

 

 

System), 5.25% due 7/01/2011 (c)

 

 

2,150

 

 

2,307,056

 

               

Celebrate North Community Development Authority,

 

 

 

 

 

 

 

Virginia, Special Assessment Revenue Bonds, Series B,

 

 

 

 

 

 

 

6.75% due 3/01/2034

 

 

1,500

 

 

1,429,575

 

               

Chesterfield County, Virginia, EDA, Solid Waste and

 

 

 

 

 

 

 

Sewer Disposal Revenue Bonds (Virginia Electric

 

 

 

 

 

 

 

Power Company), AMT, Series A,

 

 

 

 

 

 

 

5.60% due 11/01/2031

 

 

500

 

 

454,400

 

               

Danville, Virginia, IDA, Hospital Revenue Refunding Bonds

 

 

 

 

 

 

 

(Danville Regional Medical Center),

 

 

 

 

 

 

 

5.25% due 10/01/2028 (d)(e)

 

 

1,500

 

 

1,541,730

 

               

Dulles Town Center, Virginia, Community Development

 

 

 

 

 

 

 

Authority, Special Assessment Tax (Dulles Town

 

 

 

 

 

 

 

Center Project), 6.25% due 3/01/2026

 

 

970

 

 

920,850

 

               

Fairfax County, Virginia, EDA, Residential Care Facilities,

 

 

 

 

 

 

 

Mortgage Revenue Refunding Bonds

 

 

 

 

 

 

 

(Goodwin House, Inc.),

 

 

 

 

 

 

 

5.125% due 10/01/2037

 

 

1,000

 

 

846,720

 

               

Fairfax County, Virginia, IDA, Revenue Refunding Bonds

 

 

 

 

 

 

 

(Inova Health System Project), VRDN, Series A-1,

 

 

 

 

 

 

 

2.85% due 5/15/2035 (f)

 

 

300

 

 

300,000

 

               

Fairfax County, Virginia, Water Authority, Water Revenue

 

 

 

 

 

 

 

Refunding Bonds, 5% due 4/01/2027

 

 

1,205

 

 

1,174,574

 

               

Hampton, Virginia, Public Improvement, GO,

 

 

 

 

 

 

 

5% due 4/01/2020

 

 

1,000

 

 

1,016,740

 

               

Henrico County, Virginia, EDA, Revenue Refunding Bonds

 

 

 

 

 

 

 

(Bon Secours Health System, Inc.), Series A:

 

 

 

 

 

 

 

5.60% due 11/15/2012 (c)

 

 

60

 

 

65,707

 

5.60% due 11/15/2030

 

 

1,440

 

 

1,434,370

 

               

Isle Wight County, Virginia, IDA, Environmental

 

 

 

 

 

 

 

Improvement Revenue Bonds, AMT, Series A,

 

 

 

 

 

 

 

5.70% due 11/01/2027

 

 

1,300

 

 

1,184,794

 

               

Norfolk, Virginia, Airport Authority Revenue Bonds, Series A,

 

 

 

 

 

 

 

5.125% due 7/01/2031 (a)

 

 

1,500

 

 

1,405,860

 

               

Peninsula Ports Authority, Virginia, Residential Care

 

 

 

 

 

 

 

Facilities, Revenue Refunding Bonds (Baptist Homes),

 

 

 

 

 

 

 

Series C, 5.40% due 12/01/2033

 

 

500

 

 

407,830

 

               

Pocahontas Parkway Association, Virginia, Toll Road

 

 

 

 

 

 

 

Revenue Bonds, Senior Series B,

 

 

 

 

 

 

 

6.99% due 8/15/2008 (c)(g)(h)

 

 

5,000

 

 

2,249,200

 

               

Prince William County, Virginia, Lease Participation

 

 

 

 

 

 

 

Certificates, 5% due 12/01/2021

 

 

1,275

 

 

1,280,725

 

               

Richmond, Virginia, Metropolitan Authority, Expressway

 

 

 

 

 

 

 

Revenue Refunding Bonds, 5.25% due 7/15/2022 (a)

 

 

1,250

 

 

1,276,550

 

               

Richmond, Virginia, Public Utilities Revenue Refunding

 

 

 

 

 

 

 

Bonds, 5% due 1/15/2012 (b)(c)

 

 

3,000

 

 

3,179,400

 

               

 

 

 

 

 

 

 

 

               

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Virginia—(concluded)

 

 

 

 

 

 

 

               

The Shops at White Oak Village Community Development

 

 

 

 

 

 

 

Authority, Virginia, Special Assessment Revenue Bonds,

 

 

 

 

 

 

 

5.30% due 3/01/2017

 

$

250

 

$

235,473

 

               

Virginia College Building Authority, Educational Facilities

 

 

 

 

 

 

 

Revenue Bonds (21st Century College Project),

 

 

 

 

 

 

 

VRDN, Series B, 3.13% due 2/01/2026 (f)

 

 

590

 

 

590,000

 

               

Virginia College Building Authority, Educational Facilities

 

 

 

 

 

 

 

Revenue Refunding Bonds (Washington and Lee

 

 

 

 

 

 

 

University Project)(i):

 

 

 

 

 

 

 

5.25% due 1/01/2026

 

 

500

 

 

515,830

 

5.25% due 1/01/2031

 

 

1,000

 

 

1,020,040

 

               

Virginia Port Authority, Port Facilities Revenue Bonds, AMT,

 

 

 

 

 

 

 

4.75% due 7/01/2031 (a)

 

 

500

 

 

441,425

 

               

Virginia State, HDA, Commonwealth Mortgage Revenue

 

 

 

 

 

 

 

Bonds, Series H, Sub-Series H-1,

 

 

 

 

 

 

 

5.375% due 7/01/2036 (i)

 

 

3,000

 

 

2,887,950

 

               

Virginia State Resources Authority, Infrastructure Revenue

 

 

 

 

 

 

 

Bonds (Pooled Loan Program), Series A,

 

 

 

 

 

 

 

5.125% due 5/01/2027

 

 

635

 

 

631,501

 

               

Virginia State Resources Authority, Water and Sewer System

 

 

 

 

 

 

 

Revenue Bonds (Frederick County Sanitation Authority

 

 

 

 

 

 

 

Project), 5.20% due 10/01/2010 (c)

 

 

1,000

 

 

1,055,920

 

 

 

 

 

 

     

 

 

 

 

 

 

31,262,299

 

               

Puerto Rico—5.5%

 

 

 

 

 

 

 

               

Children’s Trust Fund Project of Puerto Rico, Tobacco

 

 

 

 

 

 

 

Settlement Revenue Refunding Bonds,

 

 

 

 

 

 

 

5.375% due 5/15/2033

 

 

1,340

 

 

1,254,655

 

               

Total Municipal Bonds

 

 

 

 

 

 

 

(Cost—$34,029,825)—150.2%

 

 

 

 

 

34,146,016

 

               

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Corporate Bonds

 

 

 

 

 

 

 

               

Multi-State—7.4%

 

 

 

 

 

 

 

               

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

 

7.20% due 10/31/2052 (j)

 

 

1,500

 

 

1,695,421

 

               

Total Corporate Bonds

 

 

 

 

 

 

 

(Cost—$1,500,000)—7.4%

 

 

 

 

 

1,695,421

 

               

Total Investments (Cost—$35,529,825*)—157.6%

 

 

 

 

 

35,841,437

 

Other Assets Less Liabilities—1.9%

 

 

 

 

 

426,214

 

Preferred Shares, at Redemption Value—(59.5%)

 

 

 

 

 

(13,530,011

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

22,737,640

 

 

 

 

 

 

     

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

48

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 

 


 

Schedule of Investments (concluded)

BlackRock Virginia Municipal Bond Trust (BHV)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

35,374,500

 

 

 

     

Gross unrealized appreciation

 

$

1,401,752

 

Gross unrealized depreciation

 

 

(928,572

)

 

 

     

Net unrealized appreciation

 

$

473,180

 

 

 

     

 

 

(a)

FGIC Insured.

(b)

FSA Insured.

(c)

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

(d)

AMBAC Insured.

(e)

Security is collateralized by Municipal or U.S. Treasury obligations.

(f)

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. The rate disclosed is as of report date. This rate changes periodically based upon prevailing market rates.

(g)

ACA Insured.

(h)

Represents a zero-coupon; the interest rate shown reflects the effective yield at the time of purchase.

(i)

MBIA Insured.

(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. Unless otherwise indicated, these securities are not considered illiquid.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

49




 


 

Statements of Assets and Liabilities


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of February 29, 2008 (Unaudited)

 

BlackRock
Insured
Municipal
Income Trust
(BYM)

 

BlackRock
Municipal
Bond Trust
(BBK)

 

BlackRock
Municipal
Income Trust II
(BLE)

 

BlackRock
California
Insured
Municipal
Income Trust
(BCK)

 

                             

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Investments at value - unaffiliated1

 

$

556,971,655

 

$

226,916,879

 

$

499,041,939

 

$

103,881,672

 

Investments at value - affiliated2

 

 

11,718,592

 

 

1,803,513

 

 

5,512,528

 

 

15,998,029

 

Cash

 

 

40,934

 

 

71,823

 

 

23,537

 

 

64,473

 

Investments sold receivable

 

 

 

 

 

 

 

 

 

Unrealized appreciation on forward interest rate swaps

 

 

309,252

 

 

175,105

 

 

234,573

 

 

 

Interest receivable

 

 

6,514,931

 

 

2,729,832

 

 

7,543,138

 

 

1,275,885

 

Prepaid expenses and other assets

 

 

71,025

 

 

27,571

 

 

61,657

 

 

12,406

 

 

 

                       

Total assets

 

 

575,626,389

 

 

231,724,723

 

 

512,417,372

 

 

121,232,465

 

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Unrealized depreciation on forward interest rate swaps

 

 

209,680

 

 

 

 

278,208

 

 

 

Bank overdraft

 

 

 

 

 

 

 

 

 

Margin variation payable

 

 

 

 

110,243

 

 

245,525

 

 

22,321

 

Investments purchased payable

 

 

 

 

 

 

 

 

5,495,984

 

Income dividends payable

 

 

1,598,438

 

 

787,849

 

 

1,640,228

 

 

306,098

 

Investment advisory fees payable

 

 

204,886

 

 

82,340

 

 

205,126

 

 

39,163

 

Payable for swaps

 

 

 

 

 

 

 

 

 

Trustees and officers fees payable

 

 

83,707

 

 

33,686

 

 

76,492

 

 

10,364

 

Other accrued expenses payable

 

 

132,743

 

 

102,015

 

 

87,623

 

 

61,228

 

 

 

                       

Total liabilities

 

 

2,229,454

 

 

1,116,133

 

 

2,533,202

 

 

5,935,158

 

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Preferred Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Preferred Shares, at redemption value, par value $0.001 per share, authorized, issued and outstanding at $25,000 per share liquidation preference3

 

 

229,105,424

 

 

90,542,826

 

 

205,659,618

 

 

46,530,151

 

                             

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Net Assets Applicable to Common Shares

 

$

344,291,511

 

$

140,065,764

 

$

304,224,552

 

$

68,767,156

 

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Net Assets Applicable to Common Shareholders Consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Common Shares, par value $0.001 per share4

 

$

26,204

 

$

10,299

 

$

23,102

 

$

5,278

 

Paid-in capital in excess of par

 

 

371,940,567

 

 

146,478,152

 

 

328,389,099

 

 

74,828,854

 

Undistributed net investment income

 

 

2,215,622

 

 

1,370,448

 

 

918,634

 

 

327,864

 

Accumulated net realized loss

 

 

(6,191,231

)

 

(2,884,214

)

 

(10,239,362

)

 

(891,054

)

Net unrealized appreciation/depreciation

 

 

(23,699,651

)

 

(4,908,921

)

 

(14,866,921

)

 

(5,503,786

)

 

 

                       

Net assets applicable to Common Shareholders

 

$

344,291,511

 

$

140,065,764

 

$

304,224,552

 

$

68,767,156

 

 

 

                       

Net asset value per Common Share

 

$

13.14

 

$

13.60

 

$

13.17

 

$

13.03

 

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1  Investments at cost - unaffiliated

 

$

580,770,878

 

$

232,000,905

 

$

513,865,225

 

$

109,385,458

 

 

2  Investments at cost - affiliated

 

$

11,718,592

 

$

1,803,513

 

$

5,512,528

 

$

15,998,029

 

 

3  Preferred Shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series M-7 Shares

 

 

3,053

 

 

 

 

2,055

 

 

 

 

Series T-7 Shares

 

 

 

 

1,810

 

 

2,056

 

 

 

 

Series W-7 Shares

 

 

 

 

 

 

2,055

 

 

 

 

Series R-7 Shares

 

 

3,053

 

 

1,810

 

 

2,056

 

 

 

 

Series F-7 Shares

 

 

3,053

 

 

 

 

 

 

1,860

 

 

 

 

                       

 

4  Common Shares outstanding

 

 

26,203,900

 

 

10,298,686

 

 

23,101,797

 

 

5,277,553

 

 

 

 

                       

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

50

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of February 29, 2008 (Unaudited)

 

BlackRock
California
Municipal
Bond Trust
(BZA)

 

BlackRock
California
Municipal
Income Trust II
(BCL)

 

BlackRock
Florida
Insured
Municipal
Income Trust
(BAF)

 

BlackRock
Florida
Municipal
Bond Trust
(BIE)

 

BlackRock
Maryland
Municipal
Bond Trust
(BZM)

 

BlackRock
New Jersey
Municipal
Bond Trust
(BLJ)

 

                                         

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Investments at value - unaffiliated1

 

$

67,712,379

 

$

177,872,729

 

$

185,202,650

 

$

75,795,501

 

$

43,637,495

 

$

50,309,125

 

Investments at value - affiliated2

 

 

8,264,677

 

 

245

 

 

6,923,459

 

 

940,441

 

 

2,002,297

 

 

1,113,091

 

Cash

 

 

87,250

 

 

85,989

 

 

 

 

58,688

 

 

21,722

 

 

64,121

 

Investments sold receivable

 

 

3,853,908

 

 

 

 

 

 

 

 

 

 

143,344

 

Unrealized appreciation on forward interest rate swaps

 

 

 

 

124,929

 

 

 

 

 

 

 

 

68,065

 

Interest receivable

 

 

852,205

 

 

2,450,742

 

 

2,621,724

 

 

1,124,574

 

 

615,773

 

 

647,835

 

Prepaid expenses and other assets

 

 

10,014

 

 

16,477

 

 

21,571

 

 

8,154

 

 

7,923

 

 

7,647

 

 

 

                                   

Total assets

 

 

80,780,433

 

 

180,551,111

 

 

194,769,404

 

 

77,927,358

 

 

46,285,210

 

 

52,353,228

 

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Unrealized depreciation on forward interest rate swaps

 

 

 

 

70,602

 

 

19,793

 

 

 

 

 

 

21,953

 

Bank overdraft

 

 

 

 

 

 

12,479

 

 

 

 

 

 

 

Margin variation payable

 

 

 

 

35,713

 

 

 

 

 

 

 

 

 

Investments purchased payable

 

 

1,969,082

 

 

1,969,082

 

 

1,155,720

 

 

 

 

 

 

 

Income dividends payable

 

 

261,868

 

 

523,655

 

 

506,562

 

 

259,121

 

 

145,342

 

 

180,501

 

Investment advisory fees payable

 

 

25,461

 

 

71,702

 

 

65,801

 

 

27,054

 

 

16,177

 

 

18,401

 

Payable for swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustees and officers fees payable

 

 

8,730

 

 

20,599

 

 

23,345

 

 

8,002

 

 

30,894

 

 

10,566

 

Other accrued expenses payable

 

 

60,216

 

 

65,855

 

 

77,296

 

 

51,112

 

 

31,900

 

 

53,310

 

 

 

                                   

Total liabilities

 

 

2,325,357

 

 

2,757,208

 

 

1,860,996

 

 

345,289

 

 

224,313

 

 

284,731

 

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Preferred Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Preferred Shares, at redemption value, par value $0.001 per share, authorized, issued and outstanding at $25,000 per share liquidation preference3

 

 

29,994,436

 

 

71,984,048

 

 

76,052,321

 

 

29,789,214

 

 

18,006,670

 

 

20,238,924

 

                                         

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net Assets Applicable to Common Shares

 

$

48,460,640

 

$

105,809,855

 

$

116,856,087

 

$

47,792,855

 

$

28,054,227

 

$

31,829,573

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net Assets Applicable to Common Shareholders Consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Common Shares, par value $0.001 per share4

 

$

3,401

 

$

7,995

 

$

8,734

 

$

3,330

 

$

2,037

 

$

2,297

 

Paid-in capital in excess of par

 

 

48,270,652

 

 

113,417,013

 

 

123,914,893

 

 

47,188,723

 

 

28,854,334

 

 

32,563,082

 

Undistributed net investment income

 

 

376,699

 

 

468,015

 

 

628,952

 

 

580,901

 

 

408,131

 

 

497,689

 

Accumulated net realized loss

 

 

(438,214

)

 

(5,470,999

)

 

(168,030

)

 

(585,645

)

 

(139,697

)

 

(372,467

)

Net unrealized appreciation/depreciation

 

 

248,102

 

 

(2,612,169

)

 

(7,528,462

)

 

605,546

 

 

(1,070,578

)

 

(861,028

)

 

 

                                   

Net assets applicable to Common Shareholders

 

$

48,460,640

 

$

105,809,855

 

$

116,856,087

 

$

47,792,855

 

$

28,054,227

 

$

31,829,573

 

 

 

                                   

Net asset value per Common Share

 

$

14.25

 

$

13.23

 

$

13.38

 

$

14.35

 

$

13.77

 

$

13.86

 

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1   Investments at cost - unaffiliated

 

$

67,464,277

 

$

180,539,225

 

$

192,711,319

 

$

75,189,955

 

$

44,708,073

 

$

51,216,265

 

 

2   Investments at cost - affiliated

 

$

8,264,677

 

$

245

 

$

6,923,459

 

$

940,441

 

$

2,002,297

 

$

1,113,091

 

 

3   Preferred Shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series M-7 Shares

 

 

 

 

 

 

3,040

 

 

 

 

 

 

809

 

 

Series T-7 Shares

 

 

 

 

1,439

 

 

 

 

 

 

 

 

 

 

Series W-7 Shares

 

 

 

 

 

 

 

 

1,191

 

 

 

 

 

 

Series R-7 Shares

 

 

 

 

1,439

 

 

 

 

 

 

720

 

 

 

 

Series F-7 Shares

 

 

1,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

 

4   Common Shares outstanding

 

 

3,400,883

 

 

7,994,740

 

 

8,734,048

 

 

3,330,257

 

 

2,037,040

 

 

2,296,979

 

 

 

 

                                   

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

51




 


 

Statements of Assets and Liabilities (concluded)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of February 29, 2008 (Unaudited)

 

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)

 

                           

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Investments at value - unaffiliated1

 

$

137,681,762

 

$

61,499,726

 

$

108,401,472

 

 

$

35,841,437

 

Investments at value - affiliated2

 

 

298

 

 

1,614,379

 

 

2,721,307

 

 

 

 

Cash

 

 

99,656

 

 

8,357

 

 

37,502

 

 

 

57,604

 

Investments sold receivable

 

 

1,709,998

 

 

 

 

335,792

 

 

 

10,000

 

Unrealized appreciation on forward interest rate swaps

 

 

240,228

 

 

 

 

27,700

 

 

 

 

Interest receivable

 

 

1,493,189

 

 

826,626

 

 

1,347,597

 

 

 

528,098

 

Prepaid expenses and other assets

 

 

12,570

 

 

10,529

 

 

11,083

 

 

 

6,359

 

 

 

                         

Total assets

 

 

141,237,701

 

 

63,959,617

 

 

112,882,453

 

 

 

36,443,498

 

 

 

                         

 

 

 

 

 

                             

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Unrealized depreciation on forward interest rate swaps

 

 

159,656

 

 

 

 

 

 

 

 

Income dividends payable

 

 

375,345

 

 

212,135

 

 

308,794

 

 

 

112,214

 

Investment advisory fees payable

 

 

50,494

 

 

22,155

 

 

44,104

 

 

 

12,810

 

Trustees and officers fees payable

 

 

10,251

 

 

8,955

 

 

12,009

 

 

 

8,395

 

Other accrued expenses payable

 

 

61,072

 

 

59,714

 

 

48,665

 

 

 

42,428

 

 

 

                         

Total liabilities

 

 

656,818

 

 

302,959

 

 

413,572

 

 

 

175,847

 

 

 

                         

 

 

 

 

 

                             

Preferred Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Preferred Shares, at redemption value, par value $0.001 per share, authorized, issued and outstanding at $25,000 per share liquidation preference3

 

 

56,020,750

 

 

24,213,937

 

 

44,671,315

 

 

 

13,530,011

 

                             

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Net Assets Applicable to Common Shares

 

$

84,560,133

 

$

39,442,721

 

$

67,797,566

 

 

$

22,737,640

 

 

 

                         

 

 

 

 

 

                             

Net Assets Applicable to Common Shareholders Consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Common Shares, par value $0.001 per share4

 

$

6,471

 

$

2,751

 

$

4,941

 

 

$

1,549

 

Paid-in capital in excess of par

 

 

91,799,523

 

 

39,047,839

 

 

70,053,876

 

 

 

21,981,010

 

Undistributed net investment income

 

 

764,439

 

 

437,823

 

 

783,276

 

 

 

559,870

 

Accumulated net realized loss

 

 

(528,226

)

 

(57,671

)

 

(730,106

)

 

 

(116,401

)

Net unrealized appreciation/depreciation

 

 

(7,482,074

)

 

11,979

 

 

(2,314,421

)

 

 

311,612

 

 

 

                         

Net assets applicable to Common Shareholders

 

$

84,560,133

 

$

39,442,721

 

$

67,797,566

 

 

$

22,737,640

 

 

 

                         

Net asset value per Common Share

 

$

13.07

 

$

14.34

 

$

13.72

 

 

$

14.68

 

 

 

                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Investments at cost - unaffiliated

 

$

145,244,408

 

$

61,487,747

 

$

110,743,593

 

 

$

35,529,825

 

2 Investments at cost - affiliated

 

$

298

 

$

1,614,379

 

$

2,721,307

 

 

 

 

3 Preferred Shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Series M-7 Shares

 

 

 

 

 

 

 

 

 

 

  Series T-7 Shares

 

 

 

 

968

 

 

 

 

 

 

  Series W-7 Shares

 

 

 

 

 

 

1,786

 

 

 

 

  Series R-7 Shares

 

 

2,240

 

 

 

 

 

 

 

541

 

  Series F-7 Shares

 

 

 

 

 

 

 

 

 

 

 

 

                         

4 Common Shares outstanding

 

 

6,471,472

 

 

2,751,464

 

 

4,940,705

 

 

 

1,549,323

 

 

 

                         

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

52

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 


 

Statements of Operations


 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended February 29, 2008 (Unaudited)

 

BlackRock
Insured
Municipal
Income Trust
(BYM)

 

BlackRock
Municipal
Bond Trust
(BBK)

 

BlackRock
Municipal
Income Trust II
(BLE)

 

BlackRock
California
Insured
Municipal
Income Trust
(BCK)

 

                           

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Interest

 

$

15,208,736

 

$

7,379,178

 

$

15,679,517

 

$

2,877,627

 

Dividends from affiliates

 

 

70,245

 

 

64,123

 

 

125,178

 

 

57,541

 

 

 

                       

Total income

 

 

15,278,981

 

 

7,443,301

 

 

15,804,695

 

 

2,935,168

 

 

 

                       

 

 

 

 

 

                           

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Investment advisory

 

 

1,717,366

 

 

815,004

 

 

1,525,136

 

 

345,065

 

Commissions for Preferred Shares

 

 

286,245

 

 

116,118

 

 

253,589

 

 

56,953

 

Accounting services

 

 

28,975

 

 

21,437

 

 

29,263

 

 

12,763

 

Professional fees

 

 

54,000

 

 

38,199

 

 

57,287

 

 

38,414

 

Transfer agent

 

 

17,459

 

 

11,365

 

 

21,124

 

 

9,904

 

Printing

 

 

25,463

 

 

11,100

 

 

22,624

 

 

5,055

 

Trustees and Officers

 

 

18,801

 

 

8,246

 

 

18,589

 

 

5,045

 

Custodian

 

 

19,658

 

 

9,986

 

 

16,144

 

 

5,005

 

Listing

 

 

4,637

 

 

6,239

 

 

1,793

 

 

5,740

 

Miscellaneous

 

 

23,293

 

 

18,067

 

 

28,279

 

 

17,006

 

 

 

                       

Total expenses

 

 

2,195,897

 

 

1,055,761

 

 

1,973,828

 

 

500,950

 

Less fees waived by advisor

 

 

(525,221

)

 

(317,417

)

 

(284,624

)

 

(113,039

)

Less fees paid indirectly

 

 

(41

)

 

(84

)

 

(19

)

 

(79

)

 

 

                       

Total expenses after waiver

 

 

1,670,635

 

 

738,260

 

 

1,689,185

 

 

387,832

 

 

 

                       

Net investment income

 

 

13,608,346

 

 

6,705,041

 

 

14,115,510

 

 

2,547,336

 

 

 

                       

 

 

 

 

 

                           

Realized and Unrealized Gain (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

645,765

 

 

217,668

 

 

220,228

 

 

390,667

 

Futures and forward interest rate swaps

 

 

(3,477,797

)

 

(2,737,300

)

 

(4,912,071

)

 

(563,985

)

 

 

                       

 

 

 

(2,832,032

)

 

(2,519,632

)

 

(4,691,843

)

 

(173,318

)

 

 

                       

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(42,401,131

)

 

(17,179,972

)

 

(40,282,878

)

 

(8,564,821

)

Futures and forward interest rate swaps

 

 

1,008,977

 

 

746,305

 

 

1,084,063

 

 

189,029

 

 

 

                       

 

 

 

(41,392,154

)

 

(16,433,667

)

 

(39,198,815

)

 

(8,375,792

)

 

 

                       

Total realized and unrealized loss

 

 

(44,224,186

)

 

(18,953,299

)

 

(43,890,658

)

 

(8,549,110

)

 

 

                       

 

 

 

 

 

                           

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net investment income

 

 

(3,777,261

)

 

(1,498,444

)

 

(3,850,347

)

 

(744,761

)

Net realized gains

 

 

 

 

(311,386

)

 

 

 

 

 

 

                       

Total dividends and distributions

 

 

(3,777,261

)

 

(1,809,830

)

 

(3,850,347

)

 

(744,761

)

 

 

                       

Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

(34,393,101

)

$

(14,058,088

)

$

(33,625,495

)

$

(6,746,535

)

 

 

                       

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

53




 


 

Statements of Operations (concluded)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended February 29, 2008 (Unaudited)

 

BlackRock
California
Municipal
Bond Trust
(BZA)

 

BlackRock
California
Municipal
Income Trust II
(BCL)

 

BlackRock
Florida
Insured
Municipal
Income Trust
(BAF)

 

BlackRock
Florida
Municipal
Bond Trust
(BIE)

 

                   

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Interest

 

$

2,297,296

 

$

5,096,326

 

$

4,917,068

 

$

2,278,027

 

Dividends from affiliates

 

 

31,773

 

 

3

 

 

54,586

 

 

20,837

 

 

 

                       

Total income

 

 

2,329,069

 

 

5,096,329

 

 

4,971,654

 

 

2,298,864

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Investment advisory

 

 

270,199

 

 

530,558

 

 

569,619

 

 

266,737

 

Commissions for Preferred Shares

 

 

38,096

 

 

90,395

 

 

93,009

 

 

37,862

 

Accounting services

 

 

12,540

 

 

22,232

 

 

21,329

 

 

12,646

 

Professional fees

 

 

32,621

 

 

37,248

 

 

36,550

 

 

27,740

 

Transfer agent

 

 

5,361

 

 

14,553

 

 

11,559

 

 

6,145

 

Printing

 

 

3,847

 

 

8,507

 

 

10,401

 

 

4,667

 

Trustees and Officers

 

 

3,166

 

 

9,739

 

 

9,529

 

 

4,361

 

Custodian

 

 

4,321

 

 

7,440

 

 

6,947

 

 

3,770

 

Listing

 

 

5,949

 

 

630

 

 

5,829

 

 

6,017

 

Miscellaneous

 

 

17,108

 

 

18,451

 

 

15,936

 

 

15,011

 

 

 

                       

Total expenses

 

 

393,208

 

 

739,753

 

 

780,708

 

 

384,956

 

Less fees waived by advisor

 

 

(109,387

)

 

(96,465

)

 

(186,252

)

 

(107,319

)

Less fees paid indirectly

 

 

(40

)

 

(10

)

 

(201

)

 

(5

)

 

 

                       

Total expenses after waiver

 

 

283,781

 

 

643,278

 

 

594,255

 

 

277,632

 

 

 

                       

Net investment income

 

 

2,045,288

 

 

4,453,051

 

 

4,377,399

 

 

2,021,232

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Realized and Unrealized Gain (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

398,711

 

 

122,120

 

 

425,047

 

 

76,951

 

Futures and forward interest rate swaps

 

 

(217,666

)

 

(1,881,491

)

 

(240,500

)

 

 

 

 

                       

 

 

 

181,045

 

 

(1,759,371

)

 

184,547

 

 

76,951

 

 

 

                       

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(3,782,608

)

 

(12,619,533

)

 

(11,523,630

)

 

(3,522,891

)

Futures and forward interest rate swaps

 

 

65,981

 

 

642,434

 

 

94,929

 

 

 

 

 

                       

 

 

 

(3,716,627

)

 

(11,977,099

)

 

(11,428,701

)

 

(3,522,891

)

 

 

                       

Total realized and unrealized loss

 

 

(3,535,582

)

 

(13,736,470

)

 

(11,244,154

)

 

(3,445,940

)

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net investment income

 

 

(564,955

)

 

(1,251,733

)

 

(1,452,506

)

 

(568,994

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

                       

Total dividends and distributions

 

 

(564,955

)

 

(1,251,733

)

 

(1,452,506

)

 

(568,994

)

 

 

                       

Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

(2,055,249

)

$

(10,535,152

)

$

(8,319,261

)

$

(1,993,702

)

 

 

                       

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

54

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Maryland
Municipal
Bond Trust
(BZM)

 

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)

 

                           

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Interest

 

$

1,357,335

 

$

1,595,082

 

$

3,622,408

 

$

1,898,430

 

$

3,172,761

 

$

1,075,970

 

Dividends from affiliates

 

 

5,802

 

 

6,073

 

 

4

 

 

7,746

 

 

11,079

 

 

 

 

 

                                   

Total income

 

 

1,363,137

 

 

1,601,155

 

 

3,622,412

 

 

1,906,176

 

 

3,183,840

 

 

1,075,970

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Investment advisory

 

 

159,547

 

 

181,687

 

 

418,834

 

 

217,988

 

 

327,702

 

 

124,085

 

Commissions for Preferred Shares

 

 

22,350

 

 

25,771

 

 

70,851

 

 

29,393

 

 

54,181

 

 

16,941

 

Accounting services

 

 

11,985

 

 

12,312

 

 

13,775

 

 

11,868

 

 

12,923

 

 

11,900

 

Professional fees

 

 

25,997

 

 

29,354

 

 

35,618

 

 

26,898

 

 

34,337

 

 

20,868

 

Transfer agent

 

 

8,435

 

 

5,443

 

 

7,859

 

 

10,555

 

 

8,855

 

 

7,820

 

Printing

 

 

3,157

 

 

3,191

 

 

7,567

 

 

3,685

 

 

5,883

 

 

2,734

 

Trustees and Officers

 

 

3,266

 

 

3,339

 

 

4,497

 

 

2,620

 

 

4,220

 

 

2,825

 

Custodian

 

 

4,977

 

 

3,165

 

 

7,092

 

 

4,197

 

 

5,967

 

 

1,934

 

Listing

 

 

159

 

 

182

 

 

4,677

 

 

5,762

 

 

376

 

 

121

 

Miscellaneous

 

 

12,589

 

 

15,330

 

 

17,232

 

 

15,626

 

 

15,842

 

 

12,460

 

 

 

                                   

Total expenses

 

 

252,462

 

 

279,774

 

 

588,002

 

 

328,592

 

 

470,286

 

 

201,688

 

Less fees waived by advisor

 

 

(61,764

)

 

(70,922

)

 

(126,904

)

 

(85,022

)

 

(61,404

)

 

(47,725

)

Less fees paid indirectly

 

 

(87

)

 

(9

)

 

(263

)

 

(85

)

 

(35

)

 

(80

)

 

 

                                   

Total expenses after waiver

 

 

190,611

 

 

208,843

 

 

460,835

 

 

243,485

 

 

408,847

 

 

153,883

 

 

 

                                   

Net investment income

 

 

1,172,526

 

 

1,392,312

 

 

3,161,577

 

 

1,662,691

 

 

2,774,993

 

 

922,087

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Realized and Unrealized Gain (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(9,354

)

 

(190,775

)

 

132,711

 

 

126,608

 

 

59,568

 

 

(22,388

)

Futures and forward interest rate swaps

 

 

 

 

(116,029

)

 

(482,970

)

 

2,846

 

 

(597,506

)

 

 

 

 

                                   

 

 

 

(9,354

)

 

(306,804

)

 

(350,259

)

 

129,454

 

 

(537,938

)

 

(22,388

)

 

 

                                   

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(2,206,050

)

 

(3,066,864

)

 

(9,119,107

)

 

(2,822,922

)

 

(5,232,119

)

 

(1,325,574

)

Futures and forward interest rate swaps

 

 

 

 

12,978

 

 

(62,708

)

 

9,485

 

 

275,365

 

 

 

 

 

                                   

 

 

 

(2,206,050

)

 

(3,053,886

)

 

(9,181,815

)

 

(2,813,437

)

 

(4,956,754

)

 

(1,325,574

)

 

 

                                   

Total realized and unrealized loss

 

 

(2,215,404

)

 

(3,360,690

)

 

(9,532,074

)

 

(2,683,983

)

 

(5,494,692

)

 

(1,347,962

)

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net investment income

 

 

(302,697

)

 

(359,685

)

 

(852,903

)

 

(445,475

)

 

(709,572

)

 

(252,059

)

Net realized gains

 

 

(10,561

)

 

(6,860

)

 

(82,413

)

 

(19,635

)

 

(35,412

)

 

 

 

 

                                   

Total dividends and distributions

 

 

(313,258

)

 

(366,545

)

 

(935,316

)

 

(465,110

)

 

(744,984

)

 

(252,059

)

 

 

                                   

Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

(1,356,136

)

$

(2,334,923

)

$

(7,305,813

)

$

(1,486,402

)

$

(3,464,683

)

$

(677,934

)

 

 

                                   

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

55



Statements of Changes in Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Insured Municipal
Income Trust
(BYM)

 

BlackRock
Municipal Bond
Trust

(BBK)

 

 

 

       

Increase (Decrease) in Net Assets:

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

                   

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net investment income

 

$

13,608,346

 

$

27,087,640

 

$

6,705,041

 

$

12,332,950

 

Net realized gain (loss)

 

 

(2,832,032

)

 

(1,872,662

)

 

(2,519,632

)

 

589,300

 

Net change in unrealized appreciation/depreciation

 

 

(41,392,154

)

 

(16,001,059

)

 

(16,433,667

)

 

(7,236,647

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(3,777,261

)

 

(7,245,982

)

 

(1,498,444

)

 

(3,249,713

)

Net realized gains

 

 

 

 

(499,767

)

 

(311,386

)

 

 

 

 

                       

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

(34,393,101

)

 

1,468,170

 

 

(14,058,088

)

 

2,435,890

 

 

 

                       

 

                   

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net investment income

 

 

(9,590,628

)

 

(19,181,250

)

 

(4,906,752

)

 

(10,527,094

)

Net realized gains

 

 

 

 

(1,349,789

)

 

(1,349,995

)

 

 

 

 

                       

Decrease in net assets resulting from dividends and distributions to Common Shareholders

 

 

(9,590,628

)

 

(20,531,039

)

 

(6,256,747

)

 

(10,527,094

)

 

 

                       

 

                   

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net increase in net assets from reinvestment of common dividends

 

 

 

 

 

 

481,044

 

 

1,095,893

 

 

 

                       

 

                   

Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Total decrease in net assets applicable to Common Shares

 

 

(43,983,729

)

 

(19,062,869

)

 

(19,833,791

)

 

(6,995,311

)

Beginning of period

 

 

388,275,240

 

 

407,338,109

 

 

159,899,555

 

 

166,894,866

 

 

 

                       

End of period

 

$

344,291,511

 

$

388,275,240

 

$

140,065,764

 

$

159,899,555

 

 

 

                       

End of period undistributed net investment income

 

$

2,215,622

 

$

1,975,165

 

$

1,370,448

 

$

1,070,603

 

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Florida Insured Municipal
Income Trust
(BAF)

 

BlackRock
Florida Municipal
Bond Trust
(BIE)

 

 

 

       

Increase (Decrease) in Net Assets:

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

                   

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net investment income

 

$

4,377,399

 

$

8,851,442

 

$

2,021,232

 

$

3,829,172

 

Net realized gain (loss)

 

 

184,547

 

 

(98,027

)

 

76,951

 

 

(495,010

)

Net change in unrealized appreciation/depreciation

 

 

(11,428,701

)

 

(4,854,423

)

 

(3,522,891

)

 

(1,748,582

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1,452,506

)

 

(2,711,706

)

 

(568,994

)

 

(1,065,086

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

                       

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

(8,319,261

)

 

1,187,286

 

 

(1,993,702

)

 

520,494

 

 

 

                       

 

                   

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net investment income

 

 

(3,039,449

)

 

(6,078,895

)

 

(1,554,168

)

 

(3,101,757

)

Net realized gains

 

 

 

 

 

 

(97,279

)

 

 

 

 

                       

Decrease in net assets resulting from dividends and distributions to Common Shareholders

 

 

(3,039,449

)

 

(6,078,895

)

 

(1,651,447

)

 

(3,101,757

)

 

 

                       

 

                   

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net increase in net assets from reinvestment of common dividends

 

 

 

 

 

 

54,351

 

 

166,535

 

 

 

                       

 

                   

Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Total decrease in net assets applicable to Common Shares

 

 

(11,358,710

)

 

(4,891,609

)

 

(3,590,798

)

 

(2,414,728

)

Beginning of period

 

 

128,214,797

 

 

133,106,406

 

 

51,383,653

 

 

53,798,381

 

 

 

                       

End of period

 

$

116,856,087

 

$

128,214,797

 

$

47,792,855

 

$

51,383,653

 

 

 

                       

End of period undistributed net investment income

 

$

628,952

 

$

743,508

 

$

580,901

 

$

682,831

 

 

 

                       

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

56

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Municipal Income
Trust II
(BLE)

 

BlackRock
California Insured Municipal
Income Trust
(BCK)

 

BlackRock
California Municipal
Bond Trust
(BZA)

 

BlackRock
California Municipal
Income Trust II
(BCL)

 

 

 

               

Increase (Decrease) in Net Assets:

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

                                   

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Net investment income

 

$

14,115,510

 

$

27,073,974

 

$

2,547,336

 

$

5,226,035

 

$

2,045,288

 

$

3,842,371

 

$

4,453,051

 

$

8,568,697

 

Net realized gain (loss)

 

 

(4,691,843

)

 

391,635

 

 

(173,318

)

 

95,635

 

 

181,045

 

 

213,170

 

 

(1,759,371

)

 

981,444

 

Net change in unrealized appreciation/depreciation

 

 

(39,198,815

)

 

(15,760,063

)

 

(8,375,792

)

 

(3,236,231

)

 

(3,716,627

)

 

(3,050,049

)

 

(11,977,099

)

 

(6,967,642

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(3,850,347

)

 

(7,322,276

)

 

(744,761

)

 

(1,502,001

)

 

(564,955

)

 

(1,013,230

)

 

(1,251,733

)

 

(2,374,847

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

(33,625,495

)

 

4,383,270

 

 

(6,746,535

)

 

583,438

 

 

(2,055,249

)

 

(7,738

)

 

(10,535,152

)

 

207,652

 

 

 

                                               

 

                                   

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Net investment income

 

 

(10,008,006

)

 

(21,511,812

)

 

(1,836,475

)

 

(3,672,302

)

 

(1,568,432

)

 

(3,174,041

)

 

(3,141,933

)

 

(6,279,091

)

Net realized gains

 

 

(412,602

)

 

 

 

 

 

 

 

(114,730

)

 

 

 

(125,847

)

 

 

 

 

                                               

Decrease in net assets resulting from dividends and distributions to Common Shareholders

 

 

(10,420,608

)

 

(21,511,812

)

 

(1,836,475

)

 

(3,672,302

)

 

(1,683,162

)

 

(3,174,041

)

 

(3,267,780

)

 

(6,279,091

)

 

 

                                               

 

                                   

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Net increase in net assets from reinvestment of common dividends

 

 

707,746

 

 

2,083,908

 

 

12,121

 

 

8,887

 

 

215,817

 

 

363,722

 

 

9,834

 

 

149,378

 

 

 

                                               

 

                                   

Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Total decrease in net assets applicable to Common Shares

 

 

(43,338,357

)

 

(15,044,634

)

 

(8,570,889

)

 

(3,079,977

)

 

(3,522,594

)

 

(2,818,057

)

 

(13,793,098

)

 

(5,922,061

)

Beginning of period

 

 

347,562,909

 

 

362,607,543

 

 

77,338,045

 

 

80,418,022

 

 

51,983,234

 

 

54,801,291

 

 

119,602,953

 

 

125,525,014

 

 

 

                                               

End of period

 

$

304,224,552

 

$

347,562,909

 

$

68,767,156

 

$

77,338,045

 

$

48,460,640

 

$

51,983,234

 

$

105,809,855

 

$

119,602,953

 

 

 

                                               

End of period undistributed net investment income

 

$

918,634

 

$

661,477

 

$

327,864

 

$

361,764

 

$

376,699

 

$

464,798

 

$

468,015

 

$

408,630

 

 

 

                                               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Maryland Municipal
Bond Trust
(BZM)

 

BlackRock
New Jersey Municipal
Bond Trust
(BLJ)

 

BlackRock
New York Insured Municipal
Income Trust
(BSE)

 

BlackRock
New York Municipal
Bond Trust
(BQH)

 

 

 

               

Increase (Decrease) in Net Assets:

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

For the
Year Ended
August 31, 2007

 

                                   

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Net investment income

 

$

1,172,526

 

$

2,196,572

 

$

1,392,312

 

$

2,646,386

 

$

3,161,577

 

$

6,662,448

 

$

1,662,691

 

$

3,114,715

 

Net realized gain (loss)

 

 

(9,354

)

 

(36,957

)

 

(306,804

)

 

(118,196

)

 

(350,259

)

 

129,600

 

 

129,454

 

 

233,781

 

Net change in unrealized appreciation/depreciation

 

 

(2,206,050

)

 

(1,990,798

)

 

(3,053,886

)

 

(1,900,776

)

 

(9,181,815

)

 

(4,871,907

)

 

(2,813,437

)

 

(1,780,588

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(302,697

)

 

(620,925

)

 

(359,685

)

 

(668,039

)

 

(852,903

)

 

(1,663,594

)

 

(445,475

)

 

(788,847

)

Net realized gains

 

 

(10,561

)

 

(724

)

 

(6,860

)

 

 

 

(82,413

)

 

(114,611

)

 

(19,635

)

 

 

 

 

                                               

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

(1,356,136

)

 

(452,832

)

 

(2,334,923

)

 

(40,625

)

 

(7,305,813

)

 

(115,064

)

 

(1,486,402

)

 

779,061

 

 

 

                                               

 

                                   

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Net investment income

 

 

(871,191

)

 

(1,736,982

)

 

(1,081,864

)

 

(2,156,474

)

 

(2,252,072

)

 

(4,502,953

)

 

(1,270,471

)

 

(2,525,696

)

Net realized gains

 

 

(92,773

)

 

(2,108

)

 

(87,537

)

 

 

 

(221,583

)

 

(322,647

)

 

(144,243

)

 

 

 

 

                                               

Decrease in net assets resulting from dividends and distributions to Common Shareholders

 

 

(963,964

)

 

(1,739,090

)

 

(1,169,401

)

 

(2,156,474

)

 

(2,473,655

)

 

(4,825,600

)

 

(1,414,714

)

 

(2,525,696

)

 

 

                                               

 

                                   

   Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Net increase in net assets from reinvestment of common dividends

 

 

72,266

 

 

140,320

 

 

87,964

 

 

180,298

 

 

25,571

 

 

 

 

184,320

 

 

364,660

 

 

 

                                               

 

                                   

   Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                   

Total decrease in net assets applicable to Common Shares

 

 

(2,247,834

)

 

(2,051,602

)

 

(3,416,360

)

 

(2,016,801

)

 

(9,753,897

)

 

(4,940,664

)

 

(2,716,796

)

 

(1,381,975

)

Beginning of period

 

 

30,302,061

 

 

32,353,663

 

 

35,245,933

 

 

37,262,734

 

 

94,314,030

 

 

99,254,694

 

 

42,159,517

 

 

43,541,492

 

 

 

                                               

End of period

 

$

28,054,227

 

$

30,302,061

 

$

31,829,573

 

$

35,245,933

 

$

84,560,133

 

$

94,314,030

 

$

39,442,721

 

$

42,159,517

 

 

 

                                               

End of period undistributed net investment income

 

$

408,131

 

$

409,493

 

$

497,689

 

$

546,926

 

$

764,439

 

$

707,837

 

$

437,823

 

$

491,078

 

 

 

                                               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

57



Statements of Changes in Net Assets (concluded)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock

 

BlackRock

 

 

 

New York Municipal

 

Virginia Municipal

 

 

 

Income Trust II (BFY)

 

Bond Trust (BHV)

 

 

 

       

 

 

For the

 

 

 

 

For the

 

 

 

 

 

 

Six Months Ended

 

For the

 

Six Months Ended

 

For the

 

 

 

February 29, 2008

 

Year Ended

 

February 29, 2008

 

Year Ended

 

Increase (Decrease) in Net Assets:

 

(Unaudited)

 

August 31, 2007

 

(Unaudited)

 

August 31, 2007

 

                           

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net investment income

 

 

$

2,774,993

 

 

 

$

5,283,336

 

 

 

$

922,087

 

 

 

$

1,712,355

 

 

Net realized gain (loss)

 

 

 

(537,938

)

 

 

 

99,253

 

 

 

 

(22,388

)

 

 

 

(11,882

)

 

Net change in unrealized appreciation/depreciation

 

 

 

(4,956,754

)

 

 

 

(3,416,134

)

 

 

 

(1,325,574

)

 

 

 

(1,043,695

)

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(709,572

)

 

 

 

(1,477,497

)

 

 

 

(252,059

)

 

 

 

(422,739

)

 

Net realized gains

 

 

 

(35,412

)

 

 

 

 

 

 

 

 

 

 

 

(26,231

)

 

 

 

 

                                     

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

 

 

 

(3,464,683

)

 

 

 

488,958

 

 

 

 

(677,934

)

 

 

 

207,808

 

 

 

 

 

                                     

 

                                           

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net investment income

 

 

 

(1,852,594

)

 

 

 

(3,607,277

)

 

 

 

(672,455

)

 

 

 

(1,338,699

)

 

Net realized gains

 

 

 

(206,765

)

 

 

 

 

 

 

 

(48,213

)

 

 

 

(80,656

)

 

 

 

 

                                     

Decrease in net assets resulting from dividends and distributions to Common Shareholders

 

 

 

(2,059,359

)

 

 

 

(3,607,277

)

 

 

 

(720,668

)

 

 

 

(1,419,355

)

 

 

 

 

                                     

 

                                           

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net increase in net assets from reinvestment of common dividends

 

 

 

19,335

 

 

 

 

27,341

 

 

 

 

82,860

 

 

 

 

167,940

 

 

 

 

 

                                     

 

                                           

Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total decrease in net assets applicable to Common Shares

 

 

 

(5,504,707

)

 

 

 

(3,090,978

)

 

 

 

(1,315,742

)

 

 

 

(1,043,607

)

 

Beginning of period

 

 

 

73,302,273

 

 

 

 

76,393,251

 

 

 

 

24,053,382

 

 

 

 

25,096,989

 

 

 

 

 

                                     

End of period

 

 

$

67,797,566

 

 

 

$

73,302,273

 

 

 

$

22,737,640

 

 

 

$

24,053,382

 

 

 

 

 

                                     

End of period undistributed net investment income

 

 

$

783,276

 

 

 

$

570,449

 

 

 

$

559,870

 

 

 

$

562,297

 

 

 

 

 

                                     

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

58

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

Financial Highlights

BlackRock Insured Municipal Income Trust (BYM)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

For the Period
October 31, 20021
through August 31,
2003

 

The following per share data and ratios have been derived from information provided in the financial statements.

 

 

For the Year Ended August 31,

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

 

                                       

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net asset value, beginning of period

 

 

$

14.82

 

 

$

15.54

 

$

15.61

 

$

14.62

 

$

13.64

 

 

$

14.33

2

 

 

 

                                           

Net investment income

 

 

 

0.52

3

 

 

1.03

 

 

1.03

 

 

1.03

 

 

1.06

 

 

 

0.83

 

 

Net realized and unrealized gain (loss)

 

 

 

(1.69

)

 

 

(0.67

)

 

(0.09

)

 

1.07

 

 

0.94

 

 

 

(0.62

)

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.14

)

 

 

(0.28

)

 

(0.26

)

 

(0.17

)

 

(0.08

)

 

 

(0.07

)

 

Net realized gain

 

 

 

 

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net increase (decrease) from investment operations

 

 

 

(1.31

)

 

 

0.06

 

 

0.68

 

 

1.93

 

 

1.92

 

 

 

0.14

 

 

 

 

                                           

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.37

)

 

 

(0.73

)

 

(0.75

)

 

(0.94

)

 

(0.94

)

 

 

(0.70

)

 

Net realized gains

 

 

 

 

 

 

(0.05

)

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total dividends and distributions

 

 

 

(0.37

)

 

 

(0.78

)

 

(0.75

)

 

(0.94

)

 

(0.94

)

 

 

(0.70

)

 

 

 

                                           

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.10

)

 

 

 

                                           

Total capital charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.13

)

 

 

 

                                           

Net asset value, end of period

 

 

$

13.14

 

 

$

14.82

 

$

15.54

 

$

15.61

 

$

14.62

 

 

$

13.64

 

 

 

 

                                           

Market price, end of period

 

 

$

13.30

 

 

$

14.35

 

$

14.65

 

$

15.43

 

$

13.97

 

 

$

13.51

 

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Total Investment Return:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Based on net asset value

 

 

 

(9.04

%) 5

 

 

0.48

%

 

4.92

%

 

13.77

%

 

14.61

%

 

 

0.03

%5

 

 

 

                                           

Based on market price

 

 

 

(4.92

%)5

 

 

3.20

%

 

0.07

%

 

17.69

%

 

10.57

%

 

 

(5.39

%) 5

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Expenses after fees waived and paid indirectly6

 

 

 

0.85

%7

 

 

0.80

%

 

0.84

%

 

0.83

%

 

0.84

%

 

 

0.77

%7

 

 

 

                                           

Total expenses, net of waiver6

 

 

 

0.85

%7

 

 

0.80

%

 

0.84

%

 

0.83

%

 

0.84

%

 

 

0.79

%7

 

 

 

                                           

Total expenses6

 

 

 

1.11

%7

 

 

1.12

%

 

1.18

%

 

1.15

%

 

1.16

%

 

 

1.10

%7

 

 

 

                                           

Net investment income6

 

 

 

6.88

%7

 

 

6.67

%

 

6.75

%

 

6.83

%

 

7.30

%

 

 

6.95

%7

 

 

 

                                           

Amount of dividends to Preferred Shareholders

 

 

 

1.91

%7

 

 

1.79

%

 

1.69

%

 

1.09

%

 

0.57

%

 

 

0.55

%7

 

 

 

                                           

Net investment income to Common Shareholders

 

 

 

4.97

%7

 

 

4.88

%

 

5.06

%

 

5.74

%

 

6.73

%

 

 

6.40

%7

 

 

 

                                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Net assets applicable to Common Shares, end of period (000)

 

 

$

344,292

 

 

$

388,275

 

$

407,338

 

$

408,641

 

$

382,265

 

 

$

356,438

 

 

 

 

                                           

Preferred Shares outstanding at liquidation preference, end of period (000)

 

 

$

228,975

 

 

$

228,975

 

$

228,975

 

$

228,975

 

$

228,975

 

 

$

228,975

 

 

 

 

                                           

Portfolio turnover

 

 

 

13

%

 

 

17

%

 

60

%

 

57

%

 

57

%

 

 

46

%

 

 

 

                                           

Asset coverage per Preferred Share, end of period

 

 

$

62,605

 

 

$

67,402

 

$

69,485

 

$

69,622

 

$

66,739

 

 

$

63,919

 

 

 

 

                                           

 

 

1

Commencement of operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per sales charge from the initial offering price of $15.00 per share.

3

Based on average shares outstanding.

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

Does not reflect the effect of dividends to Preferred Shareholders.

7

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

59



 

 


 

Financial Highlights

BlackRock Municipal Bond Trust (BBK)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following per share data and ratios have been derived from information provided in the financial statements.

 

 

For the Year Ended August 31,

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                                       

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net asset value, beginning of period

 

 

$

15.57

 

 

$

16.35

 

$

16.36

 

$

15.00

 

$

14.12

 

$

14.76

 

 

 

                                       

Net investment income

 

 

 

0.65

1

 

 

1.20

 

 

1.21

 

 

1.21

 

 

1.25

 

 

1.28

 

Net realized and unrealized gain (loss)

 

 

 

(1.83

)

 

 

(0.63

)

 

0.18

 

 

1.36

 

 

0.74

 

 

(0.74

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.15

)

 

 

(0.32

)

 

(0.25

)

 

(0.17

)

 

(0.08

)

 

(0.10

)

Net realized gain

 

 

 

(0.03

)

 

 

 

 

(0.02

)

 

 

 

 

 

(0.01

)

 

 

                                       

Net increase (decrease) from investment operations

 

 

 

(1.36

)

 

 

0.25

 

 

1.12

 

 

2.40

 

 

1.91

 

 

0.43

 

 

 

                                       

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.48

)

 

 

(1.03

)

 

(1.04

)

 

(1.04

)

 

(1.04

)

 

(1.02

)

Net realized gains

 

 

 

(0.13

)

 

 

 

 

(0.09

)

 

 

 

 

 

(0.05

)

 

 

                                       

Total dividends and distributions

 

 

 

(0.61

)

 

 

(1.03

)

 

(1.13

)

 

(1.04

)

 

(1.04

)

 

(1.07

)

 

 

                                       

Capital charges with respect to issuance of Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

0.01

 

 

 

 

 

                                       

Net asset value, end of period

 

 

$

13.60

 

 

$

15.57

 

$

16.35

 

$

16.36

 

$

15.00

 

$

14.12

 

 

 

                                       

Market price, end of period

 

 

$

14.85

 

 

$

16.50

 

$

17.89

 

$

17.18

 

$

14.61

 

$

13.66

 

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total Investment Return:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Based on net asset value

 

 

 

(9.14

%)3

 

 

1.09

%

 

7.18

%

 

16.63

%

 

14.01

%

 

3.17

%

 

 

                                       

Based on market price

 

 

 

(6.38

%)3

 

 

(2.09

%)

 

11.55

%

 

25.75

%

 

14.87

%

 

(1.20

%)

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Expenses after fees waived and paid indirectly4

 

 

 

0.92

%5

 

 

0.83

%

 

0.86

%

 

0.87

%

 

0.89

%

 

0.91

%

 

 

                                       

Total expenses, net of waiver4

 

 

 

0.92

%5

 

 

0.84

%

 

0.88

%

 

0.88

%

 

0.90

%

 

0.92

%

 

 

                                       

Total expenses4

 

 

 

1.32

%5

 

 

1.28

%

 

1.37

%

 

1.35

%

 

1.37

%

 

1.41

%

 

 

                                       

Net investment income4

 

 

 

8.37

%5

 

 

7.36

%

 

7.58

%

 

7.73

%

 

8.28

%

 

8.66

%

 

 

                                       

Amount of dividends to Preferred Shareholders

 

 

 

1.87

%5

 

 

1.94

%

 

1.57

%

 

1.08

%

 

0.55

%

 

0.67

%

 

 

                                       

Net investment income to Common Shareholders

 

 

 

6.50

%5

 

 

5.42

%

 

6.01

%

 

6.65

%

 

7.73

%

 

7.99

%

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net assets applicable to Common Shares, end of period (000)

 

 

$

140,066

 

 

$

159,900

 

$

166,895

 

$

165,863

 

$

151,892

 

$

142,951

 

 

 

                                       

Preferred Shares outstanding at liquidation preference,end of period (000)

 

 

$

90,500

 

 

$

90,500

 

$

90,500

 

$

90,500

 

$

90,500

 

$

90,500

 

 

 

                                       

Portfolio turnover

 

 

 

5

%

 

 

14

%

 

85

%

 

70

%

 

65

%

 

21

%

 

 

                                       

Asset coverage per Preferred Share, end of period

 

 

$

63,704

 

 

$

69,176

 

$

71,114

 

$

70,824

 

$

66,963

 

$

64,491

 

 

 

                                       

 

 

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

Does not reflect the effect of dividends to Preferred Shareholders.

5

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

60

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 

 


Financial Highlights

BlackRock Municipal Income Trust II (BLE)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

The following per share data and ratios have been derived from information provided in the financial statements.

 

 

For the Year Ended August 31,

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                                         

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net asset value, beginning of period

 

 

$

15.08

 

 

$

15.82

 

$

15.75

 

$

14.34

 

$

13.28

 

$

14.40

 

 

 

                                       

Net investment income

 

 

 

0.61

1

 

 

1.17

 

 

1.18

 

 

1.20

 

 

1.20

 

 

1.14

 

Net realized and unrealized gain (loss)

 

 

 

(1.90

)

 

 

(0.66

)

 

0.18

 

 

1.38

 

 

0.95

 

 

(1.06

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends to Preferred Shareholders from net investment income

 

 

 

(0.17

)

 

 

(0.32

)

 

(0.28

)

 

(0.17

)

 

(0.09

)

 

(0.10

)

 

 

                                       

Net increase (decrease) from investment operations

 

 

 

(1.46

)

 

 

0.19

 

 

1.08

 

 

2.41

 

 

2.06

 

 

(0.02

)

 

 

                                       

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.43

)

 

 

(0.93

)

 

(1.01

)

 

(1.00

)

 

(1.00

)

 

(1.00

)

Net realized gains

 

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Total dividends and distributions

 

 

 

(0.45

)

 

 

(0.93

)

 

(1.01

)

 

(1.00

)

 

(1.00

)

 

(1.00

)

 

 

                                       

Capital charges with respect to issuance of Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.10

)

 

 

                                       

Net asset value, end of period

 

 

$

13.17

 

 

$

15.08

 

$

15.82

 

$

15.75

 

$

14.34

 

$

13.28

 

 

 

                                       

Market price, end of period

 

 

$

13.49

 

 

$

15.05

 

$

17.22

 

$

15.73

 

$

13.92

 

$

13.11

 

 

 

                                       

 

                                           

Total Investment Return:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Based on net asset value

 

 

 

(9.92

%)3

 

 

1.02

%

 

7.04

%

 

17.56

%

 

16.09

%

 

(0.81

%)

 

 

                                       

Based on market price

 

 

 

(7.55

%)3

 

 

(7.38%

)

 

16.66

%

 

20.95

%

 

14.15

%

 

(6.00

%)

 

 

                                       

 

                                           

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Expenses after fees waived and paid indirectly4

 

 

 

0.97

%5

 

 

0.89

%

 

0.94

%

 

0.93

%

 

0.95

%

 

0.92

%

 

 

                                       

Total expenses, net of waiver4

 

 

 

0.97

%5

 

 

0.90

%

 

0.94

%

 

0.93

%

 

0.95

%

 

0.93

%

 

 

                                       

Total expenses4

 

 

 

1.13

%5

 

 

1.12

%

 

1.18

%

 

1.17

%

 

1.20

%

 

1.17

%

 

 

                                       

Net investment income4

 

 

 

8.09

%5

 

 

7.43

%

 

7.66

%

 

8.00

%

 

8.37

%

 

8.15

%

 

 

                                       

Amount of dividends to Preferred Shareholders

 

 

 

2.21

%5

 

 

2.01

%

 

1.78

%

 

1.15

%

 

0.61

%

 

0.69

%

 

 

                                       

Net investment income to Common Shareholders

 

 

 

5.88

%5

 

 

5.42

%

 

5.88

%

 

6.85

%

 

7.76

%

 

7.46

%

 

 

                                       

 

                                           

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net assets applicable to Common Shares, end of period (000)

 

 

$

304,225

 

 

$

347,563

 

$

362,608

 

$

359,020

 

$

326,770

 

$

302,337

 

 

 

                                       

Preferred Shares outstanding at liquidation preference,end of period (000)

 

 

$

205,550

 

 

$

205,550

 

$

205,550

 

$

205,550

 

$

205,550

 

$

205,550

 

 

 

                                       

Portfolio turnover

 

 

 

4

%

 

 

12

%

 

68

%

 

49

%

 

64

%

 

118

%

 

 

                                       

Asset coverage per Preferred Share, end of period

 

 

$

62,015

 

 

$

67,279

 

$

69,110

 

$

68,672

 

$

64,747

 

$

61,774

 

 

 

                                       

 

 

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

Does not reflect the effect of dividends to Preferred Shareholders.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

61




 

 


Financial Highlights

BlackRock California Insured Municipal Income Trust (BCK)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period
October 31, 20021
through August 31,
2003

 

The following per share data and ratios have been derived from information provided in the financial statements.

 

 

For the Year Ended August 31,

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

 

                           

Per Common Share Operating Performance:

                           

Net asset value, beginning of period

 

 

$

14.66

 

 

$

15.24

 

$

15.22

 

$

14.01

 

$

13.09

 

 

$

14.33

2

 

 

 

                                           

Net investment income

 

 

 

0.483

 

 

 

0.99

 

 

0.98

 

 

0.99

 

 

1.02

 

 

 

0.79

 

 

Net realized and unrealized gain (loss)

 

 

 

(1.6

)2

 

 

(0.59

)

 

(0.01

)

 

1.27

 

 

0.89

 

 

 

(1.15

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends to Preferred Shareholders from net investment income

 

 

 

(0.14

)

 

 

(0.28

)

 

(0.24

)

 

(0.15

)

 

(0.08

)

 

 

(0.06

)

 

 

 

                                           

Net increase (decrease) from investment operations

 

 

 

(1.28

)

 

 

0.12

 

 

0.73

 

 

2.11

 

 

1.83

 

 

 

(0.42

)

 

 

 

                                           

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.35

)

 

 

(0.70

)

 

(0.71

)

 

(0.90

)

 

(0.90

)

 

 

(0.67

)

 

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 

 

 

 

 

                                           

Total dividends and distributions

 

 

 

(0.35

)

 

 

(0.70

)

 

(0.71

)

 

(0.90

)

 

(0.91

)

 

 

(0.67

)

 

 

 

                                           

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.12

)

 

 

 

                                           

Total capital charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.15

)

 

 

 

                                           

Net asset value, end of period

 

 

$

13.03

 

 

$

14.66

 

$

15.24

 

$

15.22

 

$

14.01

 

 

$

13.09

 

 

 

 

                                           

Market price, end of period

 

 

$

13.14

 

 

$

14.30

 

$

14.61

 

$

16.08

 

$

14.00

 

 

$

13.01

 

 

 

 

                                           
                                               

Total Investment Return:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Based on net asset value

 

 

 

(8.93

%)5

 

 

0.76

%

 

5.22

%

 

15.62

%

 

14.34

%

 

 

(4.11

%)5

 

 

 

                                           

Based on market price

 

 

 

(5.85

%)5

 

 

2.52

%

 

(4.53%

)

 

22.24

%

 

14.97

%

 

 

(8.98

%)5

 

 

 

                                           
                                               

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Expenses after fees waived and paid indirectly6

 

 

 

0.98

%7

 

 

0.90

%

 

0.95

%

 

0.97

%

 

0.99

%

 

 

0.92

%7

 

 

 

                                           

Total expenses, net of waiver6

 

 

 

0.98

%7

 

 

0.92

%

 

0.97

%

 

0.98

%

 

0.99

%

 

 

0.96

%7

 

 

 

                                           

Total expenses6

 

 

 

1.27

%7

 

 

1.24

%

 

1.28

%

 

1.30

%

 

1.32

%

 

 

1.27

%7

 

 

 

                                           

Net investment income6

 

 

 

6.45

%7

 

 

6.50

%

 

6.58

%

 

6.72

%

 

7.26

%

 

 

6.69

%7

 

 

 

                                           

Amount of dividends to Preferred Shareholders

 

 

 

1.89

%7

 

 

1.87

%

 

1.63

%

 

1.04

%

 

0.54

%

 

 

0.50

%7

 

 

 

                                           

Net investment income to Common Shareholders

 

 

 

4.56

%7

 

 

4.63

%

 

4.95

%

 

5.68

%

 

6.72

%

 

 

6.19

%7

 

 

 

                                           
                                               

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

Net assets applicable to Common Shares, end of period (000)

 

 

$

68,767

 

 

$

77,338

 

$

80,418

 

$

80,289

 

$

73,823

 

 

$

68,910

 

 

 

 

                                           

Preferred Shares outstanding at liquidation preference,end of period (000)

 

 

$

46,500

 

 

$

46,500

 

$

46,500

 

$

46,500

 

$

46,500

 

 

$

46,500

 

 

 

 

                                           

Portfolio turnover

 

 

 

15

%

 

 

28

%

 

20

%

 

16

%

 

4

%

 

 

41

%

 

 

 

                                           

Asset coverage per Preferred Share, end of period

 

 

$

61,988

 

 

$

66,591

 

$

68,241

 

$

68,170

 

$

64,691

 

 

$

62,052

 

 

 

 

                                           

 

 

1

Commencement of operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Based on average shares outstanding.

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

Does not reflect the effect of dividends to Preferred Shareholders.

7

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

62

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 


 

 

Financial Highlights

BlackRock California Municipal Bond Trust (BZA)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following per share data and ratios have been derived from information provided in the financial statements.

 

 

For the Year Ended August 31,

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.35

 

$

16.28

 

$

16.19

 

$

14.67

 

$

13.71

 

$

14.87

 

 

 

 

Net Investment income

 

 

0.60

1

 

1.13

 

 

1.14

 

 

1.13

 

 

1.15

 

 

1.18

 

Net realized and unrealized gain (loss)

 

 

(1.04

)

 

(0.82

)

 

0.17

 

 

1.50

 

 

0.92

 

 

(1.21

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.17

)

 

(0.30

)

 

(0.26

)

 

(0.15

)

 

(0.07

)

 

(0.09

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

(0.01

)

 

 

 

Net increase (decrease) from investment operations

 

 

(0.61

)

 

0.01

 

 

1.05

 

 

2.48

 

 

1.99

 

 

(0.13

)

 

 

 

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.46

)

 

(0.94

)

 

(0.96

)

 

(0.96

)

 

(0.96

)

 

(0.94

)

Net realized gains

 

 

(0.03

)

 

 

 

 

 

 

 

(0.07

)

 

(0.08

)

 

 

 

Total dividends and distributions

 

 

(0.49

)

 

(0.94

)

 

(0.96

)

 

(0.96

)

 

(1.03

)

 

(1.02

)

 

 

 

Capital charges with respect to issuance of Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 

 

Net asset value, end of period

 

$

14.25

 

$

15.35

 

$

16.28

 

$

16.19

 

$

14.67

 

$

13.71

 

 

 

 

Market price, end of period

 

$

15.74

 

$

16.50

 

$

18.05

 

$

16.33

 

$

13.90

 

$

13.15

 

 

 

 

 

 

Total Investment Return:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

(4.18

%)3

 

(0.33

%)

 

6.71

%

 

17.71

%

 

15.20

%

 

(0.76

%)

 

 

 

Based on market price

 

 

(1.54

%)3

 

(3.37

%)

 

17.30

%

 

25.31

%

 

13.80

%

 

(2.92

%)

 

 

 

 

 

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly4

 

 

1.07

%5

 

0.94

%

 

0.96

%

 

1.00

%

 

1.06

%

 

1.06

%

 

 

 

Total expenses, net of waiver4

 

 

1.07

%5

 

0.96

%

 

0.98

%

 

1.03

%

 

1.07

%

 

1.06

%

 

 

 

Total expenses4

 

 

1.48

%5

 

1.41

%

 

1.45

%

 

1.50

%

 

1.55

%

 

1.54

%

 

 

 

Net investment income4

 

 

7.70

%5

 

7.08

%

 

7.20

%

 

7.30

%

 

7.87

%

 

7.99

%

 

 

 

Amount of dividends to Preferred Shareholders

 

 

2.13

%5

 

1.87

%

 

1.64

%

 

0.98

%

 

0.49

%

 

0.58

%

 

 

 

Net investment income to Common Shareholders

 

 

5.57

%5

 

5.21

%

 

5.56

%

 

6.32

%

 

7.38

%

 

7.41

%

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets applicable to Common Shares, end of period (000)

 

$

48,461

 

$

51,983

 

$

54,801

 

$

54,265

 

$

49,145

 

$

45,940

 

 

 

 

Preferred Shares outstanding at liquidation preference, end of period (000)

 

$

29,975

 

$

29,975

 

$

29,975

 

$

29,975

 

$

29,975

 

$

29,975

 

 

 

 

Portfolio turnover

 

 

7

%

 

21

%

 

16

%

 

22

%

 

24

%

 

22

%

 

 

 

Asset coverage per Preferred Share, end of period

 

$

65,434

 

$

68,364

 

$

70,714

 

$

70,263

 

$

65,990

 

$

63,318

 

 

 

 

 

 

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

Does not reflect the effect of dividends to Preferred Shareholders.

5

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

63



 

 


 

 

Financial Highlights

BlackRock California Municipal Income Trust II (BCL)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following per share data and ratios have been derived from information provided in the financial statements.

 

 

For the Year Ended August 31,

 

 

 

 

 

 

2007

 

 

2006

 

 

2005

 

 

2004

 

 

2003

 

 

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.96

 

$

15.72

 

$

15.52

 

$

13.77

 

$

12.76

 

$

14.42

 

 

 

 

Net investment income

 

 

0.56

1

 

1.07

 

 

1.08

 

 

1.09

 

 

1.09

 

 

1.02

 

Net realized and unrealized gain (loss)

 

 

(1.72

)

 

(0.74

)

 

0.16

 

 

1.75

 

 

0.97

 

 

(1.51

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends to Preferred Shareholders from net investment income

 

 

(0.16

)

 

(0.30

)

 

(0.25

)

 

(0.15

)

 

(0.08

)

 

(0.09

)

 

 

 

Net increase (decrease) from investment operations

 

 

(1.32

)

 

0.03

 

 

0.99

 

 

2.69

 

 

1.98

 

 

(0.58

)

 

 

 

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.39

)

 

(0.79

)

 

(0.79

)

 

(0.94

)

 

(0.97

)

 

(0.97

)

Net realized gains

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total dividends and distributions

 

 

(0.41

)

 

(0.79

)

 

(0.79

)

 

(0.94

)

 

(0.97

)

 

(0.97

)

 

 

 

Capital charges with respect to issuance of Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 

 

Net asset value, end of period

 

$

13.23

 

$

14.96

 

$

15.72

 

$

15.52

 

$

13.77

 

$

12.76

 

 

 

 

Market price, end of period

 

$

13.63

 

$

14.44

 

$

15.40

 

$

14.26

 

$

13.71

 

$

13.01

 

 

 

 

 

 

Total Investment Return:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

(9.04

%)3

 

0.09

%

 

6.93

%

 

20.38

%

 

15.94

%

 

(4.98

%)

 

 

 

Based on market price

 

 

(2.91

%)3

 

(1.38

%)

 

14.01

%

 

11.09

%

 

13.21

%

 

(6.94

%)

 

 

 

 

 

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly4

 

 

1.06

%5

 

0.95

%

 

0.98

%

 

1.01

%

 

1.05

%

 

0.97

%

 

 

 

Total expenses, net of waiver4

 

 

1.06

%5

 

0.96

%

 

1.00

%

 

1.02

%

 

1.05

%

 

0.99

%

 

 

 

Total expenses4

 

 

1.22

%5

 

1.19

%

 

1.24

%

 

1.26

%

 

1.30

%

 

1.23

%

 

 

 

Net investment income4

 

 

7.37

%5

 

6.81

%

 

7.06

%

 

7.46

%

 

7.97

%

 

7.38

%

 

 

 

Amount of dividends to Preferred Shareholders

 

 

2.07

%5

 

1.89

%

 

1.62

%

 

1.00

%

 

0.58

%

 

0.63

%

 

 

 

Net investment income to Common Shareholders

 

 

5.30

%5

 

4.92

%

 

5.44

%

 

6.46

%

 

7.39

%

 

6.75

%

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets applicable to Common Shares, end of period (000)

 

$

105,810

 

$

119,603

 

$

125,525

 

$

123,920

 

$

109,952

 

$

101,738

 

 

 

 

Preferred Shares outstanding at liquidation preference, end of period (000)

 

$

71,950

 

$

71,950

 

$

71,950

 

$

71,950

 

$

71,950

 

$

71,950

 

 

 

 

Portfolio turnover

 

 

6

%

 

30

%

 

18

%

 

21

%

 

19

%

 

85

%

 

 

 

Asset coverage per Preferred Share, end of period

 

$

61,777

 

$

66,563

 

$

68,625

 

$

68,063

 

$

63,209

 

$

60,353

 

 

 

 

 

 

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

Does not reflect the effect of dividends to Preferred Shareholders.

5

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

64

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 



Financial Highlights

BlackRock Florida Insured Municipal Income Trust (BAF)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period
October 31, 20021
through August 31,
2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following per share data and ratios have been derived from information provided in the financial statements.

 

 

For the Year Ended August 31,

 

 

 

 

2007

 

 

2006

 

 

2005

 

 

2004

 

 

                                       

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net asset value, beginning of period

 

$

14.68

 

$

15.24

 

$

15.26

 

$

14.34

 

$

13.74

 

$

14.33

2

 

 

                                   

Net investment income

 

 

0.50

3

 

1.01

 

 

1.02

 

 

1.02

 

 

1.02

 

 

0.75

 

Net realized and unrealized gain (loss)

 

 

(1.28

)

 

(0.56

)

 

(0.07

)

 

0.96

 

 

0.64

 

 

(0.47

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.17

)

 

(0.31

)

 

(0.26

)

 

(0.16

)

 

(0.07

)

 

(0.06

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 

 

 

                                   

Net increase (decrease) from investment operations

 

 

(0.95

)

 

0.14

 

 

0.69

 

 

1.82

 

 

1.58

 

 

0.22

 

 

 

                                   

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.35

)

 

(0.70

)

 

(0.71

)

 

(0.90

)

 

(0.90

)

 

(0.67

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

(0.08

)

 

 

 

 

                                   

Total dividends and distributions

 

 

(0.35

)

 

(0.70

)

 

(0.71

)

 

(0.90

)

 

(0.98

)

 

(0.67

)

 

 

                                   

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 

                                   

Total capital charges

 

 

 

 

 

 

 

 

 

 

 

 

(0.14

)

 

 

                                   

Net asset value, end of period

 

$

13.38

 

$

14.68

 

$

15.24

 

$

15.26

 

$

14.34

 

$

13.74

 

 

 

                                   

Market price, end of period

 

$

12.42

 

$

13.55

 

$

13.88

 

$

15.30

 

$

14.14

 

$

13.20

 

 

 

                                   

 

                                       

Total Investment Return:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Based on net asset value

 

 

(6.46

%)5

 

1.17

%

 

5.16

%

 

13.13

%

 

11.87

%

 

0.52

%5

 

 

                                   

Based on market price

 

 

(5.93

%)5

 

2.54

%

 

(4.48

%)

 

15.03

%

 

14.82

%

 

(7.78

%)5

 

 

                                   

 

                                       

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Expenses after fees waived and paid indirectly6

 

 

0.91

%7

 

0.86

%

 

0.90

%

 

0.89

%

 

0.91

%

 

0.83

%7

 

 

                                   

Total expenses, net of waiver6

 

 

0.91

%7

 

0.87

%

 

0.92

%

 

0.90

%

 

0.93

%

 

0.87

%7

 

 

                                   

Total expenses6

 

 

1.19

%7

 

1.19

%

 

1.23

%

 

1.22

%

 

1.25

%

 

1.17

%7

 

 

                                   

Net investment income6

 

 

6.68

%7

 

6.70

%

 

6.79

%

 

6.85

%

 

7.13

%

 

6.39

%7

 

 

                                   

Amount of dividends to Preferred Shareholders

 

 

2.22

%7

 

2.05

%

 

1.74

%

 

1.06

%

 

0.52

%

 

0.54

%7

 

 

                                   

Net investment income to Common Shareholders

 

 

4.46

%7

 

4.65

%

 

5.05

%

 

5.79

%

 

6.61

%

 

5.85

%7

 

 

                                   

 

                                       

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net assets applicable to Common Shares, end of period (000)

 

$

116,856

 

$

128,215

 

$

133,106

 

$

133,221

 

$

125,054

 

$

119,778

 

 

 

                                   

Preferred Shares outstanding at liquidation preference, end of period (000)

 

$

76,000

 

$

76,000

 

$

76,000

 

$

76,000

 

$

76,000

 

$

76,000

 

 

 

                                   

Portfolio turnover

 

 

6

%

 

13

%

 

9

%

 

2

%

 

2

%

 

50

%

 

 

                                   

Asset coverage per Preferred Share, end of period

 

$

63,457

 

$

67,187

 

$

68,792

 

$

68,826

 

$

66,137

 

$

64,404

 

 

 

                                   

 

 

1

Commencement of operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Based on average shares outstanding.

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

Does not reflect the effect of dividends to Preferred Shareholders.

7

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

65



 

 



Financial Highlights

BlackRock Florida Municipal Bond Trust (BIE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following per share data and ratios have been derived from information provided in the financial statements.

 

 

For the Year Ended August 31,

 

 

 

2007

 

 

2006

 

 

2005

 

 

2004

 

 

2003

 

                                     

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                     

Net asset value, beginning of period

 

$

15.45

 

$

16.22

 

$

16.31

 

$

15.53

 

$

14.52

 

$

14.90

 

 

 

                                   

Net investment income

 

 

0.61

1

 

1.15

 

 

1.17

 

 

1.16

 

 

1.16

 

 

1.14

 

Net realized and unrealized gain (loss)

 

 

(1.04

)

 

(0.67

)

 

(0.06

)

 

0.71

 

 

0.88

 

 

(0.43

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.17

)

 

(0.32

)

 

(0.27

)

 

(0.16

)

 

(0.08

)

 

(0.09

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 

                                   

Net increase (decrease) from investment operations

 

 

(0.60

)

 

0.16

 

 

0.84

 

 

1.71

 

 

1.96

 

 

0.61

 

 

 

                                   

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.47

)

 

(0.93

)

 

(0.93

)

 

(0.93

)

 

(0.93

)

 

(0.92

)

Net realized gains

 

 

(0.03

)

 

 

 

 

 

 

 

(0.02

)

 

(0.06

)

 

 

                                   

Total dividends and distributions

 

 

(0.50

)

 

(0.93

)

 

(0.93

)

 

(0.93

)

 

(0.95

)

 

(0.98

)

 

 

                                   

Capital charges with respect to issuance of Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 

                                   

Net asset value, end of period

 

$

14.35

 

$

15.45

 

$

16.22

 

$

16.31

 

$

15.53

 

$

14.52

 

 

 

                                   

Market price, end of period

 

$

15.16

 

$

15.82

 

$

16.70

 

$

15.95

 

$

14.17

 

$

13.55

 

 

 

                                   

 

                                       

Total Investment Return:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                     

Based on net asset value

 

 

(4.07

%)3

 

0.95

%

 

5.40

%

 

11.58

%

 

14.37

%

 

4.19

%

 

 

                                   

Based on market price

 

 

(1.02

%)3

 

0.40

%

 

10.97

%

 

19.59

%

 

11.82

%

 

(2.90

%)

 

 

                                   

 

                                       

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Expenses after fees waived and paid indirectly4

 

 

1.06

%5

 

0.96

%

 

0.98

%

 

1.00

%

 

1.02

%

 

1.05

%

 

 

                                   

Total expenses, net of waiver4

 

 

1.06

%5

 

0.98

%

 

1.00

%

 

1.02

%

 

1.03

%

 

1.05

%

 

 

                                   

Total expenses4

 

 

1.47

%5

 

1.43

%

 

1.47

%

 

1.49

%

 

1.50

%

 

1.53

%

 

 

                                   

Net investment income4

 

 

7.73

%5

 

7.22

%

 

7.28

%

 

7.24

%

 

7.62

%

 

7.54

%

 

 

                                   

Amount of dividends to Preferred Shareholders

 

 

2.18

%5

 

2.01

%

 

1.70

%

 

1.01

%

 

0.53

%

 

0.59

%

 

 

                                   

Net investment income to Common Shareholders

 

 

5.55

%5

 

5.21

%

 

5.58

%

 

6.23

%

 

7.09

%

 

6.95

%

 

 

                                   

 

                                       

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                     

Net assets applicable to Common Shares,
end of period (000)

 

$

47,793

 

$

51,384

 

$

53,798

 

$

53,990

 

$

51,383

 

$

48,042

 

 

 

                                   

Preferred Shares outstanding at liquidation preference,
end of period (000)

 

$

29,775

 

$

29,775

 

$

29,775

 

$

29,775

 

$

29,775

 

$

29,775

 

 

 

                                   

Portfolio turnover

 

 

11

%

 

23

%

 

6

%

 

2

%

 

10

%

 

19

%

 

 

                                   

Asset coverage per Preferred Share, end of period

 

$

65,140

 

$

68,149

 

$

70,173

 

$

70,343

 

$

68,147

 

$

65,340

 

 

 

                                   

 

 

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

Does not reflect the effect of dividends to Preferred Shareholders.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

66

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 

 


 

 

Financial Highlights

BlackRock Maryland Municipal Bond Trust (BZM)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following per share data and ratios have been derived from information provided in the financial statements.

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

February 29, 2008

 

For the Year Ended August 31,

 

 

(Unaudited)

 

2007

 

2006

 

2005

 

2004

 

2003

 

                                           

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net asset value, beginning of period

 

 

$

14.91

 

 

$

15.98

 

$

16.11

 

$

15.24

 

$

14.36

 

$

14.76

 

 

 

                                       

Net investment income

 

 

 

0.58

1

 

 

1.08

 

 

1.07

 

 

1.07

 

 

1.06

 

 

1.07

 

Net realized and unrealized gain (loss)

 

 

 

(1.08

)

 

 

(0.99

)

 

(0.08

)

 

0.83

 

 

0.76

 

 

(0.45

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.15

)

 

 

(0.31

)

 

(0.26

)

 

(0.17

)

 

(0.08

)

 

(0.10

)

Net realized gain

 

 

 

(0.01

)

 

 

2

 

 

 

 

 

 

 

(0.01

)

 

 

                                       

Net increase (decrease) from investment operations

 

 

 

(0.66

)

 

 

(0.22

)

 

0.73

 

 

1.73

 

 

1.74

 

 

0.51

 

 

 

                                       

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.43

)

 

 

(0.85

)

 

(0.86

)

 

(0.86

)

 

(0.86

)

 

(0.84

)

Net realized gains

 

 

 

(0.05

)

 

 

2

 

 

 

 

 

 

 

(0.04

)

 

 

                                       

Total dividends and distributions

 

 

 

(0.48

)

 

 

(0.85

)

 

(0.86

)

 

(0.86

)

 

(0.86

)

 

(0.88

)

 

 

                                       

Capital charges with respect to issuance of Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

 

                                       

Net asset value, end of period

 

 

$

13.77

 

 

$

14.91

 

$

15.98

 

$

16.11

 

$

15.24

 

$

14.36

 

 

 

                                       

Market price, end of period

 

 

$

15.53

 

 

$

17.43

 

$

17.45

 

$

15.96

 

$

14.99

 

$

13.90

 

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total Investment Return:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Based on net asset value

 

 

 

(4.78

%)4

 

 

(1.85

%)

 

4.57

%

 

11.73

%

 

12.50

%

 

3.26

%

 

 

                                       

Based on market price

 

 

 

(8.13

%)4

 

 

5.08

%

 

15.26

%

 

12.53

%

 

14.31

%

 

(1.32

%)

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Expenses after fees waived and paid indirectly5

 

 

 

1.23

%6

 

 

1.07

%

 

1.11

%

 

1.11

%

 

1.18

%

 

1.15

%

 

 

                                       

Total expenses, net of waiver5

 

 

 

1.23

%6

 

 

1.10

%

 

1.17

%

 

1.13

%

 

1.19

%

 

1.15

%

 

 

                                       

Total expenses5

 

 

 

1.62

%6

 

 

1.54

%

 

1.64

%

 

1.60

%

 

1.67

%

 

1.63

%

 

 

                                       

Net investment income5

 

 

 

7.55

%6

 

 

6.87

%

 

6.76

%

 

6.82

%

 

7.05

%

 

7.18

%

 

 

                                       

Amount of dividends to Preferred Shareholders

 

 

 

1.95

%6

 

 

1.94

%

 

1.66

%

 

1.05

%

 

0.54

%

 

0.64

%

 

 

                                       

Net investment income to Common Shareholders

 

 

 

5.60

%6

 

 

4.93

%

 

5.10

%

 

5.77

%

 

6.51

%

 

6.54

%

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net assets applicable to Common Shares, end of period (000)

 

 

$

28,054

 

 

$

30,302

 

$

32,354

 

$

32,492

 

$

30,715

 

$

28,923

 

 

 

                                       

Preferred Shares outstanding at liquidation preference, end of period (000)

 

 

$

18,000

 

 

$

18,000

 

$

18,000

 

$

18,000

 

$

18,000

 

$

18,000

 

 

 

                                       

Portfolio turnover

 

 

 

3

%

 

 

7

%

 

%

 

4

%

 

12

%

 

14

%

 

 

                                       

Asset coverage per Preferred Share, end of period

 

 

$

63,973

 

 

$

67,089

 

$

69,950

 

$

70,138

 

$

67,662

 

$

65,172

 

 

 

                                       

 

 

1

Based on average shares outstanding.

2

Amount is less than ($.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

Does not reflect the effect of dividends to Preferred Shareholders.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

67



 

 



 

 

Financial Highlights

BlackRock New Jersey Municipal Bond Trust (BLJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

The following per share data and ratios have been derived from information provided in the financial statements.

 

 

For the Year Ended August 31,

 

 

 

   

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                                         

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net asset value, beginning of period

 

$

15.38

 

 

$

16.33

 

$

16.26

 

$

14.71

 

$

13.77

 

$

14.58

 

 

 

                                     

Net investment income

 

 

0.61

1

 

 

1.15

 

 

1.16

 

 

1.16

 

 

1.16

 

 

1.15

 

Net realized and unrealized gain (loss)

 

 

(1.46

)

 

 

(0.87

)

 

0.18

 

 

1.48

 

 

0.84

 

 

(0.85

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.16

)

 

 

(0.29

)

 

(0.24

)

 

(0.15

)

 

(0.07

)

 

(0.09

)

Net realized gain

 

 

2

 

 

 

 

(0.02

)

 

 

 

 

 

(0.01

)

 

 

                                     

Net increase (decrease) from investment operations

 

 

(1.01

)

 

 

(0.01

)

 

1.08

 

 

2.49

 

 

1.93

 

 

0.20

 

 

 

                                     

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.47

)

 

 

(0.94

)

 

(0.95

)

 

(0.94

)

 

(0.94

)

 

(0.93

)

Net realized gains

 

 

(0.04

)

 

 

 

 

(0.06

)

 

 

 

(0.05

)

 

(0.06

)

 

 

                                     

Total dividends and distributions

 

 

(0.51

)

 

 

(0.94

)

 

(1.01

)

 

(0.94

)

 

(0.99

)

 

(0.99

)

 

 

                                     

Capital charges with respect to issuance of Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

                                     

Net asset value, end of period

 

$

13.86

 

 

$

15.38

 

$

16.33

 

$

16.26

 

$

14.71

 

$

13.77

 

 

 

                                     

Market price, end of period

 

$

16.30

 

 

$

16.90

 

$

18.30

 

$

15.98

 

$

13.91

 

$

13.64

 

 

 

                                     

 

                                         

Total Investment Return:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Based on net asset value

 

 

(6.98

%)4

 

 

(0.61

%)

 

6.77

%

 

17.60

%

 

14.56

%

 

1.34

%

 

 

                                     

Based on market price

 

 

(0.44

%)4

 

 

(2.54

%)

 

21.74

%

 

22.22

%

 

9.32

%

 

(0.10

%)

 

 

                                     

 

                                         

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Expenses after fees waived and paid indirectly5

 

 

1.17

%6

 

 

1.00

%

 

1.06

%

 

1.08

%

 

1.14

%

 

1.14

%

 

 

                                     

Total expenses, net of waiver5

 

 

1.17

%6

 

 

1.03

%

 

1.11

%

 

1.10

%

 

1.15

%

 

1.14

%

 

 

                                     

Total expenses5

 

 

1.57

%6

 

 

1.47

%

 

1.59

%

 

1.57

%

 

1.63

%

 

1.62

%

 

 

                                     

Net investment income5

 

 

7.81

%6

 

 

7.11

%

 

7.24

%

 

7.44

%

 

7.93

%

 

7.94

%

 

 

                                     

Amount of dividends to Preferred Shareholders

 

 

2.02

%6

 

 

1.79

%

 

1.50

%

 

0.98

%

 

0.49

%

 

0.60

%

 

 

                                     

Net investment income to Common Shareholders

 

 

5.79

%6

 

 

5.32

%

 

5.74

%

 

6.46

%

 

7.44

%

 

7.34

%

 

 

                                     

 

                                         

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net assets applicable to Common Shares, end of period (000)

 

$

31,830

 

 

$

35,246

 

$

37,263

 

$

36,928

 

$

33,384

 

$

31,226

 

 

 

                                     

Preferred Shares outstanding at liquidation preference, end of period (000)

 

$

20,225

 

 

$

20,225

 

$

20,225

 

$

20,225

 

$

20,225

 

$

20,225

 

 

 

                                     

Portfolio turnover

 

 

3

%

 

 

35

%

 

%

 

12

%

 

20

%

 

20

%

 

 

                                     

Asset coverage per Preferred Share, end of period

 

$

64,362

 

 

$

68,578

 

$

71,067

 

$

70,649

 

$

66,266

 

$

63,602

 

 

 

                                     

 

 

1

Based on average shares outstanding.

2

Amount is less than ($.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

Does not reflect the effect of dividends to Preferred Shareholders.

6

Annualized.


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

68

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 

 



 

 

Financial Highlights

BlackRock New York Insured Municipal Income Trust (BSE)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following per share data and ratios have been derived from information provided in the financial statements.

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

For the Period
October 31, 20021
through August 31,
2003

 

 

 

For the Year Ended August 31,

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

 

                                       

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net asset value, beginning of period

 

$

14.58

 

 

$

15.34

 

$

15.30

 

$

14.18

 

$

13.45

 

$

14.33

2

 

 

 

                                       

Net investment income

 

 

0.49

3

 

 

0.99

 

 

1.00

 

 

1.00

 

 

1.01

 

 

0.75

 

 

Net realized and unrealized gain (loss)

 

 

(1.48

)

 

 

(0.72

)

 

(0.01

)

 

1.16

 

 

0.69

 

 

(0.75

)

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.13

)

 

 

(0.26

)

 

(0.24

)

 

(0.14

)

 

(0.07

)

 

(0.07

)

 

Net realized gain

 

 

(0.01

)

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

                                       

Net increase (decrease) from investment operations

 

 

(1.13

)

 

 

(0.01

)

 

0.75

 

 

2.02

 

 

1.63

 

 

(0.07

)

 

 

 

                                       

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.35

)

 

 

(0.70

)

 

(0.71

)

 

(0.90

)

 

(0.90

)

 

(0.67

)

 

Net realized gains

 

 

(0.03

)

 

 

(0.05

)

 

 

 

 

 

 

 

 

 

 

 

                                       

Total dividends and distributions

 

 

(0.38

)

 

 

(0.75

)

 

(0.71

)

 

(0.90

)

 

(0.90

)

 

(0.67

)

 

 

 

                                       

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 

 

                                       

Total capital charges

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.14

)

 

 

 

                                       

Net asset value, end of period

 

$

13.07

 

 

$

14.58

 

$

15.34

 

$

15.30

 

$

14.18

 

$

13.45

 

 

 

 

                                       

Market price, end of period

 

$

13.12

 

 

$

14.12

 

$

14.70

 

$

15.35

 

$

14.08

 

$

13.28

 

 

 

 

                                       

 

                                           

Total Investment Return:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Based on net asset value

 

 

(7.93

%)5

 

 

(0.06

%)

 

5.46

%

 

14.72

%

 

12.40

%

 

(1.51

%)5

 

 

 

                                       

Based on market price

 

 

(4.57

%)5

 

 

1.01

%

 

0.73

%

 

15.92

%

 

13.04

%

 

(7.13

%)5

 

 

 

                                       

 

                                           

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Expenses after fees waived and paid indirectly6

 

 

0.96

%7

 

 

0.89

%

 

0.90

%

 

0.92

%

 

0.93

%

 

0.87

%7

 

 

 

                                       

Total expenses, net of waiver6

 

 

0.96

%7

 

 

0.90

%

 

0.92

%

 

0.93

%

 

0.95

%

 

0.91

%7

 

 

 

                                       

Total expenses6

 

 

1.22

%7

 

 

1.21

%

 

1.25

%

 

1.25

%

 

1.27

%

 

1.22

%7

 

 

 

                                       

Net investment income6

 

 

6.57

%7

 

 

6.53

%

 

6.63

%

 

6.77

%

 

7.14

%

 

6.35

%7

 

 

 

                                       

Amount of dividends to Preferred Shareholders

 

 

1.77

%7

 

 

1.69

%

 

1.58

%

 

0.96

%

 

0.52

%

 

0.55

%7

 

 

 

                                       

Net investment income to Common Shareholders

 

 

4.80

%7

 

 

4.84

%

 

5.05

%

 

5.81

%

 

6.62

%

 

5.80

%7

 

 

 

                                       

 

                                           

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net assets applicable to Common Shares, end of period (000)

 

$

84,560

 

 

$

94,314

 

$

99,255

 

$

98,853

 

$

91,260

 

$

86,431

 

 

 

 

                                       

Preferred Shares outstanding at liquidation preference, end of period (000)

 

$

56,000

 

 

$

56,000

 

$

56,000

 

$

56,000

 

$

56,000

 

$

56,000

 

 

 

 

                                       

Portfolio turnover

 

 

13

%

 

 

30

%

 

9

%

 

21

%

 

11

%

 

80

%

 

 

 

                                       

Asset coverage per Preferred Share, end of period

 

$

62,759

 

 

$

67,107

 

$

69,324

 

$

69,138

 

$

65,744

 

$

63,587

 

 

 

 

                                       

 

 

1

Commencement of operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

3

Based on average shares outstanding.

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

Does not reflect the effect of dividends to Preferred Shareholders.

7

Annualized.


See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

69




 

 


 

 

Financial Highlights

BlackRock New York Municipal Bond Trust (BQH)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following per share data and ratios have been derived

 

 

For the Year Ended August 31,

 

from information provided in the financial statements.

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                           

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net asset value, beginning of period

 

 

$

15.39

 

 

$

16.02

 

$

16.09

 

$

15.09

 

$

14.15

 

$

14.83

 

 

 

                                       

Net investment income

 

 

 

0.61

1

 

 

1.14

 

 

1.13

 

 

1.13

 

 

1.13

 

 

1.12

 

Net realized and unrealized gain (loss)

 

 

 

(0.98

)

 

 

(0.56

)

 

(0.02

)

 

0.95

 

 

0.81

 

 

(0.71

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.16

)

 

 

(0.29

)

 

(0.25

)

 

(0.15

)

 

(0.07

)

 

(0.09

)

Net realized gain

 

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 

                                       

Net increase (decrease) from investment operations

 

 

 

(0.54

)

 

 

0.29

 

 

0.86

 

 

1.93

 

 

1.87

 

 

0.31

 

 

 

                                       

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.46

)

 

 

(0.92

)

 

(0.93

)

 

(0.93

)

 

(0.93

)

 

(0.92

)

Net realized gains

 

 

 

(0.05

)

 

 

 

 

 

 

 

 

 

 

(0.06

)

 

 

                                       

Total dividends and distributions

 

 

 

(0.51

)

 

 

(0.92

)

 

(0.93

)

 

(0.93

)

 

(0.93

)

 

(0.98

)

 

 

                                       

Capital charges with respect to issuance of Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 

                                       

Net asset value, end of period

 

 

$

14.34

 

 

$

15.39

 

$

16.02

 

$

16.09

 

$

15.09

 

$

14.15

 

 

 

                                       

Market price, end of period

 

 

$

15.65

 

 

$

16.32

 

$

16.81

 

$

15.85

 

$

13.97

 

$

13.35

 

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total Investment Return:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Based on net asset value

 

 

 

(3.73

%)3

 

 

1.52

%

 

5.51

%

 

13.56

%

 

13.97

%

 

2.33

%

 

 

                                       

Based on market price

 

 

 

(0.93

%)3

 

 

2.60

%

 

12.39

%

 

20.83

%

 

11.83

%

 

(1.26

%)

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Expenses after fees waived and paid indirectly4

 

 

 

1.14

%5

 

 

1.00

%

 

1.06

%

 

1.06

%

 

1.11

%

 

1.12

%

 

 

                                       

Total expenses, net of waiver4

 

 

 

1.14

%5

 

 

1.02

%

 

1.09

%

 

1.08

%

 

1.12

%

 

1.12

%

 

 

                                       

Total expenses4

 

 

 

1.53

%5

 

 

1.47

%

 

1.56

%

 

1.56

%

 

1.60

%

 

1.60

%

 

 

                                       

Net investment income4

 

 

 

7.76

%5

 

 

7.16

%

 

7.16

%

 

7.20

%

 

7.57

%

 

7.57

%

 

 

                                       

Amount of dividends to Preferred Shareholders

 

 

 

2.08

%5

 

 

1.81

%

 

1.60

%

 

0.97

%

 

0.48

%

 

0.62

%

 

 

                                       

Net investment income to Common Shareholders

 

 

 

5.68

%5

 

 

5.35

%

 

5.56

%

 

6.23

%

 

7.09

%

 

6.95

%

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net assets applicable to Common Shares, end of period (000)

 

 

$

39,443

 

 

$

42,160

 

$

43,541

 

$

43,460

 

$

40,757

 

$

38,207

 

 

 

                                       

Preferred Shares outstanding at liquidation preference, end of period (000)

 

 

$

24,200

 

 

$

24,200

 

$

24,200

 

$

24,200

 

$

24,200

 

$

24,200

 

 

 

                                       

Portfolio turnover

 

 

 

9

%

 

 

23

%

 

12

%

 

3

%

 

16

%

 

7

%

 

 

                                       

Asset coverage per Preferred Share, end of period

 

 

$

65,761

 

 

$

68,560

 

$

69,985

 

$

69,899

 

$

67,108

 

$

64,473

 

 

 

                                       

 

 

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

Does not reflect the effect of dividends to Preferred Shareholders.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

70

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 

 


 

 

Financial Highlights

BlackRock New York Municipal Income Trust II (BFY)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following per share data and ratios have been derived

 

 

 

For the Year Ended August 31,

from information provided in the financial statements.

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                           

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net asset value, beginning of period

 

 

$

14.84

 

 

$

15.47

 

$

15.23

 

$

14.16

 

$

13.36

 

$

14.47

 

 

 

                                       

Net investment income

 

 

 

0.56

1

 

 

1.07

 

 

1.06

 

 

1.04

 

 

1.04

 

 

0.98

 

Net realized and unrealized gain (loss)

 

 

 

(1.11

)

 

 

(0.67

)

 

0.14

 

 

1.07

 

 

0.79

 

 

(0.94

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.14

)

 

 

(0.30

)

 

(0.25

)

 

(0.15

)

 

(0.08

)

 

(0.10

)

Net realized gain

 

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net increase (decrease) from investment operations

 

 

 

(0.70

)

 

 

0.10

 

 

0.95

 

 

1.96

 

 

1.75

 

 

(0.06

)

 

 

                                       

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.38

)

 

 

(0.73

)

 

(0.71

)

 

(0.89

)

 

(0.95

)

 

(0.94

)

Net realized gains

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Total dividends and distributions

 

 

 

(0.42

)

 

 

(0.73

)

 

(0.71

)

 

(0.89

)

 

(0.95

)

 

(0.94

)

 

 

                                       

Capital charges with respect to issuance of Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 

                                       

Net asset value, end of period

 

 

$

13.72

 

 

$

14.84

 

$

15.47

 

$

15.23

 

$

14.16

 

$

13.36

 

 

 

                                       

Market price, end of period

 

 

$

13.50

 

 

$

14.22

 

$

14.38

 

$

14.02

 

$

13.70

 

$

13.12

 

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total Investment Return:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Based on net asset value

 

 

 

(4.89

%)3

 

 

0.69

%

 

6.93

%

 

14.46

%

 

13.50

%

 

(1.10

%)

 

 

                                       

Based on market price

 

 

 

(2.33

%)3

 

 

3.80

%

 

7.97

%

 

8.91

%

 

11.82

%

 

(6.93

%)

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Expenses after fees waived and paid indirectly4

 

 

 

1.10

%5

 

 

1.00

%

 

1.02

%

 

1.04

%

 

1.07

%

 

1.00

%

 

 

                                       

Total expenses, net of waiver4

 

 

 

1.10

%5

 

 

1.01

%

 

1.05

%

 

1.05

%

 

1.08

%

 

1.03

%

 

 

                                       

Total expenses4

 

 

 

1.26

%5

 

 

1.25

%

 

1.29

%

 

1.30

%

 

1.32

%

 

1.27

%

 

 

                                       

Net investment income4

 

 

 

7.45

%5

 

 

6.92

%

 

6.96

%

 

7.04

%

 

7.36

%

 

6.95

%

 

 

                                       

Amount of dividends to Preferred Shareholders

 

 

 

1.91

%5

 

 

1.94

%

 

1.66

%

 

0.99

%

 

0.59

%

 

0.68

%

 

 

                                       

Net investment income to Common Shareholders

 

 

 

5.54

%5

 

 

4.98

%

 

5.30

%

 

6.05

%

 

6.77

%

 

6.27

%

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net assets applicable to Common Shares, end of period (000)

 

 

$

67,798

 

 

$

73,302

 

$

76,393

 

$

75,193

 

$

69,903

 

$

65,953

 

 

 

                                       

Preferred Shares outstanding at liquidation preference, end of period (000)

 

 

$

44,650

 

 

$

44,650

 

$

44,650

 

$

44,650

 

$

44,650

 

$

44,650

 

 

 

                                       

Portfolio turnover

 

 

 

3

%

 

 

27

%

 

22

%

 

27

%

 

14

%

 

40

%

 

 

                                       

Asset coverage per Preferred Share, end of period

 

 

$

62,972

 

 

$

66,048

 

$

67,775

 

$

67,113

 

$

64,144

 

$

61,930

 

 

 

                                       

 

 

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

Does not reflect the effect of dividends to Preferred Shareholders.

5

Annualized.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

71



 

 



 

 

Financial Highlights

BlackRock Virginia Municipal Bond Trust (BHV)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the
Six Months Ended
February 29, 2008
(Unaudited)

 

 

 

 

 

 

The following per share data and ratios have been derived

 

 

For the Year Ended August 31,

from information provided in the financial statements.

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                                       

Per Common Share Operating Performance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net asset value, beginning of period

 

 

$

15.57

 

 

$

16.35

 

$

16.34

 

$

15.47

 

$

14.46

 

$

14.90

 

 

 

                                       

Net investment income

 

 

 

0.60

1

 

 

1.11

 

 

1.10

 

 

1.10

 

 

1.09

 

 

1.09

 

Net realized and unrealized gain (loss)

 

 

 

(0.87

)

 

 

(0.68

)

 

0.04

 

 

0.80

 

 

0.86

 

 

(0.44

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.16

)

 

 

(0.27

)

 

(0.26

)

 

(0.16

)

 

(0.07

)

 

(0.08

)

Net realized gain

 

 

 

 

 

 

(0.02

)

 

 

 

 

 

 

 

(0.02

)

 

 

                                       

Net increase (decrease) from investment operations

 

 

 

(0.43

)

 

 

0.14

 

 

0.88

 

 

1.74

 

 

1.88

 

 

0.55

 

 

 

                                       

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.43

)

 

 

(0.87

)

 

(0.87

)

 

(0.87

)

 

(0.87

)

 

(0.85

)

Net realized gains

 

 

 

(0.03

)

 

 

(0.05

)

 

 

 

 

 

 

 

(0.10

)

 

 

                                       

Total dividends and distributions

 

 

 

(0.46

)

 

 

(0.92

)

 

(0.87

)

 

(0.87

)

 

(0.87

)

 

(0.95

)

 

 

                                       

Capital charges with respect to issuance of Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

                                       

Net asset value, end of period

 

 

$

14.68

 

 

$

15.57

 

$

16.35

 

$

16.34

 

$

15.47

 

$

14.46

 

 

 

                                       

Market price, end of period

 

 

$

17.20

 

 

$

17.85

 

$

18.45

 

$

17.30

 

$

15.34

 

$

14.40

 

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total Investment Return:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Based on net asset value

 

 

 

(3.21

%)3

 

 

0.21

%

 

5.30

%

 

11.52

%

 

13.28

%

 

3.41

%

 

 

                                       

Based on market price

 

 

 

(1.08

%)3

 

 

1.80

%

 

12.23

%

 

19.07

%

 

12.79

%

 

0.94

%

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Ratios to Average Net Assets Applicable to Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Expenses after fees waived and paid indirectly4

 

 

 

1.25

%5

 

 

1.09

%

 

1.15

%

 

1.18

%

 

1.25

%

 

1.17

%

 

 

                                       

Total expenses, net of waiver4

 

 

 

1.25

%5

 

 

1.14

%

 

1.22

%

 

1.20

%

 

1.26

%

 

1.17

%

 

 

                                       

Total expenses4

 

 

 

1.64

%5

 

 

1.58

%

 

1.68

%

 

1.67

%

 

1.73

%

 

1.64

%

 

 

                                       

Net investment income4

 

 

 

7.48

%5

 

 

6.85

%

 

6.83

%

 

6.90

%

 

7.15

%

 

7.23

%

 

 

                                       

Amount of dividends to Preferred Shareholders

 

 

 

2.05

%5

 

 

1.69

%

 

1.60

%

 

1.00

%

 

0.47

%

 

0.53

%

 

 

                                       

Net investment income to Common Shareholders

 

 

 

5.43

%5

 

 

5.16

%

 

5.23

%

 

5.90

%

 

6.68

%

 

6.70

%

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net assets applicable to Common Shares, end of period (000)

 

 

$

22,738

 

 

$

24,053

 

$

25,097

 

$

24,966

 

$

23,527

 

$

21,944

 

 

 

                                       

Preferred Shares outstanding at liquidation preference, end of period (000)

 

 

$

13,525

 

 

$

13,525

 

$

13,525

 

$

13,525

 

$

13,525

 

$

13,525

 

 

 

                                       

Portfolio turnover

 

 

 

5

%

 

 

12

%

 

5

%

 

5

%

 

14

%

 

18

%

 

 

                                       

Asset coverage per Preferred Share, end of period

 

 

$

67,038

 

 

$

69,463

 

$

71,404

 

$

71,158

 

$

68,490

 

$

65,562

 

 

 

                                       

 

 

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

Does not reflect the effect of dividends to Preferred Shareholders.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

72

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 


 

 

Notes to Financial Statements (Unaudited)

1. Significant Accounting Policies:

BlackRock Insured Municipal Income Trust (“Insured Municipal”), BlackRock California Insured Municipal Income Trust (“California Insured”), BlackRock Florida Insured Municipal Income Trust (“Florida Insured”), BlackRock New York Insured Municipal Income Trust (“New York Insured”) (collectively the “Insured Trusts”), BlackRock Municipal Bond Trust (“Municipal Bond”), BlackRock California Municipal Bond Trust (“California Bond”), BlackRock Florida Municipal Bond Trust (“Florida 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 Municipal Income Trust II (“Municipal Income II”), 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”) (all, collectively the “Trusts”) are organized as Delaware statutory trusts. Insured Municipal, Municipal Bond and Municipal Income II are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). California Insured, California Bond, California Income II, Florida Insured, Florida Bond, Maryland Bond, New Jersey Bond, New York Insured, New York Bond, New York Income II and Virginia Bond are registered as non-diversified, closed-end management investment companies under the 1940 Act. 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.

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, as appropriate (the “Trustees” or 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, market transactions in comparable investments and various relationships between investments. Financial futures contracts are traded on exchanges and are valued at their last sale price. Swap agreements are valued by quoted fair values received daily by the Trusts’ pricing service. Short-term securities may be valued at amortized cost. 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, under the direction of, or in accordance with, a method approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of BlackRock, Inc., and/or sub-advisor seeks to determine the price that the Trusts might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the 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: The Trusts may engage in various portfolio investment strategies to increase the return of the Trusts and to hedge, or protect, their 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.

 

 

Forward interest rate swaps - The Trusts may enter into forward interest rate swaps, which are over-the-counter (“OTC”) contracts. In a forward interest rate swap, the Trusts and the counterparty agree 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. Gains or losses are also realized upon termination of the swap agreements. Swaps are “marked to market” daily and changes in value are recorded as unrealized appreciation (depreciation). Risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. The Trusts generally intend to close each forward interest rate swap before the accrual date specified in the agreement and therefore avoid entering into the interest rate swap underlying each forward interest rate swap.

 

 

 

The Trusts may utilize forward starting swaps for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing the Trusts’ exposure to interest rate risk.

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 provisions are required.

Effective February 29, 2008, the Trusts implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. The Advisor has evaluated the application of FIN 48 to the Trusts, and has determined that the adoption of FIN 48 does not have a material impact on the Trusts’ financial statements. The Trusts file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts’ U.S. federal tax returns remain open for the years ended August 31, 2004 through August 31, 2006. The statutes of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

73



 


 

 

Notes to Financial Statements (continued)

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. The Trusts amortize all premiums and discounts on debt securities.

Dividends and Distributions: Dividends from net investment income are declared daily 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 4.

Recent Accounting Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.

In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.

Forward Commitments, 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. 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. Upon making a commitment to purchase a security on a when-issued basis, the Trusts will hold liquid assets worth at least the equivalent of the amount due.

Segregation: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities or swaps), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on its books and records cash or other liquid debt securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees (“Independent Trustees”) 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. These amounts are included in other assets on the Statement of Assets and Liabilities. 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 the Trusts. 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 its deferred compensation obligations.

Other: Expenses that are directly related to one of the Trusts or classes are charged to that Trust or class. Other operating expenses are pro-rated to certain Trusts on the basis of relative net assets.

Bank Overdraft: BlackRock Florida Insured Municipal Income Trust recorded a bank overdraft which resulted from management estimates of available cash.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

Each Trust entered into an Investment Advisory Agreement with the Advisor, to provide investment advisory and administration service. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. are principal owners of BlackRock, Inc.

The Advisor is responsible for the management of the Trusts’ portfolios and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Trusts. For such services, the Trusts pay the Advisor a monthly fee at an annual rate of 0.55% for the Insured Trusts and Income II Trusts and 0.65% for the Bond Trusts of the average weekly value of each Trust’s net assets including proceeds from the issuance of auction preferred shares, excluding investments in affiliated sweep vehicles. The Advisor has voluntarily agreed to waive a portion of the investment advisory fee. With respect to the Insured Trusts, the waiver, as a percentage of net assets including proceeds from the issuance of Preferred Shares, is as follows: 0.20% for the first five years of each Trust’s operations, 0.15% in year six, 0.10% in year seven, and 0.05% in year eight. With respect to the Bond Trusts, the waiver, as a percentage of net assets including proceeds from the issuance of Preferred Shares, is as follows: 0.30% for the first five years of each Trust’s operations, 0.25% in year six, 0.20% in year seven, 0.15% in year eight, 0.10% in year nine and 0.05% in year 10. With respect to the Income II Trusts, the waiver, as a percentage of net assets including proceeds from the issuance of Preferred Shares, is as follows: 0.15% for the first five years of each Trust’s operations, 0.10% in year six through year seven, and 0.05% in year eight through year 10.

 

 

 

 

 

 

 

 

 

74

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 


 

 

Notes to Financial Statements (continued)

For the six months ended February 29, 2008, the Advisor waived fees as follows:

 

 

 

 

 

         

 

 

Fees
Waived

 

       

Insured Municipal

 

$

520,438

 

Municipal Bond

 

$

313,688

 

Municipal Income II

 

$

271,251

 

California Insured

 

$

104,567

 

California Bond

 

$

103,910

 

California Income II

 

$

96,465

 

Florida Insured

 

$

172,845

 

Florida Bond

 

$

102,592

 

Maryland Bond

 

$

61,364

 

New Jersey Bond

 

$

69,879

 

New York Insured

 

$

126,904

 

New York Bond

 

$

83,841

 

New York Income II

 

$

59,582

 

Virginia Bond

 

$

47,725

 

         

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. These amounts are included in fees waived by advisor on the Statements of Operations. For the six months ended February 29, 2008, the amounts were as follows:

 

 

 

 

 

         

Insured Municipal

 

$

4,783

 

Municipal Bond

 

$

3,729

 

Municipal Income II

 

$

13,373

 

California Insured

 

$

8,472

 

California Bond

 

$

5,477

 

California Income II

 

$

*

Florida Insured

 

$

13,407

 

Florida Bond

 

$

4,727

 

Maryland Bond

 

$

400

 

New Jersey Bond

 

$

1,043

 

New York Insured

 

$

*

New York Bond

 

$

1,181

 

New York Income II

 

$

1,822

 

         

* Amount is less than $1.00.

In addition, the Advisor has entered into separate sub-advisory agreement with BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Advisor, with respect to each Trust, under which the Advisor pays BFM for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Advisor.

Pursuant to the terms of the custody agreement, custodian fees may be reduced by amounts calculated on uninvested cash balances (“custody credits”), which are on the Statements of Operations as fees paid indirectly.

Certain officers and/or Trustees of the Trusts are officers and/or directors of BlackRock, Inc. or its affiliates.

3. Investments:

Purchases and sales of investment securities, excluding short-term investments and U.S. government obligations, for the six months ended February 29, 2008 were as follows:

 

 

 

 

 

 

 

 

               

 

 

Purchases

 

Sales

 

               

Insured Municipal

 

$

77,571,991

 

$

91,876,569

 

Municipal Bond

 

$

12,720,275

 

$

10,520,689

 

Municipal Income II

 

$

18,717,958

 

$

26,383,341

 

California Insured

 

$

17,325,407

 

$

27,290,542

 

California Bond

 

$

5,584,631

 

$

15,683,100

 

California Income II

 

$

9,803,492

 

$

23,375,084

 

Florida Insured

 

$

12,642,006

 

$

15,191,377

 

Florida Bond

 

$

8,654,482

 

$

9,343,530

 

Maryland Bond

 

$

1,247,390

 

$

3,013,935

 

New Jersey Bond

 

$

1,556,978

 

$

2,118,195

 

New York Insured

 

$

17,811,410

 

$

24,452,141

 

New York Bond

 

$

5,867,881

 

$

5,788,292

 

New York Income II

 

$

3,641,457

 

$

5,891,548

 

Virginia Bond

 

$

2,043,586

 

$

2,810,485

 

               

4. Capital Share Transactions:

The Trusts are authorized to issue an unlimited number of capital shares, par value $0.001, all of which were initially classified as Common Shares. The Board is authorized, however, to classify and reclassify any unissued shares of capital shares without approval of the holders of Common Shares.

Shares issued and outstanding during the six months ended February 29, 2008 and the year ended August 31, 2007 increased by the following amounts as a result of dividend reinvestments:

 

 

 

 

 

 

 

 

               

 

 

For the
Six Months Ended
February 29, 2008

 

For the
Year Ended
August 31, 2007

 

               

Municipal Bond

 

 

30,711

 

 

63,348

 

Municipal Income II

 

 

46,453

 

 

128,267

 

California Insured

 

 

810

 

 

587

 

California Bond

 

 

13,683

 

 

21,441

 

California Income II

 

 

639

 

 

9,405

 

Florida Bond

 

 

3,473

 

 

10,341

 

Maryland Bond

 

 

4,602

 

 

8,328

 

New Jersey Bond

 

 

5,465

 

 

10,244

 

New York Insured

 

 

1,706

 

 

 

New York Bond

 

 

11,650

 

 

21,768

 

New York Income II

 

 

1,272

 

 

1,781

 

Virginia Bond

 

 

4,659

 

 

9,277

 

               

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

75




 


 

Notes to Financial Statements (continued)

Preferred Shares have a par value of $0.001 per share and a liquidation preference of $25,000 per share, plus accrued and unpaid dividends, that entitle their holders to receive cash dividends at an annual rate that may vary for the successive dividend periods. The yields in effect at February 29, 2008 were as follows:

 

 

 

 

 

 

           

 

 

Series

 

Yield

 

           

Insured Municipal

 

M-7

 

4.188

%

 

 

R-7

 

4.508

%

 

 

F-7

 

4.508

%

Municipal Bond

 

T-7

 

4.204

%

 

 

R-7

 

4.508

%

Municipal Income II

 

M-7

 

4.189

%

 

 

T-7

 

4.204

%

 

 

W-7

 

4.356

%

 

 

R-7

 

4.508

%

California Insured

 

F-7

 

4.508

%

California Bond

 

F-7

 

4.508

%

California Income II

 

T-7

 

4.204

%

 

 

R-7

 

4.508

%

Florida Insured

 

M-7

 

4.188

%

Florida Bond

 

W-7

 

4.356

%

Maryland Bond

 

R-7

 

4.508

%

New Jersey Bond

 

M-7

 

4.188

%

New York Insured

 

R-7

 

4.508

%

New York Bond

 

T-7

 

4.204

%

New York Income II

 

W-7

 

4.356

%

Virginia Bond

 

R-7

 

4.508

%

           

Dividends on seven-day Preferred Shares are cumulative at a rate which is reset every seven days based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, the Trust’s are 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. During the six months ended February 29, 2008, the Preferred Shares were successfully auctioned at each auction date until February 13, 2008. The low, high and average dividend range on the Preferred Shares for each of the Trusts for the six months ended February 29, 2008 were as follows:

 

 

 

 

 

 

 

 

 

 

                   

 

 

Series

 

Low

 

High

 

Average

 

                   

Insured Municipal

 

M-7

 

2.400

%

4.188

%

3.350

%

 

 

R-7

 

1.950

%

4.508

%

3.180

%

 

 

F-7

 

2.000

%

4.560

%

3.280

%

Municipal Bond

 

T-7

 

3.000

%

6.000

%

3.980

%

 

 

R-7

 

3.010

%

6.000

%

3.980

%

Municipal Income II

 

M-7

 

2.890

%

4.600

%

3.724

%

 

 

T-7

 

3.000

%

4.399

%

3.560

%

 

 

W-7

 

3.100

%

4.500

%

3.754

%

 

 

R-7

 

2.930

%

4.860

%

3.786

%

California Insured

 

F-7

 

2.500

%

4.508

%

3.234

%

California Bond

 

F-7

 

2.500

%

4.970

%

3.700

%

California Income II

 

T-7

 

2.850

%

4.300

%

3.450

%

 

 

R-7

 

2.900

%

4.508

%

3.480

%

Florida Insured

 

M-7

 

3.110

%

4.860

%

3.788

%

Florida Bond

 

W-7

 

2.490

%

4.780

%

3.790

%

Maryland Bond

 

R-7

 

2.000

%

4.900

%

3.437

%

New Jersey Bond

 

M-7

 

2.500

%

4.810

%

3.597

%

New York Insured

 

R-7

 

2.100

%

6.000

%

3.347

%

New York Bond

 

T-7

 

2.640

%

5.500

%

3.584

%

New York Income II

 

W-7

 

2.090

%

4.356

%

3.314

%

Virginia Bond

 

R-7

 

2.750

%

4.860

%

3.466

%

                   

A Trust 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 would be less than 200%.

The Preferred Shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated unpaid dividends whether or not declared. The Preferred Shares are also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of a Trust, as set forth in each Trust’s Declaration of Trust/Articles Supplementary, are not satisfied.

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) and will vote together with holders of Common Shares as a single class. However, holders of Preferred Shares, voting as a separate class, are also entitled to elect two 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 subclassification 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.

Since February 13, 2008, the Preferred Shares of the Trusts failed to clear any of its auctions. As a result, the Preferred Shares dividend rates were reset to the maximum applicable rate which ranged from 3.29% to 4.51%. A failed auction is not an event of default for the Trusts but it is a liquidity event for the holders of the Preferred Shares. Recent auction market liquidity problems have triggered numerous failed auctions for many closed-end funds, including BlackRock. 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. An auction for each Trust’s Preferred Shares may not occur for a long period of time, if ever, and even if liquidity does resume, holders of the Preferred Shares may not have the amount of liquidity they desire or the ability to sell the Preferred Shares at par.

 

 

 

 

 

 

 

 

 

76

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 



 


 

Notes to Financial Statements (concluded)

5. Capital Loss Carryforward

As of August 31, 2007, the Trusts had the following capital loss carryforwards available to offset future realized gains:

 

 

 

 

 

 

 

           

 

 

Capital Loss
Carryforward

 

Expires

 

           

Insured Municipal

 

$

1,544,099

 

2015

 

 

 

   

 

 

 

Municipal Income II

 

$

5,097,889

 

2012

 

 

 

   

 

 

 

California Insured

 

$

717,737

 

2013

 

 

 

   

 

 

 

California Bond

 

$

504,529

 

2012

 

 

 

   

 

 

 

California Income II

 

$

3,224,992

 

2012

 

 

 

 

360,789

 

2015

 

 

 

   

 

 

 

 

 

$

3,585,781

 

 

 

 

 

   

 

 

 

Florida Insured

 

$

218,563

 

2013

 

 

 

   

 

 

 

Florida Bond

 

$

23,751

 

2012

 

 

 

 

541,566

 

2015

 

 

 

   

 

 

 

 

 

$

565,317

 

 

 

 

 

   

 

 

 

Maryland Bond

 

$

27,007

 

2015

 

 

 

   

 

 

 

New York Income II

 

$

70,160

 

2015

 

 

 

   

 

 

 

Virginia Bond

 

$

45,800

 

2015

 

 

 

   

 

 

 

 

             

6. Concentration Risk:

The Trusts concentrate their investments in securities issued by state agencies, other governmental entities and U.S. Territories. The Trusts are more susceptible to adverse financial, social, environmental, economic, regulatory and political factors that may affect these states agencies, other governmental entities and U.S. Territories, which could seriously affect the ability of these states and their municipal subdivisions to meet continuing obligations for principle and interest payments and therefore could impact the value of the Trusts’ investments and net asset value per share, than if the Trusts were not concentrated in securities issued by state agencies, other governmental entities and U.S. Territories.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified in the Schedules of Investments.

7. Subsequent Events:

Each Trust paid tax-exempt dividends per common share on April 1, 2008 to shareholders of record on March 14, 2008 in the following amounts:

 

 

 

 

 

       

 

 

Common Dividend
Per Share

 

       

Insured Municipal

 

$

.061000

 

Municipal Bond

 

$

.076500

 

Municipal Income II

 

$

.071000

 

California Insured

 

$

.058000

 

California Bond

 

$

.077000

 

California Income II

 

$

.065500

 

Florida Insured

 

$

.058000

 

Florida Bond

 

$

.077808

 

Maryland Bond

 

$

.071350

 

New Jersey Bond

 

$

.078582

 

New York Insured

 

$

.058000

 

New York Bond

 

$

.077099

 

New York Income II

 

$

.062500

 

Virginia Bond

 

$

.072428

 

         

The dividends declared on Preferred Shares for the period March 1, 2008 to March 31, 2008 for each of the Trusts were as follows:

 

 

 

 

 

 

 

 

           

 

 

Series

 

Dividends
Declared

 

           

Insured Municipal

 

 

M-7

 

$

282,891

 

 

 

 

R-7

 

$

221,037

 

 

 

 

F-7

 

$

216,916

 

Municipal Bond

 

 

T-7

 

$

139,471

 

 

 

 

R-7

 

$

141,385

 

Municipal Income II

 

 

M-7

 

$

164,492

 

 

 

 

T-7

 

$

157,357

 

 

 

 

W-7

 

$

156,949

 

 

 

 

R-7

 

$

160,621

 

California Insured

 

 

F-7

 

$

147,676

 

California Bond

 

 

F-7

 

$

95,196

 

California Income II

 

 

T-7

 

$

120,706

 

 

 

 

R-7

 

$

119,770

 

Florida Insured

 

 

M-7

 

$

281,686

 

Florida Bond

 

 

W-7

 

$

90,961

 

Maryland Bond

 

 

R-7

 

$

145,395

 

New Jersey Bond

 

 

M-7

 

$

64,763

 

New York Insured

 

 

R-7

 

$

174,974

 

New York Bond

 

 

T-7

 

$

74,590

 

New York Income II

 

 

W-7

 

$

136,404

 

Virginia Bond

 

 

R-7

 

$

42,259

 

               

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

77




 


 

Officers and Trustees


 

G. Nicholas Beckwith, III, Trustee

Richard E. Cavanagh, Trustee

Richard S. Davis, Trustee

Kent Dixon, Trustee

Frank J. Fabozzi, Trustee

Kathleen F. Feldstein, Trustee

James T. Flynn, Trustee

Henry Gabbay, Trustee

Jerrold B. Harris, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Karen P. Robards, Trustee

Robert S. Salomon, Jr., Trustee

Donald C. Burke, Fund 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

Howard Surloff, Secretary

 

Custodian

State Street Bank and Trust Company

Boston, MA 02101

 

Transfer Agents

Common Stock:

Computershare Trust Companies, N.A.

Canton, MA 02021

Preferred Stock:

For the Insured Trusts and Bond Trusts

The Bank of New York Mellon

New York, NY 10286

For the Income II Trusts

Deutsche Bank Trust Company Americas

New York, NY 10005

 

Accounting Agent

State Street Bank and Trust Company

Princeton, NJ 08540

 

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Princeton, NJ 08540

 

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

New York, NY 10036

 

Fund Address

BlackRock Closed-End Funds

c/o BlackRock Advisors, LLC

100 Bellevue Parkway

Wilmington, DE 19809


 

 

 

 

 

 

 

 

78

SEMI-ANNUAL REPORT

FEBRUARY 29, 2008

 




 


 

Additional Information


 

 

Availability of Quarterly Schedule of Investments

 

Each Trust files their complete schedule of portfolio holdings with the Securities and Exchange Commission (“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.

 

 

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.

 

 

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 safe-guarding 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 29, 2008

79



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.

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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 Schedule of Investments – The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form

 

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 recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which 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 13a-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 Municipal Income Trust II
 
By:      /s/ Donald C. Burke
  Donald C. Burke
  Chief Executive Officer of
  BlackRock Municipal Income Trust II
 
Date: April 23, 2008

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 Municipal Income Trust II
 
Date: April 23, 2008
 
By: /s/ Neal J. Andrews
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Municipal Income Trust II
 
Date: April 23, 2008