BLACKROCK MUNICIPAL INCOME TRUST
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company
Act file number: 811-10339
Name of Fund: BlackRock Municipal Income Trust (BFK)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income Trust, 55
East 52nd Street, New York, NY 10055
Registrants telephone number, including area code: (800)
882-0052, Option 4
Date of fiscal year end: 04/30/2016
Date of reporting period: 04/30/2016
Item 1 Report to Stockholders
APRIL 30, 2016
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ANNUAL
REPORT |
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BlackRock Investment Quality
Municipal Trust, Inc. (BKN)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock Municipal 2020 Term Trust (BKK)
BlackRock Municipal Income Trust (BFK)
BlackRock Strategic Municipal Trust (BSD)
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Not FDIC Insured May Lose Value No Bank Guarantee |
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ANNUAL REPORT |
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APRIL 30, 2016 |
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Dear Shareholder,
Diverging monetary policies and shifting economic outlooks across regions have been the overarching themes driving financial markets over the past couple of years. Investors spent most of 2015 anticipating
the end of the Federal Reserves (the Fed) near-zero interest rate policy as U.S. growth outpaced other developed markets. The Fed ultimately hiked rates in December, whereas the European Central Bank and the Bank of Japan took
additional steps to stimulate growth, even introducing negative interest rates. The U.S. dollar had strengthened considerably ahead of these developments, causing profit challenges for U.S. companies that generate revenues overseas, and pressuring
emerging market currencies and commodities prices.
Global market volatility increased in the latter part of 2015 and spilled over into early
2016. Oil prices were a key factor behind the instability after collapsing in mid-2015 due to excess global supply. China, one of the worlds largest consumers of oil, was another notable source of stress for financial markets. Signs of slowing
economic growth, a depreciating yuan and declining confidence in the countrys policymakers stoked investors worries about the potential impact of Chinas weakness on the global economy. Risk assets (such as equities and high yield
bonds) suffered in this environment.
After a painful start to the new year, fears of a global recession began to fade as the first quarter wore
on, allowing markets to calm and risk assets to rebound. Central bank stimulus in Europe and Japan, combined with a more tempered outlook for rate hikes in the United States, helped bolster financial markets. A softening in U.S. dollar strength
offered some relief to U.S. exporters and emerging market economies. Oil prices found firmer footing as global supply showed signs of leveling off.
The selloff in risk assets at the turn of the year brought valuations to more reasonable levels, creating some appealing entry points for investors in 2016.
Nonetheless, slow but relatively stable growth in the United States is countered by a less optimistic global economic outlook and uncertainties around the efficacy of Chinas policy response, the potential consequences of negative interest
rates in Europe and Japan, and a host of geopolitical risks.
For the 12 months ended April 30, 2016, higher-quality assets such as municipal
bonds, U.S. Treasuries and investment grade corporate bonds generated positive returns, while riskier assets such as non-U.S. and small cap equities broadly declined.
At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to adjust accordingly as market conditions change over time. We encourage
you to talk with your financial advisor and visit blackrock.com for further insight about investing in todays markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President,
BlackRock Advisors, LLC
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Total Returns as of April 30, 2016 |
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6-month |
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12-month |
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U.S. large cap equities (S&P
500® Index) |
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0.43 |
% |
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1.21 |
% |
U.S. small cap equities (Russell
2000® Index) |
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(1.90 |
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(5.94 |
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International equities (MSCI Europe, Australasia, Far East Index) |
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(3.07 |
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(9.32 |
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Emerging market equities (MSCI Emerging Markets Index) |
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(0.13 |
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(17.87 |
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3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index) |
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0.14 |
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0.15 |
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U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index) |
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3.76 |
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3.74 |
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U.S. investment grade bonds (Barclays U.S. Aggregate Bond Index) |
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2.82 |
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2.72 |
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Tax-exempt municipal bonds (S&P Municipal Bond Index) |
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3.52 |
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5.16 |
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U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index) |
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2.38 |
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(1.08 |
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Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest
directly in an index. |
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THIS PAGE NOT PART OF YOUR FUND REPORT |
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Municipal Market Overview |
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For the Reporting Period Ended April 30, 2016 |
Municipal Market Conditions
Municipal bonds
generated positive performance for the period, due to falling interest rates and a favorable supply-and-demand environment. Interest rates were volatile in 2015 (bond prices rise as rates fall) leading up to a long-awaited rate hike from the U.S.
Federal Reserve (the Fed) that ultimately came in December. However, ongoing reassurance from the Fed that rates would be increased gradually and would likely remain low overall resulted in strong demand for fixed income investments,
with municipal bonds being one of the strongest-performing sectors for the 12-month period. Investors favored the relative stability of municipal bonds amid bouts of volatility resulting from uneven U.S. economic data, falling oil prices, global
growth concerns, geopolitical risks, and widening central bank divergence i.e., policy easing outside the United States while the Fed was posturing to commence policy tightening. During the 12 months ended April 30, 2016, municipal bond funds
garnered net inflows of approximately $27 billion (based on data from the Investment Company Institute).
For the same 12-month period, total new
issuance remained relatively strong from a historical perspective at $380 billion (though lower than the $397 billion issued in the prior 12-month period). A noteworthy portion of new supply during this period was attributable to refinancing
activity (roughly 58%) as issuers took advantage of low interest rates and a flatter yield curve to reduce their borrowing costs.
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S&P
Municipal Bond Index |
Total Returns as of April 30,
2016 |
6 months:
3.52% |
12 months:
5.16% |
A Closer Look at Yields
From April 30, 2015 to April 30, 2016, yields on AAA-rated 30-year municipal
bonds decreased by 47 basis points (bps) from 3.05% to 2.58%, while 10-year rates fell by 51 bps from 2.12% to 1.61% and 5-year rates decreased 32 bps from 1.30% to 0.98% (as measured by Thomson Municipal Market Data). The municipal
yield curve experienced significant flattening over the 12-month period with the spread between 2- and 30-year maturities flattening by 58 bps and the spread between 2- and 10-year maturities flattening by
62 bps.
During the same time period, on a relative basis, tax-exempt municipal bonds broadly outperformed U.S. Treasuries with the greatest
outperformance experienced in longer-term issues. In absolute terms, the positive performance of municipal bonds was driven largely by falling interest rates as well as a supply/demand imbalance within the municipal market as investors sought income
and incremental yield in an environment where opportunities became increasingly scarce. More broadly, municipal bonds benefited from the greater appeal of tax-exempt investing in light of the higher tax rates implemented in 2014. The asset class is
known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.
Financial Conditions of
Municipal Issuers
The majority of municipal credits remain strong, despite well-publicized distress among a few issuers. Four of the five
states with the largest amount of debt outstanding California, New York, Texas and Florida have exhibited markedly improved credit fundamentals during the slow national recovery. However, several states with the largest unfunded
pension liabilities have seen their bond prices decline noticeably and remain vulnerable to additional price deterioration. On the local level, Chicagos credit quality downgrade is an outlier relative to other cities due to its larger pension
liability and inadequate funding remedies. BlackRock maintains the view that municipal bond defaults will remain minimal and in the periphery while the overall market is fundamentally sound. We continue to advocate careful credit research and
believe that a thoughtful approach to structure and security selection remains imperative amid uncertainty in a modestly improving economic environment.
The opinions expressed are those of BlackRock as of April 30, 2016, and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a
recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include
interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be
less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (AMT). Capital gains
distributions, if any, are taxable.
The Standard & Poors Municipal Bond Index, a broad, market value-weighted index,
seeks to measure the performance of the US municipal bond market. All bonds in the index are exempt from US federal income taxes or subject to the alternative minimum tax. Past performance is no guarantee of future results. Index performance is
shown for illustrative purposes only. It is not possible to invest directly in an index.
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The Benefits and Risks of Leveraging |
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The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value
(NAV) of, their common shares (Common Shares). However, these objectives cannot be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its
longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Trusts (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trusts
shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per
share NAV.
To illustrate these concepts, assume a Trusts Common Shares capitalization is $100 million and it utilizes leverage for an
additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive
slope. In this case, a Trusts financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn
income based on longer-term interest rates. In this case, a Trusts financing cost of leverage is significantly lower than the income earned on a Trusts longer-term investments acquired from leverage proceeds, and therefore the holders of
Common Shares (Common Shareholders) are the beneficiaries of the incremental net income.
However, in order to benefit Common
Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Trusts return on assets purchased with leverage proceeds, income
to shareholders is lower than if the Trusts had not used leverage. 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 value of the Trusts obligations under their respective leverage arrangements generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the
Trusts NAVs positively or negatively. Changes in the future direction of interest rates are very
difficult to predict accurately, and there is no assurance that a Trusts intended leveraging strategy will be successful.
Leverage also generally causes greater changes in the Trusts NAVs, market prices and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a
greater decline in the net asset value and market price of a Trusts Common Shares than if the Trusts were not leveraged. In addition, the Trusts may be required to sell portfolio securities at inopportune times or at distressed values in
order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trusts to incur losses. The use of leverage may limit a Trusts ability to invest in certain
types of securities or use certain types of hedging strategies. The Trusts 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. Moreover, to the extent the
calculation of the Trusts investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts investment advisor will be higher than if the Trusts did not use leverage.
To obtain leverage, each Trust has issued Variable Rate Demand Preferred Shares (VRDP), Variable Rate Muni Term Preferred Shares
(VMTP Shares) or Auction Market Preferred Shares (AMPS) (collectively, Preferred Shares) and/or leveraged its assets through the use of tender option bond trusts (TOB Trusts) as described in the Notes
to Financial Statements.
Under the Investment Company Act of 1940, as amended (the 1940 Act), each Trust is permitted to issue debt
up to 33 1/3% of its total managed assets or equity securities (e.g., Preferred Shares) up to 50% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In
addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by the Preferred Shares governing instruments or by agencies rating the Preferred Shares, which may be more stringent than
those imposed by the 1940 Act.
If a Trust segregates or designates on its books and records cash or liquid assets having a value not less than
the value of a Trusts obligations under the TOB Trust (including accrued interest), a TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements under the 1940 Act.
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Derivative Financial Instruments |
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The Trusts may invest in various derivative financial instruments. These instruments are used to obtain
exposure to a security, commodity, index, market, and/or other asset without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange
rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset,
possible default of the counterparty to the
transaction or illiquidity of the instrument. The Trusts successful use of a derivative financial instrument depends on the investment advisors ability to predict pertinent market
movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower
distributions paid to shareholders. The Trusts investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
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ANNUAL REPORT |
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APRIL 30, 2016 |
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5 |
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Trust Summary as of April 30,
2016 |
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BlackRock Investment Quality Municipal Trust, Inc. |
BlackRock Investment Quality Municipal Trust, Inc.s (BKN) (the Trust) investment objective is to provide high current income exempt from
regular federal income tax consistent with the preservation of capital. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest
may be subject to the federal alternative minimum tax). Under normal market conditions, the Trust invests at least 80% of its assets in securities rated investment grade at the time of investment. The Trust may invest directly in such securities or
synthetically through the use of derivatives.
No assurance can be given that the Trusts investment objective will be
achieved.
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Trust Information |
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Symbol on New York Stock Exchange (NYSE) |
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BKN |
Initial Offering Date |
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February 19, 1993 |
Yield on Closing Market Price as of April 30, 2016 ($16.94)1 |
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5.24% |
Tax Equivalent Yield2 |
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9.26% |
Current Monthly Distribution per Common Share3 |
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$0.074 |
Current Annualized Distribution per Common Share3 |
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$0.888 |
Economic Leverage as of April 30,
20164 |
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35% |
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1 |
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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. |
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2 |
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Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
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3 |
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The monthly distribution per Common Share, declared on June 1, 2016, was decreased to $0.072 per share. 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 distribution rate is not constant and is subject to change in the future. |
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4 |
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Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable
to VMTP Shares and TOB Trusts, 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 5. |
Returns for the 12 months ended April 30, 2016 were as follows:
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Returns Based On |
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Market Price |
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NAV |
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BKN1,2 |
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15.15 |
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10.92 |
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Lipper General & Insured Municipal Debt Funds (Leveraged)3 |
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13.64 |
% |
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8.61 |
% |
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1 |
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All returns reflect reinvestment of dividends and/or distributions. |
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2 |
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The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on price and
performance based on NAV. |
The following discussion relates to the Trusts absolute performance based on NAV:
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A positive interest-rate backdrop helped fuel a robust gain for the U.S. municipal bond market during the annual period. U.S. Treasury yields fell (as
prices rose) amid an environment of slow global growth, declining yields overseas, and an emerging consensus that the Fed would maintain a gradual approach to raising short-term interest rates. Municipals generally outperformed Treasuries,
reflecting favorable supply-and-demand conditions in the market and the overall health of state and local finances outside of select areas such as Puerto Rico, Illinois and New Jersey. Longer-term municipal bonds outpaced their short-term
counterparts, while lower-quality securities typically outperformed higher-quality issues. |
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With this as the backdrop, the Trusts holdings in longer-duration and longer-dated bonds generally provided the best returns. (Duration is a measure
of interest-rate sensitivity.) The Trusts allocations to the tax-backed (states, local and school districts), health care and transportation sectors were positive contributors to performance. Positions in zero-coupon bonds, which delivered
outstanding returns compared to current-coupon issues, also contributed. Consistent with the broader market environment, the strongest returns came from the Trusts holdings in higher-yielding, lower-rated investment-grade credits. With that
said, positions in high-quality, pre-refunded bonds also contributed positively to performance. |
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Income in the form of coupon payments made up a meaningful portion of the Trusts total return for the period. In addition, the Trusts minimal
cash position and use of leverage provided both incremental return and income. |
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The Trusts use of U.S. Treasury futures contracts to manage interest rate risk had a slightly negative impact on performance due to the overall
strength in the market. |
The views expressed reflect the opinions of BlackRock as of the date of this report
and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
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6 |
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ANNUAL REPORT |
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APRIL 30, 2016 |
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BlackRock Investment Quality Municipal Trust, Inc. |
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Market Price and Net Asset Value Per Share Summary |
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4/30/16 |
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4/30/15 |
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Change |
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High |
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Low |
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Market Price |
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$ |
16.94 |
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$ |
15.60 |
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8.59 |
% |
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$ |
17.36 |
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$ |
14.44 |
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Net Asset Value |
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$ |
16.83 |
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$ |
16.09 |
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4.60 |
% |
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$ |
16.85 |
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$ |
15.68 |
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Market Price and Net Asset Value History For the Past Five
Years |
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Overview of the Trusts Total Investments* |
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Sector Allocation |
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4/30/16 |
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4/30/15 |
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Health |
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23 |
% |
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23 |
% |
County/City/Special District/School District |
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16 |
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15 |
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Education |
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15 |
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17 |
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Transportation |
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14 |
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12 |
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Utilities |
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12 |
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12 |
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State |
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10 |
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12 |
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Corporate |
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7 |
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6 |
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Tobacco |
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3 |
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3 |
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For Trust compliance purposes, the Trusts sector classifications refer to one or more of the sector
subclassifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector
subclassifications for reporting ease.
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Call/Maturity Schedule3 |
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Calendar Year Ended December 31, |
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2016 |
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4 |
% |
2017 |
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1 |
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2018 |
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7 |
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2019 |
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9 |
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2020 |
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9 |
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3 |
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Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
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Excludes short-term securities.
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Credit Quality Allocation1 |
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4/30/16 |
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4/30/15 |
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AAA/Aaa |
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6 |
% |
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5 |
% |
AA/Aa |
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46 |
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46 |
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A |
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28 |
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31 |
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BBB/Baa |
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11 |
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9 |
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BB/Ba |
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2 |
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2 |
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B |
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1 |
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1 |
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N/R2 |
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6 |
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6 |
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1 |
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For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poors
(S&P) or Moodys Investors Service (Moodys) if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are
credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit
quality ratings are subject to change. |
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The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for
similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2016 and April 30, 2015, the
market value of unrated securities deemed by the investment advisor to be investment grade represents less than 1% and 3%, respectively, of the Trusts total investments.
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ANNUAL REPORT |
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APRIL 30, 2016 |
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7 |
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Trust Summary as of April 30, 2016 |
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BlackRock Long-Term Municipal Advantage Trust |
BlackRock Long-Term Municipal Advantage Trusts (BTA) (the Trust) investment objective is to provide current income exempt from regular
federal income tax. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal obligations and derivative instruments with exposure to such municipal obligations, in each
case that are exempt from federal income tax (except that the interest may be subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, primarily in long-term municipal bonds with a maturity of more than ten
years at the time of investment and, under normal market conditions, the Trusts municipal bond portfolio will have a dollar-weighted average maturity of greater than 10 years. The Trust may invest directly in such securities or synthetically
through the use of derivatives.
No assurance can be given that the Trusts investment objective will be achieved.
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Trust Information |
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Symbol on NYSE |
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BTA |
Initial Offering Date |
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February 28, 2006 |
Yield on Closing Market Price as of April 30, 2016 ($12.28)1 |
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5.67% |
Tax Equivalent Yield2 |
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10.02% |
Current Monthly Distribution per Common Share3 |
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$0.058 |
Current Annualized Distribution per Common Share3 |
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$0.696 |
Economic Leverage as of April 30,
20164 |
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37% |
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1 |
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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. |
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2 |
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Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
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3 |
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The monthly distribution per Common Share, declared on June 1, 2016, was decreased to $0.0545 per share. 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 distribution rate is not constant and is subject to change in the future. |
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4 |
|
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable
to VRDP Shares and TOB Trusts, 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 5. |
Returns for
the 12 months ended April 30, 2016 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Returns Based On |
|
|
|
Market Price |
|
|
NAV |
|
BTA1,2 |
|
|
14.39 |
% |
|
|
9.51 |
% |
Lipper General & Insured Municipal Debt Funds (Leveraged)3 |
|
|
13.64 |
% |
|
|
8.61 |
% |
|
1 |
|
All returns reflect reinvestment of dividends and/or distributions. |
|
2 |
|
The Trusts discount to NAV, which narrowed during the period, accounts
for the difference between performance based on price and performance based on NAV. |
The following
discussion relates to the Trusts absolute performance based on NAV:
|
|
A positive interest-rate backdrop helped fuel a robust gain for the U.S. municipal bond market during the annual period. U.S. Treasury yields fell (as
prices rose) amid an environment of slow global growth, declining yields overseas, and an emerging consensus that the Fed would maintain a gradual approach to raising short-term interest rates. Municipals generally outperformed Treasuries,
reflecting favorable supply-and-demand conditions in the market and the overall health of state and local finances outside of select areas such as Puerto Rico, Illinois and New Jersey. Longer-term municipal bonds outpaced their short-term
counterparts, while lower-quality securities typically outperformed higher-quality issues. |
|
|
Income in the form of coupon payments made up a meaningful portion of the Trusts total return for the period. In addition, the Trusts use of
leverage provided both incremental return and income in a relatively stable rate environment. The Trusts duration positioning, highlighted by concentrations in longer-dated securities with maturities of 25 years and above, was helpful to
performance as well. (Duration is a measure of interest-rate sensitivity.) |
|
|
The Trusts concentration in securities rated A and AA helped performance, as both credit tiers outpaced issues rated AAA. Similarly, holdings in
bonds rated below investment grade (i.e., below BBB) also had a positive impact on results due to the combination of their higher yields and strong relative price performance. |
|
|
On a sector basis, utilities, health care and transportation were top performers for the period. |
|
|
Despite offering generous yields in comparison to the broader market, the Trusts more-seasoned holdings detracted from performance due to the
premium amortization that occurred as the bonds approached their first call dates. (When a bonds price trades at a premium over its face value, the difference is amortized over time. A bond premium occurs when the price of the bond has
increased due to a decline in interest rates.) |
|
|
The Trusts yield curve positioning also detracted somewhat given the more substantive decline in intermediate-term yields versus the longer
maturities in which the portfolio is largely concentrated. |
|
|
The Trusts use of U.S. Treasury futures contracts to manage interest rate risk had a slightly negative impact on its return due to the overall
strength in the market. |
The views expressed reflect the opinions of BlackRock as of the date of this report
and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
|
|
|
|
|
|
BlackRock Long-Term Municipal Advantage Trust |
|
Market Price and Net Asset Value Per Share
Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/16 |
|
|
4/30/15 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
12.28 |
|
|
$ |
11.41 |
|
|
|
7.62 |
% |
|
$ |
12.33 |
|
|
$ |
10.67 |
|
Net Asset Value |
|
$ |
12.89 |
|
|
$ |
12.51 |
|
|
|
3.04 |
% |
|
$ |
12.89 |
|
|
$ |
12.19 |
|
|
Market Price and Net Asset Value History For the Past Five
Years |
|
Overview of the Trusts Total Investments* |
|
|
|
|
|
|
|
|
|
Sector Allocation |
|
4/30/16 |
|
|
4/30/15 |
|
Health |
|
|
19 |
% |
|
|
21 |
% |
Utilities |
|
|
16 |
|
|
|
19 |
|
Transportation |
|
|
15 |
|
|
|
16 |
|
County/City/Special District/School District |
|
|
12 |
|
|
|
9 |
|
Education |
|
|
11 |
|
|
|
10 |
|
Tobacco |
|
|
10 |
|
|
|
5 |
|
State |
|
|
8 |
|
|
|
12 |
|
Corporate |
|
|
8 |
|
|
|
7 |
|
Housing |
|
|
1 |
|
|
|
1 |
|
For Trust compliance purposes, the Trusts sector classifications refer to one or more of the sector
subclassifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector
subclassifications for reporting ease.
|
|
|
|
|
|
|
Call/Maturity Schedule3 |
|
|
|
Calendar Year Ended December 31, |
|
|
|
|
2016 |
|
|
5 |
% |
2017 |
|
|
4 |
|
2018 |
|
|
2 |
|
2019 |
|
|
12 |
|
2020 |
|
|
11 |
|
|
3 |
|
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
|
* |
|
Excludes short-term securities.
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocation1 |
|
4/30/16 |
|
|
4/30/15 |
|
AAA/Aaa |
|
|
5 |
% |
|
|
14 |
% |
AA/Aa |
|
|
42 |
|
|
|
51 |
|
A |
|
|
16 |
|
|
|
14 |
|
BBB/Baa |
|
|
16 |
|
|
|
10 |
|
BB/Ba |
|
|
7 |
|
|
|
2 |
|
B |
|
|
4 |
|
|
|
2 |
|
N/R2 |
|
|
10 |
|
|
|
7 |
|
|
1 |
|
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&Ps or Moodys if
ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of
BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
|
2 |
|
The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for
similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2016 and April 30, 2015,
the market value of unrated securities deemed by the investment advisor to be investment grade each represents 1% of the Trusts total investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
9 |
|
|
|
Trust Summary as of April 30, 2016 |
|
BlackRock Municipal 2020 Term Trust |
BlackRock Municipal 2020 Term Trusts (BKK) (the Trust) investment objectives are to provide current income exempt from regular federal
income tax and to return $15 per Common Share (the initial offering price per Common Share) to holders of Common Shares on or about December 31, 2020. The Trust seeks to achieve its investment objectives by investing, under normal market
conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its
assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
There is no assurance that the Trust will achieve its investment objective of returning $15.00 per Common Share.
|
|
|
Trust Information |
|
|
Symbol on NYSE |
|
BKK |
Initial Offering Date |
|
September 30, 2003 |
Termination Date (on or about) |
|
December 31, 2020 |
Yield on Closing Market Price as of April 30, 2016 ($16.14)1 |
|
3.33% |
Tax Equivalent Yield2 |
|
5.88% |
Current Monthly Distribution per Common Share3 |
|
$0.0448 |
Current Annualized Distribution per Common Share3 |
|
$0.5376 |
Economic Leverage as of April 30,
20164 |
|
10% |
|
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 marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
|
3 |
|
The distribution rate is not constant and is subject to change. |
|
4 |
|
Represents AMPS and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to AMPS
and TOB Trusts, 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 5. |
Returns for the 12 months ended April 30, 2016 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Returns Based On |
|
|
|
Market Price |
|
|
NAV |
|
BKK1,2 |
|
|
2.87 |
% |
|
|
3.39 |
% |
Lipper Intermediate Municipal Debt
Funds3 |
|
|
9.22 |
% |
|
|
6.57 |
% |
|
1 |
|
All returns reflect reinvestment of dividends and/or distributions. |
|
2 |
|
The Trusts discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on
NAV. |
The following discussion relates to the Trusts absolute performance based on NAV:
|
|
A positive interest-rate backdrop helped fuel a robust gain for the U.S. municipal bond market during the annual period. U.S. Treasury yields fell (as
prices rose) amid an environment of slow global growth, declining yields overseas, and an emerging consensus that the Fed would maintain a gradual approach to raising short-term interest rates. Municipals generally outperformed Treasuries,
reflecting favorable supply-and-demand conditions in the market and the overall health of state and local finances outside of select areas such as Puerto Rico, Illinois and New Jersey. Longer-term municipal bonds outpaced their short-term
counterparts, while lower-quality securities typically outperformed higher-quality issues. |
|
|
On a sector basis, the largest contributions to Trust performance came from transportation, corporate and health care issues. Exposure to lower-quality
bonds on the investment-grade spectrum further benefited results at a time of elevated investor demand for higher-risk, higher-yielding assets. Positions in zero-coupon bonds, which delivered superior returns compared to current-coupon issues, also
contributed positively. |
|
|
Income in the form of coupon payments made up a meaningful portion of the Trusts total return for the period. In addition, the Trusts minimal
cash position and use of leverage provided both incremental return and income. |
|
|
The yield curve flattened during the period, with intermediate- and long-term rates falling and one- and two-year rates moving higher in reaction to the
Feds quarter-point interest rate hike in December 2015. The Trusts holdings are largely concentrated in maturities of five years or less, meaning that it had exposure to the underperformance of bonds with one- and two-year maturities.
|
|
|
Despite offering generous yields in comparison to the broader market, the Trusts more-seasoned holdings detracted from performance due to the
premium amortization that occurred as the bonds approached their first call dates. (When a bonds price trades at a premium over its face value, the difference is amortized over time. A bond premium occurs when the price of the bond has
increased due to a decline in interest rates.) |
|
|
In terms of sectors, the smallest contributions came from housing, local school district and tobacco issues. |
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
|
|
|
|
|
|
BlackRock Municipal 2020 Term Trust |
|
Market Price and Net Asset Value Per Share
Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/16 |
|
|
4/30/15 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
16.14 |
|
|
$ |
16.25 |
|
|
|
(0.68 |
)% |
|
$ |
16.28 |
|
|
$ |
15.25 |
|
Net Asset Value |
|
$ |
16.27 |
|
|
$ |
16.30 |
|
|
|
(0.18 |
)% |
|
$ |
16.38 |
|
|
$ |
16.03 |
|
|
Market Price and Net Asset Value History For the Past Five
Years |
|
Overview of the Trusts Total Investments* |
|
|
|
|
|
|
|
|
|
Sector Allocation |
|
4/30/16 |
|
|
4/30/15 |
|
Utilities |
|
|
17 |
% |
|
|
16 |
% |
Transportation |
|
|
15 |
|
|
|
17 |
|
County/City/Special District/School District |
|
|
14 |
|
|
|
12 |
|
State |
|
|
13 |
|
|
|
12 |
|
Health |
|
|
12 |
|
|
|
11 |
|
Corporate |
|
|
12 |
|
|
|
14 |
|
Education |
|
|
10 |
|
|
|
9 |
|
Tobacco |
|
|
4 |
|
|
|
4 |
|
Housing |
|
|
3 |
|
|
|
5 |
|
For Trust compliance purposes, the Trusts sector classifications refer to one or more of the sector
subclassifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector
subclassifications for reporting ease.
|
|
|
|
|
|
|
Call/Maturity Schedule3 |
|
|
|
Calendar Year Ended December 31, |
|
|
|
|
2016 |
|
|
6 |
% |
2017 |
|
|
5 |
|
2018 |
|
|
3 |
|
2019 |
|
|
18 |
|
2020 |
|
|
46 |
|
|
3 |
|
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
|
* |
|
Excludes short-term securities.
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocation1 |
|
4/30/16 |
|
|
4/30/15 |
|
AAA/Aaa |
|
|
6 |
% |
|
|
6 |
% |
AA/Aa |
|
|
25 |
|
|
|
22 |
|
A |
|
|
37 |
|
|
|
45 |
|
BBB/Baa |
|
|
19 |
|
|
|
17 |
|
BB/Ba |
|
|
4 |
|
|
|
2 |
|
B |
|
|
|
|
|
|
1 |
|
N/R2 |
|
|
9 |
|
|
|
7 |
|
|
1 |
|
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&Ps or Moodys if
ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of
BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
|
2 |
|
The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for
similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2016 and April 30, 2015, the
market value of unrated securities deemed by the investment advisor to be investment grade represents 4% and 2%, respectively, of the Trusts total investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
11 |
|
|
|
Trust Summary as of April 30, 2016 |
|
BlackRock Municipal Income Trust |
BlackRock
Municipal Income Trusts (BFK) (the Trust) investment objective is to provide current income exempt from regular federal income tax. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds
exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its assets in municipal bonds that are investment grade quality at
the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No
assurance can be given that the Trusts investment objective will be achieved.
|
|
|
Trust Information |
|
|
Symbol on NYSE |
|
BFK |
Initial Offering Date |
|
July 27, 2001 |
Yield on Closing Market Price as of April 30, 2016 ($15.44)1 |
|
5.84% |
Tax Equivalent Yield2 |
|
10.32% |
Current Monthly Distribution per Common Share3 |
|
$0.0751 |
Current Annualized Distribution per Common Share3 |
|
$0.9012 |
Economic Leverage as of April 30,
20164 |
|
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 marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
|
3 |
|
The monthly distribution per Common Share, declared on June 1, 2016, was decreased to $0.0711 per share. 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 distribution rate is not constant and is subject to change in the future. |
|
4 |
|
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable
to VMTP Shares and TOB Trusts, 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 5. |
Returns for
the 12 months ended April 30, 2016 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Returns Based On |
|
|
|
Market Price |
|
|
NAV |
|
BFK1,2 |
|
|
14.76 |
% |
|
|
8.57 |
% |
Lipper General & Insured Municipal Debt Funds (Leveraged)3 |
|
|
13.64 |
% |
|
|
8.61 |
% |
|
1 |
|
All returns reflect reinvestment of dividends and/or distributions. |
|
2 |
|
The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on price and
performance based on NAV. |
The following
discussion relates to the Trusts absolute performance based on NAV:
|
|
A positive interest-rate backdrop helped fuel a robust gain for the U.S. municipal bond market during the annual period. U.S. Treasury yields fell (as
prices rose) amid an environment of slow global growth, declining yields overseas, and an emerging consensus that the Fed would maintain a gradual approach to raising short-term interest rates. Municipals generally outperformed Treasuries,
reflecting favorable supply-and-demand conditions in the market and the overall health of state and local finances outside of select areas such as Puerto Rico, Illinois and New Jersey. Longer-term municipal bonds outpaced their short-term
counterparts, while lower-quality securities typically outperformed higher-quality issues. |
|
|
Income in the form of coupon payments made up a meaningful portion of the Trusts total return for the period. In addition, the Trusts minimal
cash position and use of leverage provided both incremental return and income. |
|
|
The Trusts duration positioning, highlighted by concentrations in longer-dated securities with maturities of 25 years and above, also aided results.
(Duration is a measure of interest-rate sensitivity.) Positions in lower-rated investment-grade bonds, as well as holdings of below investment-grade and unrated bonds, further helped performance at a time of elevated demand for higher-risk,
higher-yielding investments. Sector concentrations in transportation, utilities and health care also contributed strongly. |
|
|
Despite offering generous yields in comparison to the broader market, the Trusts more seasoned holdings detracted from performance due to the
premium amortization that occurred as the bonds approached their first call dates. (When a bonds price trades at a premium over its face value, the difference is amortized over time. A bond premium occurs when the price of the bond has
increased due to a decline in interest rates.) The Trusts yield curve positioning also detracted somewhat given the more substantive decline in intermediate term yields in relation to the longer maturities in which the portfolios
holdings are largely concentrated. |
|
|
The Trusts use of U.S. Treasury futures contracts to manage interest rate risk had a slightly negative impact on performance due to the overall
strength in the market. |
The views expressed reflect the opinions of BlackRock as of the date of this report
and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
|
|
|
|
|
|
BlackRock Municipal Income Trust |
|
|
|
|
|
|
|
|
|
|
|
Market Price and Net Asset Value Per Share Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/16 |
|
|
4/30/15 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
15.44 |
|
|
$ |
14.32 |
|
|
|
7.82 |
% |
|
$ |
15.83 |
|
|
$ |
13.28 |
|
Net Asset Value |
|
$ |
15.21
|
1
|
|
$ |
14.91 |
|
|
|
2.01 |
% |
|
$ |
15.21 |
|
|
$ |
14.44 |
|
|
1 |
|
The net asset value does not reflect adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles
and therefore differs from amounts reported in the Statements of Assets and Liabilities and the Financial Highlights. |
|
Market Price and Net Asset Value History For the Past Five
Years |
|
Overview of the Trusts Total Investments* |
|
|
|
|
|
|
|
|
|
Sector Allocation |
|
4/30/16 |
|
|
4/30/15 |
|
Transportation |
|
|
21 |
% |
|
|
22 |
% |
Utilities |
|
|
15 |
|
|
|
14 |
|
Health |
|
|
14 |
|
|
|
14 |
|
County/City/Special District/School District |
|
|
12 |
|
|
|
14 |
|
Corporate |
|
|
11 |
|
|
|
11 |
|
State |
|
|
11 |
|
|
|
10 |
|
Education |
|
|
10 |
|
|
|
9 |
|
Tobacco |
|
|
6 |
|
|
|
6 |
|
For Trust compliance purposes, the Trusts sector classifications refer to one or more of the sector
subclassifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector
subclassifications for reporting ease.
|
|
|
|
|
|
|
Call/Maturity Schedule3 |
|
|
|
Calendar Year Ended December 31, |
|
|
|
|
2016 |
|
|
10 |
% |
2017 |
|
|
2 |
|
2018 |
|
|
2 |
|
2019 |
|
|
14 |
|
2020 |
|
|
13 |
|
|
3 |
|
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
|
* |
|
Excludes short-term securities.
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocation1 |
|
4/30/16 |
|
|
4/30/15 |
|
AAA/Aaa |
|
|
8 |
% |
|
|
9 |
% |
AA/Aa |
|
|
41 |
|
|
|
40 |
|
A |
|
|
21 |
|
|
|
24 |
|
BBB/Baa |
|
|
16 |
|
|
|
14 |
|
BB/Ba |
|
|
4 |
|
|
|
3 |
|
B |
|
|
1 |
|
|
|
1 |
|
N/R2 |
|
|
9 |
|
|
|
9 |
|
|
1 |
|
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&Ps or Moodys if
ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of
BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
|
2 |
|
The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for
similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2016 and April 30, 2015, the
market value of unrated securities deemed by the investment advisor to be investment grade represents 2% and 1%, respectively, of the Trusts total investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
13 |
|
|
|
Trust Summary as of April 30, 2016 |
|
BlackRock Strategic Municipal Trust |
BlackRock
Strategic Municipal Trusts (BSD) (the Trust) investment objectives are to provide current income that is exempt from regular federal income tax and to invest in municipal bonds that over time will perform better than the broader
municipal bond market. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in investments exempt from federal income taxes (except that the interest may be subject to the
federal alternative minimum tax). The Trust invests at least 80% of its assets in investment grade quality securities at the time of investment and, under normal market conditions, primarily invests in municipal bonds with long-term maturities in
order to maintain a weighted average maturity of 15 years or more. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trusts investment objectives will be achieved.
|
|
|
Trust Information |
|
|
Symbol on NYSE |
|
BSD |
Initial Offering Date |
|
August 25, 1999 |
Yield on Closing Market Price as of April 30, 2016 ($15.02)1 |
|
5.67% |
Tax Equivalent Yield2 |
|
10.02% |
Current Monthly Distribution per Common Share3 |
|
$0.071 |
Current Annualized Distribution per Common Share3 |
|
$0.852 |
Economic Leverage as of April 30,
20164 |
|
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 marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
|
3 |
|
The monthly distribution per Common Share, declared on June 1, 2016, was decreased to $0.065 per share. 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 distribution rate is not constant and is subject to change in the future. |
|
4 |
|
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable
to VMTP Shares and TOB Trusts, 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 5. |
Returns for
the 12 months ended April 30, 2016 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Returns Based On |
|
|
|
Market Price |
|
|
NAV |
|
BSD1,2 |
|
|
14.05 |
% |
|
|
8.32 |
% |
Lipper General & Insured Municipal Debt Funds (Leveraged)3 |
|
|
13.64 |
% |
|
|
8.61 |
% |
|
1 |
|
All returns reflect reinvestment of dividends and/or distributions. |
|
2 |
|
The Trusts discount to NAV, which narrowed during the period, accounts
for the difference between performance based on price and performance based on NAV. |
The following
discussion relates to the Trusts absolute performance based on NAV:
|
|
A positive interest-rate backdrop helped fuel a robust gain for the U.S. municipal bond market during the annual period. U.S. Treasury yields fell (as
prices rose) amid an environment of slow global growth, declining yields overseas, and an emerging consensus that the Fed would maintain a gradual approach to raising short-term interest rates. Municipals generally outperformed Treasuries,
reflecting favorable supply-and-demand conditions in the market and the overall health of state and local finances outside of select areas such as Puerto Rico, Illinois and New Jersey. Longer-term municipal bonds outpaced their short-term
counterparts, while lower-quality securities typically outperformed higher-quality issues. |
|
|
Income in the form of coupon payments made up a meaningful portion of the Trusts total return for the period. In addition, the Trusts use of
leverage provided both incremental return and income in a relatively stable rate environment. The Trusts duration positioning, highlighted by concentrations in longer-dated securities with maturities of 25 years and above, was helpful to
performance as well. (Duration is a measure of interest-rate sensitivity.) |
|
|
The Trusts concentration in securities rated A and AA helped performance, as both credit tiers outpaced issues rated AAA. Similarly, holdings in
bonds rated below investment grade (i.e., BBB and lower) also had a positive impact on results due to the combination of their higher yields and strong relative price performance. |
|
|
On a sector basis, transportation, health care and utilities were top performers for the period. |
|
|
Despite offering generous yields in comparison to the broader market, the Trusts more-seasoned holdings detracted from performance due to the
premium amortization that occurred as the bonds approached their first call dates. (When a bonds price trades at a premium over its face value, the difference is amortized over time. A bond premium occurs when the price of the bond has
increased due to a decline in interest rates.) |
|
|
The Trusts yield curve positioning also detracted somewhat given the more substantive decline in intermediate-term yields versus the longer
maturities in which the portfolio is largely concentrated. |
|
|
The Trusts use of U.S. Treasury futures contracts to manage interest rate risk had a slightly negative impact on its return due to the overall
strength in the market. |
The views expressed reflect the opinions of BlackRock as of the date of this report
and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
|
|
|
|
|
|
BlackRock Strategic Municipal Trust |
|
|
|
|
|
|
|
|
|
|
|
Market Price and Net Asset Value Per Share Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/16 |
|
|
4/30/15 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
15.02 |
|
|
$ |
14.00 |
|
|
|
7.29 |
% |
|
$ |
15.34 |
|
|
$ |
12.95 |
|
Net Asset Value |
|
$ |
15.04 |
|
|
$ |
14.76 |
|
|
|
1.90 |
% |
|
$ |
15.06 |
|
|
$ |
14.30 |
|
|
Market Price and Net Asset Value History For the Past Five
Years |
|
Overview of the Trusts Total Investments* |
|
|
|
|
|
|
|
|
|
Sector Allocation |
|
4/30/16 |
|
|
4/30/15 |
|
Transportation |
|
|
24 |
% |
|
|
25 |
% |
Health |
|
|
18 |
|
|
|
17 |
|
Utilities |
|
|
14 |
|
|
|
13 |
|
Education |
|
|
11 |
|
|
|
10 |
|
County/City/Special District/School District |
|
|
10 |
|
|
|
11 |
|
State |
|
|
9 |
|
|
|
9 |
|
Corporate |
|
|
9 |
|
|
|
10 |
|
Tobacco |
|
|
5 |
|
|
|
5 |
|
For Trust compliance purposes, the Trusts sector classifications refer to one or more of the sector
subclassifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector
subclassifications for reporting ease.
|
|
|
|
|
|
|
Call/Maturity Schedule3 |
|
|
|
Calendar Year Ended December 31, |
|
|
|
|
2016 |
|
|
7 |
% |
2017 |
|
|
2 |
|
2018 |
|
|
6 |
|
2019 |
|
|
13 |
|
2020 |
|
|
12 |
|
|
3 |
|
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
|
* |
|
Excludes short-term securities.
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocation1 |
|
4/30/16 |
|
|
4/30/15 |
|
AAA/Aaa |
|
|
9 |
% |
|
|
10 |
% |
AA/Aa |
|
|
41 |
|
|
|
39 |
|
11A |
|
|
25 |
|
|
|
25 |
|
BBB/Baa |
|
|
11 |
|
|
|
12 |
|
BB/Ba |
|
|
4 |
|
|
|
4 |
|
B |
|
|
1 |
|
|
|
2 |
|
N/R2 |
|
|
9 |
|
|
|
8 |
|
|
1 |
|
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&Ps or Moodys if
ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of
BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
|
2 |
|
The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for
similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2016 and April 30, 2015, the
market value of unrated securities deemed by the investment advisor to be investment grade each represents 2% of the Trusts total investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
15 |
|
|
|
Schedule of Investments April 30, 2016 |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Alabama 1.4% |
|
|
|
|
|
|
|
|
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Childrens Hospital (AGC) (a): |
|
|
|
|
|
|
|
|
6.00%, 6/01/19 |
|
$ |
1,745 |
|
|
$ |
2,012,788 |
|
6.00%, 6/01/19 |
|
|
500 |
|
|
|
576,730 |
|
City of Hoover Alabama Board of Education, Refunding, Special Tax, Capital Outlay Warrants, 4.25%, 2/15/40 |
|
|
1,275 |
|
|
|
1,329,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,919,368 |
|
Arizona 6.3% |
|
|
|
|
|
|
|
|
Arizona Health Facilities Authority, Refunding RB, Phoenix Childrens Hospital, Series A, 5.00%, 2/01/42 |
|
|
3,300 |
|
|
|
3,618,912 |
|
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 7/01/45 (b) |
|
|
455 |
|
|
|
473,305 |
|
County of Pinal Arizona Electric District No. 3, Refunding RB, Electric System, 4.75%, 7/01/31 |
|
|
3,750 |
|
|
|
4,240,462 |
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
5.00%, 12/01/32 |
|
|
1,035 |
|
|
|
1,267,316 |
|
5.00%, 12/01/37 |
|
|
4,585 |
|
|
|
5,716,578 |
|
University Medical Center Corp., RB, 6.50%, 7/01/19 (a) |
|
|
750 |
|
|
|
879,758 |
|
University Medical Center Corp., Refunding RB, 6.00%, 7/01/21 (a) |
|
|
1,600 |
|
|
|
1,986,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,183,051 |
|
Arkansas 3.2% |
|
|
|
|
|
|
|
|
City of Benton Arkansas, RB, 4.00%, 6/01/39 |
|
|
1,355 |
|
|
|
1,463,779 |
|
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, 4.00%, 10/01/40 |
|
|
1,850 |
|
|
|
1,968,474 |
|
City of Hot Springs Arkansas, RB, Wastewater, 5.00%, 12/01/38 |
|
|
1,800 |
|
|
|
2,074,320 |
|
City of Little Rock Arkansas, RB, 4.00%, 7/01/41 |
|
|
2,955 |
|
|
|
3,154,403 |
|
County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42 |
|
|
465 |
|
|
|
533,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,193,992 |
|
California 17.8% |
|
|
|
|
|
|
|
|
California Health Facilities Financing Authority, RB, Sutter Health: |
|
|
|
|
|
|
|
|
Series A, 3.25%, 11/15/36 |
|
|
1,230 |
|
|
|
1,248,179 |
|
Series B, 5.88%, 8/15/31 |
|
|
2,300 |
|
|
|
2,778,768 |
|
California Infrastructure & Economic Development Bank, Refunding RB, 4.00%, 11/01/45 |
|
|
3,330 |
|
|
|
3,531,965 |
|
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.25%, 12/01/56
(b)(c) |
|
|
705 |
|
|
|
766,399 |
|
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34 (d) |
|
|
1,500 |
|
|
|
1,572,825 |
|
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34 |
|
|
3,000 |
|
|
|
3,533,040 |
|
County of Kern Water Agency Improvement District No. 4, Refunding RB, Series A (AGM), 4.00%, 5/01/38 |
|
|
535 |
|
|
|
576,628 |
|
Dinuba California Unified School District, GO, Election of 2006 (AGM), 5.75%, 8/01/33 |
|
|
535 |
|
|
|
612,853 |
|
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 8/01/34 (d) |
|
|
2,475 |
|
|
|
2,314,199 |
|
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 8/01/38 (e) |
|
|
12,000 |
|
|
|
5,135,640 |
|
Palomar Community College District, GO, CAB, Election of 2006, Series B: |
|
|
|
|
|
|
|
|
0.00%, 8/01/30 (e) |
|
|
2,270 |
|
|
|
1,483,604 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
California (continued) |
|
|
|
|
|
|
|
|
Palomar Community College District, GO, CAB, Election of 2006, Series B (continued): |
|
|
|
|
|
|
|
|
0.00%, 8/01/33 (e) |
|
$
|
4,250 |
|
|
$
|
1,648,703 |
|
0.00%, 8/01/39 (d) |
|
|
3,000 |
|
|
|
2,768,820 |
|
San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 8/01/33 (d) |
|
|
4,200 |
|
|
|
4,766,538 |
|
State of California, GO, Refunding, Various Purposes: |
|
|
|
|
|
|
|
|
5.00%, 2/01/38 |
|
|
2,000 |
|
|
|
2,346,940 |
|
4.00%, 10/01/44 |
|
|
2,520 |
|
|
|
2,714,065 |
|
State of California, GO, Various Purposes: |
|
|
|
|
|
|
|
|
5.75%, 4/01/31 |
|
|
3,000 |
|
|
|
3,426,180 |
|
6.00%, 3/01/33 |
|
|
2,270 |
|
|
|
2,698,258 |
|
6.50%, 4/01/33 |
|
|
2,900 |
|
|
|
3,379,225 |
|
5.50%, 3/01/40 |
|
|
3,650 |
|
|
|
4,262,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,565,336 |
|
Colorado 0.6% |
|
|
|
|
|
|
|
|
City & County of Denver Colorado, Refunding RB, Series A, 4.00%, 8/01/46 |
|
|
870 |
|
|
|
932,770 |
|
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax (AGM), 6.00%, 12/01/20 (a) |
|
|
750 |
|
|
|
911,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,843,833 |
|
Connecticut 0.4% |
|
|
|
|
|
|
|
|
Connecticut State Health & Educational Facility Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36 |
|
|
950 |
|
|
|
1,048,505 |
|
Trinity Health Corp., 3.25%, 12/01/36 |
|
|
150 |
|
|
|
151,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,200,310 |
|
Delaware 2.5% |
|
|
|
|
|
|
|
|
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
|
|
1,800 |
|
|
|
1,968,444 |
|
Delaware Transportation Authority, RB: |
|
|
|
|
|
|
|
|
5.00%, 6/01/45 |
|
|
3,000 |
|
|
|
3,513,180 |
|
5.00%, 6/01/55 |
|
|
1,430 |
|
|
|
1,633,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,115,614 |
|
Florida 9.0% |
|
|
|
|
|
|
|
|
Capital Trust Agency Inc., RB, M/F Housing, The Gardens Apartment Project, Series A, 4.75%, 7/01/40 |
|
|
900 |
|
|
|
924,192 |
|
City of Tampa Florida, RB, Baycare Health System, Series A, 4.00%, 11/15/46 |
|
|
1,445 |
|
|
|
1,531,078 |
|
County of Miami-Dade Florida, RB: |
|
|
|
|
|
|
|
|
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/32 (e) |
|
|
4,225 |
|
|
|
1,819,581 |
|
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/33 (e) |
|
|
4,000 |
|
|
|
1,633,560 |
|
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/34 (e) |
|
|
4,580 |
|
|
|
1,776,582 |
|
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/35 (e) |
|
|
5,000 |
|
|
|
1,838,800 |
|
CAB, Subordinate Special Obligation, 0.00%, 10/01/32 (e) |
|
|
5,000 |
|
|
|
2,773,500 |
|
CAB, Subordinate Special Obligation, 0.00%, 10/01/33 (e) |
|
|
15,375 |
|
|
|
8,173,196 |
|
Series B, AMT, 6.00%, 10/01/32 |
|
|
3,000 |
|
|
|
3,725,580 |
|
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, University of Miami, Series A, 5.00%,
4/01/45 |
|
|
1,390 |
|
|
|
1,606,173 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Florida (continued) |
|
|
|
|
|
|
|
|
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/32 |
|
$
|
200 |
|
|
$
|
217,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,019,312 |
|
Georgia 2.4% |
|
|
|
|
|
|
|
|
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%,
11/01/43 |
|
|
6,000 |
|
|
|
7,049,520 |
|
Hawaii 0.2% |
|
|
|
|
|
|
|
|
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose, Senior
Living, Kahala Nui, 5.25%, 11/15/37 |
|
|
600 |
|
|
|
663,516 |
|
Idaho 4.2% |
|
|
|
|
|
|
|
|
Boise State University, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
3.00%, 4/01/36 |
|
|
1,850 |
|
|
|
1,838,974 |
|
3.13%, 4/01/39 |
|
|
840 |
|
|
|
832,398 |
|
Idaho Health Facilities Authority, RB, St. Lukes Health System Project, Series A, 5.00%, 3/01/39 |
|
|
5,800 |
|
|
|
6,604,750 |
|
Idaho Health Facilities Authority, Refunding RB, Trinity Health Group, Series B, 6.25%, 12/01/18 (a) |
|
|
2,500 |
|
|
|
2,850,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,127,047 |
|
Illinois 8.4% |
|
|
|
|
|
|
|
|
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 1/01/20 (f) |
|
|
5,000 |
|
|
|
5,883,600 |
|
City of Chicago Illinois, Refunding ARB, OHare International Airport Passenger Facility Charge, Series B, AMT, 4.00%,
1/01/29 |
|
|
2,400 |
|
|
|
2,501,328 |
|
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, 5.00%, 1/01/41 |
|
|
1,735 |
|
|
|
1,935,895 |
|
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
1,000 |
|
|
|
1,092,350 |
|
Illinois Finance Authority, RB, Rush University Medical Center, Series C, 6.63%, 5/01/19 (a) |
|
|
1,200 |
|
|
|
1,405,872 |
|
Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
OSF Healthcare System, Series A, 6.00%, 5/15/39 |
|
|
1,490 |
|
|
|
1,722,321 |
|
Roosevelt University Project, 6.50%, 4/01/44 |
|
|
1,500 |
|
|
|
1,661,610 |
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
6.25%, 6/01/24 |
|
|
5,000 |
|
|
|
5,025,450 |
|
6.00%, 6/01/28 |
|
|
1,700 |
|
|
|
2,031,517 |
|
State of Illinois, GO, 5.00%, 2/01/39 |
|
|
1,000 |
|
|
|
1,055,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,315,073 |
|
Iowa 1.2% |
|
|
|
|
|
|
|
|
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility: |
|
|
|
|
|
|
|
|
Drake University Project, 3.00%, 4/01/34 |
|
|
1,000 |
|
|
|
1,006,800 |
|
Upper Iowa University Project, 5.75%, 9/01/30 |
|
|
965 |
|
|
|
1,020,960 |
|
Upper Iowa University Project, 6.00%, 9/01/39 |
|
|
1,500 |
|
|
|
1,583,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,611,205 |
|
Kansas 2.8% |
|
|
|
|
|
|
|
|
County of Seward Kansas Unified School District No. 480, GO, Refunding, 5.00%, 9/01/39 |
|
|
6,000 |
|
|
|
6,739,380 |
|
Kansas Development Finance Authority, Refunding RB, Sisters of Leavenworth, Series A, 5.00%, 1/01/28 |
|
|
1,155 |
|
|
|
1,293,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,032,553 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Kentucky 5.9% |
|
|
|
|
|
|
|
|
Counties of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Jewish Hospital & St.
Marys Healthcare, 6.13%, 2/01/18 (a) |
|
$
|
2,250 |
|
|
$
|
2,462,288 |
|
Kentucky Bond Development Corp., Refunding RB, Saint Elizabeth Medical Center, Inc. (c): |
|
|
|
|
|
|
|
|
4.00%, 5/01/35 |
|
|
875 |
|
|
|
945,210 |
|
4.00%, 5/01/36 |
|
|
740 |
|
|
|
796,077 |
|
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 1/01/40 |
|
|
3,400 |
|
|
|
3,889,260 |
|
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/23
(e) |
|
|
8,500 |
|
|
|
7,001,535 |
|
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C
(d): |
|
|
|
|
|
|
|
|
0.00%, 7/01/34 |
|
|
1,000 |
|
|
|
829,900 |
|
0.00%, 7/01/39 |
|
|
1,395 |
|
|
|
1,129,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,053,913 |
|
Louisiana 2.2% |
|
|
|
|
|
|
|
|
City of Alexandria Louisiana Utilities, RB, 5.00%, 5/01/39 |
|
|
1,790 |
|
|
|
2,045,845 |
|
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project,
Series A-1, 6.50%, 11/01/35 |
|
|
1,565 |
|
|
|
1,882,711 |
|
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 5/01/31 |
|
|
600 |
|
|
|
683,766 |
|
Louisiana Public Facilities Authority, Refunding RB, 4.00%, 11/01/45 |
|
|
1,565 |
|
|
|
1,604,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,217,182 |
|
Maryland 0.8% |
|
|
|
|
|
|
|
|
County of Anne Arundel Maryland Consolidated, Special Taxing District, Villages at Two Rivers Project: |
|
|
|
|
|
|
|
|
5.13%, 7/01/36 |
|
|
260 |
|
|
|
269,553 |
|
5.25%, 7/01/44 |
|
|
260 |
|
|
|
269,058 |
|
County of Montgomery Maryland, RB, Trinity Health Credit Group, 5.00%, 12/01/45 |
|
|
1,500 |
|
|
|
1,783,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,322,516 |
|
Massachusetts 0.9% |
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, RB, CareGroup Issue, Series I, 3.25%, 7/01/35 (c) |
|
|
460 |
|
|
|
458,040 |
|
Massachusetts Development Finance Agency, Refunding RB: |
|
|
|
|
|
|
|
|
Emerson College, 5.00%, 1/01/41 |
|
|
1,200 |
|
|
|
1,363,368 |
|
International Charter School, 5.00%, 4/15/40 |
|
|
600 |
|
|
|
658,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,479,470 |
|
Michigan 3.5% |
|
|
|
|
|
|
|
|
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%,
7/01/44 |
|
|
360 |
|
|
|
384,980 |
|
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C,
4.00%, 12/01/32 |
|
|
4,150 |
|
|
|
4,455,813 |
|
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (a) |
|
|
2,750 |
|
|
|
3,226,300 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
17 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Michigan (continued) |
|
|
|
|
|
|
|
|
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I: |
|
|
|
|
|
|
|
|
6.25%, 10/15/18 (a) |
|
$
|
1,135 |
|
|
$
|
1,285,944 |
|
6.25%, 10/15/38 |
|
|
740 |
|
|
|
832,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,185,367 |
|
Minnesota 2.1% |
|
|
|
|
|
|
|
|
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC): |
|
|
|
|
|
|
|
|
6.50%, 11/15/18 (a) |
|
|
345 |
|
|
|
393,866 |
|
6.50%, 11/15/38 |
|
|
1,905 |
|
|
|
2,146,363 |
|
City of St. Cloud Minnesota, Refunding RB, CentraCare Health System, Series A, 3.25%, 5/01/39 (c) |
|
|
695 |
|
|
|
685,020 |
|
Minnesota Higher Education Facilities Authority, RB, College of St. Benedict, Series 8-K: |
|
|
|
|
|
|
|
|
5.00%, 3/01/37 |
|
|
1,055 |
|
|
|
1,229,666 |
|
4.00%, 3/01/43 |
|
|
615 |
|
|
|
642,995 |
|
Minnesota Higher Education Facilities Authority, Refunding RB, University of St. Thomas, Series 8-L: |
|
|
|
|
|
|
|
|
3.00%, 4/01/36 |
|
|
320 |
|
|
|
315,264 |
|
4.00%, 4/01/39 |
|
|
620 |
|
|
|
668,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,081,608 |
|
Mississippi 3.3% |
|
|
|
|
|
|
|
|
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%,
12/01/35 |
|
|
600 |
|
|
|
668,880 |
|
Mississippi Development Bank, RB, Special Obligation: |
|
|
|
|
|
|
|
|
CAB, Hinds Community College District (AGM), 5.00%, 4/01/36 |
|
|
1,910 |
|
|
|
2,135,456 |
|
County of Jackson Limited Tax Note (AGC), 5.50%, 7/01/32 |
|
|
2,655 |
|
|
|
2,976,202 |
|
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/19 (a) |
|
|
3,150 |
|
|
|
3,615,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,395,730 |
|
Missouri 2.2% |
|
|
|
|
|
|
|
|
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41 |
|
|
1,350 |
|
|
|
1,481,773 |
|
Missouri State Health & Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
|
A.T. Still University of Health Sciences, 5.25%, 10/01/31 |
|
|
500 |
|
|
|
576,570 |
|
A.T. Still University of Health Sciences, 4.25%, 10/01/32 |
|
|
480 |
|
|
|
524,995 |
|
A.T. Still University of Health Sciences, 5.00%, 10/01/39 |
|
|
750 |
|
|
|
859,328 |
|
Heartland Regional Medical Center, 4.13%, 2/15/43 |
|
|
1,100 |
|
|
|
1,150,127 |
|
University of Central Missouri, Series C-2, 5.00%, 10/01/34 |
|
|
1,500 |
|
|
|
1,742,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,335,433 |
|
Montana 0.1% |
|
|
|
|
|
|
|
|
County of Gallatin School District No 7 Bozeman, GO, 3.00%, 6/01/36 |
|
|
265 |
|
|
|
266,513 |
|
Nebraska 4.8% |
|
|
|
|
|
|
|
|
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42 |
|
|
900 |
|
|
|
988,992 |
|
County of Douglas Nebraska Hospital Authority No. 2, RB, Madonna Rehabilitation Hospital Project, 4.00%,
5/15/33 |
|
|
1,945 |
|
|
|
2,019,571 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Nebraska (continued) |
|
|
|
|
|
|
|
|
County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist Health System, 5.00%,
11/01/45 |
|
$
|
600 |
|
|
$
|
683,694 |
|
Lincoln Airport Authority, Refunding RB, Series A, 4.00%, 7/01/40 |
|
|
780 |
|
|
|
841,792 |
|
Nebraska Public Power District, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
5.00%, 1/01/32 |
|
|
2,535 |
|
|
|
2,963,035 |
|
4.00%, 1/01/44 |
|
|
600 |
|
|
|
632,664 |
|
Omaha School District, GO, 4.00%, 12/15/39 |
|
|
1,750 |
|
|
|
1,900,133 |
|
Public Power Generation Agency, Refunding RB (c): |
|
|
|
|
|
|
|
|
3.13%, 1/01/35 |
|
|
1,845 |
|
|
|
1,803,875 |
|
3.25%, 1/01/36 |
|
|
2,075 |
|
|
|
2,044,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,878,004 |
|
Nevada 0.9% |
|
|
|
|
|
|
|
|
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2,
4.25%, 7/01/36 |
|
|
1,500 |
|
|
|
1,609,065 |
|
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29 |
|
|
1,065 |
|
|
|
1,091,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,700,094 |
|
New Jersey 6.5% |
|
|
|
|
|
|
|
|
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel,
Sub-Series B, 6.25%, 1/01/37 (g)(h) |
|
|
1,510 |
|
|
|
59,645 |
|
New Jersey EDA, RB, AMT: |
|
|
|
|
|
|
|
|
Continental Airlines, Inc. Project, 5.25%, 9/15/29 |
|
|
1,335 |
|
|
|
1,477,671 |
|
Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30 |
|
|
990 |
|
|
|
1,134,194 |
|
Goethals Bridge Replacement Project (AGM), 5.13%, 7/01/42 |
|
|
300 |
|
|
|
333,606 |
|
New Jersey Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
College of New Jersey, 3.50%, 7/01/31 |
|
|
1,825 |
|
|
|
1,895,554 |
|
University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (a) |
|
|
1,225 |
|
|
|
1,467,967 |
|
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Barnabas Health Care System, Series A: |
|
|
|
|
|
|
|
|
4.63%, 7/01/23 |
|
|
770 |
|
|
|
866,620 |
|
5.00%, 7/01/25 |
|
|
500 |
|
|
|
585,890 |
|
5.63%, 7/01/37 |
|
|
2,560 |
|
|
|
2,975,462 |
|
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.50%, 10/01/38 |
|
|
85 |
|
|
|
87,902 |
|
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 1/01/45 |
|
|
2,780 |
|
|
|
3,210,872 |
|
New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
CAB, Transportation System, Series A, 0.00%, 12/15/35 (e) |
|
|
1,600 |
|
|
|
615,136 |
|
Transportation Program, Series AA, 5.00%, 6/15/44 |
|
|
1,850 |
|
|
|
1,962,702 |
|
Transportation Program, Series AA, 5.00%, 6/15/45 |
|
|
1,350 |
|
|
|
1,433,228 |
|
Transportation Program, Series AA, 5.00%, 6/15/46 |
|
|
600 |
|
|
|
636,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,742,971 |
|
New Mexico 0.3% |
|
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services,
5.00%, 8/01/44 |
|
|
680 |
|
|
|
790,962 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
New York 7.1% |
|
City of New York New York, GO, Fiscal 2014, Sub-Series A-1, 5.00%, 8/01/35 |
|
$
|
2,380 |
|
|
$
|
2,828,082 |
|
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport Project, AMT,
7.63%, 8/01/25 (i) |
|
|
2,600 |
|
|
|
2,671,526 |
|
City of New York New York Industrial Development Agency, RB, PILOT, Queens Baseball Stadium: |
|
|
|
|
|
|
|
|
(AMBAC), 5.00%, 1/01/39 |
|
|
1,100 |
|
|
|
1,120,922 |
|
(AGC), 6.50%, 1/01/46 |
|
|
300 |
|
|
|
341,259 |
|
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 6/01/41 (b) |
|
|
1,400 |
|
|
|
1,474,914 |
|
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45 |
|
|
1,825 |
|
|
|
1,816,605 |
|
Hudson Yards Infrastructure Corp., RB, Series A (AGM), 5.00%, 2/15/47 |
|
|
500 |
|
|
|
515,380 |
|
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39 |
|
|
2,475 |
|
|
|
2,770,292 |
|
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/39 |
|
|
3,495 |
|
|
|
4,228,251 |
|
New York Liberty Development Corp., Refunding RB: |
|
|
|
|
|
|
|
|
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |
|
|
1,250 |
|
|
|
1,406,650 |
|
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (b) |
|
|
640 |
|
|
|
702,522 |
|
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42
(b) |
|
|
600 |
|
|
|
608,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,485,367 |
|
North Carolina 1.4% |
|
County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities,
National Gypsum Co. Project, AMT, 5.75%, 8/01/35 |
|
|
2,175 |
|
|
|
2,179,241 |
|
North Carolina Medical Care Commission, Refunding RB, University Health System, Series D, 6.25%, 12/01/18
(a) |
|
|
1,750 |
|
|
|
1,994,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,173,839 |
|
North Dakota 0.6% |
|
City of Fargo North Dakota, GO, Series D, 4.00%, 5/01/37 |
|
|
795 |
|
|
|
858,632 |
|
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 7/01/21
(a) |
|
|
720 |
|
|
|
857,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,716,627 |
|
Ohio 1.1% |
|
City of Dayton Ohio Airport Revenue, Refunding ARB, James M Cox Dayton International
Airport, AMT, 4.00%, 12/01/32 |
|
|
3,000 |
|
|
|
3,157,230 |
|
Oklahoma 1.2% |
|
|
|
|
|
|
|
|
Oklahoma City Public Property Authority, Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 10/01/36 |
|
|
800 |
|
|
|
929,032 |
|
5.00%, 10/01/39 |
|
|
280 |
|
|
|
322,187 |
|
Oklahoma Municipal Power Authority, RB, Power Supply System, Series A, 4.00%, 1/01/38 |
|
|
570 |
|
|
|
607,056 |
|
Oklahoma Water Resources Board, RB, Clean Water Program, 4.00%, 4/01/40 |
|
|
1,475 |
|
|
|
1,608,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,467,264 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Oregon 2.1% |
|
County of Lane Oregon School District No. 19 Springfield, GO, CAB, Series B, 0.00%, 6/15/40 (e) |
|
$
|
1,500 |
|
|
$
|
631,845 |
|
Oregon Health & Science University, RB, Series A, 5.75%, 7/01/19 (a) |
|
|
1,250 |
|
|
|
1,440,863 |
|
Oregon Health & Science University, Refunding RB, Series B, 4.00%, 7/01/46 |
|
|
925 |
|
|
|
999,638 |
|
State of Oregon State Facilities Authority, Refunding RB, Series A, 5.00%, 4/01/45 |
|
|
2,485 |
|
|
|
2,865,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,937,501 |
|
Pennsylvania 3.8% |
|
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27 |
|
|
2,535 |
|
|
|
2,350,477 |
|
Delaware River Port Authority, RB: |
|
|
|
|
|
|
|
|
4.50%, 1/01/32 |
|
|
3,000 |
|
|
|
3,411,930 |
|
Series D (AGM), 5.00%, 1/01/40 |
|
|
3,640 |
|
|
|
4,100,424 |
|
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31 (e)(f) |
|
|
500 |
|
|
|
357,345 |
|
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |
|
|
810 |
|
|
|
850,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,070,546 |
|
Rhode Island 4.3% |
|
Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation, Series A (AGC), 7.00%,
5/15/39 |
|
|
3,000 |
|
|
|
3,468,810 |
|
Rhode Island Infrastructure Bank, RB, Green Bonds, Series A, 3.00%, 10/01/32 |
|
|
120 |
|
|
|
123,606 |
|
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
4.00%, 10/01/36 |
|
|
1,320 |
|
|
|
1,421,944 |
|
5.00%, 10/01/40 |
|
|
1,845 |
|
|
|
2,161,325 |
|
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 4/01/28 |
|
|
1,330 |
|
|
|
1,470,355 |
|
Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 6/01/40 |
|
|
1,000 |
|
|
|
1,097,110 |
|
Series B, 4.50%, 6/01/45 |
|
|
2,725 |
|
|
|
2,825,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,568,920 |
|
Tennessee 3.5% |
|
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%,
1/01/40 |
|
|
2,945 |
|
|
|
3,342,870 |
|
County of Chattanooga-Hamilton Tennessee Hospital Authority, Refunding RB, 5.00%, 10/01/44 |
|
|
875 |
|
|
|
982,896 |
|
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A: |
|
|
|
|
|
|
|
|
5.25%, 11/01/27 |
|
|
1,135 |
|
|
|
1,284,945 |
|
5.38%, 11/01/28 |
|
|
1,000 |
|
|
|
1,141,170 |
|
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A,
5.00%, 8/15/42 |
|
|
1,200 |
|
|
|
1,319,328 |
|
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board,
Series A: |
|
|
|
|
|
|
|
|
RB, Vanderbilt University Medical Center, 5.00%, 7/01/40 |
|
|
1,075 |
|
|
|
1,250,967 |
|
Refunding RB, Lipscomb University Project, 5.00%, 10/01/45 |
|
|
610 |
|
|
|
692,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,014,916 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
19 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Texas 8.0% |
|
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B
(a): |
|
|
|
|
|
|
|
|
7.13%, 12/01/18 |
|
$
|
1,000 |
|
|
$
|
1,161,920 |
|
7.25%, 12/01/18 |
|
|
2,650 |
|
|
|
3,087,542 |
|
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 0.00%, 11/15/38
(e) |
|
|
5,000 |
|
|
|
1,856,950 |
|
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A,
6.30%, 11/01/29 |
|
|
2,200 |
|
|
|
2,501,752 |
|
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 9/15/38
(e) |
|
|
16,780 |
|
|
|
6,686,830 |
|
Leander ISD, GO, Refunding, Go, Refunding, CAB, Series D, 0.00%, 8/15/35 (e) |
|
|
6,000 |
|
|
|
2,961,120 |
|
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38 |
|
|
1,140 |
|
|
|
1,359,974 |
|
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC,
7.00%, 6/30/40 |
|
|
3,000 |
|
|
|
3,595,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,211,828 |
|
U.S. Virgin Islands 0.6% |
|
Virgin Islands Public Finance Authority, Refunding RB, Virgin Islands Gross Receipts, Series
C, 4.50%, 10/01/44 |
|
|
1,665 |
|
|
|
1,710,788 |
|
Utah 0.2% |
|
|
|
|
|
|
|
|
Utah State Charter School Finance Authority, Refunding RB, Mountainville Academy,
4.00%, 4/15/42 |
|
|
600 |
|
|
|
621,102 |
|
Vermont 2.7% |
|
|
|
|
|
|
|
|
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/37 |
|
|
4,245 |
|
|
|
4,614,782 |
|
Vermont Educational & Health Buildings Financing Agency, Refunding RB, Fletcher Allen Health Hospital, Series B (AGM),
5.00%, 6/01/18 (a) |
|
|
1,820 |
|
|
|
1,979,468 |
|
Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 6/15/32 |
|
|
1,050 |
|
|
|
1,109,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,704,069 |
|
Virginia 0.7% |
|
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings
OpCo LLC Project, AMT, 6.00%, 1/01/37 |
|
|
1,755 |
|
|
|
2,077,446 |
|
Washington 0.8% |
|
|
|
|
|
|
|
|
Washington Health Care Facilities Authority, RB, MultiCare Health System, Series B (AGC),
6.00%, 8/15/19 (a) |
|
|
2,100 |
|
|
|
2,448,915 |
|
West Virginia 0.8% |
|
|
|
|
|
|
|
|
County of Berkeley Public Service Sewer District, Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 6/01/36 |
|
|
615 |
|
|
|
713,818 |
|
3.25%, 6/01/41 |
|
|
615 |
|
|
|
595,093 |
|
3.38%, 6/01/46 |
|
|
920 |
|
|
|
906,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,214,982 |
|
Wisconsin 0.9% |
|
State of Wisconsin Health & Educational Facilities Authority, Refunding RB, Medical College of Wisconsin, Inc., 4.00%,
12/01/46 (c) |
|
|
955 |
|
|
|
1,001,690 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Wisconsin (continued) |
|
WPPI Energy Power Supply Systems, Refunding RB, Series A, 5.00%, 7/01/37 |
|
$
|
1,330 |
|
|
$
|
1,548,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,550,382 |
|
Total Municipal Bonds 133.7% |
|
|
|
386,421,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (j) |
|
|
|
|
California 1.8% |
|
State of California, GO, Go, Various Purpose (NPFGC), 5.00%, 6/01/37 |
|
|
5,000 |
|
|
|
5,240,050 |
|
Colorado 2.0% |
|
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%, 5/01/18
(a) |
|
|
5,250 |
|
|
|
5,695,883 |
|
Connecticut 1.6% |
|
Connecticut State Health & Educational Facility Authority, Refunding RB, Trinity
Health Credit Group, 5.00%, 12/01/45 |
|
|
3,902 |
|
|
|
4,580,195 |
|
Minnesota 2.0% |
|
|
|
|
|
|
|
|
State of Minnesota, RB, Series A, 5.00%, 6/01/38 |
|
|
5,000 |
|
|
|
5,885,447 |
|
New Jersey 1.1% |
|
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B,
5.25%, 6/15/36 (k) |
|
|
2,861 |
|
|
|
3,079,757 |
|
New York 9.1% |
|
|
|
|
|
|
|
|
City of New York New York, GO, Fiscal 2015, Series B, 4.00%, 8/01/32 |
|
|
1,600 |
|
|
|
1,786,832 |
|
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A, 5.75%,
6/15/40 |
|
|
690 |
|
|
|
762,090 |
|
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System: |
|
|
|
|
|
|
|
|
2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 6/15/47 |
|
|
4,000 |
|
|
|
4,709,351 |
|
2nd General Resolution, Series FF-2, 5.50%, 6/15/40 |
|
|
810 |
|
|
|
918,129 |
|
Series A, 4.75%, 6/15/30 |
|
|
4,000 |
|
|
|
4,178,400 |
|
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (k) |
|
|
1,750 |
|
|
|
2,057,339 |
|
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |
|
|
4,500 |
|
|
|
5,345,709 |
|
State of New York Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/18 (a) |
|
|
3,359 |
|
|
|
3,664,500 |
|
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%,
3/15/31 |
|
|
2,360 |
|
|
|
2,778,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,200,542 |
|
Ohio 1.6% |
|
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 4/28/18 (a) |
|
|
1,740 |
|
|
|
1,886,108 |
|
Ohio Higher Educational Facility Commission, RB, Cleveland Clinic Health, Series A, 5.25%, 1/01/33 |
|
|
2,600 |
|
|
|
2,792,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,678,326 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (j) |
|
Par
(000) |
|
|
Value |
|
Texas 0.9% |
|
|
|
|
|
|
|
|
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior
Lien, 5.00%, 2/01/43 |
|
$
|
2,380 |
|
|
$
|
2,766,917 |
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts 20.1% |
|
|
|
58,127,117 |
|
Total Long-Term Investments (Cost $395,093,360) 153.8% |
|
|
|
444,548,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
Value |
|
BlackRock Liquidity Funds, MuniCash, 0.19% (l)(m) |
|
|
1,080,099 |
|
|
$
|
1,080,099 |
|
Total Short-Term Securities (Cost $1,080,099) 0.4% |
|
|
|
1,080,099 |
|
Total Investments (Cost $396,173,459) 154.2% |
|
|
|
445,628,431 |
|
Other Assets Less Liabilities 0.2% |
|
|
|
577,201 |
|
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(10.8)% |
|
|
|
(31,303,092 |
) |
VMTP Shares, at Liquidation Value (43.6)% |
|
|
|
(125,900,000 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
$ |
289,002,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Schedule of Investments |
|
|
(a) |
|
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. |
(b) |
|
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors. |
(c) |
|
When-issued security. |
(d) |
|
Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
|
(f) |
|
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(g) |
|
Issuer filed for bankruptcy and/or is in default of interest payments. |
(h) |
|
Non-income producing security. |
(i) |
|
Variable rate security. Rate as of period end. |
(j) |
|
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. See
Note 4 of the Notes to Financial Statements for details. |
(k) |
|
All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements,
which expire between February 15, 2019 to June 15, 2019, is $3,148,884. See Note 4 of the Notes to Financial Statements for details. |
(l) |
|
During the year ended April 30, 2016, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company
Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares Held at April 30, 2015 |
|
|
Net Activity |
|
|
Shares Held at April 30, 2016 |
|
|
Income |
|
BlackRock Liquidity Funds, MuniCash |
|
|
|
|
|
|
1,080,099 |
|
|
|
1,080,099 |
|
|
$ |
1,293 |
|
FFI Institutional Tax-Exempt Fund |
|
|
4,608,232 |
|
|
|
(4,608,232 |
) |
|
|
|
|
|
|
854 |
|
Total |
|
|
|
|
|
|
|
|
|
|
1,080,099 |
|
|
$ |
2,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(m) |
|
Current yield as of period end. |
|
|
|
Derivative Financial Instruments Outstanding as of Period End |
|
|
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts Short |
|
|
Issue |
|
Expiration |
|
Notional Value |
|
Unrealized Appreciation |
|
|
|
|
(11 |
) |
|
5-Year U.S. Treasury Note |
|
June 2016 |
|
$1,330,055 |
|
$ |
4,799 |
|
|
|
|
(58 |
) |
|
10-Year U.S. Treasury Note |
|
June 2016 |
|
$7,543,625 |
|
|
31,135 |
|
|
|
|
(39 |
) |
|
Long U.S. Treasury Bond |
|
June 2016 |
|
$6,369,187 |
|
|
92,171 |
|
|
|
|
(8 |
) |
|
Ultra U.S. Treasury Bond |
|
June 2016 |
|
$1,370,750 |
|
|
23,121 |
|
|
|
|
Total |
|
|
|
|
|
|
|
|
$ |
151,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
21 |
|
|
|
Schedule of Investments (concluded) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
|
|
|
Derivative Financial Instruments Categorized by Risk Exposure |
|
|
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Derivative Financial Instruments |
|
Commodity Contracts |
|
|
Credit Contracts |
|
|
Equity Contracts |
|
|
Foreign Currency Exchange Contracts |
|
|
Interest Rate Contracts |
|
|
Other Contracts |
|
|
Total |
|
Futures contracts |
|
Net unrealized appreciation1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
151,226 |
|
|
|
|
|
|
$ |
151,226 |
|
1 Includes cumulative
appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current days variation margin is reported within the Statements of Assets and Liabilities. |
|
For the year ended April 30, 2016, the effect of derivative financial instruments in the Statements of
Operations was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized Gain (Loss) from: |
|
Commodity Contracts |
|
|
Credit Contracts |
|
|
Equity Contracts |
|
|
Foreign Currency Exchange Contracts |
|
|
Interest Rate Contracts |
|
|
Other Contracts |
|
|
Total |
|
Futures contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,008,666 |
) |
|
|
|
|
|
$ |
(1,008,666 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
545,661 |
|
|
|
|
|
|
$ |
545,661 |
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial
Instruments |
|
|
|
|
|
|
|
|
|
|
|
Futures contracts: |
|
|
|
|
Average notional value of contracts short |
|
$ |
19,626,451 |
|
For more information about the Trusts investment risks regarding derivative financial instruments,
refer to the Notes to Financial Statements.
|
|
|
|
|
Fair Value Hierarchy as of Period End |
|
|
|
|
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Trusts policy regarding valuation of investments and derivative
financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Trusts investments
and derivative financial instruments categorized in the disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
|
|
|
|
$ |
444,548,332 |
|
|
|
|
|
|
$ |
444,548,332 |
|
Short-Term Securities |
|
$ |
1,080,099 |
|
|
|
|
|
|
|
|
|
|
|
1,080,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,080,099 |
|
|
$ |
444,548,332 |
|
|
|
|
|
|
$ |
445,628,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Financial Instruments2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts |
|
$ |
151,226 |
|
|
|
|
|
|
|
|
|
|
$ |
151,226 |
|
1 See above Schedule of
Investments for values in each state or political subdivision. |
|
2 Derivative financial
instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
|
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As
of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash pledged for futures contracts |
|
$ |
259,050 |
|
|
|
|
|
|
|
|
|
|
$ |
259,050 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft |
|
|
|
|
|
$ |
(144,579 |
) |
|
|
|
|
|
|
(144,579 |
) |
TOB Trust Certificates |
|
|
|
|
|
|
(31,286,067 |
) |
|
|
|
|
|
|
(31,286,067 |
) |
VMTP Shares |
|
|
|
|
|
|
(125,900,000 |
) |
|
|
|
|
|
|
(125,900,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
259,050 |
|
|
$ |
(157,330,646 |
) |
|
|
|
|
|
$ |
(157,071,596 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year ended April 30, 2016, there were no transfers between levels.
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
|
|
|
|
Schedule of Investments April 30, 2016 |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Alabama 2.0% |
|
|
|
|
|
|
|
|
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19 |
|
$ |
515 |
|
|
$ |
518,090 |
|
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42 |
|
|
1,655 |
|
|
|
1,941,547 |
|
Lower Alabama Gas District, RB, Series A, 5.00%, 9/01/46 |
|
|
720 |
|
|
|
917,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,377,306 |
|
Arizona 1.8% |
|
|
|
|
|
|
|
|
City of Phoenix Arizona IDA, RB, Series A: |
|
|
|
|
|
|
|
|
Great Hearts Academies Project, 5.00%, 7/01/44 |
|
|
1,000 |
|
|
|
1,084,300 |
|
Facility, Eagle College Preparatory Project, 5.00%, 7/01/33 |
|
|
870 |
|
|
|
904,087 |
|
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A (a): |
|
|
|
|
|
|
|
|
5.00%, 7/01/35 |
|
|
125 |
|
|
|
132,540 |
|
5.00%, 7/01/46 |
|
|
135 |
|
|
|
140,400 |
|
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
|
|
725 |
|
|
|
903,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,165,257 |
|
California 13.8% |
|
|
|
|
|
|
|
|
California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
St. Joseph Health System, Series A, 5.75%, 7/01/39 |
|
|
385 |
|
|
|
439,747 |
|
Sutter Health, Series B, 6.00%, 8/15/42 |
|
|
1,040 |
|
|
|
1,249,290 |
|
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%,
7/01/39 |
|
|
680 |
|
|
|
777,396 |
|
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series
A: |
|
|
|
|
|
|
|
|
5.25%, 8/15/39 |
|
|
70 |
|
|
|
79,396 |
|
5.25%, 8/15/49 |
|
|
175 |
|
|
|
197,720 |
|
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.25%, 12/01/56
(b) |
|
|
2,060 |
|
|
|
2,239,406 |
|
California Statewide Communities Development Authority, Refunding RB, CHF-Irvine, LLC, 5.00%, 5/15/40 |
|
|
1,210 |
|
|
|
1,418,519 |
|
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Series A: |
|
|
|
|
|
|
|
|
Senior, 5.00%, 5/15/40 |
|
|
2,045 |
|
|
|
2,323,509 |
|
5.25%, 5/15/39 |
|
|
270 |
|
|
|
302,635 |
|
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/39 |
|
|
3,225 |
|
|
|
3,640,283 |
|
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A,
6.25%, 10/01/38 |
|
|
165 |
|
|
|
206,295 |
|
County of California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.: |
|
|
|
|
|
|
|
|
5.60%, 6/01/36 |
|
|
2,000 |
|
|
|
2,025,600 |
|
5.70%, 6/01/46 |
|
|
1,000 |
|
|
|
1,012,810 |
|
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38 (c) |
|
|
3,725 |
|
|
|
1,594,188 |
|
State of California, GO, Various Purposes, 6.50%, 4/01/33 |
|
|
2,000 |
|
|
|
2,330,500 |
|
State of California Public Works Board, LRB, Various Capital Projects: |
|
|
|
|
|
|
|
|
Series I, 5.00%, 11/01/38 |
|
|
355 |
|
|
|
423,426 |
|
Sub-Series I-1, 6.38%, 11/01/34 |
|
|
400 |
|
|
|
478,392 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
California (continued) |
|
|
|
|
|
|
|
|
Tobacco Securitization Authority of Southern California, Refunding RB: |
|
|
|
|
|
|
|
|
Senior Series A1, 5.00%, 6/01/37 |
|
$
|
2,125 |
|
|
$
|
2,124,809 |
|
Tobacco Settlement, Asset-Backed, Senior Series A-1, 5.13%, 6/01/46 |
|
|
1,005 |
|
|
|
1,001,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,865,353 |
|
Colorado 4.2% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
6.13%, 12/01/45 (a) |
|
|
160 |
|
|
|
166,037 |
|
6.25%, 12/01/50 (a) |
|
|
520 |
|
|
|
538,538 |
|
Sisters of Charity of Leavenworth Health System, 5.00%, 1/01/40 |
|
|
3,940 |
|
|
|
4,366,702 |
|
North Range Metropolitan District No. 2, GO, Limited Tax, 5.50%, 12/15/37 |
|
|
1,200 |
|
|
|
1,214,244 |
|
Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/45 |
|
|
1,000 |
|
|
|
1,010,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,295,801 |
|
Connecticut 0.5% |
|
|
|
|
|
|
|
|
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority
Distribution, Series C, 6.25%, 2/01/30 (a) |
|
|
860 |
|
|
|
876,048 |
|
Delaware 2.2% |
|
|
|
|
|
|
|
|
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
|
|
750 |
|
|
|
820,185 |
|
Delaware Transportation Authority, RB, 5.00%, 6/01/55 |
|
|
580 |
|
|
|
662,737 |
|
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
|
|
2,240 |
|
|
|
2,352,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,835,437 |
|
District of Columbia 1.9% |
|
|
|
|
|
|
|
|
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43 |
|
|
260 |
|
|
|
302,692 |
|
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41 |
|
|
750 |
|
|
|
854,093 |
|
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.25%, 5/15/24 |
|
|
900 |
|
|
|
902,322 |
|
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A: |
|
|
|
|
|
|
|
|
5.00%, 10/01/39 |
|
|
170 |
|
|
|
188,977 |
|
5.25%, 10/01/44 |
|
|
1,000 |
|
|
|
1,115,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,364,014 |
|
Florida 4.7% |
|
|
|
|
|
|
|
|
City of Tampa Florida, RB, Baycare Health System, Series A, 4.00%, 11/15/46 |
|
|
845 |
|
|
|
895,337 |
|
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45 |
|
|
645 |
|
|
|
731,972 |
|
County of Miami-Dade Florida Water & Sewer System Revenue, RB, Water & Sewer System,
5.00%, 10/01/34 |
|
|
1,950 |
|
|
|
2,230,819 |
|
Lakewood Ranch Stewardship District, Special Assessment Bonds, Village of Lakewood Ranch Sector Projects: |
|
|
|
|
|
|
|
|
4.00%, 5/01/21 |
|
|
100 |
|
|
|
101,955 |
|
4.25%, 5/01/26 |
|
|
100 |
|
|
|
101,467 |
|
5.00%, 5/01/36 |
|
|
215 |
|
|
|
220,620 |
|
5.13%, 5/01/46 |
|
|
430 |
|
|
|
443,416 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
23 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Florida (continued) |
|
|
|
|
|
|
|
|
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21 (d) |
|
$
|
1,080 |
|
|
$
|
1,415,027 |
|
Tolomato Community Development District, Refunding, Special Assessment Bonds: |
|
|
|
|
|
|
|
|
Convertible CAB, Series A2, 0.00%, 5/01/39 (e) |
|
|
95 |
|
|
|
76,170 |
|
Convertible CAB, Series A3, 0.00%, 5/01/40 (e) |
|
|
225 |
|
|
|
134,847 |
|
Convertible CAB, Series A4, 0.00%, 5/01/40 (e) |
|
|
120 |
|
|
|
53,274 |
|
Series 2, 0.00%, 5/01/40 (e) |
|
|
310 |
|
|
|
162,183 |
|
Series A1, 6.65%, 5/01/40 |
|
|
355 |
|
|
|
359,065 |
|
Tolomato Community Development District: |
|
|
|
|
|
|
|
|
Series 1, 0.00%, 5/01/40 (e) |
|
|
505 |
|
|
|
312,277 |
|
Series 1, 6.65%, 5/01/40 (f)(g) |
|
|
15 |
|
|
|
15,321 |
|
Series 3, 6.61%, 5/01/40 (f)(g) |
|
|
340 |
|
|
|
3 |
|
Series 3, 6.65%, 5/01/40 (f)(g) |
|
|
275 |
|
|
|
3 |
|
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43 |
|
|
830 |
|
|
|
925,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,179,546 |
|
Georgia 0.6% |
|
|
|
|
|
|
|
|
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project,
Series A, 5.50%, 8/15/54 |
|
|
240 |
|
|
|
289,759 |
|
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, Series A, 5.00%, 7/01/60 |
|
|
715 |
|
|
|
810,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,099,854 |
|
Guam 0.8% |
|
|
|
|
|
|
|
|
Guam Government Waterworks Authority, RB, Water & Wastewater System, 5.50%, 7/01/43 |
|
|
1,065 |
|
|
|
1,239,351 |
|
Territory of Guam, GO, Series A, 6.00%, 11/15/19 |
|
|
165 |
|
|
|
182,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,422,075 |
|
Idaho 0.1% |
|
|
|
|
|
|
|
|
Boise State University, Refunding RB, Series A, 3.13%, 4/01/39 |
|
|
220 |
|
|
|
218,009 |
|
Illinois 11.1% |
|
|
|
|
|
|
|
|
City of Chicago Illinois, GARB, OHare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39 |
|
|
2,500 |
|
|
|
2,914,900 |
|
City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32 |
|
|
1,090 |
|
|
|
1,080,724 |
|
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
360 |
|
|
|
393,246 |
|
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |
|
|
1,625 |
|
|
|
1,766,700 |
|
City of Springfield Illinois Electric Revenue, Refunding RB, 5.00%, 3/01/40 |
|
|
2,200 |
|
|
|
2,526,414 |
|
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |
|
|
350 |
|
|
|
397,786 |
|
Illinois Finance Authority, RB, Advocate Health Care Network: |
|
|
|
|
|
|
|
|
5.38%, 4/01/19 (d) |
|
|
870 |
|
|
|
983,109 |
|
5.38%, 4/01/44 |
|
|
975 |
|
|
|
1,066,192 |
|
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39 |
|
|
550 |
|
|
|
627,693 |
|
Illinois State Toll Highway Authority, RB: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 1/01/38 |
|
|
815 |
|
|
|
927,120 |
|
Series B, 5.00%, 1/01/40 |
|
|
770 |
|
|
|
901,246 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Illinois (continued) |
|
|
|
|
|
|
|
|
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
|
|
|
|
|
|
|
|
Refunding Bonds, Series B-2, 5.25%, 6/15/50 |
|
$
|
1,000 |
|
|
$
|
1,059,180 |
|
Series B (AGM), 5.00%, 6/15/50 |
|
|
1,790 |
|
|
|
1,914,315 |
|
Series B-2, 5.00%, 6/15/50 |
|
|
625 |
|
|
|
654,837 |
|
State of Illinois, GO, 5.00%, 2/01/39 |
|
|
745 |
|
|
|
786,072 |
|
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 |
|
|
215 |
|
|
|
238,510 |
|
University of Illinois, RB, Auxiliary Facilities System, Series A: |
|
|
|
|
|
|
|
|
5.00%, 4/01/39 |
|
|
390 |
|
|
|
439,062 |
|
5.00%, 4/01/44 |
|
|
475 |
|
|
|
531,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,208,688 |
|
Indiana 5.4% |
|
|
|
|
|
|
|
|
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
|
|
|
|
|
|
|
|
6.75%, 1/01/34 |
|
|
365 |
|
|
|
447,497 |
|
7.00%, 1/01/44 |
|
|
885 |
|
|
|
1,091,780 |
|
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 1/01/29 (a) |
|
|
1,185 |
|
|
|
1,185,984 |
|
Indiana Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
|
|
1,285 |
|
|
|
1,517,032 |
|
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |
|
|
160 |
|
|
|
173,725 |
|
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |
|
|
520 |
|
|
|
562,219 |
|
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 1/01/51 |
|
|
2,190 |
|
|
|
2,396,232 |
|
Sisters of St. Francis Health Services, 5.25%, 11/01/39 |
|
|
290 |
|
|
|
324,577 |
|
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31 |
|
|
600 |
|
|
|
680,736 |
|
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/19 (d) |
|
|
350 |
|
|
|
397,418 |
|
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40 |
|
|
445 |
|
|
|
518,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,295,905 |
|
Iowa 2.3% |
|
|
|
|
|
|
|
|
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
5.50%, 12/01/22 |
|
|
830 |
|
|
|
863,823 |
|
5.25%, 12/01/25 |
|
|
660 |
|
|
|
710,384 |
|
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |
|
|
660 |
|
|
|
701,606 |
|
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46 |
|
|
1,765 |
|
|
|
1,764,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,040,619 |
|
Kentucky 0.6% |
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |
|
|
440 |
|
|
|
498,023 |
|
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C,
0.00%, 7/01/43 (e) |
|
|
565 |
|
|
|
454,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
952,272 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Louisiana 3.6% |
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp.
Project: |
|
|
|
|
|
|
|
|
6.75%, 11/01/32 |
|
$
|
2,000 |
|
|
$
|
2,167,000 |
|
Series A-1, 6.50%, 11/01/35 |
|
|
1,135 |
|
|
|
1,365,416 |
|
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
|
|
|
|
|
|
|
|
5.50%, 5/15/30 |
|
|
350 |
|
|
|
393,246 |
|
5.25%, 5/15/31 |
|
|
300 |
|
|
|
337,128 |
|
5.25%, 5/15/32 |
|
|
380 |
|
|
|
432,611 |
|
5.25%, 5/15/33 |
|
|
415 |
|
|
|
465,165 |
|
5.25%, 5/15/35 |
|
|
945 |
|
|
|
1,064,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,225,090 |
|
Maine 0.6% |
|
|
|
|
|
|
|
|
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical
Center, 6.75%, 7/01/41 |
|
|
970 |
|
|
|
1,102,667 |
|
Maryland 1.0% |
|
|
|
|
|
|
|
|
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |
|
|
970 |
|
|
|
1,061,616 |
|
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |
|
|
645 |
|
|
|
621,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,683,467 |
|
Massachusetts 5.0% |
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
|
Boston Medical Center, Series D, 5.00%, 7/01/44 |
|
|
3,000 |
|
|
|
3,382,950 |
|
North Hill Communities Issue, Series A, 6.50%, 11/15/43 (a) |
|
|
1,000 |
|
|
|
1,089,150 |
|
Seven Hills Foundation and Affiliates, 5.00%, 9/01/45 |
|
|
2,000 |
|
|
|
2,137,420 |
|
Massachusetts Development Finance Agency, Refunding RB, Emerson College, 5.00%, 1/01/41 |
|
|
1,865 |
|
|
|
2,118,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,728,421 |
|
Michigan 1.5% |
|
|
|
|
|
|
|
|
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |
|
|
1,970 |
|
|
|
2,192,137 |
|
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%,
7/01/44 |
|
|
410 |
|
|
|
448,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,640,275 |
|
Minnesota 0.1% |
|
|
|
|
|
|
|
|
City of Brooklyn Park Minnesota, RB, Athlos Leadership Academy Project, 5.75%,
7/01/46 |
|
|
180 |
|
|
|
183,892 |
|
Missouri 0.1% |
|
|
|
|
|
|
|
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%,
10/01/44 |
|
|
85 |
|
|
|
96,670 |
|
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%,
5/01/43 |
|
|
115 |
|
|
|
128,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
225,244 |
|
Nebraska 0.5% |
|
|
|
|
|
|
|
|
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37 |
|
|
285 |
|
|
|
320,180 |
|
Public Power Generation Agency, Refunding RB, 5.00%, 1/01/37 (b) |
|
|
520 |
|
|
|
611,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
931,695 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
New Jersey 7.6% |
|
|
|
|
|
|
|
|
Casino Reinvestment Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 11/01/22 |
|
$
|
2,035 |
|
|
$
|
2,204,251 |
|
5.25%, 11/01/39 |
|
|
475 |
|
|
|
492,133 |
|
5.25%, 11/01/44 |
|
|
1,160 |
|
|
|
1,195,287 |
|
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45 (a) |
|
|
505 |
|
|
|
515,206 |
|
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23 |
|
|
1,410 |
|
|
|
1,571,995 |
|
New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 6/15/19 |
|
|
300 |
|
|
|
325,083 |
|
Cigarette Tax, 5.00%, 6/15/23 |
|
|
1,250 |
|
|
|
1,391,512 |
|
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31 |
|
|
785 |
|
|
|
919,730 |
|
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 1/01/45 |
|
|
1,215 |
|
|
|
1,403,313 |
|
New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
Transportation Program, Series AA, 5.00%, 6/15/44 |
|
|
1,625 |
|
|
|
1,723,995 |
|
Transportation System, Series B, 5.25%, 6/15/36 |
|
|
845 |
|
|
|
909,719 |
|
Tobacco Settlement Financing Corp., Refunding RB, Series 1A, 5.00%, 6/01/41 |
|
|
500 |
|
|
|
472,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,124,694 |
|
New York 30.0% |
|
|
|
|
|
|
|
|
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport Project, AMT,
7.63%, 8/01/25 (h) |
|
|
4,000 |
|
|
|
4,110,040 |
|
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%,
6/15/31 |
|
|
2,830 |
|
|
|
3,332,806 |
|
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 6/01/41 (a) |
|
|
900 |
|
|
|
948,159 |
|
County of Dutchess New York IDA, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 8/01/46 |
|
|
1,500 |
|
|
|
1,432,410 |
|
County of Nassau Tobacco Settlement Corp., Refunding RB, Asset-Backed, Series A-3, 5.13%, 6/01/46 |
|
|
550 |
|
|
|
521,967 |
|
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45 |
|
|
910 |
|
|
|
905,814 |
|
Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47 |
|
|
6,510 |
|
|
|
7,654,002 |
|
Metropolitan Transportation Authority, RB, Series B: |
|
|
|
|
|
|
|
|
5.25%, 11/15/38 |
|
|
1,125 |
|
|
|
1,363,770 |
|
5.25%, 11/15/39 |
|
|
400 |
|
|
|
483,920 |
|
Metropolitan Transportation Authority, Refunding RB, Transportation Revenue Green Bonds, Series A-1,
5.25%, 11/15/56 |
|
|
1,430 |
|
|
|
1,719,604 |
|
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated, 5.25%, 12/15/43 |
|
|
6,140 |
|
|
|
7,294,136 |
|
New York Liberty Development Corp., Refunding RB: |
|
|
|
|
|
|
|
|
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |
|
|
420 |
|
|
|
472,634 |
|
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a) |
|
|
2,355 |
|
|
|
2,550,559 |
|
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a) |
|
|
160 |
|
|
|
175,630 |
|
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a) |
|
|
395 |
|
|
|
435,176 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
APRIL 30, 2016 |
|
25 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust
(BTA) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
New York (continued) |
|
|
|
|
|
|
|
|
New York Liberty Development Corp., Refunding RB (continued): |
|
|
|
|
|
|
|
|
4 World Trade Center Project, 5.75%, 11/15/51 |
|
$
|
2,220 |
|
|
$
|
2,649,681 |
|
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%,
12/01/42 |
|
|
730 |
|
|
|
856,779 |
|
State of New York Dormitory Authority, RB: |
|
|
|
|
|
|
|
|
Series A, 5.25%, 7/01/18 (d) |
|
|
1,000 |
|
|
|
1,097,680 |
|
Series B, 5.75%, 3/15/36 |
|
|
11,250 |
|
|
|
12,827,475 |
|
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45 |
|
|
1,100 |
|
|
|
1,100,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,932,253 |
|
North Carolina 0.5% |
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%,
6/01/42 |
|
|
480 |
|
|
|
534,177 |
|
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A,
7.75%, 3/01/41 |
|
|
260 |
|
|
|
297,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
831,989 |
|
Ohio 5.2% |
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series A-2: |
|
|
|
|
|
|
|
|
Senior Turbo Term, 5.88%, 6/01/47 |
|
|
1,260 |
|
|
|
1,219,088 |
|
5.75%, 6/01/34 |
|
|
2,295 |
|
|
|
2,188,512 |
|
County of Allen Ohio, Refunding RB, Series A, 4.00%, 11/01/44 |
|
|
1,170 |
|
|
|
1,222,358 |
|
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38 |
|
|
2,650 |
|
|
|
2,974,280 |
|
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53 |
|
|
1,220 |
|
|
|
1,338,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,942,346 |
|
Pennsylvania 1.3% |
|
|
|
|
|
|
|
|
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System,
Series A, 5.63%, 7/01/42 |
|
|
300 |
|
|
|
329,163 |
|
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Bridge Finco LP, AMT, 5.00%, 12/31/38 |
|
|
465 |
|
|
|
524,227 |
|
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |
|
|
720 |
|
|
|
755,885 |
|
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
|
|
520 |
|
|
|
597,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,207,067 |
|
Puerto Rico 0.9% |
|
|
|
|
|
|
|
|
Childrens Trust Fund, Refunding RB, Asset-Backed: |
|
|
|
|
|
|
|
|
5.50%, 5/15/39 |
|
|
40 |
|
|
|
40,000 |
|
5.63%, 5/15/43 |
|
|
1,475 |
|
|
|
1,473,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,513,319 |
|
Rhode Island 2.2% |
|
|
|
|
|
|
|
|
Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 6/01/40 |
|
|
420 |
|
|
|
460,786 |
|
Series B, 4.50%, 6/01/45 |
|
|
1,875 |
|
|
|
1,944,338 |
|
Series B, 5.00%, 6/01/50 |
|
|
1,360 |
|
|
|
1,442,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,847,635 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
South Carolina 3.4% |
|
|
|
|
|
|
|
|
State of South Carolina Ports Authority, RB, AMT: |
|
|
|
|
|
|
|
|
5.00%, 7/01/45 |
|
$
|
750 |
|
|
$
|
852,712 |
|
5.25%, 7/01/55 |
|
|
940 |
|
|
|
1,065,452 |
|
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |
|
|
1,830 |
|
|
|
2,149,189 |
|
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |
|
|
1,560 |
|
|
|
1,829,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,896,625 |
|
Texas 6.6% |
|
|
|
|
|
|
|
|
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (f)(g) |
&nbs |