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: 04/30/2018
Date of reporting period: 10/31/2017
Item 1 Report to Stockholders
OCTOBER 31, 2017
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SEMI-ANNUAL
REPORT (UNAUDITED) |
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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 |
The Markets in Review
Dear Shareholder,
In the 12 months ended October 31, 2017, risk assets, such as
stocks and high-yield bonds, continued to deliver strong performance. These markets showed great resilience during a period with big political surprises, including the aftermath of the U.K.s vote to leave the European Union and the outcome of
the U.S. presidential election, which brought only brief spikes in equity market volatility. In contrast, closely watched elections in France, the Netherlands, and Australia countered the isolationist and nationalist political developments in the
U.K. and the United States.
Interest rates rose, which worked against high-quality assets with more interest rate sensitivity. Consequently, longer-term U.S.
Treasuries posted negative returns, as rising energy prices, modest wage increases, and steady job growth led to expectations of higher inflation and further interest rate increases by the U.S. Federal Reserve (the Fed).
The markets performance reflected reflationary expectations early in the reporting period, as investors began to sense that a global recovery was afoot.
Thereafter, many countries throughout the world experienced sustained and synchronized growth for the first time since the financial crisis. Growth rates and inflation are still relatively low, but they are finally rising together.
The Fed responded to these positive developments by increasing short-term interest rates three times and setting expectations for additional interest rate increases.
The Fed also began reducing the vast balance sheet reserves that had accumulated in the wake of the financial crisis. In October 2017, the Fed reduced its $4.5 trillion balance sheet by only $10 billion, while setting expectations for additional
modest reductions and rate hikes in 2018.
By contrast, the European Central Bank (ECB) and the Bank of Japan (BoJ) both continued to expand
their balance sheets despite nascent signs of sustained economic growth. The Eurozone and Japan are both approaching the limits of central banks ownership share of debt issued by their respective governments, which is a structural pressure
point that limits their capacity to deliver additional monetary stimulus. In October 2017, the ECB announced plans to cut the amount of its bond purchases in half for 2018, while the BoJ reiterated its commitment to economic stimulus until the
inflation rate rises to its target of 2.0%.
Emerging market growth also stabilized, as accelerating growth in China, the second largest economy in the world and
the most influential of all developing economies, improved the outlook for corporate profits and economic growth across most developing nations. Chinese demand for commodities and other raw materials allayed concerns about the countrys banking
system, leading to rising equity prices and foreign investment flows.
While escalating tensions between the United States and North Korea and our nations
divided politics are significant concerns, benign credit conditions, modest inflation, solid corporate earnings, and the positive outlook for growth in the worlds largest economies have kept markets relatively tranquil.
High valuations across most assets have laid the groundwork for muted returns going forward. At current valuation levels, potential equity gains will likely be closely
tied to the pace of earnings growth, which has remained solid thus far in 2017, particularly in emerging markets. In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as
market conditions change. 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 October 31, 2017 |
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6-month |
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12-month |
U.S. large cap equities (S&P
500® Index) |
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9.10% |
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23.63% |
U.S. small cap equities (Russell
2000® Index) |
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8.01 |
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27.85 |
International equities (MSCI Europe, Australasia, Far East Index) |
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10.74 |
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23.44 |
Emerging market equities (MSCI Emerging Markets Index) |
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16.14 |
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26.45 |
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill
Index) |
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0.49 |
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0.72 |
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S.
Treasury Index) |
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0.15 |
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(2.98) |
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond
Index) |
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1.58 |
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0.90 |
Tax-exempt municipal bonds (S&P Municipal Bond Index) |
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2.22 |
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1.80 |
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2%
Issuer Capped Index) |
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3.44 |
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8.92 |
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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2 |
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THIS PAGE IS NOT PART OF YOUR FUND REPORT |
Table of Contents
Municipal Market
Overview For the Reporting Period Ended October 31, 2017
Municipal Market Conditions
Municipal bonds experienced modestly positive performance for the period as a result of rising interest rates spurring from generally stronger economic data, signs of inflation pressures, Fed monetary policy
normalization, and market expectations for pro-growth fiscal policy. However, ongoing reassurance from the Fed that rates would be increased gradually and would likely remain low overall resulted in continued
demand for fixed income investments. More specifically, investors favored the income, attractive relative yield, and stability of municipal bonds amid bouts of interest rate volatility (bond prices rise as rates fall) resulting from geopolitical
tensions, the contentious U.S. election, and evolving global central bank policies. During the 12 months ended October 31, 2017, municipal bond funds experienced net outflows of approximately $3 billion (based on data from the Investment
Company Institute). The asset class came under pressure post the November U.S. election as a result of uncertainty surrounding potential tax-reform, though expectation that tax reform was likely to be delayed
or watered down quickly eased investor concerns.
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For the same 12-month period, total new issuance remained healthy from a historical perspective at $376 billion (though well below the robust
$441 billion issued in the prior 12-month period). A noteworthy portion of new supply during this period was attributable to refinancing activity (roughly 51%) as issuers continued to take advantage of
low interest rates and a flat yield curve to reduce their borrowing costs. |
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S&P Municipal Bond Index |
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Total Returns as of October 31, 2017 |
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6 months: 2.22% |
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12 months: 1.80% |
A Closer Look at Yields
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From October 31, 2016 to October 31, 2017, yields on AAA-rated 30-year municipal bonds increased by 27 basis points
(bps) from 2.56% to 2.83%, while 10-year rates rose by 28 bps from 1.73% to 2.01% and 5-year rates increased 29 bps from 1.13% to 1.42% (as measured by
Thomson Municipal Market Data). The municipal yield curve steepened modestly over the 12-month period with the spread between 2- and
30-year maturities steepening by just 2 bps. |
During the same time period, on a relative basis, tax-exempt municipal bonds strongly outperformed U.S. Treasuries with the greatest outperformance experienced in the
front and intermediate portions of the yield curve. The relative positive performance of municipal bonds was driven largely by a supply/demand imbalance within the municipal market as investors sought income and incremental yield in an environment
where opportunities became increasingly scarce. 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 October 31, 2017, 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 U.S. municipal
bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the AMT. 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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4 |
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2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
The Benefits and Risks of Leveraging
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 such 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 the Trusts intended leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Trusts NAV, market price and dividend rates than
comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Trusts Common Shares than if the Trust were not leveraged. In addition, each Trust 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 Trust 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. Each Trust incurs 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 adviser will be higher than if the Trusts did not use leverage.
To obtain leverage,
each Trust has issued Variable Rate Demand Preferred Shares (VRDP Shares), 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), then
the TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.
Derivative Financial Instruments
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 assets 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 advisers 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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THE BENEFITS AND RISKS OF LEVERAGING / DERIVATIVE FINANCIAL
INSTRUMENTS |
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5 |
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Trust Summary as of October 31, 2017 |
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BlackRock Investment Quality Municipal Trust, Inc. |
Investment Objective
BlackRock Investment Quality Municipal Trust, Inc.s (BKN) (the Trust) investment objective is to provide high current income exempt from regular U.S. 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 that pay interest that is exempt from U.S. federal income taxes (except that the interest may be
subject to the U.S. 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 up to 20% of its assets in
unrated securities that are deemed by the investment adviser to be of comparable quality. 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
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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 October 31, 2017 ($14.61)(a) |
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5.09% |
Tax Equivalent Yield(b) |
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8.99% |
Current Monthly Distribution per Common
Share(c) |
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$0.062 |
Current Annualized Distribution per Common
Share(c) |
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$0.744 |
Economic Leverage as of October 31, 2017(d) |
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37% |
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(a) |
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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(b) |
Tax equivalent yield assumes the maximum marginal U.S. 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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(c) |
The distribution rate is not constant and is subject to change. |
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(d) |
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 its accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
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Performance
Returns for the six months ended October 31, 2017 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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BKN(a)(b) |
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2.63% |
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5.69% |
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Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |
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2.34% |
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3.81% |
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(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
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(b) |
The Trusts discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
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(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by
Lipper. |
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Past performance is not indicative of future results. Performance results may include adjustments made for
financial reporting purposes in accordance with U.S. generally accepted accounting principles.
The following
discussion relates to the Trusts absolute performance based on NAV:
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U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a
positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy
tightening by the Fed. |
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Portfolio income, enhanced by leverage, produced the largest positive contribution to performance in a period characterized by a mild decline in municipal bond yields. (Prices and yields move
in opposite directions.) |
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The Trusts positions in longer-term bonds contributed positively. From a sector perspective, allocations to the tobacco, corporate and tax-backed
(state) sectors contributed as yield spreads generally tightened in those areas. Municipal bonds subject to the AMT, which outperformed in anticipation of possible tax law changes, also performed well. Exposure to lower-rated issues was a further
contributor. Positions in lower-coupon bonds, which tend to have above-average interest-rate sensitivity, added value as well. |
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The Trust utilized a mix of U.S. Treasury futures contracts to help manage the risk of rising interest rates. This strategy did not have a material effect on performance.
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Holdings on the shorter end of the yield curve, while producing positive returns, lagged somewhat due to the increase in short-term yields. |
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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2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
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Trust Summary as of October 31, 2017 (continued) |
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BlackRock Investment Quality Municipal Trust, Inc. |
Market Price and Net Asset Value Per Share Summary
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10/31/17 |
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4/30/17 |
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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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$ |
14.61 |
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$ |
14.59 |
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0.14% |
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$ |
15.75 |
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$ |
14.55 |
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Net Asset Value |
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$ |
15.87 |
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$ |
15.39 |
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3.12% |
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$ |
16.08 |
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$ |
15.35 |
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Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
SECTOR ALLOCATION
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Sector |
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10/31/17 |
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4/30/17 |
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Health |
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21 |
% |
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23 |
% |
County/City/Special District/School District |
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19 |
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15 |
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Transportation |
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16 |
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14 |
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Education |
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15 |
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16 |
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Utilities |
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9 |
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9 |
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State |
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8 |
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12 |
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Tobacco |
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6 |
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5 |
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Corporate |
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6 |
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6 |
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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 adviser. These definitions may not apply for purposes of this report, which may combine such sector
subclassifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
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Calendar Year Ended December 31, |
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2017 |
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4 |
% |
2018 |
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5 |
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2019 |
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5 |
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2020 |
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7 |
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2021 |
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10 |
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(c) |
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 ALLOCATION (a)
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Credit Rating |
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10/31/17 |
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4/30/17 |
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AAA/Aaa |
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5 |
% |
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5 |
% |
AA/Aa |
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38 |
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43 |
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A |
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31 |
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29 |
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BBB/Baa |
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|
15 |
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15 |
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BB/Ba |
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3 |
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3 |
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B |
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2 |
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1 |
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N/R(b) |
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|
6 |
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4 |
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(a) |
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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(b) |
The investment adviser 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 adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017, the
market value of unrated securities deemed by the investment adviser to be investment grade each represents 1% and less than 1%, respectively, of the Trusts total investments. |
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Trust Summary as of October 31, 2017 |
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BlackRock Long-Term Municipal Advantage Trust |
Investment Objective
BlackRock Long-Term Municipal Advantage Trusts (BTA) (the Trust) investment objective is to provide current income exempt from regular U.S. 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 expected to pay interest
or income that is exempt from U.S. federal income tax (except that the interest may be subject to the U.S. 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.
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 October 31, 2017 ($11.94)(a) |
|
5.48% |
Tax Equivalent Yield(b) |
|
9.68% |
Current Monthly Distribution per Common
Share(c) |
|
$0.0545 |
Current Annualized Distribution per Common
Share(c) |
|
$0.6540 |
Economic Leverage as of October 31, 2017(d) |
|
39% |
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(a) |
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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(b) |
Tax equivalent yield assumes the maximum marginal U.S. 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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(c) |
The distribution rate is not constant and is subject to change. |
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(d) |
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 its accrued
liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
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Performance
Returns for the six months ended October 31, 2017 were as follows:
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|
|
|
|
|
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Returns Based On |
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|
|
Market Price |
|
|
NAV |
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BTA(a)(b) |
|
|
5.20% |
|
|
|
5.08% |
|
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |
|
|
2.34% |
|
|
|
3.81% |
|
|
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
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(b) |
The Trusts discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
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(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by Lipper. |
|
Past performance is not indicative of future results. Performance results may include adjustments made for
financial reporting purposes in accordance with U.S. generally accepted accounting principles.
The following
discussion relates to the Trusts absolute performance based on NAV:
|
|
U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a
positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy
tightening by the Fed. |
|
|
Concentrations in longer-dated securities maturing in the 20-year range and longer contributed to Trust performance. The Trusts use of leverage
also boosted returns by enhancing income and amplifying the effect of rising bond prices. |
|
|
The Trusts allocation to BBB-rated investment-grade debt aided results, as did its positions in bonds rated below investment grade. Positions in
the health care and project finance sectors further helped performance. |
|
|
The Trust utilized a mix of U.S. Treasury futures contracts to help manage the risk of rising interest rates. This strategy was tactically adjusted throughout the period, resulting in a
modestly negative contribution to performance. |
|
|
Positions in shorter-dated bonds, including high-quality pre-refunded securities, hurt results at a time in which shorter-term bonds lagged. The
Trusts more-seasoned holdings also detracted due to the premium amortization that occurred as the bonds approached their call and maturity dates. (When a bonds price trades at a premium over its face value, the difference is amortized
over time. A premium occurs when the price of the bond has increased due to a decline in interest rates.) Additionally, positions in higher-quality securities underperformed relative to lower-quality 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.
|
|
|
8 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Trust Summary as of October 31, 2017 (continued) |
|
BlackRock Long-Term Municipal Advantage Trust |
Market Price and Net Asset Value Per Share Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/17 |
|
|
4/30/17 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
11.94 |
|
|
$ |
11.66 |
|
|
|
2.40% |
|
|
$ |
12.54 |
|
|
$ |
11.55 |
|
Net Asset Value |
|
$ |
12.55 |
|
|
$ |
12.27 |
|
|
|
2.28% |
|
|
$ |
12.67 |
|
|
$ |
12.26 |
|
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
SECTOR ALLOCATION
|
|
|
|
|
|
|
|
|
Sector |
|
10/31/17 |
|
|
4/30/17 |
|
County/City/Special District/School District |
|
|
21 |
% |
|
|
16 |
% |
Health |
|
|
17 |
|
|
|
19 |
|
Education |
|
|
12 |
|
|
|
11 |
|
Utilities |
|
|
11 |
|
|
|
13 |
|
Tobacco |
|
|
10 |
|
|
|
10 |
|
Transportation |
|
|
10 |
|
|
|
15 |
|
State |
|
|
8 |
|
|
|
7 |
|
Corporate |
|
|
7 |
|
|
|
6 |
|
Housing |
|
|
4 |
|
|
|
3 |
|
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 adviser. These definitions may not apply for purposes of this report, which may combine such sector
subclassifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
|
|
|
|
|
Calendar Year Ended December 31, |
|
|
|
|
2017 |
|
|
7 |
% |
2018 |
|
|
3 |
|
2019 |
|
|
16 |
|
2020 |
|
|
12 |
|
2021 |
|
|
17 |
|
|
(c) |
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 ALLOCATION (a)
|
|
|
|
|
|
|
|
|
Credit Rating |
|
10/31/17 |
|
|
4/30/17 |
|
AAA/Aaa |
|
|
5 |
% |
|
|
5 |
% |
AA/Aa |
|
|
40 |
|
|
|
40 |
|
A |
|
|
10 |
|
|
|
12 |
|
BBB/Baa |
|
|
20 |
|
|
|
21 |
|
BB/Ba |
|
|
7 |
|
|
|
6 |
|
B |
|
|
7 |
|
|
|
6 |
|
N/R(b) |
|
|
11 |
|
|
|
10 |
|
|
(a) |
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. |
|
|
(b) |
The investment adviser 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 adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017,
the market value of unrated securities deemed by the investment adviser to be investment grade each represents 1% of the Trusts total investments. |
|
|
|
|
Trust Summary as of October 31, 2017 |
|
BlackRock Municipal 2020 Term Trust |
Investment Objective
BlackRock Municipal 2020 Term Trusts (BKK) (the Trust) investment objectives are to provide current income exempt from regular U.S. federal income tax and to return $15 per Common
Share (the initial public 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 managed
assets in municipal bonds that pay interest that is exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its
managed assets in municipal bonds that are investment grade, or if unrated, deemed to be of comparable quality by the investment adviser, 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 Trust will achieve its investment objectives, including its 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 October 31, 2017 ($15.34)(a) |
|
3.09% |
Tax Equivalent Yield(b) |
|
5.46% |
Current Monthly Distribution per Common
Share(c) |
|
$0.0395 |
Current Annualized Distribution per Common
Share(c) |
|
$0.4740 |
Economic Leverage as of October 31, 2017(d) |
|
1% |
|
(a) |
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. |
|
|
(b) |
Tax equivalent yield assumes the maximum marginal U.S. 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. |
|
|
(c) |
The distribution rate is not constant and is subject to change. |
|
|
(d) |
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 its accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
|
Performance
Returns for the six months ended October 31, 2017 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Returns Based On |
|
|
|
Market Price |
|
|
NAV |
|
BKK(a)(b) |
|
|
(0.93 |
)% |
|
|
1.46 |
% |
Lipper Intermediate Municipal Debt Funds(c) |
|
|
1.06 |
% |
|
|
3.01 |
% |
|
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
|
|
(b) |
The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
|
|
(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by
Lipper. |
|
Past performance is not indicative of future results. Performance results may include adjustments made for
financial reporting purposes in accordance with U.S. generally accepted accounting principles.
The following
discussion relates to the Trusts performance based on NAV:
|
|
U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a positive balance of supply and
demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy tightening by the Fed.
|
|
|
The Trusts returns were modest during the period. Its gain was primarily derived from income, since prices on short-term bonds the area in which the Trust primarily invests fell slightly. (Prices and
yields move in opposite directions.) |
|
|
Higher short-term rates lead to higher funding costs for leverage, negatively impacting the level of income in the Trust. As bonds were called and matured in the portfolio, the investment adviser used the cash proceeds
to reduce leverage further. |
|
|
The Trusts more-seasoned holdings, which produce generous yields compared to current market rates, were additive to performance. At the sector level, tax-exempt corporate,
transportation and health care issues were positive contributors to performance. |
|
|
Geographically, positive returns were driven by exposure to Illinois and New Jersey bonds. Illinois passed its budget and moved closer to achieving fiscal balance and seeing a stabilization of its credit rating. In New
Jersey, legislation that redirected roughly $1 billion annually in lottery proceeds to the states pension funds helped stabilize its credit rating and contributed to positive returns for the New Jersey credits held in the Trust.
|
|
|
The Trust had a higher-than-average cash and cash equivalent position at period end. Given the flat rate structure at the front-end of the yield curve, bond proceeds from bond
calls and maturities were invested in cash equivalent securities that contributed positively to performance. |
|
|
Reinvestment was a drag on results, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at materially lower prevailing rates. |
|
|
The Trusts holdings in short-term, pre-refunded bonds, while producing positive returns, lagged somewhat due to the premium amortization that occurred as the bonds
approached their call and maturity dates. (When a bonds price trades at a premium over its face value, the difference is amortized over time. A premium occurs when the price of the bond has increased due to a decline in interest rates.)
|
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 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Trust Summary as of October 31, 2017 (continued) |
|
BlackRock Municipal 2020 Term Trust |
Market Price and Net Asset Value Per Share Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/17 |
|
|
4/30/17 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
15.34 |
|
|
$ |
15.73 |
|
|
|
(2.48)% |
|
|
$ |
15.95 |
|
|
$ |
15.19 |
|
Net Asset Value |
|
$ |
15.58 |
|
|
$ |
15.60 |
|
|
|
(0.13)% |
|
|
$ |
15.68 |
|
|
$ |
15.55 |
|
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
SECTOR ALLOCATION
|
|
|
|
|
|
|
|
|
Sector |
|
10/31/17 |
|
|
4/30/17 |
|
Utilities |
|
|
18 |
% |
|
|
18 |
% |
Transportation |
|
|
17 |
|
|
|
17 |
|
County/City/Special District/School District |
|
|
14 |
|
|
|
16 |
|
Health |
|
|
14 |
|
|
|
12 |
|
State |
|
|
15 |
|
|
|
14 |
|
Education |
|
|
11 |
|
|
|
11 |
|
Corporate |
|
|
5 |
|
|
|
6 |
|
Tobacco |
|
|
4 |
|
|
|
4 |
|
Housing |
|
|
2 |
|
|
|
2 |
|
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 adviser. These definitions may not apply for purposes of this report, which may combine such sector
subclassifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
|
|
|
|
|
Calendar Year Ended December 31, |
|
|
|
|
2017 |
|
|
|
|
2018 |
|
|
5 |
% |
2019 |
|
|
20 |
|
2020 |
|
|
57 |
|
2021 |
|
|
6 |
|
|
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
|
|
* |
Excludes money market funds. |
|
CREDIT QUALITY ALLOCATION (a)
|
|
|
|
|
|
|
|
|
Credit Rating |
|
10/31/17 |
|
|
4/30/17 |
|
AAA/Aaa |
|
|
6 |
% |
|
|
5 |
% |
AA/Aa |
|
|
27 |
|
|
|
33 |
|
A |
|
|
38 |
|
|
|
31 |
|
BBB/Baa |
|
|
16 |
|
|
|
17 |
|
BB/Ba |
|
|
4 |
|
|
|
3 |
|
B |
|
|
1 |
|
|
|
1 |
|
CCC |
|
|
|
|
|
|
1 |
|
N/R(b) |
|
|
8 |
|
|
|
9 |
|
|
(a) |
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. |
|
|
(b) |
The investment adviser 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 adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017, the
market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% and 2%, respectively, of the Trusts total investments. |
|
|
|
|
Trust Summary as of October 31, 2017 |
|
BlackRock Municipal Income Trust |
Investment Objective
BlackRock Municipal Income Trusts (BFK) (the Trust) investment objective is to provide current income exempt from regular U.S. federal income tax. The Trust seeks to achieve its
investment objective by investing primarily in municipal bonds that pay interest that is exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Trust invests, under normal
market conditions, at least 80% of its assets in municipal bonds that are investment grade, or if unrated, deemed to be of comparable quality by the investment adviser, 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 October 31, 2017 ($14.07)(a) |
|
5.54% |
Tax Equivalent Yield(b) |
|
9.79% |
Current Monthly Distribution per Common
Share(c) |
|
$0.065 |
Current Annualized Distribution per Common
Share(c) |
|
$0.780 |
Economic Leverage as of October 31, 2017(d) |
|
39% |
|
(a) |
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. |
|
|
(b) |
Tax equivalent yield assumes the maximum marginal U.S. 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. |
|
|
(c) |
The distribution rate is not constant and is subject to change. |
|
|
(d) |
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 its accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
|
Performance
Returns for the six months ended October 31, 2017 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Returns Based On |
|
|
|
Market Price |
|
|
NAV |
|
BFK(a)(b) |
|
|
3.27% |
|
|
|
4.27% |
|
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |
|
|
2.34% |
|
|
|
3.81% |
|
|
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
|
|
(b) |
The Trusts discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
|
|
(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by
Lipper. |
|
Past performance is not indicative of future results. Performance results may include adjustments made for
financial reporting purposes in accordance with U.S. generally accepted accounting principles.
The following
discussion relates to the Trusts absolute performance based on NAV:
|
|
U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a
positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy
tightening by the Fed. |
|
|
The Trusts positions in longer-dated securities made the largest contribution to performance, as bonds in the 20- to 40-year maturity range outpaced the broader market. |
|
|
Investments in lower-rated securities within the investment-grade market benefited performance at a time of robust investor risk appetites. Credit spreads narrowed considerably amid strong
fund flows and investors ongoing search for yield. |
|
|
At the sector level, the largest contributions came from state and local tax-backed, transportation and utilities issues. |
|
|
Investments in high-quality, pre-refunded securities in the one- to five-year range declined in value amid the
upward pressure on short-term interest rates fostered by the ongoing normalization of monetary policy. These positions, which the Trust acquired in a higher-rate environment, were retained due to their above average income. |
|
|
The Trust sought to manage interest rate risk using U.S. Treasury futures, which had a small, positive effect on Trust returns. |
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 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Trust Summary as of October 31, 2017 (continued) |
|
BlackRock Municipal Income Trust |
Market Price and Net Asset Value Per Share Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/17 |
|
|
4/30/17 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
14.07 |
|
|
$ |
14.00 |
|
|
|
0.50% |
|
|
$ |
14.72 |
|
|
$ |
13.96 |
|
Net Asset Value |
|
$ |
14.45 |
|
|
$ |
14.24 |
|
|
|
1.47% |
|
|
$ |
14.62 |
|
|
$ |
14.21 |
|
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
SECTOR ALLOCATION
|
|
|
|
|
|
|
|
|
Sector |
|
10/31/17 |
|
|
4/30/17 |
|
County/City/Special District/School District |
|
|
22 |
% |
|
|
14 |
% |
Transportation |
|
|
18 |
|
|
|
23 |
|
Health |
|
|
14 |
|
|
|
13 |
|
Utilities |
|
|
13 |
|
|
|
15 |
|
State |
|
|
11 |
|
|
|
11 |
|
Tobacco |
|
|
7 |
|
|
|
7 |
|
Education |
|
|
7 |
|
|
|
10 |
|
Corporate |
|
|
7 |
|
|
|
7 |
|
Housing |
|
|
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 adviser. These definitions may not apply for purposes of this report, which may combine such sector
subclassifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
|
|
|
|
|
Calendar Year Ended December 31, |
|
|
|
|
2017 |
|
|
5 |
% |
2018 |
|
|
4 |
|
2019 |
|
|
16 |
|
2020 |
|
|
14 |
|
2021 |
|
|
15 |
|
|
(c) |
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 ALLOCATION (a)
|
|
|
|
|
|
|
|
|
Credit Rating |
|
10/31/17 |
|
|
4/30/17 |
|
AAA/Aaa |
|
|
6 |
% |
|
|
8 |
% |
AA/Aa |
|
|
43 |
|
|
|
44 |
|
A |
|
|
18 |
|
|
|
16 |
|
BBB/Baa |
|
|
21 |
|
|
|
20 |
|
BB/Ba |
|
|
4 |
|
|
|
4 |
|
B |
|
|
2 |
|
|
|
2 |
|
N/R(b) |
|
|
6 |
|
|
|
6 |
|
|
(a) |
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. |
|
|
(b) |
The investment adviser 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 adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017, the
market value of unrated securities deemed by the investment adviser to be investment grade each represents 1% of the Trusts total investments. |
|
|
|
|
Trust Summary as of October 31, 2017 |
|
BlackRock Strategic Municipal Trust |
Investment Objective
BlackRock Strategic Municipal Trusts (BSD) (the Trust) investment objectives are to provide current income that is exempt from regular U.S. 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 U.S.
federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Trust invests at least 80% of its assets in securities that are investment grade, or if unrated, deemed to be of comparable quality by
the investment adviser, 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, but the dollar-weighted
average maturity of obligations held by the Trust may be shortened, depending on market conditions. 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 October 31, 2017 ($13.82)(a) |
|
5.64% |
Tax Equivalent Yield(b) |
|
9.96% |
Current Monthly Distribution per Common
Share(c) |
|
$0.065 |
Current Annualized Distribution per Common
Share(c) |
|
$0.780 |
Economic Leverage as of October 31, 2017(d) |
|
40% |
|
(a) |
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. |
|
|
(b) |
Tax equivalent yield assumes the maximum marginal U.S. 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. |
|
|
(c) |
The distribution rate is not constant and is subject to change. |
|
|
(d) |
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 its accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
|
Performance
Returns for the six months ended October 31, 2017 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Returns Based On |
|
|
|
Market Price |
|
|
NAV |
|
BSD(a)(b) |
|
|
3.91% |
|
|
|
4.38% |
|
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |
|
|
2.34% |
|
|
|
3.81% |
|
|
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
|
|
(b) |
The Trusts discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
|
|
(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by
Lipper. |
|
Past performance is not indicative of future results. Performance results may include adjustments made for
financial reporting purposes in accordance with U.S. generally accepted accounting principles.
The following
discussion relates to the Trusts absolute performance based on NAV:
|
|
U.S. municipal bonds rallied in the six-month period due to the combination of fading prospectus for tax reform during the early spring and summer, a
positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy
tightening by the Fed. |
|
|
Concentrations in longer-dated securities maturing in the 20-year range and longer contributed to performance. The Trusts use of leverage also
boosted returns by enhancing income and amplifying the effect of rising bond prices. |
|
|
The Trusts allocation to BBB-rated investment-grade debt aided results, as did its positions in bonds rated below investment grade. Positions in
the transportation and tax-backed (state) sectors further helped performance, highlighted by the strong showing of New Jersey and Illinois issues. |
|
|
The Trust utilized a mix of U.S. Treasury futures contracts to help manage the risk of rising interest rates. This strategy was tactically adjusted throughout the period, resulting in a
modestly positive contribution to performance. |
|
|
Positions in shorter-dated bonds, including high-quality pre-refunded securities, hurt results at a time in which shorter-term bonds lagged. The
Trusts more-seasoned holdings also detracted due to the premium amortization that occurred as the bonds approached their call and maturity dates. (When a bonds price trades at a premium over its face value, the difference is amortized
over time. A premium occurs when the price of the bond has increased due to a decline in interest rates.) Additionally, positions in higher-quality securities underperformed relative to lower-quality 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.
|
|
|
14 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Trust Summary as of October 31, 2017 (continued) |
|
BlackRock Strategic Municipal Trust |
Market Price and Net Asset Value Per Share Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/17 |
|
|
4/30/17 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
13.82 |
|
|
$ |
13.67 |
|
|
|
1.10% |
|
|
$ |
15.49 |
|
|
$ |
13.55 |
|
Net Asset Value |
|
$ |
14.43 |
|
|
$ |
14.21 |
|
|
|
1.55% |
|
|
$ |
14.60 |
|
|
$ |
14.18 |
|
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
SECTOR ALLOCATION
|
|
|
|
|
|
|
|
|
Sector |
|
10/31/17 |
|
|
4/30/17 |
|
County/City/Special District/School District |
|
|
22 |
% |
|
|
16 |
% |
Transportation |
|
|
17 |
|
|
|
24 |
|
Health |
|
|
16 |
|
|
|
16 |
|
Education |
|
|
11 |
|
|
|
9 |
|
Utilities |
|
|
9 |
|
|
|
12 |
|
State |
|
|
9 |
|
|
|
10 |
|
Corporate |
|
|
9 |
|
|
|
7 |
|
Tobacco |
|
|
5 |
|
|
|
5 |
|
Housing |
|
|
2 |
|
|
|
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 adviser. These definitions may not apply for purposes of this report, which may combine such sector
subclassifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
|
|
|
|
|
Calendar Year Ended December 31, |
|
|
|
|
2017 |
|
|
3 |
% |
2018 |
|
|
6 |
|
2019 |
|
|
17 |
|
2020 |
|
|
11 |
|
2021 |
|
|
13 |
|
|
(c) |
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 ALLOCATION (a)
|
|
|
|
|
|
|
|
|
Credit Rating |
|
10/31/17 |
|
|
4/30/17 |
|
AAA/Aaa |
|
|
5 |
% |
|
|
6 |
% |
AA/Aa |
|
|
39 |
|
|
|
43 |
|
A |
|
|
19 |
|
|
|
17 |
|
BBB/Baa |
|
|
21 |
|
|
|
20 |
|
BB/Ba |
|
|
4 |
|
|
|
4 |
|
B |
|
|
2 |
|
|
|
2 |
|
N/R(b) |
|
|
10 |
|
|
|
8 |
|
|
(a) |
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. |
|
|
(b) |
The investment adviser 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 adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017, the
market value of unrated securities deemed by the investment adviser to be investment grade each represents 1% of the Trusts total investments. |
|
|
|
|
Schedule of Investments
October 31, 2017 (Unaudited) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Municipal Bonds |
|
|
|
|
|
|
|
|
|
Alabama 0.9% |
|
Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University,
Series A, 5.00%, 12/01/33 |
|
$ |
760 |
|
|
$ |
878,879 |
|
Opelika Utilities Board, Refunding RB, 4.00%, 6/01/41 |
|
|
1,540 |
|
|
|
1,612,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,491,290 |
|
Arizona 6.5% |
|
Arizona Health Facilities Authority, Refunding RB, Phoenix Childrens Hospital, Series A, 5.00%,
2/01/42 |
|
|
3,300 |
|
|
|
3,509,682 |
|
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 7/01/45(a) |
|
|
455 |
|
|
|
469,283 |
|
County of Pinal Arizona Electric District No.3, Refunding RB: |
|
|
|
|
|
|
|
|
4.75%, 7/01/21(b) |
|
|
680 |
|
|
|
762,885 |
|
4.75%, 7/01/31 |
|
|
3,070 |
|
|
|
3,356,523 |
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
5.00%, 12/01/32 |
|
|
1,035 |
|
|
|
1,250,932 |
|
5.00%, 12/01/37 |
|
|
4,585 |
|
|
|
5,585,814 |
|
University Medical Center Corp., RB, 6.50%,
7/01/19(b) |
|
|
750 |
|
|
|
814,620 |
|
University Medical Center Corp., Refunding RB, 6.00%, 7/01/21(b) |
|
|
1,600 |
|
|
|
1,860,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,609,803 |
|
Arkansas 2.0% |
|
City of Benton Arkansas, RB, 4.00%, 6/01/39 |
|
|
755 |
|
|
|
793,316 |
|
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, 4.00%, 10/01/40 |
|
|
1,250 |
|
|
|
1,303,387 |
|
City of Little Rock Arkansas, RB, 4.00%, 7/01/41 |
|
|
2,645 |
|
|
|
2,740,432 |
|
County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42 |
|
|
465 |
|
|
|
514,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,351,760 |
|
California 20.1% |
|
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 8/15/31 |
|
|
2,300 |
|
|
|
2,587,017 |
|
California Health Facilities Financing Authority, Refunding RB, Adventist Health System West, Series A,
3.00%, 3/01/39 |
|
|
1,130 |
|
|
|
1,021,723 |
|
California Infrastructure & Economic Development Bank, Refunding RB, Academy Motion Picture Arts and
Sciences, Series A, 4.00%, 11/01/45 |
|
|
3,330 |
|
|
|
3,459,570 |
|
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34(c) |
|
|
1,500 |
|
|
|
1,658,085 |
|
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT: |
|
|
|
|
|
|
|
|
Series A (BAM), 4.00%, 3/01/42 |
|
|
2,460 |
|
|
|
2,539,261 |
|
Series A-1, 5.75%, 3/01/34 |
|
|
3,000 |
|
|
|
3,387,570 |
|
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 6/01/47 |
|
|
1,985 |
|
|
|
1,984,940 |
|
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 8/01/34(c) |
|
|
2,475 |
|
|
|
2,533,658 |
|
Norwalk-La Mirada Unified School District, GO, Refunding, CAB,
Election of 2002, Series E (AGC), 0.00%, 8/01/38(d) |
|
|
12,000 |
|
|
|
5,381,760 |
|
Palomar Community College District, GO, CAB, Election of 2006, Series B: |
|
|
|
|
|
|
|
|
0.00%, 8/01/30(d) |
|
|
2,270 |
|
|
|
1,555,177 |
|
0.00%, 8/01/33(d) |
|
|
4,250 |
|
|
|
1,742,798 |
|
0.00%, 8/01/39(c) |
|
|
4,000 |
|
|
|
3,742,840 |
|
San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 8/01/33(c) |
|
|
4,200 |
|
|
|
4,933,110 |
|
State of California, GO, Refunding, Various Purposes: |
|
|
|
|
|
|
|
|
5.00%, 2/01/38 |
|
|
2,000 |
|
|
|
2,289,900 |
|
4.00%, 10/01/44 |
|
|
2,520 |
|
|
|
2,653,686 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
California (continued) |
|
State of California, GO, Various Purposes: |
|
|
|
|
|
|
|
|
5.75%, 4/01/31 |
|
$
|
3,000 |
|
|
$
|
3,201,300 |
|
6.00%, 3/01/33 |
|
|
2,270 |
|
|
|
2,526,873 |
|
6.50%, 4/01/33 |
|
|
2,900 |
|
|
|
3,121,212 |
|
5.50%, 3/01/40 |
|
|
3,650 |
|
|
|
4,002,480 |
|
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed,
Senior Series A-1, 5.13%, 6/01/46 |
|
|
495 |
|
|
|
495,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,818,802 |
|
Colorado 0.2% |
|
Rampart Range Metropolitan District No. 1, Refunding RB, (AGM), 5.00%, 12/01/47 |
|
|
420 |
|
|
|
476,935 |
|
|
|
|
|
|
|
|
|
|
Connecticut 0.4% |
|
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence &
Memorial Hospital, Series F, 5.00%, 7/01/36 |
|
|
950 |
|
|
|
1,017,041 |
|
|
|
|
|
|
|
|
|
|
Delaware 2.1% |
|
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
|
|
1,800 |
|
|
|
1,906,236 |
|
Delaware Transportation Authority, RB: |
|
|
|
|
|
|
|
|
5.00%, 6/01/45 |
|
|
2,000 |
|
|
|
2,281,020 |
|
U.S. 301 Project, 5.00%, 6/01/55 |
|
|
1,430 |
|
|
|
1,610,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,797,465 |
|
Florida 7.1% |
|
Capital Trust Agency Inc., RB, M/F Housing, The Gardens Apartment Project, Series A,
4.75%, 7/01/40 |
|
|
900 |
|
|
|
938,151 |
|
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/47 |
|
|
1,085 |
|
|
|
1,290,933 |
|
County of Miami-Dade Florida, RB: |
|
|
|
|
|
|
|
|
CAB, Subordinate Special Obligation, 0.00%,
10/01/32(d) |
|
|
5,000 |
|
|
|
2,847,850 |
|
CAB, Subordinate Special Obligation, 0.00%,
10/01/33(d) |
|
|
15,375 |
|
|
|
8,341,091 |
|
Series B, AMT, 6.00%, 10/01/32 |
|
|
3,000 |
|
|
|
3,543,090 |
|
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40 |
|
|
1,895 |
|
|
|
2,182,775 |
|
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center,
5.00%, 6/01/32 |
|
|
200 |
|
|
|
212,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,356,390 |
|
Hawaii 1.3% |
|
State of Hawaii Department of Budget & Finance, Refunding RB: |
|
|
|
|
|
|
|
|
Hawaiian Electric Co., Inc. AMT, 4.00%, 3/01/37 |
|
|
2,770 |
|
|
|
2,857,477 |
|
Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37 |
|
|
600 |
|
|
|
662,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,520,429 |
|
Idaho 1.2% |
|
Idaho Health Facilities Authority, RB, St. Lukes Health System Project, Series A, 5.00%, 3/01/39 |
|
|
3,000 |
|
|
|
3,287,850 |
|
|
|
|
|
|
|
|
|
|
Illinois 8.1% |
|
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 1/01/20(e) |
|
|
5,000 |
|
|
|
5,458,950 |
|
City of Chicago Illinois, Refunding ARB, OHare International Airport Passenger Facility Charge, Series
B, AMT, 4.00%, 1/01/29 |
|
|
2,400 |
|
|
|
2,500,848 |
|
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT,
5.00%, 1/01/41 |
|
|
1,735 |
|
|
|
1,919,621 |
|
|
|
|
16 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Illinois (continued) |
|
City of Chicago Illinois OHare International Airport, GARB, Senior Lien, Series D, AMT, 5.00%,
1/01/42 |
|
$
|
770 |
|
|
$
|
866,273 |
|
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
1,000 |
|
|
|
1,073,060 |
|
Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
OSF Healthcare System, 6.00%, 5/15/39 |
|
|
435 |
|
|
|
466,781 |
|
Roosevelt University Project, 6.50%, 4/01/44 |
|
|
1,500 |
|
|
|
1,594,170 |
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
6.25%, 6/01/24 |
|
|
5,000 |
|
|
|
5,288,450 |
|
6.00%, 6/01/28 |
|
|
1,700 |
|
|
|
1,915,594 |
|
State of Illinois, GO, 5.00%, 2/01/39 |
|
|
1,000 |
|
|
|
1,040,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,123,897 |
|
Kansas 2.9% |
|
County of Seward Kansas Unified School District No. 480 Liberal, GO, Refunding: |
|
|
|
|
|
|
|
|
5.00%, 9/01/39 |
|
|
1,085 |
|
|
|
1,259,642 |
|
5.00%, 9/01/39 |
|
|
4,915 |
|
|
|
5,454,126 |
|
Kansas Development Finance Authority, Refunding RB, Sisters Leavenworth: |
|
|
|
|
|
|
|
|
5.00%, 1/01/20(b) |
|
|
1,005 |
|
|
|
1,085,872 |
|
5.00%, 1/01/28 |
|
|
150 |
|
|
|
159,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,959,510 |
|
Kentucky 6.8% |
|
County of Boyle Kentucky, Refunding RB, Centre College of Kentucky, 5.00%, 6/01/37 |
|
|
4,000 |
|
|
|
4,529,960 |
|
County of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Norton Healthcare,
Inc., Series A, 4.00%, 10/01/35 |
|
|
870 |
|
|
|
896,988 |
|
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%,
1/01/40 |
|
|
3,400 |
|
|
|
3,685,226 |
|
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC),
0.00%, 10/01/23(d) |
|
|
8,500 |
|
|
|
7,295,380 |
|
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st
Tier, Series C(c): |
|
|
|
|
|
|
|
|
0.00%, 7/01/34 |
|
|
1,000 |
|
|
|
887,530 |
|
0.00%, 7/01/39 |
|
|
1,395 |
|
|
|
1,219,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,514,830 |
|
Louisiana 1.9% |
|
City of Alexandria Louisiana Utilities, RB, 5.00%, 5/01/39 |
|
|
1,790 |
|
|
|
2,015,665 |
|
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake
Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
|
|
1,565 |
|
|
|
1,764,992 |
|
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%,
5/01/31 |
|
|
600 |
|
|
|
647,490 |
|
West Baton Rouge Parish School District No. 3, GO, (AGM): |
|
|
|
|
|
|
|
|
5.00%, 3/01/36 |
|
|
225 |
|
|
|
259,004 |
|
5.00%, 3/01/37 |
|
|
425 |
|
|
|
488,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,175,642 |
|
Maryland 0.2% |
|
County of Anne Arundel Maryland Consolidated, RB, Special Taxing District, Villages at Two Rivers
Project: |
|
|
|
|
|
|
|
|
5.13%, 7/01/36 |
|
|
260 |
|
|
|
263,421 |
|
5.25%, 7/01/44 |
|
|
260 |
|
|
|
262,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
526,180 |
|
Massachusetts 2.1% |
|
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A: |
|
|
|
|
|
|
|
|
5.00%, 1/01/47 |
|
|
1,010 |
|
|
|
1,129,534 |
|
5.25%, 1/01/42 |
|
|
900 |
|
|
|
1,034,703 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Massachusetts (continued) |
|
Massachusetts Development Finance Agency, Refunding RB: |
|
|
|
|
|
|
|
|
Emmanuel College Issue, Series A, 4.00%, 10/01/46 |
|
$
|
1,380 |
|
|
$
|
1,395,456 |
|
International Charter School, 5.00%, 4/15/40 |
|
|
600 |
|
|
|
648,360 |
|
Suffolk University, 4.00%, 7/01/39 |
|
|
1,375 |
|
|
|
1,402,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,610,649 |
|
Michigan 3.7% |
|
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 7/01/44 |
|
|
360 |
|
|
|
385,434 |
|
Michigan Finance Authority, Refunding RB, Henry Ford Health System, 4.00%, 11/15/46 |
|
|
2,305 |
|
|
|
2,352,391 |
|
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%,
12/01/32 |
|
|
4,150 |
|
|
|
4,297,948 |
|
Royal Oak Michigan Hospital Finance Authority, Refunding RB, William Beaumont Hospital, Series V,
8.25%, 9/01/18(b) |
|
|
2,750 |
|
|
|
2,912,525 |
|
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38 |
|
|
60 |
|
|
|
62,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,011,153 |
|
Minnesota 2.9% |
|
City of Maple Grove Minnesota, Refunding RB, Maple Grove Hospital, Corp., 4.00%, 5/01/37 |
|
|
1,405 |
|
|
|
1,438,467 |
|
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%,
11/15/38 |
|
|
1,905 |
|
|
|
2,001,945 |
|
Housing & Redevelopment Authority of The City of Saint Paul Minnesota, RB, Great River School
Project, Series A, 5.50%, 7/01/52(a) |
|
|
305 |
|
|
|
309,313 |
|
Minneapolis-St. Paul Metropolitan Airports Commission, Refunding ARB,
Sub Series D, AMT, 5.00%, 1/01/41 |
|
|
460 |
|
|
|
521,778 |
|
Minnesota Higher Education Facilities Authority, RB: |
|
|
|
|
|
|
|
|
Augsburg College, Series B, 4.25%, 5/01/40 |
|
|
1,895 |
|
|
|
1,896,933 |
|
College of St. Benedict, Series 8-K, 5.00%, 3/01/37 |
|
|
1,055 |
|
|
|
1,200,073 |
|
College of St. Benedict, Series 8-K, 4.00%, 3/01/43 |
|
|
615 |
|
|
|
624,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,992,636 |
|
Mississippi 2.1% |
|
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A,
5.38%, 12/01/35 |
|
|
600 |
|
|
|
670,962 |
|
Mississippi Development Bank, RB, Special Obligation: |
|
|
|
|
|
|
|
|
CAB, Hinds Community College District (AGM),
5.00%, 4/01/21(b) |
|
|
1,910 |
|
|
|
2,145,216 |
|
County of Jackson Limited Tax Note (AGC), 5.50%, 7/01/32 |
|
|
2,655 |
|
|
|
2,818,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,634,806 |
|
Missouri 3.0% |
|
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41 |
|
|
1,350 |
|
|
|
1,437,885 |
|
Missouri State Health & Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
|
A.T. Still University of Health Sciences, 5.25%, 10/01/31 |
|
|
500 |
|
|
|
556,880 |
|
A.T. Still University of Health Sciences, 4.25%, 10/01/32 |
|
|
480 |
|
|
|
508,541 |
|
A.T. Still University of Health Sciences, 5.00%, 10/01/39 |
|
|
750 |
|
|
|
848,063 |
|
Heartland Regional Medical Center, 4.13%, 2/15/43 |
|
|
700 |
|
|
|
722,673 |
|
University of Central Missouri, Series C-2,
5.00%, 10/01/34 |
|
|
1,500 |
|
|
|
1,701,405 |
|
Missouri State Health & Educational Facilities Authority, Refunding RB, Kansas City University of
Medicine and Biosciences, Series A: |
|
|
|
|
|
|
|
|
5.00%, 6/01/42 |
|
|
860 |
|
|
|
976,203 |
|
5.00%, 6/01/47 |
|
|
1,230 |
|
|
|
1,389,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,141,390 |
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
17 |
|
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Nebraska 2.9% |
|
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42 |
|
$
|
900 |
|
|
$
|
979,083 |
|
County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist
Health System, 5.00%, 11/01/45 |
|
|
600 |
|
|
|
664,158 |
|
County of Sarpy Nebraska Hospital Authority No. 1, Refunding RB, Nebraska Medicine, 3.00%,
5/15/46 |
|
|
3,075 |
|
|
|
2,682,784 |
|
Nebraska Public Power District, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
5.00%, 1/01/32 |
|
|
2,535 |
|
|
|
2,852,458 |
|
4.00%, 1/01/44 |
|
|
600 |
|
|
|
612,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,791,161 |
|
Nevada 0.6% |
|
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 7/01/36 |
|
|
1,500 |
|
|
|
1,591,935 |
|
Nevada Department of Business & Industry, RB, Series A, 5.00%, 7/15/37(a) |
|
|
125 |
|
|
|
128,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,720,629 |
|
New Jersey 8.2% |
|
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37(f)(g) |
|
|
1,510 |
|
|
|
15,855 |
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29 |
|
|
1,335 |
|
|
|
1,461,651 |
|
Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30 |
|
|
990 |
|
|
|
1,125,086 |
|
Goethals Bridge Replacement Project (AGM), AMT, 5.13%, 7/01/42 |
|
|
300 |
|
|
|
332,592 |
|
School Facilities Construction Bonds, Series DDD, 5.00%, 6/15/42 |
|
|
160 |
|
|
|
171,477 |
|
New Jersey Educational Facilities Authority, Refunding RB, College of New Jersey, Series G, 3.50%,
7/01/31 |
|
|
1,150 |
|
|
|
1,169,332 |
|
New Jersey Health Care Facilities Financing Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
RWJ Barnabas Health Obligated Group, 4.00%, 7/01/43 |
|
|
2,955 |
|
|
|
3,066,876 |
|
St. Barnabas Health Care System, 4.63%,
7/01/21(b) |
|
|
770 |
|
|
|
860,421 |
|
St. Barnabas Health Care System, 5.63%,
7/01/21(b) |
|
|
2,560 |
|
|
|
2,951,859 |
|
St. Barnabas Health Care System, 5.00%, 7/01/25 |
|
|
500 |
|
|
|
566,900 |
|
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 1/01/45 |
|
|
2,780 |
|
|
|
3,130,197 |
|
New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
CAB, Transportation System, Series A,
0.00%, 12/15/35(d) |
|
|
1,600 |
|
|
|
710,592 |
|
Transportation Program, Series AA, 5.00%, 6/15/45 |
|
|
1,350 |
|
|
|
1,439,680 |
|
Transportation Program, Series AA, 5.00%, 6/15/46 |
|
|
600 |
|
|
|
639,450 |
|
Transportation System, Series A, 5.50%, 6/15/41 |
|
|
500 |
|
|
|
537,750 |
|
Transportation System, Series B, 5.50%, 6/15/31 |
|
|
2,000 |
|
|
|
2,191,800 |
|
Tobacco Settlement Financing Corp., Refunding RB, Series 1A, 5.00%, 6/01/41 |
|
|
2,115 |
|
|
|
2,027,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,398,957 |
|
New Mexico 1.1% |
|
New Mexico Finance Authority, RB, Senior Lien, Series A: |
|
|
|
|
|
|
|
|
3.25%, 6/01/33 |
|
|
865 |
|
|
|
884,324 |
|
3.25%, 6/01/34 |
|
|
1,340 |
|
|
|
1,357,634 |
|
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%,
8/01/44 |
|
|
680 |
|
|
|
765,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,007,441 |
|
New York 8.2% |
|
City of New York New York Industrial Development Agency, RB, PILOT: Queens Baseball Stadium |
|
|
|
|
|
|
|
|
(AGC), 6.50%, 1/01/46 |
|
|
300 |
|
|
|
317,811 |
|
(AMBAC), 5.00%, 1/01/39 |
|
|
1,100 |
|
|
|
1,120,482 |
|
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, 5.00%, 8/01/38 |
|
|
5,000 |
|
|
|
5,885,750 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
New York (continued) |
|
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 6/01/41(a) |
|
$
|
1,400 |
|
|
$
|
1,448,650 |
|
Counties of New York Tobacco Trust VI, Refunding RB, Settlement Pass-Through Turbo, Series C,
4.00%, 6/01/51 |
|
|
1,000 |
|
|
|
923,550 |
|
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45 |
|
|
1,825 |
|
|
|
1,790,106 |
|
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39 |
|
|
2,475 |
|
|
|
2,614,763 |
|
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 |
|
|
|
1,343,925 |
|
3 World Trade Center Project, Class 2,
5.15%, 11/15/34(a) |
|
|
640 |
|
|
|
707,450 |
|
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%,
8/01/31 |
|
|
1,905 |
|
|
|
2,032,711 |
|
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series
A, AMT, 5.25%, 11/01/42(a) |
|
|
600 |
|
|
|
600,402 |
|
Port Authority of New York & New Jersey, Refunding RB, 195th Series, AMT, 5.00%, 10/01/35 |
|
|
2,200 |
|
|
|
2,545,576 |
|
Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 5.13%, 6/01/51 |
|
|
1,160 |
|
|
|
1,148,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,479,193 |
|
North Dakota 0.3% |
|
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 7/01/21(b) |
|
|
720 |
|
|
|
810,043 |
|
|
|
|
|
|
|
|
|
|
Ohio 1.4% |
|
City of Dayton Ohio Airport Revenue, Refunding ARB, James M. Cox Dayton International Airport, Series A
(AGM), AMT, 4.00%, 12/01/32 |
|
|
3,000 |
|
|
|
3,094,980 |
|
County of Butler Port Authority, RB, Series A-1(a): |
|
|
|
|
|
|
|
|
Storypoint Fairfield Project, 6.25%, 1/15/34 |
|
|
500 |
|
|
|
518,705 |
|
StoryPoint Fairfield Project, 6.38%, 1/15/43 |
|
|
275 |
|
|
|
283,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,897,435 |
|
Oklahoma 1.6% |
|
Norman Oklahoma Regional Hospital Authority, Refunding RB, 4.00%, 9/01/37 |
|
|
1,765 |
|
|
|
1,789,851 |
|
Oklahoma City Public Property Authority, Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 10/01/36 |
|
|
800 |
|
|
|
924,136 |
|
5.00%, 10/01/39 |
|
|
280 |
|
|
|
321,521 |
|
Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village
Student Housing Project, Series A, 5.25%, 8/01/57 |
|
|
1,315 |
|
|
|
1,445,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,480,917 |
|
Oregon 3.3% |
|
Clackamas Community College District, GO, Convertible Deferred Interest Bonds, Series A, 0.00%, 6/15/38(c) |
|
|
335 |
|
|
|
344,581 |
|
County of Lane Oregon School District No. 19 Springfield, GO, CAB, Series B, 0.00%, 6/15/40(d) |
|
|
1,500 |
|
|
|
653,100 |
|
Klamath Falls Intercommunity Hospital Authority, Refunding RB, Sky Lakes Medical Center Project: |
|
|
|
|
|
|
|
|
3.00%, 9/01/35 |
|
|
630 |
|
|
|
586,858 |
|
3.00%, 9/01/41 |
|
|
950 |
|
|
|
839,695 |
|
Oregon Health & Science University, RB, Series A, 4.00%, 7/01/37 |
|
|
1,075 |
|
|
|
1,136,791 |
|
State of Oregon Facilities Authority, Refunding RB, Legacy Health Project, Series A, 4.00%, 6/01/41 |
|
|
2,610 |
|
|
|
2,690,414 |
|
State of Oregon State Facilities Authority, Refunding RB, University of Portland Project, Series A,
5.00%, 4/01/45 |
|
|
2,485 |
|
|
|
2,778,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,029,520 |
|
|
|
|
18 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Pennsylvania 8.6% |
|
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27 |
|
$
|
2,535 |
|
|
$
|
2,646,008 |
|
Delaware River Port Authority, RB: |
|
|
|
|
|
|
|
|
4.50%, 1/01/32 |
|
|
3,000 |
|
|
|
3,306,420 |
|
Series D (AGM), 5.00%, 1/01/40 |
|
|
3,640 |
|
|
|
3,913,400 |
|
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31(d)(e) |
|
|
500 |
|
|
|
351,925 |
|
Pennsylvania Economic Development Financing Authority, Refunding RB: |
|
|
|
|
|
|
|
|
National Gypsum Co., AMT, 5.50%, 11/01/44 |
|
|
810 |
|
|
|
858,163 |
|
Series A, 4.00%, 11/15/42 |
|
|
3,485 |
|
|
|
3,551,424 |
|
Pennsylvania Turnpike Commission, RB: |
|
|
|
|
|
|
|
|
Series B, 5.00%, 12/01/36 |
|
|
3,350 |
|
|
|
3,848,246 |
|
Series B, 5.00%, 12/01/40 |
|
|
500 |
|
|
|
569,735 |
|
Sub-Series B-1,
5.00%, 6/01/42 |
|
|
1,970 |
|
|
|
2,222,396 |
|
Pottsville Hospital Authority, Refunding RB, Lehigh Valley Health Network, Series B,
5.00%, 7/01/45 |
|
|
2,000 |
|
|
|
2,230,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,498,077 |
|
Puerto Rico 1.0% |
|
Childrens Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
5.50%, 5/15/39 |
|
|
1,470 |
|
|
|
1,442,688 |
|
5.63%, 5/15/43 |
|
|
1,395 |
|
|
|
1,366,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,809,453 |
|
Rhode Island 5.4% |
|
Rhode Island Commerce Corp., RB, Airport Corp., Series D: |
|
|
|
|
|
|
|
|
5.00%, 7/01/41 |
|
|
430 |
|
|
|
482,095 |
|
5.00%, 7/01/46 |
|
|
340 |
|
|
|
378,488 |
|
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 9/15/42 |
|
|
1,485 |
|
|
|
1,541,430 |
|
Rhode Island Health & Educational Building Corp., Refunding RB, Series A (AGM),
3.75%, 5/15/32 |
|
|
1,845 |
|
|
|
1,907,841 |
|
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40 |
|
|
2,710 |
|
|
|
3,086,554 |
|
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 4/01/19(b) |
|
|
1,330 |
|
|
|
1,408,962 |
|
Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 6/01/40 |
|
|
1,000 |
|
|
|
1,062,790 |
|
Series B, 4.50%, 6/01/45 |
|
|
2,725 |
|
|
|
2,730,123 |
|
Series B, 5.00%, 6/01/50 |
|
|
2,000 |
|
|
|
2,063,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,661,843 |
|
South Dakota 0.6% |
|
Dakota Valley School District No. 61-8, GO, Refunding,
3.00%, 7/15/39 |
|
|
1,620 |
|
|
|
1,528,211 |
|
|
|
|
|
|
|
|
|
|
Tennessee 3.7% |
|
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A,
5.25%, 1/01/40 |
|
|
2,945 |
|
|
|
3,174,857 |
|
County of Chattanooga-Hamilton Tennessee Hospital Authority, Refunding RB, Series A, 5.00%,
10/01/44 |
|
|
875 |
|
|
|
944,895 |
|
County of Knox Tennessee Health Educational & Housing Facility Board, RB, University Health System,
Inc., 4.00%, 9/01/40 |
|
|
1,285 |
|
|
|
1,290,641 |
|
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series
A: |
|
|
|
|
|
|
|
|
5.25%, 11/01/27 |
|
|
1,135 |
|
|
|
1,222,407 |
|
5.38%, 11/01/28 |
|
|
1,000 |
|
|
|
1,080,500 |
|
Johnson City Health & Educational Facilities Board, RB, Mountain States Health,
Series A, 5.00%, 8/15/42 |
|
|
1,200 |
|
|
|
1,275,912 |
|
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities
Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 7/01/40 |
|
|
1,075 |
|
|
|
1,208,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,197,458 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Texas 6.9% |
|
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC) (AGM),
0.00%, 11/15/38(d) |
|
$
|
5,000 |
|
|
$
|
1,891,500 |
|
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co.,
Project, Series A, 6.30%, 11/01/29 |
|
|
2,200 |
|
|
|
2,392,346 |
|
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project,
Series A, 0.00%, 9/15/38(d) |
|
|
16,780 |
|
|
|
6,925,945 |
|
Leander ISD, GO, Refunding CAB, Series D (PSF-GTD)(d): |
|
|
|
|
|
|
|
|
0.00%, 8/15/24(b) |
|
|
550 |
|
|
|
289,927 |
|
0.00%, 8/15/35 |
|
|
5,450 |
|
|
|
2,659,818 |
|
Red River Texas Education Financing Corp., RB, Texas Christian University Project,
5.25%, 3/15/38 |
|
|
1,140 |
|
|
|
1,291,061 |
|
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC,
7.00%, 6/30/40 |
|
|
3,000 |
|
|
|
3,385,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,836,487 |
|
Utah 0.4% |
|
Utah State Charter School Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Mountainville Academy, 4.00%, 4/15/42 |
|
|
600 |
|
|
|
613,008 |
|
The Freedom Academy Foundation Project,
5.25%, 6/15/37(a) |
|
|
205 |
|
|
|
206,279 |
|
The Freedom Academy Foundation Project,
5.38%, 6/15/48(a) |
|
|
260 |
|
|
|
259,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,078,302 |
|
Vermont 0.8% |
|
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/37 |
|
|
1,160 |
|
|
|
1,217,130 |
|
Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 6/15/32 |
|
|
850 |
|
|
|
885,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,102,949 |
|
Virginia 1.2% |
|
Ballston Quarter Community Development Authority, Tax Allocation Bonds,
Series A, 5.38%, 3/01/36 |
|
|
780 |
|
|
|
789,929 |
|
Tobacco Settlement Financing Corp., Refunding RB, Senior Series
B-1, 5.00%, 6/01/47 |
|
|
1,030 |
|
|
|
990,005 |
|
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project,
AMT, 6.00%, 1/01/37 |
|
|
1,440 |
|
|
|
1,627,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,407,926 |
|
Wisconsin 2.2% |
|
Public Finance Authority, Refunding RB, National Gypsum Co., AMT, 4.00%, 8/01/35 |
|
|
435 |
|
|
|
421,519 |
|
Wisconsin Health & Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Ascension Senior Credit Group, 4.00%, 11/15/36 |
|
|
2,900 |
|
|
|
3,021,394 |
|
Medical College of Wisconsin, Inc., 4.00%, 12/01/46 |
|
|
955 |
|
|
|
984,137 |
|
WPPI Energy Power Supply Systems, Refunding RB, Series A, 5.00%, 7/01/37 |
|
|
1,330 |
|
|
|
1,513,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,940,683 |
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 133.9% |
|
|
|
365,095,143 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
|
|
Colorado 2.0% |
|
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7
(AGM), 5.00%, 5/01/18(b) |
|
|
5,250 |
|
|
|
5,351,587 |
|
|
|
|
|
|
|
|
|
|
Connecticut 1.6% |
|
Connecticut State Health & Educational Facility Authority, Refunding RB, Trinity Health Credit
Corp., 5.00%, 12/01/45 |
|
|
3,902 |
|
|
|
4,409,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
19 |
|
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Florida 0.9% |
|
Pinellas County School Board, COP, Master Lease Program, Series A, 5.00%, 7/01/41 |
|
$
|
2,120 |
|
|
$
|
2,433,060 |
|
|
|
|
|
|
|
|
|
|
Georgia 2.5% |
|
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/43 |
|
|
5,997 |
|
|
|
6,896,760 |
|
|
|
|
|
|
|
|
|
|
Minnesota 2.1% |
|
State of Minnesota, RB, Series A, 5.00%, 6/01/38 |
|
|
5,000 |
|
|
|
5,688,711 |
|
|
|
|
|
|
|
|
|
|
New Jersey 1.1% |
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System,
Series B, 5.25%, 6/15/36(i) |
|
|
2,861 |
|
|
|
3,040,976 |
|
|
|
|
|
|
|
|
|
|
New York 7.7% |
|
City of New York New York, GO, Refunding Fiscal 2015, Series B, 4.00%, 8/01/32 |
|
|
1,600 |
|
|
|
1,737,584 |
|
City of New York New York Water & Sewer System, RB, Fiscal 2009, Series A: |
|
|
|
|
|
|
|
|
5.75%, 6/15/18(b) |
|
|
159 |
|
|
|
163,242 |
|
5.75%, 6/15/40 |
|
|
531 |
|
|
|
545,889 |
|
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution: |
|
|
|
|
|
|
|
|
Fiscal 2013, Series CC, 5.00%, 6/15/47 |
|
|
4,000 |
|
|
|
4,552,541 |
|
Series FF-2, 5.50%, 6/15/40 |
|
|
810 |
|
|
|
865,239 |
|
Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47(i) |
|
|
1,750 |
|
|
|
1,988,397 |
|
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds,
5.25%, 12/15/43 |
|
|
4,500 |
|
|
|
5,072,799 |
|
State of New York Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/18(b) |
|
|
3,359 |
|
|
|
3,443,076 |
|
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax,
Series A, 5.00%, 3/15/31 |
|
|
2,360 |
|
|
|
2,672,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,040,842 |
|
Ohio 1.6% |
|
County of Montgomery Ohio, RB, Catholic Health Initiatives, Series
C-1 (AGM), 5.00%, 4/28/18(b) |
|
|
1,740 |
|
|
|
1,773,191 |
|
Ohio Higher Educational Facility Commission, Refunding RB, Cleveland Clinic Health System,
Series A, 5.25%, 1/01/18(b) |
|
|
2,600 |
|
|
|
2,613,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,386,971 |
|
Texas 2.1% |
|
Aldine Independent School District, GO, Refunding(PSF-GTD),
5.00%, 2/15/42 |
|
|
2,609 |
|
|
|
3,033,586 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Shares/Par (000) |
|
|
Value |
|
Texas (continued) |
|
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Electric & Gas Systems,
Junior Lien, 5.00%, 2/01/43 |
|
$
|
2,380 |
|
|
$
|
2,682,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,716,459 |
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts 21.6% |
|
|
|
58,964,962 |
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments (Cost $392,161,911) 155.5% |
|
|
|
424,060,105 |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities 1.6% |
|
BlackRock Liquidity Funds, MuniCash, Institutional Class,
0.74%(k)(j) |
|
|
4,462,977 |
|
|
|
4,464,316 |
|
|
|
|
|
|
|
|
|
|
Total Short-Term Securities (Cost $4,464,308) 1.6% |
|
|
|
4,464,316 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost $396,626,219) 157.1% |
|
|
|
428,524,421 |
|
Other Assets Less Liabilities 1.4% |
|
|
|
3,831,043 |
|
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(12.3)% |
|
|
|
(33,678,123 |
) |
VMTP Shares, at Liquidation Value (46.2)% |
|
|
|
(125,900,000 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
$ |
272,777,341 |
|
|
|
|
|
|
|
|
|
|
(a) |
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.
|
(b) |
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(c) |
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. |
(e) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(f) |
Non-income producing security. |
(g) |
Issuer filed for bankruptcy and/or is in default. |
(h) |
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. |
(i) |
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. |
(j) |
Annualized 7-day yield as of period end. |
(k) |
During the period ended October 31, 2017, investments in issuers considered to be an affiliate 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 04/30/17 |
|
|
Net Activity |
|
|
Shares Held at 10/31/17 |
|
|
Value at 10/31/17 |
|
|
Income |
|
|
Net Realized Gain (Loss) (a) |
|
|
Change in Unrealized Appreciation (Depreciation) |
|
BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
6,238,321 |
|
|
|
(1,775,344 |
) |
|
|
4,462,977 |
|
|
$ |
4,464,316 |
|
|
$ |
20,967 |
|
|
$ |
2,364 |
|
|
$ |
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes capital gain distribution, if applicable. |
|
|
|
|
20 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Number of Contracts |
|
|
Expiration Date |
|
|
Notional Amount (000) |
|
|
Value/ Unrealized Appreciation (Depreciation) |
|
Short Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Year U.S. Treasury Note |
|
|
(49 |
) |
|
|
12/19/17 |
|
|
$ |
6,122 |
|
|
$ |
89,315 |
|
Long U.S. Treasury Bond |
|
|
(82 |
) |
|
|
12/19/17 |
|
|
|
12,502 |
|
|
|
224,246 |
|
Ultra Long U.S. Treasury Bond |
|
|
(19 |
) |
|
|
12/19/17 |
|
|
|
3,131 |
|
|
|
62,735 |
|
5-Year U.S. Treasury Note |
|
|
(33 |
) |
|
|
12/29/17 |
|
|
|
3,867 |
|
|
|
32,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
408,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity Contracts |
|
|
Credit Contracts |
|
|
Equity Contracts |
|
|
Foreign Currency Exchange Contracts |
|
|
Interest Rate Contracts |
|
|
Other Contracts |
|
|
Total |
|
Assets Derivative Financial Instruments |
|
Futures contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation(a) |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
408,516 |
|
|
$ |
|
|
|
$ |
408,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes cummulative 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 six months ended October 31, 2017, the effect of derivative financial
instruments in the Statements of Operations was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity Contracts |
|
|
Credit Contracts |
|
|
Equity Contracts |
|
|
Foreign Currency Exchange Contracts |
|
|
Interest Rate Contracts |
|
|
Other Contracts |
|
|
Total |
|
Net Realized Gain (Loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
(788,950 |
) |
|
$ |
|
|
|
$ |
(788,950 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
806,691 |
|
|
$ |
|
|
|
$ |
806,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
|
|
|
Futures contracts: |
|
Average notional value of contracts short |
|
$ |
26,136,512 |
|
For more information about the Trusts investment risks regarding derivative financial
instruments, refer to the Notes to Financial Statements.
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
21 |
|
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
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 Investments(a) |
|
$ |
|
|
|
$ |
424,060,105 |
|
|
$ |
|
|
|
$ |
424,060,105 |
|
Short-Term Securities |
|
|
4,464,316 |
|
|
|
|
|
|
|
|
|
|
|
4,464,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,464,316 |
|
|
$ |
424,060,105 |
|
|
$ |
|
|
|
$ |
428,524,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Financial Instruments(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts |
|
$ |
408,516 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
408,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
See above Schedule of Investments for values in each state or political subdivision. |
|
|
(b) |
Derivative financial instruments are futures contracts which 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 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 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOB Trust Certificates |
|
$ |
|
|
|
$ |
(33,581,954 |
) |
|
$ |
|
|
|
$ |
(33,581,954 |
) |
VMTP Shares at Liquidation Value |
|
|
|
|
|
|
(125,900,000 |
) |
|
|
|
|
|
|
(125,900,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
(159,481,954 |
) |
|
$ |
|
|
|
$ |
(159,481,954 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the six months ended October 31, 2017, there were no transfers between levels.
See notes to financial statements.
|
|
|
22 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments
October 31, 2017 (Unaudited) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Municipal Bonds |
|
|
|
|
|
|
|
|
|
Alabama 1.1% |
|
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D,
6.00%, 10/01/42 |
|
$ |
1,655 |
|
|
$ |
1,930,855 |
|
|
|
|
|
|
|
|
|
|
Alaska 0.6% |
|
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%,
6/01/46 |
|
|
1,000 |
|
|
|
954,350 |
|
|
|
|
|
|
|
|
|
|
Arizona 2.8% |
|
Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A(a): |
|
|
|
|
|
|
|
|
5.13%, 7/01/37 |
|
|
360 |
|
|
|
378,878 |
|
5.38%, 7/01/50 |
|
|
925 |
|
|
|
977,041 |
|
City of Phoenix Arizona IDA, RB, Series A: |
|
|
|
|
|
|
|
|
Facility, Eagle College Preparatory Project, 5.00%, 7/01/33 |
|
|
870 |
|
|
|
896,178 |
|
Legacy Traditional Schools Projects, 5.00%,
7/01/46(a) |
|
|
1,255 |
|
|
|
1,303,192 |
|
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A(a): |
|
|
|
|
|
|
|
|
5.00%, 7/01/35 |
|
|
125 |
|
|
|
130,489 |
|
5.00%, 7/01/46 |
|
|
135 |
|
|
|
139,150 |
|
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
|
|
725 |
|
|
|
883,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,708,181 |
|
California 12.6% |
|
California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
St. Joseph Health System, Series A, 5.75%, 7/01/39 |
|
|
385 |
|
|
|
413,136 |
|
Sutter Health, Series B, 6.00%, 8/15/42 |
|
|
1,040 |
|
|
|
1,169,636 |
|
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%,
7/01/19(b) |
|
|
680 |
|
|
|
735,127 |
|
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing,
Series A: |
|
|
|
|
|
|
|
|
5.25%, 8/15/39 |
|
|
70 |
|
|
|
77,196 |
|
5.25%, 8/15/49 |
|
|
175 |
|
|
|
191,662 |
|
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay
South Redevelopment Project, Series D, 0.00%, 8/01/31(a)(c) |
|
|
1,265 |
|
|
|
612,994 |
|
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Series A: |
|
|
|
|
|
|
|
|
Senior, 5.00%, 5/15/40 |
|
|
2,045 |
|
|
|
2,222,445 |
|
5.25%, 5/15/39 |
|
|
270 |
|
|
|
286,807 |
|
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/19(b) |
|
|
3,225 |
|
|
|
3,476,776 |
|
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%,
10/01/38 |
|
|
165 |
|
|
|
202,480 |
|
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County
Securitization Corp.: |
|
|
|
|
|
|
|
|
5.70%, 6/01/46 |
|
|
1,000 |
|
|
|
1,003,470 |
|
5.60%, 6/01/36 |
|
|
2,000 |
|
|
|
2,037,900 |
|
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 6/01/47 |
|
|
860 |
|
|
|
859,974 |
|
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38(c) |
|
|
3,725 |
|
|
|
1,744,492 |
|
State of California, GO, Various Purposes, 6.50%, 4/01/33 |
|
|
2,000 |
|
|
|
2,152,560 |
|
State of California Public Works Board, LRB, Various Capital Projects: |
|
|
|
|
|
|
|
|
Series I, 5.00%, 11/01/38 |
|
|
355 |
|
|
|
407,551 |
|
Sub-Series I-1, 6.38%,
11/01/19(b) |
|
|
400 |
|
|
|
442,072 |
|
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed,
Senior Series A-1: |
|
|
|
|
|
|
|
|
5.00%, 6/01/37 |
|
|
2,150 |
|
|
|
2,156,794 |
|
5.13%, 6/01/46 |
|
|
1,005 |
|
|
|
1,006,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,199,780 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Colorado 4.7% |
|
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47 |
|
$
|
275 |
|
|
$
|
282,155 |
|
Colorado Health Facilities Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
Sisters of Charity of Leavenworth Health System, 5.00%, 1/01/40 |
|
|
3,940 |
|
|
|
4,178,449 |
|
Sunny Vista Living Center Project, 6.13%,
12/01/45(a) |
|
|
160 |
|
|
|
168,362 |
|
Sunny Vista Living Center Project, 6.25%,
12/01/50(a) |
|
|
520 |
|
|
|
547,913 |
|
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
|
|
1,550 |
|
|
|
1,735,876 |
|
Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/45 |
|
|
1,000 |
|
|
|
1,045,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,957,765 |
|
Connecticut 0.5% |
|
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C,
6.25%, 2/01/30(a) |
|
|
860 |
|
|
|
914,515 |
|
|
|
|
|
|
|
|
|
|
Delaware 1.8% |
|
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
|
|
750 |
|
|
|
794,265 |
|
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
|
|
2,240 |
|
|
|
2,313,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,108,140 |
|
District of Columbia 1.4% |
|
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43 |
|
|
260 |
|
|
|
296,993 |
|
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41 |
|
|
750 |
|
|
|
828,397 |
|
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series
A: |
|
|
|
|
|
|
|
|
5.00%, 10/01/39 |
|
|
170 |
|
|
|
180,319 |
|
5.25%, 10/01/44 |
|
|
1,000 |
|
|
|
1,063,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,369,529 |
|
Florida 4.2% |
|
County of Miami-Dade Florida Water & Sewer System Revenue, RB, Water & Sewer System, 5.00%,
10/01/34 |
|
|
1,950 |
|
|
|
2,134,490 |
|
Florida Development Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT,
5.00%, 8/01/29(a)(d) |
|
|
740 |
|
|
|
757,827 |
|
Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector
Projects: |
|
|
|
|
|
|
|
|
4.00%, 5/01/21 |
|
|
100 |
|
|
|
101,355 |
|
4.25%, 5/01/26 |
|
|
100 |
|
|
|
102,245 |
|
5.13%, 5/01/46 |
|
|
410 |
|
|
|
425,584 |
|
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A,
7.25%, 10/01/21(b) |
|
|
1,080 |
|
|
|
1,314,716 |
|
Tolomato Community Development District, Refunding, Special Assessment Bonds: |
|
|
|
|
|
|
|
|
Convertible CAB, Series A2, 6.61%, 5/01/39 |
|
|
95 |
|
|
|
94,991 |
|
Convertible CAB, Series A3, 0.00%, 5/01/40(e) |
|
|
225 |
|
|
|
207,324 |
|
Convertible CAB, Series A4, 0.00%, 5/01/40(e) |
|
|
120 |
|
|
|
92,833 |
|
Series 2015-2, 0.00%, 5/01/40(e) |
|
|
310 |
|
|
|
205,186 |
|
Series A1, 6.65%, 5/01/40 |
|
|
335 |
|
|
|
335,077 |
|
Tolomato Community Development District: |
|
|
|
|
|
|
|
|
Series 1, 0.00%, 5/01/40(e) |
|
|
505 |
|
|
|
405,752 |
|
Series 1, 6.65%, 5/01/40(f)(g) |
|
|
15 |
|
|
|
14,642 |
|
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 |
|
|
800 |
|
|
|
894,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,086,972 |
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
23 |
|
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Georgia 0.2% |
|
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health
System, Inc. Project, Series A, 5.50%, 8/15/54 |
|
$
|
240 |
|
|
$
|
281,278 |
|
|
|
|
|
|
|
|
|
|
Guam 0.1% |
|
Territory of Guam, GO, Series A, 6.00%, 11/15/19 |
|
|
85 |
|
|
|
88,211 |
|
|
|
|
|
|
|
|
|
|
Illinois 10.9% |
|
City of Chicago Illinois, GO, Refunding, Series A: |
|
|
|
|
|
|
|
|
6.00%, 1/01/38 |
|
|
595 |
|
|
|
681,091 |
|
Project, 5.25%, 1/01/32 |
|
|
1,090 |
|
|
|
1,156,991 |
|
City of Chicago Illinois OHare International Airport, GARB, 3rd Lien, Series A: |
|
|
|
|
|
|
|
|
5.75%, 1/01/21(b) |
|
|
2,100 |
|
|
|
2,387,301 |
|
5.75%, 1/01/39 |
|
|
400 |
|
|
|
449,816 |
|
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
360 |
|
|
|
386,302 |
|
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |
|
|
1,000 |
|
|
|
1,063,980 |
|
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%,
12/01/38 |
|
|
350 |
|
|
|
374,374 |
|
Illinois Finance Authority, RB, Advocate Health Care Network, Series C(b): |
|
|
|
|
|
|
|
|
5.38%, 4/01/19 |
|
|
870 |
|
|
|
920,382 |
|
5.38%, 4/01/19 |
|
|
975 |
|
|
|
1,031,462 |
|
Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Central Dupage Health, Series B, 5.50%, 11/01/39 |
|
|
550 |
|
|
|
592,740 |
|
Presence Health Network, Series C, 5.00%, 2/15/41 |
|
|
1,500 |
|
|
|
1,655,715 |
|
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A, 5.50%,
6/15/53 |
|
|
200 |
|
|
|
219,742 |
|
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
|
|
|
|
|
|
|
|
Refunding Bonds, Series B-2, 5.25%, 6/15/50 |
|
|
800 |
|
|
|
811,272 |
|
Series B (AGM), 5.00%, 6/15/50 |
|
|
1,790 |
|
|
|
1,896,648 |
|
Series B-2, 5.00%, 6/15/50 |
|
|
715 |
|
|
|
718,618 |
|
State of Illinois, GO: |
|
|
|
|
|
|
|
|
5.25%, 2/01/30 |
|
|
1,000 |
|
|
|
1,079,330 |
|
5.00%, 3/01/35 |
|
|
555 |
|
|
|
573,937 |
|
5.00%, 3/01/37 |
|
|
745 |
|
|
|
769,823 |
|
State of Illinois, RB, Build Illinois, Series B, 5.25%,
6/15/19(b) |
|
|
215 |
|
|
|
229,136 |
|
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 1/01/38 |
|
|
815 |
|
|
|
908,505 |
|
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 4/01/44 |
|
|
475 |
|
|
|
519,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,426,188 |
|
Indiana 6.1% |
|
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
|
|
|
|
|
|
|
|
6.75%, 1/01/34 |
|
|
365 |
|
|
|
432,237 |
|
7.00%, 1/01/44 |
|
|
885 |
|
|
|
1,053,185 |
|
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 1/01/29(a) |
|
|
1,155 |
|
|
|
1,121,517 |
|
County of Allen Indiana, RB, StoryPoint Fort Wayne Project,
Series A-1(a): |
|
|
|
|
|
|
|
|
6.63%, 1/15/34 |
|
|
135 |
|
|
|
142,055 |
|
6.75%, 1/15/43 |
|
|
200 |
|
|
|
209,602 |
|
6.88%, 1/15/52 |
|
|
410 |
|
|
|
430,602 |
|
Indiana Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
|
|
1,285 |
|
|
|
1,454,915 |
|
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |
|
|
160 |
|
|
|
172,227 |
|
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |
|
|
520 |
|
|
|
558,080 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Indiana (continued) |
|
Indiana Finance Authority, RB, Series A (continued): |
|
|
|
|
|
|
|
|
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 1/01/51 |
|
$
|
2,190 |
|
|
$
|
2,372,383 |
|
Sisters of St. Francis Health Services, 5.25%, 11/01/39 |
|
|
290 |
|
|
|
310,909 |
|
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A: |
|
|
|
|
|
|
|
|
5.75%, 5/01/19(b) |
|
|
495 |
|
|
|
527,710 |
|
5.75%, 5/01/31 |
|
|
105 |
|
|
|
111,464 |
|
Indiana Municipal Power Agency, RB, Series B,
6.00%, 1/01/19(b) |
|
|
350 |
|
|
|
369,943 |
|
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40 |
|
|
445 |
|
|
|
501,720 |
|
Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series
A-1, 6.38%, 1/15/51(a) |
|
|
560 |
|
|
|
582,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,351,201 |
|
Iowa 1.2% |
|
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
5.50%, 12/01/22 |
|
|
830 |
|
|
|
849,912 |
|
5.25%, 12/01/25 |
|
|
660 |
|
|
|
703,382 |
|
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series
A-1, AMT, 5.15%, 12/01/22 |
|
|
500 |
|
|
|
528,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,081,974 |
|
Kentucky 0.6% |
|
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%,
1/01/45 |
|
|
450 |
|
|
|
483,367 |
|
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st
Tier, Series C, 0.00%, 7/01/43(e) |
|
|
565 |
|
|
|
493,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
977,036 |
|
Louisiana 4.7% |
|
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake
Chemical Corp. Project: |
|
|
|
|
|
|
|
|
6.75%, 11/01/32 |
|
|
2,000 |
|
|
|
2,000,000 |
|
Series A-1, 6.50%, 11/01/35 |
|
|
1,135 |
|
|
|
1,280,042 |
|
Parish of St. John the Baptist Louisiana, RB, Marathon Oil Corp., Series A, 5.13%, 6/01/37 |
|
|
1,965 |
|
|
|
1,970,797 |
|
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
|
|
|
|
|
|
|
|
5.50%, 5/15/30 |
|
|
350 |
|
|
|
378,423 |
|
5.25%, 5/15/31 |
|
|
300 |
|
|
|
325,737 |
|
5.25%, 5/15/32 |
|
|
380 |
|
|
|
416,172 |
|
5.25%, 5/15/33 |
|
|
415 |
|
|
|
450,653 |
|
5.25%, 5/15/35 |
|
|
945 |
|
|
|
1,028,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,849,880 |
|
Maine 0.6% |
|
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%,
7/01/41 |
|
|
970 |
|
|
|
1,052,770 |
|
|
|
|
|
|
|
|
|
|
Maryland 1.0% |
|
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |
|
|
970 |
|
|
|
1,033,748 |
|
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |
|
|
645 |
|
|
|
681,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,715,004 |
|
Massachusetts 5.8% |
|
Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
|
Emerson College Issue, Series A, 5.00%, 1/01/47 |
|
|
860 |
|
|
|
961,781 |
|
Boston Medical Center, Series D, 5.00%, 7/01/44 |
|
|
1,000 |
|
|
|
1,097,200 |
|
North Hill Communities Issue, Series A, 6.50%,
11/15/43(a) |
|
|
1,000 |
|
|
|
1,124,320 |
|
|
|
|
24 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Massachusetts (continued) |
|
Massachusetts Development Finance Agency, RB (continued): |
|
|
|
|
|
|
|
|
Seven Hills Foundation and Affiliates, Series A, 5.00%, 9/01/45 |
|
$
|
2,000 |
|
|
$
|
2,119,420 |
|
UMass Boston Student Housing Project, 5.00%, 10/01/48 |
|
|
945 |
|
|
|
1,032,280 |
|
Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A, 5.00%,
10/01/35 |
|
|
500 |
|
|
|
566,815 |
|
Massachusetts HFA, Refunding RB, Series A, AMT: |
|
|
|
|
|
|
|
|
4.45%, 12/01/42 |
|
|
645 |
|
|
|
673,058 |
|
4.50%, 12/01/47 |
|
|
2,135 |
|
|
|
2,226,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,801,337 |
|
Michigan 1.6% |
|
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |
|
|
1,970 |
|
|
|
2,184,119 |
|
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien,
Series C-1, 5.00%, 7/01/44 |
|
|
410 |
|
|
|
445,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,630,105 |
|
Minnesota 0.5% |
|
City of Brooklyn Park Minnesota, RB, Athlos Leadership Academy Project, Series A, 5.75%, 7/01/46 |
|
|
180 |
|
|
|
180,205 |
|
Housing & Redevelopment Authority of The City of State Paul Minnesota, Refunding RB, Hmong College
Academy Project, Series A, 5.50%, 9/01/36 |
|
|
690 |
|
|
|
718,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
898,840 |
|
Mississippi 0.2% |
|
Mississippi Business Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT,
5.00%, 2/01/36(a)(d) |
|
|
295 |
|
|
|
302,107 |
|
|
|
|
|
|
|
|
|
|
Missouri 0.5% |
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan
District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |
|
|
85 |
|
|
|
96,620 |
|
City of St. Louis Missouri IDA, Refunding RB: |
|
|
|
|
|
|
|
|
4.38%, 11/15/35 |
|
|
330 |
|
|
|
337,042 |
|
4.75%, 11/15/47 |
|
|
365 |
|
|
|
373,614 |
|
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of
Pharmacy Project, 5.50%, 5/01/43 |
|
|
115 |
|
|
|
125,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
932,846 |
|
Nebraska 0.2% |
|
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37 |
|
|
285 |
|
|
|
314,840 |
|
|
|
|
|
|
|
|
|
|
New Jersey 7.4% |
|
Casino Reinvestment Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 11/01/22 |
|
|
2,035 |
|
|
|
2,230,482 |
|
5.25%, 11/01/39 |
|
|
475 |
|
|
|
497,923 |
|
5.25%, 11/01/44 |
|
|
1,160 |
|
|
|
1,210,309 |
|
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45(a) |
|
|
505 |
|
|
|
507,449 |
|
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23 |
|
|
1,410 |
|
|
|
1,552,368 |
|
New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
|
Series BBB, 5.50%, 6/15/31 |
|
|
1,225 |
|
|
|
1,430,445 |
|
Sub Series A, 4.00%, 7/01/32 |
|
|
295 |
|
|
|
296,870 |
|
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31 |
|
|
785 |
|
|
|
881,712 |
|
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Josephs Healthcare System
Obligated Group, 5.00%, 7/01/41 |
|
|
750 |
|
|
|
819,930 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
New Jersey (continued) |
|
New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
Transportation Program, Series AA, 5.00%, 6/15/45 |
|
$
|
585 |
|
|
$
|
623,862 |
|
Transportation System, Series B, 5.25%, 6/15/36 |
|
|
845 |
|
|
|
898,379 |
|
Tobacco Settlement Financing Corp., Refunding RB, Series 1A, 5.00%, 6/01/41 |
|
|
1,500 |
|
|
|
1,437,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,387,629 |
|
New York 29.5% |
|
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH,
5.00%, 6/15/31 |
|
|
2,830 |
|
|
|
3,177,637 |
|
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A: |
|
|
|
|
|
|
|
|
6.25%, 6/01/41(a) |
|
|
900 |
|
|
|
931,275 |
|
5.00%, 6/01/42 |
|
|
1,505 |
|
|
|
1,443,295 |
|
5.00%, 6/01/45 |
|
|
555 |
|
|
|
525,602 |
|
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 8/01/46 |
|
|
1,500 |
|
|
|
1,235,520 |
|
County of Nassau New York Tobacco Settlement Corp., Refunding RB, Asset-Backed, Series A-3, 5.13%, 6/01/46 |
|
|
320 |
|
|
|
312,710 |
|
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45 |
|
|
910 |
|
|
|
892,601 |
|
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: |
|
|
|
|
|
|
|
|
5.75%, 2/15/21(b) |
|
|
3,915 |
|
|
|
4,480,404 |
|
5.75%, 2/15/47 |
|
|
2,595 |
|
|
|
2,956,250 |
|
Metropolitan Transportation Authority, RB, Series B: |
|
|
|
|
|
|
|
|
5.25%, 11/15/38 |
|
|
1,125 |
|
|
|
1,311,953 |
|
5.25%, 11/15/39 |
|
|
400 |
|
|
|
465,160 |
|
New York Liberty Development Corp., RB, World Trade Center Port Authority Consolidated, 5.25%,
12/15/43 |
|
|
6,140 |
|
|
|
6,935,560 |
|
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 |
|
|
|
451,559 |
|
3 World Trade Center Project, Class 1, 5.00%,
11/15/44(a) |
|
|
2,355 |
|
|
|
2,559,814 |
|
3 World Trade Center Project, Class 2, 5.15%,
11/15/34(a) |
|
|
160 |
|
|
|
176,862 |
|
3 World Trade Center Project, Class 2, 5.38%,
11/15/40(a) |
|
|
395 |
|
|
|
439,528 |
|
4 World Trade Center Project, 5.75%, 11/15/51 |
|
|
2,220 |
|
|
|
2,559,882 |
|
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A,
AMT, 5.25%, 1/01/50 |
|
|
1,000 |
|
|
|
1,108,490 |
|
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT: |
|
|
|
|
|
|
|
|
5.00%, 8/01/20 |
|
|
250 |
|
|
|
267,585 |
|
5.00%, 8/01/26 |
|
|
1,275 |
|
|
|
1,371,250 |
|
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC
Project, Series 8, 6.00%, 12/01/42 |
|
|
730 |
|
|
|
809,293 |
|
State of New York Dormitory Authority, RB(b): |
|
|
|
|
|
|
|
|
Series A, 5.25%, 7/01/18 |
|
|
1,000 |
|
|
|
1,027,830 |
|
Series B, 5.75%, 3/15/19 |
|
|
11,250 |
|
|
|
11,960,550 |
|
State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center, 5.00%, 12/01/33(a) |
|
|
455 |
|
|
|
499,717 |
|
Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 6/01/42 |
|
|
1,750 |
|
|
|
1,765,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,665,552 |
|
North Carolina 0.5% |
|
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A,
5.00%, 6/01/19(b) |
|
|
480 |
|
|
|
508,934 |
|
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project,
Series A, 7.75%, 3/01/41 |
|
|
260 |
|
|
|
286,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
795,792 |
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
25 |
|
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Ohio 4.6% |
|
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series
A-2: |
|
|
|
|
|
|
|
|
Senior Turbo Term, 5.88%, 6/01/47 |
|
$
|
1,500 |
|
|
$
|
1,404,315 |
|
5.75%, 6/01/34 |
|
|
2,295 |
|
|
|
2,152,687 |
|
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%,
6/01/38 |
|
|
2,650 |
|
|
|
2,846,100 |
|
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53 |
|
|
1,220 |
|
|
|
1,341,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,745,090 |
|
Oklahoma 1.9% |
|
Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village
Student Housing Project, Series A, 5.25%, 8/01/57 |
|
|
1,290 |
|
|
|
1,417,929 |
|
Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project: |
|
|
|
|
|
|
|
|
5.25%, 11/15/37 |
|
|
615 |
|
|
|
689,440 |
|
5.25%, 11/15/45 |
|
|
925 |
|
|
|
1,027,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,134,748 |
|
Oregon 0.2% |
|
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 6/15/38(c) |
|
|
625 |
|
|
|
272,338 |
|
|
|
|
|
|
|
|
|
|
Pennsylvania 2.9% |
|
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 5/01/42(a) |
|
|
470 |
|
|
|
503,765 |
|
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple
University Health System, Series A, 5.63%, 7/01/42 |
|
|
300 |
|
|
|
329,964 |
|
County of Berks Industrial Development Authority, Refunding RB, Tower Health Project, 4.00%,
11/01/47 |
|
|
1,015 |
|
|
|
1,019,161 |
|
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Bridge Finco LP, 5.00%,
12/31/38 |
|
|
465 |
|
|
|
520,763 |
|
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT,
5.50%, 11/01/44 |
|
|
720 |
|
|
|
762,811 |
|
Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series
123-B, 4.00%, 10/01/42 |
|
|
1,200 |
|
|
|
1,235,424 |
|
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
|
|
520 |
|
|
|
588,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,960,611 |
|
Puerto Rico 1.1% |
|
Childrens Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
5.50%, 5/15/39 |
|
|
40 |
|
|
|
39,257 |
|
5.63%, 5/15/43 |
|
|
1,860 |
|
|
|
1,822,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,861,610 |
|
Rhode Island 2.2% |
|
Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 6/01/40 |
|
|
420 |
|
|
|
446,372 |
|
Series B, 4.50%, 6/01/45 |
|
|
1,875 |
|
|
|
1,878,525 |
|
Series B, 5.00%, 6/01/50 |
|
|
1,360 |
|
|
|
1,403,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,728,118 |
|
South Carolina 1.9% |
|
State of South Carolina Ports Authority, ARB, AMT, 5.25%, 7/01/55 |
|
|
940 |
|
|
|
1,049,698 |
|
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |
|
|
1,840 |
|
|
|
2,076,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,126,175 |
|
Texas 6.7% |
|
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/21(b) |
|
|
730 |
|
|
|
842,376 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Texas (continued) |
|
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 10/01/20(b) |
|
$
|
240 |
|
|
$
|
264,946 |
|
5.00%, 10/01/35 |
|
|
285 |
|
|
|
312,733 |
|
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39 |
|
|
250 |
|
|
|
257,202 |
|
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian
Homes, Inc. Project, Series B, 7.00%, 1/01/23(b) |
|
|
210 |
|
|
|
265,507 |
|
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co.,
Project, Series A, 6.30%, 11/01/29 |
|
|
700 |
|
|
|
761,201 |
|
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A,
0.00%, 9/15/37(c) |
|
|
5,200 |
|
|
|
2,264,184 |
|
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB: |
|
|
|
|
|
|
|
|
Buckingham Senior Living Community, Inc. Project, 5.50%, 11/15/45 |
|
|
180 |
|
|
|
186,012 |
|
Scott & White Healthcare, 6.00%,
8/15/20(b) |
|
|
105 |
|
|
|
118,520 |
|
Scott & White Healthcare, 6.00%,
8/15/20(b) |
|
|
1,285 |
|
|
|
1,452,346 |
|
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34(c) |
|
|
3,000 |
|
|
|
1,476,630 |
|
Mission Economic Development Corp., RB, Senior Lien, Natgasoline Project, Series B, AMT, 5.75%, 10/01/31(a) |
|
|
875 |
|
|
|
919,179 |
|
Newark Higher Education Finance Corp., RB, Series
A(a): |
|
|
|
|
|
|
|
|
5.50%, 8/15/35 |
|
|
135 |
|
|
|
138,686 |
|
5.75%, 8/15/45 |
|
|
275 |
|
|
|
282,433 |
|
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
|
|
|
|
|
|
|
|
Blueridge Transportation Group, AMT, 5.00%, 12/31/55 |
|
|
1,025 |
|
|
|
1,117,352 |
|
LBJ Infrastructure Group LLC, 7.00%, 6/30/40 |
|
|
500 |
|
|
|
564,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,223,622 |
|
Utah 1.1% |
|
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |
|
|
1,815 |
|
|
|
1,913,409 |
|
|
|
|
|
|
|
|
|
|
Virginia 2.8% |
|
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A: |
|
|
|
|
|
|
|
|
5.00%, 3/01/26 |
|
|
260 |
|
|
|
264,251 |
|
5.13%, 3/01/31 |
|
|
510 |
|
|
|
516,569 |
|
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1,
5.00%, 6/01/47 |
|
|
1,025 |
|
|
|
985,199 |
|
Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 7/01/45(a) |
|
|
240 |
|
|
|
250,378 |
|
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45 |
|
|
1,000 |
|
|
|
1,045,600 |
|
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project,
AMT, 6.00%, 1/01/37 |
|
|
1,540 |
|
|
|
1,741,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,803,044 |
|
Washington 0.9% |
|
Port of Seattle Washington, RB, Series C, AMT, 5.00%, 4/01/40 |
|
|
350 |
|
|
|
389,939 |
|
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%,
1/01/45 |
|
|
1,020 |
|
|
|
1,124,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,514,907 |
|
Wisconsin 1.1% |
|
Public Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
5.00%, 12/01/45 |
|
|
825 |
|
|
|
866,094 |
|
5.15%, 12/01/50 |
|
|
555 |
|
|
|
581,945 |
|
Public Finance Authority, Refunding RB, Celanese Project: |
|
|
|
|
|
|
|
|
Series C, AMT, 4.30%, 11/01/30 |
|
|
200 |
|
|
|
205,012 |
|
Series D, 4.05%, 11/01/30 |
|
|
200 |
|
|
|
205,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,858,115 |
|
|
|
|
26 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Wyoming 0.1% |
|
Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/19(b) |
|
$
|
100 |
|
|
$
|
104,485 |
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 128.8% |
|
|
|
217,028,949 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
|
|
Alabama 0.8% |
|
Auburn University, Refunding RB, Series A, 4.00%, 6/01/41 |
|
|
1,240 |
|
|
|
1,302,484 |
|
|
|
|
|
|
|
|
|
|
California 3.7% |
|
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series
F-1, 5.63%, 4/01/19(b) |
|
|
1,090 |
|
|
|
1,160,150 |
|
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18(b)(i) |
|
|
840 |
|
|
|
871,716 |
|
City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Sub-Series B, AMT, 5.00%, 5/15/46 |
|
|
2,700 |
|
|
|
3,071,844 |
|
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No.2 Bonds,
5.00%, 10/01/47 |
|
|
495 |
|
|
|
571,260 |
|
San Diego Community College District, GO, Election of 2002, 5.25%, 8/01/19(b) |
|
|
554 |
|
|
|
592,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,267,888 |
|
Colorado 0.5% |
|
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34(i) |
|
|
740 |
|
|
|
777,858 |
|
|
|
|
|
|
|
|
|
|
Illinois 2.6% |
|
Illinois Finance Authority, RB, Carle Foundation, Series A (AGM), 6.00%, 8/15/41 |
|
|
2,340 |
|
|
|
2,643,124 |
|
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 1/01/38 |
|
|
1,498 |
|
|
|
1,695,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,339,046 |
|
Massachusetts 4.7% |
|
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/41 |
|
|
7,112 |
|
|
|
7,975,462 |
|
|
|
|
|
|
|
|
|
|
New Hampshire 0.4% |
|
New Hampshire Health and Education Facilities Authority Act, RB, Doartmouth College Issue, 5.25%, 6/01/19(b)(i) |
|
|
660 |
|
|
|
701,332 |
|
|
|
|
|
|
|
|
|
|
New York 2.4% |
|
City of New York New York Water & Sewer System, Refunding RB, Series
FF-2, 5.50%, 6/15/40 |
|
|
495 |
|
|
|
528,758 |
|
Metropolitan Transportation Authority, Refunding RB, Series C-1,
5.25%, 11/15/56 |
|
|
1,860 |
|
|
|
2,174,480 |
|
Port Authority of New York & New Jersey, Refunding RB, 194th Series, 5.25%, 10/15/55 |
|
|
1,215 |
|
|
|
1,406,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,110,066 |
|
North Carolina 0.8% |
|
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University, Series B, 5.00%,
10/01/55 |
|
|
1,180 |
|
|
|
1,342,757 |
|
|
|
|
|
|
|
|
|
|
Ohio 2.9% |
|
State of Ohio, Refunding RB, Cleveland Clinic Health, Series A, 5.50%, 1/01/19(b) |
|
|
4,634 |
|
|
|
4,863,719 |
|
|
|
|
|
|
|
|
|
|
Pennsylvania 1.2% |
|
Pennsylvania Turnpike Commission, RB, Sub-Series A,
5.50%, 12/01/42 |
|
|
1,680 |
|
|
|
1,974,756 |
|
|
|
|
|
|
|
|
|
|
Rhode Island 1.5% |
|
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 9/15/47 |
|
|
2,447 |
|
|
|
2,525,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Shares/Par (000) |
|
|
Value |
|
Texas 9.5% |
|
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Electric & Gas Systems,
Junior Lien, 5.00%, 2/01/43 |
|
$
|
11,000 |
|
|
$
|
12,399,832 |
|
County of Harris Metropolitan Transit Authority, RB, Series A, 5.00%, 11/01/41 |
|
|
1,170 |
|
|
|
1,305,299 |
|
County of Harris Texas, RB, Senior Lien Toll Road, Series
A(i): |
|
|
|
|
|
|
|
|
5.00%, 8/15/19(b) |
|
|
1,202 |
|
|
|
1,274,761 |
|
5.00%, 8/15/38 |
|
|
920 |
|
|
|
975,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,954,974 |
|
Virginia 1.9% |
|
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 |
|
|
2,949 |
|
|
|
3,157,662 |
|
|
|
|
|
|
|
|
|
|
Wisconsin 1.2% |
|
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community
Health, Inc., Series C, 5.25%, 4/01/19(b)(i) |
|
|
1,989 |
|
|
|
2,102,610 |
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts 34.1% |
|
|
|
57,396,139 |
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments (Cost $257,671,828) 162.9% |
|
|
|
274,425,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds, MuniCash, Institutional Class,
0.74%(j)(k) |
|
|
192,601 |
|
|
|
192,659 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Securities (Cost 192,659) 0.1% |
|
|
|
192,659 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost $257,864,487) 163.0% |
|
|
|
274,617,747 |
|
Other Assets Less Liabilities 2.0% |
|
|
|
3,203,345 |
|
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(20.1)% |
|
|
|
(33,801,022 |
) |
VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs
(44.9)% |
|
|
|
(75,574,023 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
$ |
168,446,047 |
|
|
|
|
|
|
|
(a) |
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.
|
(b) |
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) |
Variable rate security. Rate shown is the rate in effect as of period end. |
(e) |
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) |
Issuer filed for bankruptcy and/or is in default. |
(g) |
Non-income producing security. |
(h) |
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. |
(i) |
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 May 7, 2018 to
February 15, 2031, is 4,124,562. See Note 4 of the Notes to Financial Statements for details. |
(j) |
Annualized 7-day yield as of period end. |
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
27 |
|
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
(k) |
During the period ended October 31, 2017, 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 04/30/17 |
|
|
Net Activity |
|
|
Shares Held at 10/31/17 |
|
|
Value at 10/31/17 |
|
|
Income |
|
|
Net Realized Gain (Loss) (a) |
|
|
Change in Unrealized Appreciation (Depreciation) |
|
BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
1,586,090 |
|
|
|
(1,393,489 |
) |
|
|
192,601 |
|
|
$ |
192,659 |
|
|
$ |
2,419 |
|
|
$ |
546 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes capital gain distribution, if applicable. |
|
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Number of Contracts |
|
|
Expiration Date |
|
|
Notional Amount (000) |
|
|
Value/ Unrealized Appreciation (Depreciation) |
|
Short Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Year U.S. Treasury Note |
|
|
(23 |
) |
|
|
12/19/17 |
|
|
$ |
2,874 |
|
|
$ |
44,351 |
|
Long U.S. Treasury Bond |
|
|
(31 |
) |
|
|
12/19/17 |
|
|
|
4,727 |
|
|
|
82,392 |
|
Ultra Long U.S. Treasury Bond |
|
|
(14 |
) |
|
|
12/19/17 |
|
|
|
2,307 |
|
|
|
45,194 |
|
5-Year U.S. Treasury Note |
|
|
(31 |
) |
|
|
12/29/17 |
|
|
|
3,633 |
|
|
|
34,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
206,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity Contracts |
|
|
Credit Contracts |
|
|
Equity Contracts |
|
|
Foreign Currency Exchange Contracts |
|
|
Interest Rate Contracts |
|
|
Other Contracts |
|
|
Total |
|
Assets Derivative Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation(a) |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
206,502 |
|
|
$ |
|
|
|
$ |
206,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current days variation margin is reported within the
Statement of Assets and Liabilities. |
|
For the six months ended October 31, 2017, the effect of derivative financial
instruments in the Statements of Operations was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity Contracts |
|
|
Credit Contracts |
|
|
Equity Contracts |
|
|
Foreign Currency Exchange Contracts |
|
|
Interest Rate Contracts |
|
|
Other Contracts |
|
|
Total |
|
Net Realized Gain (Loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
(501,281 |
) |
|
$ |
|
|
|
$ |
(501,281 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
454,270 |
|
|
$ |
|
|
|
$ |
454,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
|
|
|
Futures contracts: |
|
Average notional value of contracts short |
|
$ |
14,802,114 |
|
For more information about the Trusts investment risks regarding derivative financial
instruments, refer to the Notes to Financial Statements.
|
|
|
28 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
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 Investments(a) |
|
$ |
|
|
|
$ |
274,425,088 |
|
|
$ |
|
|
|
$ |
274,425,088 |
|
Short-Term Securities |
|
|
192,659 |
|
|
|
|
|
|
|
|
|
|
|
192,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
192,659 |
|
|
$ |
274,425,088 |
|
|
$ |
|
|
|
$ |
274,617,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Financial
Instruments(b) |
|
Assets: |
|
Interest rate contracts |
|
$ |
206,502 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
206,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
See above Schedule of Investments for values in each state or political subdivision. |
|
|
(b) |
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |
|
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 |
|
Liabilities: |
|
TOB Trust Certificates |
|
$ |
|
|
|
$ |
(33,725,867 |
) |
|
$ |
|
|
|
$ |
(33,725,867 |
) |
VRDP Shares at Liquidation Value |
|
|
|
|
|
|
(76,000,000 |
) |
|
|
|
|
|
|
(76,000,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
(109,725,867 |
) |
|
$ |
|
|
|
$ |
(109,725,867 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the six months ended October 31, 2017, there were no transfers between levels.
See notes to financial statements.
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
29 |
|
|
|
|
Schedule of Investments
October 31, 2017 (Unaudited) |
|
BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Municipal Bonds |
|
|
|
|
|
|
|
|
|
Alabama 0.4% |
|
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 6/01/20 |
|
$ |
1,000 |
|
|
$ |
1,082,170 |
|
Tuscaloosa City Board of Education, RB, 5.00%, 8/01/20 |
|
|
225 |
|
|
|
247,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,329,434 |
|
Alaska 2.0% |
|
City of Valdez Alaska, Refunding RB, BP Pipelines Project: |
|
|
|
|
|
|
|
|
Series B, 5.00%, 1/01/21 |
|
|
3,200 |
|
|
|
3,537,440 |
|
Series C, 5.00%, 1/01/21 |
|
|
2,500 |
|
|
|
2,763,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,301,065 |
|
Arizona 3.3% |
|
City of Phoenix Arizona IDA, RB, Series A,
4.75%, 7/01/19(a) |
|
|
340 |
|
|
|
350,248 |
|
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A: |
|
|
|
|
|
|
|
|
5.00%, 7/01/19(b) |
|
|
5,585 |
|
|
|
5,943,054 |
|
5.00%, 7/01/20 |
|
|
1,300 |
|
|
|
1,422,642 |
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
5.00%, 12/01/18 |
|
|
1,500 |
|
|
|
1,557,195 |
|
5.25%, 12/01/20 |
|
|
1,000 |
|
|
|
1,104,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,377,959 |
|
California 5.8% |
|
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22 |
|
|
815 |
|
|
|
900,306 |
|
Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles
International Airport, AMT: |
|
|
|
|
|
|
|
|
5.00%, 1/01/19 |
|
|
540 |
|
|
|
563,123 |
|
5.00%, 1/01/20 |
|
|
550 |
|
|
|
593,027 |
|
Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20 |
|
|
3,750 |
|
|
|
3,998,137 |
|
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22 |
|
|
1,000 |
|
|
|
1,179,070 |
|
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20 |
|
|
10,000 |
|
|
|
10,963,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,196,963 |
|
Colorado 1.4% |
|
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 12/01/20 |
|
|
690 |
|
|
|
768,170 |
|
Series B, 5.00%, 12/01/20 |
|
|
1,335 |
|
|
|
1,486,242 |
|
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 2.70%, 12/01/19 |
|
|
705 |
|
|
|
710,020 |
|
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School
Project: |
|
|
|
|
|
|
|
|
4.00%, 8/15/19 |
|
|
125 |
|
|
|
130,485 |
|
4.00%, 8/15/20 |
|
|
150 |
|
|
|
159,177 |
|
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society
Project: |
|
|
|
|
|
|
|
|
4.00%, 12/01/19 |
|
|
555 |
|
|
|
585,775 |
|
4.00%, 12/01/20 |
|
|
580 |
|
|
|
624,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,464,262 |
|
Florida 3.4% |
|
City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/18(b) |
|
|
5,160 |
|
|
|
5,345,812 |
|
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/18(b) |
|
|
1,250 |
|
|
|
1,284,538 |
|
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20 |
|
|
1,375 |
|
|
|
1,513,352 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Florida (continued) |
|
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%,
7/01/20 |
|
$
|
500 |
|
|
$
|
548,275 |
|
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 5/01/13(c)(d) |
|
|
2,980 |
|
|
|
2,086,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,777,977 |
|
Georgia 2.5% |
|
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement Life
Communities, Inc. Obligated Group, 5.00%, 11/15/22 |
|
|
6,915 |
|
|
|
7,785,875 |
|
Guam 0.5% |
|
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20 |
|
|
250 |
|
|
|
271,682 |
|
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20 |
|
|
1,190 |
|
|
|
1,301,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,573,554 |
|
Hawaii 0.9% |
|
State of Hawaii Department of Budget & Finance, Refunding RB, Special Purpose Senior Living, Kahala
Nui: |
|
|
|
|
|
|
|
|
5.00%, 11/15/19 |
|
|
1,275 |
|
|
|
1,363,880 |
|
5.00%, 11/15/20 |
|
|
1,440 |
|
|
|
1,581,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,945,259 |
|
Illinois 11.7% |
|
Chicago Transit Authority, Refunding RB, 5.00%, 6/01/20 |
|
|
1,000 |
|
|
|
1,083,490 |
|
City of Chicago Illinois Motor Fuel Tax, Refunding RB, 5.00%, 1/01/20 |
|
|
1,000 |
|
|
|
1,047,130 |
|
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding, (AGM),
5.25%, 12/01/20 |
|
|
1,000 |
|
|
|
1,113,430 |
|
Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC),
0.00%, 6/15/22(e) |
|
|
13,455 |
|
|
|
11,865,561 |
|
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 6/01/20 |
|
|
10,000 |
|
|
|
10,972,300 |
|
State of Illinois, GO, 5.00%, 7/01/20 |
|
|
4,055 |
|
|
|
4,293,028 |
|
State of Illinois, RB, Series B: |
|
|
|
|
|
|
|
|
5.00%, 6/15/19(b) |
|
|
515 |
|
|
|
546,374 |
|
5.00%, 6/15/20 |
|
|
1,485 |
|
|
|
1,570,536 |
|
State of Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 2/15/20 |
|
|
4,145 |
|
|
|
4,418,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,910,378 |
|
Indiana 0.4% |
|
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/21 |
|
|
600 |
|
|
|
668,190 |
|
Northern Indiana Commuter Transportation District, RB, 5.00%, 7/01/20 |
|
|
620 |
|
|
|
676,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,344,976 |
|
Iowa 0.9% |
|
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.00%,
12/01/19 |
|
|
2,650 |
|
|
|
2,746,301 |
|
|
|
|
|
|
|
|
|
|
Kansas 2.1% |
|
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC),
0.00%, 12/01/20(e) |
|
|
4,240 |
|
|
|
3,761,855 |
|
Kansas Development Finance Authority, Refunding RB, Adventist Health, Series C, 5.25%, 11/15/20 |
|
|
2,500 |
|
|
|
2,712,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,474,105 |
|
Kentucky 1.6% |
|
County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, Series
A: |
|
|
|
|
|
|
|
|
3.50%, 12/01/20 |
|
|
2,115 |
|
|
|
2,199,642 |
|
5.00%, 12/01/20 |
|
|
1,430 |
|
|
|
1,550,821 |
|
|
|
|
30 |
|
2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (continued)
October 31, 2017 (Unaudited) |
|
BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Kentucky (continued) |
|
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project(e): |
|
|
|
|
|
|
|
|
0.00%, 7/01/19 |
|
$
|
255 |
|
|
$
|
244,474 |
|
0.00%, 7/01/20 |
|
|
1,000 |
|
|
|
931,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,926,227 |
|
Louisiana 0.1% |
|
City of New Orleans Louisiana, Refunding RB, 5.00%, 12/01/20 |
|
|
400 |
|
|
|
440,208 |
|
Maryland 1.7% |
|
City of Baltimore Maryland, Refunding, Tax Allocation Bonds: |
|
|
|
|
|
|
|
|
5.00%, 6/15/19 |
|
|
250 |
|
|
|
263,490 |
|
5.00%, 6/15/20 |
|
|
275 |
|
|
|
297,633 |
|
County of Anne Arundel Maryland Consolidated Special Taxing District, Refunding, Special Tax Bonds, The
Villages of Dorchester & Farmington Village Project: |
|
|
|
|
|
|
|
|
4.00%, 7/01/19 |
|
|
285 |
|
|
|
297,862 |
|
5.00%, 7/01/20 |
|
|
500 |
|
|
|
546,485 |
|
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20 |
|
|
985 |
|
|
|
1,051,753 |
|
Maryland EDC, Refunding RB, University of Maryland, College Park Projects (AGM), 4.00%, 6/01/20 |
|
|
640 |
|
|
|
682,867 |
|
Maryland Health & Higher Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Charlestown Community, 5.50%, 1/01/21(f) |
|
|
1,335 |
|
|
|
1,507,335 |
|
University of Maryland, Medical System, 5.00%, 7/01/19 |
|
|
670 |
|
|
|
711,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,358,429 |
|
Massachusetts 0.3% |
|
Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 1/01/20 |
|
|
1,000 |
|
|
|
1,070,680 |
|
|
|
|
|
|
|
|
|
|
Michigan 4.4% |
|
City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 9/01/20 |
|
|
1,500 |
|
|
|
1,533,990 |
|
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 5/15/20 |
|
|
1,235 |
|
|
|
1,288,068 |
|
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 7/01/20 |
|
|
1,000 |
|
|
|
1,056,600 |
|
Michigan Finance Authority, Refunding RB, Student Loan,
Series 25-A, AMT: |
|
|
|
|
|
|
|
|
5.00%, 11/01/19 |
|
|
1,940 |
|
|
|
2,063,229 |
|
5.00%, 11/01/20 |
|
|
1,800 |
|
|
|
1,961,820 |
|
Saginaw Valley State University, Refunding RB, General, Series A, 5.00%, 7/01/20 |
|
|
1,000 |
|
|
|
1,091,040 |
|
State of Michigan Building Authority, Refunding RB, Facilities Program: |
|
|
|
|
|
|
|
|
Series 1-A, 5.00%, 10/15/20 |
|
|
325 |
|
|
|
358,228 |
|
Series 2-A, 4.00%, 10/15/20 |
|
|
1,205 |
|
|
|
1,290,964 |
|
State of Michigan Trunk Line, Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 11/01/20 |
|
|
1,000 |
|
|
|
1,074,980 |
|
5.00%, 11/01/21 |
|
|
2,000 |
|
|
|
2,149,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,868,039 |
|
Mississippi 0.4% |
|
Mississippi Development Bank, Refunding RB, Series A (AGM), 5.00%, 3/01/20 |
|
|
1,035 |
|
|
|
1,117,883 |
|
|
|
|
|
|
|
|
|
|
Missouri 1.2% |
|
City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 9/01/20 |
|
|
3,000 |
|
|
|
3,293,370 |
|
State of Missouri Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A,
5.00%, 11/15/20 |
|
|
500 |
|
|
|
551,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,844,880 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Multi-State 1.7% |
|
Centerline Equity Issuer Trust(a): |
|
|
|
|
|
|
|
|
Series A-4-2, 6.00%,
10/31/52 |
|
$
|
2,500 |
|
|
$
|
2,662,125 |
|
Series B-3-2, 6.30%,
10/31/52 |
|
|
2,500 |
|
|
|
2,673,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,335,300 |
|
Nebraska 1.2% |
|
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/20 |
|
|
3,500 |
|
|
|
3,852,520 |
|
|
|
|
|
|
|
|
|
|
Nevada 0.9% |
|
County of Clark Nevada, Refunding ARB, Las Vegas McCarran International Airport, Series B: |
|
|
|
|
|
|
|
|
5.00%, 7/01/19 |
|
|
500 |
|
|
|
530,945 |
|
5.00%, 7/01/20 |
|
|
1,000 |
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