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: 04/30/2019
Date of reporting period: 10/31/2018
Item 1 Report to Stockholders
OCTOBER 31, 2018
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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, 2018, ongoing strength
in corporate profits drove the equity market higher, while rising interest rates constrained bond returns. Though the markets appetite for risk remained healthy, risk-taking was tempered somewhat, as shorter-term, higher-quality securities led
the bond market, and U.S. equities outperformed most international stock markets.
In international markets, the rising value of the U.S. dollar limited U.S.
investors returns for the reporting period. When the U.S. dollar appreciates relative to foreign currencies, the value of international investments declines in U.S. dollar terms. Volatility rose in emerging market stocks, which are relatively
sensitive to changes in the U.S. dollar. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An
economic slowdown in Europe led to negative performance for European equities.
In fixed income markets, short-term U.S. Treasury interest rates rose the fastest,
while longer-term rates slightly increased. This led to a negative return for long-term U.S. Treasuries and a substantial flattening of the yield curve. Many investors are concerned with the flattening yield curve as a harbinger of recession.
However, given the extraordinary monetary measures in the last decade, we believe a more accurate barometer for the economy is the returns along the risk spectrums in stock and bond markets. Although the fundamentals in credit markets remained
relatively solid, investment-grade bonds declined slightly, and high-yield bonds posted modest returns.
In response to rising growth and inflation, the U.S.
Federal Reserve (the Fed) increased short-term interest rates four times during the reporting period. The Fed also continued to reduce its balance sheet during the reporting period, gradually reversing the unprecedented stimulus measures
it enacted after the financial crisis. We believe the Fed is likely to continue to raise interest rates in the coming year. By our estimation, the Feds neutral interest rate, or the theoretical rate that is neither stimulative nor restrictive
to the economy, is approximately 3.0%. With that perspective, the Feds current policy is still mildly stimulative to the U.S. economy, which leaves room for further Fed rate hikes to arrive at monetary policy that is a neutral factor for
economic growth.
The U.S. economy continued to gain momentum despite the Feds modest reduction of economic stimulus; unemployment declined to 3.7%, the
lowest rate of unemployment in almost 50 years. The number of job openings reached a record high of more than 7 million, which exceeded the total number of unemployed workers. Strong economic performance has justified the Feds somewhat
faster pace of rate hikes, as several inflation measures and investors expectations for inflation have already surpassed the Feds target of 2.0% per year.
While markets have recently focused on the risk of rising long-term interest rates, we continue to believe the primary risk to economic expansion is trade protectionism
that could lead to slower global trade and unintended consequences for the globalized supply chain. So far, U.S. tariffs have only had a modest negative impact on economic growth, but the fear of an escalating trade war has stifled market optimism
somewhat, leading to higher volatility in risk assets. The outcome of trade negotiations between the United States and China is likely to influence the global growth trajectory and set the tone for free trade in many other nations. Easing of
tensions could lead to greater upside for markets, while additional tariffs could adversely affect investor sentiment.
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, 2018 |
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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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3.40% |
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7.35% |
U.S. small cap equities (Russell
2000® Index) |
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(1.37) |
|
1.85 |
International equities (MSCI Europe, Australasia, Far East Index) |
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(9.92) |
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(6.85) |
Emerging market equities (MSCI Emerging Markets Index) |
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(16.53) |
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(12.52) |
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index) |
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0.99 |
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1.68 |
U.S. Treasury securities (ICE BofAML 10-Year
U.S. Treasury Index) |
|
(0.60) |
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(4.37) |
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond
Index) |
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(0.19) |
|
(2.05) |
Tax-exempt municipal bonds (S&P
Municipal Bond Index) |
|
0.45 |
|
(0.31) |
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer
Capped Index) |
|
1.14 |
|
0.98 |
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, 2018
Municipal Market Conditions
Municipal bonds experienced negative total returns
during the period alongside fixed income broadly, as interest rates moved higher on the back of continued Fed policy normalization, fiscal stimulus, strong economic growth, and increased U.S. Treasury issuance. At the same time, demand for the asset
class remained firm. Investors favored the tax-exempt income, diversification, quality, and value of municipal bonds, particularly given that tax reform ultimately lowered the top individual tax rate just 2.6%
while eliminating deductions. During the 12 months ended October 31, 2018, municipal bond funds experienced net inflows of approximately $12.8 billion (based on data from the Investment Company Institute).
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For the same 12-month period, total new issuance was moderate from a historical perspective at
$366 billion (slightly above the $363 billion issued in the prior 12-month period), but displayed significant
month-to-month volatility. Notably, issuance in December posted the highest monthly total on record at $56 billion, as issuers rushed deals to market ahead of the
expected elimination of the tax-exemption for advanced refunding bonds and possibly private activity bonds (PABs). Ultimately, the final version of the Tax Cuts and Jobs Act left PABs unchanged, though the
elimination of advanced refundings has suppressed supply in 2018, providing a powerful technical tailwind. |
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S&P Municipal Bond Index
Total Returns as of October 31, 2018
6 months: 0.45%
12 months: (0.31)% |
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A Closer Look at Yields
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From October 31, 2017 to October 31, 2018, yields on AAA-rated 30-year municipal bonds increased by 55 basis points (bps) from 2.83% to 3.38%,
while 10-year rates increased by 72 bps from 2.01% to 2.73% and 5-year rates increased by 88 bps from 1.42% to 2.30% (as measured by Thomson Municipal Market Data). The
municipal yield curve bear flattened over the 12-month period with the spread between 2- and 30-year maturities flattening by 43
bps, however remained a significant 78 bps steeper than the corresponding U.S. Treasury curve. |
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, incremental yield, and tax shelter 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 problems among a few issuers. Four of the five states with the largest amount of
debt outstanding California, New York, Texas and Florida continue to exhibit improved credit fundamentals. However, several states with the largest unfunded pension liabilities are faced with elevated borrowing costs and
difficult budgetary decisions. Across the country on the local level, property values support credit stability. Standard & Poors recent decision to remove its negative outlook on New Mexico underscores the improvement in
state finances as it was the only remaining state with the designation. Revenue bonds continue to drive performance as investors continue to seek higher yield bonds in the tobacco sector. 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, 2018, 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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2018 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, there is no guarantee that these objectives can 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) or Variable Rate Muni Term Preferred Shares (VMTP Shares) (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 331⁄3% 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 |
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5 |
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Trust Summary as of October 31, 2018 |
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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, 2018
($13.02)(a) |
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5.25% |
Tax Equivalent Yield(b) |
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8.87% |
Current Monthly Distribution per Common
Share(c) |
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$0.0570 |
Current Annualized Distribution per Common
Share(c) |
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$0.6840 |
Economic Leverage as of October 31, 2018(d) |
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40% |
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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 40.8%, 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, 2018 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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(1.63 |
)% |
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(0.30 |
)% |
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |
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(3.47 |
) |
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(0.13 |
) |
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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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Performance results may include adjustments made for financial reporting purposes in accordance with U.S.
generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Trusts absolute performance based on NAV:
Municipal bonds experienced lackluster returns in the past six months, with price weakness outweighing the contribution from income. After trading sideways through the
summer, tax-exempt issues fell sharply in September and October. During this time, investors reacted to commentary from Fed Chairman Jerome Powell indicating that future monetary policy tightening could be
more aggressive than the markets had anticipated. Supply and demand factors also had an adverse effect on returns in the latter part of the period, with mutual fund outflows occurring at the same time as a wave of new issuance was hitting the
market.
Positions in lower-rated bonds performed well amid investors ongoing preference for higher-yielding issues. Conversely, holdings in investment-grade
issues produced weaker returns.
The use of leverage, while providing additional income, was a net detractor since it amplified the impact of falling prices.
Holdings in longer-term bonds detracted as their weak price performance outweighed the benefit of added income. An allocation to
low-coupon and zero-coupon bonds, which have a higher sensitivity to interest rates, also hurt performance.
Although yields rose during the period, reinvestment had an adverse effect on the Trusts income since the proceeds of higher-yielding bonds that matured or were
called needed to be reinvested at lower prevailing rates.
The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields rose,
as prices fell, this aspect of the Trusts positioning had a positive effect on returns by offsetting the weakness in prices.
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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2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
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Trust Summary as of October 31, 2018 (continued) |
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BlackRock Investment Quality Municipal Trust, Inc. |
Market Price and Net Asset Value Per Share Summary
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10/31/18 |
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04/30/18 |
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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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$ |
13.02 |
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$ |
13.57 |
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(4.05 |
)% |
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$ |
14.45 |
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$ |
12.72 |
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Net Asset Value |
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14.84 |
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15.26 |
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(2.75 |
) |
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15.52 |
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14.84 |
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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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10/31/18 |
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04/30/18 |
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Education |
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16 |
% |
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15 |
% |
Health |
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16 |
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20 |
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County/City/Special District/School District |
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15 |
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14 |
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Transportation |
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13 |
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15 |
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Utilities |
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|
11 |
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8 |
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State |
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10 |
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9 |
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Financing & Development |
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4 |
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Corporate |
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7 |
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6 |
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Tobacco |
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5 |
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5 |
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Medical |
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2 |
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Housing |
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5 |
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1 |
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Public Services |
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3 |
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For Trust compliance purposes, the Trusts sector classifications refer to one or more of the sector subclassifications used by one or more widely recognized market indexes or rating group indexes, and/or as
defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector subclassifications for reporting ease. |
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CALL/MATURITY SCHEDULE (c)
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Calendar Year Ended December 31, |
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2018 |
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3 |
% |
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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2022 |
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|
11 |
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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 |
|
10/31/18 |
|
|
04/30/18 |
|
AAA/Aaa |
|
|
5 |
% |
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|
4 |
% |
AA/Aa |
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|
37 |
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|
|
35 |
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A |
|
|
26 |
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|
|
27 |
|
BBB/Baa |
|
|
18 |
|
|
|
16 |
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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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|
5 |
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|
|
3 |
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N/R(b) |
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|
6 |
|
|
|
12 |
|
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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, 2018 and April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade each represents less than 1% of the Trusts total investments. |
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Trust Summary as of October 31, 2018 |
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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 |
|
BTA |
Initial Offering Date |
|
February 28, 2006 |
Yield on Closing Market Price as of October 31, 2018
($10.58)(a) |
|
6.18% |
Tax Equivalent Yield(b) |
|
10.44% |
Current Monthly Distribution per Common
Share(c) |
|
$0.0545 |
Current Annualized Distribution per Common
Share(c) |
|
$0.6540 |
Economic Leverage as of October 31, 2018(d) |
|
41% |
|
(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 40.8%, 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 monthly distribution per Common Share, declared on December 3, 2018, was decreased to $0.0505 per share. The
yield on closing market price, current monthly distribution per Common Share and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the
future. |
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(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. |
|
Performance
Returns for the six
months ended October 31, 2018 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Returns Based On |
|
|
|
Market Price |
|
|
NAV |
|
BTA(a)(b) |
|
|
(2.75 |
)% |
|
|
0.18 |
% |
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |
|
|
(3.47 |
) |
|
|
(0.13 |
) |
|
(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. |
|
Performance results may include adjustments made for financial reporting purposes in accordance with U.S.
generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Trusts absolute performance based on NAV:
Municipal bonds experienced lackluster returns in the past six months, with price weakness outweighing the contribution from income. After trading sideways through the
summer, tax-exempt issues fell sharply in September and October. During this time, investors reacted to commentary from Fed Chairman Jerome Powell indicating that future monetary policy tightening could be
more aggressive than the markets had anticipated. Supply and demand factors also had an adverse effect on returns in the latter part of the period, with mutual fund outflows occurring at the same time as a wave of new issuance was hitting the
market.
The Trusts positions in lower-duration bonds, including pre-refunded securities, were strong performers due do
their defensive nature and lower sensitivity to interest-rate movements.
Positions in BBB rated issues and select
non-investment-grade bonds, which outperformed higher quality securities, aided results. Holdings in Illinois issues were particularly strong performers. Economic tailwinds helped improve the states
credit fundamentals by boosting income and sales tax revenues. This trend, coupled with a limited supply of high-yielding, tax-exempt bonds, led to outperformance for Illinois. Non-investment-grade positions in the tobacco sector were also additive.
The Trust sought to manage interest rate risk using U.S.
Treasury futures. Given that Treasury yields rose, as prices fell, this aspect of the Trusts positioning had a positive effect on returns by offsetting the weakness in prices.
The Trusts yield curve positioning, which featured concentrations in longer-dated maturities, had an adverse effect on performance. The curve steepened over the
period as yields on long-term debt rose more than those with shorter maturities. (Prices and yields move in opposite directions.)
Positions in lower-coupon bonds,
which typically underperform when rates are rising, detracted from results. Investments in the housing sector were notable detractors in this area.
At the sector
level, an allocation to education issues was a key detractor.
|
|
|
8 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Trust Summary as of October 31, 2018 (continued) |
|
BlackRock Long-Term Municipal Advantage Trust |
The use of leverage, while providing additional income, was a net detractor since it amplified the impact of falling prices.
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.
Market Price and Net Asset Value Per Share Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/18 |
|
|
04/30/18 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
10.58 |
|
|
$ |
11.20 |
|
|
|
(5.54 |
)% |
|
$ |
11.81 |
|
|
$ |
10.50 |
|
Net Asset Value |
|
|
11.95 |
|
|
|
12.28 |
|
|
|
(2.69 |
) |
|
|
12.44 |
|
|
|
11.95 |
|
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
SECTOR ALLOCATION
|
|
|
|
|
|
|
|
|
Sector |
|
10/31/18 |
|
|
04/30/18 |
|
Health |
|
|
19 |
% |
|
|
17 |
% |
Transportation |
|
|
14 |
|
|
|
14 |
|
County/City/Special District/School District |
|
|
14 |
|
|
|
15 |
|
Utilities |
|
|
12 |
|
|
|
11 |
|
Education |
|
|
11 |
|
|
|
12 |
|
State |
|
|
10 |
|
|
|
10 |
|
Tobacco |
|
|
10 |
|
|
|
11 |
|
Corporate |
|
|
5 |
|
|
|
6 |
|
Housing |
|
|
5 |
|
|
|
4 |
|
|
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, |
|
|
|
|
2018 |
|
|
7 |
% |
2019 |
|
|
14 |
|
2020 |
|
|
11 |
|
2021 |
|
|
16 |
|
2022 |
|
|
5 |
|
|
(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 |
|
10/31/18 |
|
|
04/30/18 |
|
AAA/Aaa |
|
|
5 |
% |
|
|
5 |
% |
AA/Aa |
|
|
38 |
|
|
|
36 |
|
A |
|
|
14 |
|
|
|
11 |
|
BBB/Baa |
|
|
18 |
|
|
|
19 |
|
BB/Ba |
|
|
9 |
|
|
|
7 |
|
B |
|
|
11 |
|
|
|
6 |
|
N/R(b) |
|
|
5 |
|
|
|
16 |
|
|
(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, 2018 and April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% and 1%, respectively, of the Trusts total investments. |
|
|
|
|
Trust Summary as of October 31, 2018 |
|
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.
On June 6, 2018, the Board of Trustees approved a change of the Trusts fiscal year end from April 30 to December 31. The change is effective December 31, 2018.
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, 2018
($14.77)(a) |
|
2.58% |
Tax Equivalent Yield(b) |
|
4.36% |
Current Monthly Distribution per Common
Share(c) |
|
$0.0318 |
Current Annualized Distribution per Common
Share(c) |
|
$0.3816 |
Economic Leverage as of October 31, 2018(d) |
|
% |
|
(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 40.8%, 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 TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any
assets attributable to 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, 2018 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Returns Based On |
|
|
|
Market Price |
|
|
NAV |
|
BKK(a)(b) |
|
|
(1.23 |
)% |
|
|
0.38 |
% |
Lipper Intermediate Municipal Debt Funds(c) |
|
|
(1.05 |
) |
|
|
0.37 |
|
|
(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. |
|
Performance results may include adjustments made for financial reporting purposes in accordance with U.S.
generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Trusts absolute performance based on NAV:
Municipal bonds experienced lackluster returns in the past six months, with price weakness outweighing the contribution from income. After trading sideways through the
summer, tax-exempt issues fell sharply in September and October. During this time, investors reacted to commentary from Fed Chairman Jerome Powell indicating that future monetary policy tightening could be
more aggressive than the markets had anticipated. Supply and demand factors also had an adverse effect on returns in the latter part of the period, with mutual fund outflows occurring at the same time as a wave of new issuance was hitting the
market.
The Trust produced a narrow gain at net asset value. Its return was largely derived from income, since prices on short-term bonds the area in
which the Trust primarily invests fell slightly.
Since the Trust is scheduled to terminate on or about December 31, 2020, its holdings consist of
short-term securities with lower sensitivity to changes in prevailing yields. The portfolios short maturity profile therefore helped cushion the impact of weak performance for the overall municipal market.
The premium amortization that occurred as the Trusts holdings in short-term bonds approached their call and maturity dates detracted from results. (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.)
Reinvestment had an adverse effect on the Trusts income, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower
prevailing 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 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Trust Summary as of October 31, 2018 (continued) |
|
BlackRock Municipal 2020 Term Trust |
Market Price and Net Asset Value Per Share Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/18 |
|
|
04/30/18 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
14.77 |
|
|
$ |
15.16 |
|
|
|
(2.57 |
)% |
|
$ |
15.19 |
|
|
$ |
14.71 |
|
Net Asset Value |
|
|
15.08 |
|
|
|
15.23 |
|
|
|
(0.98 |
) |
|
|
15.28 |
|
|
|
15.08 |
|
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
SECTOR ALLOCATION
|
|
|
|
|
|
|
|
|
Sector |
|
10/31/18 |
|
|
04/30/18 |
|
Utilities |
|
|
22 |
% |
|
|
20 |
% |
Transportation |
|
|
18 |
|
|
|
17 |
|
State |
|
|
14 |
|
|
|
15 |
|
Health |
|
|
13 |
|
|
|
13 |
|
Education |
|
|
11 |
|
|
|
11 |
|
County/City/Special District/School District |
|
|
11 |
|
|
|
13 |
|
Corporate |
|
|
4 |
|
|
|
4 |
|
Tobacco |
|
|
4 |
|
|
|
4 |
|
Housing |
|
|
3 |
|
|
|
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, |
|
|
|
|
2018 |
|
|
2 |
% |
2019 |
|
|
21 |
|
2020 |
|
|
61 |
|
2021 |
|
|
6 |
|
2022 |
|
|
7 |
|
|
(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 |
|
10/31/18 |
|
|
04/30/18 |
|
AAA/Aaa |
|
|
8 |
% |
|
|
6 |
% |
AA/Aa |
|
|
28 |
|
|
|
28 |
|
A |
|
|
32 |
|
|
|
32 |
|
BBB/Baa |
|
|
18 |
|
|
|
20 |
|
BB/Ba |
|
|
5 |
|
|
|
5 |
|
N/R(b) |
|
|
9 |
|
|
|
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, 2018 and April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% and 1%, respectively, of the Trusts total investments. |
|
|
|
|
Trust Summary as of October 31, 2018 |
|
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, 2018
($12.19)(a) |
|
5.76% |
Tax Equivalent Yield(b) |
|
9.73% |
Current Monthly Distribution per Common
Share(c) |
|
$0.0585 |
Current Annualized Distribution per Common
Share(c) |
|
$0.7020 |
Economic Leverage as of October 31, 2018(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 40.8%, 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, 2018 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Returns Based On |
|
|
|
Market Price |
|
|
NAV |
|
BFK(a)(b) |
|
|
(1.97 |
)% |
|
|
0.28 |
% |
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |
|
|
(3.47 |
) |
|
|
(0.13 |
) |
|
(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. |
|
Performance results may include adjustments made for financial reporting purposes in accordance with U.S.
generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Trusts absolute performance based on NAV:
Municipal bonds experienced lackluster returns in the past six months, with price weakness outweighing the contribution from income. After trading sideways through the
summer months, tax-exempt issues fell sharply in September and October. During this time, investors reacted to commentary from Fed Chairman Jerome Powell indicating that future monetary policy tightening could
be more aggressive than the markets had anticipated. Supply and demand factors also had an adverse effect on returns in the latter part of the period, with mutual fund outflows occurring at the same time as a wave of new issuance was hitting the
market.
The Trusts yield curve positioning made the largest contribution to performance. Positions in high-quality, short-dated,
pre-refunded bonds performed relatively well and held their value better than longer-dated holdings. The latter experienced larger price declines amid a steepening yield curve in which rates on intermediate-
and long-term issues rose at a faster pace than those of short-term securities. (Prices and yields move in opposite directions.)
Positions in lower-quality issues
continued to benefit results, as investor risk appetites remained robust for much of the reporting period. Holdings in lower-rated investment-grade bonds and high-yield issues outperformed due to the combination of their higher income and stronger
price performance. However, these bonds lagged late in the period once investor sentiment began to deteriorate.
The use of leverage, while providing additional
income, was a net detractor since it amplified the impact of falling prices.
At the sector level, positions in tobacco, state
tax-backed and local tax-backed issues all contributed to results. Investments in project finance, transportation and corporate-related debt added value, as well. An
allocation to the education sector was a slight detractor.
The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields
rose, as prices fell, this aspect of the Trusts positioning had a positive effect on returns by offsetting the weakness in prices.
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 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Trust Summary as of October 31, 2018 (continued) |
|
BlackRock Municipal Income Trust |
Market Price and Net Asset Value Per Share Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/18 |
|
|
04/30/18 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
12.19 |
|
|
$ |
12.78 |
|
|
|
(4.62 |
)% |
|
$ |
13.39 |
|
|
$ |
12.08 |
|
Net Asset Value |
|
|
13.64 |
|
|
|
13.98 |
|
|
|
(2.43 |
) |
|
|
14.12 |
|
|
|
13.64 |
|
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
SECTOR ALLOCATION
|
|
|
|
|
|
|
|
|
Sector |
|
10/31/18 |
|
|
04/30/18 |
|
Transportation |
|
|
21 |
% |
|
|
22 |
% |
Health |
|
|
16 |
|
|
|
13 |
|
Utilities |
|
|
16 |
|
|
|
15 |
|
State |
|
|
12 |
|
|
|
14 |
|
County/City/Special District/School District |
|
|
12 |
|
|
|
13 |
|
Tobacco |
|
|
9 |
|
|
|
8 |
|
Corporate |
|
|
7 |
|
|
|
7 |
|
Education |
|
|
6 |
|
|
|
7 |
|
Housing |
|
|
1 |
|
|
|
1 |
|
|
For Trust compliance purposes, the Trusts sector classifications refer to one or more of the sector subclassifications used by one or more widely recognized market indexes or rating group indexes, and/or as
defined by the investment 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, |
|
|
|
|
2018 |
|
|
4 |
% |
2019 |
|
|
15 |
|
2020 |
|
|
13 |
|
2021 |
|
|
14 |
|
2022 |
|
|
9 |
|
|
(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 |
|
10/31/18 |
|
|
04/30/18 |
|
AAA/Aaa |
|
|
5 |
% |
|
|
6 |
% |
AA/Aa |
|
|
36 |
|
|
|
40 |
|
A |
|
|
21 |
|
|
|
18 |
|
BBB/Baa |
|
|
25 |
|
|
|
22 |
|
BB/Ba |
|
|
5 |
|
|
|
5 |
|
B |
|
|
4 |
|
|
|
4 |
|
N/R(b) |
|
|
4 |
|
|
|
5 |
|
|
(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, 2018 and April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade each represents less than 1% of the Trusts total investments. |
|
|
|
|
Trust Summary as of October 31, 2018 |
|
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 objectives 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, 2018 ($11.61)(a) |
|
5.89% |
Tax Equivalent Yield(b) |
|
9.95% |
Current Monthly Distribution per Common
Share(c) |
|
$0.0570 |
Current Annualized Distribution per Common
Share(c) |
|
$0.6840 |
Economic Leverage as of October 31, 2018(d) |
|
41% |
|
(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 40.8%, 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, 2018 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Returns Based On |
|
|
|
Market Price |
|
|
NAV |
|
BSD(a)(b) |
|
|
(5.67 |
)% |
|
|
(0.02 |
)% |
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |
|
|
(3.47 |
) |
|
|
(0.13 |
) |
|
(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. |
|
Performance results may include adjustments made for financial reporting purposes in accordance with U.S.
generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Trusts absolute performance based on NAV:
Municipal bonds experienced lackluster returns in the past six months, with price weakness outweighing the contribution from income. After trading sideways through the
summer, tax-exempt issues fell sharply in September and October. During this time, investors reacted to commentary from Fed Chairman Jerome Powell indicating that future monetary policy tightening could be
more aggressive than the markets had anticipated. Supply and demand factors also had an adverse effect on returns in the latter part of the period, with mutual fund outflows occurring at the same time as a wave of new issuance was hitting the
market.
The Trusts positions in lower-duration bonds, including pre-refunded securities, were strong performers due do
their defensive nature and lower sensitivity to interest-rate movements.
Positions in BBB rated issues, which outperformed higher quality securities, aided results.
Holdings in the transportation sector, as well as in Illinois and New Jersey issues, were particularly strong performers. Economic tailwinds helped improve the credit fundamentals of both states by boosting income and sales tax revenues. This trend,
coupled with a limited supply of high-yielding, tax-exempt bonds, led to outperformance for these issuers.
The use of
leverage, while providing additional income, was a net detractor since it amplified the impact of falling prices.
The Trust sought to manage interest rate risk using
U.S. Treasury futures. Given that Treasury yields rose, as prices fell, this aspect of the Trusts positioning had a positive effect on returns by offsetting the weakness in prices.
The Trusts yield curve positioning, which featured concentrations in longer-dated maturities, had an adverse effect on performance. The curve steepened over the
period as yields on long-term debt rose more than those with shorter maturities. (Prices and yields move in opposite directions.)
Positions in lower-coupon bonds,
which typically underperform when rates are rising, detracted from results. Investments in the housing sector were notable detractors in this area.
|
|
|
14 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Trust Summary as of October 31, 2018 (continued) |
|
BlackRock Strategic Municipal Trust |
At the sector level, an allocation to education issues was a key detractor.
Leverage
also hurt performance given the negative price performance in the broader market. In addition, rising costs (which are based on short-term rates) reduced the income benefits of leverage.
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.
Market Price and Net Asset Value Per Share Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/18 |
|
|
04/30/18 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
11.61 |
|
|
$ |
12.65 |
|
|
|
(8.22 |
)% |
|
$ |
12.80 |
|
|
$ |
11.58 |
|
Net Asset Value |
|
|
13.58 |
|
|
|
13.96 |
|
|
|
(2.72 |
) |
|
|
14.12 |
|
|
|
13.58 |
|
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
SECTOR ALLOCATION
|
|
|
|
|
|
|
|
|
Sector |
|
10/31/18 |
|
|
04/30/18 |
|
Transportation |
|
|
21 |
% |
|
|
22 |
% |
Health |
|
|
18 |
|
|
|
16 |
|
County/City/Special District/School District |
|
|
13 |
|
|
|
15 |
|
Utilities |
|
|
12 |
|
|
|
12 |
|
State |
|
|
10 |
|
|
|
10 |
|
Corporate |
|
|
8 |
|
|
|
8 |
|
Education |
|
|
7 |
|
|
|
8 |
|
Tobacco |
|
|
7 |
|
|
|
7 |
|
Housing |
|
|
4 |
|
|
|
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, |
|
|
|
|
2018 |
|
|
2 |
% |
2019 |
|
|
15 |
|
2020 |
|
|
11 |
|
2021 |
|
|
13 |
|
2022 |
|
|
9 |
|
|
(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 |
|
10/31/18 |
|
|
04/30/18 |
|
AAA/Aaa |
|
|
3 |
% |
|
|
4 |
% |
AA/Aa |
|
|
37 |
|
|
|
37 |
|
A |
|
|
20 |
|
|
|
17 |
|
BBB/Baa |
|
|
22 |
|
|
|
24 |
|
BB/Ba |
|
|
6 |
|
|
|
6 |
|
B |
|
|
4 |
|
|
|
4 |
|
N/R(b) |
|
|
8 |
|
|
|
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, 2018 and April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% and 1%, respectively, of the Trusts total investments. As of October 31, 2018 and April
30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade each represents less than 1% and 1%, respectively, of the Trusts total investments. |
|
|
|
|
Schedule of Investments (unaudited)
October 31, 2018 |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Municipal Bonds 138.5% |
|
|
Alabama 0.6% |
|
Opelika Utilities Board, Refunding RB, 4.00%, 06/01/41 |
|
$ |
1,540 |
|
|
$ |
1,535,411 |
|
|
|
|
|
|
|
|
|
|
Arizona 6.6% |
|
Arizona Health Facilities Authority, Refunding RB, Phoenix Childrens Hospital, Series A, 5.00%,
02/01/42 |
|
|
3,300 |
|
|
|
3,450,513 |
|
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 07/01/45(a) |
|
|
455 |
|
|
|
453,640 |
|
County of Pinal Arizona Electric District No.3, Refunding RB: |
|
|
|
|
|
|
|
|
4.75%, 07/01/21(b) |
|
|
680 |
|
|
|
725,519 |
|
4.75%, 07/01/31 |
|
|
3,070 |
|
|
|
3,218,496 |
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
5.00%, 12/01/32 |
|
|
1,035 |
|
|
|
1,173,069 |
|
5.00%, 12/01/37 |
|
|
4,585 |
|
|
|
5,199,298 |
|
University Medical Center Corp., RB, 6.50%,
07/01/19(b) |
|
|
750 |
|
|
|
771,870 |
|
University Medical Center Corp., Refunding RB, 6.00%, 07/01/21(b) |
|
|
1,600 |
|
|
|
1,752,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,744,469 |
|
Arkansas 2.0% |
|
City of Benton Arkansas, RB, 4.00%, 06/01/39 |
|
|
755 |
|
|
|
765,162 |
|
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, 4.00%, 10/01/40 |
|
|
1,250 |
|
|
|
1,252,213 |
|
City of Little Rock Arkansas, RB, 4.00%, 07/01/41 |
|
|
2,645 |
|
|
|
2,648,862 |
|
County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42 |
|
|
465 |
|
|
|
493,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,159,969 |
|
California 20.7% |
|
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 08/15/20(b) |
|
|
2,300 |
|
|
|
2,461,414 |
|
California Infrastructure & Economic Development Bank, Refunding RB, Academy Motion Picture Arts and
Sciences, Series A, 4.00%, 11/01/45 |
|
|
3,330 |
|
|
|
3,349,480 |
|
California Statewide Communities Development Authority, Refunding RB, John Muir Health, Series A,
4.00%, 12/01/53 |
|
|
725 |
|
|
|
704,976 |
|
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 05/01/34(c) |
|
|
1,500 |
|
|
|
1,727,265 |
|
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT: |
|
|
|
|
|
|
|
|
Series A (BAM), 4.00%, 03/01/42 |
|
|
2,460 |
|
|
|
2,405,068 |
|
Series A-1, 5.75%, 03/01/34 |
|
|
3,000 |
|
|
|
3,209,430 |
|
Golden State Tobacco Securitization Corp., Refunding RB, Series
A-1: |
|
|
|
|
|
|
|
|
3.50%, 06/01/36 |
|
|
1,275 |
|
|
|
1,249,398 |
|
5.25%, 06/01/47 |
|
|
830 |
|
|
|
834,532 |
|
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 08/01/34(c) |
|
|
2,475 |
|
|
|
2,551,725 |
|
Norwalk-La Mirada Unified School District, GO, Refunding, CAB,
Election of 2002, Series E (AGC), 0.00%, 08/01/38(d) |
|
|
12,000 |
|
|
|
5,014,200 |
|
Palomar Community College District, GO, CAB, Election of 2006, Series B: |
|
|
|
|
|
|
|
|
0.00%, 08/01/30(d) |
|
|
2,270 |
|
|
|
1,520,605 |
|
0.00%, 08/01/33(d) |
|
|
4,250 |
|
|
|
1,741,140 |
|
0.00%, 08/01/39(c) |
|
|
4,000 |
|
|
|
3,760,360 |
|
San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 08/01/33(c) |
|
|
4,200 |
|
|
|
4,860,450 |
|
State of California, GO, Refunding, Various Purposes: |
|
|
|
|
|
|
|
|
5.00%, 02/01/38 |
|
|
2,000 |
|
|
|
2,161,620 |
|
4.00%, 10/01/44 |
|
|
2,520 |
|
|
|
2,569,165 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
California (continued) |
|
State of California, GO, Various Purposes: |
|
|
|
|
|
|
|
|
6.50%, 04/01/19(b) |
|
$
|
1,570 |
|
|
$
|
1,601,573 |
|
5.75%, 04/01/31 |
|
|
3,000 |
|
|
|
3,046,560 |
|
6.00%, 03/01/33 |
|
|
2,270 |
|
|
|
2,391,944 |
|
6.50%, 04/01/33 |
|
|
1,330 |
|
|
|
1,354,512 |
|
5.50%, 03/01/40 |
|
|
3,650 |
|
|
|
3,807,461 |
|
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed,
Senior Series A-1, 5.13%, 06/01/46 |
|
|
495 |
|
|
|
496,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,819,106 |
|
Colorado 0.4% |
|
City & County of Denver Colorado, COP, Colorado Convention Center Expansion Project, Series A,
4.00%, 06/01/48 |
|
|
1,005 |
|
|
|
996,357 |
|
|
|
|
|
|
|
|
|
|
Connecticut 0.8% |
|
Connecticut Housing Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
M/F Housing, Sub-Series E-1
(Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 05/15/36(e) |
|
|
585 |
|
|
|
581,350 |
|
S/F Housing, Sub-Series B-1,
4.00%, 05/15/45 |
|
|
400 |
|
|
|
389,768 |
|
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence &
Memorial Hospital, Series F, 5.00%, 07/01/21(b) |
|
|
950 |
|
|
|
1,015,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,987,000 |
|
Delaware 0.7% |
|
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
|
|
1,800 |
|
|
|
1,903,644 |
|
|
|
|
|
|
|
|
|
|
District of Columbia 0.3% |
|
District of Columbia Housing Finance Agency, RB, M/F Housing, Series
B-2 (FHA), 4.10%, 09/01/39 |
|
|
780 |
|
|
|
764,954 |
|
|
|
|
|
|
|
|
|
|
Florida 7.5% |
|
Capital Trust Agency Inc., RB, M/F Housing, The Gardens Apartment Project, Series A, 4.75%, 07/01/40 |
|
|
1,000 |
|
|
|
986,620 |
|
Country of Miami-Dade FL Water & Sewer System Revenue, Refunding RB, System-Series A, 4.00%,
10/01/44 |
|
|
2,500 |
|
|
|
2,476,025 |
|
County of Miami-Dade Florida, RB: |
|
|
|
|
|
|
|
|
CAB, Subordinate Special Obligation,
0.00%, 10/01/32(d) |
|
|
5,000 |
|
|
|
2,808,000 |
|
CAB, Subordinate Special Obligation,
0.00%, 10/01/33(d) |
|
|
15,375 |
|
|
|
8,187,649 |
|
Series B, AMT, 6.00%, 10/01/32 |
|
|
3,000 |
|
|
|
3,374,700 |
|
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center,
5.00%, 06/01/32 |
|
|
200 |
|
|
|
206,338 |
|
Greater Orlando Aviation Authority, RB, Priority Subordinated,
Sub-Series A, AMT, 5.00%, 10/01/52 |
|
|
1,130 |
|
|
|
1,206,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,246,330 |
|
Hawaii 1.3% |
|
State of Hawaii Department of Budget & Finance, Refunding RB: |
|
|
|
|
|
|
|
|
Hawaiian Electric Co., Inc. AMT, 4.00%, 03/01/37 |
|
|
2,770 |
|
|
|
2,618,093 |
|
Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37 |
|
|
600 |
|
|
|
647,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,265,493 |
|
Idaho 1.3% |
|
Idaho Health Facilities Authority, RB, St. Lukes Health System Project, Series A, 5.00%, 03/01/39 |
|
|
3,000 |
|
|
|
3,200,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Illinois 9.4% |
|
Chicago Board of Education, GO, Series C, Refunding Dedicated Revenues: |
|
|
|
|
|
|
|
|
Series H, 5.00%, 12/01/36 |
|
$
|
375 |
|
|
$
|
377,981 |
|
Project, 5.25%, 12/01/35 |
|
|
1,235 |
|
|
|
1,257,440 |
|
Chicago Board of Education, GO, Refunding, , 5.00%, 12/01/34 |
|
|
370 |
|
|
|
374,292 |
|
Chicago Board of Education, GO, Dedicated Revenues: |
|
|
|
|
|
|
|
|
Series D, 5.00%, 12/01/26 |
|
|
675 |
|
|
|
697,167 |
|
Series F, 5.00%, 12/01/22 |
|
|
505 |
|
|
|
523,821 |
|
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 01/01/20(f) |
|
|
5,000 |
|
|
|
5,158,250 |
|
City of Chicago Illinois, Refunding ARB, OHare International Airport Passenger Facility Charge, Series
B, AMT, 4.00%, 01/01/29 |
|
|
2,400 |
|
|
|
2,409,096 |
|
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT,
5.00%, 01/01/41 |
|
|
1,735 |
|
|
|
1,838,371 |
|
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
1,000 |
|
|
|
1,050,060 |
|
Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
OSF Healthcare System, 6.00%, 05/15/39 |
|
|
300 |
|
|
|
312,243 |
|
Roosevelt University Project, 6.50%,
10/01/19(b) |
|
|
1500 |
|
|
|
1,559,820 |
|
Illinois Housing Development Authority, RB, S/F Housing, 4.13%, 10/01/38 |
|
|
1,040 |
|
|
|
1,045,211 |
|
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b) |
|
|
1,700 |
|
|
|
1,856,689 |
|
State of Illinois, GO: |
|
|
|
|
|
|
|
|
5.00%, 02/01/39 |
|
|
1,000 |
|
|
|
1,005,880 |
|
Series A, 5.00%, 04/01/38 |
|
|
200 |
|
|
|
202,518 |
|
Series C, 5.00%, 11/01/29 |
|
|
2,655 |
|
|
|
2,716,809 |
|
Series D, 5.00%, 11/01/28 |
|
|
1,585 |
|
|
|
1,632,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,018,103 |
|
Indiana 0.2% |
|
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series
A-1(a): |
|
|
|
|
|
|
|
|
6.63%, 01/15/34 |
|
|
300 |
|
|
|
314,346 |
|
6.75%, 01/15/43 |
|
|
245 |
|
|
|
256,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
570,601 |
|
Iowa 1.0% |
|
Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/43 |
|
|
380 |
|
|
|
389,546 |
|
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project, Series B, 5.25%, 12/01/50(g) |
|
|
2,050 |
|
|
|
2,176,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,566,482 |
|
Kansas 3.4% |
|
City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A, 5.00%, 05/15/39 |
|
|
840 |
|
|
|
861,773 |
|
County of Seward Kansas Unified School District No. 480 Liberal, GO, Refunding: |
|
|
|
|
|
|
|
|
5.00%, 09/01/22(b) |
|
|
4,915 |
|
|
|
5,398,783 |
|
5.00%, 09/01/39 |
|
|
1,085 |
|
|
|
1,179,319 |
|
Kansas Development Finance Authority, Refunding RB, Sisters Leavenworth: |
|
|
|
|
|
|
|
|
5.00%, 01/01/20(b) |
|
|
1,005 |
|
|
|
1,037,954 |
|
5.00%, 01/01/28 |
|
|
150 |
|
|
|
154,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,632,397 |
|
Kentucky 6.8% |
|
County of Boyle Kentucky, Refunding RB, Centre College of Kentucky, 5.00%, 06/01/37 |
|
|
4,000 |
|
|
|
4,297,000 |
|
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%,
01/01/40 |
|
|
3,400 |
|
|
|
3,590,842 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Kentucky (continued) |
|
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC),
0.00%, 10/01/23(d) |
|
$
|
8,500 |
|
|
$
|
7,240,640 |
|
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st
Tier, Series C(c): |
|
|
|
|
|
|
|
|
0.00%, 07/01/34 |
|
|
1,000 |
|
|
|
923,060 |
|
0.00%, 07/01/39 |
|
|
1,395 |
|
|
|
1,276,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,328,162 |
|
Louisiana 1.7% |
|
City of Alexandria Louisiana Utilities, RB, 5.00%, 05/01/39 |
|
|
1,790 |
|
|
|
1,939,966 |
|
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake
Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
|
|
1,565 |
|
|
|
1,677,978 |
|
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%,
05/01/31 |
|
|
600 |
|
|
|
626,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,244,836 |
|
Maine 1.0% |
|
Maine State Housing Authority, RB: |
|
|
|
|
|
|
|
|
M/F Housing, Series E, 4.15%, 11/15/38(e) |
|
|
1,065 |
|
|
|
1,068,973 |
|
M/F Housing, Series E, 4.25%, 11/15/43(e) |
|
|
955 |
|
|
|
957,120 |
|
S/F Housing, Series C, 3.95%, 11/15/43 |
|
|
505 |
|
|
|
487,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,513,160 |
|
Maryland 0.5% |
|
County of Anne Arundel Maryland Consolidated, RB, Special Taxing District, Villages at Two Rivers
Project: |
|
|
|
|
|
|
|
|
5.13%, 07/01/36 |
|
|
260 |
|
|
|
258,339 |
|
5.25%, 07/01/44 |
|
|
260 |
|
|
|
256,763 |
|
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38(e) |
|
|
875 |
|
|
|
869,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,384,187 |
|
Massachusetts 1.9% |
|
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A: |
|
|
|
|
|
|
|
|
5.00%, 01/01/47 |
|
|
1,010 |
|
|
|
1,058,187 |
|
5.25%, 01/01/42 |
|
|
900 |
|
|
|
961,479 |
|
Massachusetts Development Finance Agency, Refunding RB: |
|
|
|
|
|
|
|
|
International Charter School, 5.00%, 04/15/40 |
|
|
600 |
|
|
|
622,068 |
|
Suffolk University, 4.00%, 07/01/39 |
|
|
1,375 |
|
|
|
1,295,442 |
|
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A: |
|
|
|
|
|
|
|
|
3.80%, 12/01/43 |
|
|
190 |
|
|
|
179,974 |
|
3.85%, 06/01/46 |
|
|
50 |
|
|
|
46,923 |
|
Massachusetts Housing Finance Agency, Refunding RB, S/F Housing, Series 175, 4.10%, 12/01/45 |
|
|
610 |
|
|
|
606,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,770,230 |
|
Michigan 2.2% |
|
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 07/01/44 |
|
|
360 |
|
|
|
377,266 |
|
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%,
12/01/32 |
|
|
4,150 |
|
|
|
4,220,550 |
|
State of Michigan Housing Development Authority, RB, S/F Housing, Series C, 4.13%, 12/01/38(e) |
|
|
1,110 |
|
|
|
1,111,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,709,037 |
|
Minnesota 2.5% |
|
City of Maple Grove Minnesota, Refunding RB, Maple Grove Hospital, Corp., 4.00%, 05/01/37 |
|
|
1,405 |
|
|
|
1,365,576 |
|
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%,
11/15/38 |
|
|
1,905 |
|
|
|
1,908,200 |
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
17 |
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Minnesota (continued) |
|
Housing & Redevelopment Authority of The City of Saint Paul Minnesota, RB, Great River School
Project, Series A, 5.50%, 07/01/52(a) |
|
$
|
305 |
|
|
$
|
304,976 |
|
Minneapolis-St. Paul Metropolitan Airports Commission, Refunding ARB,
Sub Series D, AMT, 5.00%, 01/01/41 |
|
|
460 |
|
|
|
496,400 |
|
Minnesota Higher Education Facilities Authority, RB: |
|
|
|
|
|
|
|
|
Augsburg College, Series B, 4.25%, 05/01/40 |
|
|
1,740 |
|
|
|
1,666,589 |
|
College of St. Benedict, Series 8-K, 4.00%, 03/01/43 |
|
|
615 |
|
|
|
580,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,321,950 |
|
Mississippi 2.1% |
|
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A,
5.38%, 12/01/35 |
|
|
600 |
|
|
|
648,600 |
|
Mississippi Development Bank, RB, Special Obligation: |
|
|
|
|
|
|
|
|
CAB, Hinds Community College District (AGM), 5.00%, 04/01/21(b) |
|
|
1,910 |
|
|
|
2,038,276 |
|
County of Jackson Limited Tax Note (AGC), 5.50%, 07/01/32 |
|
|
2,655 |
|
|
|
2,714,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,401,162 |
|
Missouri 3.1% |
|
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41 |
|
|
1,350 |
|
|
|
1,431,621 |
|
Missouri State Health & Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
|
A.T. Still University of Health Sciences: |
|
|
|
|
|
|
|
|
5.25%, 10/01/31 |
|
|
500 |
|
|
|
535,775 |
|
4.25%, 10/01/32 |
|
|
480 |
|
|
|
490,882 |
|
5.00%, 10/01/39 |
|
|
750 |
|
|
|
805,973 |
|
Heartland Regional Medical Center, 4.13%, 02/15/43 |
|
|
700 |
|
|
|
710,178 |
|
University of Central Missouri, Series C-2,
5.00%, 10/01/34 |
|
|
1,500 |
|
|
|
1,634,655 |
|
Missouri State Health & Educational Facilities Authority, Refunding RB, Kansas City University of
Medicine and Biosciences, Series A: |
|
|
|
|
|
|
|
|
5.00%, 06/01/42 |
|
|
860 |
|
|
|
929,049 |
|
5.00%, 06/01/47 |
|
|
1,230 |
|
|
|
1,324,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,862,240 |
|
Nebraska 1.9% |
|
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42 |
|
|
900 |
|
|
|
967,005 |
|
County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist
Health System, 5.00%, 11/01/45 |
|
|
600 |
|
|
|
640,836 |
|
Nebraska Public Power District, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
5.00%, 01/01/32 |
|
|
2,535 |
|
|
|
2,707,405 |
|
4.00%, 01/01/44 |
|
|
600 |
|
|
|
594,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,909,576 |
|
Nevada 0.7% |
|
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 07/01/36 |
|
|
1,500 |
|
|
|
1,540,965 |
|
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37(a) |
|
|
125 |
|
|
|
125,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,666,450 |
|
New Hampshire 0.3% |
|
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(a): |
|
|
|
|
|
|
|
|
Series B, 4.63%, 11/01/42 |
|
|
505 |
|
|
|
488,992 |
|
Series C, AMT, 4.88%, 11/01/42 |
|
|
220 |
|
|
|
214,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
703,672 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
New Jersey 9.1% |
|
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B,
6.25%, 01/01/37(h)(i) |
|
$
|
1,510 |
|
|
$
|
15,855 |
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
Continental Airlines, Inc. Project, AMT: |
|
|
|
|
|
|
|
|
5.25%, 09/15/29 |
|
|
1,335 |
|
|
|
1,430,559 |
|
Series B, 5.63%, 11/15/30 |
|
|
990 |
|
|
|
1,098,841 |
|
Goethals Bridge Replacement Project (AGM), AMT, 5.13%, 07/01/42 |
|
|
300 |
|
|
|
320,058 |
|
S/F Housing, State House Project, Series B, 4.50%, 06/15/40 |
|
|
1,930 |
|
|
|
1,895,858 |
|
School Facilities Construction Bonds, Series DDD, 5.00%, 06/15/42 |
|
|
160 |
|
|
|
165,194 |
|
New Jersey EDA, Refunding RB, Sub-Series A,
4.00%, 07/01/32 |
|
|
250 |
|
|
|
241,545 |
|
New Jersey Health Care Facilities Financing Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
RWJ Barnabas Health Obligated Group, 4.00%, 07/01/43 |
|
|
2,955 |
|
|
|
2,956,803 |
|
St. Barnabas Health Care System, 4.63%,
07/01/21(b) |
|
|
770 |
|
|
|
817,209 |
|
5.63%, 07/01/21(b) |
|
|
2,560 |
|
|
|
2,782,797 |
|
5.00%, 07/01/25 |
|
|
500 |
|
|
|
541,300 |
|
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/45 |
|
|
1,820 |
|
|
|
1,958,593 |
|
New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
CAB, Transportation System, Series
A, 0.00%, 12/15/35(d) |
|
|
1,600 |
|
|
|
698,560 |
|
Transportation Program: |
|
|
|
|
|
|
|
|
Series AA, 5.00%, 06/15/38 |
|
|
290 |
|
|
|
299,877 |
|
Series AA, 5.00%, 06/15/45 |
|
|
1,350 |
|
|
|
1,390,540 |
|
Series AA, 5.00%, 06/15/46 |
|
|
600 |
|
|
|
617,670 |
|
Series A, 5.50%, 06/15/41 |
|
|
500 |
|
|
|
521,870 |
|
Series A, 5.00%, 06/15/42 |
|
|
395 |
|
|
|
403,627 |
|
Series B, 5.50%, 06/15/31 |
|
|
2,000 |
|
|
|
2,104,320 |
|
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%,
12/15/36 |
|
|
240 |
|
|
|
251,448 |
|
Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 06/01/46 |
|
|
1,180 |
|
|
|
1,218,043 |
|
Series A, 5.25%, 06/01/46 |
|
|
305 |
|
|
|
322,388 |
|
Sub-Series B, 5.00%, 06/01/46 |
|
|
1,180 |
|
|
|
1,195,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,248,153 |
|
New Mexico 1.3% |
|
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%,
08/01/44 |
|
|
680 |
|
|
|
734,006 |
|
New Mexico Mortgage Finance Authority, RB, S/F Housing, Mortgage Program, Class I, Fannie Mae &
Freddie Mac): |
|
|
|
|
|
|
|
|
Series B (Ginnie Mae, 3.90%, 07/01/48 |
|
|
1,085 |
|
|
|
1,042,500 |
|
Series C (Ginnie Mae, 3.88%, 07/01/43 |
|
|
1,655 |
|
|
|
1,597,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,373,995 |
|
New York 5.8% |
|
City of New York Industrial Development Agency, RB, PILOT (AMBAC), 5.00%, 01/01/39 |
|
|
1,100 |
|
|
|
1,114,509 |
|
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A,
4.15%, 11/01/38(e) |
|
|
1,650 |
|
|
|
1,628,022 |
|
City of New York Industrial Development Agency, RB, PILOT, Queens Baseball Stadium (AGC), 6.50%,
01/01/46 |
|
|
300 |
|
|
|
302,109 |
|
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 06/01/41(a) |
|
|
1,400 |
|
|
|
1,440,572 |
|
|
|
|
18 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
New York (continued) |
|
Counties of New York Tobacco Trust VI, Refunding RB, Settlement Pass-Through Turbo, Series C,
4.00%, 06/01/51 |
|
$
|
1,000 |
|
|
$
|
883,820 |
|
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |
|
|
1,825 |
|
|
|
1,755,376 |
|
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 04/01/19(b) |
|
|
2,475 |
|
|
|
2,514,971 |
|
New York Liberty Development Corp., Refunding RB: |
|
|
|
|
|
|
|
|
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 |
|
|
1,250 |
|
|
|
1,298,800 |
|
3 World Trade Center Project, Class 2, 5.15%,
11/15/34(a) |
|
|
640 |
|
|
|
659,719 |
|
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%,
08/01/31 |
|
|
1,905 |
|
|
|
1,965,998 |
|
Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 5.13%, 06/01/51 |
|
|
1,160 |
|
|
|
1,176,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,740,333 |
|
North Dakota 0.3% |
|
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 07/01/21(b) |
|
|
720 |
|
|
|
769,932 |
|
|
|
|
|
|
|
|
|
|
Ohio 3.1% |
|
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed,
Senior Turbo Term, Series A-2: |
|
|
|
|
|
|
|
|
5.75%, 06/01/34 |
|
|
415 |
|
|
|
399,608 |
|
5.88%, 06/01/47 |
|
|
225 |
|
|
|
218,473 |
|
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 |
|
|
|
3,009,870 |
|
County of Butler Port Authority, RB, Series A-1(a): |
|
|
|
|
|
|
|
|
Storypoint Fairfield Project: |
|
|
|
|
|
|
|
|
6.25%, 01/15/34 |
|
|
500 |
|
|
|
511,850 |
|
6.38%, 01/15/43 |
|
|
275 |
|
|
|
281,036 |
|
County of Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie
Mac), 4.00%, 09/01/48 |
|
|
250 |
|
|
|
243,605 |
|
State of Ohio, Refunding RB, University Hospitals Health System, Series A, 5.00%, 01/15/41 |
|
|
3,010 |
|
|
|
3,134,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,798,845 |
|
Oklahoma 1.4% |
|
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
|
|
420 |
|
|
|
413,578 |
|
Oklahoma City Public Property Authority, Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 10/01/36 |
|
|
800 |
|
|
|
883,960 |
|
5.00%, 10/01/39 |
|
|
280 |
|
|
|
308,294 |
|
Oklahoma Development Finance Authority, RB: |
|
|
|
|
|
|
|
|
OU Medicine Project, Series B, 5.50%, 08/15/52 |
|
|
680 |
|
|
|
730,510 |
|
Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A,
5.25%, 08/01/57 |
|
|
1,315 |
|
|
|
1,210,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,546,353 |
|
Oregon 1.7% |
|
Clackamas Community College District, GO, Convertible Deferred Interest Bonds, Series A, 0.00%, 06/15/38(c) |
|
|
135 |
|
|
|
137,233 |
|
Oregon Health & Science University, RB, Series A, 4.00%, 07/01/37 |
|
|
725 |
|
|
|
737,195 |
|
State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series
C, 3.95%, 07/01/43 |
|
|
875 |
|
|
|
857,377 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Oregon (continued) |
|
State of Oregon State Facilities Authority, Refunding RB, University of Portland Project, Series A,
5.00%, 04/01/45 |
|
$
|
2,485 |
|
|
$
|
2,701,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,433,671 |
|
Pennsylvania 10.1% |
|
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment (AGM), 4.00%, 06/01/39 |
|
|
2,785 |
|
|
|
2,731,277 |
|
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27 |
|
|
2,535 |
|
|
|
2,602,127 |
|
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A, 4.00%, 09/01/49 |
|
|
715 |
|
|
|
680,866 |
|
Delaware River Port Authority, RB: |
|
|
|
|
|
|
|
|
4.50%, 01/01/32 |
|
|
3,000 |
|
|
|
3,146,250 |
|
Series D (AGM), 5.00%, 01/01/40 |
|
|
3,640 |
|
|
|
3,737,697 |
|
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31(d)(f) |
|
|
500 |
|
|
|
327,645 |
|
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement,
5.00%, 12/31/38 |
|
|
1,000 |
|
|
|
1,049,220 |
|
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT,
5.50%, 11/01/44 |
|
|
810 |
|
|
|
837,111 |
|
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 127-B,
3.88%, 10/01/38 |
|
|
670 |
|
|
|
653,163 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series A-1, 5.00%, 12/01/41 |
|
|
2,735 |
|
|
|
2,884,851 |
|
Pottsville Hospital Authority, Refunding RB, Lehigh Valley Health Network, Series B, 5.00%, 07/01/45 |
|
|
2,000 |
|
|
|
2,138,020 |
|
School District of Philadelphia, Refunding, GOL, Series F, 5.00%, 09/01/37 |
|
|
800 |
|
|
|
857,736 |
|
State Public School Building Authority, Refunding RB, The School District of Philadelphia Project, Series A,
5.00%, 06/01/34 |
|
|
3,825 |
|
|
|
4,133,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,779,334 |
|
Puerto Rico 1.1% |
|
Childrens Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
5.50%, 05/15/39 |
|
|
1,470 |
|
|
|
1,490,874 |
|
5.63%, 05/15/43 |
|
|
1,395 |
|
|
|
1,413,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,904,860 |
|
Rhode Island 4.1% |
|
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/42 |
|
|
985 |
|
|
|
959,804 |
|
Rhode Island Health & Educational Building Corp., Refunding RB, Series A (AGM), 3.75%,
05/15/32 |
|
|
1,845 |
|
|
|
1,806,568 |
|
Rhode Island Student Loan Authority, Refunding RB, Senior-Series A,
AMT, 3.50%, 12/01/34 |
|
|
595 |
|
|
|
570,813 |
|
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 04/01/19(b) |
|
|
1,330 |
|
|
|
1,349,272 |
|
Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 06/01/40 |
|
|
1,000 |
|
|
|
1,040,300 |
|
Series B, 4.50%, 06/01/45 |
|
|
2,725 |
|
|
|
2,687,477 |
|
Series B, 5.00%, 06/01/50 |
|
|
2,000 |
|
|
|
2,050,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,464,854 |
|
South Carolina 2.1% |
|
State of South Carolina Public Service Authority, RB, Series E: |
|
|
|
|
|
|
|
|
5.00%, 12/01/48 |
|
|
2,125 |
|
|
|
2,197,059 |
|
5.50%, 12/01/53 |
|
|
3,105 |
|
|
|
3,274,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,471,809 |
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
19 |
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Tennessee 3.8% |
|
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A,
5.25%, 01/01/40 |
|
$
|
2,945 |
|
|
$
|
3,096,285 |
|
County of Chattanooga-Hamilton Tennessee Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44 |
|
|
875 |
|
|
|
912,686 |
|
County of Knox Tennessee Health Educational & Housing Facility Board, RB, University Health System,
Inc., 4.00%, 09/01/40 |
|
|
1,285 |
|
|
|
1,179,424 |
|
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series
A: |
|
|
|
|
|
|
|
|
5.25%, 11/01/27 |
|
|
1,135 |
|
|
|
1,169,300 |
|
5.38%, 11/01/28 |
|
|
1,000 |
|
|
|
1,031,950 |
|
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities
Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 |
|
|
1,075 |
|
|
|
1,147,487 |
|
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%,
08/15/42 |
|
|
1,200 |
|
|
|
1,247,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,784,820 |
|
Texas 7.8% |
|
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC) (AGM),
0.00%, 11/15/38(d) |
|
|
5,000 |
|
|
|
1,858,800 |
|
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co.,
Project, Series A, 6.30%, 11/01/29 |
|
|
2,200 |
|
|
|
2,300,452 |
|
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A,
0.00%, 09/15/38(d) |
|
|
16,780 |
|
|
|
6,989,541 |
|
Leander ISD, GO, Refunding CAB, Series D (PSF-GTD)(d): |
|
|
|
|
|
|
|
|
0.00%, 08/15/24(b) |
|
|
550 |
|
|
|
282,656 |
|
0.00%, 08/15/35 |
|
|
5,450 |
|
|
|
2,717,479 |
|
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49(e) |
|
|
930 |
|
|
|
912,888 |
|
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/38 |
|
|
1,140 |
|
|
|
1,248,676 |
|
Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae),
4.25%, 09/01/43 |
|
|
300 |
|
|
|
301,302 |
|
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC,
7.00%, 06/30/40 |
|
|
3,000 |
|
|
|
3,193,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,805,684 |
|
Utah 0.6% |
|
Utah Housing Corp., RB, ClassI III , Series D-2 (FHA),
4.00%, 01/01/36 |
|
|
515 |
|
|
|
516,648 |
|
Utah State Charter School Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Mountainville Academy, 4.00%, 04/15/42 |
|
|
600 |
|
|
|
583,068 |
|
The Freedom Academy Foundation Project,
5.25%, 06/15/37(a) |
|
|
205 |
|
|
|
200,228 |
|
The Freedom Academy Foundation Project,
5.38%, 06/15/48(a) |
|
|
260 |
|
|
|
250,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,550,425 |
|
Vermont 0.3% |
|
Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 06/15/32 |
|
|
690 |
|
|
|
693,747 |
|
|
|
|
|
|
|
|
|
|
Virginia 1.6% |
|
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.38%, 03/01/36 |
|
|
780 |
|
|
|
797,542 |
|
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1,
5.00%, 06/01/47 |
|
|
1,030 |
|
|
|
1,009,081 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Virginia (continued) |
|
Virginia Small Business Financing Authority, RB, AMT: |
|
|
|
|
|
|
|
|
Covanta Project, 5.00%, 01/01/48(a)(g) |
|
$
|
745 |
|
|
$
|
755,773 |
|
Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37 |
|
|
1,440 |
|
|
|
1,566,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,129,231 |
|
Washington 0.3% |
|
Port of Seattle Washington, RB, Series A, AMT, 5.00%, 05/01/43 |
|
|
625 |
|
|
|
670,112 |
|
|
|
|
|
|
|
|
|
|
West Virginia 1.2% |
|
West Virginia Hospital Finance Authority, RB, Improvement West Virginia University Health System Obligated
Group, Series A, 4.00%, 06/01/51 |
|
|
3,455 |
|
|
|
3,139,144 |
|
|
|
|
|
|
|
|
|
|
Wisconsin 1.9% |
|
Public Finance Authority, Refunding RB, National Gypsum Co., AMT, 4.00%, 08/01/35 |
|
|
435 |
|
|
|
406,177 |
|
Wisconsin Health & Educational Facilities Authority, Refunding RB, Ascension Senior Credit Group,
4.00%, 11/15/36 |
|
|
2,900 |
|
|
|
2,922,504 |
|
WPPI Energy Power Supply Systems, Refunding RB, Series A, 5.00%, 07/01/37 |
|
|
1,330 |
|
|
|
1,457,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,786,068 |
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 138.5% (Cost $337,194,688) |
|
|
|
353,316,778 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts(j) |
|
|
California 0.5% |
|
Los Angeles California Unified School District, GO, Election of 2008, Series
B-1, 5.25%, 07/01/42(k) |
|
|
1,182 |
|
|
|
1,356,702 |
|
|
|
|
|
|
|
|
|
|
Colorado 0.8% |
|
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series
A, AMT, 5.25%, 12/01/48(k) |
|
|
1,769 |
|
|
|
1,965,090 |
|
|
|
|
|
|
|
|
|
|
Connecticut 1.6% |
|
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit
Group, 5.00%, 12/01/45 |
|
|
3,902 |
|
|
|
4,228,766 |
|
|
|
|
|
|
|
|
|
|
Florida 0.9% |
|
County of Pinellas Florida School Board, COP, Master Lease Program, Series A, 5.00%, 07/01/41 |
|
|
2,120 |
|
|
|
2,314,383 |
|
|
|
|
|
|
|
|
|
|
Louisiana 0.5% |
|
County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%,
05/01/41 |
|
|
1,200 |
|
|
|
1,204,776 |
|
|
|
|
|
|
|
|
|
|
Maryland 1.2% |
|
State of Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/42 |
|
|
2,760 |
|
|
|
3,047,454 |
|
|
|
|
|
|
|
|
|
|
Massachusetts 1.3% |
|
Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46 |
|
|
3,018 |
|
|
|
3,335,276 |
|
|
|
|
|
|
|
|
|
|
Michigan 0.8% |
|
State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |
|
|
2,143 |
|
|
|
2,095,575 |
|
|
|
|
|
|
|
|
|
|
Minnesota 2.1% |
|
State of Minnesota, RB, Series A, 5.00%, 06/01/38 |
|
|
5,000 |
|
|
|
5,432,051 |
|
|
|
|
|
|
|
|
|
|
Nevada 1.0% |
|
County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/38 |
|
|
2,311 |
|
|
|
2,588,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
New Jersey 1.8% |
|
New Jersey State Turnpike Authority, Refunding RB, Series G, 4.00%, 01/01/43 |
|
$
|
1,606 |
|
|
$
|
1,593,557 |
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36(k) |
|
|
2,861 |
|
|
|
2,978,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,571,813 |
|
New York 9.5% |
|
City of New York, GO, Refunding Fiscal 2015, Series B, 4.00%, 08/01/32 |
|
|
1,600 |
|
|
|
1,652,016 |
|
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General
Resolution, Series FF-2, 5.50%, 06/15/40 |
|
|
810 |
|
|
|
825,576 |
|
City of New York Transitional Finance Authority, BARB, Series S-1,
4.00%, 07/15/42(k) |
|
|
2,145 |
|
|
|
2,122,199 |
|
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2013: |
|
|
|
|
|
|
|
|
Series BB, 4.00%, 06/15/47 |
|
|
6,000 |
|
|
|
5,939,180 |
|
Series CC, 5.00%, 06/15/47 |
|
|
4,000 |
|
|
|
4,378,931 |
|
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012: |
|
|
|
|
|
|
|
|
5.75%, 02/15/21(b)(k) |
|
|
1,083 |
|
|
|
1,165,347 |
|
5.75%, 02/15/47(k) |
|
|
666 |
|
|
|
716,886 |
|
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds,
5.25%, 12/15/43 |
|
|
4,500 |
|
|
|
4,850,484 |
|
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A,
5.00%, 03/15/31 |
|
|
2,360 |
|
|
|
2,528,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,178,681 |
|
Ohio 0.7% |
|
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/49(k) |
|
|
1,800 |
|
|
|
1,771,638 |
|
|
|
|
|
|
|
|
|
|
Pennsylvania 1.3% |
|
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36(k) |
|
|
2,399 |
|
|
|
2,392,744 |
|
Philadelphia Authority for Industrial Development, RB, Childrens Hospital of Philadelphia Project, Series A,
4.00%, 07/01/44 |
|
|
914 |
|
|
|
914,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,307,235 |
|
Rhode Island 0.4% |
|
Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity
Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac), 3.95%, 10/01/43 |
|
|
1,100 |
|
|
|
1,086,211 |
|
|
|
|
|
|
|
|
|
|
Texas 4.2% |
|
Aldine Independent School District, GO, Refunding(PSF-GTD), 5.00%,
02/15/42 |
|
|
2,609 |
|
|
|
2,878,309 |
|
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43 |
|
|
2,160 |
|
|
|
2,143,296 |
|
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |
|
|
2,380 |
|
|
|
2,551,378 |
|
Howe Independent School District, GO, School Building (PSF-GTD),
4.00%, 08/15/43 |
|
|
1,680 |
|
|
|
1,656,502 |
|
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project,
4.00%, 09/15/42 |
|
|
1,409 |
|
|
|
1,412,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,642,156 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Washington 0.9% |
|
Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 4.13%,
08/15/43 |
|
$
|
2,213 |
|
|
$
|
2,197,939 |
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to Tender
Option Bond Trusts 29.5% (Cost $75,985,879) |
|
|
|
75,324,718 |
|
|
|
|
|
|
|
Total Long-Term Investments 168.0% (Cost $413,180,567) |
|
|
|
428,641,496 |
|
|
|
|
|
|
|
Short-Term Securities 1.1% |
|
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.45%(l)(m) |
|
|
2,714,899 |
|
|
|
2,715,171 |
|
|
|
|
|
|
|
|
|
|
Total Short-Term Securities 1.1% (Cost $2,715,171) |
|
|
|
2,715,171 |
|
|
|
|
|
|
|
|
|
Total Investments 169.1% (Cost $415,895,738) |
|
|
|
431,356,667 |
|
Liabilities in Excess of Other Assets (0.9)% |
|
|
|
(2,449,349 |
) |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(18.8)% |
|
|
|
(47,892,780 |
) |
VMTP Shares at Liquidation Value (49.4)% |
|
|
|
(125,900,000 |
) |
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
$ |
255,114,538 |
|
|
|
|
|
|
|
|
|
|
(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) |
When-issued security. |
(f) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(g) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates
and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(h) |
Issuer filed for bankruptcy and/or is in default. |
(i) |
Non-income producing security. |
(j) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These
bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(k) |
All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could
ultimately be required to pay under the agreements, which expire between February 15, 2019 to June 1, 2026 is $9,553,900. See Note 4 of the Notes to Financial Statements for details. |
(l) |
Annualized 7-day yield as of period end.
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
21 |
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
(m) |
During the six months ended October 31, 2018, 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 04/30/18 |
|
|
Net Activity |
|
|
Shares Held at 10/31/18 |
|
|
Value at 10/31/18 |
|
|
Income |
|
|
Net Realized Gain (Loss) (a) |
|
|
Change in Unrealized Appreciation (Depreciation) |
|
BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
|
|
|
|
2,714,899 |
|
|
|
2,714,899 |
|
|
$ |
2,715,171 |
|
|
$ |
8,063 |
|
|
$ |
296 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes net capital gain distributions, 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 |
|
|
9 |
|
|
|
12/19/18 |
|
|
$ |
1,066 |
|
|
$ |
9,487 |
|
Long U.S. Treasury Bond |
|
|
86 |
|
|
|
12/19/18 |
|
|
|
11,879 |
|
|
|
278,410 |
|
5-Year U.S. Treasury Note |
|
|
19 |
|
|
|
12/31/18 |
|
|
|
2,135 |
|
|
|
5,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
293,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
293,068 |
|
|
$ |
|
|
|
$ |
293,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes cumulative appreciation (depreciation) on futures contracts if any, as reported in the Schedule of Investments.
Only current days variation margin is reported within the Statements of Assets and Liabilities. |
|
For the period ended October 31, 2018, 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 |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
338,690 |
|
|
$ |
|
|
|
$ |
338,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
294,671 |
|
|
$ |
|
|
|
$ |
294,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
|
|
|
Futures contracts: |
|
Average notional value of contracts short |
|
$ |
18,934,590 |
|
|
|
|
22 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
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) |
|
$ |
|
|
|
$ |
428,641,496 |
|
|
$ |
|
|
|
$ |
428,641,496 |
|
Short-Term Securities |
|
|
2,715,171 |
|
|
|
|
|
|
|
|
|
|
|
2,715,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,715,171 |
|
|
$ |
428,641,496 |
|
|
$ |
|
|
|
$ |
431,356,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Financial
Instruments(b) |
|
Assets: |
|
Interest rate contracts |
|
$ |
293,068 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
293,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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 |
|
$ |
|
|
|
$ |
(47,675,573 |
) |
|
$ |
|
|
|
$ |
(47,675,573 |
) |
VMTP Shares at Liquidation Value |
|
|
|
|
|
|
(125,900,000 |
) |
|
|
|
|
|
|
(125,900,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
(173,575,573 |
) |
|
$ |
|
|
|
$ |
(173,575,573 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended October 31, 2018, there were no transfers between levels.
See notes to financial statements
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
23 |
|
|
|
|
Schedule of Investments (unaudited)
October 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Municipal Bonds 133.6% |
|
|
Alabama 1.2% |
|
County of Jefferson Alabama Sewer Revenue, Refunding RB, Sub-Lien,
Series D, 6.00%, 10/01/42 |
|
$ |
1,655 |
|
|
$ |
1,868,594 |
|
|
|
|
|
|
|
|
|
|
Alaska 0.6% |
|
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A,
5.00%, 06/01/46 |
|
|
1,045 |
|
|
|
1,015,531 |
|
|
|
|
|
|
|
|
|
|
Arizona 3.2% |
|
Arizona IDA, Refunding RB, Series A(a): |
|
|
|
|
|
|
|
|
Basis Schools, Inc. Projects, 5.13%, 07/01/37 |
|
|
360 |
|
|
|
364,871 |
|
5.38%, 07/01/50 |
|
|
925 |
|
|
|
939,143 |
|
Odyssey Preparatory Academy Project, 5.50%, 07/01/52 |
|
|
725 |
|
|
|
680,724 |
|
City of Phoenix Arizona IDA, RB, Series A: |
|
|
|
|
|
|
|
|
Facility, Eagle College Preparatory Project, 5.00%, 07/01/33 |
|
|
870 |
|
|
|
877,760 |
|
Legacy Traditional Schools Projects,
5.00%, 07/01/46(a) |
|
|
1,255 |
|
|
|
1,257,284 |
|
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A(a): |
|
|
|
|
|
|
|
|
5.00%, 07/01/35 |
|
|
125 |
|
|
|
126,049 |
|
5.00%, 07/01/46 |
|
|
135 |
|
|
|
134,390 |
|
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
|
|
725 |
|
|
|
822,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,202,357 |
|
California 10.6% |
|
California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
St. Joseph Health System, Series A, 5.75%, 07/01/39 |
|
|
385 |
|
|
|
394,694 |
|
Sutter Health, Series B,
6.00%, 08/15/20(b) |
|
|
1,040 |
|
|
|
1,115,265 |
|
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A,
6.00%, 07/01/19(b) |
|
|
680 |
|
|
|
699,251 |
|
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing,
Series A: |
|
|
|
|
|
|
|
|
5.25%, 08/15/39 |
|
|
70 |
|
|
|
75,337 |
|
5.25%, 08/15/49 |
|
|
175 |
|
|
|
187,402 |
|
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay
South Redevelopment Project, Series D, 0.00%, 08/01/31(a)(c) |
|
|
1,265 |
|
|
|
671,538 |
|
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Series A: |
|
|
|
|
|
|
|
|
Senior, 5.00%, 05/15/40 |
|
|
2,045 |
|
|
|
2,119,356 |
|
5.25%, 05/15/39 |
|
|
270 |
|
|
|
274,290 |
|
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A,
6.25%, 10/01/38 |
|
|
165 |
|
|
|
191,123 |
|
County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series
A, 5.00%, 06/01/47 |
|
|
140 |
|
|
|
137,430 |
|
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County
Securitization Corp.(d): |
|
|
|
|
|
|
|
|
5.70%, 06/01/46 |
|
|
1,000 |
|
|
|
1,000,750 |
|
5.60%, 06/01/36 |
|
|
2,000 |
|
|
|
2,002,660 |
|
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1,
5.25%, 06/01/47 |
|
|
535 |
|
|
|
537,921 |
|
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 08/01/38(c) |
|
|
3,725 |
|
|
|
1,655,241 |
|
State of California, GO, Various Purposes: |
|
|
|
|
|
|
|
|
6.50%, 04/01/19(b) |
|
|
1,085 |
|
|
|
1,106,819 |
|
6.50%, 04/01/33 |
|
|
915 |
|
|
|
931,864 |
|
State of California Public Works Board, LRB, Various Capital Projects: |
|
|
|
|
|
|
|
|
Series I, 5.00%, 11/01/38 |
|
|
355 |
|
|
|
387,032 |
|
Sub-Series I-1,
6.38%, 11/01/19(b) |
|
|
400 |
|
|
|
418,372 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
California (continued) |
|
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed,
Senior Series A-1: |
|
|
|
|
|
|
|
|
5.00%, 06/01/37 |
|
$
|
2,150 |
|
|
$
|
2,155,332 |
|
5.13%, 06/01/46 |
|
|
1,005 |
|
|
|
1,007,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,069,169 |
|
Colorado 4.5% |
|
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a) |
|
|
275 |
|
|
|
274,145 |
|
Colorado Health Facilities Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
Sisters of Charity of Leavenworth Health System, 5.00%, 01/01/40 |
|
|
3,940 |
|
|
|
4,043,898 |
|
Sunny Vista Living Center Project,
6.13%, 12/01/45(a) |
|
|
160 |
|
|
|
165,411 |
|
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
|
|
1,550 |
|
|
|
1,627,670 |
|
Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/45 |
|
|
1,000 |
|
|
|
1,022,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,134,044 |
|
Connecticut 0.9% |
|
Connecticut Housing Finance Authority, Refunding RB, S/F Housing,
Sub-Series B-1, 4.00%, 05/15/45 |
|
|
515 |
|
|
|
501,826 |
|
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C,
6.25%, 02/01/30(a) |
|
|
860 |
|
|
|
932,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,434,582 |
|
Delaware 1.9% |
|
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project,
6.00%, 10/01/40 |
|
|
750 |
|
|
|
793,185 |
|
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
|
|
2,240 |
|
|
|
2,323,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,116,961 |
|
District of Columbia 1.4% |
|
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 07/01/23(b) |
|
|
260 |
|
|
|
301,306 |
|
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41 |
|
|
750 |
|
|
|
791,377 |
|
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series
A: |
|
|
|
|
|
|
|
|
5.00%, 10/01/39 |
|
|
170 |
|
|
|
173,657 |
|
5.25%, 10/01/44 |
|
|
1,000 |
|
|
|
1,023,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,289,820 |
|
Florida 5.4% |
|
Capital Region Community Development District, Refunding, Special Assessment, Capital Improvement: |
|
|
|
|
|
|
|
|
Revenue Bond, Series A-1, 5.13%, 05/01/39 |
|
|
210 |
|
|
|
203,272 |
|
Series A-2, 4.60%, 05/01/31 |
|
|
515 |
|
|
|
503,134 |
|
Capital Trust Agency, Inc., RB, University Bridge LLC Student Housing Project, Series A, 5.25%, 12/01/58(a) |
|
|
910 |
|
|
|
880,198 |
|
County of Miami-Dade Florida Water & Sewer System Revenue, RB, Water & Sewer
System, 5.00%, 10/01/20(b) |
|
|
1,950 |
|
|
|
2,055,124 |
|
Florida Development Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT,
5.00%, 08/01/29(a)(e) |
|
|
740 |
|
|
|
758,219 |
|
Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector
Projects: |
|
|
|
|
|
|
|
|
4.00%, 05/01/21 |
|
|
100 |
|
|
|
100,632 |
|
4.25%, 05/01/26 |
|
|
100 |
|
|
|
99,556 |
|
5.13%, 05/01/46 |
|
|
400 |
|
|
|
393,336 |
|
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A,
7.25%, 10/01/21(b) |
|
|
1,080 |
|
|
|
1,225,552 |
|
|
|
|
24 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Florida (continued) |
|
Tolomato Community Development District, Refunding, Special Assessment Bonds(d): |
|
|
|
|
|
|
|
|
Convertible CAB, Series A3, 6.61%, 05/01/40 |
|
$
|
225 |
|
|
$
|
218,736 |
|
Convertible CAB, Series A4, 6.61%, 05/01/40 |
|
|
120 |
|
|
|
97,554 |
|
Series 2015-2, 6.61%, 05/01/40 |
|
|
310 |
|
|
|
203,134 |
|
Tolomato Community Development District(f)(g): |
|
|
|
|
|
|
|
|
Series 1, 6.61%, 05/01/40(d) |
|
|
505 |
|
|
|
402,202 |
|
Series 1, 6.65%, 05/01/40 |
|
|
15 |
|
|
|
14,293 |
|
Series 3, 6.61%, 05/01/40 |
|
|
340 |
|
|
|
3 |
|
Series 3, 6.65%, 05/01/40 |
|
|
275 |
|
|
|
3 |
|
Trout Creek Community Development District, Special Assessment Bonds: |
|
|
|
|
|
|
|
|
5.50%, 05/01/49 |
|
|
570 |
|
|
|
562,527 |
|
5.00%, 05/01/28 |
|
|
160 |
|
|
|
158,333 |
|
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 |
|
|
790 |
|
|
|
851,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,727,412 |
|
Georgia 0.2% |
|
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health
System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |
|
|
240 |
|
|
|
267,864 |
|
County of Georgia Housing & Finance Authority, RB, S/F Housing, Series A,
4.00%, 12/01/48 |
|
|
10 |
|
|
|
9,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
277,658 |
|
Guam 0.0% |
|
Territory of Guam, GO, Series A, 6.00%, 11/15/19 |
|
|
45 |
|
|
|
45,562 |
|
|
|
|
|
|
|
|
|
|
Idaho 0.4% |
|
Idaho Health Facilities Authority, Refunding RB, St. Lukes Health System Project, Series A,
4.00%, 03/01/43 |
|
|
45 |
|
|
|
42,454 |
|
State of Idaho Building Authority, RB, Department of Health And Welfare Project, 4.00%, 09/01/48(h) |
|
|
650 |
|
|
|
637,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
679,753 |
|
Illinois 12.4% |
|
Chicago Board of Education, GO, Dedicated Revenues: |
|
|
|
|
|
|
|
|
Series H, 5.00%, 12/01/36 |
|
|
935 |
|
|
|
942,433 |
|
Project, Series C, 5.25%, 12/01/35 |
|
|
795 |
|
|
|
809,445 |
|
Chicago Board of Education, GO, Refunding, Series C: |
|
|
|
|
|
|
|
|
5.00%, 12/01/27 |
|
|
415 |
|
|
|
429,060 |
|
5.00%, 12/01/34 |
|
|
940 |
|
|
|
950,904 |
|
Chicago Board of Education, GO, Refunding Series F, 5.00%, 12/01/22 |
|
|
325 |
|
|
|
337,113 |
|
City of Chicago Illinois, GO, Refunding, Series A: |
|
|
|
|
|
|
|
|
6.00%, 01/01/38 |
|
|
595 |
|
|
|
660,093 |
|
Project, 5.25%, 01/01/32 |
|
|
1,090 |
|
|
|
1,136,914 |
|
City of Chicago Illinois OHare International Airport, GARB, 3rd Lien, Series A: |
|
|
|
|
|
|
|
|
5.75%, 01/01/21(b) |
|
|
2,100 |
|
|
|
2,258,004 |
|
5.75%, 01/01/39 |
|
|
400 |
|
|
|
423,900 |
|
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
360 |
|
|
|
378,022 |
|
County of Cook Illinois Community College District No. 508, GO, City College of Chicago,
5.50%, 12/01/38 |
|
|
350 |
|
|
|
363,790 |
|
Illinois Finance Authority, RB, Advocate Health Care Network, Series C(b): |
|
|
|
|
|
|
|
|
5.38%, 04/01/19 |
|
|
870 |
|
|
|
882,241 |
|
5.38%, 04/01/19 |
|
|
975 |
|
|
|
988,718 |
|
Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Central Dupage Health, Series B,
5.50%, 11/01/19(b) |
|
|
550 |
|
|
|
568,579 |
|
Presence Health Network, Series C, 5.00%, 02/15/41 |
|
|
1,500 |
|
|
|
1,627,950 |
|
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A,
5.50%, 06/15/53 |
|
|
200 |
|
|
|
211,060 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Illinois (continued) |
|
Metropolitan Pier & Exposition Authority, Refunding RB: |
|
|
|
|
|
|
|
|
McCormick Place Expansion Project, Series B (AGM), 5.00%, 06/15/50 |
|
$
|
1,790 |
|
|
$
|
1,835,824 |
|
McCormick Place Expansion Project, Series B-2,
5.00%, 06/15/50 |
|
|
1,400 |
|
|
|
1,400,574 |
|
McCormik Place Expansion Project, Series B, 5.00%, 06/15/52 |
|
|
225 |
|
|
|
230,812 |
|
State of Illinois, GO: |
|
|
|
|
|
|
|
|
5.00%, 05/01/27 |
|
|
500 |
|
|
|
514,015 |
|
5.00%, 01/01/28 |
|
|
1,005 |
|
|
|
1,032,326 |
|
5.00%, 03/01/37 |
|
|
755 |
|
|
|
763,713 |
|
Series A, 5.00%, 01/01/33 |
|
|
555 |
|
|
|
563,064 |
|
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 |
|
|
475 |
|
|
|
505,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,814,063 |
|
Indiana 6.4% |
|
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
|
|
|
|
|
|
|
|
6.75%, 01/01/34 |
|
|
365 |
|
|
|
416,870 |
|
7.00%, 01/01/44 |
|
|
885 |
|
|
|
1,015,697 |
|
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project,
6.25%, 01/01/29(a) |
|
|
1,095 |
|
|
|
1,113,702 |
|
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series
A-1(a): |
|
|
|
|
|
|
|
|
6.63%, 01/15/34 |
|
|
135 |
|
|
|
141,456 |
|
6.75%, 01/15/43 |
|
|
200 |
|
|
|
209,188 |
|
6.88%, 01/15/52 |
|
|
560 |
|
|
|
586,880 |
|
Indiana Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
|
|
1,285 |
|
|
|
1,373,588 |
|
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |
|
|
160 |
|
|
|
167,501 |
|
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 |
|
|
520 |
|
|
|
543,020 |
|
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 |
|
|
2,190 |
|
|
|
2,306,245 |
|
Sisters of St. Francis Health Services,
5.25%, 11/01/19(b) |
|
|
290 |
|
|
|
299,086 |
|
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A: |
|
|
|
|
|
|
|
|
5.75%, 05/01/19(b) |
|
|
500 |
|
|
|
509,355 |
|
5.75%, 05/01/31 |
|
|
100 |
|
|
|
101,896 |
|
Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19(b) |
|
|
350 |
|
|
|
352,380 |
|
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |
|
|
445 |
|
|
|
483,546 |
|
Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series
A-1, 6.38%, 01/15/51(a) |
|
|
560 |
|
|
|
569,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,189,807 |
|
Iowa 1.2% |
|
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
Series B, 5.25%, 12/01/50(e) |
|
|
825 |
|
|
|
876,084 |
|
Midwestern Disaster Area, 5.50%, 12/01/22 |
|
|
5 |
|
|
|
5,009 |
|
Midwestern Disaster Area, 5.25%, 12/01/25 |
|
|
660 |
|
|
|
697,257 |
|
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series
A-1, AMT, 5.15%, 12/01/22 |
|
|
360 |
|
|
|
370,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,948,837 |
|
Kentucky 0.6% |
|
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A,
5.25%, 01/01/45 |
|
|
460 |
|
|
|
483,630 |
|
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st
Tier, Series C, 6.75%, 07/01/43(d) |
|
|
565 |
|
|
|
517,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,718 |
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
25 |
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Louisiana 2.3% |
|
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake
Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
|
$
|
1,135 |
|
|
$
|
1,216,936 |
|
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
|
|
|
|
|
|
|
|
5.50%, 05/15/30 |
|
|
350 |
|
|
|
363,570 |
|
5.25%, 05/15/31 |
|
|
300 |
|
|
|
315,987 |
|
5.25%, 05/15/32 |
|
|
380 |
|
|
|
405,057 |
|
5.25%, 05/15/33 |
|
|
415 |
|
|
|
439,377 |
|
5.25%, 05/15/35 |
|
|
945 |
|
|
|
1,000,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,741,020 |
|
Maine 0.6% |
|
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center,
6.75%, 07/01/41 |
|
|
970 |
|
|
|
1,028,889 |
|
|
|
|
|
|
|
|
|
|
Maryland 1.1% |
|
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20(b) |
|
|
970 |
|
|
|
1,025,047 |
|
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |
|
|
645 |
|
|
|
665,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,691,010 |
|
Massachusetts 4.7% |
|
Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
|
Emerson College Issue, Series A, 5.00%, 01/01/47 |
|
|
860 |
|
|
|
901,031 |
|
Boston Medical Center, Series D, 5.00%, 07/01/44 |
|
|
1,000 |
|
|
|
1,044,250 |
|
North Hill Communities Issue, Series
A, 6.50%, 11/15/23(a)(b) |
|
|
1,000 |
|
|
|
1,186,600 |
|
UMass Boston Student Housing Project, 5.00%, 10/01/48 |
|
|
945 |
|
|
|
978,037 |
|
Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A,
5.00%, 10/01/35 |
|
|
500 |
|
|
|
530,830 |
|
Massachusetts HFA, Refunding RB, Series A, AMT, 4.45%, 12/01/42 |
|
|
645 |
|
|
|
654,533 |
|
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47 |
|
|
2,135 |
|
|
|
2,166,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,461,794 |
|
Michigan 1.6% |
|
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A,
5.25%, 07/01/39 |
|
|
1,970 |
|
|
|
2,085,403 |
|
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien,
Series C-1, 5.00%, 07/01/44 |
|
|
410 |
|
|
|
433,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,518,818 |
|
Minnesota 2.2% |
|
City of Brooklyn Park Minnesota, RB, Athlos Leadership Academy Project, Series A,
5.75%, 07/01/46 |
|
|
180 |
|
|
|
181,071 |
|
City of Minneapolis, Refunding RB, Fairview Health Servises, Series A, 4.00%, 11/15/48 |
|
|
80 |
|
|
|
76,362 |
|
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A(h): |
|
|
|
|
|
|
|
|
4.25%, 02/15/48 |
|
|
1,940 |
|
|
|
1,852,273 |
|
5.25%, 02/15/58 |
|
|
655 |
|
|
|
690,888 |
|
Housing & Redevelopment Authority of The City of State Paul Minnesota, Refunding RB, Hmong College
Academy Project, Series A, 5.50%, 09/01/36 |
|
|
690 |
|
|
|
709,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,509,969 |
|
Missouri 0.6% |
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan
District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |
|
|
85 |
|
|
|
92,115 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Missouri (continued) |
|
City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A: |
|
|
|
|
|
|
|
|
4.38%, 11/15/35 |
|
$
|
330 |
|
|
$
|
331,218 |
|
4.75%, 11/15/47 |
|
|
365 |
|
|
|
367,175 |
|
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of
Pharmacy Project, 5.50%, 05/01/43 |
|
|
115 |
|
|
|
120,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
911,384 |
|
Nebraska 0.2% |
|
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37 |
|
|
285 |
|
|
|
308,780 |
|
|
|
|
|
|
|
|
|
|
New Jersey 7.3% |
|
Casino Reinvestment Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
5.25%, 11/01/39 |
|
|
475 |
|
|
|
500,945 |
|
5.25%, 11/01/44 |
|
|
1,160 |
|
|
|
1,220,216 |
|
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a) |
|
|
505 |
|
|
|
506,555 |
|
New Jersey Economic Development Authority, RB, State House project, Series B (BAM),
4.13%, 06/15/39 |
|
|
130 |
|
|
|
127,954 |
|
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 |
|
|
1,410 |
|
|
|
1,503,116 |
|
New Jersey EDA, Refunding RB, Series BBB, 5.50%, 06/15/31 |
|
|
1,225 |
|
|
|
1,345,025 |
|
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project,
5.75%, 04/01/31 |
|
|
785 |
|
|
|
848,373 |
|
New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
Transportation Program, Series AA, 5.00%, 06/15/45 |
|
|
585 |
|
|
|
602,568 |
|
Transportation System, Series B, 5.25%, 06/15/36 |
|
|
845 |
|
|
|
879,738 |
|
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A,
5.00%, 12/15/35 |
|
|
965 |
|
|
|
1,016,666 |
|
Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 06/01/36 |
|
|
530 |
|
|
|
570,073 |
|
Series A, 5.00%, 06/01/46 |
|
|
1,700 |
|
|
|
1,754,808 |
|
Series A, 5.25%, 06/01/46 |
|
|
440 |
|
|
|
465,084 |
|
Sub-Series B, 5.00%, 06/01/46 |
|
|
420 |
|
|
|
425,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,766,531 |
|
New York 29.5% |
|
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A,
4.15%, 11/01/38(h) |
|
|
2,390 |
|
|
|
2,358,165 |
|
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH,
5.00%, 06/15/31 |
|
|
2,830 |
|
|
|
3,007,498 |
|
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A: |
|
|
|
|
|
|
|
|
6.25%, 06/01/41(a) |
|
|
900 |
|
|
|
926,082 |
|
5.00%, 06/01/42 |
|
|
1,505 |
|
|
|
1,448,487 |
|
5.00%, 06/01/45 |
|
|
555 |
|
|
|
529,858 |
|
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/51 |
|
|
1,000 |
|
|
|
1,021,470 |
|
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46 |
|
|
730 |
|
|
|
686,200 |
|
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed,
Series A, 5.00%, 06/01/45 |
|
|
910 |
|
|
|
875,283 |
|
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: |
|
|
|
|
|
|
|
|
5.75%, 02/15/21(b) |
|
|
4,030 |
|
|
|
4,358,405 |
|
5.75%, 02/15/47 |
|
|
2,480 |
|
|
|
2,653,898 |
|
Metropolitan Transportation Authority, RB, Series B: |
|
|
|
|
|
|
|
|
5.25%, 11/15/38 |
|
|
1,125 |
|
|
|
1,237,545 |
|
5.25%, 11/15/39 |
|
|
400 |
|
|
|
439,804 |
|
|
|
|
26 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
New York (continued) |
|
New York Liberty Development Corp., RB, World Trade Center Port Authority Consolidated,
5.25%, 12/15/43 |
|
$
|
6,140 |
|
|
$
|
6,626,226 |
|
New York Liberty Development Corp., Refunding RB: |
|
|
|
|
|
|
|
|
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 |
|
|
420 |
|
|
|
436,397 |
|
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a) |
|
|
2,355 |
|
|
|
2,411,591 |
|
3 World Trade Center Project, Class 2, 5.15%, 11/15/34(a) |
|
|
160 |
|
|
|
164,930 |
|
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a) |
|
|
395 |
|
|
|
406,771 |
|
4 World Trade Center Project, 5.75%, 11/15/51 |
|
|
2,220 |
|
|
|
2,420,155 |
|
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A,
AMT, 5.25%, 01/01/50 |
|
|
1,000 |
|
|
|
1,052,380 |
|
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC
Project, Series 8, 6.00%, 12/01/42 |
|
|
730 |
|
|
|
781,618 |
|
State of New York Dormitory Authority, RB, Series B, 5.75%, 03/15/19(b) |
|
|
11,250 |
|
|
|
11,412,900 |
|
State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center, 5.00%, 12/01/33(a) |
|
|
455 |
|
|
|
491,532 |
|
Westchester New York Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 06/01/42 |
|
|
1,700 |
|
|
|
1,577,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,324,404 |
|
North Carolina 0.5% |
|
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A,
5.00%, 06/01/19(b) |
|
|
480 |
|
|
|
488,655 |
|
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project,
Series A, 7.75%, 03/01/21(b) |
|
|
260 |
|
|
|
291,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
780,177 |
|
North Dakota 0.1% |
|
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 4.25%, 02/15/43(h) |
|
|
230 |
|
|
|
221,545 |
|
|
|
|
|
|
|
|
|
|
Ohio 4.8% |
|
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed,
Senior Turbo Term, Series A-2: |
|
|
|
|
|
|
|
|
5.75%, 06/01/34 |
|
|
2,295 |
|
|
|
2,209,878 |
|
5.88%, 06/01/47 |
|
|
1,100 |
|
|
|
1,068,089 |
|
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A,
5.25%, 06/01/20(b) |
|
|
2,650 |
|
|
|
2,773,570 |
|
County of Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie
Mac), 4.00%, 09/01/48 |
|
|
355 |
|
|
|
345,919 |
|
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 |
|
|
1,220 |
|
|
|
1,274,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,672,149 |
|
Oklahoma 3.2% |
|
Oklahoma Development Finance Authority, RB: |
|
|
|
|
|
|
|
|
OU Medicine Project, Series B, 5.00%, 08/15/38 |
|
|
1,450 |
|
|
|
1,520,833 |
|
OU Medicine Project, Series B, 5.25%, 08/15/43 |
|
|
1,305 |
|
|
|
1,385,949 |
|
Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A,
5.25%, 08/01/57 |
|
|
1,290 |
|
|
|
1,187,006 |
|
Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45 |
|
|
925 |
|
|
|
993,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,087,580 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Oregon 0.2% |
|
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A,
0.00%, 06/15/38(c) |
|
$
|
625 |
|
|
$
|
271,894 |
|
|
|
|
|
|
|
|
|
|
Pennsylvania 2.4% |
|
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42(a) |
|
|
470 |
|
|
|
488,123 |
|
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple
University Health System, Series A, 5.63%, 07/01/42 |
|
|
300 |
|
|
|
315,192 |
|
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A, 4.00%, 09/01/49 |
|
|
155 |
|
|
|
147,600 |
|
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement,
5.00%, 12/31/38 |
|
|
465 |
|
|
|
487,887 |
|
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT,
5.50%, 11/01/44 |
|
|
720 |
|
|
|
744,099 |
|
Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series
123-B, 4.00%, 10/01/42 |
|
|
1,190 |
|
|
|
1,157,775 |
|
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
|
|
520 |
|
|
|
557,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,897,752 |
|
Puerto Rico 1.2% |
|
Childrens Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds,
5.63%, 05/15/43 |
|
|
1,860 |
|
|
|
1,885,315 |
|
|
|
|
|
|
|
|
|
|
Rhode Island 2.7% |
|
Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34 |
|
|
655 |
|
|
|
628,374 |
|
Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 06/01/40 |
|
|
420 |
|
|
|
436,926 |
|
Series B, 4.50%, 06/01/45 |
|
|
1,875 |
|
|
|
1,849,181 |
|
Series B, 5.00%, 06/01/50 |
|
|
1,360 |
|
|
|
1,394,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,308,903 |
|
South Carolina 2.2% |
|
State of South Carolina Public Service Authority, RB: |
|
|
|
|
|
|
|
|
Santee Cooper, Series A, 5.50%, 12/01/54 |
|
|
1,840 |
|
|
|
1,949,388 |
|
Series E, 5.00%, 12/01/48 |
|
|
420 |
|
|
|
434,242 |
|
Series E, 5.50%, 12/01/53 |
|
|
750 |
|
|
|
791,003 |
|
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |
|
|
400 |
|
|
|
423,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,597,853 |
|
Tennessee 0.7% |
|
County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax
Increment, Graceland Project, Series A: |
|
|
|
|
|
|
|
|
5.50%, 07/01/37 |
|
|
490 |
|
|
|
515,108 |
|
5.63%, 01/01/46 |
|
|
570 |
|
|
|
593,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,108,649 |
|
Texas 8.1% |
|
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 01/01/21(b) |
|
|
730 |
|
|
|
790,181 |
|
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian
Homes, Inc. Project, Series B, 7.00%, 01/01/23(b) |
|
|
210 |
|
|
|
247,141 |
|
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co.,
Project, Series A, 6.30%, 11/01/29 |
|
|
700 |
|
|
|
731,962 |
|
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A,
0.00%, 09/15/37(c) |
|
|
5,200 |
|
|
|
2,288,520 |
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
27 |
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Texas (continued) |
|
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare(b): |
|
|
|
|
|
|
|
|
6.00%, 08/15/20 |
|
$
|
105 |
|
|
$
|
111,947 |
|
6.00%, 08/15/20 |
|
|
1,285 |
|
|
|
1,371,185 |
|
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34(c) |
|
|
3,000 |
|
|
|
1,469,880 |
|
Mission Economic Development Corp., Refunding RB, Senior Lien, Natural Gasoline Project,
AMT, 4.63%, 10/01/31(a)(h) |
|
|
430 |
|
|
|
428,534 |
|
Mission Texas Economic Development Corp., RB, Senior Lien, Natural Gasoline Project, Series B,
AMT, 5.75%, 10/01/31(a) |
|
|
875 |
|
|
|
901,469 |
|
New Hope Cultural Education Facilities Finance Corp., RB, Legacy Midtown Park Project, Series A,
5.50%, 07/01/54 |
|
|
125 |
|
|
|
120,091 |
|
Newark Higher Education Finance Corp., RB, Series
A(a): |
|
|
|
|
|
|
|
|
5.50%, 08/15/35 |
|
|
135 |
|
|
|
140,012 |
|
5.75%, 08/15/45 |
|
|
275 |
|
|
|
285,920 |
|
North Texas Tollway Authority, Refunding RB(h): |
|
|
|
|
|
|
|
|
4.25%, 01/01/49 |
|
|
2,125 |
|
|
|
2,085,900 |
|
5.00%, 01/01/50 |
|
|
430 |
|
|
|
462,607 |
|
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
|
|
|
|
|
|
|
|
Blueridge Transportation Group, AMT, 5.00%, 12/31/55 |
|
|
1,025 |
|
|
|
1,066,215 |
|
LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |
|
|
500 |
|
|
|
532,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,033,879 |
|
Utah 1.2% |
|
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19(b) |
|
|
1,815 |
|
|
|
1,858,215 |
|
|
|
|
|
|
|
|
|
|
Virginia 2.9% |
|
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A: |
|
|
|
|
|
|
|
|
5.00%, 03/01/26 |
|
|
260 |
|
|
|
264,340 |
|
5.13%, 03/01/31 |
|
|
510 |
|
|
|
519,481 |
|
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1,
5.00%, 06/01/47 |
|
|
1,025 |
|
|
|
1,004,182 |
|
Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 07/01/45(a) |
|
|
240 |
|
|
|
244,063 |
|
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 04/01/45 |
|
|
1,000 |
|
|
|
1,018,140 |
|
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project,
AMT, 6.00%, 01/01/37 |
|
|
1,540 |
|
|
|
1,675,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,725,849 |
|
Washington 0.9% |
|
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |
|
|
350 |
|
|
|
374,727 |
|
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A,
5.75%, 01/01/45 |
|
|
1,020 |
|
|
|
1,103,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,477,949 |
|
Wisconsin 1.5% |
|
Public Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
Alabama Proton Therapy Center,
6.25%, 10/01/31(a) |
|
|
290 |
|
|
|
275,935 |
|
Alabama Proton Therapy Center,
7.00%, 10/01/47(a) |
|
|
290 |
|
|
|
276,547 |
|
5.00%, 12/01/45 |
|
|
825 |
|
|
|
836,748 |
|
5.15%, 12/01/50 |
|
|
555 |
|
|
|
564,524 |
|
Public Finance Authority, Refunding RB, Celanese
Project(a): |
|
|
|
|
|
|
|
|
Series C, AMT, 4.30%, 11/01/30 |
|
|
200 |
|
|
|
202,688 |
|
Series D, 4.05%, 11/01/30 |
|
|
200 |
|
|
|
198,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,354,754 |
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 133.6% (Cost $207,649,214) |
|
|
|
214,359,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
|
|
California 3.2% |
|
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series
F-1, 5.63%, 04/01/19(b) |
|
$
|
1,090 |
|
|
$
|
1,108,129 |
|
City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Series B, AMT,
5.00%, 05/15/46 |
|
|
2,700 |
|
|
|
2,912,396 |
|
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds,
5.00%, 10/01/47 |
|
|
495 |
|
|
|
544,334 |
|
San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(b) |
|
|
553 |
|
|
|
567,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,132,588 |
|
Colorado 0.5% |
|
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A,
5.50%, 07/01/34(j) |
|
|
740 |
|
|
|
756,114 |
|
|
|
|
|
|
|
|
|
|
Georgia 0.6% |
|
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation,
4.00%, 08/15/48 |
|
|
1,025 |
|
|
|
1,002,233 |
|
|
|
|
|
|
|
|
|
|
Idaho 1.3% |
|
Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48 |
|
|
2,120 |
|
|
|
2,101,651 |
|
|
|
|
|
|
|
|
|
|
Illinois 2.6% |
|
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41 |
|
|
2,340 |
|
|
|
2,529,715 |
|
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/38 |
|
|
1,498 |
|
|
|
1,621,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,151,468 |
|
Iowa 1.1% |
|
Iowa Finance Authority, Refunding RB, UnityPoint Health, Series E, 4.00%, 08/15/46 |
|
|
1,815 |
|
|
|
1,713,045 |
|
|
|
|
|
|
|
|
|
|
Massachusetts 4.7% |
|
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |
|
|
7,112 |
|
|
|
7,539,643 |
|
|
|
|
|
|
|
|
|
|
New Hampshire 0.4% |
|
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 06/01/19(b)(j) |
|
|
660 |
|
|
|
672,389 |
|
|
|
|
|
|
|
|
|
|
New York 1.1% |
|
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General
Resolution, Series FF-2, 5.50%, 06/15/40 |
|
|
495 |
|
|
|
504,519 |
|
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
|
|
1,215 |
|
|
|
1,341,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,846,454 |
|
North Carolina 1.6% |
|
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B,
5.00%, 10/01/55 |
|
|
1,180 |
|
|
|
1,298,289 |
|
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B
(Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48 |
|
|
1,232 |
|
|
|
1,211,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,509,486 |
|
Ohio 2.9% |
|
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series
A, 5.50%, 01/01/19(b) |
|
|
4,634 |
|
|
|
4,660,891 |
|
|
|
|
|
|
|
|
|
|
Pennsylvania 1.2% |
|
Pennsylvania Turnpike Commission, RB, Sub-Series A,
5.50%, 12/01/42 |
|
|
1,680 |
|
|
|
1,880,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
28 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Rhode Island 1.5% |
|
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47 |
|
$
|
2,447 |
|
|
$
|
2,357,969 |
|
|
|
|
|
|
|
|
|
|
Texas 9.5% |
|
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |
|
|
11,000 |
|
|
|
11,792,083 |
|
County of Harris Texas, RB, Toll Road, Senior Lien, Series
A(j): |
|
|
|
|
|
|
|
|
5.00%, 08/15/19(b) |
|
|
1,202 |
|
|
|
1,225,972 |
|
5.00%, 08/15/38 |
|
|
920 |
|
|
|
937,762 |
|
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |
|
|
1,170 |
|
|
|
1,240,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,196,678 |
|
Virginia 3.5% |
|
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A,
5.50%, 07/01/57(j) |
|
|
2,224 |
|
|
|
2,562,616 |
|
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 |
|
|
2,949 |
|
|
|
3,061,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,624,242 |
|
West Virginia 1.1% |
|
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(j) |
|
|
1,891 |
|
|
|
1,820,496 |
|
|
|
|
|
|
|
|
|
|
Wisconsin 1.2% |
|
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community
Health, Inc., Obligated Group, Series C, 5.25%, 04/01/19(b)(j) |
|
|
1,989 |
|
|
|
2,016,423 |
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to Tender Option
Bond Trusts 38.0% (Cost $60,322,966) |
|
|
|
60,982,412 |
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments 171.6% (Cost $267,972,180) |
|
|
|
275,342,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Shares |
|
|
Value |
|
Short-Term Securities 1.2% |
|
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.45%(k)(l) |
|
|
1,859,335 |
|
|
$
|
1,859,521 |
|
|
|
|
|
|
|
|
|
|
Total Short-Term Securities 1.2% (Cost $1,859,521) |
|
|
|
1,859,521 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 172.8% (Cost $269,831,701) |
|
|
|
277,201,863 |
|
Liabilities in Excess of Other Assets (2.5)% |
|
|
|
(4,031,020 |
) |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(23.2)% |
|
|
|
(37,185,026 |
) |
VRDP Shares at Liquidation Value, Net of Deferred Offering
Costs (47.1)% |
|
|
|
(75,589,227 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
$ |
160,396,590 |
|
|
|
|
|
|
|
(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) |
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) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates
and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(f) |
Issuer filed for bankruptcy and/or is in default. |
(g) |
Non-income producing security. |
(h) |
When-issued security. |
(i) |
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. |
(j) |
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 December 1, 2018 to April 1, 2039, $6,074,475. See Note 4 of the Notes to Financial Statements for details. |
(k) |
Annualized 7-day yield as of period end.
|
(l) |
During the period ended October 31, 2018, 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 04/30/18 |
|
|
Net Activity |
|
|
Shares Held at 10/31/18 |
|
|
Value at 10/31/18 |
|
|
Income |
|
|
Net Realized Gain (Loss) (a) |
|
|
Change in Unrealized Appreciation (Depreciation) |
|
BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
2,374,394 |
|
|
|
(515,059 |
) |
|
|
1,859,335 |
|
|
$ |
1,859,521 |
|
|
$ |
4,469 |
|
|
$ |
228 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes net capital gain distributions, 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 |
|
|
7 |
|
|
|
12/19/18 |
|
|
$ |
829 |
|
|
$ |
5,489 |
|
Long U.S. Treasury Bond |
|
|
35 |
|
|
|
12/19/18 |
|
|
|
4,834 |
|
|
|
97,140 |
|
5-Year U.S. Treasury Note |
|
|
9 |
|
|
|
12/31/18 |
|
|
|
1,011 |
|
|
|
5,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
107,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
|
29 |
|
|
|
|
Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
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) |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
107,864 |
|
|
$ |
|
|
|
$ |
107,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes cumulative appreciation (depreciation) on futures contracts if any, as reported in the Schedule of Investments.
Only current days variation margin is reported within the Statements of Assets and Liabilities. |
|
For the period ended October 31, 2018, 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 |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
145,152 |
|
|
$ |
|
|
|
$ |
145,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
87,997 |
|
|
$ |
|
|
|
$ |
87,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
|
|
|
Futures contracts: |
|
Average notional value of contracts short |
|
$ |
8,897,754 |
|
For more information about the Trusts investment risks regarding derivative financial instruments, refer to the Notes to Financial
Statements.
Fair Value Hierarchy as of Period End
Various inputs are used
in determining the fair value of investments and derivative financial instruments. For information about the Trusts policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Trusts investments and derivative financial instruments categorized in the disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
Investments: |
|
Long-Term Investments(a) |
|
$ |
|
|
|
$ |
275,342,342 |
|
|
$ |
|
|
|
$ |
275,342,342 |
|
Short-Term Securities |
|
|
1,859,521 |
|
|
|
|
|
|
|
|
|
|
|
1,859,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,859,521 |
|
|
$ |
275,342,342 |
|
|
$ |
|
|
|
$ |
277,201,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Financial Instruments
(b) |
|
Assets: |
|
Interest rate contracts |
|
$ |
107,864 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
107,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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 |
|
$ |
|
|
|
$ |
(37,048,279 |
) |
|
$ |
|
|
|
$ |
(37,048,279 |
) |
VRDP Shares at Liquidation Value |
|
|
|
|
|
|
(76,000,000 |
) |
|
|
|
|
|
|
(76,000,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
(113,048,279 |
) |
|
$ |
|
|
|
$ |
(113,048,279 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended October 31, 2018, there were no transfers between levels.
|
|
|
30 |
|
2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
Schedule of Investments (unaudited)
October 31, 2018 |
|
BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Municipal Bonds 98.1% |
|
|
Alabama 0.4% |
|
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 06/01/20 |
|
$ |
1,000 |
|
|
$ |
1,039,910 |
|
Tuscaloosa City Board of Education, RB, 5.00%, 08/01/20 |
|
|
225 |
|
|
|
236,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,275,922 |
|
Alaska 2.0% |
|
City of Valdez Alaska, Refunding RB, BP Pipelines Project: |
|
|
|
|
|
|
|
|
Series B, 5.00%, 01/01/21 |
|
|
3,200 |
|
|
|
3,368,768 |
|
Series C, 5.00%, 01/01/21 |
|
|
2,500 |
|
|
|
2,631,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,000,618 |
|
Arizona 3.2% |
|
City of Phoenix Arizona IDA, RB, Series A,
4.75%, 07/01/19(a) |
|
|
180 |
|
|
|
181,883 |
|
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A: |
|
|
|
|
|
|
|
|
5.00%, 07/01/19(b) |
|
|
5,585 |
|
|
|
5,698,934 |
|
5.00%, 07/01/20 |
|
|
1,300 |
|
|
|
1,359,761 |
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
5.00%, 12/01/18 |
|
|
1,500 |
|
|
|
1,503,390 |
|
5.25%, 12/01/20 |
|
|
1,000 |
|
|
|
1,054,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,798,528 |
|
California 5.7% |
|
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 08/15/20(b) |
|
|
815 |
|
|
|
859,727 |
|
Los Angeles California Unified School District, GO, Series I, 5.00%, 07/01/20 |
|
|
3,750 |
|
|
|
3,826,725 |
|
Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles
International Airport, AMT: |
|
|
|
|
|
|
|
|
5.00%, 01/01/19 |
|
|
540 |
|
|
|
542,662 |
|
5.00%, 01/01/20 |
|
|
550 |
|
|
|
567,518 |
|
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22 |
|
|
1,000 |
|
|
|
1,114,160 |
|
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 05/01/20 |
|
|
10,000 |
|
|
|
10,464,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,375,392 |
|
Colorado 1.3% |
|
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 12/01/20 |
|
|
690 |
|
|
|
730,372 |
|
Series B, 5.00%, 12/01/20 |
|
|
1,335 |
|
|
|
1,413,111 |
|
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 2.70%, 12/01/19(a) |
|
|
493 |
|
|
|
493,552 |
|
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School
Project: |
|
|
|
|
|
|
|
|
4.00%, 08/15/19 |
|
|
125 |
|
|
|
126,622 |
|
4.00%, 08/15/20 |
|
|
150 |
|
|
|
153,876 |
|
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society
Project: |
|
|
|
|
|
|
|
|
4.00%, 12/01/19 |
|
|
555 |
|
|
|
565,301 |
|
4.00%, 12/01/20 |
|
|
580 |
|
|
|
597,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,080,118 |
|
Florida 1.9% |
|
County of Escambia Florida, RB, Gulf Power Co. Project, 1.80%, 04/01/39(c) |
|
|
2,500 |
|
|
|
2,448,625 |
|
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20 |
|
|
1,375 |
|
|
|
1,438,291 |
|
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A,
5.00%, 07/01/20 |
|
|
500 |
|
|
|
522,985 |
|
|
|
|
|
|
|
|
|
|
Security |
|
Par (000) |
|
|
Value |
|
Florida (continued) |
|
Stevens Plantation Community Development District, Special Assessment Bonds, Series B,
6.38%, 05/01/13(d)(e) |
|
$
|
2,980 |
|
|
$
|
1,482,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,892,451 |
|
Georgia 2.2% |
|
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement Life
Communities, Inc. Obligated Group, 5.00%, 11/15/22 |
|
|
6,240 |
|
|
|
6,629,002 |
|
|
|
|
|
|
|
|
|
|
Guam 0.5% |
|
Guam Government Waterworks Authority, RB, 5.25%, 07/01/20 |
|
|
250 |
|
|
|
259,343 |
|
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20 |
|
|
1,190 |
|
|
|
1,246,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,506,177 |
|
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 |
|
|
|
1,317,623 |
|
5.00%, 11/15/20 |
|
|
1,440 |
|
|
|
1,525,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,843,087 |
|
Illinois 13.4% |
|
Chicago Transit Authority, Refunding RB, 5.00%, 06/01/20 |
|
|
1,000 |
|
|
|
1,037,540 |
|
City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, 5.00%, 01/01/20 |
|
|
1,000 |
|
|
|
1,019,670 |
|
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien (AGM): |
|
|
|
|
|
|
|
|
5.00%, 11/01/18(b) |
|
|
4,040 |
|
|
|
4,040,000 |
|
5.00%, 11/01/20 |
|
|
960 |
|
|
|
962,410 |
|
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding, (AGM),
5.25%, 12/01/20 |
|
|
1,000 |
|
|
|
1,058,320 |
|
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%,
06/15/22(f) |
|
|
13,455 |
|
|
|
11,766,263 |
|
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 06/01/20 |
|
|
10,000 |
|
|
|
10,420,200 |
|
State of Illinois, GO |