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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-08217

Name of Fund: BlackRock MuniHoldings New York Insured Fund, Inc. (MHN)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock
MuniHoldings New York Insured Fund, Inc., 55 East 52nd Street, New York, NY 10055.

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 08/31/2010

Date of reporting period: 02/28/2010

Item 1 – Report to Stockholders



Semi-Annual Report

FEBRUARY 28, 2010 I (UNAUDITED)

BlackRock Maryland Municipal Bond Trust (BZM)

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

BlackRock New Jersey Municipal Bond Trust (BLJ)

BlackRock New York Insured Municipal Income Trust (BSE)

BlackRock New York Municipal Bond Trust (BQH)

BlackRock New York Municipal Income Trust II (BFY)

BlackRock Virginia Municipal Bond Trust (BHV)

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

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE


Table of Contents   
  Page 
Dear Shareholder  3 
Semi-Annual Report:   
Trust Summaries  4 
The Benefits and Risks of Leveraging  12 
Derivative Financial Instruments  13 
Financial Statements:   
       Schedules of Investments  14 
       Statements of Assets and Liabilities  36 
       Statements of Operations  38 
       Statements of Changes in Net Assets  40 
Financial Highlights  43 
Notes to Financial Statements  51 
Officers and Trustees  57 
Additional Information  58 

2 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Dear Shareholder

The past year marked a pivotal turning point for global markets as the Great Recession that started in December 2007 began to recede and give way to recov-

ery. The dramatic about-face could be attributed to a confluence of factors, most notably the extraordinary policy actions of global governments and central

banks, a resurgence in corporate profits and growing signs of stability and healing in world economies.

After reaching a trough in early March 2009, stocks galloped higher as investors were lured back into the markets by depressed valuations, desire for higher

yields and increasing confidence that all-out financial disaster had been averted. The result was a powerful upswing in global equities and other higher-risk

assets through the end of 2009. More recently, the combination of mixed economic data, lingering deflation issues (especially in Europe) and proposed fees

and levies on banks dampened investor conviction, resulting in a several-week bout of profit-taking. The selloff had a more pronounced negative effect on inter-

national and emerging market equities due primarily to concerns of higher interest rates in Asia and negative headlines out of Europe, particularly in Greece.

Generally speaking, investors’ renewed affinity for risk was notable in the fixed income markets as well, where non-Treasury assets made a robust recovery. One

of the major themes in 2009 was the reversal of the flight-to-quality trade. High yield, one of the most battered areas during the financial crisis, emerged as

the strongest-performing fixed income sector in both the taxable and tax-exempt space. Despite weak fundamentals, the municipal market produced solid

returns as technical conditions remained supportive of the asset class. Municipal bond mutual funds enjoyed strong inflows and tax-exempt issuance remained

low thanks to the ever-increasing popularity of the Build America Bond program. Nevertheless, state and local fiscal woes and bankruptcy fears remain firmly in

the spotlight, and bear close monitoring.

At the same time, yields on money market securities declined throughout the reporting period and remain near all-time lows, with the Federal Open Market

Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.” Investor assets in

money market funds declined from the peak registered in early 2009, but remain above levels registered prior to the financial crisis that began in 2007.

Against this backdrop, the major market averages posted the following returns:

Total Returns as of February 28, 2010  6-month  12-month 
US equities (S&P 500 Index)  9.32%  53.62% 
Small cap US equities (Russell 2000 Index)  10.59  63.95 
International equities (MSCI Europe, Australasia, Far East Index)  0.72  54.58 
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)  0.07  0.20 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)  0.07  (1.54) 
Taxable fixed income (Barclays Capital US Aggregate Bond Index)  3.19  9.32 
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)  4.13  9.98 
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  13.86  55.20 
       Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.   

The market continues to show signs of improvement, but questions about the strength and sustainability of the recovery abound. Through periods of uncer-

tainty, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit

www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly com-

panion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued

partnership in the months and years ahead.


THIS PAGE NOT PART OF YOUR FUND REPORT 3


Trust Summary as of February 28, 2010 BlackRock Maryland Municipal Bond Trust

Investment Objective

BlackRock Maryland Municipal Bond Trust (BZM) (the “Trust”) seeks to provide current income exempt from regular federal income taxes and Maryland
personal income taxes. Under normal market conditions, the Trust will invest at least 80% of its managed assets in municipal bonds that are investment
grade quality, or determined by its investment advisor to be of equivalent credit quality at the time of purchase. The Trust may invest up to 20% of its total
assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s Investors Services, Inc. (“Moody’s”), Standard and Poor’s
Corporation (“S&P”) or are unrated but judged to be of comparable quality by BlackRock.

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

Performance

For the six months ended February 28, 2010, the Trust returned (1.96)% based on market price and 8.90% based on net asset value (“NAV”). For the
same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of 7.90% on a market price basis and 7.08% on
a NAV basis. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between
performance based on price and performance based on NAV. The Trust benefited from our effort to increase the portfolio weighting in interest-rate-sensitive
bonds as tax-exempt, thirty-year interest rates rallied 25 basis points (0.25%) lower for the six months. A greater weighting in the development district
sector also contributed to performance as credit spreads generally tightened during the period. Conversely, a low weighting in Maryland tax-backed bonds
detracted from performance. As available Maryland tax-exempt supply continues to wane, demand for specialty state paper, such as Maryland, has driven
the positive performance of this sector.

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

Trust Information

Symbol on NYSE Amex  BZM 
Initial Offering Date  April 30, 2002 
Yield on Closing Market Price as of February 28, 2010 ($14.64)1  5.57% 
Tax Equivalent Yield2  8.57% 
Current Monthly Distribution per Common Share3  $0.0679 
Current Annualized Distribution per Common Share3  $0.8148 
Leverage as of February 28, 20104  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 Monthly Distribution per Common Share, declared on March 1, 2010, was increased to $0.0704. The Yield on Closing Market Price, Current
Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new dis-
tribution rate is not constant and is subject to change in the future.
4 Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets,
which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a
discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 12.

The table below summarizes the changes in the Trust’s market price and NAV per share:       
  2/28/10  8/31/09  Change  High  Low 
Market Price  $14.64  $15.35  (4.63)%  $16.98  $13.73 
Net Asset Value  $14.63  $13.81  5.94%  $14.82  $13.81 
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     

     Sector Allocations     
  2/28/10  8/31/09 
County/City/Special District/     
   School District       26%  25% 
Transportation  20  19 
Health  18  19 
Education  10  11 
Utilities  10  13 
Housing  9  6 
State  3  3 
Tobacco  3  3 
Corporate  1  1 

     Credit Quality Allocations5     
  2/28/10  8/31/09 
AAA/Aaa  26%  29% 
AA/Aa  19  17 
A  37  39 
BBB/Baa  7  6 
Not Rated  11  9 
 5 Using the higher of S&P’s or Moody’s ratings.   

4 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Trust Summary as of February 28, 2010 BlackRock MuniHoldings New York Insured Fund, Inc.

Investment Objective

BlackRock MuniHoldings New York Insured Fund, Inc. (MHN) (the “Trust”) seeks to provide shareholders with current income exempt from federal income
taxes and New York State and New York City personal income taxes by investing primarily in a portfolio of long-term, investment grade municipal obligations,
the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes and New York State and New York City personal
income taxes.

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

Performance

For the six months ended February 28, 2010, the Trust returned 9.79% based on market price and 7.20% based on NAV. For the same period, the closed-
end Lipper Single-State Insured Municipal Debt Funds category posted an average return of 5.35% on a market price basis and 6.19% on a NAV basis. All
returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. Concentrations in lower-rated bonds and a focus on bonds with longer-dated maturities benefited Trust per-
formance over the six months, as credit spreads continued to tighten and municipal rates declined across the yield curve. Within an overall context of being
neutral to slightly long duration, the Trust pursued opportunities to add positive convexity to the portfolio by adding discount-coupon bonds and greater
call protection. This, too, proved advantageous as these bonds afforded the portfolio slightly greater capital appreciation as the market rallied. On the other
hand, the Trust’s positions in zero-coupon bonds hindered performance as these issues have underperformed the broader municipal market. Also negatively
affecting performance were the Trust’s existing weighting in higher-coupon, cushion bonds, as well as its lack of exposure to tax-backed credits and essential
service credits.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information

Symbol on New York Stock Exchange (“NYSE”)  MHN 
Initial Offering Date  September 19, 1997 
Yield on Closing Market Price as of February 28, 2010 ($13.73)1  5.99% 
Tax Equivalent Yield2  9.22% 
Current Monthly Distribution per Common Share3  $0.0685 
Current Annualized Distribution per Common Share3  $0.8220 
Leverage as of February 28, 20104  42% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance
does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Common Share, declared on March 1, 2010 was increased to $0.076. The Yield on Closing Market Price, Current
Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new dis-
tribution rate is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 12.

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

  2/28/10  8/31/09  Change  High  Low 
Market Price  $13.73  $12.89  6.52%  $13.98  $12.64 
Net Asset Value  $14.29  $13.74  4.00%  $14.69  $13.74 
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     

     Sector Allocations     
  2/28/10  8/31/09 
Transportation  29%  27% 
County/City/Special District/     
   School District  26  27 
State  11  11 
Utilities  10  10 
Education  8  7 
Corporate  6  7 
Health  4  5 
Housing  3  3 
Tobacco  3  3 

     Credit Quality Allocations5     
  2/28/10  8/31/09 
AAA/Aaa  41%  43% 
AA/Aa  20  18 
A  29  28 
BBB/Baa  5  8 
BB/Ba  4   
Not Rated  1   36 
 5 Using the higher of S&P’s or Moody’s ratings.   
 6 The investment advisor has deemed certain of these non-rated 
     securities to be of investment grade quality. As of August 31, 2009, 
     the market value of these securities was $18,918,142 representing 
     3% of the Trust’s long-term investments.     

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 5


Trust Summary as of February 28, 2010 BlackRock New Jersey Municipal Bond Trust

Investment Objective

BlackRock New Jersey Municipal Bond Trust (BLJ) (the “Trust”) seeks to provide current income exempt from regular federal income taxes and New Jersey
gross income taxes. Under normal market conditions, the Trust will invest at least 80% of its managed assets in municipal bonds that are investment grade
quality, or determined by its investment advisor to be of equivalent credit quality at the time of purchase. The Trust may invest up to 20% of its total assets
in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable
quality by BlackRock.

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

Performance

For the six months ended February 28, 2010, the Trust returned 8.86% based on market price and 9.04% based on NAV. For the same period, the closed-
end Lipper New Jersey Municipal Debt Funds category posted an average return of 7.40% on a market price basis and 7.44% on a NAV basis. All returns
reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on
price and performance based on NAV. The Trust held a higher concentration in health care and housing bonds with maturities of 20 years and longer, which
benefited performance as the municipal yield curve flattened during the last six months. The Trust’s slightly higher concentration in zero-coupon bonds
detracted from performance during the period. The Trust’s cash allocation also hampered results as cash equivalents are currently trading at record-low
yields and, consequently, detracted from income.

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

Trust Information

Symbol on NYSE Amex  BLJ 
Initial Offering Date  April 30, 2002 
Yield on Closing Market Price as of February 28, 2010 ($14.32)1  6.33% 
Tax Equivalent Yield2  9.74% 
Current Monthly Distribution per Common Share3  $0.0755 
Current Annualized Distribution per Common Share3  $0.9060 
Leverage as of February 28, 20104  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 Monthly Distribution per Common Share, declared on March 1, 2010, was increased to $0.0780. The Yield on Closing Market Price, Current
Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new dis-
tribution rate is not constant and is subject to change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 12.

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

  2/28/10  8/31/09   Change  High  Low 
Market Price  $14.32  $13.59  5.37%  $15.00  $13.59 
Net Asset Value  $14.28  $13.53  5.54%  $14.68  $13.53 

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

     Sector Allocations     
  2/28/10  8/31/09 
State       21%  23% 
Health  18  23 
Transportation  15  16 
Housing  12  11 
Education  10  7 
County/City/Special District/     
   School District  9  9 
Corporate  8  6 
Utilities  6  4 
Tobacco  1  1 

     Credit Quality Allocations5     
  2/28/10  8/31/09 
AAA/Aaa       25%  40% 
AA/Aa  22  18 
A  30  16 
BBB/Baa  11  14 
BB/Ba  2   
B  5  4 
Not Rated  56  8 
 5 Using the higher of S&P’s or Moody’s ratings.   
 6 The investment advisor has deemed certain of these non-rated 
     securities to be of investment grade quality. As of February 28, 2010, 
     the market value of these securities was $982,960 representing 2% 
     of the Trust’s long-term investments.     

6 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Trust Summary as of February 28, 2010 BlackRock New York Insured Municipal Income Trust

Investment Objective

BlackRock New York Insured Municipal Income Trust (BSE) (the “Trust”) seeks to provide high current income exempt from regular federal income taxes
and New York State and New York City personal income taxes. The Trust will invest at least 80% of its managed assets in municipal obligations that are
insured as to the timely payment of both principal and interest.

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

Performance

For the six months ended February 28, 2010, the Trust returned 7.91% based on market price and 6.54% based on NAV. For the same period, the closed-
end Lipper Single-State Insured Municipal Debt Funds category posted an average return of 5.35% on a market price basis and 6.19% on a NAV basis. All
returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. Concentrations in lower-rated bonds and a focus on bonds with longer-dated maturities benefited Trust per-
formance over the six months, as credit spreads continued to tighten and municipal rates declined across the yield curve. Within an overall context of being
neutral to slightly long duration, the Trust pursued opportunities to add positive convexity to the portfolio by adding discount-coupon bonds and greater call
protection. This, too, proved advantageous as these bonds afforded the portfolio slightly greater capital appreciation as the market rallied. On the other
hand, the Trust’s positions in zero-coupon bonds hindered performance as these issues have underperformed the broader municipal market. Also negatively
affecting performance were the Trust’s existing weighting in higher-coupon, cushion bonds, as well as its lack of exposure to tax-backed credits and essential
service credits.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information

Symbol on NYSE  BSE 
Initial Offering Date  October 31, 2002 
Yield on Closing Market Price as of February 28, 2010 ($13.79)1  5.70% 
Tax Equivalent Yield2  8.77% 
Current Monthly Distribution per Common Share3  $0.0655 
Current Annualized Distribution per Common Share3  $0.7860 
Leverage as of February 28, 20104  36% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance
does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Common Share, declared on March 1, 2010, was increased to $0.0705. The Yield on Closing Market Price, Current
Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new dis-
tribution rate is not constant and is subject to change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 12.
The table below summarizes the changes in the Trust’s market price and NAV per share:

  2/28/10  8/31/09   Change  High  Low 
Market Price  $13.79  $13.15  4.87%  $14.75  $12.84 
Net Asset Value  $14.09  $13.61  3.53%  $14.51  $13.61 

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

     Sector Allocations     
  2/28/10  8/31/09 
Transportation       27%     26% 
Education  23  22 
County/City/Special District/     
   School District  18  19 
Health  13  14 
State  10  10 
Utilities  8  8 
Corporate  1  1 

     Credit Quality Allocations5     
  2/28/10  8/31/09 
AAA/Aaa       31%     30% 
AA/Aa  18  21 
A  31  29 
BBB/Baa  8  9 
BB/Ba  2   
Not Rated6  10  11 
 5 Using the higher of S&P’s or Moody’s ratings.   
6 The investment advisor has deemed certain of these non-rated 
     securities to be of investment grade quality. As of February 28, 2010 
     and August 31, 2009, the market value of these securities was 
     $13,865,254 representing 10% and $13,920,865 representing 
     10%, respectively, of the Trust’s long-term investments.   

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 7


Trust Summary as of February 28, 2010 BlackRock New York Municipal Bond Trust

Investment Objective

BlackRock New York Municipal Bond Trust (BQH) (the “Trust”) seeks to provide current income exempt from regular federal income taxes and New York State
and New York City personal income taxes. Under normal market conditions, the Trust will invest at least 80% of its managed assets in municipal bonds that
are investment grade quality, or determined by its investment advisor to be of equivalent credit quality at the time of purchase. The Trust may invest up to
20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged
to be of comparable quality by BlackRock.

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

Performance

For the six months ended February 28, 2010, the Trust returned 6.94% based on market price and 7.03% based on NAV. For the same period, the closed-
end Lipper New York Municipal Debt Funds category posted an average return of 5.59% on a market price basis and 7.34% on a NAV basis. All returns
reflect reinvestment of dividends. The Trust's discount to NAV, which widened during the period, accounts for the difference between performance based on
price and performance based on NAV. Concentrations in lower-rated bonds and a focus on bonds with longer-dated maturities benefited Trust performance
over the six months, as credit spreads continued to tighten and municipal rates declined across the yield curve. Within an overall context of being neutral
to slightly long duration, the Trust pursued opportunities to add positive convexity to the portfolio by adding discount-coupon bonds and greater call protec-
tion. This, too, proved advantageous as these bonds afforded the portfolio slightly greater capital appreciation as the market rallied. On the other hand, the
Trust’s positions in zero-coupon bonds hindered performance as these issues have underperformed the broader municipal market. Also negatively affecting
performance were the Trust’s existing weighting in higher-coupon, cushion bonds, as well as its lack of exposure to tax-backed credits and essential
service credits.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information

Symbol on NYSE  BQH 
Initial Offering Date  April 30, 2002 
Yield on Closing Market Price as of February 28, 2010 ($14.75)1  6.35% 
Tax Equivalent Yield2  9.77% 
Current Monthly Distribution per Common Share3  $0.078 
Current Annualized Distribution per Common Share3  $0.936 
Leverage as of February 28, 20104  36% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance
does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Common Share, declared on March 1, 2010, was increased to $0.0805. The Yield on Closing Market Price, Current
Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new dis-
tribution rate is not constant and is subject to change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 12.
The table below summarizes the changes in the Trust’s market price and NAV per share:

  2/28/10  8/31/09   Change  High  Low 
Market Price  $14.75  $14.32  3.00%  $17.05  $14.19 
Net Asset Value  $15.01  $14.56  3.09%  $15.53  $14.56 
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     

     Sector Allocations     
  2/28/10  8/31/09 
State       21%  22% 
County/City/Special District/     
   School District  16  14 
Education  13  13 
Housing  13  13 
Corporate  10  8 
Utilities  9  9 
Transportation  8  12 
Tobacco  6  6 
Health  4  3 

     Credit Quality Allocations5     
  2/28/10  8/31/09 
AAA/Aaa       32%  28% 
AA/Aa  23  28 
A  18  17 
BBB/Baa  19  18 
BB/Ba  1  1 
B  6  7 
Not Rated  1  1 
 5 Using the higher of S&P’s or Moody’s ratings.   

8 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Trust Summary as of February 28, 2010 BlackRock New York Municipal Income Trust II

Investment Objective

BlackRock New York Municipal Income Trust II (BFY) (the “Trust”) seeks to provide high current income exempt from regular federal income taxes and New
York State and New York City personal income taxes. Under normal market conditions, the Trust will invest at least 80% of its managed assets in municipal
bonds that are investment grade quality, or determined by its investment advisor to be of equivalent credit quality at the time of purchase. The Trust may invest
up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged
to be of comparable quality by BlackRock.

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

Performance

For the six months ended February 28, 2010, the Trust returned 6.69% based on market price and 7.49% based on NAV. For the same period, the closed-
end Lipper New York Municipal Debt Funds category posted an average return of 5.59% on a market price basis and 7.34% on a NAV basis. All returns
reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on
price and performance based on NAV. Concentrations in lower-rated bonds and a focus on bonds with longer-dated maturities benefited Trust performance
over the six months, as credit spreads continued to tighten and municipal rates declined across the yield curve. Within an overall context of being neutral to
slightly long duration, the Trust pursued opportunities to add positive convexity to the portfolio by adding discount-coupon bonds and greater call protection.
This, too, proved advantageous as these bonds afforded the portfolio slightly greater capital appreciation as the market rallied. On the other hand, the Trust’s
positions in zero-coupon bonds hindered performance as these issues have underperformed the broader municipal market. Also negatively affecting per-
formance were the Trust’s existing weighting in higher-coupon, cushion bonds, as well as its lack of exposure to tax-backed credits and essential service
credits.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information

Symbol on NYSE Amex  BFY 
Initial Offering Date  July 30, 2002 
Yield on Closing Market Price as of February 28, 2010 ($14.45)1  6.64% 
Tax Equivalent Yield2  10.22% 
Current Monthly Distribution per Common Share3  $0.08 
Current Annualized Distribution per Common Share3  $0.96 
Leverage as of February 28, 20104  38% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance
does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 12.
The table below summarizes the changes in the Trust’s market price and NAV per share:

  2/28/10  8/31/09  Change  High  Low 
Market Price  $14.45  $14.00  3.21%  $15.33  $13.63 
Net Asset Value  $14.59  $14.03  3.99%  $14.99  $14.03 
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     

     Sector Allocations     
  2/28/10  8/31/09 
County/City/Special District/     
   School District       19%  22% 
Corporate  15  14 
Education  15  16 
Transportation  14  11 
Health  10  10 
Utilities  9  9 
Tobacco  7  8 
Housing  7  6 
State  4  4 

     Credit Quality Allocations5     
  2/28/10  8/31/09 
AAA/Aaa    25%  26% 
AA/Aa  24  27 
A  28  23 
BBB/Baa  11  10 
BB/Ba  3  1 
B  6  6 
Not Rated6  3  7 
 5 Using the higher of S&P’s or Moody’s ratings.   
6 The investment advisor has deemed certain of these non-rated 
     securities to be of investment grade quality. As of February 28, 2010 
     and August 31, 2009, the market value of these securities was 
     $1,517,730 representing 1% and $6,645,970 representing 6%, 
     respectively, of the Trust’s long-term investments.   

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 9


Trust Summary as of February 28, 2010 BlackRock Virginia Municipal Bond Trust

Investment Objective

BlackRock Virginia Municipal Bond Trust (BHV) (the “Trust”) seeks to provide current income exempt from regular federal income taxes and Virginia per-
sonal income taxes. Under normal market conditions, the Trust will invest at least 80% of its managed assets in municipal bonds that are investment grade
quality, or determined by its 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.

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

Performance

For the six months ended February 28, 2010, the Trust returned 14.56% based on market price and 6.64% based on NAV. For the same period, the
closed-end Lipper Other States Municipal Debt Funds category posted an average return of 7.90% on a market price basis and 7.08% on a NAV basis.
All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which widened during the period, accounts for the difference between perform-
ance based on price and performance based on NAV. The Trust benefited from our effort to increase the portfolio weighting in interest-rate-sensitive bonds
as tax-exempt, thirty-year interest rates rallied 25 basis points (0.25%) lower for the six months. A greater weighting in the transportation and corporate
municipal sectors also contributed to performance as credit spreads generally tightened in these sectors during the period. Conversely, a low weighting in
Virginia tax-backed bonds detracted from performance. As available Virginia tax-exempt supply continues to wane, demand for specialty state paper, such
as Virginia, has driven the positive performance of this sector.

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

Trust Information

Symbol on NYSE Amex  BHV 
Initial Offering Date  April 30, 2002 
Yield on Closing Market Price as of February 28, 2010 ($19.20)1  5.00% 
Tax Equivalent Yield2  7.69% 
Current Monthly Distribution per Common Share3  $0.08 
Current Annualized Distribution per Common Share3  $0.96 
Leverage as of February 28, 20104  35% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance
does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 12.

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

  2/28/10  8/31/09  Change  High  Low 
Market Price  $19.20  $17.50  9.71%  $19.20  $16.85 
Net Asset Value  $15.37  $15.05  2.13%  $15.96  $15.05 
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     

     Sector Allocations     
  2/28/10  8/31/09 
Health       18%     15% 
Housing  16  16 
Transportation  14  13 
County/City/Special District/     
   School District  12  17 
Utilities  11  11 
Education  11  11 
Corporate  9  9 
State  6  5 
Tobacco  3  3 

     Credit Quality Allocations5     
  2/28/10  8/31/09 
AAA/Aaa  28%     22% 
AA/Aa  29  37 
A  20  19 
BBB/Baa  9  7 
Not Rated6  14  15 
 5 Using the higher of S&P’s or Moody’s ratings.   
6 The investment advisor has deemed certain of these non-rated 
     securities to be of investment grade quality. As of February 28, 2010 
     and August 31, 2009, the market value of these securities was 
     $2,669,390 representing 7% and $2,170,858 representing 6%, 
     respectively, of the Trust’s long-term investments.   

10 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Trust Summary as of February 28, 2010 The Massachusetts Health & Education Tax-Exempt Trust

Investment Objective

The Massachusetts Health & Education Tax-Exempt Trust (MHE) (the “Trust”) seeks to provide shareholders with as high a level of current income exempt from
both regular federal income taxes and Massachusetts personal income taxes as is consistent with the preservation of shareholders’ capital. The Trust seeks to
achieve its investment objective by investing primarily in Massachusetts tax-exempt obligations issued on behalf of participating not-for-profit institutions. The
Trust will continue to invest primarily in investment-grade obligations. The Trust is intended to be a long-term investment and not a short-term trading vehicle.

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

Performance

For the six months ended February 28, 2010, the Trust returned 10.05% based on market price and 7.66% based on NAV. For the same period, the closed-
end Lipper Other States Municipal Debt Funds category posted an average return of 7.90% on a market price basis and 7.08% on a NAV basis. All returns
reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period-end, which accounts for the difference between perform-
ance based on price and performance based on NAV. The Trust maintained a higher exposure to health care and education bonds with maturities of 20
years and longer, which benefited performance as the municipal yield curve flattened during the last six months. A lower concentration in housing bonds
detracted from the Trust’s performance.

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

Trust Information

Symbol on NYSE Amex  MHE 
Initial Offering Date  July 23, 1993 
Yield on Closing Market Price as of February 28, 2010 ($12.77)1  6.06% 
Tax Equivalent Yield2  9.32% 
Current Monthly Distribution per Common Share3  $0.0645 
Current Annualized Distribution per Common Share3  $0.7740 
Leverage as of February 28, 20104  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 Monthly Distribution per Common Share, declared on March 1, 2010, was increased to $0.0685. The Yield on Closing Market Price, Current
Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new dis-
tribution rate is not constant and is subject to change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 12.
The table below summarizes the changes in the Trust’s market price and NAV per share:

  2/28/10  8/31/09  Change  High  Low 
Market Price  $12.77  $12.00  6.42%  $13.05  $11.45 
Net Asset Value  $12.69  $12.19  4.10%  $13.12  $12.19 
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     

     Sector Allocations     
  2/28/10  8/31/09 
Education  54%  62% 
Health  27  24 
State  10  10 
Utilities  3   
Housing  3  3 
Corporate  3  1 

     Credit Quality Allocations5     
  2/28/10  8/31/09 
AAA/Aaa  20%     26% 
AA/Aa  25  15 
A  31  34 
BBB/Baa  12  12 
B    1 
Not Rated6  12  12 
 5 Using the higher of S&P’s or Moody’s ratings.   
6 The investment advisor has deemed certain of these non-rated 
     securities to be of investment grade quality. As of February 28, 2010 
     and August 31, 2009, the market value of these securities was 
     $3,152,533 representing 7% and $2,117,414 representing 5%, 
     respectively, of the Trust’s long-term investments.   

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 11


The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the yield and NAV of
their Common Shares. However, these objectives cannot be achieved in all
interest rate environments.

To leverage, the Trusts issue Preferred Shares, which pay dividends at pre-
vailing short-term interest rates, and invest the proceeds in long-term
municipal bonds. In general, the concept of leveraging is based on the
premise that the cost of assets to be obtained from leverage will be based
on short-term interest rates, which normally will be lower than the income
earned by each Trust on its longer-term portfolio investments. To the extent
that the total assets of each Trust (including the assets obtained from
leverage) are invested in higher-yielding portfolio investments, each Trust’s
Common Shareholders will benefit from the incremental net income.

To illustrate these concepts, assume a Trust’s Common Shares capitaliza-
tion is $100 million and it issues Preferred Shares for an additional $50
million, creating a total value of $150 million available for investment in
long-term municipal bonds. If prevailing short-term interest rates are 3%
and long-term interest rates are 6%, the yield curve has a strongly positive
slope. In this case, the Trust pays dividends on the $50 million of Preferred
Shares based on the lower short-term interest rates. At the same time, the
securities purchased by the Trust with assets received from Preferred
Shares issuance earn the income based on long-term interest rates. In
this case, the dividends paid to Preferred Shareholders are significantly
lower than the income earned on the Trust’s long-term investments, and
therefore the Common Shareholders are the beneficiaries of the incremen-
tal net income.

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

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

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

The use of leverage may enhance opportunities for increased income to the
Trusts and Common Shareholders, but as described above, it also creates
risks as short- or long-term interest rates fluctuate. Leverage also will gen-
erally cause greater changes in the Trusts’ NAVs, market price and dividend
rate than a comparable portfolio without leverage. If the income derived
from securities purchased with assets received from leverage exceeds the
cost of leverage, the Trusts’ net income will be greater than if leverage had
not been used. Conversely, if the income from the securities purchased is
not sufficient to cover the cost of leverage, the Trusts’ net income will be
less than if leverage had not been used, and therefore the amount avail-
able for distribution to Common Shareholders will be reduced. Each Trust
may be required to sell portfolio securities at inopportune times or at dis-
tressed values in order to comply with regulatory requirements applicable
to the use of leverage or as required by the terms of leverage instruments,
which may cause a Trust to incur losses. The use of leverage may limit each
Trust’s ability to invest in certain types of securities or use certain types of
hedging strategies, such as in the case of certain restrictions imposed by
ratings agencies that rate preferred shares issued by the Trusts. Each Trust
will incur expenses in connection with the use of leverage, all of which are
borne by Common Shareholders and may reduce income to the
Common Shares.

Under the Investment Company Act of 1940, the Trusts are permitted to
issue Preferred Shares in an amount of up to 50% of their total managed
assets at the time of issuance. Under normal circumstances, each Trust
anticipates that the total economic leverage from Preferred Shares and/or
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of February 28, 2010, the Trusts had economic
leverage from Preferred Shares and/or TOBs as a percentage of their total
managed assets as follows:

  Percent of 
  Leverage 
BZM  37% 
MHN  42% 
BLJ  37% 
BSE  36% 
BQH  36% 
BFY  38% 
BHV  35% 
MHE  40% 

12 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Derivative Financial Instruments

The Trusts may invest in various derivative instruments, including financial
futures contracts, as specified in Note 2 of the Notes to Financial State-
ments, which constitute forms of economic leverage. Such instruments
are used to obtain exposure to a market without owning or taking physical
custody of securities or to hedge market and/or interest rate risks. Such
derivative instruments involve risks, including the imperfect correlation
between the value of a derivative instrument and the underlying asset,
possible default of the counterparty to the transaction or illiquidity of the
derivative instrument. The Trusts’ ability to successfully use a derivative

instrument depends on the investment advisor’s ability to accurately
predict pertinent market movements, which cannot be assured. The use
of derivative instruments may result in losses greater than if they had not
been used, may require a Trust to sell or purchase portfolio securities at
inopportune times or for distressed values, may limit the amount of appre-
ciation a Trust can realize on an investment or may cause a Trust to hold
a security that it might otherwise sell. The Trusts’ investments in these
instruments are discussed in detail in the Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 13


Schedule of Investments February 28, 2010 (Unaudited)

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

    Par   
Municipal Bonds    (000)  Value 
     Maryland — 115.0%       
Corporate — 1.0%       
Maryland EDC, Refunding RB, Potomac Electric       
 Power Co., 6.20%, 9/01/22  $ 250  $ 285,987 
County/City/Special District/School District — 39.0%     
City of Annapolis Maryland, Tax Allocation Bonds,       
 Park Place Project, Series A, 5.35%, 7/01/34    495  401,109 
City of Baltimore Maryland, Special Tax Bonds, Special     
 Obligation, Harborview Lot No. 2, 6.50%, 7/01/31    993  944,601 
County of Anne Arundel Maryland, RB, Community       
 College Project, 5.25%, 9/01/28    1,870  1,899,976 
County of Baltimore Maryland, GO, Metropolitan District:     
     67th Issue, 5.00%, 6/01/22    2,000  2,067,200 
     68th Issue, 5.00%, 8/01/28    2,000  2,084,920 
County of Frederick Maryland, Special Tax Bonds,       
 Urbana Community Development Authority,       
 6.63%, 7/01/25    1,000  1,000,020 
County of Montgomery Maryland, RB, Metrorail       
 Garage Projects:       
     5.00%, 6/01/23    500  531,285 
     5.00%, 6/01/24    1,435  1,524,788 
County of Prince George’s Maryland, SO, National       
 Harbor Project, 5.20%, 7/01/34    1,500  1,274,070 
      11,727,969 
Education — 16.4%       
Maryland Health & Higher Educational Facilities       
 Authority, RB:       
     Board of Child Care, 5.38%, 7/01/32    2,000  2,014,520 
     Loyola College Issue, 5.00%, 10/01/39    2,000  2,000,020 
Maryland Industrial Development Financing Authority,       
 RB, Our Lady of Good Counsel School, Series A,       
 6.00%, 5/01/35    1,000  927,850 
      4,942,390 
Health — 28.4%       
County of Baltimore Maryland, Refunding RB, Oak Crest     
 Village Inc. Facility, Series A, 5.00%, 1/01/37    1,000  874,550 
County of Howard Maryland, Refunding RB, Vantage       
 House Facility, Series A, 5.25%, 4/01/33    500  382,265 
Gaithersburg Maryland, Refunding RB, Asbury Maryland     
 Obligation, Series B, 6.00%, 1/01/23    250  253,315 
Maryland Health & Higher Educational Facilities       
 Authority, RB:       
     Anne Arundel Health System, 5.00%, 7/01/40    1,000  968,090 
     Carroll County General Hospital, 6.00%, 7/01/37  1,990  2,024,586 
     Peninsula Regional Medical Center, 5.00%, 7/01/36  1,000  1,010,770 
     Union Hospital of Cecil County Issue,       
     5.63%, 7/01/32    2,000  2,018,840 
Maryland Health & Higher Educational Facilities       
 Authority, Refunding RB, University of Maryland       
 Medical System, 5.13%, 7/01/39    1,000  990,190 
      8,522,606 

  Par   
Municipal Bonds  (000)  Value 
     Maryland (concluded)     
Housing — 6.7%     
Maryland Community Development Administration, RB:     
 AMT, 5.10%, 9/01/37  $ 1,000  $ 1,002,330 
 Residential, Series A, 5.05%, 9/01/39  500  506,555 
 Residential, Series B, 4.75%, 9/01/39  500  495,295 
    2,004,180 
Transportation — 8.3%     
Maryland EDC, RB, Transportation Facilities Project,     
 Series A, 5.75%, 6/01/35  500  509,265 
Maryland State Transportation Authority, RB, Baltimore/     
 Washington International Airport, Series B, AMT     
 (AMBAC), 5.13%, 3/01/24  2,000  1,991,080 
    2,500,345 
Utilities — 15.2%     
City of Baltimore Maryland, Refunding RB, Wastewater     
 Projects, Series A (NPFGC):     
     5.20%, 7/01/32  2,500  2,562,775 
     5.13%, 7/01/42  2,000  2,015,900 
    4,578,675 
Total Municipal Bonds in Maryland    34,562,152 
     District of Columbia — 3.5%     
Transportation — 3.5%     
Washington Metropolitan Area Transit Authority, RB,     
 Transit, Series A, 5.13%, 7/01/32  1,000  1,055,800 
Total Municipal Bonds in District of Columbia    1,055,800 
     Guam — 0.8%     
County/City/Special District/School District — 0.8%     
Territory of Guam, RB, Section 30, Series A,     
 5.63%, 12/01/29  250  253,068 
Total Municipal Bonds in Guam    253,068 
     Multi-State — 7.3%     
Housing — 7.3%     
Centerline Equity Issuer Trust, 7.20%, 10/31/52 (a)(b)  2,000  2,190,940 
Total Municipal Bonds in Multi-State    2,190,940 

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

14 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (concluded)

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

  Par   
Municipal Bonds  (000)  Value 
     Puerto Rico — 18.0%     
State — 5.2%     
Commonwealth of Puerto Rico, GO, Refunding, Public     
 Improvement, Series A-4 (AGM), 5.25%, 7/01/30  $ 130  $ 134,338 
Puerto Rico Public Buildings Authority, Refunding RB,     
 Government Facilities, Series D, 5.38%, 7/01/33  350  339,784 
Puerto Rico Sales Tax Financing Corp., RB, First     
 Sub-Series A, 6.38%, 8/01/39  1,000  1,071,270 
    1,545,392 
Tobacco — 4.3%     
Children’s Trust Fund, Refunding RB, Asset-Backed     
 Bonds, 5.50%, 5/15/39  1,500  1,287,330 
Transportation — 8.5%     
Puerto Rico Highway & Transportation Authority,     
 Refunding RB:     
     Series CC, (AGM), 5.25%, 7/01/36  895  914,278 
     Series D, 5.25%, 7/01/12 (c)  1,500  1,646,400 
    2,560,678 
Total Municipal Bonds in Puerto Rico    5,393,400 
     U.S. Virgin Islands — 0.3%     
State — 0.3%     
Virgin Islands Public Finance Authority, RB, Senior Lien,     
 Capital Projects, Series A-1, 5.00%, 10/01/39  100  89,648 
Total Municipal Bonds in U.S. Virgin Islands    89,648 
Total Municipal Bonds — 144.9%    43,545,008 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (d)     
     Maryland — 10.5%     
Transportation — 10.5%     
Maryland State Transportation Authority, RB,     
 Transportation Facilities Project (FSA),     
 5.00%, 7/01/41  3,000  3,145,800 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 10.5%    3,145,800 
Total Long-Term Investments     
(Cost — $46,128,228) — 155.4%    46,690,808 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund, 0.16% (e)(f)  503,095  503,095 
Total Short-Term Securities     
(Cost — $503,095) — 1.7%    503,095 
Total Investments (Cost — $46,631,323*) — 157.1%    47,193,903 
Other Assets Less Liabilities — 1.2%    352,477 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (5.0)%    (1,500,448) 
Preferred Shares, at Redemption Value — (53.3)%    (16,000,424) 
Net Assets Applicable to Common Shares — 100.0%    $ 30,045,508 

* The cost and unrealized appreciation (depreciation) of investments as of 
  February 28, 2010, as computed for federal income tax purposes, were as follows: 
  Aggregate cost          $ 45,051,304 
  Gross unrealized appreciation      $ 1,400,922 
  Gross unrealized depreciation      (758,323) 
  Net unrealized appreciation        $ 642,599 
(a) Security represents a beneficial interest in a trust. The collateral deposited into the 
  trust is federally tax-exempt revenue bonds issued by various state or local govern- 
  ments, or their respective agencies or authorities. The security is subject to remarket- 
  ing prior to its stated maturity, and is subject to mandatory redemption at maturity. 
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
  These securities may be resold in transactions exempt from registration to qualified 
  institutional investors.           
(c) US government securities, held in escrow, are used to pay interest on this security, 
  as well as to retire the bond in full at the date indicated, typically at a premium 
  to par.           
(d) Securities represent bonds transferred to a tender option bond trust in exchange for 
  which the Trust acquired residual interest certificates. These securities serve as col- 
  lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
  for details of municipal bonds transferred to tender option bond trusts. 
(e) Investments in companies considered to be an affiliate of the Trust, for purposes of 
  Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
          Net     
  Affiliate      Activity  Income 
  FFI Institutional Tax-Exempt Fund  $(697,269)  $464 
(f) Represents the current yield as of report date.     
  For Trust compliance purposes, the Trust’s sector classifications refer to any one 
  or more of the sector sub-classifications used by one or more widely recognized 
  market indexes or ratings group indexes and/or as defined by Trust management. 
  This definition may not apply for purposes of this report, which may combine sector 
  sub-classifications for reporting ease.       
  Fair Value Measurements — Various inputs are used in determining the fair value of 
  investments, which are as follows:       
    Level 1 — price quotations in active markets/exchanges for identical assets 
    and liabilities           
    Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, repayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)     
    Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Trust’s own assumptions used in determining the fair value of investments) 
  The inputs or methodologies used for valuing securities are not necessarily an indi- 
  cation of the risk associated with investing in those securities. For information about 
  the Trust’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to the Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of February 28, 2010 in deter- 
  mining the fair valuation of the Trust’s investments:     
        Investments in Securities     
  Valuation Inputs    Level 1  Level 2  Level 3  Total 
  Assets:           
  Long-Term Securities1      $46,690,808    $46,690,808 
  Short-Term Investment  $ 503,095      503,095 
  Total  $ 503,095  $46,690,808    $47,193,903 
    1 See above Schedule of Investments for values in each state or political 
    subdivision.           

See Notes to Financial Statements.



Schedule of Investments February 28, 2010 (Unaudited)

BlackRock MuniHoldings New York Insured Fund, Inc. (MHN)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     New York — 119.0%       
Corporate — 9.8%       
New York City Industrial Development Agency, RB, Japan     
 Airlines Co., AMT (AGM), 6.00%, 11/01/15  $ 5,500  $ 5,504,565 
New York City Industrial Development Agency,       
 Refunding RB, Terminal One Group Association       
 Project, AMT, 5.50%, 1/01/24    1,500  1,525,350 
New York Liberty Development Corp., RB, Goldman       
 Sachs Headquarters, 5.25%, 10/01/35    2,500  2,523,475 
New York State Energy Research & Development       
 Authority, RB, Lilco Project, Series A (NPFGC),       
 5.15%, 3/01/16    2,000  2,007,160 
New York State Energy Research & Development       
 Authority, Refunding RB:       
     Brooklyn Union Gas/Keyspan, Series A, AMT (FGIC),     
     4.70%, 2/01/24    7,340  7,324,880 
     Central Hudson Gas, Series A (AMBAC),       
     5.45%, 8/01/27    6,000  6,061,920 
Suffolk County Industrial Development Agency New York,     
 RB, KeySpan, Port Jefferson, AMT, 5.25%, 6/01/27  4,355  4,267,508 
Suffolk County Industrial Development Agency New York,     
 Refunding RB, Ogden Martin System Huntington,       
 AMT (AMBAC):       
     6.25%, 10/01/12    3,530  3,883,247 
     6.00%, 10/01/10    4,660  4,787,777 
     6.15%, 10/01/11    5,000  5,356,500 
      43,242,382 
County/City/Special District/School District — 35.4%     
City of New York New York, GO, Series B (NPFGC):       
     5.75%, 8/01/10 (a)    1,740  1,799,282 
     5.75%, 8/01/13    540  557,177 
City of New York New York, GO, Refunding, Series A       
 (AGM), 6.25%, 5/15/26    3,700  3,782,584 
City of Yonkers New York, GO, Series A (FGIC),       
 5.75%, 10/01/15    1,795  1,872,688 
Hudson Yards Infrastructure Corp., RB, Series A:       
     (FGIC), 5.00%, 2/15/47    10,250  9,743,957 
     (NPFGC), 4.50%, 2/15/47    13,180  11,349,298 
New York City Health & Hospital Corp., Refunding RB,     
 Health System, Series A (NPFGC), 5.25%, 2/15/17  2,000  2,002,760 
New York City Industrial Development Agency, RB:       
     CAB, Yankee Stadium, PILOT (AGC),       
     6.48%, 3/01/39 (b)    1,380  253,244 
     Queens Baseball Stadium, PILOT (AGC),       
     6.38%, 1/01/39    800  876,016 
     Queens Baseball Stadium, PILOT (AMBAC),       
     5.00%, 1/01/31    3,500  3,255,525 
     Queens Baseball Stadium, PILOT (AMBAC),       
     5.00%, 1/01/36    12,740  11,367,138 
     Queens Baseball Stadium, PILOT (AMBAC),       
     5.00%, 1/01/39    4,000  3,533,680 
     Queens Baseball Stadium, PILOT (AMBAC),       
     5.00%, 1/01/46    7,800  6,726,720 
     Yankee Stadium, PILOT (FGIC), 5.00%, 3/01/46    9,500  8,828,635 
     Yankee Stadium, PILOT (NPFGC), 5.00%, 3/01/36  3,950  3,783,705 
New York City Transitional Finance Authority, RB:       
     Fiscal 2008, Series S-1, 4.50%, 1/15/38    1,510  1,456,440 
     Fiscal 2009, Series S-1 (AGC), 5.50%, 7/15/38  4,000  4,308,480 
     Fiscal 2009, Series S-4 (AGC), 5.50%, 1/15/39  1,250  1,351,125 
     Future Tax Secured, Series B (FGIC),       
     6.25%, 11/15/18    6,405  6,554,685 
     Future Tax Secured, Series C (FGIC),       
     5.00%, 2/01/33    10,000  10,239,100 
     Future Tax Secured, Series E (NPFGC),       
     5.25%, 2/01/22    2,500  2,689,175 

  Par   
Municipal Bonds  (000)  Value 
     New York (continued)     
New York City Transitional Finance Authority, RB:     
     Series B (NPFGC), 5.50%, 2/01/13  $ 805  $ 849,508 
     Series B (NPFGC), 5.50%, 2/01/12  1,145  1,207,208 
     Series S-2 (AGM), 5.00%, 1/15/37  3,750  3,828,600 
     Series S-2 (NPFGC), 4.25%, 1/15/34  4,830  4,543,581 
New York City Transitional Finance Authority,     
 Refunding RB, Series A (FGIC), 5.00%, 11/15/26  1,000  1,037,480 
New York Convention Center Development Corp., RB,     
 Hotel Unit Fee Secured (AMBAC):     
     5.00%, 11/15/30  2,100  2,113,335 
     5.00%, 11/15/35  20,500  20,322,675 
     5.00%, 11/15/44  2,055  2,005,228 
Oneida-Herkimer Solid Waste Management Authority     
 New York, Refunding RB (AGM), 5.50%, 4/01/13  1,800  2,031,390 
Sales Tax Asset Receivable Corp., RB:     
     5.00%, 10/15/32  14,175  14,689,836 
Syracuse Industrial Development Agency New York, RB,     
 Carousel Center Project, Series A, AMT (Syncora),     
 5.00%, 1/01/36  10,000  7,009,500 
    155,969,755 
Education — 11.6%     
Madison County Industrial Development Agency     
 New York, RB, Colgate University Project, Series A     
 (AMBAC), 5.00%, 7/01/30  4,000  4,118,800 
New York City Industrial Development Agency,     
 Refunding RB:     
     Nightingale-Bamford School, (AMBAC),     
     5.25%, 1/15/17  1,200  1,305,396 
     Polytechnic University Project, (ACA),     
     5.25%, 11/01/37  2,160  1,864,447 
New York City Transitional Finance Authority, RB,     
 Fiscal 2009, Series S-4 (AGC), 5.50%, 1/15/33  3,000  3,146,790 
New York State Dormitory Authority, RB:     
     853 Schools Program, Issue 2, Series E (AMBAC),     
     5.75%, 7/01/19  1,340  1,357,634 
     Mount Sinai School of Medicine, 5.13%, 7/01/39  3,090  3,087,466 
     Mount Sinai School of Medicine at NYU (NPFGC),     
     5.00%, 7/01/35  6,100  6,047,662 
     New York University, Series 1 (AMBAC),     
     5.50%, 7/01/40  3,500  4,070,605 
     Pace University (NPFGC), 6.00%, 7/01/10 (a)  1,845  1,900,627 
     Pace University (NPFGC), 6.00%, 7/01/20 (a)  3,500  3,605,525 
     Siena College, 5.13%, 7/01/39  1,345  1,355,343 
Schenectady County Industrial Development Agency,     
 Refunding RB, Union College Project, Series A     
 (AMBAC), 5.63%, 7/01/11 (a)  3,000  3,270,930 
Trust for Cultural Resources, RB, Carnegie Hall, Series A:     
     5.00%, 12/01/39  1,850  1,885,668 
     4.75%, 12/01/39  3,150  3,105,302 
Trust for Cultural Resources, Refunding RB, American     
 Museum of Natural History, Series A (NPFGC),     
 5.00%, 7/01/36  3,800  3,883,068 
Westchester County Industrial Development Agency     
 New York, RB, Purchase College Foundation Housing,     
 Series A (AMBAC), 5.75%, 12/01/31  7,000  7,027,440 
    51,032,703 
Health — 7.0%     
New York City Industrial Development Agency, RB,     
 Royal Charter, New York Presbyterian (AGM),     
 5.75%, 12/15/29  7,965  8,466,636 
New York State Dormitory Authority, MRB, Montefiore     
 Hospital (NPFGC), 5.00%, 8/01/33  1,000  1,015,890 

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (continued)

BlackRock MuniHoldings New York Insured Fund, Inc. (MHN)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     New York (continued)       
Health (concluded)       
New York State Dormitory Authority, RB:       
     Gustavus Adolphus Child & Family Services, Inc.,     
     Series B (AMBAC), 5.50%, 7/01/18  $ 2,058  $ 2,084,569 
     Hudson Valley Hospital (BHAC), 5.00%, 8/15/36  5,000  5,189,150 
     New York & Presbyterian Hospital (AGM),       
     5.25%, 2/15/31    1,500  1,546,290 
     New York & Presbyterian Hospital (AGM),       
     5.00%, 8/15/36    4,000  4,044,600 
     New York State Rehabilitation Association, Series A     
     (CIFG), 5.25%, 7/01/19    1,180  1,208,804 
     New York State Rehabilitation Association, Series A     
     (CIFG), 5.13%, 7/01/23    1,000  1,004,510 
     North Shore-Long Island Jewish Health System,       
     Series A, 5.50%, 5/01/37    1,825  1,845,823 
New York State Dormitory Authority, Refunding RB:       
     St. Charles Hospital & Rehabilitation Center,       
     Series A (NPFGC), 5.63%, 7/01/12    3,400  3,442,126 
     St. Luke’s Roosevelt Hospital (FHA), 4.90%, 8/15/31  1,000  980,460 
      30,828,858 
Housing — 4.2%       
New York City Housing Development Corp., RB, AMT:       
     Series C, 5.00%, 11/01/26    1,250  1,259,750 
     Series C, 5.05%, 11/01/36    2,000  1,872,040 
     Series H-1, 4.70%, 11/01/40    1,000  908,060 
New York Mortgage Agency, RB, Series 145, AMT,       
 5.13%, 10/01/37    1,000  1,000,240 
New York Mortgage Agency, Refunding RB:       
     Homeowner Mortgage, Series 67, AMT (NPFGC),       
     5.70%, 10/01/17    2,140  2,142,418 
     Homeowner Mortgage, Series 83 (NPFGC),       
     5.55%, 10/01/27    2,100  2,101,281 
     Homeowner Mortgage, Series 97, AMT,       
     5.50%, 4/01/31    955  958,878 
     Series 133, AMT, 4.95%, 10/01/21    1,500  1,520,820 
     Series 143, AMT, 4.90%, 10/01/37    990  941,124 
     Series 143, AMT (NPFGC), 4.85%, 10/01/27    2,000  1,983,560 
     Series 82, AMT (NPFGC), 5.65%, 4/01/30    955  955,439 
New York State HFA, RB, St. Philip’s Housing, Series A,     
 AMT (FNMA), 4.65%, 11/15/38    1,000  959,980 
Yonkers Industrial Development Agency New York,       
 RB, Monastery Manor Associates LP Project, AMT       
 (SONYMA), 5.25%, 4/01/37    2,000  1,921,720 
      18,525,310 
State — 10.9%       
New York State Dormitory Authority, RB:       
     Master BOCES Program Lease (AGC),       
     4.75%, 8/15/24    1,090  1,147,748 
     Master BOCES Program Lease (AGC),       
     5.00%, 8/15/28    250  260,920 
     Mental Health Facilities, Series B       
     5.25%, 2/15/14 (a)    1,550  1,763,404 
     Mental Health Services Facilities Improvement,       
     Series B (AGM), 5.00%, 2/15/33    4,500  4,637,430 
     Mental Health Services Facilities, Series C, AMT       
     (AGM), 5.40%, 2/15/33    5,650  5,711,077 
     School District Financing Program, Series C (AGM),     
     5.00%, 10/01/37    2,500  2,548,950 
     School Districts Financing Program, Series A (AGM),     
     5.00%, 10/01/35    450  459,675 
     School Districts Financing Program, Series D       
     (NPFGC), 5.00%, 10/01/30    1,240  1,252,561 
     School Districts Financing Program, Series E       
     (NPFGC), 5.75%, 10/01/30    6,900  7,269,702 

  Par   
Municipal Bonds  (000)  Value 
     New York (continued)     
State (concluded)     
New York State Dormitory Authority, Refunding RB:     
     School District Financing Program, Series A (AGM),     
     5.00%, 10/01/35  $ 5,000  $ 5,119,050 
     Secured Hospital, North General Hospital (Syncora),     
     5.75%, 2/15/17  2,000  2,152,760 
New York State Thruway Authority, RB:     
     Second General, Series B, 5.00%, 4/01/27  1,000  1,057,530 
     Series A (AMBAC), 5.00%, 4/01/26  8,700  9,204,861 
New York State Urban Development Corp., RB:     
     Personal Income Tax, Series C-1 (NPFGC),     
     5.00%, 3/15/13 (a)  3,000  3,372,930 
     State Personal Income Tax, State Facilities,     
     Series A-1, 5.00%, 3/15/29  2,000  2,068,800 
    48,027,398 
Tobacco — 4.9%     
Tobacco Settlement Financing Corp. New York, RB,     
 Asset-Backed, Series A-1 (AMBAC):     
     5.25%, 6/01/20  5,000  5,336,300 
     5.25%, 6/01/21  13,275  14,136,813 
     5.25%, 6/01/22  2,000  2,124,480 
    21,597,593 
Transportation — 22.6%     
Hudson Yards Infrastructure Corp., RB (AGC):     
     5.00%, 2/15/47  7,370  7,301,090 
     Series A, 5.00%, 2/15/47  305  302,148 
Metropolitan Transportation Authority, RB, Series 2008C,     
 6.50%, 11/15/28  6,015  6,897,581 
Metropolitan Transportation Authority, Refunding RB:     
     Series A (NPFGC), 5.25%, 11/15/31  2,500  2,537,075 
     Series C (AGM), 4.75%, 7/01/12 (a)  2,535  2,776,079 
     Transportation, Series F (NPFGC),     
     5.25%, 11/15/12 (a)  6,300  7,072,569 
New York State Thruway Authority, RB:     
     Series F (AMBAC), 5.00%, 1/01/30  5,000  5,120,600 
     Series G (AGM), 5.00%, 1/01/32  5,225  5,352,647 
     Series G (AGM), 4.75%, 1/01/29  1,250  1,269,388 
     Series G (AGM), 4.75%, 1/01/30  1,000  1,006,040 
Niagara Falls Bridge Commission, Refunding RB, Bridge     
 System, Series A (AGC), 4.00%, 10/01/19  4,100  4,253,217 
Port Authority of New York & New Jersey, RB:     
     Consolidated 116th Series, 4.13%, 9/15/32  2,685  2,534,479 
     Consolidated, 161st Series, 4.50%, 10/15/37  1,000  982,860 
     Special Project, JFK International Air Terminal,     
     Series 6, AMT (NPFGC), 6.25%, 12/01/15  7,830  8,306,142 
     Special Project, JFK International Air Terminal,     
     Series 6, AMT (NPFGC), 5.90%, 12/01/17  4,000  4,212,320 
     Special Project, JFK International Air Terminal,     
     Series 6, AMT (NPFGC), 6.25%, 12/01/11  3,000  3,119,880 
     Special Project, JFK International Air Terminal,     
     Series 6, AMT (NPFGC), 5.75%, 12/01/22  26,725  27,432,945 
Triborough Bridge & Tunnel Authority, RB:     
     Sub-Series A (NPFGC), 5.25%, 11/15/30  6,000  6,220,740 
     Subordinate Bonds (AMBAC), 5.00%, 11/15/28  2,465  2,555,293 
    99,253,093 
Utilities — 12.6%     
Long Island Power Authority, RB, Series A (AMBAC),     
 5.00%, 9/01/29  3,000  3,069,240 
Long Island Power Authority, Refunding RB:     
     General, Series A (AGC), 6.00%, 5/01/33  1,500  1,675,470 
     General, Series B (AGM), 5.00%, 12/01/35  3,500  3,582,845 
     Series A (AGC), 5.75%, 4/01/39  1,000  1,105,000 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 17


Schedule of Investments (continued)

BlackRock MuniHoldings New York Insured Fund, Inc. (MHN)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
     New York (concluded)     
Utilities (concluded)     
New York City Municipal Water Finance Authority, RB:     
     Series A (AMBAC), 5.00%, 6/15/35  $ 3,500  $ 3,565,835 
     Series A (NPFGC), 5.75%, 6/15/11 (a)  23,000  24,608,390 
     Series DD (AGM), 4.50%, 6/15/39  3,000  2,947,050 
New York City Municipal Water Finance Authority,     
 Refunding RB:     
     Fiscal 2004, Series C (NPFGC), 5.00%, 6/15/35  1,000  1,024,010 
     Series A (AGM), 4.25%, 6/15/39  2,200  2,082,740 
     Series A (NPFGC), 5.13%, 6/15/34  1,250  1,269,012 
     Series F (AGM), 5.00%, 6/15/29  500  505,685 
New York State Environmental Facilities Corp., RB,     
 Long Island Water Corp. Project, Series A, AMT     
 (NPFGC), 4.90%, 10/01/34  6,000  5,586,240 
New York State Environmental Facilities Corp.,     
 Refunding RB, Spring Valley Water Co., Series B     
 (AMBAC), 6.15%, 8/01/24  4,400  4,418,832 
    55,440,349 
Total Municipal Bonds in New York    523,917,441 
     Guam — 1.1%     
Transportation — 1.1%     
Guam International Airport Authority, Refunding RB,     
 General, Series C, AMT (NPFGC):     
     5.25%, 10/01/21  3,700  3,707,622 
     5.25%, 10/01/22  1,050  1,051,365 
    4,758,987 
Total Municipal Bonds in Guam    4,758,987 
     Puerto Rico — 16.9%     
County/City/Special District/School District — 0.8%     
Puerto Rico Sales Tax Financing Corp., RB,     
 1st Sub-Series A (AGM), 5.00%, 8/01/40  1,905  1,906,410 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
 CAB, Series A (NPFGC), 5.78%, 8/01/41  11,000  1,652,420 
    3,558,830 
Housing — 0.7%     
Puerto Rico Housing Finance Authority, Refunding RB,     
 Subordinate, Capital Fund Modernization,     
 5.13%, 12/01/27  3,000  3,021,870 
State — 6.4%     
Commonwealth of Puerto Rico, GO, Refunding:     
     Public Improvement, Series A (NPFGC),     
     5.50%, 7/01/20  1,970  2,074,725 
     Public Improvement, Series A-4 (AGM),     
     5.25%, 7/01/30  1,400  1,446,718 
     Sub-Series C-7 (NPFGC), 6.00%, 7/01/27  2,000  2,102,920 
     Sub-Series C-7 (NPFGC), 6.00%, 7/01/28  4,000  4,197,600 
Puerto Rico Commonwealth Infrastructure Financing     
 Authority, RB, CAB, Series A (b):     
     (AMBAC), 4.66%, 7/01/34  9,300  1,690,833 
     (AMBAC), 4.67%, 7/01/37  2,200  320,628 
     (FGIC), 4.62%, 7/01/31  10,280  2,405,006 
     (FGIC), 4.66%, 7/01/33  5,500  1,087,075 
Puerto Rico Convention Center Authority, RB, Series A     
 (AMBAC), 5.00%, 7/01/31  3,270  3,027,170 
Puerto Rico Highway & Transportation Authority,     
 Refunding RB, Series CC (AGM):     
     5.25%, 7/01/32  2,000  2,069,440 
     5.50%, 7/01/31  4,000  4,298,680 

  Par   
Municipal Bonds  (000)  Value 
     Puerto Rico (concluded)     
State (concluded)     
Puerto Rico Public Buildings Authority, Refunding RB,     
 Government Facilities, Series M-3 (NPFGC),     
 6.00%, 7/01/28  $ 2,500  $ 2,592,725 
Puerto Rico Sales Tax Financing Corp., RB,     
 First Sub-Series A, 5.75%, 8/01/37  1,000  1,030,770 
    28,344,290 
Transportation — 6.2%     
Puerto Rico Highway & Transportation Authority, RB:     
     Series Y (AGM), 6.25%, 7/01/21  5,025  5,631,317 
     Subordinate (FGIC), 5.25%, 7/01/17  4,800  4,925,424 
Puerto Rico Highway & Transportation Authority,     
 Refunding RB:     
     Series CC (AGM), 5.25%, 7/01/33  1,000  1,027,170 
     Series CC (AGM), 5.25%, 7/01/34  870  892,933 
     Series CC (AGM), 5.25%, 7/01/36  3,750  3,830,775 
     Series D, 5.75%, 7/01/12 (a)  10,000  11,091,700 
    27,399,319 
Utilities — 2.8%     
Puerto Rico Aqueduct & Sewer Authority, RB,     
 Senior Lien, Series A (AGC), 5.13%, 7/01/47  10,175  10,037,535 
Puerto Rico Electric Power Authority, RB, Series NN,     
 5.13%, 7/01/13 (a)  940  1,067,313 
Puerto Rico Electric Power Authority, Refunding RB,     
 Series VV (NPFGC), 5.25%, 7/01/30  1,000  1,014,980 
    12,119,828 
Total Municipal Bonds in Puerto Rico    74,444,137 
Total Municipal Bonds — 137.0%    603,120,565 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (c)     
     New York — 31.6%     
County/City/Special District/School District — 7.8%     
City of New York. New York, GO:     
     Series J, 5.00%, 5/15/23  6,800  7,166,520 
     Sub-Series C-3 (AGC), 5.75%, 8/15/28  10,000  11,299,900 
New York State Dormitory Authority, RB, State University     
 Dormitory Facilities, Series A, 5.25%, 7/01/29  5,000  5,394,100 
Sales Tax Asset Receivable Corp., RB, Series A (AMBAC),     
 5.00%, 10/15/32  9,500  10,346,640 
    34,207,160 
Education — 1.3%     
New York State Dormitory Authority, RB, New York     
 University, Series A, 5.00%, 7/01/38  5,498  5,676,137 
State — 1.3%     
New York State Dormitory Authority, ERB, Series B,     
 5.75%, 3/15/36  5,000  5,582,500 
Transportation — 19.9%     
Metropolitan Transportation Authority, RB, Series A     
 (NPFGC), 5.00%, 11/15/31  7,002  7,227,073 
Metropolitan Transportation Authority, Refunding RB,     
 Series A (AGM):     
     5.75%, 11/15/32  29,000  30,723,180 
     5.00%, 11/15/30  5,010  5,060,351 
New York State Thruway Authority, RB, Series G (AGM),     
 5.00%, 1/01/32  12,000  12,293,160 
New York State Thruway Authority, Refunding RB,     
 Series H (AGM), 5.00%, 1/01/37  8,500  8,698,815 

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (concluded)

BlackRock MuniHoldings New York Insured Fund, Inc. (MHN)
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (c)  (000)  Value 
     New York (concluded)     
Transportation (concluded)     
Port Authority of New York & New Jersey, RB,     
 Consolidated 155th Series (AGM), AMT,     
 5.13%, 7/15/30  $ 2,500  $ 2,523,575 
Triborough Bridge & Tunnel Authority, Refunding RB     
 (NPFGC):     
     5.00%, 11/15/32  8,309  8,443,342 
     5.25%, 11/15/23  12,000  12,866,160 
    87,835,656 
Utilities — 1.6%     
New York City Municipal Water Finance Authority, RB:     
     Fiscal 2009, Series A, 5.75%, 6/15/40  4,004  4,479,747 
     Series FF-2, 5.50%, 6/15/40  2,399  2,635,447 
    7,115,194 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 31.9%    140,416,647 
Total Long-Term Investments     
(Cost — $738,690,084) — 168.9%    743,537,212 
Short-Term Securities     
     New York — 0.1%     
City of New York New York, GO, VRDN,     
 Sub-Series A-6 (AGM), 0.14%, 3/01/10 (d)  375,000  375,000 
  Shares   
     Money Market Fund — 1.2%     
CMA New York Municipal Money Fund 0.00%, (e)(f)  5,312,463  5,312,463 
Total Short-Term Securities     
(Cost — $5,687,463) — 1.3%    5,687,463 
Total Investments (Cost — $744,377,547*) — 170.2%    749,224,675 
Other Assets Less Liabilities — 1.4%    6,399,634 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (16.3)%    (71,779,291) 
Preferred Shares, at Redemption Value — (55.3)%    (243,637,727) 
Net Assets Applicable to Common Shares — 100.0%    $440,207,291 
   * The cost and unrealized appreciation (depreciation) of investments as of 
       February 28, 2010, as computed for federal income tax purposes, were as follows: 
       Aggregate cost    $ 674,275,891 
       Gross unrealized appreciation    $ 22,556,699 
       Gross unrealized depreciation    (19,320,515) 
       Net unrealized appreciation    $ 3,236,184 
(a) US government securities, held in escrow, are used to pay interest on this security, 
       as well as to retire the bond in full at the date indicated, typically at a premium 
       to par.     
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
       report date.     
(c) Securities represent bonds transferred to a tender option bond trust in exchange for 
       which the Trust acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 
(d) Variable rate security. Rate shown is as of report date and maturity shown is the 
       date the principal owed can be recovered through demand.   

(e) Investments in companies considered to be an affiliate of the Trust, for purposes of 
  Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
        Net     
  Affiliate    Activity  Income 
  CMA New York Municipal Money Fund  $262,642  $1,307 
(f) Represents the current yield as of report date.     
  For Trust compliance purposes, the Trust’s sector classifications refer to any one 
  or more of the sector sub-classifications used by one or more widely recognized 
  market indexes or ratings group indexes and/or as defined by Trust management. 
  This definition may not apply for purposes of this report, which may combine sector 
  sub-classifications for reporting ease.       
  Fair Value Measurements — Various inputs are used in determining the fair value of 
  investments, which are as follows:       
    Level 1 — price quotations in active markets/exchanges for identical assets 
    and liabilities         
    Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, repayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)     
    Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Trust’s own assumptions used in determining the fair value of investments) 
  The inputs or methodologies used for valuing securities are not necessarily an indi- 
  cation of the risk associated with investing in those securities. For information about 
  the Trust’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of February 28, 2010 in deter- 
  mining the fair valuation of the Trust’s investments:     
      Investments in Securities     
  Valuation Inputs  Level 1         Level 2  Level 3  Total 
  Assets:         
  Long-Term Investments1  — $743,537,212  —       $743,537,212 
  Short-Term Securities  $ 5,312,463  375,000    5,687,463 
  Total  $ 5,312,463  $743,912,212    $749,224,675 
  1  See above Schedule of Investments for values in each state or   
    political subdivision.       

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 19


Schedule of Investments February 28, 2010 (Unaudited)

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

  Par   
Municipal Bonds  (000)           Value 
     New Jersey — 124.5%     
Corporate — 11.8%     
New Jersey EDA, RB, AMT:     
     Continental Airlines Inc. Project, 7.00%, 11/15/30 $  2,335  $ 2,229,295 
     Disposal, Waste M Management of New Jersey,     
     Series A, 5.30%, 6/01/15  1,000  1,078,890 
New Jersey EDA, Refunding RB, New Jersey American     
 Water Co., Series A, AMT, 5.70%, 10/01/39  475  473,755 
Port Authority of New York & New Jersey, RB, Continental     
 Airlines Inc. and Eastern Air Lines Inc. Project,     
 LaGuardia, AMT, 9.13%, 12/01/15  110  110,147 
    3,892,087 
County/City/Special District/School District — 13.5%     
City of Vineland New Jersey, GO, Refunding, Electric     
 Utilities, AMT (NPFGC):     
     5.30%, 5/15/29  1,000  1,000,030 
     5.38%, 5/15/32  1,500  1,500,135 
Essex County Improvement Authority, Refunding RB,     
 Project Consolidation (NPFGC), 5.50%, 10/01/29  790  893,229 
Hudson County Improvement Authority, RB,     
 Harrison Parking Facility Project, Series C (AGC),     
 5.38%, 1/01/44  800  845,792 
Middlesex County Improvement Authority, RB,     
 Subordinate, Heldrich Center Hotel, Series B,     
 6.25%, 1/01/37  560  103,522 
Salem County Improvement Authority, RB, Finlaw Street     
 Office Building (AGM), 5.25%, 8/15/38  100  104,776 
    4,447,484 
Education — 14.7%     
New Jersey Economic Development Authority,     
 RB, School Facilities Construction, Series S,     
 5.00%, 9/01/36  280  282,786 
New Jersey Educational Facilities Authority, RB:     
     Georgian Court College Project, Series C,     
     6.50%, 7/01/13 (a)  630  743,312 
     Montclair State University, Series J, 5.25%, 7/01/38  180  185,630 
New Jersey Educational Facilities Authority, Refunding RB:     
     College of New Jersey, Series D (AGM),     
     5.00%, 7/01/35  1,010  1,041,209 
     Fairleigh Dickinson University, Series C,     
     6.00%, 7/01/20  1,000  1,027,170 
     Series D, Georgian Court University, 5.00%, 7/01/33  150  142,082 
     University of Medicine & Dentistry, Series B,     
     7.50%, 12/01/32  450  508,311 
New Jersey Higher Education Assistance Authority,     
 Refunding RB, Series 1A:     
     5.00%, 12/01/26  125  127,900 
     5.13%, 12/01/27  300  308,685 
     5.25%, 12/01/32  300  304,095 
     5.00%, 12/01/25  165  170,133 
    4,841,313 
Health — 28.3%     
New Jersey EDA, RB, First Mortgage, Lions Gate Project,     
 Series A:     
     5.75%, 1/01/25  150  131,460 
     5.88%, 1/01/37  265  218,652 
New Jersey EDA, Refunding RB:     
     First Mortgage, Winchester, Series A,     
     5.80%, 11/01/31  1,000  982,960 
     Seabrook Village Inc. Facility, 5.25%, 11/15/26  470  397,841 

     Par   
Municipal Bonds    (000)  Value 
     New Jersey (continued)       
Health (concluded)       
New Jersey Health Care Facilities Financing Authority, RB:     
     Health System, Catholic Health East, Series A,       
     5.38%, 11/15/33 (a)  $ 2,000  $ 2,239,300 
     Hospital Asset Transformation Program, Series A,       
     5.25%, 10/01/38    500  509,325 
     Meridian Health, Series I (AGC), 5.00%, 7/01/38  250  250,490 
     South Jersey Hospital, 6.00%, 7/01/12 (a)    1,500  1,679,880 
     Virtua Health (AGC), 5.50%, 7/01/38    400  419,328 
New Jersey Health Care Facilities Financing Authority,       
 Refunding RB:       
     Atlantic City Medical System, 5.75%, 7/01/25    1,110  1,137,028 
     CAB, St. Barnabas Health, Series B,       
     5.90%, 7/01/30 (b)    500  99,970 
     CAB, St. Barnabas Health, Series B,       
     5.69%, 7/01/36 (b)    3,600  424,584 
     CAB, St. Barnabas Health, Series B,       
     5.75%, 7/01/37 (b)    3,600  391,500 
     South Jersey Hospital, 5.00%, 7/01/46    500  469,625 
      9,351,943 
Housing — 10.2%       
New Jersey State Housing & Mortgage Finance       
 Agency, RB:       
     S/F Housing, Series CC, 5.00%, 10/01/34    560  562,413 
     Series A, 4.75%, 11/01/29    370  366,244 
     Series AA, 6.50%, 10/01/38    420  458,959 
     Series AA, 6.38%, 10/01/28    990  1,095,564 
New Jersey State Housing & Mortgage Finance       
 Agency, Refunding RB, S/F Housing, Series T, AMT,       
 4.70%, 10/01/37    250  233,060 
Newark Housing Authority, RB, South Ward Police       
 Facility (AGC):       
     6.75%, 12/01/38    405  458,185 
     5.75%, 12/01/30    180  192,901 
      3,367,326 
State — 26.0%       
Garden State Preservation Trust, RB, CAB, Series B       
 (AGM), 5.24%, 11/01/27 (b)    4,000  1,770,280 
New Jersey EDA, RB:       
     Cigarette Tax (Radian), 5.75%, 6/15/34    295  283,055 
     Newark Downtown District Management Corp.,       
     5.13%, 6/15/37    250  206,313 
     School Facilities Construction, Series Z (AGC),       
     6.00%, 12/15/34    1,000  1,126,780 
     School Facilities Construction, Series Z (AGC),       
     5.50%, 12/15/34    1,000  1,088,170 
New Jersey EDA, Refunding RB, School Facilities       
 Construction, Series AA, 5.50%, 12/15/29    500  543,175 
New Jersey EDA, Special Assessment Bonds, Refunding,     
 Kapkowski Road Landfill Project, 6.50%, 4/01/28    2,250  2,259,337 
New Jersey Transportation Trust Fund Authority, RB:       
     CAB, Transportation System, Series C (AGM),       
     4.84%, 12/15/32 (b)    1,250  341,350 
     Transportation System, Series A, 6.00%, 12/15/38  500  550,925 
     Transportation System, Series A (AGC),       
     5.63%, 12/15/28    200  223,746 
State of New Jersey, COP, Equipment Lease Purchase,     
 Series A, 5.25%, 6/15/28    200  208,812 
      8,601,943 
Tobacco — 1.1%       
Tobacco Settlement Financing Corp. New Jersey,       
 Refunding RB, Series 1A, 4.50%, 6/01/23    390  369,420 

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (continued)

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

    Par   
Municipal Bonds    (000)  Value 
     New Jersey (concluded)       
Transportation — 17.8%       
New Jersey State Turnpike Authority, RB, Series E,       
 5.25%, 1/01/40  $ 1,000  $ 1,040,110 
New Jersey Transportation Trust Fund Authority, RB,       
 Transportation System, Series A, 5.88%, 12/15/38  460  501,681 
Port Authority of New York & New Jersey, RB:       
     Consolidated, 125th Series (AGM), 5.00%, 4/15/32  1,500  1,534,650 
     Consolidated, 126th Series, AMT (NPFGC),       
     5.25%, 5/15/37    2,250  2,263,342 
Port Authority of New York & New Jersey, Refunding RB,     
 Consolidated, 152nd Series, AMT, 5.75%, 11/01/30  525  557,282 
      5,897,065 
Utilities — 1.1%       
Cumberland County Improvement Authority, RB,       
 Series A, 5.00%, 1/01/30    195  192,093 
Rahway Valley Sewerage Authority, RB, CAB, Series A       
 (NPFGC), 4.40%, 9/01/33 (b)    650  160,485 
      352,578 
Total Municipal Bonds in New Jersey      41,121,159 
     Multi-State — 6.7%       
Housing — 6.7%       
Centerline Equity Issuer Trust, 7.20%, 10/31/52 (c)(d)  2,000  2,190,940 
     Puerto Rico — 19.2%       
Housing — 2.3%       
Puerto Rico Housing Finance Authority, Refunding RB,     
 Subordinate, Capital Fund Modernization,       
 5.13%, 12/01/27    765  770,577 
State — 5.4%       
Puerto Rico Commonwealth Infrastructure Financing       
 Authority, RB, CAB, Series A (AMBAC):       
     4.36%, 7/01/37 (b)    1,750  255,045 
     4.53%, 7/01/43 (b)    1,000  95,390 
Puerto Rico Public Buildings Authority, Refunding RB,       
 Government Facilities, Series M-3 (NPFGC),       
 6.00%, 7/01/27    425  441,341 
Puerto Rico Sales Tax Financing Corp., RB, First       
 Sub-Series A, 5.75%, 8/01/37    970  999,847 
      1,791,623 
Transportation — 3.3%       
Puerto Rico Highway & Transportation Authority,       
 Refunding RB, Series CC (AGC), 5.50%, 7/01/31    1,000  1,074,670 
Utilities — 8.2%       
Puerto Rico Electric Power Authority, RB:       
     Series II, 5.25%, 7/01/12 (a)    1,750  1,954,435 
     Series WW, 5.50%, 7/01/38    750  757,440 
      2,711,875 
Total Municipal Bonds in Puerto Rico      6,348,745 
Total Municipal Bonds – 150.4%      49,660,844 

Municipal Bonds Transferred to    Par   
Tender Option Bond Trusts (e)    (000)  Value 
     New Jersey — 1.9%       
Transportation — 1.9%       
Port Authority of New York & New Jersey, Refunding RB,     
 Consolidated, 152nd Series, AMT, 5.25%, 11/01/35  $ 630  $ 639,359 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 1.9%      639,359 
Total Long-Term Investments       
(Cost — $50,227,911) — 152.3%      50,300,203 
Short-Term Securities    Shares   
CMA New Jersey Municipal Money Fund,       
 0.04% (f)(g)    1,859,371  1,859,371 
Total Short-Term Securities       
(Cost — $1,859,371) — 5.6%      1,859,371 
Total Investments (Cost — $52,087,282*) — 157.9%    52,159,574 
Other Assets Less Liabilities — 0.2%      63,396 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (1.3)%      (420,178) 
Preferred Shares, at Redemption Value — (56.8)%    (18,776,130) 
Net Assets Applicable to Common Shares — 100.0%    $ 33,026,662 
   * The cost and unrealized appreciation (depreciation) of investments as of 
       February 28, 2010, as computed for federal income tax purposes, were as follows: 
       Aggregate cost      $ 51,524,075 
       Gross unrealized appreciation      $ 2,378,236 
       Gross unrealized depreciation      (2,162,520) 
       Net unrealized appreciation      $ 215,716 
(a) US government securities, held in escrow, are used to pay interest on this security, 
       as well as to retire the bond in full at the date indicated, typically at a premium 
       to par.       
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
       report date.       
(c) Security represents a beneficial interest in a trust. The collateral deposited into the 
       trust is federally tax-exempt revenue bonds issued by various state or local govern- 
       ments, or their respective agencies or authorities. The security is subject to remarket- 
       ing prior to its stated maturity, and is subject to mandatory redemption at maturity. 
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
       These securities may be resold in transactions exempt from registration to qualified 
       institutional investors.       
(e) Securities represent bonds transferred to a tender option bond trust in exchange for 
       which the Trust acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 
(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: 
    Net   
       Affiliate    Activity  Income 
       CMA New Jersey Municipal Money Fund  $1,208,770  $185 
 (g) Represents the current yield as of report date.     
 For Trust compliance purposes, the Trust’s sector classifications refer to any one 
       or more of the sector sub-classifications used by one or more widely recognized 
       market indexes or ratings group indexes and/or as defined by Trust management. 
       This definition may not apply for purposes of this report, which may combine sector 
       sub-classifications for reporting ease.       

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 21


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

  Fair Value Measurements — Various inputs are used in determining the fair value of 
  investments, which are as follows:       
    Level 1 — price quotations in active markets/exchanges for identical assets 
    and liabilities           
    Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, repayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)     
    Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Trust’s own assumptions used in determining the fair value of investments) 
  The inputs or methodologies used for valuing securities are not necessarily an indi- 
  cation of the risk associated with investing in those securities. For information about 
  the Trust’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to the Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of February 28, 2010 in deter- 
  mining the fair valuation of the Trust’s investments:     
        Investments in Securities     
  Valuation Inputs    Level 1  Level 2  Level 3  Total 
  Assets:           
  Long-Term Securities1      $50,300,203    $50,300,203 
  Short-Term Investment  $ 1,859,371      1,859,371 
  Total  $ 1,859,371  $50,300,203    $52,159,574 
    1 See above Schedule of Investments for values in each state or   
    political subdivision.         

See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments February 28, 2010 (Unaudited)

BlackRock New York Insured Municipal Income Trust (BSE)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     New York — 117.3%       
Corporate — 1.9%       
New York Liberty Development Corp., RB, Goldman       
 Sachs Headquarters, 5.25%, 10/01/35  $ 750  $ 757,042 
New York State Energy Research & Development       
 Authority, RB, Lilco Project, Series A (NPFGC),       
 5.15%, 3/01/16    1,000  1,003,580 
      1,760,622 
County/City/Special District/School District — 25.0%     
Erie County Industrial Development Agency, RB, City       
 School District of Buffalo Project, Series A (AGM),       
 5.75%, 5/01/25    1,000  1,108,230 
Haverstraw-Stony Point Central School District New York,     
 GO (AGM):       
     3.00%, 10/15/27    140  115,368 
     3.00%, 10/15/26    200  168,260 
Hudson Yards Infrastructure Corp., RB, Series A (FGIC),     
 5.00%, 2/15/47    3,000  2,851,890 
New York City Industrial Development Agency, RB:       
     CAB, Yankee Stadium, PILOT (AGC),       
     6.48%, 3/01/39 (a)    1,000  183,510 
     Queens Baseball Stadium, PILOT (AGC),       
     6.38%, 1/01/39    150  164,253 
     Queens Baseball Stadium, PILOT (AMBAC),       
     5.00%, 1/01/46    2,725  2,350,040 
     Yankee Stadium, PILOT (NPFGC), 4.75%, 3/01/46  1,000  902,980 
New York City Transitional Finance Authority, RB,       
 Series S-2 (AGM), 5.00%, 1/15/37    850  867,816 
New York City Transitional Finance Authority,       
 Refunding RB, Future Tax Secured, Series B (AMBAC),     
 5.00%, 5/01/30    3,265  3,331,214 
New York Convention Center Development Corp., RB,       
 Hotel Unit Fee Secured (AMBAC), 5.00%, 11/15/44  4,675  4,561,772 
Sales Tax Asset Receivable Corp., RB, Series A (AMBAC),     
 5.00%, 10/15/32    6,000  6,217,920 
      22,823,253 
Education — 31.6%       
Herkimer County Industrial Development Agency       
 New York, RB, College Foundation Inc. Student       
 Housing Project, 6.25%, 8/01/34    1,000  962,450 
Madison County Industrial Development Agency       
 New York, RB, Colgate University Project, Series A       
 (AMBAC), 5.00%, 7/01/30    1,000  1,029,700 
New York City Industrial Development Agency, RB,       
 Lycee Francais de New York Project, Series A (ACA),     
 5.38%, 6/01/23    2,500  2,574,425 
New York City Transitional Finance Authority, RB,       
 Fiscal 2009, Series S-4 (AGC), 5.50%, 1/15/33    1,000  1,048,930 
New York State Dormitory Authority, RB:       
     Brooklyn Law School, Series B (Syncora),       
     5.13%, 7/01/30    4,000  4,002,760 
     FIT Student Housing Corp. (FGIC),       
     5.13%, 7/01/14 (b)    2,500  2,889,100 
     Mount Sinai School of Medicine at NYU (NPFGC),     
     5.00%, 7/01/35    3,500  3,469,970 
     New York University, Series 2 (AMBAC),       
     5.00%, 7/01/41    7,000  7,028,490 
     Saints Joachim & Anne Residence, 5.25%, 7/01/27  3,000  3,011,610 
Trust for Cultural Resources, RB, Carnegie Hall, Series A,     
 4.75%, 12/01/39    300  295,743 
Trust for Cultural Resources, Refunding RB, American       
 Museum of Natural History, Series A (NPFGC),       
 5.00%, 7/01/44    2,500  2,534,925 
      28,848,103 

    Par   
Municipal Bonds    (000)  Value 
     New York (concluded)       
Health — 20.2%       
New York State Dormitory Authority, MRB:       
     Hospital, Lutheran Medical (NPFGC),       
     5.00%, 8/01/31  $ 4,500  $ 4,511,970 
     St. Barnabas, Series A (FHA), 5.00%, 2/01/31    5,000  5,059,100 
New York State Dormitory Authority, RB:       
     Hudson Valley Hospital (BHAC), 5.00%, 8/15/36  1,250  1,297,287 
     New York & Presbyterian Hospital (AGM),       
     5.25%, 2/15/31    500  515,430 
     North Shore-Long Island Jewish Health System,       
     Series A, 5.50%, 5/01/37    350  353,994 
New York State Dormitory Authority, Refunding RB:       
     Hospital, New York & Presbyterian Hospital       
     (AMBAC), 5.00%, 8/01/32    3,885  3,885,894 
     St. Luke’s Roosevelt Hospital (FHA),       
     4.90%, 8/15/31    750  735,345 
     Winthrop University Hospital Association, Series A     
     (AMBAC), .25%, 7/01/31    2,000  2,031,160 
      18,390,180 
State — 9.4%       
New York State Dormitory Authority, ERB, Series B,       
 5.75%, 3/15/36    600  669,900 
New York State Dormitory Authority, RB:       
     Master BOCES Program Lease (AGC),       
     4.75%, 8/15/24    250  263,245 
     Mental Health Services Facilities Improvement,       
     Series A (AGM), 5.00%, 2/15/22    1,000  1,077,040 
     School Districts Financing Program, Series D       
     (NPFGC), 5.00%, 10/01/30    3,500  3,535,455 
New York State Dormitory Authority, Refunding RB:       
     School District Financing Program, Series A (AGM),     
     5.00%, 10/01/35    1,000  1,023,810 
     School Districts Financing Program, Series A       
     (NPFGC), 5.00%, 4/01/31    2,000  2,016,360 
      8,585,810 
Transportation — 21.5%       
Hudson Yards Infrastructure Corp., RB (AGC),       
 5.00%, 2/15/47    1,250  1,238,312 
Metropolitan Transportation Authority, RB, Series 2008C,     
 6.50%, 11/15/28    750  860,048 
Metropolitan Transportation Authority, Refunding RB:       
     Series A (AMBAC), 5.00%, 7/01/30    4,600  4,659,616 
     Series A (NPFGC), 5.25%, 11/15/31    4,250  4,313,027 
     Transportation, Series E (NPFGC), 5.25%, 11/15/31  2,660  2,699,448 
New York State Thruway Authority, RB, Series G (AGM),     
 5.00%, 1/01/32    500  512,215 
New York State Thruway Authority, Refunding RB,       
 Series H (AGM), 5.00%, 1/01/37    4,000  4,093,560 
Niagara Falls Bridge Commission, Refunding RB, Bridge     
 System, Series A (AGC), 4.00%, 10/01/19    1,000  1,037,370 
Port Authority of New York & New Jersey, RB,       
 Consolidated 116th Series, 4.13%, 9/15/32    250  235,985 
      19,649,581 
Utilities — 7.7%       
Long Island Power Authority, RB, General, Series C       
 (CIFG), 5.25%, 9/01/29    1,000  1,103,610 
Long Island Power Authority, Refunding RB:       
     General, Series A (AGC), 6.00%, 5/01/33    2,000  2,233,960 
     General, Series F (NPFGC), 4.25%, 5/01/33    1,415  1,293,819 
     Series A (AGC), 5.75%, 4/01/39    1,690  1,867,450 
New York City Municipal Water Finance Authority, RB,       
 Series DD (AGM), 4.50%, 6/15/39    500  491,175 
      6,990,014 
Total Municipal Bonds in New York      107,047,563 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 23


Schedule of Investments (continued)

BlackRock New York Insured Municipal Income Trust (BSE)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     Puerto Rico — 17.4%       
County/City/Special District/School District — 0.8%     
Puerto Rico Sales Tax Financing Corp., RB,       
 1st Sub-Series A (AGM), 5.00%, 8/01/40  $ 500  $ 500,370 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
 CAB, Series A (NPFGC), 5.79%, 8/01/41 (a)    1,500  225,330 
      725,700 
Education — 4.6%       
Puerto Rico Industrial Tourist Educational Medical       
 & Environmental Control Facilities Financing Authority,     
 Refunding RB, Polytechnic University Project, Series A     
 (ACA), 5.00%, 8/01/32    4,000  3,244,080 
Puerto Rico Industrial Tourist Educational Medical       
 & Environmental Control Facilities Financing Authority,     
 RB, University Plaza Project, Series A (NPFGC),       
 5.00%, 7/01/33    1,000  928,430 
      4,172,510 
State — 6.0%       
Commonwealth of Puerto Rico, GO, Refunding:       
 Public Improvement, Series A-4 (AGM), 5.25%, 7/01/30  725  749,193 
 Sub-Series C-7 (NPFGC), 6.00%, 7/01/27    1,000  1,051,460 
Puerto Rico Highway & Transportation Authority,       
 Refunding RB, Series CC (AGM):       
     5.25%, 7/01/32    1,000  1,034,720 
     5.50%, 7/01/31    1,000  1,074,670 
Puerto Rico Public Buildings Authority, Refunding RB,       
 Government Facilities, Series M-3 (NPFGC),       
 6.00%, 7/01/28    500  518,545 
Puerto Rico Sales Tax Financing Corp., RB, First       
 Sub-Series A, 5.75%, 8/01/37    1,000  1,030,770 
      5,459,358 
Transportation — 2.4%       
Puerto Rico Highway & Transportation Authority, RB,       
 Series Y (AGM), 6.25%, 7/01/21    2,000  2,241,320 
Utilities — 3.6%       
Puerto Rico Aqueduct & Sewer Authority, RB,       
 Senior Lien, Series A (AGC), 5.13%, 7/01/47    1,250  1,233,113 
Puerto Rico Electric Power Authority, Refunding RB,       
 Series VV (NPFGC), 5.25%, 7/01/30    2,000  2,029,960 
      3,263,073 
Total Municipal Bonds in Puerto Rico      15,861,961 
Total Municipal Bonds — 134.7%      122,909,524 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (c)       
     New York — 19.5%       
County/City/Special District/School District — 1.2%     
City of New York. New York, GO, SubSeries C-3 (AGC),     
 5.75%, 8/15/28    1,000  1,129,990 
Transportation — 17.2%       
Metropolitan Transportation Authority, Refunding RB,       
 Series A (AGM), 5.00%, 11/15/30    6,080  6,141,104 
Triborough Bridge & Tunnel Authority, Refunding RB       
 (NPFGC), 5.00%, 11/15/32    9,404  9,555,913 
      15,697,017 

Municipal Bonds Transferred to    Par   
Tender Option Bond Trusts (c)    (000)  Value 
     New York (concluded)       
Utilities — 1.1%       
New York City Municipal Water Finance Authority, RB:       
     Fiscal 2009, Series A, 5.75%, 6/15/40  $ 495  $ 553,677 
     Series FF-2, 5.50%, 6/15/40    405  444,731 
      998,408 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts      17,825,415 
Total Long-Term Investments       
(Cost — $139,370,727) — 154.2%      140,734,939 
Short-Term Securities       
     New York — 0.1%       
City of New York New York, GO, Refunding, VRDN,       
 Sub-Series H-3 (AGM), 0.14%, 3/01/10 (d)    50  50,000 
    Shares   
     Money Market Fund — 0.5%       
CMA New York Municipal Money Fund 0.00%, (e)(f)    491,381  491,381 
Total Short-Term Securities       
(Cost — $541,381) — 0.6%      541,381 
Total Investments (Cost — $139,912,108*) — 154.8%    $141,276,320 
Other Assets Less Liabilities — 1.1%      998,443 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (11.4)%      (10,420,228) 
Preferred Shares, at Redemption Value — (44.5)%      (40,576,075) 
Net Assets Applicable to Common Shares — 100.0%    $ 91,278,460 
   * The cost and unrealized appreciation (depreciation) of investments as of 
       February 28, 2010, as computed for federal income tax purposes, were as follows: 
       Aggregate cost      $ 129,621,123 
       Gross unrealized appreciation      $ 3,247,888 
       Gross unrealized depreciation      (2,001,194) 
       Net unrealized appreciation      $ 1,246,694 
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
       report date.       
(b) US government securities, held in escrow, are used to pay interest on this security, 
       as well as to retire the bond in full at the date indicated, typically at a premium 
       to par.       
(c) Securities represent bonds transferred to a tender option bond trust in exchange for 
       which the Trust acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 
(d) Variable rate security. Rate shown is as of report date and maturity shown is the 
       date the principal owed can be recovered through demand.   
(e) Investments in companies considered to be an affiliate of the Trust, for purposes of 
       Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
    Net   
       Affiliate     Activity  Income 
       CMA New York Municipal Money Fund  $(2,819,693)  $75 
 (f) Represents the current yield as of report date.       
 For Trust compliance purposes, the Trust’s sector classifications refer to any one 
       or more of the sector sub-classifications used by one or more widely recognized 
       market indexes or ratings group indexes and/or as defined by Trust management. 
       This definition may not apply for purposes of this report, which may combine sector 
       sub-classifications for reporting ease.       

See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


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

Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, repayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of February 28, 2010 in deter-
mining the fair valuation of the Trust’s investments:

Investments in Securities

Valuation Inputs    Level 1  Level 2  Level 3  Total 
Assets:           
Long-Term Investments1      $140,734,939    $140,734,939 
Short-Term Securities  $ 491,381  50,000    541,381 
Total  $ 491,381  $140,784,939    $141,276,320 
     1 See above Schedule of Investments for values in each state or 
       political subdivision.         

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 25


Schedule of Investments February 28, 2010 (Unaudited)

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

    Par   
Municipal Bonds    (000)           Value 
     New York — 121.1%       
Corporate — 15.7%       
Chautauqua County Industrial Development Agency, RB,     
 Nrg Dunkirk Power Project, 5.88%, 4/01/42  $ 250  $ 253,498 
Essex County Industrial Development Agency New York,     
 RB, International Paper Co. Project, Series A, AMT,       
 6.63%, 9/01/32    100  101,458 
New York City Industrial Development Agency, RB,       
 American Airlines Inc., JFK International Airport, AMT:     
     7.63%, 8/01/25    750  735,450 
     7.75%, 8/01/31    1,000  999,910 
New York Liberty Development Corp., RB, Goldman       
 Sachs Headquarters, 5.25%, 10/01/35    1,750  1,766,432 
Port Authority of New York & New Jersey, RB, Continental     
 Airlines Inc. and Eastern Air Lines Inc. Project,       
 LaGuardia, AMT, 9.13%, 12/01/15    2,195  2,197,941 
Suffolk County Industrial Development Agency New York,     
 RB, KeySpan, Port Jefferson, AMT, 5.25%, 6/01/27  500  489,955 
      6,544,644 
County/City/Special District/School District — 21.0%     
Brooklyn Arena Local Development Corp., RB, Barclays     
 Center Project, 6.38%, 7/15/43    200  205,996 
City of New York New York, GO:       
     Series A-1, 4.75%, 8/15/25    500  525,240 
     Series D, 5.38%, 6/01/32    2,040  2,084,472 
     Sub-Series G-1, 6.25%, 12/15/31    250  290,167 
     Sub-Series I-1, 5.38%, 4/01/36    450  482,233 
Hudson Yards Infrastructure Corp., RB, Series A:       
     5.00%, 2/15/47    700  665,441 
     (FGIC), 5.00%, 2/15/47    500  475,315 
     (NPFGC), 4.50%, 2/15/47    1,000  861,100 
New York City Industrial Development Agency, RB, PILOT:     
     CAB, Yankee Stadium (AGC), 6.37%, 3/01/41 (a)  5,155  799,644 
     CAB, Yankee Stadium (AGC), 6.42%, 3/01/43 (a)  2,500  339,500 
Queens Baseball Stadium (AGC), 6.38%, 1/01/39  100  109,502 
     Queens Baseball Stadium (AMBAC),       
     5.00%, 1/01/39    250  220,855 
New York City Transitional Finance Authority, RB,       
 Fiscal 2009, Series S-3, 5.25%, 1/15/39    500  523,460 
New York Convention Center Development Corp., RB,       
 Hotel Unit Fee Secured (AMBAC), 5.00%, 11/15/44  1,000  975,780 
New York State Dormitory Authority, RB, State University     
 Dormitory Facilities, Series A, 5.00%, 7/01/39    150  155,315 
      8,714,020 
Education — 20.1%       
Albany Industrial Development Agency, RB, New       
 Covenant Charter School Project, Series A:       
     7.00%, 5/01/25    200  100,000 
     7.00%, 5/01/35    130  65,000 
Dutchess County Industrial Development       
 Agency New York, RB, Vassar College Project,       
 5.35%, 8/01/11 (b)    1,000  1,077,660 
Dutchess County Industrial Development Agency       
 New York, Refunding RB, Bard College Civic Facility,     
 Series A-2, 4.50%, 8/01/36    500  418,550 
Nassau County Industrial Development Agency,       
 Refunding RB, New York Institute of Technology       
 Project, Series A, 4.75%, 3/01/26    200  197,350 
New York City Industrial Development Agency, RB,       
 Lycee Francais de New York Project, Series A (ACA),     
 5.50%, 6/01/15    250  266,735 
New York City Industrial Development Agency,       
 Refunding RB, Polytechnic University Project (ACA),     
 5.25%, 11/01/37    250  215,793 

    Par   
Municipal Bonds    (000)           Value 
     New York (continued)       
Education (concluded)       
New York Liberty Development Corp., RB,       
 National Sports Museum Project, Series A,       
 6.13%, 2/15/19 (c)(d)  $ 385  $ 4 
New York State Dormitory Authority, RB:       
     5.83%, 7/01/39 (e)    175  142,007 
     Iona College (Syncora), 5.13%, 7/01/32    2,500  2,505,575 
     Mount Sinai School of Medicine, 5.13%, 7/01/39  500  499,590 
     New York University, Series 1 (BHAC),       
     5.50%, 7/01/31    245  286,170 
     Rochester Institute of Technology, Series A,       
     6.00%, 7/01/33    325  356,931 
     University of Rochester, Series A, 5.13%, 7/01/39  215  221,998 
New York State Dormitory Authority, Refunding RB:       
     Brooklyn Law School, 5.75%, 7/01/33    125  127,708 
     Teachers College, 5.50%, 3/01/39    350  364,374 
Suffolk County Industrial Development Agency,       
 Refunding RB, New York Institute of Technology       
 Project, 5.00%, 3/01/26    150  150,197 
Trust for Cultural Resources, RB:       
     Carnegie Hall, Series A, 4.75%, 12/01/39    550  542,195 
     Juilliard School, Series A, 5.00%, 1/01/39    550  578,055 
Yonkers Industrial Development Agency New York,       
 RB, Sarah Lawrence College Project, Series A,       
 6.00%, 6/01/41    250  258,770 
      8,374,662 
Health — 6.4%       
Genesee County Industrial Development Agency       
 New York, Refunding RB, United Memorial Medical       
 Center Project, 5.00%, 12/01/27    150  126,818 
New York State Dormitory Authority, RB:       
     NYU Hospital Center, Series B, 5.63%, 7/01/37    260  254,124 
     New York & Presbyterian Hospital (AGM),       
     5.25%, 2/15/31    425  438,116 
     New York State Association for Retarded       
     Children, Inc., Series B (AMBAC), 6.00%, 7/01/32  185  195,552 
     North Shore-Long Island Jewish Health System,       
     Series A, 5.50%, 5/01/37    450  455,134 
     North Shore-Long Island Jewish Health System,       
     Series A, 5.75%, 5/01/37    500  513,585 
New York State Dormitory Authority, Refunding RB,       
 North Shore-Long Island Jewish Health System,       
 Series E, 5.50%, 5/01/33    250  253,215 
Saratoga County Industrial Development Agency       
 New York, RB, Saratoga Hospital Project, Series B,       
 5.25%, 12/01/32    200  190,050 
Suffolk County Industrial Development Agency       
 New York, Refunding RB, Jeffersons Ferry Project,       
 5.00%, 11/01/28    260  233,431 
      2,660,025 
Housing — 7.2%       
New York City Housing Development Corp., RB, Series A,     
 AMT, 5.50%, 11/01/34    2,500  2,515,575 
New York State HFA, RB, Highland Avenue       
 Senior Apartments, Series A, AMT (SONYMA),       
 5.00%, 2/15/39    500  459,915 
      2,975,490 
State — 19.8%       
New York State Dormitory Authority, ERB, Series B,       
 5.75%, 3/15/36    300  334,950 
New York State Dormitory Authority, LRB, Municipal       
 Health Facilities, Sub-Series 2-4, 4.75%, 1/15/30    500  504,230 

See Notes to Financial Statements.

26 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (continued)

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

  Par   
Municipal Bonds  (000)           Value 
     New York (concluded)     
State (concluded)     
New York State Dormitory Authority, RB, Mental Health     
 Services Facilities Improvement, Series A (AGM),     
 5.00%, 2/15/22  $ 335  $ 360,808 
New York State Urban Development Corp., RB:     
     Personal Income Tax, State Facilities, Series A,     
     5.25%, 3/15/12 (b)  5,000  5,475,450 
     State Personal Income Tax, Series B,     
     5.00%, 3/15/37  1,000  1,029,900 
State of New York, GO, Series A, 5.00%, 2/15/39  500  520,525 
    8,225,863 
Tobacco — 8.6%     
New York Counties Tobacco Trust III, RB, Tobacco     
 Settlement Pass-Thru, Turbo, 6.00%, 6/01/43  1,445  1,320,513 
TSASC Inc. New York, RB, Tobacco Settlement     
 Asset-Backed, Series 1, 5.75%, 7/15/12 (b)  2,000  2,236,940 
    3,557,453 
Transportation — 10.6%     
Metropolitan Transportation Authority, RB:     
     Series 2008C, 6.50%, 11/15/28  700  802,711 
     Series A, 5.63%, 11/15/39  250  268,030 
     Series B, 4.50%, 11/15/37  100  94,689 
Port Authority of New York & New Jersey, RB:     
     Consolidated, 116th Series, 4.13%, 9/15/32  500  471,970 
     Consolidated, 126th Series, AMT (NPFGC),     
     5.25%, 5/15/37  2,750  2,766,308 
    4,403,708 
Utilities — 11.7%     
Long Island Power Authority, RB, General, Series C     
 (CIFG), 5.25%, 9/01/29  500  551,805 
Long Island Power Authority, Refunding RB, Series A:     
     5.50%, 4/01/24  250  275,147 
     6.25%, 4/01/33  100  115,036 
New York City Municipal Water Finance Authority, RB:     
     Second General Resolution (NPFGC),     
     4.50%, 6/15/37  250  245,738 
     Series A (FGIC), 5.25%, 6/15/11 (b)  2,500  2,658,600 
New York State Environmental Facilities Corp.,     
 Refunding RB, Revolving Funds, New York City Water     
 Project, Series D, 5.13%, 6/15/31  1,000  1,023,350 
    4,869,676 
Total Municipal Bonds in New York    50,325,541 
     Guam — 2.4%     
County/City/Special District/School District — 0.6%     
Territory of Guam, RB, Section 30, Series A,     
 5.75%, 12/01/34  230  232,891 
State — 0.6%     
Territory of Guam, GO, Series A, 7.00%, 11/15/39  225  239,960 
Tobacco — 0.4%     
Guam Economic Development & Commerce Authority,     
 Refunding RB, Tobacco Settlement Asset-Backed,     
 5.63%, 6/01/47  200  168,746 
Utilities — 0.8%     
Guam Government Waterworks Authority, Refunding RB,     
 Water, 5.88%, 7/01/35  350  343,189 
Total Municipal Bonds in Guam    984,786 

  Par   
Municipal Bonds  (000)  Value 
     Multi-State — 6.6%     
Housing — 6.6%     
Centerline Equity Issuer Trust, 7.20%, 10/31/52 (f)(g)  $ 2,500  $ 2,738,675 
     Puerto Rico — 18.0%     
County/City/Special District/School District — 3.0%     
Puerto Rico Sales Tax Financing Corp., RB, First     
 Sub-Series A, 6.00%, 8/01/42  1,000  1,046,850 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
 CAB, Series A (NPFGC), 5.78%, 8/01/41 (a)  1,400  210,308 
    1,257,158 
State — 12.0%     
Commonwealth of Puerto Rico, GO, Public Improvement,     
 Series A, 5.13%, 7/01/31  1,725  1,640,044 
Puerto Rico Commonwealth Infrastructure Financing     
 Authority, RB, CAB, Series A (AMBAC):     
     4.36%, 7/01/37 (a)  2,000  291,480 
     4.99%, 7/01/44 (a)  2,000  177,220 
Puerto Rico Public Buildings Authority, Refunding RB,     
 Government Facilities, Series D:     
     5.25%, 7/01/12 (b)  1,980  2,177,149 
     5.25%, 7/01/27  720  706,291 
    4,992,184 
Tobacco — 1.0%     
Children’s Trust Fund, Refunding RB, Asset-Backed,     
 5.63%, 5/15/43  500  434,625 
Transportation — 2.0%     
Puerto Rico Highway & Transportation Authority,     
 Refunding RB, Series D, 5.25%, 7/01/12 (b)  750  823,200 
Total Municipal Bonds in Puerto Rico    7,507,167 
Total Municipal Bonds — 148.1%    61,556,169 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (h)     
     New York — 7.1%     
Housing — 6.0%     
New York Mortgage Agency New York, RB, Series 101,     
 AMT, 5.40%, 4/01/32  2,477  2,487,182 
Utilities — 1.1%     
New York City Municipal Water Finance Authority, RB,     
 Fiscal 2009, Series A, 5.75%, 6/15/40  405  453,008 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 7.1%    2,940,190 
Total Long-Term Investments     
(Cost — $62,980,140) — 155.2%    64,496,359 
Short-Term Securities  Shares   
CMA New York Municipal Money Fund, 0.00% (i)(j)  480,614  480,614 
Total Short-Term Securities     
(Cost — $480,614) — 1.2%    480,614 
Total Investments (Cost — $63,460,754*) — 156.4%    64,976,973 
Other Assets Less Liabilities — 0.5%    212,783 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (3.6)%    (1,510,531) 
Preferred Shares, at Redemption Value — (53.3)%    (22,126,061) 
Net Assets — 100.0%    $ 41,553,164 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 27


Schedule of Investments (concluded) BlackRock New York Municipal Bond Trust (BQH)

 * The cost and unrealized appreciation (depreciation) of investments as of 
  February 28, 2009, as computed for federal income tax purposes, were as follows: 
  Aggregate cost  $ 61,861,019 
  Gross unrealized appreciation  $ 3,135,214 
  Gross unrealized depreciation    (1,528,337) 
  Net unrealized appreciation  $ 1,606,877 
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
  report date.     
(b) U.S. government securities, held in escrow, are used to pay interest on this security, 
  as well as to retire the bond in full at the date indicated, typically at a premium 
  to par.     
(c) Issuer filed for bankruptcy and/or is in default of interest payments.   
(d) Non-income producing security.     
(e) Represents a step-up bond that pays an initial coupon rate for the first period and 
  then a higher coupon rate for the following periods. Rate shown reflects the current 
  yield as of report date.     
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
  These securities may be resold in transactions exempt from registration to qualified 
  institutional investors.     
(g) Security represents a beneficial interest in a trust. The collateral deposited into the 
  trust is federally tax-exempt revenue bonds issued by various state or local govern- 
  ments, or their respective agencies or authorities. The security is subject to remarket- 
  ing prior to its stated maturity, and is subject to mandatory redemption at maturity. 
(h) Securities represent bonds transferred to a tender option bond trust in exchange for 
  which the Trust acquired residual interest certificates. These securities serve as col- 
  lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
  for details of municipal bonds transferred to tender option bond trusts.   
(i) Investments in companies considered to be an affiliate of the Trust, for purposes of 
  Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
      Net   
  Affiliate  Activity  Income 
  CMA New York Municipal Money Fund  $(656,726)  $101 
(j) Represents the current yield as of report date.     
  For Trust compliance purposes, the Trust’s sector classifications refer to any one 
  or more of the sector sub-classifications used by one or more widely recognized 
  market indexes or ratings group indexes and/or as defined by Trust management. 
  This definition may not apply for purposes of this report, which may combine sector 
  sub-classifications for reporting ease.     
  Fair Value Measurements — Various inputs are used in determining the fair value of 
  investments, which are as follows:     
    Level 1 — price quotations in active markets/exchanges for identical assets 
    and liabilities     
    Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)   
    Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Trust’s own assumptions used in determining the fair value of investments) 

The inputs or methodologies used for valuing securities are not necessarily an indi- 
cation of the risk associated with investing in those securities. For information about 
the Trust’s policy regarding valuation of investments and other significant accounting 
policies, please refer to Note 1 of the Notes to Financial Statements.   
The following table summarizes the inputs used as of February 28, 2010 in deter- 
mining the fair valuation of the Trust’s investments:     
Investments in Securities

Valuation Inputs    Level 1  Level 2  Level 3  Total 
Assets:           
Long-Term Investments1                 $64,496,359    $64,496,359 
Short-Term Securities  $ 480,614      480,614 
Total  $ 480,614  $64,496,359    $64,976,973 
1 See above Schedule of Investments for values in each state or   
     political subdivision.         

See Notes to Financial Statements.

28 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments February 28, 2010 (Unaudited)

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

    Par   
Municipal Bonds    (000)           Value 
     New York — 143.6%       
Corporate — 24.0%       
Chautauqua County Industrial Development Agency, RB,     
 Nrg Dunkirk Power Project, 5.88%, 4/01/42  $ 500  $ 506,995 
Essex County Industrial Development Agency New York,     
 RB, International Paper Co. Project, Series A, AMT,       
 6.63%, 9/01/32    200  202,916 
Essex County Industrial Development Agency New York,     
 Refunding RB, International Paper Co. Project,       
 Series A, AMT, 5.50%, 10/01/26    625  580,006 
Jefferson County Industrial Development Agency       
 New York, Refunding RB, Solid Waste, Series A, AMT,     
 5.20%, 12/01/20    750  732,435 
New York City Industrial Development Agency, RB:       
     American Airlines Inc., JFK International Airport,       
     AMT 7.63%, 8/01/25    1,600  1,568,960 
     American Airlines Inc., JFK International Airport,       
     AMT 7.75%, 8/01/31    1,500  1,499,865 
     Liberty-IAC/InteractiveCorp, 5.00%, 9/01/35    500  430,560 
New York Liberty Development Corp., RB, Goldman       
 Sachs Headquarters, 5.25%, 10/01/35    750  757,042 
New York State Energy Research & Development       
 Authority, RB, AMT, 4.70%, 6/01/36    5,500  5,506,380 
Port Authority of New York & New Jersey, RB, Continental     
 Airlines Inc. and Eastern Air Lines Inc. Project,       
 LaGuardia, AMT, 9.13%, 12/01/15    3,105  3,109,161 
Suffolk County Industrial Development Agency New York,     
 RB, KeySpan, Port Jefferson, AMT, 5.25%, 6/01/27  2,500  2,449,775 
      17,344,095 
County/City/Special District/School District — 28.7%     
Brooklyn Arena Local Development Corp., RB, Barclays     
 Center Project, 6.38%, 7/15/43    300  308,994 
City of New York New York, GO:       
     Series A-1, 4.75%, 8/15/25    500  525,240 
     Series B, 5.75%, 12/01/11 (a)    2,000  2,184,400 
     Sub-Series G-1, 6.25%, 12/15/31    250  290,168 
     Sub-Series I-1, 5.38%, 4/01/36    450  482,234 
Hudson Yards Infrastructure Corp., RB, Series A,       
 5.00%, 2/15/47    2,350  2,233,980 
New York City Industrial Development Agency, RB:       
     CAB, Yankee Stadium, PILOT (AGC),       
     5.77%, 3/01/35 (b)    500  119,055 
     Queens Baseball Stadium, PILOT (AGC),       
     6.38%, 1/01/39    100  109,502 
     Queens Baseball Stadium, PILOT (AMBAC),       
     5.00%, 1/01/39    500  441,710 
     Queens Baseball Stadium, PILOT (AMBAC),       
     5.00%, 1/01/46    2,050  1,767,920 
New York City Transitional Finance Authority, RB:       
     Fiscal 2009, Series S-3, 5.25%, 1/15/39    1,300  1,360,996 
     Series S-2 (NPFGC), 4.50%, 1/15/31    2,500  2,459,975 
     Series S-2 (NPFGC), 4.25%, 1/15/34    250  235,175 
New York City Transitional Finance Authority,       
 Refunding RB, Future Tax Secured, Series B,       
 5.00%, 11/01/27    5,000  5,188,750 
New York Convention Center Development Corp., RB,       
 Hotel Unit Fee Secured (AMBAC), 5.00%, 11/15/35  2,750  2,726,212 
New York State Dormitory Authority, RB, State University     
 Dormitory Facilities, Series A, 5.00%, 7/01/39    250  258,858 
      20,693,169 

  Par   
Municipal Bonds  (000)           Value 
     New York (continued)     
Education — 24.0%     
Albany Industrial Development Agency, RB, New     
 Covenant Charter School Project, Series A:     
     7.00%, 5/01/25  $ 345  $ 172,500 
     7.00%, 5/01/35  220  110,000 
Dutchess County Industrial Development     
 Agency New York, RB, Vassar College Project,     
 5.35%, 8/01/11 (a)  2,000  2,155,320 
Dutchess County Industrial Development Agency     
 New York, Refunding RB, Bard College Civic Facility,     
 Series A-2, 4.50%, 8/01/36  755  632,011 
Geneva Industrial Development Agency New York,     
 RB, Hobart & William Smith Project, Series A,     
 5.38%, 2/01/33  3,250  3,284,482 
Herkimer County Industrial Development Agency     
 New York, RB, College Foundation Inc. Student     
 Housing Project, 6.25%, 8/01/34  385  370,543 
Nassau County Industrial Development Agency,     
 Refunding RB, New York Institute of Technology     
 Project, Series A, 4.75%, 3/01/26  350  345,363 
New York City Industrial Development Agency, RB,     
 Lycee Francais de New York Project, Series A (ACA),     
 5.38%, 6/01/23  1,500  1,544,655 
New York City Industrial Development Agency,     
 Refunding RB, Polytechnic University Project (ACA),     
 5.25%, 11/01/37  460  397,058 
New York Liberty Development Corp., RB,     
 National Sports Museum Project, Series A,     
 6.13%, 2/15/19 (c)(d)  675  7 
New York State Dormitory Authority, RB:     
     5.83%, 7/01/39 (e)  225  182,581 
     Brooklyn Law School, Series B (Syncora),     
     5.13%, 7/01/30  2,000  2,001,380 
     New School University (NPFGC), 5.00%, 7/01/31  1,425  1,431,170 
     Rochester Institute of Technology, Series A,     
     6.00%, 7/01/33  625  686,406 
     University of Rochester, Series A, 5.13%, 7/01/39  250  258,138 
New York State Dormitory Authority, Refunding RB:     
     Brooklyn Law School, 5.75%, 7/01/33  250  255,415 
     Teachers College, 5.50%, 3/01/39  650  676,696 
Suffolk County Industrial Development Agency,     
 Refunding RB, New York Institute of Technology     
 Project, 5.00%, 3/01/26  275  275,360 
Trust for Cultural Resources, RB:     
     Carnegie Hall, Series A, 4.75%, 12/01/39  925  911,874 
     Juilliard School, Series A, 5.00%, 1/01/39  1,050  1,103,560 
Yonkers Industrial Development Agency New York,     
 RB, Sarah Lawrence College Project, Series A,     
 6.00%, 6/01/41  500  517,540 
    17,312,059 
Health — 15.5%     
Clarence Industrial Development Agency, RB, Bristol     
 Village Project (GNMA), 6.00%, 1/20/44  1,680  1,735,910 
Genesee County Industrial Development Agency     
 New York, Refunding RB, United Memorial Medical     
 Center Project, 5.00%, 12/01/27  250  211,363 
New York City Industrial Development Agency, RB,     
 Eger Harbor Project, Series A (GNMA):     
     4.95%, 11/20/32  980  984,773 
     5.88%, 5/20/44  975  1,029,073 
New York State Dormitory Authority, MRB, St. Barnabas,     
 Series A (FHA), 5.00%, 2/01/31  1,500  1,517,730 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 29


Schedule of Investments (continued)

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

  Par   
Municipal Bonds  (000)  Value 
     New York (continued)     
Health (concluded)     
New York State Dormitory Authority, RB:     
     NYU Hospital Center, Series B, 5.63%, 7/01/37  $ 530  $ 518,022 
     New York & Presbyterian Hospital (AGM),     
     5.25%, 2/15/31  425  438,115 
     New York Hospital Medical Center-Queens (FHA),     
     4.75%, 2/15/37  315  284,023 
     New York State Association for Retarded     
     Children, Inc., Series A, 6.00%, 7/01/32  350  367,059 
     North Shore-Long Island Jewish Health System,     
     Series A, 5.50%, 5/01/37  750  758,557 
New York State Dormitory Authority, Refunding RB:     
     Kateri Residence, 5.00%, 7/01/22  2,000  2,058,500 
     North Shore-Long Island Jewish Health System,     
     Series E, 5.50%, 5/01/33  500  506,430 
Saratoga County Industrial Development Agency     
 New York, RB, Saratoga Hospital Project, Series B,     
 5.25%, 12/01/32  350  332,588 
Suffolk County Industrial Development Agency     
 New York, Refunding RB, Jeffersons Ferry Project,     
 5.00%, 11/01/28  450  404,015 
    11,146,158 
Housing — 3.2%     
New York City Housing Development Corp., RB,     
 Series J-2-A, AMT, 4.75%, 11/01/27  1,420  1,398,203 
New York State HFA, RB, Highland Avenue     
 Senior Apartments, Series A, AMT (SONYMA),     
 5.00%, 2/15/39  1,000  919,830 
    2,318,033 
State — 5.4%     
New York State Dormitory Authority, ERB, Series B,     
 5.75%, 3/15/36  300  334,950 
New York State Dormitory Authority, LRB, Municipal     
 Health Facilities, Sub-Series 2-4, 4.75%, 1/15/30  1,000  1,008,460 
New York State Urban Development Corp., RB, State     
 Personal Income Tax, Series B, 5.00%, 3/15/35  2,000  2,051,060 
State of New York, GO, Series A, 5.00%, 2/15/39  500  520,525 
    3,914,995 
Tobacco — 9.8%     
New York Counties Tobacco Trust III, RB, Tobacco     
 Settlement Pass-Thru, Turbo, 6.00%, 6/01/43  2,535  2,316,610 
TSASC Inc. New York, RB, Tobacco Settlement     
 Asset-Backed, Series 1, 5.75%, 7/15/12 (a)  4,250  4,753,497 
    7,070,107 
Transportation — 19.8%     
Metropolitan Transportation Authority, RB:     
     Series 2008C, 6.50%, 11/15/28  750  860,048 
     Series B, 4.50%, 11/15/37  500  473,445 
Metropolitan Transportation Authority, Refunding RB,     
 Series A:     
     5.13%, 1/01/29  3,000  3,053,190 
     5.00%, 11/15/30  5,000  5,052,800 
     (NPFGC), 5.25%, 11/15/31  1,250  1,268,537 
Port Authority of New York & New Jersey, RB:     
     Consolidated, 116th Series, 4.13%, 9/15/32  2,000  1,887,880 
     Consolidated, 161st Series, 4.50%, 10/15/37  500  491,430 
     Special Project, JFK International Air Terminal,     
     Series 6, AMT (NPFGC), 6.25%, 12/01/13  1,000  1,062,730 
Triborough Bridge & Tunnel Authority, RB, General     
 Purpose, Series A, 5.00%, 1/01/32  150  151,677 
    14,301,737 

    Par   
Municipal Bonds    (000)           Value 
     New York (concluded)       
Utilities — 13.2%       
Long Island Power Authority, RB:       
     CAB (AGM), 5.21%, 6/01/28 (b)  $ 3,515  $ 1,595,986 
     General, Series C (CIFG), 5.25%, 9/01/29    1,000  1,103,610 
Long Island Power Authority, Refunding RB, Series A:       
     5.50%, 4/01/24    500  550,295 
     6.25%, 4/01/33    150  172,554 
New York City Municipal Water Finance Authority, RB,       
 Second General Resolution (NPFGC), 4.50%, 6/15/37  500  491,475 
New York City Municipal Water Finance Authority,       
 Refunding RB, Series A, 5.13%, 6/15/34    4,000  4,060,840 
New York State Environmental Facilities Corp.,       
 Refunding RB, Revolving Funds, New York City Water     
 Project, Series A, 5.00%, 6/15/37    1,500  1,576,845 
      9,551,605 
Total Municipal Bonds in New York      103,651,958 
     Guam — 2.3%       
County/City/Special District/School District — 0.6%     
Territory of Guam, RB, Section 30, Series A,       
 5.75%, 12/01/34    455  460,719 
State — 0.7%       
Territory of Guam, GO, Series A, 7.00%, 11/15/39    485  517,248 
Tobacco — 0.4%       
Guam Economic Development & Commerce Authority,     
 Refunding RB, Tobacco Settlement Asset-Backed,       
 5.63%, 6/01/47    375  316,399 
Utilities — 0.6%       
Guam Government Waterworks Authority, Refunding RB,     
 Water, 5.88%, 7/01/35    400  392,216 
Total Municipal Bonds in Guam      1,686,582 
     Multi-State — 5.8%       
Housing — 5.8%       
Centerline Equity Issuer Trust (f)(g):       
     5.75%, 5/15/15    500  521,535 
     6.00%, 5/15/15    1,500  1,558,980 
     6.00%, 5/15/19    1,000  1,043,180 
     6.30%, 5/15/19    1,000  1,047,740 
Total Municipal Bonds in Multi-State      4,171,435 
     Puerto Rico — 6.9%       
County/City/Special District/School District — 0.3%     
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
 CAB, Series A (NPFGC), 5.79%, 8/01/41 (b)    1,500  225,330 
Housing — 1.4%       
Puerto Rico Housing Finance Authority, Refunding RB,     
 Subordinate, Capital Fund Modernization,       
 5.13%, 12/01/27    1,000  1,007,290 
State — 0.9%       
Commonwealth of Puerto Rico, GO, Refunding, Public     
 Improvement, Series C, 6.00%, 7/01/39    340  349,017 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
 CAB, Series A (AMBAC), 5.14%, 8/01/54 (b)    5,000  283,600 
      632,617 

See Notes to Financial Statements.

30 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (concluded)

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

  Par     
Municipal Bonds  (000)    Value 
     Puerto Rico (concluded)       
Tobacco — 0.6%       
Children’s Trust Fund, Refunding RB, Asset-Backed,       
 5.63%, 5/15/43  $ 500  $ 434,625 
Transportation — 3.0%       
Puerto Rico Highway & Transportation Authority,       
 Refunding RB, Series D, 5.38%, 7/01/12 (a)  2,000    2,200,980 
Utilities — 0.7%       
Puerto Rico Electric Power Authority, Refunding RB,       
 Series VV (NPFGC), 5.25%, 7/01/29  500    508,505 
Total Municipal Bonds in Puerto Rico      5,009,347 
Total Municipal Bonds — 158.6%    114,519,322 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (h)       
     New York — 0.4%       
Utilities — 0.4%       
New York City Municipal Water Finance Authority, RB,       
 Fiscal 2009, Series A, 5.75%, 6/15/40  240    268,449 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 0.4%      268,449 
Total Long-Term Investments       
(Cost — $113,123,253) — 159.0%    114,787,771 
Short-Term Securities  Shares     
CMA New York Municipal Money Fund, 0.00% (i)(j)  1,729,595    1,729,595 
Total Short-Term Securities       
(Cost — $1,729,595) — 2.4%      1,729,595 
Total Investments (Cost — $114,852,848*) — 161.4%    116,517,366 
Other Assets Less Liabilities — 0.4%      297,535 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (0.2)%      (160,013) 
Preferred Shares, at Redemption Value — (61.6)%    (44,476,560) 
Net Assets Applicable to Common Shares — 100.0%    $ 72,178,328 
   * The cost and unrealized appreciation (depreciation) of investments as of 
February 28, 2010, as computed for federal income tax purposes, were as follows: 
       Aggregate cost    $ 114,537,152 
       Gross unrealized appreciation    $ 4,059,600 
       Gross unrealized depreciation      (2,239,326) 
       Net unrealized appreciation    $ 1,820,274 
(a) US government securities, held in escrow, are used to pay interest on this security as 
well as to retire the bond in full at the date indicated, typically at a premium to par. 
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
       report date.       
(c) Issuer filed for bankruptcy and/or is in default of interest payments.   
(d) Non-income producing security.       
(e) Represents a step-up bond that pays an initial coupon rate for the first period 
       and then a higher coupon rate for the following periods. Rate shown is as of the 
       report date.       
 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
These securities may be resold in transactions exempt from registration to qualified 
       institutional investors.       

(g) Security represents a beneficial interest in a trust. The collateral deposited into the 
  trust is federally tax-exempt revenue bonds issued by various state or local govern- 
  ments, or their respective agencies or authorities. The security is subject to remarket- 
  ing prior to its stated maturity, and is subject to mandatory redemption at maturity. 
(h) Securities represent bonds transferred to a tender option bond trust in exchange for 
  which the Trust acquired residual interest certificates. These securities serve as col- 
  lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
  for details of municipal bonds transferred to tender option bond trusts. 
(i) Investments in companies considered to be an affiliate of the Trust, for purposes of 
  Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
        Net        
  Affiliate    Activity  Income 
  CMA New York Municipal Money Fund  $973,518  $69 
(j) Represents the current yield as of report date.     
  For Trust compliance purposes, the Trust’s sector classifications refer to any one 
  or more of the sector sub-classifications used by one or more widely recognized 
  market indexes or ratings group indexes and/or as defined by Trust management. 
  This definition may not apply for purposes of this report, which may combine sector 
  sub-classifications for reporting ease.       
  Fair Value Measurements — Various inputs are used in determining the fair value of 
  investments, which are as follows:       
    Level 1 — price quotations in active markets/exchanges for identical assets 
    and liabilities         
    Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)     
    Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Trust’s own assumptions used in determining the fair value of investments) 
  The inputs or methodologies used for valuing securities are not necessarily an indi- 
  cation of the risk associated with investing in those securities. For information about 
  the Trust’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of February 28, 2010 in deter- 
  mining the fair valuation of the Trust’s investments:     
      Investments in Securities     
  Valuation Inputs       Level 1  Level 2  Level 3  Total 
  Assets:         
  Long-Term Investments1  —          $114,787,771  —       $114,787,771 
  Short-Term Securities  $ 1,729,595      1,729,595 
  Total  $ 1,729,595         $114,787,771    $116,517,366 
  1  See above Schedule of Investments for values in each state or   
    political subdivision.       

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 31


Schedule of Investments February 28, 2010 (Unaudited)

BlackRock Virginia Municipal Bond Trust (BHV)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     Virginia — 118.9%       
Corporate — 13.7%       
Chesterfield County EDA, RB, Virginia Electric Power Co.     
 Project, Series A, AMT, 5.60%, 11/01/31  $ 500  $ 487,100 
Isle Wight County IDA Virginia, RB, Series A, AMT,       
 5.70%, 11/01/27    1,300  1,224,002 
King George County IDA Virginia, RB, Waste Management     
 Inc. Project, Series A, AMT, 6.00%, 6/01/23    500  502,840 
Louisa IDA, Refunding RB, Virginia Electric & Power Co.     
 Project, Series A, 5.38%, 11/01/35    1,000  1,098,010 
      3,311,952 
County/City/Special District/School District — 18.2%     
Celebrate North Community Development Authority,       
 Special Assessment Bonds, Celebrate Virginia North     
 Project, Series B, 6.75%, 3/01/34    1,471  1,155,927 
County of Prince William Virginia, RB, 5.00%, 12/01/21  500  531,400 
Dulles Town Center Community Development Authority,     
 Special Assessment Bonds, Dulles Town Center       
 Project, 6.25%, 3/01/26    935  880,078 
Fairfax County Redevelopment & Housing Authority, RB,     
 5.00%, 10/01/39    1,500  1,585,425 
White Oak Village Shops Community Development       
 Authority, Special Assessment Bonds, 5.30%, 3/01/17  234  228,515 
      4,381,345 
Education — 7.4%       
Virginia College Building Authority, Refunding RB,       
 Washington & Lee University Project (NPFGC):       
     5.25%, 1/01/26    500  594,930 
     5.25%, 1/01/31    1,000  1,176,680 
      1,771,610 
Health — 23.4%       
Danville IDA Virginia, Refunding RB, Danville Regional     
 Medical Center (AMBAC), 5.25%, 10/01/28 (a)    1,000  1,163,530 
Fairfax County EDA, Refunding RB, Goodwin House Inc.,     
 5.00%, 10/01/27    1,000  969,230 
Henrico County EDA, Refunding RB, Bon Secours       
 Health, Series A:       
     5.60%, 11/15/12 (b)    60  67,627 
     5.60%, 11/15/30    1,440  1,455,754 
Peninsula Ports Authority, Refunding RB, Virginia       
 Baptist Homes, Series C, 5.40%, 12/01/33    500  303,790 
Virginia Small Business Financing Authority,       
 Refunding RB, Sentara Healthcare, 5.00%, 11/01/40  1,000  1,007,870 
Winchester IDA Virginia, RB, Valley Health System       
 Obligation, Series E, 5.63%, 1/01/44    650  660,127 
      5,627,928 
Housing — 16.9%       
Virginia HDA, RB:       
     Rental Housing, Series B, 5.63%, 6/01/39    1,000  1,052,620 
     Sub-Series H-1 (NPFGC), 5.38%, 7/01/36    3,000  3,024,390 
      4,077,010 
State — 8.4%       
Virginia College Building Authority, RB, Public       
 Higher Education Financing Program, Series A,       
 5.00%, 9/01/33    1,000  1,059,700 
Virginia Public School Authority, RB, School Financing:     
     1997 Resolution, Series B, 5.25%, 8/01/33    500  539,880 
     6.50%, 12/01/35    360  413,608 
      2,013,188 

  Par   
Municipal Bonds  (000)  Value 
     Virginia (concluded)     
Transportation — 14.1%     
City of Norfolk Virginia, Refunding RB, Series B     
 (AMBAC), 5.50%, 2/01/31  $ 550  $ 536,629 
Norfolk Airport Authority Virginia, RB, Series A (NPFGC),     
 5.13%, 7/01/31  1,500  1,506,585 
Richmond Metropolitan Authority Virginia, Refunding RB     
 (NPFGC), 5.25%, 7/15/22  1,250  1,350,300 
    3,393,514 
Utilities — 16.8%     
Fairfax County Water Authority, Refunding RB,     
 5.00%, 4/01/27  1,205  1,248,621 
Virginia Resources Authority, RB, Infrastructure     
 Revenues, 5.13%, 5/01/27  635  651,338 
Virginia Resources Authority, RB, Senior, Virginia Pooled     
 Financing Program, Series B, 5.00%, 11/01/33  2,000  2,142,320 
    4,042,279 
Total Municipal Bonds in Virginia    28,618,826 
     District of Columbia — 7.6%     
Transportation — 7.6%     
Metropolitan Washington Airports Authority, RB:     
     First Senior Lien, Series A, 5.00%, 10/01/39  290  294,628 
     First Senior Lien, Series A, 5.25%, 10/01/44  460  473,966 
     Series B, 5.00%, 10/01/29  1,000  1,052,920 
Total Municipal Bonds in District of Columbia    1,821,514 
     Guam — 0.8%     
County/City/Special District/School District — 0.8%     
Territory of Guam, RB, Section 30, Series A,     
 5.63%, 12/01/29  200  202,454 
Total Municipal Bonds in Guam    202,454 
     Multi-State — 6.8%     
Housing — 6.8%     
Centerline Equity Issuer Trust, 7.20%, 10/31/52 (c)(d)  1,500  1,643,205 
Total Municipal Bonds in Multi-State    1,643,205 
     Puerto Rico — 4.8%     
Tobacco — 4.8%     
Children’s Trust Fund, Refunding RB, Asset-Backed,     
 5.38%, 5/15/33  1,205  1,162,777 
Total Municipal Bonds in Puerto Rico    1,162,777 
     U.S. Virgin Islands — 0.4%     
State — 0.4%     
Virgin Islands Public Finance Authority, RB, Senior Lien,     
 Capital Projects, Series A-1, 5.00%, 10/01/39  100  89,648 
Total Municipal Bonds in U.S. Virgin Islands    89,648 
Total Municipal Bonds — 139.3%    33,538,424 

See Notes to Financial Statements.

32 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (concluded)

BlackRock Virginia Municipal Bond Trust (BHV)
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to  Par     
Tender Option Bond Trusts (e)  (000)    Value 
     Virginia — 13.1%       
Education — 8.8%       
University of Virginia, Refunding RB, General,       
 5.00%, 6/01/40  $ 2,000  $ 2,104,900 
Health — 4.3%       
Fairfax County IDA Virginia, Refunding RB, Health Care,       
 Inova Health System, Series A, 5.50%, 5/15/35  999    1,044,051 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 13.1%      3,148,951 
Total Long-Term Investments       
(Cost — $35,390,899) — 152.4%      36,687,375 
Short-Term Securities  Shares     
FFI Institutional Tax-Exempt Fund, 0.16% (f)(g)  97,494    97,494 
Total Short-Term Securities       
(Cost — $97,494) — 0.4%      97,494 
Total Investments (Cost — $35,488,393*) — 152.8%      36,784,869 
Other Assets Less Liabilities — 1.9%      459,190 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (6.2)%      (1,500,090) 
Preferred Shares, at Redemption Value — (48.5)%      (11,675,309) 
Net Assets Applicable to Common Shares — 100.0%    $ 24,068,660 
   * The cost and unrealized appreciation (depreciation) of investments as of 
       February 28, 2010, as computed for federal income tax purposes, were as follows: 
       Aggregate cost    $ 33,881,284 
       Gross unrealized appreciation    $ 1,957,184 
       Gross unrealized depreciation      (552,890) 
       Net unrealized appreciation    $ 1,404,294 
(a) Security is collateralized by Municipal or US Treasury obligations.   
(b) US government securities, held in escrow, are used to pay interest on this security as 
       well as to retire the bond in full at the date indicated, typically at a premium to par. 
(c) 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.       
(d) Security represents a beneficial interest in a trust. The collateral deposited into the 
       trust is federally tax-exempt revenue bonds issued by various state or local govern- 
       ments, or their respective agencies or authorities. The security is subject to remarket- 
       ing prior to its stated maturity, and is subject to mandatory redemption at maturity. 
(e) Securities represent bonds transferred to a tender option bond trust in exchange for 
       which the Trust acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 
(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: 
  Net     
       Affiliate  Activity    Income 
       FFI Institutional Tax Exempt Fund  $97,494    $16 
(g) Represents the current yield as of report date.       
 For Trust compliance purposes, the Trust’s sector classifications refer to any one 
       or more of the sector sub-classifications used by one or more widely recognized 
       market indexes or ratings group indexes and/or as defined by Trust management. 
       This definition may not apply for purposes of this report, which may combine sector 
       sub-classifications for reporting ease.       

  Fair Value Measurements — Various inputs are used in determining the fair value of 
  investments, which are as follows:       
    Level 1 — price quotations in active markets/exchanges for identical assets 
    and liabilities           
    Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)     
    Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Trust’s own assumptions used in determining the fair value of investments) 
  The inputs or methodologies used for valuing securities are not necessarily an indi- 
  cation of the risk associated with investing in those securities. For information about 
  the Trust’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to Note 1 of the Notes to Financial Statements.   
  The following table summarizes the inputs used as of February 28, 2010 in deter- 
  mining the fair valuation of the Trust’s investments:     
Investments in Securities

  Valuation Inputs    Level 1  Level 2  Level 3  Total 
  Assets:           
  Long-Term Investments1      $36,687,375    $36,687,375 
  Short-Term Securities  $ 97,494      97,494 
  Total  $ 97,494  $36,687,375    $36,784,869 
  1  See above Schedule of Investments for values in each state or   
    political subdivision.         

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 33


Schedule of Investments February 28, 2010 (Unaudited)

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

    Par   
Municipal Bonds    (000)           Value 
     Massachusetts — 144.2%       
Corporate — 4.7%       
Massachusetts Development Finance Agency,       
 RB, Ogden Haverhill Project, Series A, AMT,       
 6.70%, 12/01/14  $ 410  $ 414,170 
Massachusetts Health & Educational Facilities       
 Authority, RB, Cape Cod Healthcare Obligor (AGC),       
 5.00%, 11/15/31    1,000  985,590 
      1,399,760 
Education — 87.4%       
Massachusetts Development Finance Agency, ERB,       
 Belmont Hill School, 5.00%, 9/01/11 (a)    1,100  1,184,359 
Massachusetts Development Finance Agency, RB:       
     Boston University, Series T-1 (AMBAC),       
     5.00%, 10/01/39    1,000  986,260 
     College Issue, Series B (Syncora), 5.25%, 7/01/33  860  868,075 
     College of Pharmacy & Allied Health, Series D       
     (AGC), 5.00%, 7/01/27    500  521,875 
     Educational Facilities, Academy of the Pacific Rim,     
     Series A (ACA), 5.13%, 6/01/31    1,000  740,890 
     Smith College, 5.00%, 7/01/35    2,000  2,027,960 
     WGBH Educational Foundation, Series A (AMBAC),     
     5.75%, 1/01/42    1,100  1,166,847 
     Wheeler School Issue, 6.50%, 12/01/29    540  542,484 
Massachusetts Development Finance Agency,       
 Refunding RB:       
     Boston University, Series P, 5.45%, 5/15/59    1,500  1,544,475 
     Clark University (Syncora), 5.13%, 10/01/35    500  505,180 
     Western New England, Series A (AGC),       
     5.00%, 9/01/33    250  250,952 
     Wheelock College, Series C, 5.25%, 10/01/37    1,000  898,160 
     Williston Northampton School Project (Syncora),       
     5.00%, 10/01/25    500  492,525 
     Worcester Polytechnic Institute,(NPFGC),       
     5.00%, 9/01/27    1,985  2,070,812 
Massachusetts Health & Educational Facilities       
 Authority, RB:       
     Harvard University, Series B, 5.00%, 10/01/38    400  421,680 
     Harvard University, Series FF, 5.13%, 7/15/37    850  867,884 
     Northeastern University, Series R, 5.00%, 10/01/33  225  227,183 
     Simmons College, Series F (FGIC),       
     5.00%, 10/01/13 (a)    1,000  1,140,210 
     Springfield College, 5.63%, 10/15/40    500  495,990 
     Tufts University, 5.38%, 8/15/38    1,000  1,077,830 
     University of Massachusetts, Series C (NPFGC),       
     5.13%, 10/01/34    230  231,794 
Massachusetts Health & Educational Facilities Authority,     
 Refunding RB:       
     Berklee College of Music, Series A,       
     5.00%, 10/01/37    1,000  1,003,090 
     Boston College, Series N, 5.13%, 6/01/37    1,000  1,016,880 
     Harvard University, Series A, 5.50%, 11/15/36    100  111,489 
     Tufts University, Series M, 5.50%, 2/15/27    1,000  1,191,710 
     Wellesley College, 5.00%, 7/01/33    1,500  1,544,115 
Massachusetts Health & Educational Facilities Authority,     
 Wheaton College, Series D, 6.00%, 1/01/18    950  945,810 
Massachusetts State College Building Authority, RB,       
 Series A (AMBAC), 5.00%, 5/01/31    1,000  1,018,010 
Massachusetts State College Building Authority,       
 Refunding RB, Series B (Syncora), 5.50%, 5/01/39  825  913,407 
      26,007,936 

     Par   
Municipal Bonds    (000)  Value 
     Massachusetts (concluded)       
Health — 44.2%       
Massachusetts Development Finance Agency, RB:       
     First Mortgage, Edgecombe Project, Series A,       
     6.75%, 7/01/21  $ 855  $ 866,867 
     First Mortgage, Overlook Communities, Series A,       
     6.13%, 7/01/24    850  750,431 
     Seven Hills Foundation & Affiliates (Radian),       
     5.00%, 9/01/35    500  399,310 
Massachusetts Development Finance Agency,       
 Refunding RB, First Mortgage, Brookhaven, Series A     
 (Radian), 5.00%, 3/01/35    1,250  1,039,875 
Massachusetts Health & Educational Facilities       
 Authority, RB:       
     Baystate Medical Center, Series F, 5.75%, 7/01/33  1,000  1,010,610 
     Berkshire Health System, Series E,       
     6.25%, 10/01/31    350  353,556 
     Berkshire Health System, Series F (AGC),       
     5.00%, 10/01/19    1,000  1,037,120 
     Children’s Hospital, Series M, 5.25%, 12/01/39    600  617,034 
     Children’s Hospital, Series M, 5.50%, 12/01/39    500  525,795 
     Lahey Clinic Medical Center, Series D,       
     5.25%, 8/15/37    1,000  949,850 
     Milford-Whitinsville Hospital, Series D,       
     6.35%, 7/15/12 (a)    750  853,823 
 Southcoast Health Obligation, Series D,       
     5.00%, 7/01/39    500  479,195 
Massachusetts Health & Educational Facilities Authority,     
 Refunding RB:       
     Caregroup, Series E-1, 5.00%, 7/01/28    500  473,520 
     Christopher House, Series A, 6.88%, 1/01/29    470  455,256 
     Healthcare System, Covenant, 6.00%, 1/01/12 (a)  255  282,729 
     Healthcare System, Covenant, 6.00%, 7/01/22    630  651,086 
     Healthcare System, Covenant, 6.00%, 7/01/31    315  320,887 
     Partners Healthcare System, Series B,       
     5.25%, 7/01/29    1,000  1,008,990 
     Valley Regional Health System, Series C (AMBAC),     
     5.75%, 7/01/18    395  391,872 
Massachusetts Industrial Finance Agency, RB, Age       
 Institute of Massachusetts Project, 8.05%, 11/01/25  675  675,574 
      13,143,380 
Housing — 4.8%       
Massachusetts HFA, Refunding HRB, Series F, AMT,       
 5.70%, 6/01/40    990  1,000,781 
Massachusetts HFA, Refunding RB, Series 132, AMT,       
 5.38%, 12/01/27    400  410,972 
      1,411,753 
State — 3.1%       
Massachusetts Development Finance Agency, ERB,       
 Middlesex School Project, 5.00%, 9/01/33    400  402,684 
Massachusetts State College Building Authority, RB,       
 Series A, 5.50%, 5/01/39    500  524,570 
      927,254 
Total Municipal Bonds in Massachusetts      42,890,083 

See Notes to Financial Statements.

34 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (concluded)

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

  Par   
Municipal Bonds  (000)  Value 
     Puerto Rico — 10.7%     
State — 5.4%     
Commonwealth of Puerto Rico, GO, Refunding, Public     
 Improvement, Series A-4 (AGM), 5.00%, 7/01/31  $ 575  $ 578,312 
Puerto Rico Sales Tax Financing Corp., RB, First     
 Sub-Series A, 5.75%, 8/01/37  1,000  1,030,770 
    1,609,082 
Utilities — 5.3%     
Puerto Rico Electric Power Authority, RB, Series WW,     
 5.50%, 7/01/38  1,000  1,009,920 
Puerto Rico Electric Power Authority, Refunding RB,     
 Series VV (BHAC), 5.25%, 7/01/25  500  561,340 
    1,571,260 
Total Municipal Bonds in Puerto Rico    3,180,342 
Total Municipal Bonds — 154.9%    46,070,425 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (b)     
     Massachusetts — 7.0%     
State — 7.0%     
Massachusetts School Building Authority, RB, Series A     
 (AGM), 5.00%, 8/15/30  2,010  2,092,406 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 7.0%    2,092,406 
Total Long-Term Investments     
(Cost — $47,903,872) — 161.9%    48,162,831 
Short-Term Securities     
     Massachusetts — 1.0%     
Massachusetts Health & Educational Facilities Authority,     
 Refunding RB, VRDN, Partners Healthcare System,     
 Series D-1, 0.10%, 3/01/10  300  300,000 
  Shares   
     Money Market Fund — 2.7%     
CMA Massachusetts Municipal Money Fund,     
 0.00% (d)(e)  804,141  804,141 
Total Short-Term Securities     
(Cost — $1,104,141) — 3.7%    1,104,141 
Total Investments (Cost — $49,008,013*) — 165.6%    49,266,972 
Other Assets Less Liabilities — 1.1%    316,618 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (4.5)%    (1,339,728) 
Preferred Shares, at Redemption Value — (62.2)%    (18,500,768) 
Net Assets Applicable to Common Shares — 100.0%    $ 29,743,094 
* The cost and unrealized appreciation (depreciation) of investments as of 
   February 28, 2010, as computed for federal income tax purposes, were as follows: 
       Aggregate cost    $ 47,645,487 
       Gross unrealized appreciation    $ 1,353,306 
       Gross unrealized depreciation    (1,071,416) 
       Net unrealized appreciation    $ 281,890 

(a) US government securities, held in escrow, are used to pay interest on this security as 
  well as to retire the bond in full at the date indicated, typically at a premium to par. 
(b) Securities represent bonds transferred to a tender option bond trust in exchange for 
  which the Trust acquired residual interest certificates. These securities serve as col- 
  lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
  for details of municipal bonds transferred to tender option bond trusts. 
(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 
  shown is as of report date and maturity shown is the date the principal owed can 
  be recovered through demand.         
(d) Investments in companies considered to be an affiliate of the Trust, for purposes of 
  Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
            Net     
  Affiliate        Activity  Income 
  CMA Massachusetts Municipal Money Fund  $804,141   
(e) Represents the current yield as of report date.     
  For Trust compliance purposes, the Trust’s sector classifications refer to any one 
  or more of the sector sub-classifications used by one or more widely recognized 
  market indexes or ratings group indexes and/or as defined by Trust management. 
  This definition may not apply for purposes of this report, which may combine sector 
  sub-classifications for reporting ease.         
  Fair Value Measurements — Various inputs are used in determining the fair value of 
  investments, which are as follows:         
    Level 1 — price quotations in active markets/exchanges for identical assets 
    and liabilities             
    Level 2 — other observable inputs (including, but not limited to: quoted prices for 
    similar assets or liabilities in markets that are active, quoted prices for identical 
    or similar assets or liabilities in markets that are not active, inputs other than 
    quoted prices that are observable for the assets or liabilities (such as interest 
    rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
    default rates) or other market-corroborated inputs)     
    Level 3 — unobservable inputs based on the best information available in the 
    circumstances, to the extent observable inputs are not available (including the 
    Trust’s own assumptions used in determining the fair value of investments) 
  The inputs or methodologies used for valuing securities are not necessarily an indi- 
  cation of the risk associated with investing in those securities. For information about 
  the Trust’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to Note 1 of the Notes to Financial Statements.   
  The following table summarizes the inputs used as of February 28, 2010 in deter- 
  mining the fair valuation of the Trust’s investments:     
        Investments in Securities     
  Valuation Inputs    Level 1    Level 2  Level 3  Total 
  Assets:             
  Long-Term Investments1      $48,162,831    $48,162,831 
  Short-Term Securities  $ 804,141    300,000    1,104,141 
  Total  $ 804,141  $48,462,831    $49,266,972 
    1 See above Schedule of Investments for values in each state or   
    political subdivision.           

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 35


Statements of Assets and Liabilities     
  BlackRock  BlackRock 
  Maryland  MuniHoldings 
  Municipal  New York 
  Bond Trust  Insured Fund, Inc.  
February 28, 2010 (Unaudited)  (BZM)  (MHN) 
     Assets     
Investments at value — unaffiliated1  $ 46,690,808  $ 743,912,212 
Investments at value — affiliated2  503,095  5,312,463 
Investments sold receivable     
Interest receivable  552,342  8,806,871 
Income receivable — affiliated  32  1,244 
Prepaid expenses  9,604  42,948 
Other assets  6,742  60,889 
Total assets  47,762,623  758,136,627 
     Accrued Liabilities     
Bank overdraft    193 
Income dividends payable — Common Shares  139,442  2,109,467 
Investment advisory fees payable  18,188  267,347 
Officer’s and Trustees’ fees payable  7,882  63,081 
Interest expense and fees payable  448  66,691 
Investments purchased payable     
Other affiliates payable  365  5,895 
Other accrued expenses payable  50,366  66,335 
Total accrued liabilities  216,691  2,579,009 
     Other Liabilities     
Trust certificates3  1,500,000  71,712,600 
Total Liabilities  1,716,691  74,291,609 
     Preferred Shares at Redemption Value     
Preferred shares at liquidation preference, plus unpaid dividends4,5,6  16,000,424  243,637,727 
Net Assets Applicable to Common Shareholders  $ 30,045,508  $ 440,207,291 
     Net Assets Applicable to Common Shareholders Consist of     
Paid-in capital7,8,9  $ 29,089,532  $ 456,812,829 
Undistributed net investment income  500,958  8,861,163 
Accumulated net realized gain (loss)  (107,562)  (30,313,829) 
Net unrealized appreciation/depreciation  562,580  4,847,128 
Net Assets Applicable to Common Shareholders  $ 30,045,508  $ 440,207,291 
Net asset value per Common Share  $ 14.63  $ 14.29 
   1 Investments at cost — unaffiliated  $ 46,128,228  $ 739,065,084 
   2 Investments at cost — affiliated  $ 503,095  $ 5,312,463 
   3 Represents short-term floating rate certificates issued by tender option bond trusts.     
   4 Preferred Shares outstanding:     
           Par value $0.001 per share  640   
               Par value $0.01 per share     
               Par value $0.10 per share    9,745 
   5 Preferred Shares at liquidation preference  $ 25,000  $ 25,000 
   6 Preferred Shares authorized  unlimited  12,520 
   7 Par value per Common Share  $ 0.001  $ 0.10 
   8 Common Shares outstanding  2,053,646  30,795,138 
   9 Common Shares authorized  unlimited  200 million 

See Notes to Financial Statements.

36 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


BlackRock  BlackRock  BlackRock  BlackRock  BlackRock  The 
New Jersey  New York Insured  New York  New York  Virginia  Massachusetts 
Municipal  Municipal  Municipal  Municipal  Municipal  Health & Education 
Bond Trust  Income Trust  Bond Trust  Income Trust II  Bond Trust  Tax-Exempt Trust 
(BLJ)  (BSE)  (BQH)  (BFY)  (BHV)  (MHE) 
$ 50,300,203  $ 140,784,939  $ 64,496,359  $ 114,787,771  $ 36,687,375  $ 48,462,831 
1,859,371  491,381  480,614  1,729,595  97,494  804,141 
        62,000   
629,427  1,516,148  845,373  1,385,976  567,569  619,938 
25  43  26  34  38   
8,207  13,249  8,839  6,271  9,071  1,805 
6,158  4,574  6,419  7,043  4,121   
52,803,391  142,810,334  65,837,630  117,916,690  37,427,668  49,888,715 
476  860         
174,637  424,304  215,939  395,786  125,283  151,192 
19,603  54,320  24,943  44,441  14,251  18,945 
7,295  5,833  7,590  8,319  5,124  88 
395  11,726  1,454  73  799  133 
329,391    345,122  616,422    103,229 
417  459  205  367  300  400 
48,602  49,794  54,075  36,454  38,651  31,271 
580,816  547,296  649,328  1,101,862  184,408  305,258 
419,783  10,408,503  1,509,077  159,940  1,499,291  1,339,595 
1,000,599  10,955,799  2,158,405  1,261,802  1,683,699  1,644,853 
18,776,130  40,576,075  22,126,061  44,476,560  11,675,309  18,500,768 
$ 33,026,662  $ 91,278,460  $ 41,553,164  $ 72,178,328  $ 24,068,660  $ 29,743,094 
$ 32,787,356  $ 91,891,494  $ 39,306,191  $ 70,152,775  $ 22,258,162  $ 29,683,932 
514,115  1,413,850  680,697  1,327,480  444,355  518,964 
(347,101)  (3,391,096)  50,057  (966,445)  69,667  (718,761) 
72,292  1,364,212  1,516,219  1,664,518  1,296,476  258,959 
$ 33,026,662  $ 91,278,460  $ 41,553,164  $ 72,178,328  $ 24,068,660  $ 29,743,094 
$ 14.28  $ 14.09  $ 15.01  $ 14.59  $ 15.37  $ 12.69 
$ 50,227,911  $ 139,420,727  $ 62,980,140  $ 113,123,253  $ 35,390,899  $ 48,203,872 
$ 1,859,371  $ 491,381  $ 480,614  $ 1,729,595  $ 97,494  $ 804,141 
751  1,623  885  1,779  467   
          370 
           
$ 25,000  $ 25,000  $ 25,000  $ 25,000  $ 25,000  $ 50,000 
unlimited  unlimited  unlimited  unlimited  unlimited  unlimited 
$ 0.001  $ 0.001  $ 0.001  $ 0.001  $ 0.001  $ 0.01 
2,313,082  6,477,918  2,768,452  4,947,329  1,566,035  2,344,067 
unlimited  unlimited  unlimited  unlimited  unlimited  unlimited 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 37


Statements of Operations     
  BlackRock  BlackRock 
  Maryland  MuniHoldings 
  Municipal  New York 
  Bond Trust  Insured Fund, Inc. 
Six Months Ended February 28, 2010 (Unaudited)  (BZM)  (MHN) 
     Investment Income     
Interest  $ 1,234,182  $ 18,733,676 
Income — affiliated  765  3,663 
Total income  1,234,947  18,737,339 
     Expenses     
Investment advisory  152,050  2,037,397 
Professional  21,093  32,714 
Commissions for Preferred Shares  9,672  178,458 
Accounting services  9,198  102,982 
Transfer agent  9,092  30,962 
Printing  5,711  50,559 
Custodian  2,492  16,472 
Officer and Trustees  2,337  29,839 
Registration  403  5,116 
Miscellaneous  16,821  60,115 
Total expenses excluding interest expense and fees  228,869  2,544,614 
Interest expense and fees1  3,873  265,654 
Total expenses  232,742  2,810,268 
Less fees waived by advisor  (35,348)  (311,367) 
Less fees paid indirectly     
Total expenses after fees waived and paid indirectly  197,394  2,498,901 
Net investment income  1,037,553  16,238,438 
     Realized and Unrealized Gain (Loss)     
Net realized gain (loss) from:     
Investments  302,291  262,791 
Financial futures contracts  17,063  (17,461) 
  319,354  245,330 
Net change in unrealized appreciation/depreciation on investments  1,197,305  13,881,045 
Total realized and unrealized gain  1,516,659  14,126,375 
     Dividends and Distributions to Preferred Shareholders From     
Net investment income  (31,519)  (483,425) 
Net realized gain     
Total dividends and distributions to Preferred Shareholders  (31,519)  (483,425) 
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations  $ 2,522,693  $ 29,881,388 
   1 Related to tender option bond trusts.     

See Notes to Financial Statements.

38 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


BlackRock  BlackRock  BlackRock  BlackRock  BlackRock  The 
New Jersey  New York Insured  New York  New York  Virginia  Massachusetts 
Municipal  Municipal  Municipal  Municipal  Municipal  Health & Education 
Bond Trust  Income Trust  Bond Trust  Income Trust II  Bond Trust  Tax-Exempt Trust 
(BLJ)  (BSE)  (BQH)  (BFY)  (BHV)  (MHE) 
$ 1,411,734  $ 3,437,052  $ 1,728,847  $ 2,999,148  $ 959,838  $ 1,228,423 
476  357  404  453  253   
1,412,210  3,437,409  1,729,251  2,999,601  960,091  1,228,423 
166,704  386,729  209,734  317,535  120,096  122,529 
20,793  21,784  22,081  21,555  16,436  19,156 
13,285  26,899  14,755  30,841  7,838  13,327 
8,960  13,903  9,221  9,548  2,239  8,910 
9,363  9,304  9,295  10,053  9,436  15,411 
6,187  15,371  7,837  13,510  4,656  4,408 
2,502  5,234  3,285  4,930  2,036  2,883 
2,426  5,466  3,065  5,031  1,869  1,649 
451  4,442  4,481  965  309  444 
18,688  22,368  19,937  22,469  16,006  13,397 
249,359  511,500  303,691  436,437  180,921  202,114 
1,661  43,616  4,361  613  5,156  4,134 
251,020  555,116  308,052  437,050  186,077  206,248 
(40,167)  (47,920)  (49,498)  (30,581)  (27,720)  (42) 
          (788) 
210,853  507,196  258,554  406,469  158,357  205,418 
1,201,357  2,930,213  1,470,697  2,593,132  801,734  1,023,005 
27,733  (9,881)  233,062  191,511  201,938  176,718 
1,991  (3,825)  (1,487)  (4,194)  14,557  1,991 
29,724  (13,706)  231,575  187,317  216,495  178,709 
1,611,473  2,846,351  1,150,544  2,471,063  669,478  979,201 
1,641,197  2,832,645  1,382,119  2,658,380  885,973  1,157,910 
(37,985)  (79,929)  (33,546)  (88,421)  (13,791)  (40,292) 
    (19,827)    (15,111)   
(37,985)  (79,929)  (53,373)  (88,421)  (28,902)  (40,292) 
$ 2,804,569  $ 5,682,929  $ 2,799,443  $ 5,163,091  $ 1,658,805  $ 2,140,623 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 39


Statements of Changes in Net Assets         
   BlackRock Maryland Municipal  BlackRock MuniHoldings New York 
  Bond Trust (BZM)  Insured Fund, Inc. (MHN) 
  Six Months    Six Months   
  Ended  Year  Ended  Year 
  February 28,  Ended  February 28,  Ended 
  2010  August 31,  2010   August 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2009  (Unaudited)  2009 
     Operations         
Net investment income  $ 1,037,553  $ 1,968,397  $ 16,238,438  $ 29,052,201 
Net realized gain (loss)  319,354  (403,175)  245,330  (2,720,308) 
Net change in unrealized appreciation/depreciation  1,197,305  (968,568)  13,881,045  (6,828,468) 
Dividends and distributions to Preferred Shareholders from:         
Net investment income  (31,519)  (267,792)  (483,425)  (4,263,541) 
Net realized gain    (2,362)     
Net increase in net assets applicable to Common Shareholders resulting         
from operations  2,522,693  326,500  29,881,388  15,239,884 
     Dividends and Distributions to Common Shareholders From         
Net investment income  (836,221)  (1,621,017)  (12,656,802)  (20,804,641) 
Net realized gain    (6,564)     
Decrease in net assets resulting from dividends and distributions to Common Shareholders  (836,221)  (1,627,581)  (12,656,802)  (20,804,641) 
     Capital Share Transactions         
Reinvestment of common dividends  49,174  122,854     
     Net Assets Applicable to Common Shareholders         
Total increase (decrease) in net assets applicable to Common Shareholders  1,735,646  (1,178,227)  17,224,586  (5,564,757) 
Beginning of period  28,309,862  29,488,089  422,982,705  428,547,462 
End of period  $ 30,045,508  $ 28,309,862  $440,207,291  $422,982,705 
Undistributed net investment income  $ 500,958  $ 331,145  $ 8,861,163  $ 5,762,952 

See Notes to Financial Statements.

40 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


BlackRock New Jersey  BlackRock New York Insured  BlackRock New York  BlackRock New York 
Municipal Bond Trust (BLJ)  Municipal Income Trust (BSE)  Municipal Bond Trust (BQH)   Municipal Income Trust II (BFY) 
Six Months    Six Months    Six Months    Six Months   
Ended  Year  Ended  Year  Ended  Year  Ended  Year 
February 28,  Ended  February 28,  Ended  February 28,  Ended  February 28,  Ended
2010  August 31,  2010  August 31,  2010  August 31, 2010  August 31, 
(Unaudited)  2009  (Unaudited)  2009  (Unaudited)  2009  (Unaudited)  2009 
$ 1,201,357  $ 2,409,259  $ 2,930,213  $ 5,705,372  $ 1,470,697  $ 2,981,458  $ 2,593,132  $ 5,217,311 
29,724  (102,603)  (13,706)  (2,546,471)  231,575  164,258  187,317  (95,748) 
1,611,473  (1,440,583)  2,846,351  (34,905)  1,150,544  (841,495)  2,471,063  (1,684,868) 
(37,985)  (322,491)  (79,929)  (700,402)  (33,546)  (371,954)  (88,421)  (757,706) 
        (19,827)  (3,799)     
2,804,569  543,582  5,682,929  2,423,594  2,799,443  1,928,468  5,163,091  2,678,989 
(1,070,298)  (1,984,969)  (2,545,822)  (4,652,443)  (1,296,022)  (2,335,251)  (2,373,718)  (3,927,976) 
        (257,521)  (10,873)     
(1,070,298)  (1,984,969)  (2,545,822)  (4,652,443)  (1,553,543)  (2,346,124)  (2,373,718)  (3,927,976) 
52,925  97,042    39,052  103,059  18,922  73,682  20,276 
1,787,196  (1,344,345)  3,137,107  (2,189,797)  1,348,959  (398,734)  2,863,055  (1,228,711) 
31,239,466  32,583,811  88,141,353  90,331,150  40,204,205  40,602,939  69,315,273  70,543,984 
$ 33,026,662  $ 31,239,466  $ 91,278,460  $ 88,141,353  $ 41,553,164  $ 40,204,205  $ 72,178,328  $ 69,315,273 
$ 514,115  $ 421,041  $ 1,413,850  $ 1,109,388  $ 680,697  $ 539,568  $ 1,327,480  $ 1,196,487 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 41


Statements of Changes in Net Assets (concluded)       
  BlackRock Virginia  The Massachusetts Health & 
  Municipal Bond Trust (BHV)  Education Tax-Exempt Trust (MHE) 
  Six Months    Six Months   
  Ended  Year  Ended  Year 
  February 28,  Ended  February 28,  Ended 
  2010  August 31,  2010  August 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2009  (Unaudited)  2009 
     Operations         
Net investment income  $ 801,734  $ 1,582,866  $ 1,023,005  $ 1,937,630 
Net realized gain (loss)  216,495  300,733  178,709  (594,998) 
Net change in unrealized appreciation/depreciation  669,478  3,780  979,201  (398,553) 
Dividends and distributions to Preferred Shareholders from:         
Net investment income  (13,791)  (153,097)  (40,292)  (315,726) 
Net realized gain  (15,111)  (84,115)     
Net increase in net assets applicable to Common Shareholders resulting         
from operations  1,658,805  1,650,167  2,140,623  628,353 
     Dividends and Distributions to Common Shareholders From         
Net investment income  (751,450)  (1,388,620)  (972,569)  (1,469,268) 
Net realized gain  (415,819)  (247,310)     
Decrease in net assets resulting from dividends and distributions to Common Shareholders  (1,167,269)  (1,635,930)  (972,569)  (1,469,268) 
     Capital Share Transactions         
Reinvestment of common dividends  94,027  121,937     
     Net Assets Applicable to Common Shareholders         
Total increase (decrease) in net assets applicable to Common Shareholders  585,563  136,174  1,168,054  (840,915) 
Beginning of period  23,483,097  23,346,923  28,575,040  29,415,955 
End of period  $ 24,068,660  $ 23,483,097  $ 29,743,094  $ 28,575,040 
Undistributed net investment income  $ 444,355  $ 407,862  $ 518,964  $ 508,820 

See Notes to Financial Statements.

42 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Financial Highlights      BlackRock Maryland Municipal Bond Trust (BZM) 
  Six Months             
  Ended             
  February 28,             
  2010    Year Ended August 31,     
  (Unaudited)  2009  2008  2007    2006  2005 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 13.81  $ 14.45  $ 14.91  $ 15.98  $ 16.11  $ 15.24 
Net investment income  0.511  0.961  1.071  1.08    1.07  1.07 
Net realized and unrealized gain (loss)  0.74  (0.68)  (0.36)  (0.99)    (0.08)  0.83 
Dividends and distributions to Preferred Shareholders from:               
   Net investment income  (0.02)  (0.13)  (0.28)  (0.31)    (0.26)  (0.17) 
   Net realized gain               (0.00)2  (0.01)             (0.00)2       
Net increase (decrease) from investment operations  1.23  0.15  0.42  (0.22)    0.73  1.73 
Dividends and distributions to Common Shareholders from:               
   Net investment income  (0.41)  (0.79)  (0.87)  (0.85)    (0.86)  (0.86) 
   Net realized gain               (0.00)2  (0.01)             (0.00)2       
Total dividends and distributions to Common Shareholders  (0.41)  (0.79)  (0.88)  (0.85)    (0.86)  (0.86) 
Net asset value, end of period  $ 14.63  $ 13.81  $ 14.45  $ 14.91  $ 15.98  $ 16.11 
Market price, end of period  $ 14.64  $ 15.35  $ 15.75  $ 17.43  $ 17.45  $ 15.96 
     Total Investment Return3               
Based on net asset value  8.90%4  1.52%  2.60%  (1.85)%    4.57%  11.73% 
Based on market price  (1.96)%4  3.53%  (4.33)%  5.08%    15.26%  12.53% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5  1.58%7  1.83%  1.70%  1.54%    1.64%  1.60% 
Total expenses after fees waived and before fees paid indirectly5  1.34%7  1.50%  1.32%  1.10%    1.17%  1.13% 
Total expenses after fees waived and paid indirectly5  1.34%7  1.50%  1.32%  1.07%    1.11%  1.11% 
Total expenses after fees waived and paid indirectly               
   and excluding interest expense and fees5,6  1.32%7  1.39%  1.28%  1.07%    1.11%  1.11% 
Net investment income5  7.05%7  7.62%  7.19%  6.87%    6.76%  6.82% 
Dividends paid to Preferred Shareholders  0.21%7  1.04%  1.89%  1.94%    1.66%  1.05% 
Net investment income to Common Shareholders  6.84%7  6.58%  5.30%  4.93%    5.10%  5.77% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 30,046  $ 28,310  $ 29,488  $ 30,302  $ 32,354  $ 32,492 
Preferred Shares outstanding at $25,000               
liquidation preference, end of period (000)  $ 16,000  $ 16,000  $ 16,000  $ 18,000  $ 18,000  $ 18,000 
Portfolio turnover  9%  9%  15%  7%      4% 
Asset coverage per Preferred Share at $25,000               
liquidation preference, end of period  $ 71,947  $ 69,235  $ 71,083  $ 67,089  $ 69,950  $ 70,138 
   1 Based on average shares outstanding.               
   2 Amount is less than $(0.01) per share.               
   3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, 
      total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   4 Aggregate total investment return.               
   5 Do not reflect the effect of dividends to Preferred Shareholders.               
   6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. 
   7 Annualized.               

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 43


Financial Highlights    BlackRock MuniHoldings New York Insured Fund, Inc. (MHN) 
  Six Months             
  Ended             
  February 28,             
  2010    Year Ended August 31,     
  (Unaudited)  2009  2008  2007    2006  2005 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 13.74  $ 13.92  $ 14.40  $ 14.96  $ 15.54  $ 15.41 
Net investment income1  0.53  0.94  0.98  1.00    1.03  1.04 
Net realized and unrealized gain (loss)  0.45  (0.30)  (0.48)  (0.52)    (0.48)  0.21 
Dividends to Preferred Shareholders from net investment income  (0.02)  (0.14)  (0.32)  (0.34)    (0.29)  (0.17) 
Net increase from investment operations  0.96  0.50  0.18  0.14    0.26  1.08 
Dividends to Common Shareholders from net investment income  (0.41)  (0.68)  (0.66)  (0.70)    (0.84)  (0.95) 
Net asset value, end of period  $ 14.29  $ 13.74  $ 13.92  $ 14.40  $ 14.96  $ 15.54 
Market price, end of period  $ 13.73  $ 12.89  $ 12.12  $ 13.53  $ 14.62  $ 15.28 
     Total Investment Return2               
Based on net asset value  7.20%3  5.19%  1.74%  1.12%    1.98%  7.63% 
Based on market price  9.79%3  13.34%  (5.72)%  (2.78)%    1.36%  15.66% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4  1.30%6  1.55%  1.65%  1.79%    1.73%  1.59% 
Total expenses after fees waived4  1.15%6  1.35%  1.52%  1.71%    1.65%  1.52% 
Total expenses after fees waived and excluding interest expense and fees4,5  1.03%6  1.05%  1.15%  1.15%    1.15%  1.14% 
Net investment income4  7.49%6  7.45%  6.90%  6.65%    6.94%  6.71% 
Dividends paid to Preferred Shareholders  0.22%6  1.09%  2.24%  2.29%    1.93%  1.09% 
Net investment income to Common Shareholders  7.27%6  6.36%  4.66%  4.36%    5.01%  5.62% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 440,207  $ 422,983  $ 428,547  $ 443,296  $ 460,638  $ 478,413 
Preferred Shares outstanding at $25,000               
liquidation preference, end of period (000)  $ 243,625  $ 243,625  $ 252,875  $ 313,000  $ 313,000  $ 313,000 
Portfolio turnover  11%  18%  21%  24%    47%  33% 
Asset coverage per Preferred Share at $25,000               
liquidation preference, end of period  $ 70,174  $ 67,379  $ 67,379  $ 60,4227  $ 61,7997  $ 63,2147 
   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. Where applicable, 
      total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   3 Aggregate total investment return.               
   4 Do not reflect the effect of dividends to Preferred Shareholders.               
   5 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. 
   6 Annualized.               
   7 Amounts have been recalculated to conform with current year presentation.               

See Notes to Financial Statements.

44 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Financial Highlights      BlackRock New Jersey Municipal Bond Trust (BLJ) 
  Six Months             
  Ended             
  February 28,             
  2010    Year Ended August 31,     
  (Unaudited)  2009  2008  2007    2006  2005 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 13.53  $ 14.16  $ 15.38  $ 16.33  $ 16.26  $ 14.71 
Net investment income  0.521  1.051  1.141  1.15    1.16  1.16 
Net realized and unrealized gain (loss)  0.71  (0.68)  (1.11)  (0.87)    0.18  1.48 
Dividends and distributions to Preferred Shareholders from:               
   Net investment income  (0.02)  (0.14)  (0.29)  (0.29)    (0.24)  (0.15) 
   Net realized gain      (0.00)2      (0.02)   
Net increase (decrease) from investment operations  1.21  0.23  (0.26)  (0.01)    1.08  2.49 
Dividends and distributions to Common Shareholders from:               
   Net investment income  (0.46)  (0.86)  (0.95)  (0.94)    (0.95)  (0.94) 
   Net realized gain      (0.01)      (0.06)   
Total dividends and distributions to Common Shareholders  (0.46)  (0.86)  (0.96)  (0.94)    (1.01)  (0.94) 
Net asset value, end of period  $ 14.28  $ 13.53  $ 14.16  $ 15.38  $ 16.33  $ 16.26 
Market price, end of period  $ 14.32  $ 13.59  $ 14.76  $ 16.90  $ 18.30  $ 15.98 
     Total Investment Return3               
Based on net asset value  9.04%4  2.50%  (2.12)%  (0.61)%    6.77%  17.60% 
Based on market price  8.86%4  (1.23)%  (7.15)%  (2.54)%    21.74%  22.22% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5  1.56%7  1.72%  1.67%  1.47%    1.59%  1.57% 
Total expenses after fees waived and before fees paid indirectly5  1.31%7  1.36%  1.28%  1.03%    1.11%  1.10% 
Total expenses after fees waived and paid indirectly5  1.31%7  1.36%  1.28%  1.00%    1.06%  1.08% 
Total expenses after fees waived and paid indirectly               
   and excluding interest expense and fees5,6  1.30%7  1.34%  1.26%  1.00%    1.06%  1.08% 
Net investment income5  7.45%7  8.55%  7.64%  7.11%    7.24%  7.44% 
Dividends paid to Preferred Shareholders  0.24%7  1.14%  1.97%  1.79%    1.50%  0.98% 
Net investment income to Common Shareholders  7.21%7  7.41%  5.67%  5.32%    5.74%  6.46% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 33,027  $ 31,239  $ 32,584  $ 35,246  $ 37,263  $ 36,928 
Preferred Shares outstanding at $25,000               
   liquidation preference, end of period (000)  $ 18,775  $ 18,775  $ 19,200  $ 20,225  $ 20,225  $ 20,225 
Portfolio turnover  4%  28%  17%  35%      12% 
Asset coverage per Preferred Share at $25,000               
   liquidation preference, end of period  $ 68,978  $ 66,600  $ 67,439  $ 68,578  $ 71,067  $ 70,649 
   1 Based on average shares outstanding.               
   2 Amount is less than $(0.01) per share.               
   3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, 
      total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   4 Aggregate total investment return.               
   5 Do not reflect the effect of dividends to Preferred Shareholders.               
   6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. 
   7 Annualized.               

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 45


Financial Highlights    BlackRock New York Insured Municipal Income Trust (BSE) 
  Six Months             
  Ended             
  February 28,             
  2010    Year Ended August 31,     
  (Unaudited)  2009  2008  2007    2006  2005 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 13.61  $ 13.95  $ 14.58  $ 15.34  $ 15.30  $ 14.18 
Net investment income  0.451  0.881  0.961  0.99    1.00  1.00 
Net realized and unrealized gain (loss)  0.43  (0.39)  (0.60)  (0.72)    (0.01)  1.16 
Dividends and distributions to Preferred Shareholders from:               
   Net investment income  (0.01)  (0.11)  (0.25)  (0.26)    (0.24)  (0.14) 
   Net realized gain      (0.01)  (0.02)       
Net increase (decrease) from investment operations  0.87  0.38  0.10  (0.01)    0.75  2.02 
Dividends and distributions to Common Shareholders from:               
   Net investment income  (0.39)  (0.72)  (0.70)  (0.70)    (0.71)  (0.90) 
   Net realized gain      (0.03)  (0.05)       
Total dividends and distributions to Common Shareholders  (0.39)  (0.72)  (0.73)  (0.75)    (0.71)  (0.90) 
Net asset value, end of period  $ 14.09  $ 13.61  $ 13.95  $ 14.58  $ 15.34  $ 15.30 
Market price, end of period  $ 13.79  $ 13.15  $ 13.26  $ 14.12  $ 14.70  $ 15.35 
     Total Investment Return2               
Based on net asset value  6.54%3  3.98%  0.80%  (0.06)%    5.46%  14.72% 
Based on market price  7.91%3  5.70%  (1.07)%  1.01%    0.73%  15.92% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4  1.23%6  1.53%  1.34%  1.21%    1.25%  1.25% 
Total expenses after fees waived and before fees paid indirectly4  1.13%6  1.33%  1.09%  0.90%    0.92%  0.93% 
Total expenses after fees waived and paid indirectly4  1.13%6  1.33%  1.09%  0.89%    0.90%  0.92% 
Total expenses after fees waived and paid indirectly               
   and excluding interest expense and fees4,5  1.03%6  1.05%  0.99%  0.89%    0.90%  0.92% 
Net investment income4  6.51%6  7.16%  6.59%  6.53%    6.63%  6.77% 
Dividends paid to Preferred Shareholders  0.18%6  0.88%  1.74%  1.69%    1.58%  0.96% 
Net investment income to Common Shareholders  6.33%6  6.28%  4.85%  4.84%    5.05%  5.81% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 91,278  $ 88,141  $ 90,331  $ 94,314  $ 99,255  $ 98,853 
Preferred Shares outstanding at $25,000               
   liquidation preference, end of period (000)  $ 40,575  $ 40,575  $ 41,675  $ 56,000  $ 56,000  $ 56,000 
Portfolio turnover  6%  23%  24%  30%    9%  21% 
Asset coverage per Preferred Share at $25,000               
   liquidation preference, end of period  $ 81,241  $ 79,309  $ 79,196  $ 67,107  $ 69,324  $ 69,138 
   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. Where applicable, 
      total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   3 Aggregate total investment return.               
   4 Do not reflect the effect of dividends to Preferred Shareholders.               
   5 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. 
   6 Annualized.               

See Notes to Financial Statements.

46 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Financial Highlights      BlackRock New York Municipal Bond Trust (BQH) 
  Six Months             
  Ended             
  February 28,             
  2010    Year Ended August 31,     
  (Unaudited)  2009  2008  2007    2006  2005 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 14.56  $ 14.71  $ 15.39  $ 16.02  $ 16.09  $ 15.09 
Net investment income  0.531  1.081  1.141  1.14    1.13  1.13 
Net realized and unrealized gain (loss)  0.50  (0.24)  (0.57)  (0.56)    (0.02)  0.95 
Dividends and distributions to Preferred Shareholders from:               
   Net investment income  (0.01)  (0.14)  (0.29)  (0.29)    (0.25)  (0.15) 
   Net realized gain  (0.01)             (0.00)2  (0.01)         
Net increase from investment operations  1.01  0.70  0.27  0.29    0.86  1.93 
Dividends and distributions to Common Shareholders from:               
   Net investment income  (0.47)  (0.85)  (0.93)  (0.92)    (0.93)  (0.93) 
   Net realized gain  (0.09)             (0.00)2  (0.02)         
Total dividends and distributions to Common Shareholders  (0.56)  (0.85)  (0.95)  (0.92)    (0.93)  (0.93) 
Net asset value, end of period  $ 15.01  $ 14.56  $ 14.71  $ 15.39  $ 16.02  $ 16.09 
Market price, end of period  $ 14.75  $ 14.32  $ 14.62  $ 16.32  $ 16.81  $ 15.85 
     Total Investment Return3               
Based on net asset value  7.03%4  5.97%  1.62%  1.52%    5.51%  13.56% 
Based on market price  6.94%4  4.87%  (4.76)%  2.60%    12.39%  20.83% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5  1.50%7  1.61%  1.63%  1.47%    1.56%  1.56% 
Total expenses after fees waived and before fees paid indirectly5  1.26%7  1.30%  1.25%  1.02%    1.09%  1.08% 
Total expenses after fees waived and paid indirectly5  1.26%7  1.30%  1.25%  1.00%    1.06%  1.06% 
Total expenses after fees waived and paid indirectly               
   and excluding interest expense and fees5,6  1.24%7  1.25%  1.23%  1.00%    1.06%  1.06% 
Net investment income5  7.16%7  8.06%  7.45%  7.16%    7.16%  7.20% 
Dividends paid to Preferred Shareholders  0.16%7  1.01%  1.90%  1.81%    1.60%  0.97% 
Net investment income to Common Shareholders  7.00%7  7.05%  5.55%  5.35%    5.56%  6.23% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 41,553  $ 40,204  $ 40,603  $ 42,160  $ 43,541  $ 43,460 
Preferred Shares outstanding at $25,000               
   liquidation preference, end of period (000)  $ 22,125  $ 22,125  $ 22,400  $ 24,200  $ 24,200  $ 24,200 
Portfolio turnover  13%  30%  19%  23%    12%  3% 
Asset coverage per Preferred Share at $25,000               
   liquidation preference, end of period  $ 71,954  $ 70,431  $ 70,327  $ 68,560  $ 69,985  $ 69,899 
   1 Based on average shares outstanding.               
   2 Amount is less than $(0.01) per share.               
   3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, 
      total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   4 Aggregate total investment return.               
   5 Do not reflect the effect of dividends to Preferred Shareholders.               
   6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. 
   7 Annualized.               

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 47


Financial Highlights      BlackRock New York Municipal Income Trust II (BFY) 
  Six Months             
  Ended             
  February 28,             
  2010    Year Ended August 31,     
  (Unaudited)  2009  2008  2007    2006  2005 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 14.03  $ 14.28  $ 14.84  $ 15.47  $ 15.23  $ 14.16 
Net investment income  0.521  1.061  1.081  1.07    1.06  1.04 
Net realized and unrealized gain (loss)  0.54  (0.36)  (0.55)  (0.67)    0.14  1.07 
Dividends and distributions to Preferred Shareholders from:               
   Net investment income  (0.02)  (0.15)  (0.29)  (0.30)    (0.25)  (0.15) 
   Net realized gain      (0.01)         
Net increase from investment operations  1.04  0.55  0.23  0.10    0.95  1.96 
Dividends and distributions to Common Shareholders from:               
   Net investment income  (0.48)  (0.80)  (0.77)  (0.73)    (0.71)  (0.89) 
   Net realized gain      (0.02)         
Total dividends and distributions to Common Shareholders  (0.48)  (0.80)  (0.79)  (0.73)    (0.71)  (0.89) 
Net asset value, end of period  $ 14.59  $ 14.03  $ 14.28  $ 14.84  $ 15.47  $ 15.23 
Market price, end of period  $ 14.45  $ 14.00  $ 13.60  $ 14.22  $ 14.38  $ 14.02 
     Total Investment Return2               
Based on net asset value  7.49%3  5.23%  1.70%  0.69%    6.93%  14.46% 
Based on market price  6.69%3  10.26%  1.08%  3.80%    7.97%  8.91% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4  1.23%6  1.33%  1.30%  1.25%    1.29%  1.30% 
Total expenses after fees waived and before fees paid indirectly4  1.14%6  1.16%  1.13%  1.01%    1.05%  1.05% 
Total expenses after fees waived and paid indirectly4  1.14%6  1.16%  1.13%  1.00%    1.02%  1.04% 
Total expenses after fees waived and paid indirectly               
   and excluding interest expense and fees4,5  1.14%6  1.16%  1.13%  1.00%    1.02%  1.04% 
Net investment income4  7.28%6  8.17%  7.33%  6.92%    6.96%  7.04% 
Dividends paid to Preferred Shareholders  0.25%6  1.19%  1.94%  1.94%    1.66%  0.99% 
Net investment income to Common Shareholders  7.03%6  6.98%  5.39%  4.98%    5.30%  6.05% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 72,178  $ 69,315  $ 70,544  $ 73,302  $ 76,393  $ 75,193 
Preferred Shares outstanding at $25,000               
   liquidation preference, end of period (000)  $ 44,475  $ 44,475  $ 44,650  $ 44,650  $ 44,650  $ 44,650 
Portfolio turnover  11%  16%  12%  27%    22%  27% 
Asset coverage per Preferred Share at $25,000               
   liquidation preference, end of period  $ 65,573  $ 63,965  $ 64,508  $ 66,048  $ 67,775  $ 67,113 
   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. Where applicable, 
      total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   3 Aggregate total investment return.               
   4 Do not reflect the effect of dividends to Preferred Shareholders.               
   5 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. 
   6 Annualized.               

See Notes to Financial Statements.

48 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Financial Highlights      BlackRock Virginia Municipal Bond Trust (BHV) 
  Six Months             
  Ended             
  February 28,             
  2010    Year Ended August 31,     
  (Unaudited)  2009  2008  2007    2006  2005 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 15.05  $ 15.03  $ 15.57  $ 16.35  $ 16.34  $ 15.47 
Net investment income  0.511  1.021  1.111  1.11    1.10  1.10 
Net realized and unrealized gain (loss)  0.58  0.20  (0.45)  (0.68)    0.04  0.80 
Dividends and distributions to Preferred Shareholders from:               
   Net investment income  (0.01)  (0.10)  (0.30)  (0.27)    (0.26)  (0.16) 
   Net realized gain  (0.01)  (0.05)    (0.02)       
Net increase from investment operations  1.07  1.07  0.36  0.14    0.88  1.74 
Dividends and distributions to Common Shareholders from:               
   Net investment income  (0.48)  (0.89)  (0.90)  (0.87)    (0.87)  (0.87) 
   Net realized gain  (0.27)  (0.16)    (0.05)       
Total dividends and distributions to Common Shareholders  (0.75)  (1.05)  (0.90)  (0.92)    (0.87)  (0.87) 
Net asset value, end of period  $ 15.37  $ 15.05  $ 15.03  $ 15.57  $ 16.35  $ 16.34 
Market price, end of period  $ 19.20  $ 17.50  $ 19.50  $ 17.85  $ 18.45  $ 17.30 
     Total Investment Return2               
Based on net asset value  6.64%3  6.94%  1.59%  0.21%    5.30%  11.52% 
Based on market price  14.56%3  (4.16)%  14.97%  1.80%    12.23%  19.07% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4  1.56%6  1.75%  1.70%  1.58%    1.68%  1.67% 
Total expenses after fees waived and before fees paid indirectly4  1.33%6  1.45%  1.34%  1.14%    1.22%  1.20% 
Total expenses after fees waived and paid indirectly4  1.33%6  1.45%  1.34%  1.09%    1.15%  1.18% 
Total expenses after fees waived and paid indirectly               
   and excluding interest expense and fees4,5  1.28%6  1.37%  1.31%  1.09%    1.15%  1.18% 
Net investment income4  6.71%6  7.43%  7.14%  6.85%    6.83%  6.90% 
Dividends paid to Preferred Shareholders  0.24%6  0.72%  1.90%  1.69%    1.60%  1.00% 
Net investment income to Common Shareholders  6.47%6  6.71%  5.24%  5.16%    5.23%  5.90% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 24,069  $ 23,483  $ 23,347  $ 24,053  $ 25,097  $ 24,966 
Preferred Shares outstanding at $25,000 liquidation preference,               
   end of period (000)  $ 11,675  $ 11,675  $ 12,175  $ 13,525  $ 13,525  $ 13,525 
Portfolio turnover  19%  32%  11%  12%    5%  5% 
Asset coverage per Preferred Share at $25,000 liquidation preference,               
   end of period  $ 76,540  $ 75,286  $ 72,948  $ 69,463  $ 71,404  $ 71,158 
   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. Where applicable, 
     total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   3 Aggregate total investment return.               
   4 Do not reflect the effect of dividends to Preferred Shareholders.               
   5 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. 
   6 Annualized.               

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 49


Financial Highlights          The Massachusetts Health & Education Tax-Exempt Trust (MHE) 
    Six Months      Period           
    Ended      January 1,           
    February 28,  Year Ended  2008 to           
    2010    August 31,  August 31,    Year Ended December 31,   
    (Unaudited)    2009  2008  2007           2006     2005  20041 
     Per Share Operating Performance                     
Net asset value, beginning of period  $ 12.19  $ 12.55  $ 13.10  $ 13.90  $ 13.59  $ 13.74  $ 13.91 
Net investment income2    0.44    0.83  0.59  0.92  0.90    0.83  0.82 
Net realized and unrealized gain (loss)    0.49    (0.43)  (0.58)  (0.82)  0.47    0.15  0.08 
Dividends and distributions to Preferred Shareholders from:                     
   Net investment income    (0.02)    (0.13)  (0.17)  (0.31)  (0.25)    (0.11)  (0.03) 
   Net realized gain              (0.03)    (0.01)  (0.01) 
Net increase (decrease) from investment operations    0.91    0.27  (0.16)  (0.21)  1.09    0.86  0.86 
Dividends and distributions to Common Shareholders from:                     
   Net investment income    (0.41)    (0.63)  (0.39)  (0.59)  (0.68)    (0.78)  (0.87) 
   Net realized gain            (0.00)3  (0.10)    (0.13)  (0.16) 
Total dividends and distributions to Common Shareholders    (0.41)    (0.63)  (0.39)  (0.59)  (0.78)    (0.91)  (1.03) 
Capital charges with respect to issuance of Preferred Shares                  (0.10)   
Net asset value, end of period  $ 12.69  $ 12.19  $ 12.55  $ 13.10  $ 13.90  $ 13.59  $ 13.74 
Market price, end of period  $ 12.77  $ 12.00  $ 11.22  $ 11.95  $ 13.10  $ 13.60  $ 16.24 
     Total Investment Return4                     
Based on net asset value    7.66%5    3.29%  (1.01)%5  (1.23)%  8.30%    5.46%  6.08% 
Based on market price    10.05%5    13.73%  (2.99)%5  (4.40)%  1.99%    (10.71)%  14.29% 
     Ratios to Average Net Assets Applicable to Common Shareholders                 
Total expenses6    1.41%7    1.54%  1.77%7  1.47%  1.64%    1.30%  1.45% 
Total expenses after fees waived and paid indirectly6    1.40%7    1.54%  1.77%7  1.47%  1.64%    1.30%  1.45% 
Total expenses after fees waived and paid indirectly                     
   and excluding interest expense and fees6,8    1.37%7    1.45%  1.73%7  1.47%  1.64%    1.30%  1.45% 
Net investment income6    6.97%7    7.50%  6.82%7  6.78%  6.61%    6.00%  5.97% 
Dividends paid to Preferred Shareholders    0.27%7    1.22%  2.03%7  2.27%  2.07%    0.76%  0.24% 
Net investment income Common Shareholders    6.70%7    6.28%  4.79%7  4.51%  4.54%    5.24%  5.73% 
     Supplemental Data                     
Net assets applicable to Common Shareholders,                     
   end of period (000)  $ 29,743  $ 28,575  $ 29,416  $ 30,717  $ 32,581  $ 31,792  $ 32,076 
Preferred Shares outstanding at $50,000                     
   liquidation preference, end of period (000)  $ 18,500  $ 18,500  $ 18,500  $ 20,000  $ 20,000  $ 20,000  $ 10,000 
Portfolio turnover    5%    12%  5%  18%  9%    16%  21% 
Asset coverage per Preferred Share at $50,000                     
   liquidation preference, end of period  $ 130,389  $ 127,234  $ 129,523  $ 126,8359  $ 131,4849    $  129,5069  $ 210,3789 
   1 On September 1, 2004, Fund Asset Management, L.P. became the investment advisor, which combined with BlackRock, Inc. on September 26, 2006.   
   2 Based on average shares outstanding.                     
   3 Amount is less than $(0.01) per share.                     
   4 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, 
      total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   5 Aggregate total investment return.                     
   6 Do not reflect the effect of dividends to Preferred Shareholders.                   
   7 Annualized.                     
   8 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. 
   9 Amounts have been recalculated to conform with current period presentation.                 

See Notes to Financial Statements.

50 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

BlackRock MuniHoldings New York Insured Fund, Inc. (“MHN”), BlackRock
New York Insured Municipal Income Trust (“BSE”) (collectively the “Insured
Trusts”), BlackRock Maryland Municipal Bond Trust (“BZM”), BlackRock
New Jersey Municipal Bond Trust (“BLJ”), BlackRock New York Municipal
Bond Trust (“BQH”), BlackRock Virginia Municipal Bond Trust (“BHV”)
(collectively the “Bond Trusts”), BlackRock New York Municipal Income
Trust II (“BFY”) (the “Income II Trust”), and The Massachusetts Health &
Education Tax-Exempt Trust (“MHE”) (all, collectively the “Trusts” or
individually as the “Trust”) are registered under the Investment Company
Act of 1940, as amended (the “1940 Act”), as non-diversified, closed-end
management investment companies. All Trusts are organized as Delaware
statutory trusts except MHN and MHE, which are organized as a Maryland
corporation and a Massachusetts business trust, respectively. The Trusts’
financial statements are prepared in conformity with accounting principles
generally accepted in the United States of America, which may require the
use of management accruals and estimates. Actual results may differ from
these estimates. The Board of Directors and the Boards of Trustees of the
Trusts are referred to throughout this report as the “Board of Trustees” or
the “Board.” Each Trust determines, and makes available for publication
the net asset value of its Common Shares on a daily basis.

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

Valuation: The Trusts’ policy is to fair value their financial instruments at
market value. 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 supervi-
sion of each Trust’s Board. In determining the value of a particular
investment, pricing services may use certain information with respect to
transactions in such investments, quotations from dealers, pricing matrixes,
market transactions in comparable investments and information with
respect to various relationships between investments. Financial futures
contracts traded on exchanges are valued at their last sale price. Short-
term securities with remaining maturities of 60 days or less may be valued
at amortized cost, which approximates fair value. Investments in open-end
investment companies are valued at net asset value each business day.

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

Forward Commitments and When-Issued Delayed Delivery Securities: Each
Trust may purchase securities on a when-issued basis and may purchase
or sell securities on a forward commitment basis. Settlement of such trans-
actions normally occurs within a month or more after the purchase or sale

commitment is made. The Trusts may purchase securities under such condi-
tions 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. When purchasing a security on a delayed
delivery basis, the Trusts assume the rights and risks of ownership of the
security, including the risk of price and yield fluctuations. In the event of
default by the counterparty, the Trusts’ maximum amount of loss is the
unrealized gain of the commitment, which is shown on the Schedules of
Investments, if any.

Municipal Bonds Transferred to Tender Option Bond Trusts: The Trusts
leverage their assets through the use of tender option bond trusts (“TOBs”).
A TOB is established by a third party sponsor forming a special purpose
entity, into which one or more funds, or an agent on behalf of the funds,
transfers municipal bonds. Other funds managed by the investment advisor
may also contribute municipal bonds to a TOB into which a Trust has con-
tributed bonds. A TOB typically issues two classes of beneficial interests:
short-term floating rate certificates, which are sold to third party investors,
and residual certificates (“TOB Residuals”), which are generally issued to
the participating funds that made the transfer. The TOB Residuals held by
a Trust include the right of the Trust (1) to cause the holders of a propor-
tional share of the floating rate certificates to tender their certificates at
par, and (2) to transfer, within seven days, a corresponding share of the
municipal bonds from the TOB to the Trusts. The TOB may also be termi-
nated without the consent of the Trust upon the occurrence of certain
events as defined in the TOB agreements. Such termination events may
include the bankruptcy or default of the municipal bond, a substantial
downgrade in credit quality of the municipal bond, the inability of the TOB
to obtain quarterly or annual renewal of the liquidity support agreement,
a substantial decline in market value of the municipal bond or the inability
to remarket the short-term floating rate certificates to third party investors.

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

Interest income from the underlying security is recorded by the Trusts
on an accrual basis. Interest expense incurred on the secured borrowing
and other expenses related to remarketing, administration and trustee
services to a TOB are reported as expenses of the Trusts. The floating rate
certificates have interest rates that generally reset weekly and their holders
have the option to tender certificates to the TOB for redemption at par at
each reset date. At February 28, 2010, the aggregate value of the underly-
ing municipal bonds transferred to TOBs, the related liability for trust
certificates and the range of interest rates on the liability for trust
certificates were as follows:

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 51


Notes to Financial Statements (continued)

Underlying
  Municipal Bonds  Liability  Range of 
  Transferred     for Trust  Interest 
  to TOBs      Certificates  Rates 
BZM  $ 3,145,800  $ 1,500,000  0.19% 
MHN  $140,416,647  $71,712,600  0.22% – 0.59% 
BLJ  $ 639,359  $ 419,783  0.29% 
BSE  $ 17,825,415  $10,408,503  0.22% – 0.59% 
BQH  $ 2,940,190  $ 1,509,077  0.22% – 0.26% 
BFY  $ 268,449  $ 159,940  0.22% 
BHV  $ 3,148,951  $ 1,499,291  0.19% – 0.22% 
MHE  $ 2,092,406  $ 1,339,595  0.26% 

For the six months ended February 28, 2010, the Trusts’ average trust
certificates outstanding and the daily weighted average interest rate,
including fees, were as follows:

  Average Trust  Daily Weighted 
  Certificates  Average 
  Outstanding  Interest Rate 
BZM  $ 1,500,000  0.52% 
MHN  $66,405,044  0.81% 
BLJ  $ 419,783  0.80% 
BSE  $10,408,503  0.85% 
BQH  $ 1,516,156  0.58% 
BFY  $ 159,940  0.77% 
BHV  $ 1,499,291  0.69% 
MHE  $ 1,339,595  0.62% 

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

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

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

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the trans-
actions are entered into (the trade dates). Realized gains and losses
on investment transactions are determined on the identified cost basis.
Dividend income is recorded on the ex-dividend dates. Interest income is
recognized on the accrual method. Each Trust amortizes all premiums and
discounts on debt securities.

Dividends and Distributions: Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded
on the ex-dividend dates. Dividends and distributions to Preferred
Shareholders are accrued and determined as described in Note 6.

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

Each Trust files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Trusts’ US federal tax returns remains open for each of the four
years ended August 31, 2009 (two years ended December 31, 2007 and
the period ended August 31, 2008 and year ended August 31, 2009 for
MHE). The statutes of limitations on the Trusts’ state and local tax returns
may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was
issued by the Financial Accounting Standards Board (“FASB”) for transfers
of financial assets. This guidance is intended to improve the relevance,
representational faithfulness and comparability of the information that a
reporting entity provides in its financial statements about a transfer of
financial assets; the effects of a transfer on its financial position, financial
performance, and cash flows; and a transferor’s continuing involvement, if
any, in transferred financial assets. The amended guidance is effective for
financial statements for fiscal years and interim periods beginning after
November 15, 2009. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers
occurring on or after the effective date. Additionally, the enhanced disclo-
sure provisions of the amended guidance should be applied to transfers
that occurred both before and after the effective date of this guidance. The
impact of this guidance on the Trusts’ financial statements and disclosures,
if any, is currently being assessed.

In January 2010, the FASB issued amended guidance to improve
disclosures about fair value measurements which will require additional
disclosures about transfers into and out of Levels 1 and 2 and separate
disclosures about purchases, sales, issuances and settlements in the
reconciliation for fair value measurements using significant unobservable
inputs (Level 3). It also clarifies existing disclosure requirements relating
to the levels of disaggregation for fair value measurement and inputs
and valuation techniques used to measure fair value. The amended
guidance is effective for financial statements for fiscal years and interim
periods beginning after December 15, 2009 except for disclosures about
purchases, sales, issuances and settlements in the rollforward of activity
in Level 3 fair value measurements, which are effective for fiscal years
beginning after December 15, 2010, and for interim periods within those
fiscal years. The impact of this guidance on the Trusts’ financial statements
and disclosures is currently being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: Under the deferred compensation plan approved by
each Trust’s Board, non-interested Trustees (“Independent Trustees”)
may defer a portion of their annual complex-wide compensation. Deferred

52 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Notes to Financial Statements (continued)

amounts earn an approximate return as though equivalent dollar amounts
had been invested in common shares of other certain BlackRock Closed-
End Funds selected by the Independent Trustees. This has approximately
the same economic effect for the Independent Trustees as if the
Independent Trustees had invested the deferred amounts directly in other
certain BlackRock Closed-End Funds.

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

Other: Expenses directly related to a Trust are charged to that Trust. Other
operating expenses shared by several funds are pro rated among those
funds on the basis of relative net assets or other appropriate methods.
Each Trust has an arrangement with its custodian whereby fees may be
reduced by credits earned on uninvested cash balances, which if applica-
ble are shown as fees paid indirectly in the Statements of Operations. The
custodians impose fees on overdrawn cash balances, which can be offset
by accumulated credits earned or may result in additional custody charges.

2. Derivative Financial Instruments:

Each Trust may engage in various portfolio investment strategies both to
increase the return of the Trusts and to economically hedge, or protect,
exposure to certain risks such as interest rate risk. Losses may arise if the
value of the contract decreases due to an unfavorable change in the price
of the underlying instrument or if the counterparty does not perform under
the contract. To the extent amounts due to the Trusts from its counterpar-
ties are not fully collateralized contractually or otherwise, the Trusts bear
the risk of loss from counterparty non-performance. See Note 1 “Seg-
regation and Collateralization” for information with respect to collateral
practices. Counterparty risk related to exchange-traded financial futures
contracts is minimal because of the protection against default provided
by the exchanges on which they trade.

Financial Futures Contracts: The Trusts may purchase or sell financial
futures contracts and options on financial futures contracts to gain expo-
sure to, or economically hedge against, changes in interest rates (interest
rate risk). Financial futures contracts are contracts for delayed delivery of
securities at a specific future date and at a specific price or yield. Pursuant
to the contract, the Trusts agree to receive from or pay to the broker an
amount of cash equal to the daily fluctuation in value of the contract. Such
receipts or payments are known as margin variation and are recognized by
the Trusts as unrealized gains or losses. When the contract is closed, the
Trusts record a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time
it was closed. The use of financial futures transactions involves the risk of
an imperfect correlation in the movements in the price of financial futures
contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:     
           The Effect of Derivative Instruments on the Statements of Operations 
Six Months Ended February 28, 2010

    Net Realized Gain (Loss) from   
  BZM  MHN  BLJ  BSE 
Interest rate contracts:         
Financial futures         
contracts  $ 17,063  $ (17,461) $  1,991  $ (3,825) 

    Net Realized Gain (Loss) from   
  BQH  BFY  BHV  MHE 
Interest rate contracts:         
Financial futures         
contracts  $ (1,487)  $ (4,194)  $ 14,557  $ 1,991 

For the six months ended February 28, 2010, the average derivative activity 
was as follows:         
  BZM  MHN  BLJ  BSE 
Financial futures contracts:         
   Average number of         
contracts purchased  1  14  1  3 
   Average number of         
contracts sold  6  101    22 
   Average notional value of         
contracts purchased  $115,002  $ 1,610,031  $115,002  $ 345,007 
   Average notional value of         
contracts sold  $714,237  $11,991,037    $2,565,257 

  BQH  BFY  BHV  MHE 
Financial futures contracts:         
   Average number of         
contracts purchased  2  2  1  1 
   Average number of         
contracts sold  10  17  5   
   Average notional value of         
contracts purchased  $ 172,503  $ 230,004  $115,002  $115,002 
   Average notional value of         
contracts sold  $1,133,503  $1,968,745  $595,200   

3. Investment Advisory Agreement and Other Transactions
with Affiliates:

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

Each Trust entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the “Manager”), the Trusts’ investment advisor, an indirect,
wholly owned subsidiary of BlackRock, to provide investment advisory and
administration services.

The Manager is responsible for the management of each Trust’s portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Trust. For such services,
each Trust pays the Manager a monthly fee of the Trust’s average weekly
net assets except MHN and MHE, which are based upon average daily net

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 53


Notes to Financial Statements (continued)

assets. Average daily or weekly net assets are the average daily or weekly
value of each Trust’s total assets minus the sum of its accrued liabilities.
Fees accrue at the following annual rates:

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

The Manager has voluntarily agreed to waive its advisory fee on the pro-
ceeds of Preferred Shares and TOBs that exceed 35% of the average daily
net assets of MHN. For the six months ended February 28, 2010, the
Manager waived $299,595, which is included in fees waived by advisor
in the Statements of Operations.

The Manager has voluntarily agreed to waive a portion of the investment
advisory fee for certain other funds. With respect to BSE, the waiver, as
a percentage of average weekly net assets is as follows: 0.15% through
October 2008, 0.10% through October 2009, and 0.05% through
October 2010. With respect to the Bond Trusts, the waiver, as a percentage
of average weekly net assets, is as follows: 0.20% through April 2009,
0.15% through April 2010, 0.10% through April 2011 and 0.05% through
April 2012. With respect to the Income II Trust, the waiver, as a percentage
of average weekly net assets is 0.10% through July 2009, and 0.05%
through July 2012. For the six months ended February 28, 2010, the
Manager waived the following amounts, which are included in fees waived
by advisor in the Statements of Operations:

  Fees Waived 
  by Manager 
BZM  $35,255 
BLJ  $38,470 
BSE  $47,040 
BQH  $48,400 
BFY  $28,867 
BHV  $27,715 

The Manager has voluntarily agreed to waive its advisory fees by the
amount of investment advisory fees each Trust pays to the Manager indi-
rectly through its investment in affiliated money market funds, however
the Manager does not waive its advisory fees by the amount of investment
advisory fees through its investment in other affiliated investment
companies. These amounts are included in fees waived by advisor in the
Statements of Operations. For the six months ended February 28, 2010,
the amounts waived were as follows:

  Fees Waived 
  by Manager 
BZM  $ 93 
MHN  $11,772 
BLJ  $ 1,697 
BSE  $ 880 
BQH  $ 1,098 
BFY  $ 1,714 
BHV  $ 5 
MHE  $ 42 

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

For the six months ended February 28, 2010, the Trusts reimbursed the
Manager for certain accounting services, which are included in accounting
services in the Statements of Operations.

  Reimbursement 
BZM  $ 437 
MHN  $ 6,876 
BLJ  $ 495 
BSE  $ 1,331 
BQH  $ 601 
BFY  $ 1,086 
BHV  $ 361 
MHE  $ 460 

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

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the
six months ended February 28, 2010 were as follows:

  Purchases  Sales 
BZM  $ 4,858,322  $ 3,936,045 
MHN  $83,309,726  $79,451,103 
BLJ  $ 2,176,425  $ 4,299,448 
BSE  $ 8,993,098  $ 7,835,356 
BQH  $ 9,288,945  $ 8,020,786 
BFY  $12,925,145  $14,002,284 
BHV  $ 7,147,787  $ 7,443,181 
MHE  $ 7,686,966  $ 2,418,126 

5. Concentration, Market and Credit Risk:

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

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

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

54 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Notes to Financial Statements (continued)

the risk that an entity with which the Trusts have unsettled or open trans-
actions may default. Financial assets, which potentially expose the Trusts
to credit and counterparty risks, consist principally of investments and
cash due from counterparties. The extent of the Trusts’ exposure to credit
and counterparty risks with respect to these financial assets is generally
approximated by their value recorded in the Trusts’ Statements of Assets
and Liabilities, less any collateral held by the Trusts.

6. Capital Share Transactions:

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

Common Shares

During the six months ended February 28, 2010 and the year ended
August 31, 2009, the shares issued and outstanding increased by the
following amounts as a result of dividend reinvestment:

  Six Months   
  Ended  Year Ended 
  February 28,  August 31, 
  2010  2009 
BZM  3,327  9,282 
BLJ  3,806  7,624 
BSE    2,972 
BQH  6,889  1,342 
BFY  5,132  1,492 
BHV  5,528  7,591 

Shares issued and outstanding remained constant during the six months
ended February 28, 2010 and the year ended August 31, 2009 for MHN
and MHE.

Preferred Shares

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

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

The holders of Preferred Shares have voting rights equal to the holders
of Common Shares (one vote per share) and will vote together with
the 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.

The Trusts had the following series of Preferred Shares outstanding, effec-
tive yields and reset frequency at February 28, 2010:

        Reset 
    Preferred  Effective  Frequency 
  Series  Shares   Yield         Days 
BZM  R-7  640   0.32%           7 
MHN  A  1,479   0.32%           7 
  B  1,479   0.32%           7 
  C  2,366   0.37%           7 
  D  2,864   0.37%           7 
  E  1,557   0.35%           7 
BLJ  M-7  751   0.37%           7 
BSE  R-7  1,623   0.32%           7 
BQH  T-7  885   0.35%           7 
BFY  W-7  1,779   0.32%           7 
BHV  R-7  467   0.32%           7 
MHE  A  185   0.32%           7 
  B  185   0.35%           7 

Dividends on seven-day Preferred Shares are cumulative at a rate which is
reset every seven days based on the results of an auction. If the Preferred
Shares fail to clear the auction on an auction date, the affected Trust is
required to pay the maximum applicable rate on the Preferred Shares to
holders of such shares for successive dividend periods until such time as
the shares are successfully auctioned. The maximum applicable rate on all
series of Preferred Shares is the higher of 110% of AA commercial paper
rate or 110% of 90% of the Kenney S&P 30-Day High Grade Index rate
divided by 1.00 minus the marginal tax rate. The low, high and average divi-
dend rates on the Preferred Shares for each Trust for the six months ended
February 28, 2010 were as follows:

  Series  Low  High  Average 
BZM  R-7  0.24%  0.56%  0.39% 
MHN  A  0.26%  0.53%  0.40% 
  B  0.24%  0.56%  0.39% 
  C  0.24%  0.56%  0.39% 
  D  0.24%  0.56%  0.39% 
  E  0.26%  0.52%  0.40% 
BLJ  M-7  0.24%  0.56%  0.40% 
BSE  R-7  0.24%  0.56%  0.39% 
BQH  T-7  0.27%  0.52%  0.40% 
BFY  W-7  0.26%  0.53%  0.39% 
BHV  R-7  0.24%  0.56%  0.39% 
MHE  A  0.26%  0.53%  0.40% 
  B  0.26%  0.52%  0.40% 

Since February 13, 2008, the Preferred Shares of each Trust failed to
clear any of their auctions. As a result, the Preferred Shares dividend rates

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 55


Notes to Financial Statements (concluded)

were reset to the maximum applicable rate, which ranged from 0.24% to
0.56% for the six months ended February 28, 2010. A failed auction is
not an event of default for the Trusts but it has a negative impact on the
liquidity of Preferred Shares. A failed auction occurs when there are more
sellers of a Trust’s auction rate preferred shares than buyers. A successful
auction for each Trust’s Preferred Shares may not occur for some time, if
ever, and even if liquidity does resume, Preferred Shareholders may not
have the ability to sell the Preferred Shares at their liquidation preference.

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

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

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

During the year ended August 31, 2009, certain Trusts announced the
following redemptions of Preferred Shares at a price of $25,000 per share
plus any accrued and unpaid dividends through the redemption date:

    Redemption  Shares  Aggregate 
  Series  Date  Redeemed  Principal 
MHN  A  7/09/09  56  $1,400,000 
  B  7/06/09  56  $1,400,000 
  C  7/07/09  90  $2,250,000 
  D  7/06/09  109  $2,725,000 
  E  7/08/09  59  $1,475,000 
BLJ  M-7  7/14/09  17  $ 425,000 
BSE  R-7  7/10/09  44  $1,100,000 
BQH  T-7  7/08/09  11  $ 275,000 
BFY  W-7  7/09/09  7  $ 175,000 
BHV  R-7  7/10/09  20  $ 500,000 

The Trusts financed the Preferred Share redemptions with cash received
from TOB transactions.

7. Capital Loss Carryforwards:

As of August 31, 2009, the Trusts had capital loss carryforwards
available to offset future realized capital gains through the indicated
expiration dates:

Expires August 31,  BZM  MHN  BLJ  BSE 
2013    $15,054,033     
2014    1,097,743     
2015    2,782,666     
2016    710,089  $ 25,168   
2017  $ 150,609  4,069,997  319,896  $ 1,631,721 
Total  $ 150,609  $23,714,528  $ 345,064  $ 1,631,721 

Expires August 31,  BFY   MHE 
2015  $ 70,160  $ 35,869 
2016  383,137  285,683 
2017  254,346  375,230 
Total  $ 707,643  $ 696,782 

8. Subsequent Events:

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

Each Trust paid a net investment income dividend on April 1, 2010 to
Common Shareholders of record on March 15, 2010 as follows:

  Common 
  Dividend 
  Per Share 
BZM  $0.0704 
MHN  $0.0760 
BLJ  $0.0780 
BSE  $0.0705 
BQH  $0.0805 
BFY  $0.0800 
BHV  $0.0800 
MHE  $0.0685 

The dividends declared on Preferred Shares for the period March 1, 2010
to March 31, 2010 were as follows:

    Dividends 
  Series  Declared 
BZM  R-7  $ 4,791 
MHN  A  $11,101 
  B  $11,071 
  C  $17,584 
  D  $21,148 
  E  $11,669 
BLJ  M-7  $ 5,581 
BSE  R-7  $12,149 
BQH  T-7  $ 6,633 
BFY  W-7  $13,353 
BHV  R-7  $ 3,496 
MHE  A  $ 2,785 
  B  $ 2,777 

56 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Officers and Trustees

Richard E. Cavanagh, Chairman of the Board and Trustee
Karen P. Robards, Vice Chair of the Board, Chair of the Audit Committee
and Trustee
G. Nicholas Beckwith, III, Trustee
Richard S. Davis, Fund President1 and Trustee
Frank J. Fabozzi, Trustee and Member of the Audit Committee
Kathleen F. Feldstein, Trustee
James T. Flynn, Trustee and Member of the Audit Committee
Henry Gabbay, Trustee
Jerrold B. Harris, Trustee
R. Glenn Hubbard, Trustee
W. Carl Kester, Trustee and Member of the Audit Committee
Anne Ackerley, Fund President2 and Chief Executive Officer
Brendan Kyne, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer
Howard Surloff, Secretary

1 Fund President for MFT and MPA
2 Fund President for MUC, MUJ, MIY and MJI

Investment Advisor
BlackRock Advisors, LLC
WIlmington, DE 19809

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

BlackRock Investment Management, LLC2
Plainsboro, NJ 08536

Custodians
State Street Bank and Trust Company3
Boston, MA 02111

The Bank of New York Mellon4
New York, NY 10286

Transfer Agent
Common Shares
Computershare Trust Company, N.A.1
Providence, RI 02940

BNY Mellon Shareowner Services2
Jersey City, NJ 07310

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

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

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

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

Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809

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

Effective January 1, 2010, Kent Dixon, a Trustee of the Trusts, retired.

Effective March 31, 2010, G. Nicholas Beckwith, III, a Trustee of the Trusts, resigned.

The Trusts’ Board of Trustees wishes both Mr. Dixon and Mr. Beckwith well.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 57


Additional Information

Dividend Policy

The Trusts’ dividend policy is to distribute all or a portion of their net invest-
ment 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 dis-
closed in the Statements of Assets and Liabilities, which comprises part of
the financial information included in this report.

General Information

Electronic Delivery

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

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

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

Householding

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

Availability of Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the
Securities and Exchange Commission (“SEC”) for the first and third quar-
ters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available on
the SEC’s website at http://www.sec.gov and may also be reviewed and
copied at the SEC’s Public Reference Room in Washington, DC. Information
on the operation of the Public Reference Room may be obtained by calling
(202) 551-8090. Each Trust’s Forms N-Q may also be obtained upon
request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

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

58 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Additional Information (concluded)

Section 19(a) Notices

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

February 28, 2010                 
    Total Cumulative Distributions    % Breakdown of the Total Cumulative 
     for the Fiscal Year-to-Date    Distributions for the Fiscal Year-to-Date 
  Net  Net Realized    Total Per  Net  Net Realized    Total Per 
  Investment  Capital  Return of  Common  Investment  Capital  Return of  Common 
  Income  Gains  Capital  Share  Income  Gains  Capital  Share 
BQH  $0.46869  $0.09316    $0.56184  83%  17%  0%  100% 
BHV  $0.48069  $0.26605    $0.74673  64%  36%  0%  100% 

BlackRock Privacy Principles

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

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

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

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

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

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 59



This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation
of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater
volatility of net asset value and market price of the Common Shares and the risk that fluctuations in the short-term dividend rates of the Preferred Shares,
currently set at the maximum reset rate as a result of failed auctions, may reduce the Common Shares’ yield. Statements and other information herein are as
dated and are subject to change.



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

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

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

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

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

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

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to this semi-
annual report

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

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance
Committee will consider nominees to the board of directors recommended by shareholders when a vacancy
becomes available. Shareholders who wish to recommend a nominee should send nominations that include
biographical information and set forth the qualifications of the proposed nominee to the registrant’s
Secretary. There have been no material changes to these procedures.

Item 11 – Controls and Procedures

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

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

Item 12 – Exhibits attached hereto

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

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

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


BlackRock MuniHoldings New York Insured Fund, Inc.

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock MuniHoldings New York Insured Fund, Inc.

Date: April 28, 2010

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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock MuniHoldings New York Insured Fund, Inc.

Date: April 28, 2010

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniHoldings New York Insured Fund, Inc.

Date: April 28, 2010