|
|
|
|
|
Notes to Financial Statements (continued)
|
As of January 31, 2012, BFZ
invested a significant portion of its assets in securities in the
County/City/Special District/School District and Utilities sectors. BFO, RFA,
BBF and RNY invested a significant portion of their assets in securities in the
County/City/Special District/School District sector. RNJ and BNJ invested a
significant portion of their assets in securities in the State sector. Changes
in economic conditions affecting the County/City/Special District/School
District, State and Utilities sectors would have a greater impact on the
Trusts, and could affect the value, income and/or liquidity of positions in
such securities.
7. Capital Share Transactions:
Each Investment Quality Trust
is authorized to issue 200 million shares, par value $0.01 per share, all of
which were initially classified as Common Shares. There are an unlimited number
of $0.001 par value Common Shares authorized for the Income Trusts and BFO.
Each Trust’s Board is authorized, however, to reclassify any unissued shares
without approval of Common Shareholders. At January 31, 2012, Common Shares of
BFO owned by affiliates of the Manager was 8,028 shares.
Common Shares
For the periods shown,
shares issued and outstanding increased by the following amounts as a result of
dividend reinvestment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIx
Months
Ended
January 31,
2012
|
|
Year
Ended
July 31,
2011
|
|
|
BFZ
|
|
|
—
|
|
|
13,214
|
|
|
RFA
|
|
|
179
|
|
|
546
|
|
|
BBF
|
|
|
1,081
|
|
|
4,809
|
|
|
RNJ
|
|
|
436
|
|
|
1,268
|
|
|
BNJ
|
|
|
9,751
|
|
|
22,508
|
|
|
RNY
|
|
|
551
|
|
|
2,077
|
|
|
BNY
|
|
|
25,361
|
|
|
50,883
|
|
Shares issued and outstanding
remained constant for BFO for the six months ended January 31, 2012 and the
year ended July 31, 2011.
Preferred Shares
The Trusts’ Preferred Shares rank prior
to the Trusts’ Common Shares as to the payment of dividends by the Trusts and
distribution of assets upon dissolution or liquidation of the Trusts. The 1940
Act prohibits the declaration of any dividend on the Trusts’ Common Shares or
the repurchase of the Trusts’ Common Shares if the Trusts fail to maintain the
asset coverage of at least 200% of the liquidation preference of the
outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’
governing instrument, the Trusts are restricted from declaring and paying
dividends on classes of shares ranking junior to or on parity with the
Preferred Shares or repurchasing such shares if the Trusts fail to declare and
pay dividends on the Preferred Shares, redeem any Preferred Shares required to
be redeemed under the Preferred Shares governing instrument or comply with the
basic maintenance amount requirement of the rating agencies then rating the
Preferred Shares.
The holders of Preferred
Shares have voting rights equal to the holders of Common Shares (one vote per
share) and will vote together with holders of Common Shares (one vote per
share) as a single class. However, the holders of Preferred Shares, voting as a
separate class, are also entitled to elect two Trustees for each Trust. In
addition, the 1940 Act requires that along with approval by shareholders that
might otherwise be required, the approval of the holders of a majority of any
outstanding Preferred Shares, voting separately as a class would be required to
(a) adopt any plan of reorganization that would adversely affect the Preferred
Shares, (b) change a Trust’s sub-classification as a closed-end investment
company or change its fundamental investment restrictions or (c) change its
business so as to cease to be an investment company.
VRDP Shares
BBF has issued Series
W-7 VRDP Shares, $100,000 liquidation value per share, in a privately
negotiated offering. The VRDP Shares were offered to qualified institutional
buyers as defined pursuant to Rule 144A under the Securities Act of 1933 and
include a liquidity feature that allows the holders of VRDP Shares to have
their shares purchased by the liquidity provider in the event of a failed
remarketing. BBF is required to redeem the VRDP Shares owned by the liquidity
provider after six months of continuous, unsuccessful remarketing. Upon the
occurrence of an unsuccessful remarketing, BBF is required to segregate liquid
assets to fund the redemption. The VRDP Shares are subject to certain
restrictions on transfer. The VRDP Shares issued for the six months ended
January 31, 2012 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue
Date
|
|
Shares
Issued
|
|
Aggregate
Principal
|
|
Maturity
Date
|
|
|
BBF
|
|
|
9/15/11
|
|
|
342
|
|
$
|
34,200,000
|
|
|
10/1/41
|
|
BBF entered into a fee
agreement with the liquidity provider that required a per annum liquidity fee
to be paid to the liquidity provider. These fees are shown as liquidity fees in
the Statements of Operations.
The fee agreement between BBF
and the liquidity provider is for a 1-year term and is scheduled to expire on
September 12, 2012 unless renewed or terminated in advance. In the event the
fee agreement is not renewed or is terminated in advance, and BBF does not
enter into a fee agreement with an alternate liquidity provider, the VRDP
Shares will be subject to mandatory purchase by the liquidity provider prior to
the termination of the fee agreement. BBF is required to redeem any VRDP Shares
purchased by the liquidity provider six months after the purchase date.
Immediately after the purchase of any VRDP Shares by the liquidity provider,
BBF is required to begin to segregate liquid assets with BBF’s custodian to
fund the redemption. There is no assurance BBF will replace such redeemed VRDP
Shares with any other preferred shares or other form of leverage.
BBF is required to redeem its
VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six
months prior to maturity date, BBF is required to begin to segregate liquid
assets with BBF’s custodian to fund the redemption. In addition, BBF is
required to redeem certain of its outstanding VRDP Shares if it fails to
maintain certain asset coverage, basic maintenance amount or leverage
requirements.
Subject to certain
conditions, VRDP Shares may be redeemed, in whole or in part, at any time at
the option of BBF. The redemption price per VRDP Share is equal to the
liquidation value per share plus any outstanding unpaid dividends. In the event
of an optional redemption of VRDP Shares prior to the initial termination date
of the fee agreement, BBF must pay the liquidity
|
|
|
|
|
|
|
60
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2012
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
provider fees on such
redeemed VRDP Shares for the remaining term of the fee agreement up to the
initial termination date.
Dividends on the VRDP Shares
are payable monthly at a variable rate set weekly by the remarketing agent.
Such dividend rates are generally based upon a spread over a base rate and
cannot exceed a maximum rate as discussed below. In the event of a failed
remarketing, the dividend rate of the VRDP Shares will be reset to a maximum
rate. The maximum rate is determined based on, among other things, the
long-term preferred share rating assigned to the VRDP Shares and the length of
time that the VRDP Shares fail to be remarketed. At the date of issuance, the
VRDP Shares were assigned a long-term rating of Aaa from Moody’s and AAA from
Fitch. Moody’s has announced a review of its rating methodologies with respect
to investment company securities, and any amendments to its rating
methodologies may adversely affect Moody’s current long-term ratings of the
VRDP Shares.
The short-term ratings on the
VRDP Shares are directly related to the short-term ratings of the liquidity
provider. Changes in the credit quality of the liquidity provider could cause a
change in the short-term credit ratings of the VRDP Shares. Although not
directly correlated, a change in the short-term credit rating of the VRDP
Shares may adversely affect the dividend rate paid on such shares. As of
January 31, 2012, the short-term ratings of the liquidity provider and the VRDP
Shares are P-1/F-1 and P-1/F-1 as rated by Moody’s and Fitch, respectively. The
liquidity provider may be terminated prior to the scheduled termination date if
the liquidity provider fails to maintain short-term debt ratings in one of the
two highest rating categories. Moody’s has placed the liquidity provider and
the short-term ratings of the VRDP Shares on review for possible downgrade.
For financial reporting
purposes, VRDP Shares are considered debt of the issuer; therefore, the
liquidation value of VRDP Shares is recorded as a liability in the Statements
of Assets and Liabilities. Unpaid dividends are included in interest expense
and fees payable in the Statements of Assets and Liabilities, and the dividends
paid on the VRDP Shares are included as a component of interest expense, fees
and amortization of offering costs in the Statements of Operations. VRDP Shares
are treated as equity for tax purposes. Dividends paid to holders of VRDP
Shares are generally classified as tax-exempt income for tax-reporting
purposes.
BBF pays commissions of 0.10%
on the aggregate principal amount of all VRDP Shares, which are included in
remarketing fees on Preferred Shares in the Statements of Operations. All of
BBF’s VRDP Shares have successfully remarketed since issuance with an
annualized dividend rate of 0.27% for the six months ended January 31, 2012.
VRDP Shares issued and
outstanding remained constant for the six months ended January 31, 2012.
AMPS
The AMPS are
redeemable at the option of BFZ, BFO, RFA, RNJ, BNJ, RNY and BNY (collectively,
the “AMPS Funds”), in whole or in part, on any dividend payment date at their
liquidation preference per share plus any accumulated and unpaid dividends
whether or not declared. The AMPS are also subject to mandatory redemption at
their liquidation preference plus any accumulated and unpaid dividends, whether
or not declared, if certain requirements relating to the composition of the
assets and liabilities of the AMPS Funds, as set forth in each AMPS Funds’
Articles Supplementary (the “Governing Instrument”) are not satisfied.
From time to time in the
future, each AMPS Fund may effect repurchases of its AMPS at prices below their
liquidation preference as agreed upon by the Trust and seller. Each AMPS Fund
also may redeem its AMPS from time to time as provided in the applicable
Governing Instrument. Each AMPS Fund intends to effect such redemptions and/or
repurchases to the extent necessary to maintain applicable asset coverage
requirements or for such other reasons as the Board may determine.
The AMPS Funds had the
following series of AMPS outstanding, effective yields and reset frequency as
of January 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
|
|
AMPS
|
|
Effective
Yield
|
|
Reset
Frequency
Days
|
|
|
BFZ
|
|
|
F7
|
|
|
2,151
|
|
|
0.12
|
%
|
|
7
|
|
|
|
|
|
R7
|
|
|
2,351
|
|
|
0.12
|
%
|
|
7
|
|
|
|
|
|
T7
|
|
|
2,351
|
|
|
0.12
|
%
|
|
7
|
|
|
BFO
|
|
|
F7
|
|
|
1,716
|
|
|
0.12
|
%
|
|
7
|
|
|
RFA
|
|
|
R7
|
|
|
183
|
|
|
0.12
|
%
|
|
7
|
|
|
RNJ
|
|
|
T7
|
|
|
276
|
|
|
0.12
|
%
|
|
7
|
|
|
BNJ
|
|
|
R7
|
|
|
2,364
|
|
|
0.12
|
%
|
|
7
|
|
|
RNY
|
|
|
F7
|
|
|
389
|
|
|
0.12
|
%
|
|
7
|
|
|
BNY
|
|
|
F7
|
|
|
1,890
|
|
|
0.12
|
%
|
|
7
|
|
|
|
|
|
W7
|
|
|
1,890
|
|
|
0.12
|
%
|
|
7
|
|
Dividends on seven-day AMPS
are cumulative at a rate which is reset every seven days based on the results
of an auction. If the AMPS fail to clear the auction on an auction date, each
Trust is required to pay the maximum applicable rate on the AMPS to holders of
such shares for successive dividend periods until such time as the shares are
successfully auctioned. The maximum applicable rate on all series of AMPS is
the higher of 110% of the AA commercial paper rate or 100% of 90% of the Kenny
S&P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.
The low, high and average dividend rates on the AMPS for each Trust for the six
months ended January 31, 2012 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
|
|
Low
|
|
High
|
|
Average
|
|
|
BFZ
|
|
|
F7
|
|
|
0.11
|
%
|
|
0.31
|
%
|
|
0.21
|
%
|
|
|
|
|
R7
|
|
|
0.11
|
%
|
|
0.31
|
%
|
|
0.21
|
%
|
|
|
|
|
T7
|
|
|
0.11
|
%
|
|
0.31
|
%
|
|
0.21
|
%
|
|
BFO
|
|
|
F7
|
|
|
0.11
|
%
|
|
0.31
|
%
|
|
0.21
|
%
|
|
RFA
|
|
|
R7
|
|
|
0.11
|
%
|
|
0.31
|
%
|
|
0.21
|
%
|
|
BBF
|
|
|
Y7
|
|
|
0.24
|
%
|
|
0.31
|
%
|
|
0.27
|
%
|
|
RNJ
|
|
|
Y7
|
|
|
0.11
|
%
|
|
0.31
|
%
|
|
0.21
|
%
|
|
BNJ
|
|
|
R7
|
|
|
0.11
|
%
|
|
0.31
|
%
|
|
0.21
|
%
|
|
RNY
|
|
|
F7
|
|
|
0.11
|
%
|
|
0.31
|
%
|
|
0.21
|
%
|
|
BNY
|
|
|
F7
|
|
|
0.11
|
%
|
|
0.31
|
%
|
|
0.21
|
%
|
|
|
|
|
W7
|
|
|
0.11
|
%
|
|
0.31
|
%
|
|
0.21
|
%
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2012
|
61
|
|
|
|
|
|
Notes to Financial Statements (concluded)
|
Since February 13, 2008, the
AMPS of the Trusts failed to clear any of their auctions. As a result, the AMPS
dividend rates were reset to the maximum applicable rate, which ranged from
0.11% to 0.31% for the six months ended January 31, 2012. A failed auction is
not an event of default for the Trusts but it has a negative impact on the
liquidity of AMPS. A failed auction occurs when there are more sellers of a
Trust’s AMPS than buyers. A successful auction for the Trusts’ AMPS may not
occur for some time, if ever, and even if liquidity does resume, holders of
AMPS may not have the ability to sell the AMPS at their liquidation preference.
The AMPS Funds pay
commissions of 0.15% on the aggregate principal amount of all shares that fail
to clear their auctions and 0.25% on the aggregate principal amount of all
shares that successfully clear their auctions. Certain broker dealers have
individually agreed to reduce commissions for failed auctions. The commissions paid
to these broker dealers are included in remarketing fees on Preferred Shares in
the Statements of Operations.
During the six months ended
January 31, 2012, BBF announced the following redemptions of AMPS at a price of
$25,000 per share plus any accrued and unpaid dividends through the redemption
date:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
|
|
Redemption
Date
|
|
Shares
Redeemed
|
|
Aggregate
Principal
|
|
|
BBF
|
|
|
T-7
|
|
|
10/12/2011
|
|
|
1,370
|
|
$
|
34,250,000
|
|
BBF financed the AMPS
redemptions with proceeds received from the issuance of VRDP Shares.
AMPS issued and outstanding
remained constant for the six months ended January 31, 2012 and the year ended
July 31, 2011 for the AMPS Funds.
8. Subsequent Events:
Management’s evaluation of
the impact of all subsequent events on the Trusts’ financial statements was
completed through the date the financial statements were issued and the
following items were noted:
Each Trust paid a net
investment income dividend on March 1, 2012 to Common Shareholders of record on
February 15, 2012 as follows:
|
|
|
|
|
|
|
|
|
Common
Dividend
Per Share
|
|
|
BFZ
|
|
$
|
0.075700
|
|
|
BFO
|
|
$
|
0.056000
|
|
|
RFA
|
|
$
|
0.070000
|
|
|
BBF
|
|
$
|
0.075375
|
|
|
RNJ
|
|
$
|
0.065500
|
|
|
BNJ
|
|
$
|
0.791000
|
|
|
RNY
|
|
$
|
0.073000
|
|
|
BNY
|
|
$
|
0.082500
|
|
The dividends declared on
VRDP Shares and AMPS for the period February 1, 2012 to February 29, 2012 were
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Series
|
|
Dividends
Declared
|
|
|
BFZ AMPS
|
|
|
F7
|
|
$
|
7,722
|
|
|
|
|
|
R7
|
|
$
|
8,370
|
|
|
|
|
|
T7
|
|
$
|
11,355
|
|
|
BFO AMPS
|
|
|
F7
|
|
$
|
6,160
|
|
|
RFA AMPS
|
|
|
R7
|
|
$
|
651
|
|
|
BBF VRDP Shares
|
|
|
W7
|
|
$
|
7,802
|
|
|
RNJ AMPS
|
|
|
Y7
|
|
$
|
1,333
|
|
|
BNJ AMPS
|
|
|
R7
|
|
$
|
8,416
|
|
|
RNY AMPS
|
|
|
F7
|
|
$
|
1,397
|
|
|
BNY AMPS
|
|
|
F7
|
|
$
|
6,785
|
|
|
|
|
|
W7
|
|
$
|
6,691
|
|
On February 10, 2012, the
Boards of RFA, RNJ and RNY approved a plan of liquidation and dissolution. If
approved by shareholders, the liquidation and distribution of substantially all
of RFA’s, RNJ’s and RNY’s assets is expected to occur by the end of the third
quarter of 2012.
On March 22, 2012, the
following Trusts issued W-7 Variable Rate Muni Term Preferred Shares (“VMTP
Shares”), $100,000 liquidation value per share, with a maturity date of April
1, 2015 in a privately negotiated offering and sale of VMTP Shares exempt from
registration under the Securities Act of 1933 to finance the AMPS redemption.
The VMTP Shares issued were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Shares
Issued
|
|
Proceeds
|
|
|
BFZ
|
|
|
1,713
|
|
$
|
171,300,000
|
|
|
BNJ
|
|
|
591
|
|
$
|
59,100,000
|
|
|
BNY
|
|
|
945
|
|
$
|
94,500,000
|
|
On March 23, 2012, the
following Trusts announced the redemptions of AMPS at a price of $25,000 per
share plus any accrued and unpaid dividends through the redemption date:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
|
|
Redemption
Date
|
|
Shares
to be
Redeemed
|
|
Aggregate
Principal to be
Redeemed
|
|
|
BFZ
|
|
|
F7
|
|
|
4/16/12
|
|
|
2,151
|
|
$
|
53,775,000
|
|
|
|
|
|
R7
|
|
|
4/13/12
|
|
|
2,351
|
|
$
|
58,775,000
|
|
|
|
|
|
T7
|
|
|
4/8/12
|
|
|
2,351
|
|
$
|
58,775,000
|
|
|
BNJ
|
|
|
R7
|
|
|
4/13/12
|
|
|
2,364
|
|
$
|
59,100,000
|
|
|
BNY
|
|
|
F7
|
|
|
4/16/12
|
|
|
1,890
|
|
$
|
47,250,000
|
|
|
|
|
|
W7
|
|
|
4/12/12
|
|
|
1,890
|
|
$
|
47,250,000
|
|
|
|
|
|
|
|
|
62
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2012
|
|
|
|
Richard E. Cavanagh,
Chairman of the Board and Trustee
|
|
Karen P. Robards, Vice Chairperson of the Board, Chairperson of the Audit Committee and Trustee
|
|
Paul L. Audet, Trustee
|
|
Michael J. Castellano,
Trustee and Member of the Audit Committee
|
|
Frank J. Fabozzi, Trustee
and Member of the Audit Committee
|
|
Kathleen F. Feldstein,
Trustee
|
|
James T. Flynn, Trustee and
Member of the Audit Committee
|
|
Henry Gabbay, Trustee
|
|
Jerrold B. Harris, Trustee
|
|
R. Glenn Hubbard, Trustee
|
|
W. Carl Kester, Trustee and
Member of the Audit Committee
|
|
John M. Perlowski, President
and Chief Executive Officer
|
|
Anne Ackerley, Vice
President
|
|
Brendan Kyne, Vice
President
|
|
Neal Andrews, Chief
Financial Officer
|
|
Jay Fife, Treasurer
|
|
Brian Kindelan, Chief Compliance Officer and Anti-Money Laundering Officer
|
|
Ira P. Shapiro, Secretary
|
|
|
|
|
|
|
1
|
John F. Powers, who was a
Trustee of the Trusts, resigned as of February 21, 2012.
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Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Advisor
BlackRock Financial Management, Inc.
New York, NY 10055
Custodian
State Street Bank and Trust Company
Boston, MA 02110
Transfer Agent
Common Shares:
Computershare Trust Company, N.A.
Providence, RI 02940
AMPS Auction Agent
BNY Mellon Shareowner Services
Jersey City, NJ 07310
VRDP Tender and Paying Agent and
VMTP Redemption and Paying Agent
The Bank of New York Mellon
New York, NY 10289
VRDP Liquidity Provider and Remarketing Agent
Morgan Stanley & Co. LLC
New York, NY 10056
Accounting Agent
State Street Bank and Trust Company
Boston, MA 02110
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Skadden, Arps, Slate, Meagher & Flom
LLP
New York, NY 10036
Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809
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SEMI-ANNUAL
REPORT
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JANUARY 31, 2012
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63
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A
dditional Information
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Dividend Policy
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Each Trust’s dividend policy
is to distribute all or a portion of its net investment income to its
shareholders on a monthly basis. In order to provide shareholders with a more
stable level of dividend distributions, the Trusts may at times pay out less
than the entire amount of net investment income earned in any particular month
and may at times in any particular month pay out such accumulated but
undistributed income in addition to net investment income earned in that month.
As a result, the dividends paid by the Trusts for any particular month may be
more or less than the amount of net investment income earned by the Trusts
during such month. The Trusts’ current accumulated but undistributed net investment
income, if any, is disclosed in the Statements of Assets and Liabilities, which
comprises part of the financial information included in this report.
On July 29, 2010, the Manager
announced that a shareholder derivative complaint was filed on July 27, 2010 in
the Supreme Court of the State of New York, New York County with respect to BFZ
and BNJ, which had previously received a demand letter from a law firm on
behalf of each trust’s common shareholders. The complaint was filed against the
Manager, BlackRock, BFZ, BNJ and certain of the directors, officers and
portfolio managers (collectively, the “BlackRock Parties”) in connection with
the redemption of auction-market preferred shares, auction rate preferred
shares, auction preferred shares and auction rate securities (collectively,
“AMPS”). The complaint alleges, among other things, that the BlackRock Parties
breached their fiduciary duties to the common shareholders of BFZ and BNJ (the
“Shareholders”) by redeeming AMPS at their liquidation preference and alleges
that such redemptions caused losses to the Shareholders. The plaintiffs are
seeking monetary damages for the alleged losses suffered and to enjoin BFZ and
BNJ from future redemptions of AMPS at their liquidation preference. The
BlackRock Parties believe that the claims asserted in the complaint are without
merit and intend to vigorously defend themselves in the litigation.
On March 29, 2011, the
Manager announced that BBF received a demand letter from a law firm on behalf of
BBF’s common shareholders. The demand letter alleges that the Manager and BBF’s
officers and Board of Trustees (the “Board”) breached their fiduciary duties by
redeeming at par certain of BBF’s AMPS, and demanded that the Board take action
to remedy those alleged breaches. A committee consisting of the Independent
Directors, with the assistance of their independent counsel, reviewed these
demands. Based on the committee’s investigation and unanimous recommendation,
the Board rejected these demands as inconsistent with the best interests of BBF
and its shareholders.
The Trusts do not make
available copies of their Statements of Additional Information because the
Trusts’ shares are not continuously offered, which means that the Statement of
Additional Information of each Trust has not been updated after completion of
the respective Trust’s offerings and the information contained in each Trust’s
Statement of Additional Information may have become outdated.
During the period, there were
no material changes in the Trusts’ investment objectives or policies or to the
Trusts’ charters or by-laws that would delay or prevent a change of control of
the Trusts that were not approved by the shareholders or in the principal risk
factors associated with investment in the Trusts. There have been no changes in
the persons who are primarily responsible for the day-to-day management of the
Trusts’ portfolios.
Quarterly performance,
semi-annual and annual reports and other information regarding the Trusts may
be found on BlackRock’s website, which can be accessed at
http://www.blackrock.com. This reference to BlackRock’s website is intended to
allow investors public access to information regarding the Trusts and does not,
and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Electronic copies of most
financial reports are available on the Trusts’ websites or shareholders can
sign up for e-mail notifications of quarterly statements, annual and
semi-annual reports by enrolling in the Trusts’ electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisors,
Banks or Brokerages:
Please contact your financial
advisor to enroll. Please note that not all investment advisors, banks or
brokerages may offer this service.
Householding
The Trusts will mail only one
copy of shareholder documents, including annual and semi-annual reports and
proxy statements, to shareholders with multiple accounts at the same address.
This practice is commonly called “householding” and is intended to reduce
expenses and eliminate duplicate mailings of shareholder documents. Mailings of
your shareholder documents may be householded indefinitely unless you instruct
us otherwise. If you do not want the mailing of these documents to be combined
with those for other members of your household, please call the Trusts at (800)
441-7762.
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64
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SEMI-ANNUAL REPORT
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JANUARY 31, 2012
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Additional Information
(continued)
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General Information (concluded)
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Availability of Quarterly Schedule of Investments
The Trusts file their
complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available
on the SEC’s website at http://www.sec.gov and may also be reviewed and copied
at the SEC’s Public Reference Room in Washington, D.C. Information on how to
access documents on the SEC’s website without charge may be obtained by calling
(800) SEC-0330. The Trusts’ Forms N-Q may also be obtained upon request and
without charge by calling (800) 441-7762.
Availability of Proxy Voting Policies and Procedures
A description of the policies
and procedures that the Trusts use to determine how to vote proxies relating to
portfolio securities is available (1) without charge, upon request, by calling
(800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website
at http://www.sec.gov.
Availability of Proxy Voting Record
Information about how the
Trusts voted proxies relating to securities held in the Trusts’ portfolios
during the most recent 12-month period ended June 30 is available upon request
and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762
and (2) on the SEC’s website at http://www.sec.gov.
Availability of Trust Updates
BlackRock will update performance
and certain other data for the Trusts on a monthly basis on its website in the
“Closed-end Funds” section of http://www.blackrock.com. Investors and others
are advised to periodically check the website for updated performance
information and the release of other material information about the Trusts.
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SEMI-ANNUAL REPORT
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JANUARY 31, 2012
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65
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Additional Information
(concluded)
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BlackRock Privacy Principles
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BlackRock is committed to
maintaining the privacy of its current and former fund investors and individual
clients (collectively, “Clients”) and to safeguarding their non-public 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 non-public information from and about you from different sources,
including the following: (i) information we receive from you or, if applicable,
your financial intermediary, on 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 non-affiliated third parties any non-public personal information
about its Clients, except as permitted by law or as is necessary to respond to
regulatory requests or to service Client accounts. These non-affiliated third
parties are required to protect the confidentiality and security of this
information and to use it only for its intended purpose.
We may share information with
our affiliates to service your account or to provide you with information about
other BlackRock products or services that may be of interest to you. In
addition, BlackRock restricts access to non-public personal information about
its Clients to those BlackRock employees with a legitimate business need for
the information. BlackRock maintains physical, electronic and procedural
safeguards that are designed to protect the non-public personal information of
its Clients, including procedures relating to the proper storage and disposal
of such information.
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66
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SEMI-ANNUAL REPORT
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JANUARY 31, 2012
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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
short-term dividend rates of the Preferred Shares may reduce the Common Shares’
yield. Statements and other information herein are as dated and are subject to
change.
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#CEF -BK8-1/12-SAR
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![(BLACKROCK LOGO)](\"http://content.edgar-online.com/edgar_conv_img/2012/04/02/0001171200-12-000358_I00150006_V1.JPG")
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Item 2 –
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Code of Ethics – Not Applicable to this semi-annual report
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Item 3 –
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Audit Committee Financial Expert – Not Applicable to this semi-annual report
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Item 4 –
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Principal Accountant Fees and Services – Not Applicable to this semi-annual report
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Item 5 –
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Audit Committee of Listed Registrants – Not Applicable to this semi-annual report
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Item 6 –
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Investments
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(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
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(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
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Item 7 –
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Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report
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Item 8 –
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Portfolio Managers of Closed-End Management Investment Companies
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(a)
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Not Applicable to this semi-annual report
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(b)
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As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.
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Item 9 –
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Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
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Item 10 –
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Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
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Item 11 –
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Controls and Procedures
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(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.
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(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.
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Item 12 –
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Exhibits attached hereto
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(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
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(a)(2) – Certifications – Attached hereto
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(a)(3) – Not Applicable
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(b) – Certifications – Attached hereto
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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.
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BlackRock New York Investment Quality Municipal Trust, Inc.
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By:
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/s/ John M. Perlowski
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John M. Perlowski
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Chief Executive Officer (principal executive officer) of
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BlackRock New York Investment Quality Municipal Trust, Inc.
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Date: April 2, 2012
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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.
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By:
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/s/ John M. Perlowski
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John M. Perlowski
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Chief Executive Officer (principal executive officer) of
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BlackRock New York Investment Quality Municipal Trust, Inc.
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Date: April 2, 2012
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By:
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/s/ Neal J. Andrews
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Neal J. Andrews
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Chief Financial Officer (principal financial officer) of
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BlackRock New York Investment Quality Municipal Trust, Inc.
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Date: April 2, 2012
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