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: 811-07354
Name of Fund: BlackRock Investment Quality Municipal Trust, Inc. (BKN)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Investment Quality Municipal Trust, Inc., 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2014
Date of reporting period: 10/31/2013
Item 1 – Report to Stockholders
SEMI-ANNUAL REPORT (UNAUDITED) |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Table of Contents
Page | ||||||
Dear Shareholder |
3 | |||||
Semi-Annual Report: |
||||||
Municipal Market Overview |
4 | |||||
The
Benefits and Risks of Leveraging |
5 | |||||
Derivative Financial Instruments |
5 | |||||
Trust Summaries |
6 | |||||
Financial Statements |
||||||
Schedules of Investments |
18 | |||||
Statements of Assets and Liabilities |
50 | |||||
Statements of Operations |
51 | |||||
Statements of Changes in Net Assets |
52 | |||||
Statements of Cash Flows |
54 | |||||
Financial Highlights |
55 | |||||
Notes to Financial Statements |
61 | |||||
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |
71 | |||||
Officers and Trustees |
75 | |||||
Additional Information |
76 |
2 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Dear Shareholder |
“Though periods of heightened uncertainty drove high levels of market volatility over the past year, riskier asset classes generally outperformed lower-risk investments.” |
President, BlackRock Advisors, LLC
6-month | 12-month | |||||||||
US
large cap equities (S&P 500® Index) |
11.14 | % | 27.18 | % | ||||||
US
small cap equities (Russell 2000® Index) |
16.90 | 36.28 | ||||||||
International equities (MSCI Europe, Australasia, Far East Index) |
8.53 | 26.88 | ||||||||
Emerging market equities (MSCI Emerging Markets Index) |
1.18 | 6.53 | ||||||||
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index) |
0.03 | 0.09 | ||||||||
US
Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) |
(6.07 | ) | (4.64 | ) | ||||||
US
investment grade bonds (Barclays US Aggregate Bond Index) |
(1.97 | ) | (1.08 | ) | ||||||
Tax-exempt municipal bonds (S&P Municipal Bond Index) |
(3.63 | ) | (1.69 | ) | ||||||
US
high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index) |
1.50 | 8.86 |
THIS PAGE NOT PART OF YOUR FUND
REPORT |
3 |
Municipal Market Overview |
For the Reporting Period Ended October 31, 2013
Municipal Market Conditions
Toward the end of 2012, municipal bond supply was met with robust demand as investors were starved for yield in the low-rate, low-return environment and uncertainty around the Presidential election and fiscal policy decisions highlighted the appeal of the relatively stable asset class. Investors poured into municipal bond mutual funds, favoring long-duration and high-yield funds as they tend to provide higher levels of income.
S&P Municipal Bond Index Total Returns as of October 31, 2013 6 months: (3.63)% 12 months: (1.69)% |
4 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
The Benefits and Risks of Leveraging |
|
Percent of Economic Leverage |
|||||
BKN
|
38% | |||||
BTA |
35% | |||||
BKK
|
26% | |||||
BFK
|
40% | |||||
BPS
|
38% | |||||
BSD
|
40% |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 5 |
Trust Summary as of October 31, 2013 | BlackRock Investment
Quality Municipal Trust Inc. |
Trust Overview
Performance
• |
For the six-month period ended October 31, 2013, the Trust returned (8.15)% based on market price and (9.63)% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of (13.60)% based on market price and (9.18)% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
• |
As tax-exempt municipal rates increased over the six-month period, the Trust’s duration exposure (sensitivity to interest rate movements) had a negative impact on performance. (Bond prices fall when rates rise.) Concentrated exposure on the long-end of the yield curve was detrimental as rates increased more in the long-end than in the short-end of the curve. Leverage on the Trust’s assets amplified the negative effect of rising rates on the Trust’s performance. The Trust’s modest exposure to Puerto Rico Sales Tax Revenue Bonds also detracted from results as credit spreads on most of Puerto Rico’s debt widened materially during the period due to investors’ lack of confidence and a weak local economy. The Trust’s holdings of zero-coupon bonds, which have longer durations for their respective maturities, hurt returns for the period. |
Trust Information
Symbol on New York Stock Exchange (“NYSE”) |
BKN |
|||||
Initial Offering Date |
February 19, 1993 |
|||||
Yield on Closing Market Price as of October 31, 2013 ($14.30)1 |
6.71% |
|||||
Tax
Equivalent Yield2 |
11.86% |
|||||
Current Monthly Distribution per Common Share3 |
$0.08 |
|||||
Current Annualized Distribution per Common Share3 |
$0.96 |
|||||
Economic Leverage as of October 31, 20134 |
38% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
6 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
BlackRock Investment
Quality Municipal Trust Inc. |
Market Price and Net Asset Value Per Share Summary
|
10/31/13 |
|
4/30/13 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 14.30 | $ | 16.11 | (11.24 | )% | $ | 16.24 | $ | 12.99 | ||||||||||||
Net Asset Value |
$ | 14.28 | $ | 16.35 | (12.66 | )% | $ | 16.41 | $ | 13.41 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trust’s Long-Term Investments
Sector Allocation |
|
10/31/13 |
|
4/30/13 |
||||||
Health |
27 | % | 27 | % | ||||||
County/City/Special District/School District |
18 | 20 | ||||||||
Transportation |
13 | 12 | ||||||||
Utilities |
12 | 11 | ||||||||
Education |
10 | 11 | ||||||||
State |
10 | 11 | ||||||||
Corporate |
6 | 4 | ||||||||
Tobacco |
2 | 2 | ||||||||
Housing |
2 | 2 |
Credit Quality
Allocation1 |
|
10/31/13 |
|
4/30/13 |
||||||
AAA/Aaa |
3 | % | 3 | % | ||||||
AA/Aa |
35 | 35 | ||||||||
A |
41 | 36 | ||||||||
BBB/Baa |
12 | 17 | ||||||||
BB/Ba |
2 | 2 | ||||||||
Not Rated2 |
7 | 7 |
1 | Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of October 31, 2013 and April 30, 2013, the market value of these securities was $12,935,137, representing 3%, and $18,641,489, representing 4%, respectively, of the Trust’s long-term investments. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2013 |
4 | % | ||||||
2014 |
4 | |||||||
2015 |
5 | |||||||
2016 |
5 | |||||||
2017 |
3 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 7 |
Trust Summary as of October 31, 2013 | BlackRock Long-Term
Municipal Advantage Trust |
Trust Overview
Performance
• |
For the six-month period ended October 31, 2013, the Trust returned (14.01)% based on market price and (8.78)% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of (13.60)% based on market price and (9.18)% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
• |
As tax-exempt municipal rates increased over the six-month period, the Trust’s duration exposure (sensitivity to interest rate movements) had a negative impact on performance. (Bond prices fall when rates rise.) Exposure to bonds with long maturities was detrimental as rates increased more in the long-end than in the short-end of the curve. Leverage on the Trust’s assets amplified the negative effect of rising rates on the Trust’s performance. Holdings of bonds rated low-quality investment grade and non-investment grade posted significant losses. The Trust’s modest exposure to Puerto Rico Sales Tax Revenue Bonds also detracted from results as credit spreads on most of Puerto Rico’s debt widened materially during the period due to investors’ lack of confidence and a weak local economy. Modest exposure to tobacco bonds was another notable source of negative performance. |
Trust Information
Symbol on NYSE |
BTA |
|||||
Initial Offering Date |
February 28, 2006 |
|||||
Yield on Closing Market Price as of October 31, 2013 ($10.38)1 |
7.17% |
|||||
Tax
Equivalent Yield2 |
12.67% |
|||||
Current Monthly Distribution per Common Share3 |
$0.062 |
|||||
Current Annualized Distribution per Common Share3 |
$0.744 |
|||||
Economic Leverage as of October 31, 20134 |
35% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
8 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
BlackRock Long-Term
Municipal Advantage Trust |
Market Price and Net Asset Value Per Share Summary
|
10/31/13 |
|
4/30/13 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 10.38 | $ | 12.50 | (16.96 | )% | $ | 12.55 | $ | 9.86 | ||||||||||||
Net Asset Value |
$ | 11.32 | $ | 12.85 | (11.91 | )% | $ | 12.88 | $ | 10.77 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trust’s Long-Term Investments
Sector Allocation |
|
10/31/13 |
|
4/30/13 |
||||||
Health |
27 | % | 17 | % | ||||||
Transportation |
17 | 16 | ||||||||
Education |
16 | 19 | ||||||||
Utilities |
15 | 17 | ||||||||
County/City/Special District/School District |
8 | 14 | ||||||||
State |
6 | 7 | ||||||||
Corporate |
6 | 4 | ||||||||
Housing |
3 | 3 | ||||||||
Tobacco |
2 | 3 |
Credit Quality
Allocation1 |
|
10/31/13 |
|
4/30/13 |
||||||
AAA/Aaa |
19 | % | 21 | % | ||||||
AA/Aa |
44 | 48 | ||||||||
A |
20 | 17 | ||||||||
BBB/Baa |
7 | 7 | ||||||||
BB/Ba |
3 | 1 | ||||||||
B |
1 | 1 | ||||||||
Not Rated2 |
6 | 5 |
1 | Using the higher of S&P’s or Moody’s ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of October 31, 2013 and April 30, 2013, the market value of these securities was $1,092,462 and $1,277,033, each representing less than 1%, respectively, of the Trust’s long-term investments. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2013 |
2 | % | ||||||
2014 |
2 | |||||||
2015 |
8 | |||||||
2016 |
17 | |||||||
2017 |
3 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 9 |
Trust Summary as of October 31, 2013 | BlackRock Municipal 2020
Term Trust |
Trust Overview
Performance
• |
For the six-month period ended October 31, 2013, the Trust returned (0.73)% based on market price and (2.52)% based on NAV. For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of (8.41)% based on market price and (5.21)% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
• |
As tax-exempt municipal rates increased over the six-month period, the Trust’s duration exposure (sensitivity to interest rate movements) had a negative impact on performance. (Bond prices fall when rates rise.) Leverage on the Trust’s assets amplified the negative effect of rising rates on the Trust’s performance. The Trust’s modest exposure to Puerto Rico Sales Tax Revenue Bonds also detracted from results as credit spreads on most of Puerto Rico’s debt widened materially during the period due to investors’ lack of confidence and a weak local economy. |
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, 2013 ($16.14)1 |
4.63% |
|||||
Tax
Equivalent Yield2 |
8.18% |
|||||
Current Monthly Distribution per Common Share3 |
$0.06225 |
|||||
Current Annualized Distribution per Common Share3 |
$0.74700 |
|||||
Economic Leverage as of October 31, 20134 |
26% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents AMPS and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to AMPS and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
10 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
BlackRock Municipal 2020
Term Trust |
Market Price and Net Asset Value Per Share Summary
|
10/31/13 |
|
4/30/13 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 16.14 | $ | 16.64 | (3.00 | )% | $ | 17.08 | $ | 15.75 | ||||||||||||
Net Asset Value |
$ | 16.05 | $ | 16.85 | (4.75 | )% | $ | 16.87 | $ | 15.65 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trust’s Long-Term Investments
Sector Allocation |
|
10/31/13 |
|
4/30/13 |
||||||
Transportation |
19 | % | 16 | % | ||||||
State |
17 | 14 | ||||||||
Utilities |
14 | 15 | ||||||||
Corporate |
14 | 12 | ||||||||
Health |
10 | 14 | ||||||||
County/City/Special District/School District |
10 | 13 | ||||||||
Education |
7 | 5 | ||||||||
Housing |
5 | 5 | ||||||||
Tobacco |
4 | 6 |
Credit Quality
Allocation1 |
|
10/31/13 |
|
4/30/13 |
||||||
AAA/Aaa |
11 | % | 11 | % | ||||||
AA/Aa |
20 | 23 | ||||||||
A |
43 | 37 | ||||||||
BBB/Baa |
18 | 18 | ||||||||
BB/Ba |
1 | 1 | ||||||||
Not Rated2 |
7 | 10 |
1 | Using the higher of S&P’s or Moody’s ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of October 31, 2013 and April 30, 2013, the market value of these securities was $5,031,665, representing 1%, and $19,936,315, representing 4%, respectively, of the Trust’s long-term investments. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2013 |
10 | % | ||||||
2014 |
5 | |||||||
2015 |
4 | |||||||
2016 |
10 | |||||||
2017 |
4 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 11 |
Trust Summary as of October 31, 2013 | BlackRock Municipal
Income Trust |
Trust Overview
Performance
• |
For the six-month period ended October 31, 2013, the Trust returned (10.87)% based on market price and (10.73)% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of (13.60)% based on market price and (9.18)% based on NAV. All returns reflect reinvestment of dividends. The Trust began the period trading at neither a premium to NAV nor a discount and moved to discount by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
• |
As tax-exempt municipal rates increased over the six-month period, the Trust’s duration exposure (sensitivity to interest rate movements) had a negative impact on performance. (Bond prices fall when rates rise.) Exposure to bonds with long maturities was detrimental as rates increased more in the long-end than in the short-end of the curve. Leverage on the Trust’s assets amplified the negative effect of rising rates on the Trust’s performance. Holdings of bonds rated low-quality investment grade and non-investment grade posted significant losses. The Trust’s modest exposure to Puerto Rico Sales Tax Revenue Bonds also detracted from results as credit spreads on most of Puerto Rico’s debt widened materially during the period due to investors’ lack of confidence and a weak local economy. Modest exposure to tobacco bonds was another notable source of negative performance. |
Trust Information
Symbol on NYSE |
BFK |
|||||
Initial Offering Date |
July 27, 2001 |
|||||
Yield on Closing Market Price as of October 31, 2013 ($13.26)1 |
6.80% |
|||||
Tax
Equivalent Yield2 |
12.01% |
|||||
Current Monthly Distribution per Common Share3 |
$0.0751 |
|||||
Current Annualized Distribution per Common Share3 |
$0.9012 |
|||||
Economic Leverage as of October 31, 20134 |
40% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
12 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
BlackRock Municipal
Income Trust |
Market Price and Net Asset Value Per Share Summary
|
10/31/13 |
|
4/30/13 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 13.26 | $ | 15.40 | (13.90 | )% | $ | 15.58 | $ | 12.13 | ||||||||||||
Net Asset Value |
$ | 13.28 | $ | 15.40 | (13.77 | )% | $ | 15.44 | $ | 12.58 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trust’s Long-Term Investments
Sector Allocation |
|
10/31/13 |
|
4/30/13 |
||||||
Transportation |
22 | % | 22 | % | ||||||
Health |
17 | 19 | ||||||||
Utilities |
17 | 15 | ||||||||
County/City/Special District/School District |
11 | 11 | ||||||||
Corporate |
10 | 9 | ||||||||
State |
9 | 12 | ||||||||
Education |
8 | 7 | ||||||||
Tobacco |
4 | 3 | ||||||||
Housing |
2 | 2 |
Credit Quality
Allocation1 |
|
10/31/13 |
|
4/30/13 |
||||||
AAA/Aaa |
10 | % | 10 | % | ||||||
AA/Aa |
35 | 35 | ||||||||
A |
29 | 27 | ||||||||
BBB/Baa |
14 | 17 | ||||||||
BB/Ba |
3 | 1 | ||||||||
B |
2 | 2 | ||||||||
Not Rated2 |
7 | 8 |
1 | Using the higher of S&P’s or Moody’s ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of October 31, 2013 and April 30, 2013, the market value of these securities was $12,804,330, representing 1%, and $31,712,268, representing 3%, respectively, of the Trust’s long-term investments. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2013 |
7 | % | ||||||
2014 |
2 | |||||||
2015 |
2 | |||||||
2016 |
7 | |||||||
2017 |
4 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 13 |
Trust Summary as of October 31, 2013 | BlackRock Pennsylvania
Strategic Municipal Trust |
Trust Overview
Performance
• |
For the six-month period ended October 31, 2013, the Trust returned (18.59)% based on market price and (10.65)% based on NAV. For the same period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of (13.66)% based on market price and (8.29)% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
• |
As tax-exempt municipal rates increased over the six-month period, the Trust’s duration exposure (sensitivity to interest rate movements) had a negative impact on performance. (Bond prices fall when rates rise.) Exposure to the long-end of the yield curve was detrimental as rates increased more in the long-end than in the short-end of the curve. Leverage on the Trust’s assets amplified the negative effect of rising rates on the Trust’s performance. The Trust’s modest exposure to Puerto Rico Sales Tax Revenue Bonds also detracted from results as credit spreads on most of Puerto Rico’s debt widened materially during the period due to investors’ lack of confidence and a weak local economy. |
• |
Short positions in US Treasury futures contracts, as a hedge against rising interest rates, had a positive impact on the Trust’s performance for the period. |
Trust Information
Symbol on NYSE MKT |
BPS |
|||||
Initial Offering Date |
August 25, 1999 |
|||||
Yield on Closing Market Price as of October 31, 2013 ($11.86)1 |
6.58% |
|||||
Tax
Equivalent Yield2 |
11.99% |
|||||
Current Monthly Distribution per Common Share3 |
$0.065 |
|||||
Current Annualized Distribution per Common Share3 |
$0.780 |
|||||
Economic Leverage as of October 31, 20134 |
38% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal and state tax rate of 45.14%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
14 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
BlackRock Pennsylvania
Strategic Municipal Trust |
Market Price and Net Asset Value Per Share Summary
|
10/31/13 |
|
4/30/13 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 11.86 | $ | 15.04 | (21.14 | )% | $ | 15.69 | $ | 11.13 | ||||||||||||
Net Asset Value |
$ | 13.37 | $ | 15.45 | (13.46 | )% | $ | 15.51 | $ | 12.64 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trust’s Long-Term Investments
Sector Allocation |
|
10/31/13 |
|
4/30/13 |
||||||
Health |
27 | % | 29 | % | ||||||
Education |
18 | 16 | ||||||||
State |
16 | 17 | ||||||||
Transportation |
13 | 13 | ||||||||
Housing |
10 | 10 | ||||||||
County/City/Special District/School District |
10 | 7 | ||||||||
Corporate |
4 | 3 | ||||||||
Utilities |
2 | 5 |
Credit Quality
Allocation1 |
|
10/31/13 |
|
4/30/13 |
||||||
AAA/Aaa |
2 | % | 1 | % | ||||||
AA/Aa |
64 | 62 | ||||||||
A |
25 | 27 | ||||||||
BBB/Baa |
8 | 8 | ||||||||
Not Rated2 |
1 | 2 |
1 | Using the higher of S&P’s or Moody’s ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of October 31, 2013 and April 30, 2013, the market value of these securities was $527,561 and $561,020, each representing 1%, respectively, of the Trust’s long-term investments. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2013 |
— | |||||||
2014 |
2 | % | ||||||
2015 |
3 | |||||||
2016 |
5 | |||||||
2017 |
3 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 15 |
Trust Summary as of October 31, 2013 | BlackRock Strategic
Municipal Trust |
Trust Overview
Performance
• |
For the six-month period ended October 31, 2013, the Trust returned (13.59)% based on market price and (10.73)% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of (13.60)% based on market price and (9.18)% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
• |
As tax-exempt municipal rates increased over the six-month period, the Trust’s duration exposure (sensitivity to interest rate movements) had a negative impact on performance. (Bond prices fall when rates rise.) Exposure to bonds with long maturities was detrimental as rates increased more in the long-end than in the short-end of the curve. Leverage on the Trust’s assets amplified the negative effect of rising rates on the Trust’s performance. Holdings of bonds rated low-quality investment grade and non-investment grade posted significant losses. The Trust’s modest exposure to Puerto Rico Sales Tax Revenue Bonds also detracted from results as credit spreads on most of Puerto Rico’s debt widened materially during the period due to investors’ lack of confidence and a weak local economy. Modest exposure to tobacco bonds was another notable source of negative performance. |
Trust Information
Symbol on NYSE |
BSD |
|||||
Initial Offering Date |
August 25, 1999 |
|||||
Yield on Closing Market Price as of October 31, 2013 ($12.49)1 |
7.11% |
|||||
Tax
Equivalent Yield2 |
12.56% |
|||||
Current Monthly Distribution per Common Share3 |
$0.074 |
|||||
Current Annualized Distribution per Common Share3 |
$0.888 |
|||||
Economic Leverage as of October 31, 20134 |
40% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
16 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
BlackRock Strategic
Municipal Trust |
Market Price and Net Asset Value Per Share Summary
|
10/31/13 |
|
4/30/13 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 12.49 | $ | 14.97 | (16.57 | )% | $ | 15.08 | $ | 11.66 | ||||||||||||
Net Asset Value |
$ | 13.17 | $ | 15.28 | (13.81 | )% | $ | 15.33 | $ | 12.38 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trust’s Long-Term Investments
Sector Allocation |
|
10/31/13 |
|
4/30/13 |
||||||
Transportation |
23 | % | 23 | % | ||||||
Health |
21 | 22 | ||||||||
Utilities |
14 | 12 | ||||||||
County/City/Special District/School District |
11 | 11 | ||||||||
State |
10 | 13 | ||||||||
Education |
10 | 9 | ||||||||
Corporate |
8 | 8 | ||||||||
Tobacco |
3 | 2 |
Credit Quality
Allocation1 |
|
10/31/13 |
|
4/30/13 |
||||||
AAA/Aaa |
13 | % | 13 | % | ||||||
AA/Aa |
34 | 37 | ||||||||
A |
29 | 24 | ||||||||
BBB/Baa |
11 | 16 | ||||||||
BB/Ba |
4 | 2 | ||||||||
B |
2 | 1 | ||||||||
Not Rated2 |
7 | 7 |
1 | Using the higher of S&P’s or Moody’s ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of October 31, 2013 and April 30, 2013, the market value of these securities was $4,360,833 and $5,654,223, each representing 3%, respectively, of the Trust’s long-term investments. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2013 |
3 | % | ||||||
2014 |
2 | |||||||
2015 |
3 | |||||||
2016 |
5 | |||||||
2017 |
1 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 17 |
Schedule of Investments October 31, 2013 (Unaudited) | BlackRock Investment
Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Alabama — 2.2% |
||||||||||
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC): |
||||||||||
6.00%, 6/01/34 |
$ | 1,745 | $ | 1,958,746 | ||||||
6.00%, 6/01/39 |
500 | 561,245 | ||||||||
City of Hoover Alabama Board of Education, Refunding, Special Tax, Capital Outlay Warrants, 4.25%, 2/15/40 |
3,050 | 2,951,241 | ||||||||
5,471,232 | ||||||||||
Arizona — 7.9% |
||||||||||
Arizona Board of Regents, RB, Arizona State University, Series C, 5.50%, 7/01/26 |
475 | 541,329 | ||||||||
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 2/01/42 |
3,300 | 3,024,780 | ||||||||
County of Pima Arizona IDA, Refunding, IDRB, Tucson Electric Power Co. Project, Remarketing, Series B, 5.75%, 9/01/29 |
1,375 | 1,401,152 | ||||||||
County of Pinal Electric District No. 3, Refunding RB, Electric System, 4.75%, 7/01/31 |
3,750 | 3,788,175 | ||||||||
Salt Verde Financial Corp., RB, Senior: |
||||||||||
5.00%, 12/01/32 |
1,035 | 1,045,133 | ||||||||
5.00%, 12/01/37 |
4,585 | 4,603,982 | ||||||||
San
Luis Facility Development Corp., RB, Senior Lien Project, Regional Detention Center Project: |
||||||||||
6.25%, 5/01/15 |
210 | 204,845 | ||||||||
7.00%, 5/01/20 |
490 | 445,415 | ||||||||
7.25%, 5/01/27 |
980 | 787,606 | ||||||||
State of Arizona, COP, Department of Administration, Series A (AGM), 5.00%, 10/01/29 |
1,100 | 1,155,044 | ||||||||
University Medical Center Corp. Arizona, RB, 6.50%, 7/01/39 |
750 | 807,150 | ||||||||
University Medical Center Corp. Arizona, Refunding RB, 6.00%, 7/01/39 |
1,600 | 1,657,440 | ||||||||
19,462,051 | ||||||||||
California — 24.5% |
||||||||||
California County Tobacco Securitization Agency, RB, CAB, Stanislaus, Sub-Series C, 12.13%, 6/01/55 (a) |
7,090 | 52,962 | ||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 8/15/31 |
2,300 | 2,617,170 | ||||||||
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34 (b) |
1,500 | 1,161,405 | ||||||||
City of Manteca California, Refunding RB, Sewer System, 4.00%, 12/01/33 |
1,000 | 957,290 | ||||||||
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34 |
3,000 | 3,179,910 | ||||||||
Dinuba California Unified School District, GO, Election of 2006 (AGM): |
||||||||||
5.63%, 8/01/31 |
250 | 265,520 | ||||||||
5.75%, 8/01/33 |
535 | 567,672 | ||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
California (concluded) |
||||||||||
Foothill-Eastern Transportation Corridor Agency, Refunding RB: |
||||||||||
5.75%, 1/15/40 |
$ | 3,495 | $ | 3,402,452 | ||||||
CAB, 5.88%, 1/15/28 |
7,000 | 7,034,440 | ||||||||
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 8/01/34 (b) |
2,475 | 1,690,202 | ||||||||
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 5.85%, 8/01/38 (a) |
12,000 | 2,893,920 | ||||||||
Palomar Community College District, GO, CAB, Election of 2006, Series B: |
||||||||||
5.19%, 8/01/30 (a) |
2,270 | 962,276 | ||||||||
5.85%, 8/01/33 (a) |
4,250 | 1,361,403 | ||||||||
0.00%, 8/01/39 (b) |
3,000 | 1,620,600 | ||||||||
Sacramento County California, ARB, Senior Series A, 5.00%, 7/01/41 |
2,100 | 2,121,924 | ||||||||
San
Diego Community College District, GO, CAB, Election of 2002, 0.00%, 8/01/33 (b) |
4,200 | 3,272,808 | ||||||||
San
Jose California Evergreen Community College District, GO, Election of 2010, Series B, 3.50%, 8/01/32 |
1,800 | 1,581,498 | ||||||||
State of California, GO, Refunding, Various Purpose: |
||||||||||
5.00%, 2/01/38 |
2,000 | 2,061,100 | ||||||||
(NPFGC), 5.00%, 6/01/37 |
5,000 | 5,134,950 | ||||||||
State of California, GO, Various Purpose: |
||||||||||
5.75%, 4/01/31 |
3,000 | 3,352,290 | ||||||||
6.00%, 3/01/33 |
2,270 | 2,654,334 | ||||||||
6.50%, 4/01/33 |
2,900 | 3,453,378 | ||||||||
5.50%, 3/01/40 |
3,650 | 3,955,542 | ||||||||
(CIFG), 5.00%, 3/01/33 |
4,485 | 4,647,133 | ||||||||
60,002,179 | ||||||||||
Colorado — 0.3% |
||||||||||
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax (AGM), 6.00%,
12/01/38 |
750 | 801,615 | ||||||||
Connecticut — 0.8% |
||||||||||
Connecticut State Health & Educational Facility Authority, Refunding RB: |
||||||||||
Hartford Healthcare, Series A, 5.00%, 7/01/32 |
1,000 | 1,004,360 | ||||||||
Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36 |
950 | 963,224 | ||||||||
1,967,584 | ||||||||||
Delaware — 0.8% |
||||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40 |
1,800 | 1,851,174 | ||||||||
Florida — 12.4% |
||||||||||
County of Hillsborough Florida IDA, RB, National Gypsum Co., AMT, Series A, 7.13%, 4/01/30 |
3,700 | 3,710,471 |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: | AGC
|
Assured Guarantee Corp.
|
HFA
|
Housing Finance Agency
|
AGM
|
Assured Guaranty Municipal Corp.
|
HRB
|
Housing Revenue Bonds
|
|
AMBAC
|
American Municipal Bond Assurance Corp.
|
IDA
|
Industrial Development Authority
|
|
AMT
|
Alternative Minimum Tax (subject to)
|
IDB
|
Industrial Development Board
|
|
ARB
|
Airport Revenue Bonds
|
IDRB
|
Industrial Development Revenue Bonds
|
|
CAB
|
Capital Appreciation Bonds
|
ISD
|
Independent School District
|
|
CIFG
|
CDC IXIS Financial Guaranty
|
LOC
|
Letter of Credit
|
|
COP
|
Certificates of Participation
|
M/F
|
Multi-Family
|
|
EDA
|
Economic Development Authority
|
NPFGC
|
National Public Finance Guarantee Corp.
|
|
EDC
|
Economic Development Corp.
|
PILOT
|
Payment in Lieu of Taxes
|
|
ERB
|
Education Revenue Bonds
|
RB
|
Revenue Bonds
|
|
GARB
|
General Airport Revenue Bonds
|
S/F
|
Single-Family
|
|
GO
|
General Obligation Bonds
|
SAN
|
State Aid Notes
|
|
HDA
|
Housing Development Authority
|
VRDN
|
Variable Rate Demand Notes
|
18 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (continued) | BlackRock Investment
Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Florida (concluded) |
||||||||||
County of Lee Florida, Refunding ARB, Series A, AMT (AGM), 5.00%, 10/01/28 |
$ | 3,000 | $ | 3,085,530 | ||||||
County of Miami-Dade, RB (a): |
||||||||||
CAB, Sub-Series A (NPFGC), 5.51%, 10/01/32 |
4,225 | 1,511,071 | ||||||||
CAB, Sub-Series A (NPFGC), 5.55%, 10/01/33 |
4,000 | 1,344,440 | ||||||||
CAB, Sub-Series A (NPFGC), 5.59%, 10/01/34 |
4,580 | 1,445,585 | ||||||||
CAB, Sub-Series A (NPFGC), 5.62%, 10/01/35 |
5,000 | 1,483,950 | ||||||||
CAB, Subordinate Special Obligation, 5.80%, 10/01/32 |
5,000 | 1,695,350 | ||||||||
CAB, Subordinate Special Obligation, 5.85%, 10/01/33 |
15,375 | 4,876,028 | ||||||||
Series B, AMT, 6.00%, 10/01/32 |
3,000 | 3,172,050 | ||||||||
Orange County Florida Tourist Development Tax Revenue, Refunding RB, 4.75%, 10/01/32 |
5,000 | 5,018,700 | ||||||||
Orange County Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/32 |
200 | 195,030 | ||||||||
Sumter Landing Community Development District Florida, RB, Sub-Series B, 5.70%, 10/01/38 |
3,405 | 2,796,867 | ||||||||
30,335,072 | ||||||||||
Georgia — 0.6% |
||||||||||
Milledgeville & Baldwin County Development Authority, RB, Georgia College & State University
Foundation, 6.00%, 9/01/14 (c) |
1,500 | 1,587,675 | ||||||||
Hawaii — 0.2% |
||||||||||
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose, Senior Living, Kahala Nui,
5.25%, 11/15/37 |
600 | 602,130 | ||||||||
Idaho — 1.2% |
||||||||||
Idaho Health Facilities Authority, Refunding RB, Trinity Health Group, Series B, 6.25%,
12/01/33 |
2,500 | 2,836,725 | ||||||||
Illinois — 11.9% |
||||||||||
Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
1,000 | 1,016,410 | ||||||||
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 1/01/20 (d) |
5,000 | 6,392,800 | ||||||||
City of Chicago Illinois O’Hare International Airport, Refunding ARB, Passenger Facility Charge, Series B, AMT, 4.00%,
1/01/29 |
6,000 | 5,390,760 | ||||||||
Illinois Finance Authority, RB: |
||||||||||
Northwestern Memorial Hospital, Series A, 5.50%, 8/15/14 (c) |
3,000 | 3,125,700 | ||||||||
Rush University Medical Center, Series C, 6.63%, 11/01/39 |
1,200 | 1,330,416 | ||||||||
Illinois Finance Authority, Refunding RB: |
||||||||||
Friendship Village Schaumburg, Series A, 5.63%, 2/15/37 |
345 | 303,559 | ||||||||
OSF Healthcare System, Series A, 6.00%, 5/15/39 |
1,490 | 1,610,988 | ||||||||
Roosevelt University Project, 6.50%, 4/01/44 |
1,500 | 1,550,340 | ||||||||
Railsplitter Tobacco Settlement Authority, RB: |
||||||||||
6.25%, 6/01/24 |
6,000 | 6,511,980 | ||||||||
6.00%, 6/01/28 |
1,700 | 1,822,740 | ||||||||
29,055,693 | ||||||||||
Indiana — 0.5% |
||||||||||
Indiana Finance Authority, Refunding RB, US Steel Corp. Project, 6.00%, 12/01/26 |
1,350 | 1,314,185 | ||||||||
Iowa — 1.6% |
||||||||||
Iowa Higher Education Loan Authority, RB, Private College Facility, Buena Vista University Project, 5.00%, 4/01/31 |
1,355 | 1,401,585 | ||||||||
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility, Upper Iowa University Project: |
||||||||||
5.75%, 9/01/30 |
965 | 1,008,657 | ||||||||
6.00%, 9/01/39 |
1,500 | 1,559,700 | ||||||||
3,969,942 | ||||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
Kansas — 0.5% |
||||||||||
Kansas Development Finance Authority, Refunding RB, Sisters of Leavenworth, Series A, 5.00%,
1/01/28 |
$ | 1,155 | $ | 1,211,075 | ||||||
Kentucky — 4.5% |
||||||||||
Kentucky Economic Development Finance Authority, RB, 5.38%, 1/01/40 (e) |
2,750 | 2,776,537 | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 4.26%, 10/01/23 (a) |
8,500 | 5,597,335 | ||||||||
Louisville & Jefferson County Metropolitan Government, Refunding RB, Jewish Hospital & St. Mary’s Healthcare, 6.13%, 2/01/18
(c) |
2,250 | 2,733,975 | ||||||||
11,107,847 | ||||||||||
Louisiana — 2.3% |
||||||||||
Lafayette Public Trust Financing Authority, Refunding RB, Ragin’ Cajun Facilities, Inc. Project (AGM), 3.75%, 10/01/32 |
530 | 477,710 | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB: |
||||||||||
Parish of Plaquemines Project (AGM), 4.00%, 9/01/42 |
395 | 335,853 | ||||||||
Westlake Chemical Corp. Projects, Series A-1, 6.50%, 11/01/35 |
1,565 | 1,685,004 | ||||||||
Louisiana Public Facilities Authority, RB: |
||||||||||
Belle Chasse Educational Foundation Project, 6.50%, 5/01/31 |
600 | 640,266 | ||||||||
Cleco Power LLC Project, Series B, 4.25%, 12/01/38 |
2,100 | 1,867,950 | ||||||||
Terrebonne Levee & Conservation District, RB, Sales Tax, 4.25%, 7/01/32 |
575 | 558,164 | ||||||||
5,564,947 | ||||||||||
Maryland — 2.0% |
||||||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |
895 | 931,283 | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Doctor’s Community Hospital, 5.63%, 7/01/30 |
4,100 | 4,012,916 | ||||||||
4,944,199 | ||||||||||
Michigan — 4.9% |
||||||||||
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38 |
1,875 | 2,124,150 | ||||||||
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32 |
5,250 | 4,650,923 | ||||||||
Michigan Technological University, Refunding RB, General, Series A, 4.00%, 10/01/30 |
1,930 | 1,827,459 | ||||||||
Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 |
2,750 | 3,307,920 | ||||||||
11,910,452 | ||||||||||
Minnesota — 1.5% |
||||||||||
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38 |
2,250 | 2,579,018 | ||||||||
University of Minnesota, RB, Biomedical Science Research Facilities, Series C: |
||||||||||
4.00%, 8/01/31 |
520 | 514,706 | ||||||||
4.13%, 8/01/32 |
480 | 480,182 | ||||||||
3,573,906 | ||||||||||
Mississippi — 3.5% |
||||||||||
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35 |
600 | 586,476 | ||||||||
Mississippi Development Bank, RB, Special Obligation: |
||||||||||
CAB, Hinds Community College District (AGM), 5.00%, 4/01/36 |
1,910 | 1,957,483 | ||||||||
Jackson County Limited Tax Note (AGC), 5.50%, 7/01/32 |
2,655 | 2,817,672 |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 19 |
Schedule of Investments (continued) | BlackRock Investment
Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Mississippi (concluded) |
||||||||||
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36 |
$ | 3,150 | $ | 3,319,564 | ||||||
8,681,195 | ||||||||||
Missouri — 2.8% |
||||||||||
Missouri Development Finance Board, RB: |
||||||||||
Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41 |
1,350 | 1,352,646 | ||||||||
St. Joseph Sewage System Improvements, Series E, 5.25%, 5/01/31 |
620 | 626,113 | ||||||||
Missouri Development Finance Board, Refunding RB, Electric System Projects, Series F, 4.00%, 6/01/32 |
2,000 | 1,827,700 | ||||||||
Missouri State Health & Educational Facilities Authority, RB: |
||||||||||
A.T. Still University of Health Sciences, 5.25%, 10/01/31 |
500 | 524,725 | ||||||||
Heartland Regional Medical Center, 4.13%, 2/15/43 |
1,530 | 1,291,014 | ||||||||
Missouri State Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/38 |
1,200 | 1,205,616 | ||||||||
6,827,814 | ||||||||||
Montana — 0.3% |
||||||||||
Montana Facility Finance Authority, Refunding RB, Sisters of Charity of Leavenworth Health System, Series A,
4.75%, 1/01/40 |
700 | 701,813 | ||||||||
Nebraska — 3.3% |
||||||||||
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42 |
900 | 879,777 | ||||||||
City of Omaha Nebraska, RB, Sanitary Sewerage System, 4.00%, 11/15/42 |
3,300 | 3,023,988 | ||||||||
Nebraska Public Power District, Refunding RB, Series A: |
||||||||||
5.00%, 1/01/32 |
2,535 | 2,706,366 | ||||||||
5.00%, 1/01/33 |
750 | 784,215 | ||||||||
5.00%, 1/01/34 |
600 | 624,438 | ||||||||
8,018,784 | ||||||||||
Nevada — 0.4% |
||||||||||
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%,
5/15/29 |
1,065 | 1,103,510 | ||||||||
New Jersey — 5.0% |
||||||||||
Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (f)(g) |
1,510 | 105,504 | ||||||||
New
Jersey EDA, RB: |
||||||||||
Cigarette Tax, 5.75%, 6/15/14 (c) |
3,000 | 3,104,250 | ||||||||
Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29 |
1,335 | 1,226,918 | ||||||||
Rutgers University, College Avenue Redevelopment Project, 5.00%, 6/15/38 |
670 | 711,493 | ||||||||
New
Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B (c): |
||||||||||
7.13%, 6/01/19 |
950 | 1,236,966 | ||||||||
7.50%, 6/01/19 |
1,225 | 1,619,572 | ||||||||
New
Jersey Health Care Facilities Financing Authority, Refunding RB, Barnabas Health, Series A: |
||||||||||
4.63%, 7/01/23 |
770 | 810,564 | ||||||||
5.00%, 7/01/25 |
500 | 531,020 | ||||||||
5.63%, 7/01/37 |
2,560 | 2,634,394 | ||||||||
New
Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.50%, 10/01/38 |
400 | 407,188 | ||||||||
12,387,869 | ||||||||||
New Mexico — 0.3% |
||||||||||
New Mexico State University, Refunding RB, Series A, 3.50%, 4/01/33 |
780 | 667,454 | ||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
New York — 7.5% |
||||||||||
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 (f)(g) |
$ | 725 | $ | 123,265 | ||||||
City of New York New York, GO, Fiscal 2014, Sub-Series A-1: |
||||||||||
5.00%, 8/01/29 |
600 | 659,196 | ||||||||
5.00%, 8/01/35 |
2,380 | 2,526,989 | ||||||||
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Series A, Remarketing, 5.00%, 11/01/30 |
1,600 | 1,638,128 | ||||||||
Hudson New York Yards Infrastructure Corp., RB, Series A: |
||||||||||
(AGM), 5.00%, 2/15/47 |
1,250 | 1,260,625 | ||||||||
(NPFGC), 5.00%, 2/15/47 |
500 | 500,735 | ||||||||
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39 |
2,475 | 2,676,663 | ||||||||
New
York City Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT, 7.63%, 8/01/25 (h) |
2,600 | 2,817,646 | ||||||||
New
York City Industrial Development Agency, RB, PILOT Queens Baseball Stadium: |
||||||||||
(AGC), 6.50%, 1/01/46 |
300 | 327,075 | ||||||||
(AMBAC), 5.00%, 1/01/39 |
1,900 | 1,643,671 | ||||||||
New
York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%,
7/15/49 |
1,250 | 1,324,212 | ||||||||
New
York State Dormitory Authority, Refunding RB, State University Dormitory Facilities, Series A, 5.00%, 7/01/42 |
1,195 | 1,233,945 | ||||||||
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%,
11/01/42 |
600 | 528,822 | ||||||||
Onondaga Civic Development Corp., Refunding RB, St. Joseph’s Hospital Health Center Project, 4.50%, 7/01/32 |
1,420 | 1,203,890 | ||||||||
18,464,862 | ||||||||||
North Carolina — 3.9% |
||||||||||
Gaston County Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%,
8/01/35 |
2,175 | 2,012,375 | ||||||||
North Carolina Medical Care Commission, Refunding RB: |
||||||||||
Health Care Facilities, Novant Health Obligated Group, Series A, 4.00%, 11/01/46 |
5,600 | 4,567,864 | ||||||||
Southeastern Regional Medical Center, 5.00%, 6/01/32 |
985 | 999,381 | ||||||||
University Health System, Series D, 6.25%, 12/01/33 |
1,750 | 1,961,383 | ||||||||
9,541,003 | ||||||||||
North Dakota — 1.1% |
||||||||||
City of Fargo North Dakota, Refunding RB, University Facilities Development Foundation Project, 3.00%, 12/01/30 |
600 | 501,198 | ||||||||
City of Grand Forks North Dakota, Refunding RB, Altru Health System Obligated Group, 5.00%, 12/01/32 |
2,120 | 2,124,092 | ||||||||
2,625,290 | ||||||||||
Oklahoma — 0.5% |
||||||||||
Oklahoma Municipal Power Authority, RB, Power Supply System, Series A, 4.00%, 1/01/38 |
1,500 | 1,325,460 | ||||||||
Oregon — 2.6% |
||||||||||
City of Madras Oregon, GO, Refunding, 4.00%, 2/15/33 |
600 | 514,908 | ||||||||
County of Clackamas Housing Authority, HRB, M/F, Easton Ridge Apartments Project, Series A: |
||||||||||
3.50%, 9/01/33 |
760 | 630,200 | ||||||||
4.00%, 9/01/43 |
660 | 564,577 | ||||||||
4.00%, 9/01/49 |
825 | 681,458 |
20 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (continued) | BlackRock Investment
Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
Oregon (concluded) |
|||||||||||
County of Klamath School District, GO, 4.00%, 6/15/33 |
$ | 630 | $ | 618,206 | |||||||
Oregon Health & Science University, RB, Series A, 5.75%, 7/01/39 |
1,250 | 1,365,475 | |||||||||
Oregon Health & Science University, Refunding RB: |
|||||||||||
Series A, 3.00%, 7/01/24 |
900 | 878,256 | |||||||||
Series E, 5.00%, 7/01/32 |
500 | 526,180 | |||||||||
Oregon State Facilities Authority, Refunding RB, Linfield College Project, Series A, 5.25%, 10/01/40 |
500 | 502,565 | |||||||||
6,281,825 | |||||||||||
Pennsylvania — 2.7% |
|||||||||||
County of Allegheny Pennsylvania IDA, Refunding RB, US Steel Corp. Project, 6.55%, 12/01/27 |
2,535 | 2,600,276 | |||||||||
Delaware River Port Authority, RB, Series D (AGM), 5.00%, 1/01/40 |
3,640 | 3,752,658 | |||||||||
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 3.96%, 10/01/31 (a)(d) |
500 | 247,655 | |||||||||
6,600,589 | |||||||||||
Rhode Island — 2.7% |
|||||||||||
Rhode Island Health & Educational Building Corp., RB: |
|||||||||||
City of Newport Issue, Series C, 4.00%, 5/15/33 |
1,850 | 1,822,324 | |||||||||
Hospital Financing, LifeSpan Obligation, Series A (AGC), 7.00%, 5/15/39 |
3,000 | 3,335,490 | |||||||||
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 4/01/28 |
1,330 | 1,420,227 | |||||||||
6,578,041 | |||||||||||
South Carolina — 1.5% |
|||||||||||
South Carolina State Housing Finance & Development Authority, Refunding RB, Series A-2, AMT (AMBAC),
5.15%, 7/01/37 |
3,540 | 3,681,317 | |||||||||
Tennessee — 2.6% |
|||||||||||
Chattanooga Health Educational & Housing Facility Board, RB, 5.25%, 1/01/40 (e) |
2,945 | 2,953,275 | |||||||||
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 8/15/42 |
1,200 | 1,162,536 | |||||||||
Memphis-Shelby County Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A: |
|||||||||||
5.25%, 11/01/27 |
1,135 | 1,210,852 | |||||||||
5.38%, 11/01/28 |
1,000 | 1,063,930 | |||||||||
6,390,593 | |||||||||||
Texas — 12.9% |
|||||||||||
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43 |
2,370 | 2,473,285 | |||||||||
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%,
11/01/29 |
2,200 | 2,445,388 | |||||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB, Young Men’s Christian Association of the Greater Houston Area,
Series A, 5.00%, 6/01/38 |
345 | 326,774 | |||||||||
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B (c): |
|||||||||||
7.13%, 12/01/18 |
1,000 | 1,294,650 | |||||||||
7.25%, 12/01/18 |
2,650 | 3,447,146 | |||||||||
Harris County-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 6.46%, 11/15/38 (a) |
5,000 | 1,017,650 | |||||||||
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40 |
1,545 | 1,518,735 | |||||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A (a): |
|||||||||||
5.01%, 9/15/36 |
7,640 | 2,461,150 | |||||||||
5.15%, 9/15/38 |
16,780 | 4,737,329 | |||||||||
Midland County Fresh Water Supply District No. 1, Refunding RB, City of Midland Project, 3.38%, 9/15/32 |
2,425 | 2,098,328 | |||||||||
Municipal Bonds | Par (000) |
Value | |||||||||
Texas (concluded) |
|||||||||||
Red
River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38 |
$ | 1,140 | $ | 1,233,731 | |||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%,
6/30/40 |
3,000 | 3,274,200 | |||||||||
Texas State Turnpike Authority, RB, CAB (AMBAC), 6.05%, 8/15/31 (a) |
15,000 | 5,195,550 | |||||||||
31,523,916 | |||||||||||
Vermont — 2.8% |
|||||||||||
University of Vermont & State Agricultural College, Refunding RB, Series A, 4.00%, 10/01/38 |
1,800 | 1,610,262 | |||||||||
Vermont Educational & Health Buildings Financing Agency, RB, Fletcher Allen Health Hospital, Series A, 4.75%, 12/01/36 |
1,495 | 1,478,406 | |||||||||
Vermont Educational & Health Buildings Financing Agency, Refunding RB, 5.00%, 12/01/34 |
3,640 | 3,678,438 | |||||||||
6,767,106 | |||||||||||
Virginia — 1.7% |
|||||||||||
County of Prince William Virginia IDA, Refunding RB, Novant Health Obligation Group, Series B, 4.00%, 11/01/46 |
2,800 | 2,303,000 | |||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings LLC Project, AMT, 6.00%, 1/01/37 |
1,755 | 1,817,145 | |||||||||
4,120,145 | |||||||||||
Washington — 0.9% |
|||||||||||
Washington Health Care Facilities Authority, RB, MultiCare Health System, Series B (AGC), 6.00%,
8/15/39 |
2,100 | 2,250,381 | |||||||||
West Virginia — 1.2% |
|||||||||||
City of Wheeling West Virginia Waterworks & Sewerage System, RB, 5.00%, 6/01/38 |
3,000 | 3,047,850 | |||||||||
Wyoming — 0.8% |
|||||||||||
County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, Remarketing, 5.25%,
7/15/26 |
1,800 | 1,939,518 | |||||||||
Total Municipal Bonds — 141.6% |
347,096,018 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
|||||||||||
Colorado — 2.2% |
|||||||||||
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%,
9/01/36 |
5,250 | 5,283,600 | |||||||||
Massachusetts — 1.3% |
|||||||||||
Massachusetts Water Resources Authority, Refunding RB, General, Series A, 5.00%, 8/01/41 |
3,070 | 3,211,742 | |||||||||
New Jersey — 1.2% |
|||||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36
(j) |
2,861 | 3,007,035 | |||||||||
New York — 9.2% |
|||||||||||
Hudson Yards Infrastructure Corp., RB, Senior, Series A, 5.75%, 2/15/47 (j) |
1,750 | 1,853,610 | |||||||||
New
York City Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A, 5.75%, 6/15/40 |
690 | 767,265 | |||||||||
New
York City Municipal Water Finance Authority, Refunding RB, Water & Sewer System: |
|||||||||||
Second General Resolution, Series CC, 5.00%, 6/15/47 |
4,000 | 4,153,640 | |||||||||
Second General Resolution, Series FF-2, 5.50%, 6/15/40 |
810 | 867,099 |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 21 |
Schedule of Investments (continued) | BlackRock Investment
Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond Trusts (l) |
Par (000) |
Value | ||||||||
New York (concluded) |
||||||||||
New
York City Municipal Water Finance Authority, Refunding RB, Water & Sewer System (concluded): |
||||||||||
Series A, 4.75%, 6/15/30 |
$ | 4,000 | $ | 4,182,920 | ||||||
New
York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43 |
4,500 | 4,696,155 | ||||||||
New
York State Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/38 |
3,359 | 3,530,335 | ||||||||
New
York State Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 3/15/31 |
2,360 | 2,542,711 | ||||||||
22,593,735 | ||||||||||
Ohio — 1.8% |
||||||||||
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 10/01/41 |
1,740 | 1,747,621 | ||||||||
Ohio Higher Educational Facility Commission, RB, Cleveland Clinic Health, Series A, 5.25%, 1/01/33 |
2,600 | 2,692,144 | ||||||||
4,439,765 | ||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 15.7% |
38,535,877 | |||||||||
Total Long-Term Investments (Cost — $376,908,214) — 157.3% |
385,631,895 | |||||||||
Short-Term Securities | Shares |
Value | ||||||||
FFI Institutional Tax-Exempt Fund, 0.03% (k)(l) |
11,390,265 | $ | 11,390,265 | |||||||
Total Short-Term Securities (Cost — $11,390,265) — 4.7% |
11,390,265 | |||||||||
Total Investments (Cost — $388,298,479) — 162.0% |
397,022,160 | |||||||||
Liabilities in Excess of Other Assets — (1.7)% |
(4,226,985 | ) | ||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.9%) |
(21,803,284 | ) | ||||||||
VMTP Shares, at Liquidation Value — (51.4%) |
(125,900,000 | ) | ||||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 245,091,891 |
Notes to Schedule of Investments
(a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|||
(b) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following
periods. Rate shown is as of report date. |
|||
(c) | US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the
date indicated, typically at a premium to par. |
|||
(d) | Security is collateralized by municipal or US Treasury obligations. |
|||
(e) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty | Value | Unrealized Appreciation |
||||||||
D.
A. Davidson & Co. |
$ | 145,407 | $ | 1,685 | ||||||
JP
Morgan Chase Bank |
$ | 706,755 | $ | 6,038 | ||||||
Merrill Lynch, Pierce, Fenner & Smith Inc. |
$ | 1,303,653 | $ | 15,103 | ||||||
Morgan Stanley & Co. Inc. |
$ | 3,573,997 | $ | 35,108 |
(f) | Non-income producing security. |
|||
(g) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
|||
(h) | Variable rate security. Rate shown is as of report date. |
|||
(i) | Represent bonds transferred to a TOB. In exchange the Trust acquired residual interest certificates. These bonds serve as collateral
in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|||
(j) | All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the
event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the
case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expires from
February 15, 2019 to June 15, 2019, is $3,149,396. |
|||
(k) | Investments in issuers considered to be an affiliate of the Trust during the six months ended October 31, 2013, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows: |
Affiliate |
|
Shares Held at April 30, 2013 |
|
Net Activity |
|
Shares Held at October 31, 2013 |
|
Income |
||
FFI Institutional Tax-Exempt Fund |
4,475,537 |
6,914,728 |
11,390,265 |
$789 |
(l) | Represents the current yield as of report date. |
|||
• | Financial futures contracts as of October 31, 2013 were as follows: |
Contracts Sold |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized Depreciation |
||
(100) | 10-Year US Treasury Note |
Chicago Board of Trade |
December 2013 |
$12,735,938 | $(7,922) |
22 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (concluded) | BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial
instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement
purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to
access |
|||
• | Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active,
quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for
the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs) |
|||
• | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available
(including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair
value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is
significant to the fair value measurement in its entirety. |
||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the
pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing
in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please
refer to Note 2 of the Notes to Financial Statements. |
||||
The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure
hierarchy as of October 31, 2013: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
— | $ | 385,631,895 | — | $ | 385,631,895 | ||||||||||||
Short-Term Securities |
$ | 11,390,265 | — | — | 11,390,265 | |||||||||||||
Total |
$ | 11,390,265 | $ | 385,631,895 | — | $ | 397,022,160 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Derivative Financial Instruments2 |
||||||||||||||||||
Liabilities: |
||||||||||||||||||
Interest rate contracts |
$ | (7,922 | ) | — | — | $ | (7,922 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
Certain of the Trust’s assets and/or liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of October 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: |
||||||||||||||||||
Cash |
$ | 115,415 | — | — | $ | 115,415 | ||||||||||||
Cash pledged for financial futures contracts |
177,000 | — | — | 177,000 | ||||||||||||||
Liabilities: |
||||||||||||||||||
TOB trust certificates |
— | $ | (21,799,254 | ) | — | (21,799,254 | ) | |||||||||||
VMTP Shares |
— | (125,900,000 | ) | — | (125,900,000 | ) | ||||||||||||
Total |
$ | 292,415 | $ | (147,699,254 | ) | — | $ | (147,406,839 | ) |
There were no transfers between levels during the six months ended October 31, 2013.
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 23 |
Schedule of Investments October 31, 2013 (Unaudited) | BlackRock Long-Term
Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Alabama — 0.3% |
||||||||||
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19 |
$ | 515 | $ | 511,333 | ||||||
Arizona — 1.0% |
||||||||||
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
1,590 | 1,596,583 | ||||||||
California — 7.1% |
||||||||||
California Health Facilities Financing Authority, RB: |
||||||||||
St. Joseph Health System, Series A, 5.75%, 7/01/39 |
385 | 428,008 | ||||||||
Sutter Health, Series B, 6.00%, 8/15/42 |
1,040 | 1,199,474 | ||||||||
California Health Facilities Financing Authority, Refunding RB, Series A: |
||||||||||
Catholic Healthcare West, 6.00%, 7/01/39 |
680 | 741,112 | ||||||||
St. Joseph Health System, 5.00%, 7/01/33 |
435 | 448,085 | ||||||||
California HFA, RB, S/F, Home Mortgage, Series K, AMT, 5.50%, 2/01/42 |
320 | 328,874 | ||||||||
California Pollution Control Financing Authority, RB: |
||||||||||
Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37 |
360 | 317,671 | ||||||||
San Diego County Water Authority Desalination Project Pipeline, 5.00%, 11/21/45 |
440 | 390,746 | ||||||||
California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34 |
400 | 460,544 | ||||||||
California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services: |
||||||||||
5.00%, 5/15/42 |
250 | 224,818 | ||||||||
5.00%, 5/15/47 |
125 | 110,233 | ||||||||
City of Los Angeles California Department of Airports, Refunding RB, Los Angeles International Airport, Series A: |
||||||||||
5.25%, 5/15/39 |
270 | 288,182 | ||||||||
5.00%, 5/15/40 |
2,045 | 2,084,918 | ||||||||
San
Diego Community College District, GO, Election of 2006, 5.00%, 8/01/43 |
375 | 396,007 | ||||||||
San
Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 5.59%, 8/01/38 (a) |
3,725 | 951,737 | ||||||||
State of California, GO, Various Purposes, 6.50%, 4/01/33 |
2,000 | 2,381,640 | ||||||||
10,752,049 | ||||||||||
Colorado — 1.2% |
||||||||||
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42 |
315 | 293,120 | ||||||||
Colorado State Board of Governors, Refunding RB, State University System Enterprise, Series A, 5.00%, 3/01/43 |
415 | 437,414 | ||||||||
North Range Metropolitan District No. 2, GO, Limited Tax, 5.50%, 12/15/37 |
1,200 | 1,076,196 | ||||||||
1,806,730 | ||||||||||
Delaware — 1.1% |
||||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40 |
750 | 771,322 | ||||||||
Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45 |
940 | 891,308 | ||||||||
1,662,630 | ||||||||||
District of Columbia — 3.9% |
||||||||||
District of Columbia, RB, Methodist Home District of Columbia, Series A: |
||||||||||
7.38%, 1/01/30 |
550 | 539,511 | ||||||||
7.50%, 1/01/39 |
500 | 484,025 | ||||||||
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43 |
260 | 270,416 | ||||||||
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41 |
750 | 751,132 | ||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
District of Columbia (concluded) |
||||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset Backed, 6.25%, 5/15/24 |
$ | 2,675 | $ | 2,688,295 | ||||||
Metropolitan Washington Airports Authority, Refunding RB, First Senior Lien, Series A: |
||||||||||
5.25%, 10/01/44 |
1,000 | 1,012,620 | ||||||||
5.00%, 10/01/39 |
170 | 170,252 | ||||||||
5,916,251 | ||||||||||
Florida — 4.4% |
||||||||||
County of Tampa-Hillsborough Florida Expressway Authority, Refunding RB: |
||||||||||
Series A, 5.00%, 7/01/37 |
765 | 781,134 | ||||||||
Series B, 5.00%, 7/01/42 |
640 | 647,136 | ||||||||
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40 |
1,080 | 1,187,557 | ||||||||
Sumter Landing Community Development District Florida, RB, Sub-Series B, 5.70%, 10/01/38 |
1,330 | 1,092,462 | ||||||||
Tolomato Community Development District, Refunding, Special Assessment Bonds, CAB: |
||||||||||
Series A-1, 6.65%, 5/01/40 |
355 | 347,478 | ||||||||
Series A-2, 7.14%, 5/01/39 (b) |
95 | 69,961 | ||||||||
Series A-3, 7.55%, 5/01/40 (b) |
225 | 135,086 | ||||||||
Series A-4, 8.02%, 5/01/40 (b) |
120 | 53,352 | ||||||||
Tolomato Community Development District, Special Assessment Bonds (c)(d): |
||||||||||
Series 1, 6.65%, 5/01/40 |
15 | 14,603 | ||||||||
Series 2, 6.65%, 5/01/40 |
815 | 450,939 | ||||||||
Series 3, 6.65%, 5/01/40 |
275 | 3 | ||||||||
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43 |
880 | 799,999 | ||||||||
Watergrass Community Development District, Special Assessment Bonds, Series A, 5.38%, 5/01/39 |
1,755 | 1,129,167 | ||||||||
6,708,877 | ||||||||||
Guam — 0.1% |
||||||||||
Territory of Guam, GO, Series A, 6.00%, 11/15/19 |
200 | 207,254 | ||||||||
Illinois — 8.4% |
||||||||||
City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien, Series A, 5.75%, 1/01/39 |
2,500 | 2,603,950 | ||||||||
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34 |
1,570 | 1,474,936 | ||||||||
City of Chicago Illinois, Refunding RB, Sales Tax Revenue, Series A, 5.25%, 1/01/38 |
280 | 292,256 | ||||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
360 | 365,908 | ||||||||
City of Chicago Illinois Waterworks, Refunding RB, Second Lien, Water Project, 5.00%, 11/01/42 |
2,000 | 1,978,860 | ||||||||
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |
350 | 367,388 | ||||||||
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44 |
1,845 | 1,888,819 | ||||||||
Illinois Finance Authority, Refunding RB: |
||||||||||
Ascension Health, Series A, 5.00%, 11/15/37 |
335 | 336,755 | ||||||||
Central Dupage Health, Series B, 5.50%, 11/01/39 |
550 | 580,674 | ||||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38 |
815 | 816,728 | ||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
||||||||||
Series B (AGM), 5.00%, 6/15/50 |
1,095 | 1,075,881 | ||||||||
Series B-2, 5.00%, 6/15/50 |
600 | 576,618 | ||||||||
Railsplitter Tobacco Settlement Authority, RB, 5.50%, 6/01/23 |
180 | 197,930 | ||||||||
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 |
215 | 222,488 | ||||||||
12,779,191 |
24 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (continued) | BlackRock Long-Term
Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Indiana — 3.4% |
||||||||||
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A: |
||||||||||
4.00%, 8/01/35 |
$ | 400 | $ | 374,000 | ||||||
4.00%, 2/01/38 |
645 | 586,124 | ||||||||
Indiana Finance Authority, RB, Series A: |
||||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |
160 | 142,787 | ||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |
520 | 458,115 | ||||||||
Sisters of St. Francis Health, 5.25%, 11/01/39 |
290 | 295,977 | ||||||||
Wastewater Utility (CWA Authority Project), First Lien, 5.25%, 10/01/38 |
1,285 | 1,330,361 | ||||||||
Indiana Finance Authority, Refunding RB, Series A: |
||||||||||
Community Health Network Project, 5.00%, 5/01/42 |
340 | 331,429 | ||||||||
Parkview Health System, 5.75%, 5/01/31 |
600 | 635,586 | ||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 |
350 | 388,738 | ||||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A: |
||||||||||
5.00%, 1/15/36 |
140 | 146,185 | ||||||||
5.00%, 1/15/40 |
445 | 459,894 | ||||||||
5,149,196 | ||||||||||
Iowa — 1.7% |
||||||||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |
||||||||||
5.00%, 12/01/19 |
340 | 329,589 | ||||||||
5.50%, 12/01/22 |
830 | 793,388 | ||||||||
5.25%, 12/01/25 |
660 | 602,468 | ||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |
885 | 917,515 | ||||||||
2,642,960 | ||||||||||
Kentucky — 0.3% |
||||||||||
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45
(e) |
440 | 437,958 | ||||||||
Louisiana — 3.8% |
||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects: |
||||||||||
6.75%, 11/01/32 |
2,000 | 2,130,700 | ||||||||
Series A-1, 6.50%, 11/01/35 |
1,135 | 1,222,032 | ||||||||
Terrebonne Levee & Conservation District, RB, Sales Tax, 4.25%, 7/01/32 |
85 | 82,511 | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
||||||||||
5.50%, 5/15/30 |
350 | 356,720 | ||||||||
5.25%, 5/15/31 |
300 | 298,293 | ||||||||
5.25%, 5/15/32 |
380 | 375,999 | ||||||||
5.25%, 5/15/33 |
415 | 409,007 | ||||||||
5.25%, 5/15/35 |
945 | 927,054 | ||||||||
5,802,316 | ||||||||||
Maine — 0.9% |
||||||||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41 |
970 | 1,020,770 | ||||||||
Maine Turnpike Authority, RB, Series A, 5.00%, 7/01/42 |
310 | 323,491 | ||||||||
1,344,261 | ||||||||||
Maryland — 2.3% |
||||||||||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |
970 | 982,280 | ||||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |
1,000 | 1,040,540 | ||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
Maryland (concluded) |
||||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Ascension Health Alliance, Series B, 5.00%, 11/15/51 |
$ | 1,420 | $ | 1,420,895 | ||||||
3,443,715 | ||||||||||
Massachusetts — 1.2% |
||||||||||
Massachusetts Development Finance Agency, RB, Wellesley College, Series J, 5.00%, 7/01/42 |
630 | 662,987 | ||||||||
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39 |
615 | 624,963 | ||||||||
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 5/15/43 |
495 | 520,680 | ||||||||
1,808,630 | ||||||||||
Michigan — 3.0% |
||||||||||
City of Detroit Michigan, Sewage Disposal System, Refunding RB: |
||||||||||
Second Lien, Series B (AGM), 7.50% 7/01/33 |
560 | 601,171 | ||||||||
Senior Lien, Series A, 5.00%, 7/01/32 |
545 | 493,907 | ||||||||
Senior Lien, Series A, 5.25%, 7/01/39 |
1,970 | 1,811,336 | ||||||||
Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 |
1,400 | 1,684,032 | ||||||||
4,590,446 | ||||||||||
Missouri — 0.1% |
||||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien,
Series A, 5.00%, 10/01/44 |
85 | 87,901 | ||||||||
Nebraska — 0.2% |
||||||||||
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37 |
285 | 293,097 | ||||||||
New Jersey — 2.5% |
||||||||||
New
Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23 |
1,410 | 1,344,223 | ||||||||
New
Jersey EDA, Refunding, Special Assessment Kapkowski Road Landfill Project, 5.75%, 4/01/31 |
785 | 772,244 | ||||||||
New
Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/38 |
455 | 472,144 | ||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36 |
845 | 888,247 | ||||||||
Rutgers The State University of New Jersey, Refunding RB, Series L: |
||||||||||
5.00%, 5/01/38 |
175 | 185,733 | ||||||||
5.00%, 5/01/43 |
185 | 194,424 | ||||||||
3,857,015 | ||||||||||
New York — 5.8% |
||||||||||
City of New York IDA, RB, British Airways PLC Project, AMT, 7.63%, 12/01/32 |
1,000 | 1,004,700 | ||||||||
New
York City Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT, 7.63%, 8/01/25 (f) |
4,000 | 4,334,840 | ||||||||
New
York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%,
7/15/49 |
420 | 444,935 | ||||||||
New
York State Dormitory Authority, RB: |
||||||||||
New York University, Series A, 5.25%, 7/01/48 |
1,000 | 1,067,620 | ||||||||
Series F, 5.00%, 3/15/35 |
530 | 547,639 | ||||||||
Oneida County Local Development Corp., RB, Hamilton College Project, 4.00%, 7/01/38 |
600 | 567,006 | ||||||||
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%,
12/01/42 |
730 | 782,947 | ||||||||
8,749,687 |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 25 |
Schedule of Investments (continued) | BlackRock Long-Term
Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
North Carolina — 0.5% |
|||||||||||
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42 |
$ | 480 | $ | 486,979 | |||||||
North Carolina Medical Care Commission, Refunding RB, Retirement Facilities, First Mortgage, Whitestone Project, Series A, 7.75%,
3/01/41 |
260 | 274,350 | |||||||||
761,329 | |||||||||||
Ohio — 3.6% |
|||||||||||
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34 |
2,295 | 1,787,346 | |||||||||
County of Allen Ohio, Refunding RB, Hospital Facilities, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38 |
2,650 | 2,700,058 | |||||||||
State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, 4/01/35 |
1,000 | 1,009,270 | |||||||||
5,496,674 | |||||||||||
Oregon — 0.1% |
|||||||||||
City of Tigard Oregon, Refunding RB, Water System, 5.00%, 8/01/37 |
90 | 94,414 | |||||||||
Puerto Rico — 0.1% |
|||||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, First Sub-Series C, 7.85%, 8/01/38
(a) |
1,490 | 221,593 | |||||||||
Tennessee — 0.4% |
|||||||||||
City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45
(e) |
615 | 612,146 | |||||||||
County of Rutherford Tennessee Health & Educational Facilities Board, RB, Ascension Health, Series C, 5.00%, 11/15/47 |
75 | 76,190 | |||||||||
688,336 | |||||||||||
Texas — 7.8% |
|||||||||||
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (d) |
1,500 | 22,485 | |||||||||
Central Texas Regional Mobility Authority, Refunding RB: |
|||||||||||
Senior Lien, 6.25%, 1/01/46 |
730 | 746,396 | |||||||||
Senior Lien, Series A, 5.00%, 1/01/33 |
35 | 33,948 | |||||||||
Sub-Lien, 5.00%, 1/01/33 |
125 | 113,378 | |||||||||
Sub-Lien, 5.00%, 1/01/42 |
110 | 94,993 | |||||||||
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35 |
525 | 554,158 | |||||||||
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39 |
250 | 274,448 | |||||||||
City of Houston Texas Higher Education Finance Corp., RB, Cosmos Foundation, Inc., Series A, 6.88%, 5/15/41 |
200 | 222,222 | |||||||||
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43 |
1,000 | 1,043,580 | |||||||||
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%,
11/01/29 |
700 | 778,078 | |||||||||
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 5.01%, 9/15/37 (a) |
5,200 | 1,595,828 | |||||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 |
1,390 | 1,583,279 | |||||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Scott & White Healthcare, Series A, 5.00%,
8/15/43 |
125 | 125,183 | |||||||||
HFDC of Central Texas, Inc., RB, Village at Gleannloch Farms, Series A, 5.50%, 2/15/27 |
1,150 | 1,061,082 | |||||||||
North Texas Tollway Authority, Refunding RB, Second Tier System, Series F, 6.13%, 1/01/31 |
2,290 | 2,447,895 | |||||||||
Municipal Bonds | Par (000) |
Value | |||||||||
Texas (concluded) |
|||||||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%,
6/30/40 |
$ | 1,000 | $ | 1,091,400 | |||||||
11,788,353 | |||||||||||
Utah — 0.7% |
|||||||||||
University of Utah, RB, General, Series A, 5.00%, 8/01/43 |
220 | 230,360 | |||||||||
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A: |
|||||||||||
3.25%, 10/15/36 |
700 | 526,603 | |||||||||
3.25%, 10/15/42 |
425 | 303,042 | |||||||||
1,060,005 | |||||||||||
Virginia — 2.9% |
|||||||||||
Peninsula Ports Authority, Refunding RB, Virginia Baptist Homes, Series C, 5.38%, 12/01/26 |
1,600 | 1,415,168 | |||||||||
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45 |
1,000 | 1,011,700 | |||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings LLC Project, AMT, 6.00%, 1/01/37 |
1,875 | 1,941,394 | |||||||||
4,368,262 | |||||||||||
Washington — 0.7% |
|||||||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45
(e) |
1,020 | 1,067,226 | |||||||||
Wisconsin — 0.8% |
|||||||||||
WPPI Energy Wisconsin, Refunding RB, Power Supply System, Series A: |
|||||||||||
5.00%, 7/01/29 |
135 | 145,055 | |||||||||
5.00%, 7/01/30 |
170 | 180,982 | |||||||||
5.00%, 7/01/31 |
365 | 386,495 | |||||||||
5.00%, 7/01/37 |
445 | 456,641 | |||||||||
1,169,173 | |||||||||||
Wyoming — 0.1% |
|||||||||||
Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/42 |
100 | 100,581 | |||||||||
Total Municipal Bonds — 70.4% |
106,964,026 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (g) |
|||||||||||
California — 4.0% |
|||||||||||
Bay
Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44 |
1,090 | 1,171,802 | |||||||||
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (h) |
840 | 899,581 | |||||||||
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39 |
3,225 | 3,369,351 | |||||||||
San
Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |
553 | 617,150 | |||||||||
6,057,884 | |||||||||||
Colorado — 3.1% |
|||||||||||
Colorado Health Facilities Authority, Refunding RB, Series A: |
|||||||||||
Catholic Health Initiatives, 5.50%, 7/01/34 (h) |
740 | 810,252 | |||||||||
Sisters of Leavenworth Health System, 5.00%, 1/01/40 |
3,930 | 3,946,270 | |||||||||
4,756,522 | |||||||||||
Florida — 1.3% |
|||||||||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34 |
1,950 | 2,022,288 |
26 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (continued) | BlackRock Long-Term
Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond Trusts (g) |
Par (000) |
Value | |||||||||
Illinois — 4.9% |
|||||||||||
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A (NPFGC), 5.00%, 1/01/33 (h) |
$ | 4,995 | $ | 5,005,839 | |||||||
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41 |
2,340 | 2,506,374 | |||||||||
7,512,213 | |||||||||||
Indiana — 8.1% |
|||||||||||
Carmel Redevelopment Authority, RB, Performing Arts Center: |
|||||||||||
4.75%, 2/01/33 |
5,365 | 5,446,065 | |||||||||
5.00%, 2/01/33 |
6,580 | 6,921,963 | |||||||||
12,368,028 | |||||||||||
Massachusetts — 6.6% |
|||||||||||
Massachusetts HFA, Refunding, HRB, Series D, AMT, 5.45%, 6/01/37 |
5,090 | 5,097,980 | |||||||||
Massachusetts School Building Authority, RB, Senior Dedicated Sales Tax, Series B, 5.00%, 10/15/41 |
4,711 | 4,921,518 | |||||||||
10,019,498 | |||||||||||
Nebraska — 3.3% |
|||||||||||
Omaha Public Power District, RB, Sub-Series B (NPFGC), 4.75%, 2/01/36 (h) |
5,000 | 5,014,450 | |||||||||
New Hampshire — 0.5% |
|||||||||||
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39
(h) |
660 | 717,471 | |||||||||
New York — 24.2% |
|||||||||||
Hudson Yards Infrastructure Corp., RB, Senior, Series A, 5.75%, 2/15/47 (h) |
6,509 | 6,895,428 | |||||||||
New
York City Municipal Water Finance Authority, Refunding RB, Water & Sewer System, Second General Resolution: |
|||||||||||
Series CC, 5.00%, 6/15/47 |
4,780 | 4,963,600 | |||||||||
Series FF-2, 5.50%, 6/15/40 |
495 | 529,894 | |||||||||
Series HH, 5.00%, 6/15/31 (h) |
2,835 | 3,038,425 | |||||||||
New
York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43 |
6,135 | 6,402,425 | |||||||||
New
York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (h) |
2,220 | 2,369,917 | |||||||||
New
York State Dormitory Authority, ERB, Series B, 5.75%, 3/15/36 |
11,240 | 12,596,780 | |||||||||
36,796,469 | |||||||||||
North Carolina — 10.4% |
|||||||||||
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.75%, 12/01/34 |
15,170 | 15,745,547 | |||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (g) |
Par (000) |
Value | |||||||||
Ohio — 3.3% |
|||||||||||
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%,
1/01/39 |
$ | 4,634 | $ | 5,061,973 | |||||||
South Carolina — 1.5% |
|||||||||||
South Carolina State Housing Finance & Development Authority, Refunding RB, Series B-1, 5.55%,
7/01/39 |
2,203 | 2,266,225 | |||||||||
Texas — 10.2% |
|||||||||||
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (h) |
2,122 | 2,279,099 | |||||||||
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |
1,170 | 1,210,529 | |||||||||
New
Caney ISD, GO, School Building, 5.00%, 2/15/35 (h) |
9,150 | 9,701,471 | |||||||||
University of Texas System, Refunding RB, Series B, 5.00%, 8/15/43 |
2,175 | 2,303,748 | |||||||||
15,494,847 | |||||||||||
Utah — 0.6% |
|||||||||||
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |
960 | 972,685 | |||||||||
Virginia — 0.7% |
|||||||||||
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%,
11/01/40 |
1,000 | 1,011,936 | |||||||||
Wisconsin — 1.4% |
|||||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health,
Inc., Series C, 5.25%, 4/01/39 (h) |
1,989 | 2,042,025 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 84.1% |
127,860,061 | ||||||||||
Total Long-Term Investments (Cost — $234,466,942) — 154.5% |
234,824,087 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.03% (i) (j) |
2,906,749 | 2,906,749 | |||||||||
Total Short-Term Securities (Cost — $2,906,749) — 1.9% |
2,906,749 | ||||||||||
Total Investments (Cost — $237,373,691) — 156.4% |
237,730,836 | ||||||||||
Liabilities in Excess of Other Assets — (1.8)% |
(2,732,621 | ) | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (54.6%) |
(83,025,334 | ) | |||||||||
Net Assets — 100.0% |
$ | 151,972,881 |
Notes to Schedule of Investments
(a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|||
(b) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following
periods. Rate shown is of report date. |
|||
(c) | Non-income producing security. |
|||
(d) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
|||
(e) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty |
|
Value |
|
Unrealized Appreciation |
||||||
Morgan Stanley & Co. LLC |
$ | 2,117,330 | $ | 42,444 |
(f) | Variable rate security. Rate shown is as of report date. |
|||
(g) | Represent bonds transferred to a TOB. In exchange the Trust acquired residual interest certificates. These bonds serve as collateral
in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 27 |
Schedule of Investments (concluded) | BlackRock Long-Term
Municipal Advantage Trust (BTA) |
(h) | All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the
event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the
case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from
February 1, 2014 to February 15, 2031 is $24,690,502. |
|||
(i) | Investments in issuers considered to be an affiliate of the Trust during the six months ended October 31, 2013, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows: |
Affiliate |
|
Shares Held at April 30, 2013 |
|
Net Activity |
|
Shares Held at October 31, 2013 |
|
Income |
||||||||||
FFI Institutional Tax-Exempt Fund |
920,424 |
1,986,325 |
2,906,749 |
$292 |
(j) | Represents the current yield as of report date. |
|||
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation
techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to
access |
|||
• | Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active,
quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for
the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs) |
|||
• | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available
(including the Trust’s own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair
value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is
significant to the fair value measurement in its entirety. |
||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment
and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy
regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements. |
||||
The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of October 31,
2013: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
— | $ | 234,824,087 | — | $ | 234,824,087 | ||||||||||||
Short-Term Securities |
$ | 2,906,749 | — | — | 2,906,749 | |||||||||||||
Total |
$ | 2,906,749 | $ | 234,824,087 | — | $ | 237,730,836 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes.
As of October 31, 2013, TOB trust certificates of $82,982,165 is categorized as Level 2 within the disclosure hierarchy.
|
There were no transfers between levels during the six months ended October 31, 2013.
|
28 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments October 31, 2013 (Unaudited) | BlackRock Municipal 2020
Term Trust (BKK) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Alabama — 0.7% |
||||||||||
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 6/01/20 |
$ | 1,000 | $ | 1,136,350 | ||||||
Courtland Alabama IDB, Refunding RB, International Paper Co. Projects, Series A, 4.75%, 5/01/17 |
1,165 | 1,195,977 | ||||||||
2,332,327 | ||||||||||
Alaska — 2.0% |
||||||||||
City of Valdez Alaska, Refunding RB, BP Pipelines Project: |
||||||||||
Series B, 5.00%, 1/01/21 |
3,200 | 3,687,808 | ||||||||
Series C, 5.00%, 1/01/21 |
2,500 | 2,881,100 | ||||||||
6,568,908 | ||||||||||
Arizona — 3.3% |
||||||||||
Phoenix Civic Improvement Corp., RB, Junior Lien, Series A: |
||||||||||
5.00%, 7/01/20 |
1,300 | 1,526,317 | ||||||||
5.00%, 7/01/21 |
5,585 | 6,508,647 | ||||||||
Salt Verde Financial Corp., RB, Senior: |
||||||||||
5.00%, 12/01/18 |
1,500 | 1,670,445 | ||||||||
5.25%, 12/01/20 |
1,000 | 1,122,290 | ||||||||
10,827,699 | ||||||||||
California — 16.7% |
||||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22 |
815 | 920,836 | ||||||||
California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.00%, 8/15/22 |
5,000 | 5,452,950 | ||||||||
County of Riverside Asset Leasing Corp. California, RB, Riverside County Hospital Project (NPFGC), 5.36%, 6/01/25 (a) |
6,865 | 3,722,203 | ||||||||
Foothill Eastern Transportation Corridor Agency California, Refunding RB, CAB (a): |
||||||||||
6.07%, 1/15/21 |
12,500 | 8,124,250 | ||||||||
6.17%, 1/15/22 |
10,000 | 6,073,600 | ||||||||
Los
Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport: |
||||||||||
5.00%, 1/01/19 |
540 | 614,579 | ||||||||
5.00%, 1/01/20 |
550 | 623,403 | ||||||||
Los
Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20 |
3,750 | 4,447,013 | ||||||||
San
Manuel Entertainment Authority, Series 04-C, 4.50%, 12/01/16 (b) |
4,000 | 4,083,320 | ||||||||
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22 |
1,000 | 1,198,220 | ||||||||
State of California, GO, Various Purpose, 5.00%, 11/01/13 (c) |
7,050 | 7,050,000 | ||||||||
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20 |
10,000 | 12,029,600 | ||||||||
54,339,974 | ||||||||||
Colorado — 1.3% |
||||||||||
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project: |
||||||||||
4.00%, 12/01/19 |
555 | 589,077 | ||||||||
4.00%, 12/01/20 |
580 | 607,620 | ||||||||
E-470 Public Highway Authority Colorado, RB, CAB, Senior Series B (NPFGC), 4.22%, 9/01/22 (a) |
4,500 | 3,111,750 | ||||||||
4,308,447 | ||||||||||
District of Columbia — 1.6% |
||||||||||
Metropolitan Washington Airports Authority, Refunding RB, Series C-2, AMT (AGM), 5.00%,
10/01/24 |
5,000 | 5,147,150 | ||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
Florida — 7.3% |
||||||||||
City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/22 |
$ | 5,160 | $ | 5,868,674 | ||||||
County of Broward Florida Airport System, Refunding RB, Series P-1, AMT, 4.00%, 10/01/19 |
1,750 | 1,901,795 | ||||||||
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/22 |
1,250 | 1,418,050 | ||||||||
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20 |
1,375 | 1,565,822 | ||||||||
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20 |
500 | 581,985 | ||||||||
Habitat Community Development District, Special Assessment Bonds, 5.80%, 5/01/25 |
1,720 | 1,746,041 | ||||||||
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center Florida, 6.75%, 11/15/21 |
1,840 | 1,935,864 | ||||||||
Pine Island Community Development District, RB, 5.30%, 11/01/10 (d)(e) |
250 | 97,648 | ||||||||
State of Florida Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20 |
5,000 | 5,986,500 | ||||||||
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 1.00%, 12/31/49 (d)(e) |
3,530 | 2,627,097 | ||||||||
23,729,476 | ||||||||||
Georgia — 2.4% |
||||||||||
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement — Life Communities,
Inc. Obligated Group, 5.00%, 11/15/22 |
6,915 | 7,695,289 | ||||||||
Guam — 0.4% |
||||||||||
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20 |
1,190 | 1,378,675 | ||||||||
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 | 1,406,274 | ||||||||
5.00%, 11/15/20 |
1,440 | 1,574,899 | ||||||||
2,981,173 | ||||||||||
Illinois — 15.5% |
||||||||||
City of Chicago Illinois, O’Hare International Airport, GARB, Third Lien, Series A (AMBAC): |
||||||||||
5.00%, 1/01/21 |
5,000 | 5,351,650 | ||||||||
5.00%, 1/01/22 |
7,000 | 7,531,160 | ||||||||
Illinois Finance Authority, RB, Northwestern University, 5.00%, 12/01/21 |
4,800 | 4,819,440 | ||||||||
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding (AGM), 5.25%, 12/01/20 |
1,000 | 1,199,550 | ||||||||
Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC), 4.19%, 6/15/22 (a) |
13,455 | 9,407,602 | ||||||||
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 6/01/20 |
10,000 | 11,409,700 | ||||||||
State of Illinois, GO, 5.00%, 7/01/20 |
5,255 | 5,772,407 | ||||||||
State of Illinois, RB, Series B: |
||||||||||
5.00%, 6/15/19 (c) |
515 | 613,705 | ||||||||
5.00%, 6/15/20 |
1,485 | 1,692,677 | ||||||||
State of Illinois Toll Highway Authority, RB, Senior Priority, Series A (AGM), 5.00%, 7/01/15 (c) |
2,250 | 2,425,680 | ||||||||
50,223,571 | ||||||||||
Indiana — 5.1% |
||||||||||
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24 |
3,765 | 2,204,257 | ||||||||
Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19 |
2,465 | 2,615,069 |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 29 |
Schedule of Investments (continued) | BlackRock Municipal 2020
Term Trust (BKK) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Indiana (concluded) |
||||||||||
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/21 |
$ | 600 | $ | 699,552 | ||||||
Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17 |
10,000 | 11,082,500 | ||||||||
16,601,378 | ||||||||||
Iowa — 1.6% |
||||||||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.00%,
12/01/19 |
5,320 | 5,157,102 | ||||||||
Kansas — 2.4% |
||||||||||
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 4.02%, 12/01/20 (a) |
6,440 | 4,857,821 | ||||||||
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.25%, 11/15/20 |
2,500 | 2,892,800 | ||||||||
7,750,621 | ||||||||||
Kentucky — 1.8% |
||||||||||
Kentucky Housing Corp., RB, Series C, AMT, 4.63%, 7/01/22 |
2,000 | 2,048,280 | ||||||||
Louisville & Jefferson County, Refunding RB, Catholic Health Initiatives, Series A: |
||||||||||
3.50%, 12/01/20 |
2,115 | 2,225,932 | ||||||||
5.00%, 12/01/20 |
1,430 | 1,642,541 | ||||||||
5,916,753 | ||||||||||
Louisiana — 0.6% |
||||||||||
Parish of DeSoto Louisiana, RB, Series A, AMT, 5.85%, 11/01/27 |
2,000 | 1,999,960 | ||||||||
Maryland — 2.1% |
||||||||||
Anne Arundel County Consolidated, Special Taxing District, Refunding, Special Tax Bonds, The Villages of Dorchester and Farmington Village
Project: |
||||||||||
4.00%, 7/01/19 |
285 | 313,152 | ||||||||
5.00%, 7/01/20 |
500 | 575,980 | ||||||||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20 |
1,250 | 1,313,663 | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB: |
||||||||||
Charlestown Community, 5.50%, 1/01/21 |
1,335 | 1,466,484 | ||||||||
University of Maryland, Medical System, 5.00%, 7/01/19 |
670 | 768,269 | ||||||||
Maryland State and Local Facilities Loan, GO, Series B, 5.00%, 3/15/20 |
2,000 | 2,405,980 | ||||||||
6,843,528 | ||||||||||
Massachusetts — 1.5% |
||||||||||
Massachusetts Development Finance Agency, RB, Waste Management, Inc. Project, AMT, 5.45%, 6/01/14 |
4,500 | 4,622,580 | ||||||||
State of Massachusetts Water Pollution Abatement Trust, Refunding RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23 |
140 | 140,666 | ||||||||
4,763,246 | ||||||||||
Michigan — 2.5% |
||||||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 5/15/20 |
1,585 | 1,746,511 | ||||||||
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 7/01/20 |
1,000 | 1,066,120 | ||||||||
State of Michigan, Refunding RB: |
||||||||||
5.00%, 11/01/20 |
1,000 | 1,152,400 | ||||||||
5.00%, 11/01/21 |
2,000 | 2,268,800 | ||||||||
State of Michigan Building Authority, Refunding RB, Facilities Program: |
||||||||||
Series 1-A, 5.00%, 10/15/20 |
325 | 373,939 | ||||||||
Series 2-A, 4.00%, 10/15/20 |
1,205 | 1,308,678 | ||||||||
7,916,448 | ||||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
Minnesota — 4.1% |
||||||||||
Minnesota Higher Education Facilities Authority, RB, University of St. Thomas, Series 5-Y, 5.00%, 10/01/24 |
$ | 1,250 | $ | 1,301,587 | ||||||
State of Michigan Trunk Highway, GO, Series B, 5.00%, 10/01/20 |
10,000 | 12,066,700 | ||||||||
13,368,287 | ||||||||||
Missouri — 4.6% |
||||||||||
City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 9/01/20 |
3,000 | 3,415,050 | ||||||||
Missouri Development Finance Board, RB, Branson Landing Project, Series A, 5.50%, 6/01/14 (c) |
5,000 | 5,155,350 | ||||||||
State of Missouri Health & Educational Facilities Authority, Refunding RB, Series A: |
||||||||||
BJC Health System, 5.00%, 5/15/20 |
5,500 | 5,863,550 | ||||||||
Coxhealth, 5.00%, 11/15/20 |
500 | 576,125 | ||||||||
15,010,075 | ||||||||||
Multi-State — 3.4% |
||||||||||
Centerline Equity Issuer Trust (b)(f): |
||||||||||
Series A-4-1, 5.75%, 5/15/15 |
1,000 | 1,064,600 | ||||||||
Series A-4-2, 6.00%, 5/15/19 |
2,500 | 2,876,425 | ||||||||
Series B-3-1, 6.00%, 5/15/15 |
4,000 | 4,259,400 | ||||||||
Series B-3-2, 6.30%, 5/15/19 |
2,500 | 2,910,175 | ||||||||
11,110,600 | ||||||||||
Nebraska — 1.2% |
||||||||||
Central Plains Energy Project, RB, Gas Project No. 3, 5.00%, 9/01/20 |
3,500 | 3,879,540 | ||||||||
Nevada — 2.7% |
||||||||||
County of Clark Nevada, Refunding ARB, Las Vegas McCarran International Airport, Series B: |
||||||||||
5.00%, 7/01/19 |
500 | 577,955 | ||||||||
5.00%, 7/01/20 |
1,000 | 1,154,620 | ||||||||
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/20 |
5,000 | 5,406,900 | ||||||||
County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 8/01/20 |
1,510 | 1,534,613 | ||||||||
8,674,088 | ||||||||||
New Hampshire — 1.4% |
||||||||||
New Hampshire Business Finance Authority, Refunding RB, Public Service Co. of New Hampshire Project, Series
B, AMT (NPFGC), 4.75%, 5/01/21 |
4,350 | 4,437,435 | ||||||||
New Jersey — 4.3% |
||||||||||
Middlesex County Improvement Authority, RB, George Street Student Housing Project, Series A, 5.00%, 8/15/14 (c) |
1,000 | 1,038,060 | ||||||||
New
Jersey EDA, Refunding RB: |
||||||||||
Cigarette Tax, 5.00%, 6/15/20 |
2,500 | 2,782,150 | ||||||||
First Mortgage, Winchester, Series A, 4.80%, 11/01/13 |
265 | 265,000 | ||||||||
School Facilities, Series GG, 5.00%, 9/01/22 |
2,000 | 2,281,240 | ||||||||
New
Jersey Educational Facilities Authority, Refunding RB: |
||||||||||
Seton Hall University, Series D, 5.00%, 7/01/19 |
1,060 | 1,226,494 | ||||||||
Seton Hall University, Series D, 5.00%, 7/01/20 |
650 | 750,067 | ||||||||
University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (g) |
2,500 | 3,114,900 | ||||||||
New
Jersey Health Care Facilities Financing Authority, Refunding RB, AtlantiCare Regional Medical Center, 5.00%, 7/01/20 |
2,110 | 2,297,537 | ||||||||
13,755,448 |
30 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (continued) | BlackRock Municipal 2020
Term Trust (BKK) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
New York — 9.3% |
||||||||||
New
York City Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT (h): |
||||||||||
7.63%, 8/01/25 |
$ | 3,885 | $ | 4,210,213 | ||||||
7.75%, 8/01/31 |
5,000 | 5,418,550 | ||||||||
New
York Mortgage Agency, Refunding RB, 35th Series, AMT, 4.50%, 10/01/20 |
4,000 | 4,078,760 | ||||||||
New
York State Energy Research & Development Authority, Refunding RB, Brooklyn Union Gas/Keyspan, Series A, AMT (NPFGC), 4.70%,
2/01/24 |
8,500 | 8,821,045 | ||||||||
New
York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 1/01/20 |
875 | 1,025,999 | ||||||||
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, 5.00%, 12/01/20 |
1,525 | 1,631,796 | ||||||||
Tobacco Settlement Financing Corp. New York, RB, Asset-Backed, Series B-1C, 5.50%, 6/01/20 |
5,000 | 5,021,950 | ||||||||
30,208,313 | ||||||||||
North Carolina — 2.3% |
||||||||||
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/21 |
1,550 | 1,749,500 | ||||||||
North Carolina Municipal Power Agency No. 1, Refunding RB, Series B, 5.00%, 1/01/20 |
5,000 | 5,815,600 | ||||||||
7,565,100 | ||||||||||
Oklahoma — 1.0% |
||||||||||
Canadian County Educational Facilities Authority, RB, Mustang Public Schools Project, 4.50%, 9/01/20 |
1,500 | 1,668,690 | ||||||||
County of Oklahoma Finance Authority, Refunding RB, Epworth Villa Project, Series A: |
||||||||||
2.25%, 4/01/14 |
225 | 223,792 | ||||||||
2.50%, 4/01/15 |
225 | 220,939 | ||||||||
County of Tulsa Oklahoma Industrial Authority, Education Facilities, RB, Broken Arrow Public School, 4.00%, 9/01/22 |
1,100 | 1,169,520 | ||||||||
3,282,941 | ||||||||||
Pennsylvania — 4.5% |
||||||||||
East Hempfield Township IDA, RB, Student Services, Inc., Student Housing Project: |
||||||||||
4.00%, 7/01/19 |
360 | 367,308 | ||||||||
4.00%, 7/01/20 |
465 | 467,144 | ||||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 4.00%, 11/01/20 |
2,175 | 2,304,760 | ||||||||
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services: |
||||||||||
4.00%, 10/01/19 |
1,165 | 1,200,265 | ||||||||
4.00%, 10/01/20 |
1,210 | 1,229,723 | ||||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A: |
||||||||||
5.00%, 7/15/20 (i) |
600 | 657,972 | ||||||||
Drexel University, 5.00%, 5/01/20 |
1,575 | 1,821,503 | ||||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Mortgage, Series 115A, AMT: |
||||||||||
2.30%, 10/01/19 |
460 | 449,503 | ||||||||
2.55%, 4/01/20 |
850 | 829,931 | ||||||||
2.65%, 10/01/20 |
865 | 841,463 | ||||||||
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/20 |
1,500 | 1,744,950 | ||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22 |
1,000 | 1,099,660 | ||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
Pennsylvania (concluded) |
||||||||||
State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 7/15/20 |
$ | 995 | $ | 1,143,295 | ||||||
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/20 |
350 | 418,877 | ||||||||
14,576,354 | ||||||||||
Rhode Island — 0.7% |
||||||||||
Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT, 5.00%,
12/01/20 |
2,000 | 2,162,460 | ||||||||
South Carolina — 0.7% |
||||||||||
South Carolina State Ports Authority, RB, 5.00%, 7/01/20 |
2,000 | 2,330,620 | ||||||||
Texas — 12.8% |
||||||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien: |
||||||||||
5.75%, 1/01/19 |
800 | 881,184 | ||||||||
5.75%, 1/01/20 |
1,140 | 1,249,303 | ||||||||
City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21 |
2,500 | 2,795,950 | ||||||||
City of Frisco Texas, GO, Refunding, 3.00%, 2/15/20 |
2,250 | 2,406,240 | ||||||||
City of Houston Texas, Refunding RB, Subordinate Lien, Series B, 5.00%, 7/01/20 |
250 | 290,992 | ||||||||
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20 |
3,715 | 3,949,194 | ||||||||
Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 5/15/20 |
5,000 | 5,767,950 | ||||||||
New
Hope Cultural Education Facilities Corp., RB, Tarleton State University Project, Series A: |
||||||||||
4.00%, 4/01/19 |
345 | 352,580 | ||||||||
4.00%, 4/01/20 |
415 | 416,855 | ||||||||
North Texas Tollway Authority, Refunding RB, Series C: |
||||||||||
5.25%, 1/01/20 |
1,000 | 1,128,860 | ||||||||
5.38%, 1/01/21 |
5,000 | 5,744,800 | ||||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/20 |
5,000 | 5,488,300 | ||||||||
Texas State Turnpike Authority, RB, CAB, 1st Tier, Series A (AMBAC) (a): |
||||||||||
4.06%, 8/15/21 |
7,990 | 5,842,608 | ||||||||
4.69%, 8/15/24 |
8,450 | 5,124,502 | ||||||||
41,439,318 | ||||||||||
US Virgin Islands — 0.3% |
||||||||||
Virgin Islands Public Finance Authority, RB, Senior Lien, Matching Fund Loan Note, Series A, 5.25%, 10/01/14
(c) |
1,000 | 1,046,410 | ||||||||
Virginia — 5.2% |
||||||||||
Charles City County EDA, RB, Waste Management, Inc. Project, Mandatory Put Bonds, AMT, 5.13%, 8/01/27 (h) |
10,000 | 10,202,700 | ||||||||
Hanover County EDA, Refunding RB, Covenant Woods, Series A, 3.00%, 7/01/15 |
465 | 456,239 | ||||||||
Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20 |
2,000 | 2,399,440 | ||||||||
Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 7/01/20 |
1,500 | 1,725,945 | ||||||||
Russell County IDA, Refunding RB, Appalachian Power, Series K, 4.63%, 11/01/21 |
2,000 | 2,128,680 | ||||||||
16,913,004 |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 31 |
Schedule of Investments (continued) | BlackRock Municipal 2020
Term Trust (BKK) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
Washington — 1.5% |
|||||||||||
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B: |
|||||||||||
5.00%, 10/01/20 |
$ | 250 | $ | 293,235 | |||||||
5.00%, 10/01/42 (h) |
4,000 | 4,553,120 | |||||||||
4,846,355 | |||||||||||
Wisconsin — 0.9% |
|||||||||||
State of Wisconsin, Refunding RB, Series A, 5.25%, 5/01/20 |
1,000 | 1,178,310 | |||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.00%, 4/01/20 |
1,515 | 1,727,358 | |||||||||
2,905,668 | |||||||||||
Total Municipal Bonds — 130.6% |
423,993,741 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (j) — 1.7% |
|||||||||||
Illinois — 1.7% |
|||||||||||
City of Chicago Illinois Waterworks, Refunding RB, Second Lien (AGM), 5.00%, 11/01/20 |
5,000 | 5,518,000 | |||||||||
Total Long-Term Investments (Cost — $411,916,483) — 132.3% |
429,511,741 | ||||||||||
Short-Term Securities |
Shares | Value | ||||||||
Money Market Funds — 1.5% |
||||||||||
FFI Institutional Tax-Exempt Fund, 0.03% (k)(l) |
4,891,505 | $ | 4,891,505 | |||||||
Par (000 |
) | |||||||||
New York — 0.1% |
||||||||||
New York City Water & Sewer System, Refunding RB, VRDN (Mizuho Corporate Bank), 0.04%, 11/01/13
(m) |
$ | 300 | 300,000 | |||||||
Total Short-Term Securities (Cost — $5,191,505) — 1.6% |
5,191,505 | |||||||||
Total Investments (Cost — $417,107,988) — 133.9% |
434,703,246 | |||||||||
Other Assets Less Liabilities — 1.2% |
3,860,276 | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.2%) |
(3,754,158 | ) | ||||||||
AMPS, at Redemption Value — (33.9%) |
(110,100,000 | ) | ||||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 324,709,364 |
Notes to Schedule of Investments
(a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|||
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold
in transactions exempt from registration to qualified institutional investors. |
|||
(c) | US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the
date indicated, typically at a premium to par. |
|||
(d) | Non-income producing security. |
|||
(e) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
|||
(f) | Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds
issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated
maturity. |
|||
(g) | Security is collateralized by municipal or US Treasury obligations. |
|||
(h) | Variable rate security. Rate shown is as of report date. |
|||
(i) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty |
|
Value |
|
Unrealized Appreciation |
||||||
Merrill Lynch, Pierce, Fenner & Smith Inc. |
$ | 657,972 | $ | 3,996 |
(j) | Represent bonds transferred to a TOB. In exchange the Trust acquired residual interest certificates. These bonds serve as collateral
in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|||
(k) | Investments in issuers considered to be an affiliate of the Trust during the six months ended October 31, 2013, for purposes of
Section 2(a)(3) of the 1940 Act, as amended, were as follows: |
Affiliate |
|
Shares Held at April 30, 2013 |
|
Net Activity |
|
Shares Held at October 31, 2013 |
|
Income |
||
FFI Institutional Tax-Exempt Fund |
1,959,251 |
2,932,254 |
4,891,505 |
$1,540 |
32 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (concluded) | BlackRock Municipal 2020
Term Trust (BKK) |
(l) | Represents the current yield as of report date. |
|||
(m) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through
demand. |
|||
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation
techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to
access |
|||
• | Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active,
quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for
the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs) |
|||
• | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available
(including the Trust’s own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair
value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is
significant to the fair value measurement in its entirety. |
||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment
and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy
regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements. |
||||
The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of October 31,
2013: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||
Assets: |
|||||||||||
Investments: |
|||||||||||
Long-Term Investments1 |
— | $ | 429,511,741 | — | $ | 429,511,741 | |||||
Short-Term Securities |
$ | 4,891,505 | 300,000 | — | 5,191,505 | ||||||
Total |
$ | 4,891,505 | $ | 429,811,741 | — | $ | 434,703,246 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes.
As of October 31, 2013, TOB trust certificates of $3,750,000 are categorized as Level 2 within the disclosure hierarchy.
|
There were no transfers between levels during the six months ended October 31, 2013.
|
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 33 |
Schedule of Investments October 31, 2013 (Unaudited) | BlackRock Municipal
Income Trust (BFK) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Alabama — 1.2% |
||||||||||
Alabama State Docks Department, Refunding RB, 6.00%, 10/01/40 |
$ | 4,080 | $ | 4,542,591 | ||||||
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19 |
2,910 | 2,889,281 | ||||||||
7,431,872 | ||||||||||
Arizona — 3.0% |
||||||||||
Salt Verde Financial Corp., RB, Senior: |
||||||||||
5.00%, 12/01/32 |
10,030 | 10,128,194 | ||||||||
5.00%, 12/01/37 |
7,460 | 7,490,884 | ||||||||
17,619,078 | ||||||||||
California — 17.5% |
||||||||||
Bay
Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 4/01/44 |
4,445 | 4,777,797 | ||||||||
California County Tobacco Securitization Agency, RB, CAB, Stanislaus, Sub-Series C, 12.13%, 6/01/55 (a) |
17,855 | 133,377 | ||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42 |
6,230 | 7,185,308 | ||||||||
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33 |
2,465 | 2,539,147 | ||||||||
California Pollution Control Financing Authority, RB: |
||||||||||
Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37 (b) |
2,015 | 1,778,076 | ||||||||
Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (b) |
5,035 | 4,222,250 | ||||||||
San Diego County Water Authority Desalination Project Pipeline, 5.00%, 11/21/45 |
2,415 | 2,144,665 | ||||||||
California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34 |
2,315 | 2,665,399 | ||||||||
California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services: |
||||||||||
5.00%, 5/15/42 |
830 | 746,394 | ||||||||
5.00%, 5/15/47 |
705 | 621,711 | ||||||||
City of Los Angeles California Department of Airports, Refunding RB, Los Angeles International Airport, Senior Series A: |
||||||||||
5.25%, 5/15/39 |
1,560 | 1,665,051 | ||||||||
5.00%, 5/15/40 |
11,690 | 11,918,189 | ||||||||
Foothill Eastern Transportation Corridor Agency California, Refunding RB, CAB, 6.97%, 1/15/38 (a) |
75,000 | 14,283,000 | ||||||||
Foothill-De Anza Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/40 |
7,000 | 7,352,590 | ||||||||
Murrieta Community Facilities District Special Tax California, Special Tax Bonds, District No. 2, The Oaks Improvement Area A, 6.00%,
9/01/34 |
5,000 | 4,952,600 | ||||||||
Riverside County Transportation Commission, RB, CAB, Senior Lien, Series B (a): |
||||||||||
6.64%, 6/01/41 |
5,000 | 825,600 | ||||||||
6.66%, 6/01/42 |
6,000 | 923,400 | ||||||||
6.67%, 6/01/43 |
5,000 | 718,700 | ||||||||
San
Diego Community College District, GO, Election of 2006, 5.00%, 8/01/43 |
2,115 | 2,233,482 | ||||||||
San
Marcos Unified School District, GO, CAB, Election of 2010, Series B (a): |
||||||||||
5.44%, 8/01/34 |
3,500 | 1,149,155 | ||||||||
5.51%, 8/01/36 |
4,000 | 1,161,520 | ||||||||
State of California, GO, Various Purpose: |
||||||||||
6.00%, 3/01/33 |
4,970 | 5,811,471 | ||||||||
6.50%, 4/01/33 |
20,410 | 24,304,636 | ||||||||
104,113,518 | ||||||||||
Colorado — 2.2% |
||||||||||
Colorado Health Facilities Authority, Refunding RB: |
||||||||||
Catholic Health Initiative, Series A, 5.50%, 7/01/34 |
4,205 | 4,605,316 | ||||||||
Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42 |
3,450 | 3,210,363 | ||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
Colorado (concluded) |
||||||||||
Colorado State Board of Governors, Refunding RB, State University System Enterprise, Series A, 5.00%, 3/01/43 |
$ | 2,310 | $ | 2,434,763 | ||||||
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax, 5.50%, 12/01/37 |
2,530 | 2,586,520 | ||||||||
12,836,962 | ||||||||||
Connecticut — 0.5% |
||||||||||
Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A,
5.00%, 11/15/40 |
2,710 | 2,780,894 | ||||||||
Delaware — 1.6% |
||||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40 |
2,225 | 2,288,257 | ||||||||
Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45 |
7,950 | 7,538,190 | ||||||||
9,826,447 | ||||||||||
District of Columbia — 4.7% |
||||||||||
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43 |
1,480 | 1,539,289 | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 5/15/40 |
23,035 | 23,149,484 | ||||||||
Metropolitan Washington Airports Authority, Refunding RB, First Senior Lien, Series A: |
||||||||||
5.00%, 10/01/39 |
990 | 991,465 | ||||||||
5.25%, 10/01/44 |
2,465 | 2,496,108 | ||||||||
28,176,346 | ||||||||||
Florida — 4.9% |
||||||||||
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/41 |
2,280 | 2,356,289 | ||||||||
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center: |
||||||||||
5.00%, 6/01/32 |
600 | 585,090 | ||||||||
5.00%, 6/01/36 |
125 | 119,931 | ||||||||
5.13%, 6/01/42 |
1,925 | 1,850,964 | ||||||||
County of Tampa-Hillsborough Florida Expressway Authority, Refunding RB: |
||||||||||
Series A, 5.00%, 7/01/37 |
3,920 | 4,002,673 | ||||||||
Series B, 5.00%, 7/01/42 |
4,925 | 4,979,914 | ||||||||
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center Florida, 6.75%, 11/15/21 |
5,570 | 5,860,197 | ||||||||
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40 |
5,885 | 6,471,087 | ||||||||
Stevens Plantation Community Development District, Special Assessment, Series A, 7.10%, 5/01/35 (c)(d) |
3,590 | 2,674,335 | ||||||||
28,900,480 | ||||||||||
Georgia — 1.8% |
||||||||||
DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39 |
1,650 | 1,686,762 | ||||||||
Metropolitan Atlanta Rapid Transit Authority, RB, Sale Tax, Third Indenture, Series A, 5.00%, 7/01/39 |
5,000 | 5,168,850 | ||||||||
Richmond County Development Authority, Refunding RB, International Paper Co. Project, Series A, AMT, 6.00%, 2/01/25 |
4,000 | 4,000,440 | ||||||||
10,856,052 | ||||||||||
Hawaii — 0.5% |
||||||||||
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30 |
2,660 | 2,860,803 | ||||||||
Illinois — 12.0% |
||||||||||
Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
2,055 | 2,088,722 | ||||||||
City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien, Series C, 6.50%, 1/01/41 |
11,385 | 12,802,888 |
34 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (continued) | BlackRock Municipal
Income Trust (BFK) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Illinois (concluded) |
||||||||||
City of Chicago Illinois, GO, Project, Series A: |
||||||||||
5.00%, 1/01/33 |
$ | 4,435 | $ | 4,189,035 | ||||||
5.00%, 1/01/34 |
4,430 | 4,161,763 | ||||||||
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 |
1,605 | 1,675,251 | ||||||||
City of Chicago Illinois Waterworks Revenue, Refunding RB, Second Lien Project, 5.00%, 11/01/42 |
5,625 | 5,565,544 | ||||||||
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |
1,525 | 1,600,762 | ||||||||
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44 |
10,630 | 10,882,462 | ||||||||
Illinois Finance Authority, Refunding RB: |
||||||||||
Ascension Health, Series A, 5.00%, 11/15/37 |
1,895 | 1,904,930 | ||||||||
Ascension Health, Series A, 5.00%, 11/15/42 |
3,450 | 3,444,687 | ||||||||
Central Dupage Health, Series B, 5.50%, 11/01/39 |
3,160 | 3,336,233 | ||||||||
Friendship Village Schaumburg, Series A, 5.63%, 2/15/37 |
470 | 413,544 | ||||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38 |
4,550 | 4,559,646 | ||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
||||||||||
Series B (AGM), 5.00%, 6/15/50 |
6,155 | 6,047,534 | ||||||||
Series B-2, 5.00%, 6/15/50 |
3,905 | 3,752,822 | ||||||||
Railsplitter Tobacco Settlement Authority, RB: |
||||||||||
5.50%, 6/01/23 |
885 | 973,155 | ||||||||
6.00%, 6/01/28 |
2,245 | 2,407,089 | ||||||||
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 |
1,240 | 1,283,189 | ||||||||
71,089,256 | ||||||||||
Indiana — 4.6% |
||||||||||
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A: |
||||||||||
4.00%, 8/01/35 |
2,215 | 2,071,025 | ||||||||
4.00%, 2/01/38 |
3,555 | 3,230,500 | ||||||||
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24 |
1,815 | 1,062,610 | ||||||||
Indiana Finance Authority, RB, Series A: |
||||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |
880 | 785,330 | ||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |
2,905 | 2,559,276 | ||||||||
Sisters of St. Francis Health, 5.25%, 11/01/39 |
1,655 | 1,689,110 | ||||||||
Wastewater Utility (CWA Authority Project), First Lien, 5.25%, 10/01/38 |
6,305 | 6,527,566 | ||||||||
Indiana Finance Authority, Refunding RB, Community Health Network Project, Series A, 5.00%, 5/01/42 |
3,695 | 3,601,849 | ||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 |
2,150 | 2,387,962 | ||||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A: |
||||||||||
5.00%, 1/15/36 |
780 | 814,460 | ||||||||
5.00%, 1/15/40 |
2,490 | 2,573,340 | ||||||||
27,303,028 | ||||||||||
Iowa — 2.3% |
||||||||||
Iowa Finance Authority, RB, Midwestern Disaster Area, Alcoa, Inc. Project, 4.75%, 8/01/42 |
2,265 | 1,911,773 | ||||||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |
||||||||||
5.00%, 12/01/19 |
1,880 | 1,822,434 | ||||||||
5.50%, 12/01/22 |
4,595 | 4,392,315 | ||||||||
5.25%, 12/01/25 |
2,125 | 1,939,764 | ||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |
3,465 | 3,592,304 | ||||||||
13,658,590 | ||||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
Kentucky — 0.5% |
||||||||||
Kentucky Economic Development Finance Authority, RB, Series A: |
||||||||||
Catholic Health Initiatives, 5.25%, 1/01/45 (e) |
$ | 1,915 | $ | 1,906,115 | ||||||
Owensboro Medical Health System, 6.38%, 6/01/40 |
920 | 969,919 | ||||||||
2,876,034 | ||||||||||
Louisiana — 3.3% |
||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects, Series A-1,
6.50%, 11/01/35 |
6,535 | 7,036,104 | ||||||||
State of Louisiana Gasoline & Fuels Tax, RB, Second Lien, Series B, 5.00%, 5/01/45 |
3,550 | 3,667,256 | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
||||||||||
5.50%, 5/15/30 |
1,980 | 2,018,016 | ||||||||
5.25%, 5/15/31 |
1,690 | 1,680,384 | ||||||||
5.25%, 5/15/32 |
2,160 | 2,137,255 | ||||||||
5.25%, 5/15/33 |
2,345 | 2,311,138 | ||||||||
5.25%, 5/15/35 |
985 | 966,295 | ||||||||
19,816,448 | ||||||||||
Maine — 0.3% |
||||||||||
Maine Turnpike Authority, RB, Series A, 5.00%, 7/01/42 |
1,715 | 1,789,637 | ||||||||
Maryland — 2.7% |
||||||||||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |
855 | 865,824 | ||||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |
2,235 | 2,325,607 | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Ascension Health Alliance, Series B, 5.00%, 11/15/51 |
7,865 | 7,869,955 | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41 |
4,295 | 4,511,812 | ||||||||
Montgomery County Housing Opportunities Commission, RB, Series D, AMT, 5.50%, 1/01/38 |
510 | 518,389 | ||||||||
16,091,587 | ||||||||||
Massachusetts — 1.1% |
||||||||||
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39 |
3,535 | 3,592,267 | ||||||||
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 5/15/43 |
2,780 | 2,924,226 | ||||||||
6,516,493 | ||||||||||
Michigan — 3.5% |
||||||||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A: |
||||||||||
5.00%, 7/01/32 |
3,065 | 2,777,656 | ||||||||
5.25%, 7/01/39 |
8,665 | 7,967,121 | ||||||||
City of Lansing Michigan, RB, Board of Water & Light, Series A, 5.50%, 7/01/41 |
2,870 | 3,077,243 | ||||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36 |
2,700 | 2,756,349 | ||||||||
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, Series A, 5.25%, 11/15/46 |
4,230 | 4,093,286 | ||||||||
20,671,655 | ||||||||||
Mississippi — 2.4% |
||||||||||
City of Gulfport Mississippi, RB, Memorial Hospital at Gulfport Project, Series A, 5.75%,
7/01/31 |
14,025 | 14,032,153 |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 35 |
Schedule of Investments (continued) | BlackRock Municipal
Income Trust (BFK) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Missouri — 0.4% |
||||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%,
10/01/44 |
$ | 495 | $ | 511,895 | ||||||
Missouri State Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%,
2/01/42 |
2,035 | 2,036,933 | ||||||||
2,548,828 | ||||||||||
Multi-State — 2.8% |
||||||||||
Centerline Equity Issuer Trust, 6.80%, 11/15/14 (b)(f) |
16,000 | 16,857,280 | ||||||||
Nebraska — 1.4% |
||||||||||
Central Plains Energy Project Nebraska, RB, Gas Project No. 3: |
||||||||||
5.25%, 9/01/37 |
1,610 | 1,655,740 | ||||||||
5.00%, 9/01/42 |
2,815 | 2,751,747 | ||||||||
County of Douglas Nebraska Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 1/01/40 |
3,280 | 3,392,668 | ||||||||
County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, Health Facilities, 5.63%,
1/01/40 |
600 | 620,610 | ||||||||
8,420,765 | ||||||||||
Nevada — 0.8% |
||||||||||
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%,
5/15/29 |
4,550 | 4,714,528 | ||||||||
New Jersey — 9.5% |
||||||||||
Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (c)(d) |
3,680 | 257,122 | ||||||||
New
Jersey EDA, RB, Continental Airlines, Inc. Project, AMT: |
||||||||||
5.25%, 9/15/29 |
3,830 | 3,519,923 | ||||||||
7.00%, 11/15/30 (g) |
15,410 | 15,409,075 | ||||||||
New
Jersey EDA, Refunding, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 4/01/28 |
8,000 | 8,582,160 | ||||||||
New
Jersey State Turnpike Authority, RB, Series A: |
||||||||||
5.00%, 1/01/38 |
2,535 | 2,630,519 | ||||||||
5.00%, 1/01/43 |
8,150 | 8,339,406 | ||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation System: |
||||||||||
Series A, 5.50%, 6/15/41 |
8,000 | 8,421,280 | ||||||||
Series B, 5.25%, 6/15/36 |
4,810 | 5,056,176 | ||||||||
Rutgers The State University of New Jersey, Refunding RB, Series L: |
||||||||||
5.00%, 5/01/38 |
985 | 1,045,410 | ||||||||
5.00%, 5/01/43 |
1,030 | 1,082,468 | ||||||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23 |
2,165 | 2,002,712 | ||||||||
56,346,251 | ||||||||||
New York — 8.5% |
||||||||||
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 (c)(d) |
1,820 | 309,436 | ||||||||
New
York City Industrial Development Agency, RB, American Airlines, Inc., JFK International Airport, AMT (g): |
||||||||||
8.00%, 8/01/28 |
5,000 | 5,464,450 | ||||||||
7.75%, 8/01/31 |
22,140 | 23,993,339 | ||||||||
New
York City Transitional Finance Authority Future Tax Secured Bonds, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 |
4,805 | 5,036,217 | ||||||||
New
York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%,
7/15/49 |
2,400 | 2,542,488 | ||||||||
New
York State Dormitory Authority, RB, Series F, 5.00%, 3/15/35 |
4,775 | 4,933,912 | ||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
New York (concluded) |
||||||||||
New
York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 1/01/42 |
$ | 3,465 | $ | 3,546,393 | ||||||
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |
||||||||||
6.00%, 12/01/36 |
2,525 | 2,723,869 | ||||||||
6.00%, 12/01/42 |
1,960 | 2,102,159 | ||||||||
50,652,263 | ||||||||||
North Carolina — 4.4% |
||||||||||
Gaston County Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%,
8/01/35 |
12,130 | 11,223,040 | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/38 |
10,000 | 10,728,500 | ||||||||
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42 |
2,750 | 2,789,985 | ||||||||
North Carolina Medical Care Commission, Refunding RB, Retirement Facilities, First Mortgage, Whitestone Project, Series A, 7.75%,
3/01/41 |
1,130 | 1,192,365 | ||||||||
25,933,890 | ||||||||||
Ohio — 2.9% |
||||||||||
County of Allen Ohio, Refunding RB, Hospital Facilities, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38 |
6,125 | 6,240,701 | ||||||||
County of Hamilton Ohio, RB, Christ Hospital Project, 5.00%, 6/01/42 |
2,475 | 2,362,709 | ||||||||
County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 5/01/39 |
5,450 | 5,342,254 | ||||||||
Pinnacle Community Infrastructure Financing Authority, RB, Facilities, Series A, 6.25%, 12/01/36 |
3,760 | 3,562,374 | ||||||||
17,508,038 | ||||||||||
Oregon — 0.1% |
||||||||||
City of Tigard Oregon, Refunding RB, Water System, 5.00%, 8/01/37 |
495 | 519,280 | ||||||||
Pennsylvania — 0.6% |
||||||||||
Pennsylvania Economic Development Financing Authority, RB, Aqua Pennsylvania, Inc. Project, 5.00%,
11/15/40 |
3,725 | 3,792,869 | ||||||||
Puerto Rico — 1.2% |
||||||||||
Puerto Rico Sales Tax Financing Corp., RB, CAB, Series A, 7.85%, 8/01/36 (a) |
40,000 | 6,939,200 | ||||||||
South Carolina — 1.1% |
||||||||||
South Carolina State Ports Authority, RB, 5.25%, 7/01/40 |
6,455 | 6,704,421 | ||||||||
Tennessee — 0.5% |
||||||||||
City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45
(e) |
2,660 | 2,647,658 | ||||||||
County of Rutherford Tennessee Health & Educational Facilities Board, RB, Ascension Health, Series C, 5.00%, 11/15/47 |
415 | 421,582 | ||||||||
3,069,240 | ||||||||||
Texas — 17.3% |
||||||||||
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (c)(d) |
4,370 | 65,506 | ||||||||
Central Texas Regional Mobility Authority, Refunding RB: |
||||||||||
Senior Lien, 6.25%, 1/01/46 |
4,210 | 4,304,557 | ||||||||
Senior Lien, Series A, 5.00%, 1/01/33 |
195 | 189,140 | ||||||||
Sub-Lien, 5.00%, 1/01/33 |
700 | 634,914 | ||||||||
Sub-Lien, 5.00%, 1/01/42 |
620 | 535,413 | ||||||||
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35 |
2,970 | 3,134,954 |
36 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (continued) | BlackRock Municipal
Income Trust (BFK) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
Texas (concluded) |
|||||||||||
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39 |
$ | 3,000 | $ | 3,293,370 | |||||||
City of Houston Texas Utility System, Refunding RB, Combined First Lien, Series A (AGC), 6.00%, 11/15/35 |
16,425 | 18,672,104 | |||||||||
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43 |
4,895 | 5,108,324 | |||||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 |
7,930 | 9,032,666 | |||||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Scott & White Healthcare, Series A, 5.00%,
8/15/43 |
705 | 706,029 | |||||||||
Dallas-Fort Worth International Airport, Refunding ARB, Joint Improvement, Series E, AMT, 5.00%, 11/01/35 |
3,535 | 3,461,119 | |||||||||
Fort Bend County Industrial Development Corp., RB, NRG Energy Project, Series B, 4.75%, 11/01/42 |
2,045 | 1,768,373 | |||||||||
Harris County-Houston Sports Authority, Refunding RB (NPFGC) (a): |
|||||||||||
CAB, Junior Lien, Series H, 6.87%, 11/15/35 |
5,000 | 1,128,400 | |||||||||
CAB, Senior Lien, Series A, 6.46%, 11/15/38 |
12,580 | 2,560,407 | |||||||||
Third Lien, Series A-3, 6.97%, 11/15/37 |
26,120 | 5,031,496 | |||||||||
Matagorda County Navigation District No. 1, Refunding RB, AEP Texas Central Co. Project, Series 1, 4.00%, 6/01/30 |
2,120 | 1,900,559 | |||||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A (a): |
|||||||||||
5.27%, 9/15/40 |
9,780 | 2,414,682 | |||||||||
5.38%, 9/15/41 |
5,420 | 1,234,839 | |||||||||
North Texas Tollway Authority, Refunding RB, Second Tier System, Series F, 6.13%, 1/01/31 |
12,180 | 13,019,811 | |||||||||
San
Antonio Energy Acquisition Public Facility Corp., RB, Gas Supply, 5.50%, 8/01/25 |
6,540 | 7,257,634 | |||||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB: |
|||||||||||
5.00%, 12/15/29 |
865 | 851,783 | |||||||||
5.00%, 12/15/32 |
2,835 | 2,743,288 | |||||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
|||||||||||
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40 |
6,000 | 6,548,400 | |||||||||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
6,500 | 7,014,215 | |||||||||
102,611,983 | |||||||||||
Utah — 1.5% |
|||||||||||
County of Utah Utah, RB, IHC Health Services, Inc., 5.00%, 5/15/43 |
3,940 | 4,036,845 | |||||||||
University of Utah, RB, General, Series A, 5.00%, 8/01/43 |
1,235 | 1,293,156 | |||||||||
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A: |
|||||||||||
3.25%, 10/15/36 |
1,940 | 1,459,443 | |||||||||
3.25%, 10/15/42 |
3,010 | 2,146,250 | |||||||||
8,935,694 | |||||||||||
Virginia — 1.9% |
|||||||||||
City of Norfolk Virginia Parking System, Refunding RB, Series B (AMBAC), 5.50%, 2/01/31 |
2,240 | 2,242,307 | |||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |
|||||||||||
5.25%, 1/01/32 |
3,155 | 3,121,999 | |||||||||
6.00%, 1/01/37 |
5,695 | 5,896,660 | |||||||||
11,260,966 | |||||||||||
Washington — 0.8% |
|||||||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45
(e) |
4,420 | 4,624,646 | |||||||||
Municipal Bonds | Par (000) |
Value | |||||||||
Wisconsin — 1.4% |
|||||||||||
Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Care Group, 5.00%, 11/15/33 |
$ | 1,640 | $ | 1,713,767 | |||||||
WPPI Energy Wisconsin, Refunding RB, Power Supply System, Series A: |
|||||||||||
5.00%, 7/01/29 |
740 | 795,115 | |||||||||
5.00%, 7/01/30 |
935 | 995,401 | |||||||||
5.00%, 7/01/31 |
2,035 | 2,154,841 | |||||||||
5.00%, 7/01/37 |
2,470 | 2,534,616 | |||||||||
8,193,740 | |||||||||||
Total Municipal Bonds — 127.7% |
758,881,215 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (h) |
|||||||||||
Alabama — 0.8% |
|||||||||||
City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB, Ascension Health,
Senior Credit Series C-2, 5.00%, 11/15/36 |
4,548 | 4,579,918 | |||||||||
California — 5.6% |
|||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (i) |
5,115 | 5,477,807 | |||||||||
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39 |
18,540 | 19,369,850 | |||||||||
Los
Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/32 |
4,500 | 4,747,455 | |||||||||
San
Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |
3,260 | 3,636,178 | |||||||||
33,231,290 | |||||||||||
Colorado — 2.1% |
|||||||||||
Colorado Health Facilities Authority, RB, Catholic Health (AGM): |
|||||||||||
Series C-3, 5.10%, 10/01/41 |
7,600 | 7,639,368 | |||||||||
Series C-7, 5.00%, 9/01/36 |
4,860 | 4,891,104 | |||||||||
12,530,472 | |||||||||||
Connecticut — 3.3% |
|||||||||||
Connecticut State Health & Educational Facility Authority, RB, Yale University: |
|||||||||||
Series T-1, 4.70%, 7/01/29 |
9,397 | 9,804,651 | |||||||||
Series X-3, 4.85%, 7/01/37 |
9,366 | 9,806,255 | |||||||||
19,610,906 | |||||||||||
Florida — 1.2% |
|||||||||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34 |
6,629 | 6,875,781 | |||||||||
Massachusetts — 2.0% |
|||||||||||
Massachusetts School Building Authority, RB, Senior Dedicated Sales Tax, Series B, 5.00%, 10/15/41 |
4,426 | 4,623,719 | |||||||||
Massachusetts Water Resources Authority, Refunding RB, General, Series A, 5.00%, 8/01/41 |
6,770 | 7,082,571 | |||||||||
11,706,290 | |||||||||||
New Hampshire — 0.7% |
|||||||||||
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39
(i) |
3,988 | 4,337,436 |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 37 |
Schedule of Investments (continued) | BlackRock Municipal
Income Trust (BFK) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond Trusts (h) |
Par (000) |
Value | |||||||||
New York — 10.0% |
|||||||||||
Hudson Yards Infrastructure Corp., RB, Senior, Series A, 5.75%, 2/15/47 (i) |
$ | 3,130 | $ | 3,315,313 | |||||||
New
York City Municipal Water Finance Authority, Refunding RB, Water & Sewer System, Second General Resolution: |
|||||||||||
Series FF-2, 5.50%, 6/15/40 |
3,075 | 3,291,766 | |||||||||
Series HH, 5.00%, 6/15/31 (i) |
16,393 | 17,571,423 | |||||||||
New
York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43 |
20,865 | 21,774,506 | |||||||||
New
York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (i) |
12,610 | 13,461,553 | |||||||||
59,414,561 | |||||||||||
Texas — 2.2% |
|||||||||||
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |
6,650 | 6,880,356 | |||||||||
University of Texas System, Refunding RB, Series B, 5.00%, 8/15/43 |
6,001 | 6,355,168 | |||||||||
13,235,524 | |||||||||||
Utah — 1.2% |
|||||||||||
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |
7,153 | 7,249,541 | |||||||||
Virginia — 1.9% |
|||||||||||
University of Virginia, Refunding RB, General, 5.00%, 6/01/40 |
10,767 | 11,544,629 | |||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (h) |
Par (000) |
Value | |||||||||
Washington — 3.6% |
|||||||||||
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32 |
$ | 5,459 | $ | 5,747,789 | |||||||
State of Washington, GO, Various Purposes, Series E, 5.00%, 2/01/34 |
14,487 | 15,602,977 | |||||||||
21,350,766 | |||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 34.6% |
205,667,114 | ||||||||||
Total Long-Term Investments (Cost — $966,921,318) — 162.3% |
964,548,329 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.03% (j)(k) | 19,167,561 | 19,167,561 | |||||||||
Total Short-Term Securities (Cost — $19,167,561) — 3.2% |
19,167,561 | ||||||||||
Total Investments (Cost — $986,088,879) — 165.5% |
983,715,890 | ||||||||||
Other Assets Less Liabilities — 0.7% |
3,750,054 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.6%) |
(122,424,869 | ) | |||||||||
VMTP Shares, at Liquidation Value — (45.6%) |
(270,800,000 | ) | |||||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 594,241,075 |
Notes to Schedule of Investments
(a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|||
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold
in transactions exempt from registration to qualified institutional investors. |
|||
(c) | Non-income producing security. |
|||
(d) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
|||
(e) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty |
|
Value |
|
Unrealized Appreciation |
||||||
Morgan Stanley & Co. LLC |
$ | 9,178,419 | $ | 184,020 |
(f) | Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds
issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated
maturity. |
|||
(g) | Variable rate security. Rate shown is as of report date. |
|||
(h) | Represent bonds transferred to a TOB. In exchange the Trust acquired residual interest certificates. These bonds serve as collateral
in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|||
(i) | All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the
event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the
case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from
October 1, 2016 to November 15, 2019, is $25,997,578. |
|||
(j) | Investments in issuers considered to be an affiliate of the Trust during the six months ended October 31, 2013, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows: |
Affiliate |
|
Shares Held at April 30, 2013 |
|
Net Activity |
|
Shares Held at October 31, 2013 |
|
Income |
||||||||||
FFI Institutional Tax-Exempt Fund |
2,673,310 |
16,494,251 |
19,167,561 |
$1,811 |
(k) | Represents the current yield as of report date. |
|||
• | Financial futures contracts as of October 31, 2013 were as follows: |
Contracts Sold |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized Depreciation |
(182) | 10-Year US Treasury Note |
Chicago Board of Trade |
December 2013 |
$23,179,406 | $(14,417) |
38 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (concluded) | BlackRock Municipal
Income Trust (BFK) |
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial
instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement
purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to
access |
|||
• | Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active,
quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for
the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs) |
|||
• | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available
(including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair
value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is
significant to the fair value measurement in its entirety. |
||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the
pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing
in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please
refer to Note 2 of the Notes to Financial Statements. |
||||
The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure
hierarchy as of October 31, 2013: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||
Assets: |
|||||||||||
Investments: |
|||||||||||
Long-Term Investments1 |
— | $ | 964,548,329 | — | $ | 964,548,329 | |||||
Short-Term Securities |
$ | 19,167,561 | — | — | 19,167,561 | ||||||
Total |
$ | 19,167,561 | $ | 964,548,329 | — | $ | 983,715,890 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||
Derivative Financial Instruments2 |
||||||||||||
Liabilities: |
||||||||||||
Interest rate contracts |
$ | (14,417 | ) | — | — | $ | (14,417 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
Certain of the Trust’s assets and/or liabilities are held at carrying amount, which approximates fair value for financial
statement purposes. As of October 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as
follows: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||
Assets: |
|||||||||||||
Cash |
$ | 248,246 | — | — | $ | 248,246 | |||||||
Cash pledged for financial futures contracts |
323,000 | — | — | 323,000 | |||||||||
Liabilities: |
|||||||||||||
TOB trust certificates |
— | $ | (122,400,226 | ) | — | (122,400,226 | ) | ||||||
VMTP Shares |
— | (270,800,000 | ) | — | (270,800,000 | ) | |||||||
Total |
$ | 571,246 | $ | (393,200,226 | ) | — | $ | (392,628,980 | ) |
There were no transfers between levels during the six months ended October 31, 2013.
|
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 39 |
Schedule of Investments October 31, 2013 (Unaudited) | BlackRock Pennsylvania
Strategic Municipal Trust (BPS) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
Pennsylvania — 154.6% |
|||||||||||
Corporate — 5.5% |
|||||||||||
County of Beaver IDA, Refunding RB, First Energy, Nuclear Energy Corp. Project, Mandatory Put Bonds, Series A, 3.38%, 1/01/35
(a) |
$ | 200 | $ | 203,360 | |||||||
Pennsylvania Economic Development Financing Authority, RB: |
|||||||||||
American Water Co. Project, 6.20%, 4/01/39 |
210 | 228,602 | |||||||||
Aqua Pennsylvania, Inc. Project, Series A, AMT, 6.75%, 10/01/18 |
600 | 733,914 | |||||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A AMT: |
|||||||||||
Amtrak Project, 5.00%, 11/01/41 |
160 | 153,037 | |||||||||
Aqua Pennsylvania, Inc. Project, 5.00%, 12/01/34 |
180 | 186,172 | |||||||||
1,505,085 | |||||||||||
County/City/Special District/School District — 15.7% |
|||||||||||
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A: |
|||||||||||
5.00%, 5/01/35 |
190 | 175,629 | |||||||||
5.00%, 5/01/42 |
450 | 402,395 | |||||||||
City of Philadelphia Pennsylvania, GO, Refunding, Series A (AGC), 5.00%, 8/01/24 |
370 | 398,094 | |||||||||
City of Pittsburgh Pennsylvania, GO, Series B, 5.00%, 9/01/26 |
125 | 137,076 | |||||||||
County of Lycoming Pennsylvania, GO, Series A (AGM): |
|||||||||||
4.00%, 8/15/38 |
160 | 142,910 | |||||||||
4.00%, 8/15/42 |
100 | 87,950 | |||||||||
County of Lycoming Pennsylvania Water & Sewer Authority, RB (AGM), 5.00%, 11/15/41 |
100 | 100,567 | |||||||||
County of York Pennsylvania, GO, Refunding, 5.00%, 3/01/36 |
100 | 103,204 | |||||||||
Falls Township Authority, RB, Water & Sewer Authority, 5.00%, 12/01/37 |
200 | 206,570 | |||||||||
Marple Newtown School District, GO (AGM), 5.00%, 6/01/31 |
600 | 646,794 | |||||||||
Owen J. Roberts School District, GO, 4.75%, 11/15/25 |
700 | 767,046 | |||||||||
Philadelphia School District, GO, Series E, 6.00%, 9/01/38 |
100 | 107,341 | |||||||||
Philipsburg-Osceola Pennsylvania Area School District, GO (AGM): |
|||||||||||
5.00%, 4/01/41 |
155 | 156,710 | |||||||||
Series A, 4.00%, 4/01/35 |
150 | 136,293 | |||||||||
Series A, 4.00%, 4/01/38 |
110 | 94,306 | |||||||||
Series A, 4.00%, 4/01/41 |
40 | 34,170 | |||||||||
State Public School Building Authority, RB, Community College, Allegheny County Project (AGM), 5.00%, 7/15/34 |
310 | 320,999 | |||||||||
State Public School Building Authority, Refunding RB, Harrisburg School District Project, Series A (AGC), 5.00%, 11/15/33 |
250 | 256,680 | |||||||||
4,274,734 | |||||||||||
Education — 25.4% |
|||||||||||
County of Adams Pennsylvania IDA, Refunding RB, Gettysburg College: |
|||||||||||
5.00%, 8/15/24 |
100 | 109,672 | |||||||||
5.00%, 8/15/25 |
100 | 108,347 | |||||||||
County of Cumberland Pennsylvania Municipal Authority, RB, AICUP Financing Program, Dickinson College Project, 5.00%, 11/01/39 |
200 | 205,418 | |||||||||
County of Delaware Pennsylvania Authority, Refunding RB: |
|||||||||||
Haverford College, 5.00%, 11/15/35 |
415 | 436,958 | |||||||||
Villanova University, 5.25%, 12/01/31 |
100 | 106,243 | |||||||||
East Hempfield Township IDA, RB, Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania, 5.00%,
7/01/35 |
100 | 92,871 | |||||||||
Municipal Bonds | Par (000) |
Value | |||||||||
Pennsylvania (continued) |
|||||||||||
Education (concluded) |
|||||||||||
Pennsylvania Higher Educational Facilities Authority, RB: |
|||||||||||
Drexel University, Series A (NPFGC), 5.00%, 5/01/37 |
$ | 150 | $ | 151,452 | |||||||
Shippensburg University Student Services, Student Housing, 5.00%, 10/01/44 |
265 | 239,947 | |||||||||
Thomas Jefferson University, 5.00%, 3/01/40 |
1,000 | 1,025,570 | |||||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB: |
|||||||||||
Drexel University, Series A, 5.25%, 5/01/41 |
1,180 | 1,223,648 | |||||||||
La Salle University, 5.00%, 5/01/37 |
140 | 134,212 | |||||||||
State System of Higher Education, Series AL, 5.00%, 6/15/35 |
100 | 103,992 | |||||||||
Thomas Jefferson University, 4.00%, 3/01/37 |
70 | 62,273 | |||||||||
Thomas Jefferson University, 5.00%, 3/01/42 |
60 | 60,895 | |||||||||
Trustees of The University of Pennsylvania, Series C, 4.75%, 7/15/35 |
500 | 501,265 | |||||||||
Widener University, Series A, 5.25%, 7/15/33 (b) |
220 | 217,182 | |||||||||
Widener University, Series A, 5.50%, 7/15/38 (b) |
165 | 162,575 | |||||||||
Pennsylvania State University, RB, 5.00%, 3/01/40 |
1,000 | 1,046,530 | |||||||||
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/38 |
215 | 227,348 | |||||||||
University of Pittsburgh Pennsylvania, RB, Capital Project, Series B, 5.00%, 9/15/28 |
610 | 673,519 | |||||||||
6,889,917 | |||||||||||
Health — 41.7% |
|||||||||||
Berks County Municipal Authority, Refunding RB, Reading Hospital & Medical Center Project, Series A3, 5.50%, 11/01/31 |
500 | 551,940 | |||||||||
Centre County Hospital Authority, RB, Mount Nittany Medical Center Project, 7.00%, 11/15/46 |
390 | 443,594 | |||||||||
County of Cumberland Pennsylvania Municipal Authority, Refunding RB: |
|||||||||||
Asbury Pennsylvania Obligated Group, 5.25%, 1/01/41 |
210 | 183,557 | |||||||||
Diakon Lutheran, 6.38%, 1/01/39 |
500 | 527,435 | |||||||||
County of Montgomery Pennsylvania IDA, RB, Acts Retirement-Life Community, Series A, 4.50%, 11/15/36 |
375 | 320,239 | |||||||||
County of Montgomery Pennsylvania IDA, Refunding RB, Acts Retirement-Life Communities: |
|||||||||||
5.00%, 11/15/27 |
175 | 175,268 | |||||||||
5.00%, 11/15/28 |
110 | 108,512 | |||||||||
5.00%, 11/15/29 |
100 | 98,053 | |||||||||
Dauphin County General Authority, Refunding RB, Pinnacle Health System Project, Series A, 6.00%, 6/01/29 |
500 | 544,620 | |||||||||
Franklin County IDA Pennsylvania, Refunding RB, Chambersburg Hospital Project, 5.38%, 7/01/42 |
415 | 418,785 | |||||||||
Geisinger Authority Pennsylvania, RB, Health system Obligated Group: |
|||||||||||
Series A, 5.25%, 6/01/39 |
1,000 | 1,025,210 | |||||||||
Series A-1, 5.13%, 6/01/41 |
1,160 | 1,182,945 | |||||||||
Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System, Series A, 4.00%, 8/15/39 |
215 | 180,995 | |||||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, University of Pittsburgh Medical Center, Series E, 5.00%,
5/15/31 |
1,000 | 1,020,650 | |||||||||
Philadelphia Hospitals & Higher Education Facilities Authority, RB, The Children’s Hospital of Philadelphia Project, Series C, 5.00%,
7/01/41 |
940 | 956,102 | |||||||||
Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB, Jefferson Health System of Chester Philadelphia, Series B,
5.00%, 5/15/40 |
1,000 | 1,002,740 |
40 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (continued) | BlackRock Pennsylvania
Strategic Municipal Trust (BPS) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
Pennsylvania (continued) |
|||||||||||
Health (concluded) |
|||||||||||
Saint Mary Hospital Authority, Refunding RB, Catholic Health East, Series A: |
|||||||||||
5.00%, 11/15/26 |
$ | 250 | $ | 264,735 | |||||||
5.00%, 11/15/27 |
175 | 183,951 | |||||||||
South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series B (AGC), 5.38%, 7/01/35 |
245 | 252,656 | |||||||||
Southcentral General Authority, Refunding RB, Wellspan Health Obligation Group, Series A, 6.00%, 6/01/29 |
1,250 | 1,382,700 | |||||||||
Union County Hospital Authority, Refunding RB, Evangelical Community Hospital Project, 7.00%, 8/01/41 |
460 | 517,205 | |||||||||
11,341,892 | |||||||||||
Housing — 16.4% |
|||||||||||
Pennsylvania HFA, RB, S/F Mortgage, Series 114-C: |
|||||||||||
3.65%, 10/01/37 |
390 | 320,798 | |||||||||
3.70%, 10/01/42 |
640 | 519,187 | |||||||||
Pennsylvania HFA, Refunding RB, S/F Mortgage: |
|||||||||||
Series 92-A, AMT, 4.75%, 4/01/31 |
90 | 90,095 | |||||||||
Series 96-A, AMT, 4.70%, 10/01/37 |
450 | 431,271 | |||||||||
Series 97-A, AMT, 4.65%, 10/01/31 |
1,300 | 1,301,352 | |||||||||
Series 99-A, AMT, 5.15%, 4/01/38 |
210 | 214,704 | |||||||||
Series 110-B, 4.75%, 10/01/39 |
130 | 133,570 | |||||||||
Series 113, 4.85%, 10/01/37 |
775 | 766,312 | |||||||||
Series 115-A, AMT, 4.20%, 10/01/33 |
750 | 676,605 | |||||||||
4,453,894 | |||||||||||
State — 24.5% |
|||||||||||
Commonwealth of Pennsylvania, GO, First Series: |
|||||||||||
5.00%, 3/15/28 |
825 | 926,029 | |||||||||
5.00%, 6/01/28 |
2,160 | 2,410,236 | |||||||||
5.00%, 3/15/29 |
275 | 307,684 | |||||||||
Water Utility & Sewer Improvements, 5.00%, 11/15/24 |
1,000 | 1,159,920 | |||||||||
Water Utility & Sewer Improvements, 5.00%, 4/01/26 |
245 | 282,980 | |||||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, Unemployment Compensation, Series B, 5.00%, 7/01/23 |
500 | 531,470 | |||||||||
Pennsylvania Turnpike Commission, RB, Oil Franchise Tax, Remarketing, Series C (NPFGC), 5.00%, 12/01/32 |
1,000 | 1,034,930 | |||||||||
6,653,249 | |||||||||||
Transportation — 21.6% |
|||||||||||
City of Philadelphia Pennsylvania, ARB, Series A: |
|||||||||||
5.00%, 6/15/40 |
1,325 | 1,330,856 | |||||||||
AMT (AGM), 5.00%, 6/15/37 |
855 | 850,255 | |||||||||
Delaware River Port Authority, RB, Series D, 5.00%, 1/01/40 |
750 | 773,212 | |||||||||
Pennsylvania Turnpike Commission, RB: |
|||||||||||
Motor License Fund, Enhanced Turnpike, Special Sub-Series A, 5.00%, 12/01/37 |
140 | 143,835 | |||||||||
Motor License Fund, Enhanced Turnpike, Special Sub-Series A, 5.00%, 12/01/42 |
215 | 219,287 | |||||||||
Senior Lien, Series A, 5.00%, 12/01/42 |
470 | 478,220 | |||||||||
Series A (AMBAC), 5.25%, 12/01/32 |
870 | 877,795 | |||||||||
Sub-Series A, 5.13%, 12/01/26 |
100 | 107,824 | |||||||||
Sub-Series A, 6.00%, 12/01/41 |
100 | 108,433 | |||||||||
Pennsylvania Turnpike Commission, Refunding RB, Sub-Series B, 5.25%, 6/01/24 |
250 | 272,958 | |||||||||
Southeastern Pennsylvania Transportation Authority, RB, Capital Grant Receipts: |
|||||||||||
5.00%, 6/01/28 |
290 | 306,275 | |||||||||
5.00%, 6/01/29 |
385 | 403,030 | |||||||||
5,871,980 | |||||||||||
Municipal Bonds | Par (000) |
Value | |||||||||
Pennsylvania (concluded) |
|||||||||||
Utilities — 3.8% |
|||||||||||
City of Philadelphia Pennsylvania Gas Works, RB, Ninth Series, 5.25%, 8/01/40 |
$ | 270 | $ | 271,347 | |||||||
City of Philadelphia Pennsylvania Water & Wastewater, RB: |
|||||||||||
Series A, 5.25%, 1/01/36 |
100 | 104,873 | |||||||||
Series C (AGM), 5.00%, 8/01/40 |
350 | 355,989 | |||||||||
County of Bucks Pennsylvania Water & Sewer Authority, RB, Water System (AGM), 5.00%, 12/01/41 |
30 | 30,965 | |||||||||
Delaware County Regional Water Quality Control Authority, RB, Sewer Improvements, 5.00%, 5/01/33 |
70 | 73,844 | |||||||||
Pennsylvania Economic Development Financing Authority, RB, Philadelphia Biosolids Facility, 6.25%, 1/01/32 |
185 | 184,602 | |||||||||
1,021,620 | |||||||||||
Total Municipal Bonds in Pennsylvania — 154.6% |
42,012,371 | ||||||||||
Guam — 0.6% |
|||||||||||
State — 0.6% |
|||||||||||
Territory of Guam, RB, Section 30, Series A, 5.63%, 12/01/29 |
150 | 157,019 | |||||||||
Total Municipal Bonds — 155.2% |
42,169,390 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
|||||||||||
Pennsylvania — 5.2% |
|||||||||||
Education — 3.3% |
|||||||||||
Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System, Series
A, 5.75%, 8/15/41 |
850 | 900,762 | |||||||||
Health — 1.9% |
|||||||||||
Geisinger Authority Pennsylvania, RB, Health System, Series A, 5.13%, 6/01/34 |
500 | 512,530 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts in Pennsylvania — 5.2% |
1,413,292 | ||||||||||
Total Long-Term Investments (Cost — $42,948,313) — 160.4% |
43,582,682 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
BIF Pennsylvania Municipal Money Fund, 0.00% (d)(e) |
294,385 | 294,385 | |||||||||
Total Short-Term Securities (Cost — $294,385) — 1.1% |
294,385 | ||||||||||
Total Investments (Cost — $43,242,698) — 161.5% |
43,877,067 | ||||||||||
Other Assets Less Liabilities — 1.0% |
274,362 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (2.5%) |
(675,118 | ) | |||||||||
VRDP Shares, at Liquidation Value — (60.0%) |
(16,300,000 | ) | |||||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 27,176,311 |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 41 |
Schedule of Investments (continued) | BlackRock Pennsylvania
Strategic Municipal Trust (BPS) |
Notes to Schedule of Investments
(a) | Variable rate security. Rate shown is as of report date. |
|||
(b) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty |
|
Value |
|
Unrealized Appreciation |
||||||
Merrill Lynch, Pierce, Fenner & Smith Inc. |
$ | 379,757 | $ | 2,467 |
(c) | Represent bonds transferred to a TOB. In exchange the Trust acquired residual interest certificates. These bonds serve as collateral
in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|||
(d) | Investments in issuers considered to be an affiliate of the Trust during the six months ended October 31, 2013, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows: |
Affiliate |
|
Shares Held at April 30, 2013 |
|
Net Activity |
|
Shares Held at October 31, 2013 |
|
Income |
||||||||||
BIF Pennsylvania Municipal Money Fund |
1,396,790 |
(1,102,405) |
294,385 |
— |
(e) | Represents the current yield as of report date. |
|||
• | Financial futures contracts as of October 31, 2013 were as follows: |
Contracts Sold |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized Depreciation |
(14) | 10-Year US Treasury Note |
Chicago Board of Trade |
December 2013 |
$1,783,031 | $(2,093) |
• | For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications
used by one or more widely recognized market indexes or rating group indexes and/or as defined by Trust management. These definitions may not apply for
purposes of this report, which may combine such sector sub-classifications for reporting ease. |
|||
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial
instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement
purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to
access |
|||
• | Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active,
quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for
the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs) |
|||
• | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available
(including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair
value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is
significant to the fair value measurement in its entirety. |
||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the
pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing
in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please
refer to Note 2 of the Notes to Financial Statements. |
42 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (concluded) | BlackRock Pennsylvania
Strategic Municipal Trust (BPS) |
The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure
hierarchy as of October 31, 2013: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||
Assets: |
||||||||||||||||
Investments: |
||||||||||||||||
Long-Term Investments1 |
— | $ | 43,582,682 | — | $ | 43,582,682 | ||||||||||
Short-Term Securities |
$ | 294,385 | — | — | 294,385 | |||||||||||
Total |
$ | 294,385 | $ | 43,582,682 | — | $ | 43,877,067 |
1 | See above Schedule of Investments for values in each sector. |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||
Derivative Financial Instruments2 |
||||||||||||||||
Liabilities: |
||||||||||||||||
Interest rate contracts |
$ | (2,093 | ) | — | — | $ | (2,093 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
Certain of the Trust’s assets and/or liabilities are held at carrying amount, which approximates fair value for financial
statement purposes. As of October 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as
follows: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||
Assets: |
||||||||||||||||
Cash |
$ | 14,251 | — | — | $ | 14,251 | ||||||||||
Cash pledged for financial futures contracts |
25,000 | — | — | 25,000 | ||||||||||||
Liabilities: |
||||||||||||||||
TOB trust certificates |
— | $ | (675,000 | ) | — | (675,000 | ) | |||||||||
VRDP Shares |
— | (16,300,000 | ) | — | (16,300,000 | ) | ||||||||||
Total |
$ | 39,251 | $ | (16,975,000 | ) | — | $ | (16,935,749 | ) |
There were no transfers between levels during the six months ended October 31, 2013.
|
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 43 |
Schedule of Investments October 31, 2013 (Unaudited) | BlackRock Strategic
Municipal Trust (BSD) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Alabama — 1.2% |
||||||||||
Alabama State Docks Department, Refunding RB, 6.00%, 10/01/40 |
$ | 655 | $ | 729,263 | ||||||
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19 |
465 | 461,689 | ||||||||
1,190,952 | ||||||||||
Alaska — 1.0% |
||||||||||
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A: |
||||||||||
4.63%, 6/01/23 |
660 | 620,209 | ||||||||
5.00%, 6/01/46 |
530 | 364,603 | ||||||||
984,812 | ||||||||||
Arizona — 1.7% |
||||||||||
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
1,000 | 1,004,140 | ||||||||
San
Luis Facility Development Corp., RB, Senior Lien Project, Regional Detention Center Project: |
||||||||||
6.25%, 5/01/15 |
90 | 87,790 | ||||||||
7.00%, 5/01/20 |
210 | 190,892 | ||||||||
7.25%, 5/01/27 |
420 | 337,546 | ||||||||
1,620,368 | ||||||||||
California — 9.7% |
||||||||||
Bay
Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 4/01/44 |
720 | 773,906 | ||||||||
California County Tobacco Securitization Agency, RB, CAB, Stanislaus, Sub-Series C, 12.13%, 6/01/55 (a) |
3,095 | 23,120 | ||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42 |
1,010 | 1,164,873 | ||||||||
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33 |
400 | 412,032 | ||||||||
California Pollution Control Financing Authority, RB: |
||||||||||
Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37 (b) |
325 | 286,787 | ||||||||
Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (b) |
810 | 679,250 | ||||||||
San Diego County Water Authority Desalination Project Pipeline, 5.00%, 11/21/45 |
390 | 346,343 | ||||||||
California State Public Works Board, RB: |
||||||||||
Department of Corrections and Rehabilitation, Series F, 5.25%, 9/01/33 |
915 | 968,985 | ||||||||
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34 |
375 | 431,760 | ||||||||
City of Los Angeles California Department of Airports, Refunding RB, Los Angeles International Airport, Series A: |
||||||||||
5.25%, 5/15/39 |
250 | 266,835 | ||||||||
Senior, 5.00%, 5/15/40 |
1,875 | 1,911,600 | ||||||||
San
Diego Community College District, GO, Election of 2006, 5.00%, 8/01/43 |
340 | 359,047 | ||||||||
State of California, GO, Various Purpose: |
||||||||||
6.00%, 3/01/33 |
800 | 935,448 | ||||||||
6.50%, 4/01/33 |
650 | 774,033 | ||||||||
9,334,019 | ||||||||||
Colorado — 2.0% |
||||||||||
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34 |
680 | 744,736 | ||||||||
Colorado State Board of Governors, Refunding RB, State University System Enterprise, Series A, 5.00%, 3/01/43 |
370 | 389,984 | ||||||||
Park Creek Metropolitan District, Refunding RB, Senior, Limited Property Tax, 5.50%, 12/01/37 |
440 | 449,829 | ||||||||
Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31 |
320 | 339,811 | ||||||||
1,924,360 | ||||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
Delaware — 2.1% |
||||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40 |
$ | 820 | $ | 843,313 | ||||||
Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45 |
1,280 | 1,213,696 | ||||||||
2,057,009 | ||||||||||
District of Columbia — 1.9% |
||||||||||
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41 |
690 | 691,042 | ||||||||
Metropolitan Washington Airports Authority, Refunding RB, 1st Senior Lien, Series A: |
||||||||||
5.00%, 10/01/39 |
160 | 160,237 | ||||||||
5.25%, 10/01/44 |
1,000 | 1,012,620 | ||||||||
1,863,899 | ||||||||||
Florida — 7.2% |
||||||||||
County of Hillsborough Florida IDA, RB, National Gypsum Co., AMT, Series A, 7.13%, 4/01/30 |
1,500 | 1,504,245 | ||||||||
County of Tampa-Hillsborough Florida Expressway Authority, Refunding RB: |
||||||||||
Series A, 5.00%, 7/01/37 |
630 | 643,287 | ||||||||
Series B, 5.00%, 7/01/42 |
790 | 798,809 | ||||||||
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center Florida, 6.75%, 11/15/21 |
925 | 973,192 | ||||||||
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40 |
950 | 1,044,610 | ||||||||
Sumter Landing Community Development District Florida, RB, Sub-Series B, 5.70%, 10/01/38 |
1,465 | 1,203,351 | ||||||||
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43 |
785 | 713,636 | ||||||||
6,881,130 | ||||||||||
Georgia — 1.5% |
||||||||||
DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39 |
265 | 270,904 | ||||||||
Metropolitan Atlanta Rapid Transit Authority, RB, Sale Tax, Third Indenture, Series A, 5.00%, 7/01/39 |
1,095 | 1,131,978 | ||||||||
1,402,882 | ||||||||||
Hawaii — 0.5% |
||||||||||
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30 |
425 | 457,083 | ||||||||
Illinois — 15.6% |
||||||||||
Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
330 | 335,415 | ||||||||
City of Chicago Illinois, GARB, O’Hare International Airport Third Lien: |
||||||||||
Series A, 5.63%, 1/01/35 |
800 | 830,232 | ||||||||
Series A, 5.75%, 1/01/39 |
1,500 | 1,562,370 | ||||||||
Series C, 6.50%, 1/01/41 |
1,855 | 2,086,022 | ||||||||
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34 |
1,430 | 1,343,413 | ||||||||
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 |
260 | 271,380 | ||||||||
City of Chicago Illinois Waterworks Revenue, Refunding RB, Second Lien Project, 5.00%, 11/01/42 |
915 | 905,328 | ||||||||
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |
245 | 257,172 | ||||||||
Illinois Finance Authority, Refunding RB: |
||||||||||
Ascension Health, Series A, 5.00%, 11/15/37 |
305 | 306,598 | ||||||||
Central Dupage Health, Series B, 5.50%, 11/01/39 |
2,500 | 2,639,425 | ||||||||
Friendship Village Schaumburg, Series A, 5.63%, 2/15/37 |
145 | 127,583 | ||||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38 |
730 | 731,548 | ||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
||||||||||
CAB, Series B (AGM), 6.05%, 6/15/44 (a) |
2,980 | 480,346 | ||||||||
Series B (AGM), 5.00%, 6/15/50 |
990 | 972,715 |
44 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (continued) | BlackRock Strategic
Municipal Trust (BSD) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
Illinois (concluded) |
||||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project (concluded): |
||||||||||
Series B-2, 5.00%, 6/15/50 |
$ | 785 | $ | 754,408 | ||||||
Railsplitter Tobacco Settlement Authority, RB: |
||||||||||
5.50%, 6/01/23 |
175 | 192,432 | ||||||||
6.00%, 6/01/28 |
940 | 1,007,868 | ||||||||
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 |
200 | 206,966 | ||||||||
15,011,221 | ||||||||||
Indiana — 5.5% |
||||||||||
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A: |
||||||||||
4.00%, 8/01/35 |
355 | 331,925 | ||||||||
4.00%, 2/01/38 |
570 | 517,970 | ||||||||
Indiana Finance Authority, RB, Series A: |
||||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |
140 | 124,939 | ||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |
465 | 409,660 | ||||||||
Sisters of St. Francis Health, 5.25%, 11/01/39 |
270 | 275,565 | ||||||||
Wastewater Utility (CWA Authority Project), First Lien, 5.25%, 10/01/38 |
1,020 | 1,056,006 | ||||||||
Indiana Finance Authority, Refunding RB, Community Health Network Project, Series A, 5.00%, 5/01/42 |
595 | 580,000 | ||||||||
Indiana Health Facility Financing Authority, Refunding RB, Methodist Hospital, Inc., 5.38%, 9/15/22 |
1,060 | 1,061,283 | ||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 |
350 | 388,738 | ||||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A: |
||||||||||
5.00%, 1/15/36 |
125 | 130,522 | ||||||||
5.00%, 1/15/40 |
400 | 413,388 | ||||||||
5,289,996 | ||||||||||
Iowa — 2.1% |
||||||||||
Iowa Finance Authority, RB, Midwestern Disaster Area, Alcoa, Inc. Project, 4.75%, 8/01/42 |
365 | 308,078 | ||||||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |
||||||||||
5.00%, 12/01/19 |
300 | 290,814 | ||||||||
5.50%, 12/01/22 |
730 | 697,800 | ||||||||
5.25%, 12/01/25 |
145 | 132,360 | ||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |
565 | 585,758 | ||||||||
2,014,810 | ||||||||||
Kentucky — 3.7% |
||||||||||
Kentucky Economic Development Finance Authority, RB, Series A: |
||||||||||
Catholic Health Initiatives, 5.25%, 1/01/45 (c) |
310 | 308,562 | ||||||||
Owensboro Medical Health System, 6.38%, 6/01/40 |
200 | 210,852 | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 4.53%, 10/01/24 (a) |
5,000 | 3,066,150 | ||||||||
3,585,564 | ||||||||||
Louisiana — 3.3% |
||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects, Series A-1,
6.50%, 11/01/35 |
1,055 | 1,135,897 | ||||||||
State of Louisiana Gasoline & Fuels Tax Revenue, RB, Second Lien, Series B, 5.00%, 5/01/45 |
575 | 593,992 | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
||||||||||
5.50%, 5/15/30 |
320 | 326,144 | ||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
Louisiana (concluded) |
||||||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A (concluded): |
||||||||||
5.25%, 5/15/31 |
$ | 270 | $ | 268,464 | ||||||
5.25%, 5/15/32 |
345 | 341,367 | ||||||||
5.25%, 5/15/33 |
375 | 369,585 | ||||||||
5.25%, 5/15/35 |
160 | 156,962 | ||||||||
3,192,411 | ||||||||||
Maine — 1.1% |
||||||||||
Maine Turnpike Authority, RB, Series A, 5.00%, 7/01/42 |
1,000 | 1,043,520 | ||||||||
Maryland — 3.2% |
||||||||||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |
135 | 136,709 | ||||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |
1,000 | 1,040,540 | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Ascension Health Alliance, Series B, 5.00%, 11/15/51 |
1,185 | 1,185,747 | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41 |
690 | 724,831 | ||||||||
3,087,827 | ||||||||||
Massachusetts — 1.7% |
||||||||||
Massachusetts Development Finance Agency, RB, Wellesley College, Series J, 5.00%, 7/01/42 |
570 | 599,845 | ||||||||
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39 |
570 | 579,234 | ||||||||
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 5/15/43 |
445 | 468,087 | ||||||||
1,647,166 | ||||||||||
Michigan — 5.0% |
||||||||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A: |
||||||||||
5.00%, 7/01/32 |
495 | 448,594 | ||||||||
5.25%, 7/01/39 |
1,925 | 1,769,960 | ||||||||
City of Lansing Michigan, RB, Board of Water & Light, Series A, 5.50%, 7/01/41 |
465 | 498,578 | ||||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36 |
435 | 444,078 | ||||||||
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, Series A, 5.25%, 11/15/46 |
500 | 483,840 | ||||||||
Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 |
1,000 | 1,202,880 | ||||||||
4,847,930 | ||||||||||
Missouri — 0.4% |
||||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%,
10/01/44 |
80 | 82,730 | ||||||||
Missouri State Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%,
2/01/42 |
330 | 330,314 | ||||||||
413,044 | ||||||||||
Nebraska — 1.5% |
||||||||||
Central Plains Energy Project Nebraska, RB, Gas Project No. 3: |
||||||||||
5.25%, 9/01/37 |
260 | 267,387 | ||||||||
5.00%, 9/01/42 |
455 | 444,776 | ||||||||
Douglas County Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 1/01/40 |
720 | 744,732 | ||||||||
1,456,895 | ||||||||||
Nevada — 1.0% |
||||||||||
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%,
5/15/29 |
880 | 911,821 |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 45 |
Schedule of Investments (continued) | BlackRock Strategic
Municipal Trust (BSD) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | ||||||||
New Jersey — 8.0% |
||||||||||
Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (d)(e) |
$ | 645 | $ | 45,066 | ||||||
New
Jersey EDA, RB, Continental Airlines, Inc. Project, AMT: |
||||||||||
5.13%, 9/15/23 |
1,090 | 1,039,151 | ||||||||
5.25%, 9/15/29 |
145 | 133,261 | ||||||||
New
Jersey EDA, Refunding, Special Assessment Kapkowski Road Landfill Project, 5.75%, 4/01/31 |
705 | 693,544 | ||||||||
New
Jersey State Turnpike Authority, RB: |
||||||||||
Series A, 5.00%, 1/01/38 |
410 | 425,449 | ||||||||
Series A, 5.00%, 1/01/43 |
1,625 | 1,662,765 | ||||||||
Series E, 5.25%, 1/01/40 |
1,355 | 1,422,316 | ||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation System: |
||||||||||
Series A, 5.50%, 6/15/41 |
575 | 605,280 | ||||||||
Series B, 5.25%, 6/15/36 |
775 | 814,664 | ||||||||
Rutgers The State University of New Jersey, Refunding RB, Series L: |
||||||||||
5.00%, 5/01/38 |
160 | 169,813 | ||||||||
5.00%, 5/01/43 |
165 | 173,405 | ||||||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23 |
540 | 499,522 | ||||||||
7,684,236 | ||||||||||
New York — 9.6% |
||||||||||
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 (d)(e) |
315 | 53,556 | ||||||||
City of New York New York IDA, RB, British Airways PLC Project, AMT, 7.63%, 12/01/32 |
1,000 | 1,004,700 | ||||||||
New
York City Industrial Development Agency, RB, American Airlines, Inc., JFK International Airport, AMT, 7.75%, 8/01/31 (f) |
3,000 | 3,251,130 | ||||||||
New
York City Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 |
770 | 807,052 | ||||||||
New
York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%,
7/15/49 |
385 | 407,857 | ||||||||
New
York State Dormitory Authority, RB, Series F, 5.00%, 3/15/35 |
2,145 | 2,216,386 | ||||||||
New
York State Dormitory Authority, Refunding RB, General Purpose, Series A, 5.00%, 6/15/31 |
560 | 606,878 | ||||||||
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |
||||||||||
6.00%, 12/01/36 |
410 | 442,292 | ||||||||
6.00%, 12/01/42 |
395 | 423,649 | ||||||||
9,213,500 | ||||||||||
North Carolina — 0.7% |
||||||||||
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42 |
440 | 446,398 | ||||||||
North Carolina Medical Care Commission, Refunding RB, Retirement Facilities, First Mortgage, Whitestone Project, Series A, 7.75%,
3/01/41 |
185 | 195,210 | ||||||||
641,608 | ||||||||||
Ohio — 2.0% |
||||||||||
County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 5/01/39 |
885 | 867,504 | ||||||||
State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, 4/01/35 |
1,000 | 1,009,270 | ||||||||
1,876,774 | ||||||||||
Municipal Bonds | Par (000) |
Value | ||||||||
Oregon — 0.8% |
||||||||||
City of Tigard Oregon, Refunding RB, Water System, 5.00%, 8/01/37 |
$ | 80 | $ | 83,924 | ||||||
Oregon State Facilities Authority, RB, 5.00%, 7/01/44 |
715 | 720,455 | ||||||||
804,379 | ||||||||||
Pennsylvania — 0.6% |
||||||||||
Pennsylvania Economic Development Financing Authority, RB, Aqua Pennsylvania, Inc. Project, 5.00%,
11/15/40 |
600 | 610,932 | ||||||||
South Carolina — 1.1% |
||||||||||
South Carolina State Ports Authority, RB, 5.25%, 7/01/40 |
1,040 | 1,080,186 | ||||||||
Tennessee — 0.5% |
||||||||||
City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45
(c) |
430 | 428,005 | ||||||||
County of Rutherford Tennessee Health & Educational Facilities Board, RB, Ascension Health, Series C, 5.00%, 11/15/47 |
65 | 66,031 | ||||||||
494,036 | ||||||||||
Texas — 16.9% |
||||||||||
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (d)(e) |
730 | 10,943 | ||||||||
Central Texas Regional Mobility Authority, Refunding RB: |
||||||||||
Senior Lien, 6.25%, 1/01/46 |
680 | 695,273 | ||||||||
Senior Lien, Series A, 5.00%, 1/01/33 |
30 | 29,099 | ||||||||
Sub-Lien, 5.00%, 1/01/33 |
115 | 104,307 | ||||||||
Sub-Lien, 5.00%, 1/01/42 |
100 | 86,357 | ||||||||
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35 |
475 | 501,382 | ||||||||
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39 |
485 | 532,428 | ||||||||
City of Houston Texas Utility System, Refunding RB, Combined First Lien, Series A (AGC), 6.00%, 11/15/35 |
2,730 | 3,103,491 | ||||||||
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43 |
785 | 819,210 | ||||||||
Clifton Higher Education Finance Corp., RB, Series B, 6.00%, 8/15/43 |
230 | 238,593 | ||||||||
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 5.01%, 9/15/37 (a) |
4,935 | 1,514,502 | ||||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 |
1,270 | 1,446,593 | ||||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Scott & White Healthcare, Series A, 5.00%,
8/15/43 |
115 | 115,168 | ||||||||
Dallas-Fort Worth International Airport, Refunding ARB, Joint Improvement, Series E, AMT, 5.00%, 11/01/35 |
565 | 553,191 | ||||||||
Fort Bend County Industrial Development Corp., RB, NRG Energy Project, Series B, 4.75%, 11/01/42 |
465 | 402,099 | ||||||||
Harris County-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 6.46%, 11/15/38 (a) |
4,750 | 966,767 | ||||||||
La
Joya Independent School District, GO, Refunding, 4.00%, 2/15/32 |
1,400 | 1,401,988 | ||||||||
La
Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 8/15/44 |
500 | 532,590 | ||||||||
Matagorda County Navigation District No. 1, Refunding RB, AEP Texas Central Co. Project, 4.00%, 6/01/30 |
340 | 304,807 | ||||||||
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 6.04%, 9/01/37 (a) |
640 | 154,970 | ||||||||
North Texas Tollway Authority, Refunding RB, Second Tier System, Series F, 6.13%, 1/01/31 |
1,025 | 1,095,674 |
46 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (continued) | BlackRock Strategic
Municipal Trust (BSD) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
Texas (concluded) |
|||||||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
|||||||||||
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40 |
$ | 1,000 | $ | 1,091,400 | |||||||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
500 | 539,555 | |||||||||
16,240,387 | |||||||||||
Utah — 0.9% |
|||||||||||
County of Utah Utah, RB, IHC Health Services, Inc., 5.00%, 5/15/43 |
635 | 650,608 | |||||||||
University of Utah, RB, General, Series A, 5.00%, 8/01/43 |
195 | 204,183 | |||||||||
854,791 | |||||||||||
Virginia — 6.4% |
|||||||||||
City of Norfolk Virginia Parking System, Refunding RB, Series B (AMBAC), 5.50%, 2/01/31 |
355 | 355,366 | |||||||||
County of Fairfax Virginia EDA, Refunding RB, Goodwin House, Inc., 5.13%, 10/01/42 |
1,000 | 1,002,240 | |||||||||
University of Virginia, Refunding RB, 5.00%, 6/01/40 |
2,500 | 2,680,425 | |||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings LLC Project, AMT: |
|||||||||||
5.25%, 1/01/32 |
250 | 247,385 | |||||||||
6.00%, 1/01/37 |
1,845 | 1,910,331 | |||||||||
6,195,747 | |||||||||||
Washington — 0.8% |
|||||||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45
(c) |
715 | 748,105 | |||||||||
Wisconsin — 3.3% |
|||||||||||
Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group, Series A, 5.00%, 11/15/31 |
2,000 | 2,120,060 | |||||||||
WPPI Energy Wisconsin, Refunding RB, Power Supply System, Series A: |
|||||||||||
5.00%, 7/01/29 |
120 | 128,937 | |||||||||
5.00%, 7/01/30 |
150 | 159,690 | |||||||||
5.00%, 7/01/31 |
330 | 349,434 | |||||||||
5.00%, 7/01/37 |
395 | 405,333 | |||||||||
3,163,454 | |||||||||||
Wyoming — 1.7% |
|||||||||||
County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, Remarketing, 5.25%, 7/15/26 |
975 | 1,050,572 | |||||||||
Wyoming Municipal Power Agency, Inc., RB, Series A: |
|||||||||||
5.00%, 1/01/42 |
95 | 95,552 | |||||||||
5.38%, 1/01/42 |
500 | 532,855 | |||||||||
1,678,979 | |||||||||||
Total Municipal Bonds — 126.2% |
121,505,833 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (g) |
|||||||||||
Alabama — 0.8% |
|||||||||||
City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB, Ascension Health,
Senior Credit Series C-2, 5.00%, 11/15/36 |
760 | 764,997 | |||||||||
California — 5.6% |
|||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (h) |
855 | 915,645 | |||||||||
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39 |
2,970 | 3,102,937 | |||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (g) |
Par (000) |
Value | ||||||||
California (concluded) |
||||||||||
Los
Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/32 |
$ | 740 | $ | 780,693 | ||||||
San
Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |
553 | 617,149 | ||||||||
5,416,424 | ||||||||||
Colorado — 2.1% |
||||||||||
Colorado Health Facilities Authority, RB, Catholic Health (AGM): |
||||||||||
Series C-3, 5.10%, 10/01/41 |
1,210 | 1,216,268 | ||||||||
Series C-7, 5.00%, 9/01/36 |
780 | 784,992 | ||||||||
2,001,260 | ||||||||||
Connecticut — 3.4% |
||||||||||
Connecticut State Health & Educational Facility Authority, RB, Yale University: |
||||||||||
Series T-1, 4.70%, 7/01/29 |
1,580 | 1,648,016 | ||||||||
Series X-3, 4.85%, 7/01/37 |
1,541 | 1,613,422 | ||||||||
3,261,438 | ||||||||||
Massachusetts — 3.0% |
||||||||||
Massachusetts School Building Authority, RB, Senior Dedicated Sales Tax, Series B, 5.00%, 10/15/41 |
720 | 752,334 | ||||||||
Massachusetts Water Resources Authority, Refunding RB, General, Series A, 5.00%, 8/01/41 |
1,980 | 2,071,417 | ||||||||
2,823,751 | ||||||||||
New Hampshire — 0.7% |
||||||||||
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39
(h) |
645 | 701,164 | ||||||||
New York — 7.0% |
||||||||||
Hudson Yards Infrastructure Corp., RB, Senior, Series A, 5.75%, 2/15/47 (h) |
500 | 529,603 | ||||||||
New
York City Municipal Water Finance Authority, Refunding RB, Water & Sewer System, Second General Resolution, Series FF-2, 5.50%,
6/15/40 |
510 | 545,951 | ||||||||
New
York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43 |
3,375 | 3,522,116 | ||||||||
New
York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (h) |
2,030 | 2,167,086 | ||||||||
6,764,756 | ||||||||||
Tennessee — 1.4% |
||||||||||
County of Shelby Tennessee Health Educational & Housing Facilities Board, Refunding RB, St. Jude’s
Children’s Research Hospital, 5.00%, 7/01/31 |
1,280 | 1,357,427 | ||||||||
Texas — 4.6% |
||||||||||
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (h) |
2,142 | 2,300,600 | ||||||||
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |
1,080 | 1,117,411 | ||||||||
University of Texas System, Refunding RB, Series B, 5.00%, 8/15/43 |
975 | 1,032,715 | ||||||||
4,450,726 | ||||||||||
Utah — 1.2% |
||||||||||
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |
1,155 | 1,170,262 | ||||||||
Virginia — 2.0% |
||||||||||
University of Virginia, Refunding RB, General, 5.00%, 6/01/40 |
1,785 | 1,913,386 |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 47 |
Schedule of Investments (continued) | BlackRock Strategic
Municipal Trust (BSD) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond Trusts (g) |
Par (000) |
Value | ||||||||
Washington — 3.7% |
||||||||||
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32 |
$ | 900 | $ | 947,438 | ||||||
State of Washington, GO, Various Purposes, Series E, 5.00%, 2/01/34 |
2,400 | 2,584,344 | ||||||||
3,531,782 | ||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.5% |
34,157,373 | |||||||||
Total Long-Term Investments (Cost — $154,612,358) — 161.7% |
155,663,206 |
Short-Term Securities |
Shares | Value | ||||||||
Money Market Funds — 3.7% |
||||||||||
FFI Institutional Tax-Exempt Fund, 0.03% (i)(j) |
3,535,488 | $ | 3,535,488 | |||||||
Par (000) |
||||||||||
Pennsylvania — 0.2% |
||||||||||
Beaver County IDA, Refunding RB, VRDN, Pennsylvania Electric Co. Project, Series B (UBS LOC), 0.05%,
11/01/13 (k) |
$ | 200 | 200,000 | |||||||
Total Short-Term Securities (Cost — $3,735,488) — 3.9% |
3,735,488 | |||||||||
Total Investments (Cost — $158,347,846) — 165.6% |
159,398,694 | |||||||||
Other Assets Less Liabilities — 0.2% |
87,055 | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.2%) |
(20,358,635 | ) | ||||||||
VMTP Shares, at Liquidation Value — (44.6%) |
(42,900,000 | ) | ||||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 96,227,114 |
Notes to Schedule of Investments
(a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|||
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold
in transactions exempt from registration to qualified institutional investors. |
|||
(c) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty |
|
Value |
|
Unrealized Appreciation |
||||||
Morgan Stanley & Co. LLC |
$ | 1,484,671 | $ | 29,767 |
(d) | Non-income producing security. |
|||
(e) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
|||
(f) | Variable rate security. Rate shown is as of report date. |
|||
(g) | Represent bonds transferred to a TOB. In exchange the Trust acquired residual interest certificates. These bonds serve as collateral
in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|||
(h) | All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the
event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the
case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from
October 1, 2016 to February 15, 2031 is $4,041,631. |
|||
(i) | Investments in issuers considered to be an affiliate of the Trust during the six months ended October 31, 2013, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows: |
Affiliate |
|
Shares Held at April 30, 2013 |
|
Net Activity |
|
Shares Held at October 31, 2013 |
|
Income |
|||||||||||||
FFI Institutional Tax-Exempt Fund |
2,349,913 |
1,185,575 |
3,535,488 |
$284 |
(j) | Represents the current yield as of report date. |
|||
(k) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through
demand. |
|||
• | Financial futures contracts as of October 31, 2013 were as follows: |
Contracts Sold |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized Depreciation |
(29) | 10-Year US Treasury Note |
Chicago Board of Trade |
December 2013 |
$3,693,422 | $(2,297) |
• | Fair Value Measurements—Various inputs are used in determining the fair value of investments and derivative financial
instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement
purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the
ability to access |
|||
• | Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||
• | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial
instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair
value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is
significant to the fair value measurement in its entirety. |
48 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Schedule of Investments (concluded) | BlackRock Strategic
Municipal Trust (BSD) |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the
pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing
in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please
refer to Note 2 of the Notes to Financial Statements. |
The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure
hierarchy as of October 31, 2013: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||
Assets: |
||||||||||||||||
Investments: |
||||||||||||||||
Long-Term Investments1 |
— | $ | 155,663,206 | — | $ | 155,663,206 | ||||||||||
Short-Term Securities |
$ | 3,535,488 | 200,000 | — | 3,735,488 | |||||||||||
Total |
$ | 3,535,488 | $ | 155,863,206 | — | $ | 159,398,694 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||
Derivative Financial Instruments2 |
||||||||||||||||
Liabilities: |
||||||||||||||||
Interest rate contracts |
$ | (2,297 | ) | — | — | $ | (2,297 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
Certain of the Trust’s assets and/or liabilities are held at carrying amount, which approximates fair value for financial
statement purposes. As of October 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as
follows: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||
Assets: |
||||||||||||||||
Cash |
$ | 39,328 | — | — | $ | 39,328 | ||||||||||
Cash pledged for financial futures contracts |
52,000 | — | — | 52,000 | ||||||||||||
Liabilities: |
||||||||||||||||
TOB trust certificates |
— | $ | (20,353,920 | ) | — | (20,353,920 | ) | |||||||||
VMTP Shares |
— | (42,900,000 | ) | — | (42,900,000 | ) | ||||||||||
Total |
$ | 91,328 | $ | (63,253,920 | ) | — | $ | (63,162,592 | ) |
There were no transfers between levels during the six months ended October 31, 2013. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 49 |
Statements of Assets and Liabilities |
October 31, 2013 (Unaudited) |
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 Pennsylvania Strategic Municipal Trust (BPS) |
BlackRock Strategic Municipal Trust (BSD) |
|||||||||||||||||||||
Assets |
|||||||||||||||||||||||||||
Investments at value — unaffiliated1 |
$ | 385,631,895 | $ | 234,824,087 | $ | 429,811,741 | $ | 964,548,329 | $ | 43,582,682 | $ | 155,863,206 | |||||||||||||||
Investments at value — affiliated2 |
11,390,265 | 2,906,749 | 4,891,505 | 19,167,561 | 294,385 | 3,535,488 | |||||||||||||||||||||
Cash |
115,415 | — | — | 248,246 | 14,251 | 39,328 | |||||||||||||||||||||
Cash pledged for financial futures contracts |
177,000 | — | — | 323,000 | 25,000 | 52,000 | |||||||||||||||||||||
Interest receivable |
5,124,166 | 3,536,963 | 5,877,083 | 15,334,013 | 695,940 | 2,434,721 | |||||||||||||||||||||
Investments sold receivable |
3,062,670 | 521,145 | 165,000 | 1,364,020 | — | 219,500 | |||||||||||||||||||||
Variation margin receivable on financial futures contracts |
15,625 | — | — | 28,438 | 2,188 | 4,531 | |||||||||||||||||||||
Deferred offering costs |
88,198 | — | — | 167,205 | 103,065 | 52,637 | |||||||||||||||||||||
TOB trust receivable |
— | 2,500,000 | — | — | — | — | |||||||||||||||||||||
Prepaid expenses |
6,445 | 6,688 | 16,541 | 16,973 | 2,906 | 3,537 | |||||||||||||||||||||
Total assets |
405,611,679 | 244,295,632 | 440,761,870 | 1,001,197,785 | 44,720,417 | 162,204,948 | |||||||||||||||||||||
Accrued
Liabilities |
|||||||||||||||||||||||||||
Investments purchased payable |
11,160,902 | 8,283,529 | 653,976 | 9,493,367 | 377,290 | 2,050,319 | |||||||||||||||||||||
Income dividends payable — Common Shares |
1,372,766 | 832,179 | 1,259,730 | 3,360,154 | 132,087 | 540,563 | |||||||||||||||||||||
Investment advisory fees payable |
115,772 | 115,046 | 186,103 | 496,341 | 22,337 | 79,903 | |||||||||||||||||||||
Officer’s and Trustees’ fees payable |
58,609 | 17,904 | 44,312 | 233,342 | 7,106 | 13,174 | |||||||||||||||||||||
Interest expense and fees payable |
4,030 | 43,169 | 4,158 | 24,643 | 118 | 4,715 | |||||||||||||||||||||
Administration fees payable |
49,689 | — | — | — | — | — | |||||||||||||||||||||
Other accrued expenses payable |
58,766 | 48,759 | 52,908 | 148,637 | 30,168 | 35,240 | |||||||||||||||||||||
Total accrued liabilities |
12,820,534 | 9,340,586 | 2,201,187 | 13,756,484 | 569,106 | 2,723,914 | |||||||||||||||||||||
Other
Liabilities |
|||||||||||||||||||||||||||
TOB trust certificates |
21,799,254 | 82,982,165 | 3,750,000 | 122,400,226 | 675,000 | 20,353,920 | |||||||||||||||||||||
VRDP Shares, at liquidation value of $100,000 per share3,4,5 |
— | — | — | — | 16,300,000 | — | |||||||||||||||||||||
VMTP Shares, at liquidation value of $100,000 per share3,4,5 |
125,900,000 | — | — | 270,800,000 | — | 42,900,000 | |||||||||||||||||||||
Total other liabilities |
147,699,254 | 82,982,165 | 3,750,000 | 393,200,226 | 16,975,000 | 63,253,920 | |||||||||||||||||||||
Total liabilities |
160,519,788 | 92,322,751 | 5,951,187 | 406,956,710 | 17,544,106 | 65,977,834 | |||||||||||||||||||||
AMPS
at Redemption Value |
|||||||||||||||||||||||||||
$25,000 per share liquidation preference, plus unpaid dividends3,4,5 |
— | — | 110,101,319 | — | — | — | |||||||||||||||||||||
Net Assets Applicable to Common Shareholders |
$ | 245,091,891 | $ | 151,972,881 | $ | 324,709,364 | $ | 594,241,075 | $ | 27,176,311 | $ | 96,227,114 | |||||||||||||||
Net
Assets Applicable to Common Shareholders
Consist of |
|||||||||||||||||||||||||||
Paid-in capital5,6,7 |
$ | 238,431,531 | $ | 191,705,313 | $ | 291,109,576 | $ | 607,702,270 | $ | 28,549,623 | $ | 103,518,599 | |||||||||||||||
Undistributed net investment income |
3,119,921 | 1,866,312 | 17,121,140 | 10,651,265 | 433,700 | 1,473,369 | |||||||||||||||||||||
Accumulated net realized loss |
(5,147,995 | ) | (41,955,889 | ) | (1,116,610 | ) | (21,725,054 | ) | (2,439,288 | ) | (9,813,405 | ) | |||||||||||||||
Net unrealized appreciation/depreciation |
8,688,434 | 357,145 | 17,595,258 | (2,387,406 | ) | 632,276 | 1,048,551 | ||||||||||||||||||||
Net Assets Applicable to Common Shareholders |
$ | 245,091,891 | $ | 151,972,881 | $ | 324,709,364 | $ | 594,241,075 | $ | 27,176,311 | $ | 96,227,114 | |||||||||||||||
Net asset value per Common Share |
$ | 14.28 | $ | 11.32 | $ | 16.05 | $ | 13.28 | $ | 13.37 | $ | 13.17 | |||||||||||||||
1 Investments at cost — unaffiliated |
$ | 376,908,214 | $ | 234,466,942 | $ | 412,216,483 | $ | 966,921,318 | $ | 42,948,313 | $ | 154,812,358 | |||||||||||||||
2 Investments at cost — affiliated |
$ | 11,390,265 | $ | 2,906,749 | $ | 4,891,505 | $ | 19,167,561 | $ | 294,385 | $ | 3,535,488 | |||||||||||||||
3 Preferred Shares outstanding |
1,259 | — | 4,404 | 2,708 | 163 | 429 | |||||||||||||||||||||
4 Preferred Shares authorized, including Auction Market Preferred Shares
(“AMPS”) |
7,121 | — | unlimited | unlimited | unlimited | unlimited | |||||||||||||||||||||
5 Par value per Preferred Share and Common Share |
$ | 0.01 | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | |||||||||||||||
6 Common Shares outstanding |
17,159,580 | 13,422,247 | 20,236,628 | 44,742,403 | 2,032,115 | 7,304,904 | |||||||||||||||||||||
7 Common Shares authorized |
200 million | unlimited | unlimited | unlimited | unlimited | unlimited |
50 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Statements of Operations |
Six Months Ended
October 31,
2013 (Unaudited) |
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 Pennsylvania Strategic Municipal Trust (BPS) |
BlackRock Strategic Municipal Trust (BSD) |
|||||||||||||||||||||
Investment
Income |
|||||||||||||||||||||||||||
Interest |
$ | 10,018,219 | $ | 5,927,721 | $ | 9,665,385 | $ | 26,890,923 | $ | 1,051,735 | $ | 4,149,954 | |||||||||||||||
Income — affiliated |
789 | 292 | 1,540 | 1,811 | — | 284 | |||||||||||||||||||||
Total income |
10,019,008 | 5,928,013 | 9,666,925 | 26,892,734 | 1,051,735 | 4,150,238 | |||||||||||||||||||||
Expenses |
|||||||||||||||||||||||||||
Investment advisory |
705,675 | 784,558 | 1,180,188 | 3,119,351 | 145,094 | 501,211 | |||||||||||||||||||||
Administration |
302,432 | — | — | — | — | — | |||||||||||||||||||||
Professional |
35,107 | 29,126 | 43,977 | 29,025 | 21,302 | 27,809 | |||||||||||||||||||||
Accounting services |
30,179 | 10,062 | 27,737 | 37,807 | 5,303 | 15,836 | |||||||||||||||||||||
Remarketing fees on Preferred Shares |
— | — | 102,448 | — | — | — | |||||||||||||||||||||
Transfer agent |
16,482 | 11,254 | 26,886 | 26,518 | 8,175 | 10,781 | |||||||||||||||||||||
Officer and Trustees |
14,215 | 8,562 | 17,409 | 35,917 | 1,555 | 5,589 | |||||||||||||||||||||
Custodian |
13,115 | 6,247 | 14,797 | 24,163 | 3,249 | 6,869 | |||||||||||||||||||||
Printing |
6,664 | 4,388 | 7,531 | 11,692 | 3,184 | 4,243 | |||||||||||||||||||||
Registration |
4,638 | 4,629 | 4,586 | 7,794 | 437 | 4,577 | |||||||||||||||||||||
Miscellaneous |
38,388 | 16,588 | 35,648 | 53,070 | 26,247 | 34,004 | |||||||||||||||||||||
Total expenses excluding interest expense, fees and amortization of offering costs |
1,166,895 | 875,414 | 1,461,207 | 3,345,337 | 214,546 | 610,919 | |||||||||||||||||||||
Interest expense, fees and amortization of offering costs1 |
806,248 | 318,207 | 11,099 | 2,044,054 | 98,455 | 336,790 | |||||||||||||||||||||
Total expenses |
1,973,143 | 1,193,621 | 1,472,306 | 5,389,391 | 313,001 | 947,709 | |||||||||||||||||||||
Less fees waived by Manager |
(757 | ) | (78,848 | ) | (1,781 | ) | (2,123 | ) | (34 | ) | (313 | ) | |||||||||||||||
Total expenses after fees waived |
1,972,386 | 1,114,773 | 1,470,525 | 5,387,268 | 312,967 | 947,396 | |||||||||||||||||||||
Net investment income |
8,046,622 | 4,813,240 | 8,196,400 | 21,505,466 | 738,768 | 3,202,842 | |||||||||||||||||||||
Realized
and Unrealized Gain (Loss) |
|||||||||||||||||||||||||||
Net realized gain (loss) from: |
|||||||||||||||||||||||||||
Investments |
(1,733,297 | ) | (1,315,673 | ) | 385,470 | (1,244,750 | ) | (575,293 | ) | (425,846 | ) | ||||||||||||||||
Financial futures contracts |
250,288 | — | — | 421,443 | 31,964 | 84,150 | |||||||||||||||||||||
(1,483,009 | ) | (1,315,673 | ) | 385,470 | (823,307 | ) | (543,329 | ) | (341,696 | ) | |||||||||||||||||
Net change in unrealized appreciation/depreciation on: |
|||||||||||||||||||||||||||
Investments |
(34,060,896 | ) | (18,959,516 | ) | (17,192,974 | ) | (95,509,812 | ) | (3,665,085 | ) | (15,118,576 | ) | |||||||||||||||
Financial futures contracts |
263,748 | — | — | 564,353 | 54,289 | 124,541 | |||||||||||||||||||||
(33,797,148 | ) | (18,959,516 | ) | (17,192,974 | ) | (94,945,459 | ) | (3,610,796 | ) | (14,994,035 | ) | ||||||||||||||||
Total realized and unrealized loss |
(35,280,157 | ) | (20,275,189 | ) | (16,807,504 | ) | (95,768,766 | ) | (4,154,125 | ) | (15,335,731 | ) | |||||||||||||||
Dividends
to AMPS shareholders from |
|||||||||||||||||||||||||||
Net investment income |
— | — | (111,390 | ) | — | — | — | ||||||||||||||||||||
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations |
$ | (27,233,535 | ) | $ | (15,461,949 | ) | $ | (8,722,494 | ) | $ | (74,263,300 | ) | $ | (3,415,357 | ) | $ | (12,132,889 | ) |
1 | Related to TOBs, VRDP Shares and/or VMTP Shares. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 51 |
Statements of Changes in Net Assets |
BlackRock Investment Quality Municipal Trust Inc. (BKN) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
|||||||||||||||||||||
Increase (Decrease) in Net
Assets Applicable to Common Shareholders: |
Six Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, 2013 |
Six Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, 2013 |
|||||||||||||||||||
Operations |
|||||||||||||||||||||||
Net investment income |
$ | 8,046,622 | $ | 16,140,893 | $ | 4,813,240 | $ | 9,872,508 | |||||||||||||||
Net realized gain (loss) |
(1,483,009 | ) | 4,950,889 | (1,315,673 | ) | 1,133,269 | |||||||||||||||||
Net change in unrealized appreciation/depreciation |
(33,797,148 | ) | 12,247,650 | (18,959,516 | ) | 8,097,727 | |||||||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from
operations |
(27,233,535 | ) | 33,339,432 | (15,461,949 | ) | 19,103,504 | |||||||||||||||||
Dividends
to Common Shareholders From |
|||||||||||||||||||||||
Net investment income |
(8,236,096 | ) | (16,870,941 | )1 | (4,993,076 | ) | (10,248,277 | )1 | |||||||||||||||
Capital
Share Transactions |
|||||||||||||||||||||||
Reinvestment of common dividends |
47,723 | 670,480 | — | 357,617 | |||||||||||||||||||
Net
Assets Applicable to Common Shareholders |
|||||||||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(35,421,908 | ) | 17,138,971 | (20,455,025 | ) | 9,212,844 | |||||||||||||||||
Beginning of period |
280,513,799 | 263,374,828 | 172,427,906 | 163,215,062 | |||||||||||||||||||
End of period |
$ | 245,091,891 | $ | 280,513,799 | $ | 151,972,881 | $ | 172,427,906 | |||||||||||||||
Undistributed net investment income, end of period |
$ | 3,119,921 | $ | 3,309,395 | $ | 1,866,312 | $ | 2,046,148 |
BlackRock Municipal 2020 Term Trust (BKK) |
|
BlackRock Municipal Income Trust (BFK) |
|||||||||||||||||||||
Increase (Decrease) in Net
Assets Applicable to Common Shareholders: |
Six Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, 2013 |
Six Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, 2013 |
|||||||||||||||||||
Operations |
|||||||||||||||||||||||
Net investment income |
$ | 8,196,400 | $ | 18,164,482 | $ | 21,505,466 | $ | 41,559,480 | |||||||||||||||
Net realized gain (loss) |
385,470 | 402,157 | (823,307 | ) | 3,460,265 | ||||||||||||||||||
Net change in unrealized appreciation/depreciation |
(17,192,974 | ) | 10,245,492 | (94,945,459 | ) | 36,798,026 | |||||||||||||||||
Dividends to AMPS shareholders from net investment income |
(111,390 | ) | (424,074 | ) | — | — | |||||||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(8,722,494 | ) | 28,388,057 | (74,263,300 | ) | 81,817,771 | |||||||||||||||||
Dividends
to Common Shareholders From |
|||||||||||||||||||||||
Net investment income |
(7,558,381 | ) | (18,455,805 | )1 | (20,383,425 | ) | (43,007,944 | )1 | |||||||||||||||
Capital
Share Transactions |
|||||||||||||||||||||||
Reinvestment of common dividends |
— | — | 180,644 | 1,400,760 | |||||||||||||||||||
Net
Assets Applicable to Common Shareholders |
|||||||||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(16,280,875 | ) | 9,932,252 | (94,466,081 | ) | 40,210,587 | |||||||||||||||||
Beginning of period |
340,990,239 | 331,057,987 | 688,707,156 | 648,496,569 | |||||||||||||||||||
End of period |
$ | 324,709,364 | $ | 340,990,239 | $ | 594,241,075 | $ | 688,707,156 | |||||||||||||||
Undistributed net investment income, end of period |
$ | 17,121,140 | $ | 16,594,511 | $ | 10,651,265 | $ | 9,529,224 |
1 | Determined in accordance with federal income tax regulations. |
52 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Statements of Changes in Net Assets (concluded) |
BlackRock Pennsylvania Strategic Municipal Trust (BPS) |
|
BlackRock Strategic Municipal Trust (BSD) |
|||||||||||||||||||||
Increase (Decrease) in Net
Assets Applicable to Common Shareholders: |
Six Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, 2013 |
Six Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, 2013 |
|||||||||||||||||||
Operations |
|||||||||||||||||||||||
Net investment income |
$ | 738,768 | $ | 1,617,126 | $ | 3,202,842 | $ | 6,238,936 | |||||||||||||||
Net realized gain (loss) |
(543,329 | ) | 174,030 | (341,696 | ) | 605,942 | |||||||||||||||||
Net change in unrealized appreciation/depreciation |
(3,610,796 | ) | 744,830 | (14,994,035 | ) | 5,852,341 | |||||||||||||||||
Dividends to AMPS shareholders from net investment income |
— | (8,984 | ) | — | — | ||||||||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(3,415,357 | ) | 2,527,002 | (12,132,889 | ) | 12,697,219 | |||||||||||||||||
Dividends
to Common Shareholders From |
|||||||||||||||||||||||
Net investment income |
(804,718 | ) | (1,764,339 | )1 | (3,243,392 | ) | (6,484,152 | )1 | |||||||||||||||
Capital
Share Transactions |
|||||||||||||||||||||||
Reinvestment of common dividends |
— | 54,903 | — | 81,826 | |||||||||||||||||||
Net
Assets Applicable to Common Shareholders |
|||||||||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(4,220,075 | ) | 817,566 | (15,376,281 | ) | 6,294,893 | |||||||||||||||||
Beginning of period |
31,396,386 | 30,578,820 | 111,603,395 | 105,308,502 | |||||||||||||||||||
End of period |
$ | 27,176,311 | $ | 31,396,386 | $ | 96,227,114 | $ | 111,603,395 | |||||||||||||||
Undistributed net investment income, end of period |
$ | 433,700 | $ | 499,650 | $ | 1,473,369 | $ | 1,513,919 |
1 | Determined in accordance with federal income tax regulations. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 53 |
Statements of Cash Flows |
Six Months Ended October 31, 2013 (Unaudited) |
BlackRock Investment Quality Municipal Trust Inc. (BKN) |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
BlackRock Municipal Income Trust (BFK) |
BlackRock Pennsylvania Strategic Municipal Trust (BPS) |
BlackRock Strategic Municipal Trust (BSD) |
||||||||||||||||||||||
Cash
Provided by Operating Activities |
|||||||||||||||||||||||||||
Net decrease in net assets resulting from operations, excluding dividends to AMPS shareholders |
$ | (27,233,535 | ) | $ | (15,461,949 | ) | $ (74,263,300 | ) | $ | (3,415,357 | ) | $ | (12,132,889 | ) | |||||||||||||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided
by operating activities: |
|||||||||||||||||||||||||||
(Increase) decrease in interest receivable |
46,337 | 266,869 | (78,045 | ) | 61,744 | 7,471 | |||||||||||||||||||||
Decrease in cash pledged for financial futures contracts |
29,000 | — | 105,000 | 11,000 | 37,000 | ||||||||||||||||||||||
(Increase) decrease in prepaid expenses |
41,361 | 2,992 | 18,894 | (1,291 | ) | 2,038 | |||||||||||||||||||||
(Increase) decrease in variation margin receivable on financial futures contracts |
(719 | ) | — | 2,031 | 437 | 1,750 | |||||||||||||||||||||
Decrease in investment advisory fees payable |
(8,101 | ) | (11,664 | ) | (57,233 | ) | (3,887 | ) | (9,208 | ) | |||||||||||||||||
Decrease in interest expense and fees payable |
(8,882 | ) | (48,003 | ) | (75,492 | ) | (2,610 | ) | (10,719 | ) | |||||||||||||||||
Decrease in other accrued expenses payable |
(15,850 | ) | (18,629 | ) | (64,552 | ) | (8,947 | ) | (15,208 | ) | |||||||||||||||||
Increase in Officers and Trustees’ fees payable |
1,877 | 1,014 | 5,668 | 174 | 707 | ||||||||||||||||||||||
Decrease in administration fees payable |
(3,511 | ) | — | — | — | — | |||||||||||||||||||||
Net realized and unrealized loss on investments |
35,794,193 | 20,275,189 | 96,754,562 | 4,240,378 | 15,544,422 | ||||||||||||||||||||||
Amortization of premium and accretion of discount on investments |
(1,033,472 | ) | 216,890 | (545,378 | ) | 91,476 | (8,108 | ) | |||||||||||||||||||
Amortization of deferred offering costs |
1,751 | — | 68,338 | 1,836 | 22,560 | ||||||||||||||||||||||
Proceeds from sales of long-term investments |
60,479,376 | 47,937,348 | 143,682,351 | 8,043,620 | 22,824,582 | ||||||||||||||||||||||
Purchases of long-term investments |
(47,472,444 | ) | (25,805,026 | ) | (84,183,744 | ) | (4,240,555 | ) | (15,362,665 | ) | |||||||||||||||||
Net proceeds from sales (purchases) of short-term securities |
(6,914,728 | ) | (1,986,325 | ) | (16,494,251 | ) | 1,102,405 | (1,185,575 | ) | ||||||||||||||||||
Cash provided by operating activities |
13,702,653 | 25,368,706 | 64,874,849 | 5,880,423 | 9,716,158 | ||||||||||||||||||||||
Cash
Used for Financing Activities |
|||||||||||||||||||||||||||
Cash receipts from TOB trust certificates |
— | 9,200,455 | 16,731,022 | — | 3,226,147 | ||||||||||||||||||||||
Cash payments for TOB trust certificates |
(5,399,127 | ) | (30,231,160 | ) | (64,593,810 | ) | (5,049,261 | ) | (10,247,466 | ) | |||||||||||||||||
Cash dividends paid to Common Shareholders |
(8,188,111 | ) | (4,993,076 | ) | (20,425,486 | ) | (816,911 | ) | (3,243,392 | ) | |||||||||||||||||
Cash used for financing activities |
(13,587,238 | ) | (26,023,781 | ) | (68,288,274 | ) | (5,866,172 | ) | (10,264,711 | ) | |||||||||||||||||
Cash |
|||||||||||||||||||||||||||
Net increase (decrease) in cash |
115,415 | (655,075 | ) | (3,413,425 | ) | 14,251 | (548,553 | ) | |||||||||||||||||||
Cash at beginning of period |
— | 655,075 | 3,661,671 | — | 587,881 | ||||||||||||||||||||||
Cash at end of period |
$ | 115,415 | — | $ | 248,246 | $ | 14,251 | $ | 39,328 | ||||||||||||||||||
Cash
Flow Information |
|||||||||||||||||||||||||||
Cash paid during the period for interest and fees |
$ | 813,379 | $ | 366,210 | $ | 2,051,208 | $ | 99,229 | $ | 324,949 | |||||||||||||||||
Non-cash
Financing Activities |
|||||||||||||||||||||||||||
Capital shares issued in reinvestment of dividends paid to Common Shareholders |
$ | 47,723 | — | $ | 180,644 | — | — |
54 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Financial Highlights | BlackRock Investment
Quality Municipal Trust Inc. (BKN) |
Six
Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, |
Period November 1, 2008 to April 30, 2009 |
Year
Ended October 31, 2008 |
||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||
Per
Share Operating Performance |
|||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 16.35 | $ | 15.39 | $ | 12.75 | $ | 13.68 | $ | 11.63 | $ | 10.64 | $ | 14.73 | |||||||||||||||||
Net investment income1 |
0.47 | 0.94 | 0.98 | 1.04 | 1.07 | 0.50 | 1.08 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(2.06 | ) | 1.00 | 2.68 | (0.93 | ) | 1.96 | 0.94 | (3.97 | ) | |||||||||||||||||||||
Dividends to AMPS Shareholders from net investment income |
— | — | (0.01 | ) | (0.03 | ) | (0.03 | ) | (0.05 | ) | (0.31 | ) | |||||||||||||||||||
Net increase (decrease) from investment operations |
(1.59 | ) | 1.94 | 3.65 | 0.08 | 3.00 | 1.39 | (3.20 | ) | ||||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
(0.48 | ) | (0.98 | )2 | (1.01 | )2 | (1.01 | )2 | (0.95 | )2 | (0.40 | )2 | (0.89 | )2 | |||||||||||||||||
Net asset value, end of period |
$ | 14.28 | $ | 16.35 | $ | 15.39 | $ | 12.75 | $ | 13.68 | $ | 11.63 | $ | 10.64 | |||||||||||||||||
Market price, end of period |
$ | 14.30 | $ | 16.11 | $ | 15.75 | $ | 13.08 | $ | 14.19 | $ | 11.35 | $ | 10.25 | |||||||||||||||||
Total
Investment Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||||||||||
Based on net asset value |
(9.63)% | 4 | 12.89% | 29.46% | 0.49% | 26.55% | 13.63% | 4 | (22.93)% | ||||||||||||||||||||||
Based on market price |
(8.15)% | 4 | 8.69% | 29.15% | (0.61)% | 34.50% | 15.12% | 4 | (33.11)% | ||||||||||||||||||||||
Ratios
to Average Net Assets Applicable to
Common Shareholders |
|||||||||||||||||||||||||||||||
Total expenses5 |
1.57% | 6 | 1.48% | 1.26% | 1.08% | 1.10% | 1.29% | 6 | 1.19% | ||||||||||||||||||||||
Total expenses after fees waived and paid indirectly5 |
1.57% | 6 | 1.48% | 1.26% | 1.08% | 1.10% | 1.28% | 6 | 1.17% | ||||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and
amortization of offering cost5,7 |
0.93% | 6 | 0.87% | 0.99% | 8 | 1.04% | 1.06% | 1.20% | 6 | 1.07% | |||||||||||||||||||||
Net investment income5 |
6.39% | 6 | 5.87% | 6.94% | 7.83% | 8.29% | 9.53% | 6 | 7.84% | ||||||||||||||||||||||
Dividends to AMPS Shareholders |
— | — | 0.09% | 0.23% | 0.26% | 0.87% | 6 | 2.28% | |||||||||||||||||||||||
Net investment income to Common Shareholders |
6.39% | 6 | 5.87% | 6.85% | 7.60% | 8.03% | 8.66% | 6 | 5.56% | ||||||||||||||||||||||
Supplemental
Data |
|||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 245,092 | $ | 280,514 | $ | 263,375 | $ | 217,541 | $ | 232,471 | $ | 196,811 | $ | 180,188 | |||||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) |
— | — | — | $ | 125,950 | $ | 125,950 | $ | 126,950 | $ | 126,950 | ||||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 125,900 | $ | 125,900 | $ | 125,900 | — | — | — | — | |||||||||||||||||||||
Portfolio turnover |
13% | 33% | 47% | 38% | 43% | 26% | 26% | ||||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period |
— | — | — | $ | 68,183 | $ | 71,147 | $ | 63,762 | $ | 60,495 | ||||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 294,672 | $ | 322,807 | $ | 309,194 | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
4 | Aggregate total investment return. |
5 | Does not reflect the effect of dividends to AMPS Shareholders. |
6 | Annualized. |
7 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP Shares, respectively. |
8 | For the year ended April 30, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 0.94%. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 55 |
Financial Highlights | BlackRock Long-Term
Municipal Advantage Trust (BTA) |
Six
Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, |
Period November 1, 2008 to April 30, 2009 |
Year
Ended October 31, 2008 |
||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||
Per
Share Operating Performance |
|||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.85 | $ | 12.19 | $ | 10.51 | $ | 11.27 | $ | 9.52 | $ | 8.57 | $ | 13.72 | |||||||||||||||||
Net investment income1 |
0.36 | 0.74 | 0.75 | 0.76 | 0.75 | 0.34 | 0.81 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.52 | ) | 0.68 | 1.70 | (0.79 | ) | 1.69 | 0.94 | (5.30 | ) | |||||||||||||||||||||
Net increase (decrease) from investment operations |
(1.16 | ) | 1.42 | 2.45 | (0.03 | ) | 2.44 | 1.28 | (4.49 | ) | |||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
(0.37 | ) | (0.76 | )2 | (0.77 | )2 | (0.73 | )2 | (0.69 | )2 | (0.33 | )2 | (0.66 | )2 | |||||||||||||||||
Net asset value, end of period |
$ | 11.32 | $ | 12.85 | $ | 12.19 | $ | 10.51 | $ | 11.27 | $ | 9.52 | $ | 8.57 | |||||||||||||||||
Market price, end of period |
$ | 10.38 | $ | 12.50 | $ | 12.27 | $ | 10.20 | $ | 10.77 | $ | 8.79 | $ | 8.40 | |||||||||||||||||
Total
Investment Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||||||||||
Based on net asset value |
(8.78)% | 4 | 11.95% | 24.09% | (0.18)% | 26.81% | 15.78% | 4 | (33.64)% | ||||||||||||||||||||||
Based on market price |
(14.01)% | 4 | 8.19% | 28.70% | 1.37% | 31.25% | 9.06% | 4 | (26.49)% | ||||||||||||||||||||||
Ratios
to Average Net Assets Applicable to
Common Shareholders |
|||||||||||||||||||||||||||||||
Total expenses |
1.52% | 5 | 1.55% | 1.69% | 1.81% | 1.80% | 2.95% | 5 | 4.00% | ||||||||||||||||||||||
Total expenses after fees waived and before fees paid indirectly |
1.42% | 5 | 1.37% | 1.42% | 1.43% | 1.40% | 2.55% | 5 | 3.60% | ||||||||||||||||||||||
Total expenses after fees waived and paid indirectly |
1.42% | 5 | 1.37% | 1.42% | 1.43% | 1.40% | 2.55% | 5 | 3.60% | ||||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees6 |
1.02% | 5 | 0.92% | 0.86% | 0.78% | 0.75% | 0.82% | 5 | 0.83% | ||||||||||||||||||||||
Net investment income |
6.13% | 5 | 5.80% | 6.60% | 6.97% | 7.07% | 7.88% | 5 | 6.56% | ||||||||||||||||||||||
Supplemental
Data |
|||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 151,973 | $ | 172,428 | $ | 163,215 | $ | 140,510 | $ | 150,357 | $ | 127,079 | $ | 114,382 | |||||||||||||||||
Portfolio turnover |
13% | 16% | 26% | 12% | 30% | 15% | 16% |
1 | Based on average shares outstanding. |
2 | Determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
4 | Aggregate total investment return. |
5 | Annualized. |
6 | Interest expense and fees relate to TOBs. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
56 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Financial Highlights | BlackRock Municipal 2020
Term Trust (BKK) |
Six
Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, |
Period January 1, 2009 to April 30, 2009 |
Year
Ended December 31, 2008 |
||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | Per
Share Operating Performance |
|||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 16.85 | $ | 16.36 | $ | 14.63 | $ | 14.51 | $ | 12.04 | $ | 10.55 | $ | 14.79 | |||||||||||||||||
Net investment income1 |
0.41 | 0.90 | 1.02 | 1.06 | 1.10 | 0.35 | 1.09 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.83 | ) | 0.52 | 1.48 | (0.15 | ) | 2.16 | 1.41 | (4.28 | ) | |||||||||||||||||||||
Dividends to AMPS shareholders from net investment income |
(0.01 | ) | (0.02 | ) | (0.02 | ) | (0.04 | ) | (0.04 | ) | (0.02 | ) | (0.30 | ) | |||||||||||||||||
Net increase (decrease) from investment operations |
(0.43 | ) | 1.40 | 2.48 | 0.87 | 3.22 | 1.74 | (3.49 | ) | ||||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
(0.37 | ) | (0.91 | )2 | (0.75 | )2 | (0.75 | )2 | (0.75 | )2 | (0.25 | )2 | (0.75 | )2 | |||||||||||||||||
Net asset value, end of period |
$ | 16.05 | $ | 16.85 | $ | 16.36 | $ | 14.63 | $ | 14.51 | $ | 12.04 | $ | 10.55 | |||||||||||||||||
Market price, end of period |
$ | 16.14 | $ | 16.64 | $ | 16.06 | $ | 15.06 | $ | 14.89 | $ | 12.70 | $ | 10.57 | |||||||||||||||||
Total
Investment Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||||||||||
Based on net asset value |
(2.52)% | 4 | 8.72% | 17.27% | 5.96% | 26.97% | 16.39% | 4 | (24.57)% | ||||||||||||||||||||||
Based on market price |
(0.73)% | 4 | 9.37% | 11.83% | 6.29% | 23.52% | 22.54% | 4 | (17.81)% | ||||||||||||||||||||||
Ratios
to Average Net Assets Applicable to
Common Shareholders |
|||||||||||||||||||||||||||||||
Total expenses5 |
0.89% | 6 | 0.94% | 0.99% | 1.03% | 1.06% | 1.23% | 6 | 1.12% | ||||||||||||||||||||||
Total expenses after fees waived and paid indirectly5 |
0.89% | 6 | 0.94% | 0.99% | 1.03% | 1.06% | 1.23% | 6 | 1.12% | ||||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and
income tax5,7 |
0.89% | 6 | 0.93% | 0.98% | 8 | 1.02% | 1.05% | 1.21% | 6 | 1.10% | |||||||||||||||||||||
Net investment income5 |
4.98% | 6 | 5.38% | 6.57% | 7.26% | 8.08% | 9.28% | 6 | 8.01% | ||||||||||||||||||||||
Dividends to AMPS shareholders |
0.07% | 6 | 0.13% | 0.13% | 0.24% | 0.28% | 0.59% | 6 | 2.18% | ||||||||||||||||||||||
Net investment income to Common Shareholders |
4.91% | 6 | 5.25% | 6.44% | 7.02% | 7.80% | 8.69% | 6 | 5.83% | ||||||||||||||||||||||
Supplemental
Data |
|||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 324,709 | $ | 340,990 | $ | 331,058 | $ | 296,082 | $ | 293,549 | $ | 243,571 | $ | 213,472 | |||||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) |
$ | 110,100 | $ | 161,250 | $ | 173,850 | $ | 173,850 | $ | 173,850 | $ | 173,850 | $ | 173,850 | |||||||||||||||||
Portfolio turnover |
4% | 14% | 18% | 9% | 6% | 1% | 5% | ||||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period |
$ | 98,731 | $ | 77,867 | $ | 72,607 | $ | 67,579 | $ | 67,215 | $ | 60,027 | $ | 55,703 |
1 | Based on average Common Shares outstanding. |
2 | Determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
4 | Aggregate total investment return. |
5 | Does not reflect the effect of dividends to AMPS shareholders. |
6 | Annualized. |
7 | Interest expense and fees related to TOBs. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
8 | For the period ended October 31, 2013 and the years ended April 30, 2013 and April 30, 2012, the total expense ratio after fees waived and excluding interest expense, fees and remarketing fees was 0.82%, 0.85% and 0.90% respectively. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 57 |
Financial Highlights | BlackRock Municipal
Income Trust (BFK) |
Six
Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, |
Period November 1, 2008 to April 30, 2009 |
Year
Ended October 31, 2008 |
||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||
Per
Share Operating Performance |
|||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.40 | $ | 14.53 | $ | 12.16 | $ | 13.23 | $ | 10.74 | $ | 10.08 | $ | 14.55 | |||||||||||||||||
Net investment income1 |
0.48 | 0.93 | 0.95 | 1.01 | 1.03 | 0.52 | 1.12 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(2.14 | ) | 0.90 | 2.39 | (1.11 | ) | 2.42 | 0.58 | (4.38 | ) | |||||||||||||||||||||
Dividends to AMPS shareholders from net investment income |
— | — | (0.01 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.30 | ) | |||||||||||||||||||
Net increase (decrease) from investment operations |
(1.66 | ) | 1.83 | 3.33 | (0.12 | ) | 3.42 | 1.07 | (3.56 | ) | |||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
(0.46 | ) | (0.96 | )2 | (0.96 | )2 | (0.95 | )2 | (0.93 | )2 | (0.41 | )2 | (0.91 | )2 | |||||||||||||||||
Net asset value, end of period |
$ | 13.28 | $ | 15.40 | $ | 14.53 | $ | 12.16 | $ | 13.23 | $ | 10.74 | $ | 10.08 | |||||||||||||||||
Market price, end of period |
$ | 13.26 | $ | 15.40 | $ | 14.83 | $ | 12.35 | $ | 13.44 | $ | 11.10 | $ | 8.75 | |||||||||||||||||
Total
Investment Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||||||||||
Based on net asset value |
(10.73)% | 4 | 12.84% | 28.24% | (1.04)% | 32.75% | 11.15% | 4 | (25.69)% | ||||||||||||||||||||||
Based on market price |
(10.87)% | 4 | 10.55% | 28.87% | (1.07)% | 30.49% | 32.34% | 4 | (41.05)% | ||||||||||||||||||||||
Ratios
to Average Net Assets Applicable to
Common Shareholders |
|||||||||||||||||||||||||||||||
Total expenses |
1.75% | 6 | 1.71% | 1.45% | 5 | 1.26% | 5 | 1.26% | 5 | 1.44% | 5,6 | 1.38% | 5 | ||||||||||||||||||
Total expenses after fees waived and paid indirectly |
1.75% | 6 | 1.71% | 1.45% | 5 | 1.24% | 5 | 1.15% | 5 | 1.26% | 5,6 | 1.15% | 5 | ||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and
amortization of offering costs7 |
1.08% | 6 | 1.05% | 1.14% | 5,8 | 1.145 | 1.07% | 5 | 1.15% | 5,6 | 0.98% | 5 | |||||||||||||||||||
Net investment income |
6.97% | 6 | 6.13% | 7.06% | 5 | 7.84% | 5 | 8.37% | 5 | 10.48% | 5,6 | 8.34% | 5 | ||||||||||||||||||
Dividends to AMPS shareholders |
— | — | 0.07% | 0.20% | 0.23% | 0.70% | 6 | 2.19% | |||||||||||||||||||||||
Net investment income to Common Shareholders |
6.97% | 6 | 6.13% | 6.99% | 7.64% | 8.14% | 9.78% | 6 | 6.15% | ||||||||||||||||||||||
Supplemental
Data |
|||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 594,241 | $ | 688,707 | $ | 648,497 | $ | 541,097 | $ | 587,250 | $ | 474,814 | $ | 445,289 | |||||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) |
— | — | — | $ | 270,875 | $ | 270,875 | $ | 293,125 | $ | 293,125 | ||||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 270,800 | $ | 270,800 | $ | 270,800 | — | — | — | — | |||||||||||||||||||||
Portfolio turnover |
8% | 13% | 17% | 18% | 32% | 11% | 13% | ||||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period |
— | — | — | $ | 74,941 | $ | 79,201 | $ | 65,498 | $ | 62,989 | ||||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 319,439 | $ | 354,323 | $ | 339,474 | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
4 | Aggregate total investment return. |
5 | Does not reflect the effect of dividends to AMPS shareholders. |
6 | Annualized. |
7 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP Shares, respectively. |
8 | For the year ended April 30, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.10%. |
58 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Financial Highlights | BlackRock Pennsylvania
Strategic Municipal Trust (BPS) |
Six
Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, |
Period January 1, 2009 to April 30, 2009 |
Year
Ended December 31, 2008 |
||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||
Per
Share Operating Performance |
|||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.45 | $ | 15.07 | $ | 13.11 | $ | 13.86 | $ | 11.87 | $ | 10.77 | $ | 14.12 | |||||||||||||||||
Net investment income1 |
0.36 | 0.80 | 0.90 | 0.98 | 0.92 | 0.27 | 0.89 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(2.04 | ) | 0.45 | 1.99 | (0.81 | ) | 1.83 | 1.03 | (3.36 | ) | |||||||||||||||||||||
Dividends to AMPS shareholders from net investment income |
— | (0.00 | )2 | (0.02 | ) | (0.03 | ) | (0.04 | ) | (0.02 | ) | (0.26 | ) | ||||||||||||||||||
Net increase (decrease) from investment operations |
(1.68 | ) | 1.25 | 2.87 | 0.14 | 2.71 | 1.28 | (2.73 | ) | ||||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
(0.40 | ) | (0.87 | )3 | (0.91 | )3 | (0.89 | )3 | (0.72 | )3 | (0.18 | )3 | (0.62 | )3 | |||||||||||||||||
Net asset value, end of period |
$ | 13.37 | $ | 15.45 | $ | 15.07 | $ | 13.11 | $ | 13.86 | $ | 11.87 | $ | 10.77 | |||||||||||||||||
Market price, end of period |
$ | 11.86 | $ | 15.04 | $ | 15.27 | $ | 12.99 | $ | 13.88 | $ | 9.85 | $ | 8.42 | |||||||||||||||||
Total
Investment Return Applicable to Common
Shareholders4 |
|||||||||||||||||||||||||||||||
Based on net asset value |
(10.65)% | 5 | 8.45% | 22.57% | 1.07% | 23.80% | 12.28% | 5 | (19.63)% | ||||||||||||||||||||||
Based on market price |
(18.59)% | 5 | 4.19% | 25.34% | 0.00% | 49.41% | 19.18% | 5 | (34.53)% | ||||||||||||||||||||||
Ratios
to Average Net Assets Applicable to
Common Shareholders |
|||||||||||||||||||||||||||||||
Total expenses |
2.22% | 6 | 2.09% | 7 | 1.72% | 7 | 1.56% | 7 | 1.60% | 7 | 1.63% | 6,7 | 1.61% | 7 | |||||||||||||||||
Total expenses after fees waived and paid indirectly |
2.22% | 6 | 2.09% | 7 | 1.71% | 7 | 1.55% | 7 | 1.59% | 7 | 1.61% | 6,7 | 1.45% | 7 | |||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and
amortization of offering costs8 |
1.52% | 6 | 1.44% | 7,9 | 1.58% | 7,9 | 1.43% | 7 | 1.57% | 7 | 1.61% | 6,7 | 1.42% | 7 | |||||||||||||||||
Net investment income |
5.25% | 6 | 5.16% | 7 | 6.30% | 7 | 7.28% | 7 | 6.94% | 7 | 7.38% | 6,7 | 6.82% | 7 | |||||||||||||||||
Dividends to AMPS shareholders |
— | 0.03% | 0.13% | 0.25% | 0.28% | 0.56% | 2.17% | ||||||||||||||||||||||||
Net investment income to Common Shareholders |
5.25% | 6 | 5.13% | 6.17% | 7.03% | 6.66% | 6.82% | 6 | 4.65% | ||||||||||||||||||||||
Supplemental
Data |
|||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 27,176 | $ | 31,396 | $ | 30,579 | $ | 26,574 | $ | 28,038 | $ | 24,023 | $ | 21,799 | |||||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) |
— | — | $ | 16,325 | $ | 16,325 | $ | 16,325 | $ | 16,825 | $ | 16,825 | |||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 16,300 | $ | 16,300 | — | — | — | — | — | ||||||||||||||||||||||
Portfolio turnover |
8% | 14% | 34% | 17% | 19% | 8% | 45% | ||||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period |
— | — | $ | 71,828 | $ | 65,697 | $ | 67,939 | $ | 60,696 | $ | 57,399 | |||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 266,726 | $ | 292,616 | — | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Amount is greater than $(0.005) per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Total investment returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Annualized. Certain expenses incurred during the period January 1, 2009 to April 30, 2009 have been included in the ratio but not annualized. If these expenses were annualized, the annualized ratio of total expenses, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs, net investment income and net investment income to Common Shareholders would have been 1.91%, 1.89%, 1.89%, 7.09% and 6.53%, respectively. |
7 | Does not reflect the effect of dividends to AMPS shareholders. |
8 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
9 | For the years ended April 30, 2013 and April 30, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.43% and 1.52%, respectively. |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 59 |
Financial Highlights | BlackRock Strategic
Municipal Trust (BSD) |
Six
Months Ended October 31, 2013 (Unaudited) |
Year Ended April 30, |
Period January 1, 2009 to April 30, 2009 |
Year
Ended December 31, 2008 |
||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||
Per
Share Operating Performance |
|||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.28 | $ | 14.43 | $ | 12.27 | $ | 13.00 | $ | 10.95 | $ | 9.90 | $ | 14.27 | |||||||||||||||||
Net investment income1 |
0.44 | 0.85 | 0.89 | 0.94 | 0.96 | 0.32 | 1.02 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(2.11 | ) | 0.89 | 2.17 | (0.77 | ) | 1.96 | 1.00 | (4.32 | ) | |||||||||||||||||||||
Dividends to AMPS shareholders from net investment income |
— | — | (0.01 | ) | (0.02 | ) | (0.03 | ) | (0.02 | ) | (0.26 | ) | |||||||||||||||||||
Net increase (decrease) from investment operations |
(1.67 | ) | 1.74 | 3.05 | 0.15 | 2.89 | 1.30 | (3.56 | ) | ||||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
(0.44 | ) | (0.89 | )2 | (0.89 | )2 | (0.88 | )2 | (0.84 | )2 | (0.25 | )2 | (0.81 | )2 | |||||||||||||||||
Net asset value, end of period |
$ | 13.17 | $ | 15.28 | $ | 14.43 | $ | 12.27 | $ | 13.00 | $ | 10.95 | $ | 9.90 | |||||||||||||||||
Market price, end of period |
$ | 12.49 | $ | 14.97 | $ | 14.38 | $ | 11.88 | $ | 12.95 | $ | 10.15 | $ | 8.19 | |||||||||||||||||
Total
Investment Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||||||||||
Based on net asset value |
(10.73)% | 4 | 12.29% | 25.65% | 1.19% | 27.36% | 13.44% | 4 | (25.70)% | ||||||||||||||||||||||
Based on market price |
(13.59)% | 4 | 10.40% | 29.32% | (1.65)% | 36.87% | 27.11% | 4 | (37.17)% | ||||||||||||||||||||||
Ratios
to Average Net Assets Applicable to
Common Shareholders |
|||||||||||||||||||||||||||||||
Total expenses |
1.90% | 5 | 1.84% | 1.55% | 6 | 1.39% | 6 | 1.36% | 6 | 1.49% | 5,6 | 1.54% | 6 | ||||||||||||||||||
Total expenses after fees waived and paid indirectly |
1.90% | 5 | 1.84% | 1.55% | 6 | 1.39% | 6 | 1.36% | 6 | 1.48% | 5,6 | 1.45% | 6 | ||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees,
and amortization of offering
costs7 |
1.23% | 5 | 1.17% | 1.23% | 6,8 | 1.28% | 6 | 1.26% | 6 | 1.40% | 5,6 | 1.23% | 6 | ||||||||||||||||||
Net investment income |
6.43% | 5 | 5.68% | 6.64% | 6 | 7.38% | 6 | 7.91% | 6 | 9.48% | 6 | 8.04% | 6 | ||||||||||||||||||
Dividends to AMPS shareholders |
— | — | 0.07% | 0.19% | 0.22% | 0.49% | 2.02% | ||||||||||||||||||||||||
Net investment income to Common Shareholders |
6.43% | 5 | 5.68% | 6.57% | 7.19% | 7.69% | 8.99% | 5 | 6.02% | ||||||||||||||||||||||
Supplemental
Data |
|||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 96,227 | $ | 111,603 | $ | 105,309 | $ | 89,481 | $ | 94,736 | $ | 79,820 | $ | 72,188 | |||||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) |
— | — | — | $ | 42,975 | $ | 42,975 | $ | 47,750 | $ | 47,750 | ||||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 42,900 | $ | 42,900 | $ | 42,900 | — | — | — | — | |||||||||||||||||||||
Portfolio turnover |
10% | 18% | 30% | 20% | 32% | 6% | 17% | ||||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period |
— | — | — | $ | 77,055 | $ | 80,113 | $ | 66,791 | $ | 62,803 | ||||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 324,306 | $ | 360,148 | $ | 345,474 | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
4 | Aggregate total investment return. |
5 | Annualized. Certain expenses incurred during the period January 1, 2009 to April 30, 2009 have been included in the ratio but not annualized. If these expenses were annualized, the annualized ratio of total expenses, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs, net investment income and net investment income to Common Shareholders would have been 1.91%, 1.89%, 1.89%, 7.09% and 6.53%, respectively. |
6 | Does not reflect the effect of dividends to AMPS shareholders. |
7 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP Shares, respectively. |
8 | For the year ended April 30, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.19%. |
60 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Notes to Financial Statements (Unaudited) |
SEMI-ANNUAL REPORT | OCTOBER 31, 2013 | 61 |
Notes to Financial Statements (continued) |
62 | SEMI-ANNUAL REPORT | OCTOBER 31, 2013 |
Notes to Financial Statements (continued) |
Underlying Municipal Bonds Transferred to TOBs |
|
Liability for TOB Trust Certificates |
|
Range of Interest Rates |
||||
BKN | $ | 38,535,877 | $ | 21,799,254 | 0.08 — | 0.35% | ||
BTA | $ | 127,860,061 | $ | 82,982,165 | 0.08 — | 0.22% | ||
BKK | $ | 5,518,000 | $ | 3,750,000 | 0.30% | |||
BFK | $ | 205,667,114 | $ | 122,400,226 | 0.08 — | 0.33% | ||
BPS | $ | 1,413,292 | $ | 675,000 | 0.09 — | 0.11% | ||
BSD | $ | 34,157,373 | $ | 20,353,920 | 0.08 — | 0.33% |
Richard E.
Cavanagh, Chairman of the Board and Trustee Karen P. Robards,
Vice Chairperson of the Board, Chairperson of the Audit Committee and Trustee Paul L. Audet,
Trustee Michael J.
Castellano, Trustee and Member of the Audit Committee Frank J. Fabozzi,
Trustee and Member of the Audit Committee Kathleen F.
Feldstein, Trustee James T. Flynn,
Trustee and Member of the Audit Committee Henry Gabbay,
Trustee Jerrold B. Harris,
Trustee R. Glenn Hubbard,
Trustee W. Carl Kester,
Trustee and Member of the Audit Committee John M. Perlowski,
President and Chief Executive Officer Brendan Kyne, Vice
President Robert W.
Crothers, Vice President Neal Andrews,
Chief Financial Officer Jay Fife,
Treasurer Brian Kindelan,
Chief Compliance Officer and Janey Ahn,
Secretary
Proxy Results Regulation Regarding Derivatives Dividend Policy General Information
General Information (concluded)
BlackRock Privacy Principles
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this
Form. (a) – The registrant’s
principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940
Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. (b) – There were no changes in the registrant’s
internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal
quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
registrant’s internal control over financial reporting. Item 12 – Exhibits attached
hereto Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized. BlackRock Investment Quality Municipal Trust, Inc. Date: January 2, 2014 Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated. Date: January 2, 2014 Date: January 2, 2014
Average
TOB
Trust
Certificates
Outstanding
Daily
Weighted
Average
Interest
Rate
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
63
Notes to Financial Statements (continued)
Fair Values of Derivative
Financial Instruments as of October 31, 2013
Derivative Liabilities
BKN
BFK
BPS
BSD
Statements of
Assets and
Liabilities Location
$(7,922
)
1
Includes cumulative appreciation/depreciation on financial
futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and
Liabilities.
The Effect of Derivative
Financial Instruments in the Statements of Operations Six Months Ended October 31, 2013
Net Realized Gain From
BKN
BFK
BPS
BSD
$
250,288
$
421,443
$
31,964
$
84,150
Net Change in Unrealized
Appreciation/Depreciation on
BKN
BFK
BPS
BSD
$
263,748
$
564,353
$
54,289
$
124,541
BKN
BFK
BPS
BSD
50
91
7
15
$
6,367,969
$
11,589,703
$
891,516
$
1,846,711
0.35
%
1.00
%
0.50
%
0.60
%
0.60
%
0.60
%
64
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
Notes to Financial Statements (continued)
Through
Rate
$
78,456
$
757
$
392
$
1,781
$
2,123
$
34
$
313
Purchases
Sales
$
50,061,003
$
63,037,046
$
32,171,459
$
48,368,493
$
19,246,277
$
72,476,955
$
82,959,725
$
144,656,371
$
3,867,845
$
8,043,620
$
15,689,613
$
22,999,082
Expires April 30,
BKN
BTA
BKK
BFK
BPS
BSD
—
$
701,315
—
$
2,574,427
—
—
—
—
—
606,017
—
—
—
22,052,642
—
10,207,532
$
127,957
—
$
2,716,981
6,882,935
—
2,065,704
929,529
$
3,887,588
1,174,679
4,821,726
$
354,058
2,455,638
586,549
2,381,683
—
951,237
1,090,371
—
—
2,978,126
—
4,257,308
—
—
189,377
—
$
3,891,660
$
39,667,163
$
1,444,429
$
17,909,318
$
1,833,412
$
9,247,397
1
Must be utilized prior to losses subject to
expiration.
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
65
Notes to Financial Statements (continued)
BKN
BTA
BKK
BFK
BPS
BSD
$
366,429,627
$
155,544,353
$
413,402,081
$
866,194,826
$
42,643,034
$
138,330,869
$
20,533,336
$
7,179,214
$
21,540,561
$
35,316,991
$
1,401,172
$
5,823,071
(11,740,057
)
(7,974,893
)
(3,989,396
)
(40,196,153
)
(842,139
)
(5,109,166
)
$
8,793,279
$
(795,679
)
$
17,551,165
$
(4,879,162
)
$
559,033
$
713,905
Six Months
Ended
October 31,
2013
Year
Ended
April
30,
2013
3,264
41,693
—
28,270
12,577
91,781
—
3,536
—
5,389
66
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
Notes to Financial Statements (continued)
Issue Date
Shares
Issued
Aggregate
Principal
Maturity
Date
6/14/12
$
16,300,000
7/01/42
Rate
1.03
%
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
67
Notes to Financial Statements (continued)
Issue Date
Shares
Issued
Aggregate
Principal
Term
Date
12/16/11
1,259
$
125,900,000
1/02/15
12/16/11
2,708
$
270,800,000
1/02/15
12/16/11
429
$
42,900,000
1/02/15
Rate
1.08
%
1.08
%
1.08
%
68
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
Notes to Financial Statements (continued)
Series
AMPS
Effective
Yield
Reset
Frequency
Days
Moody’s
Rating
M-7
1,468
0.16
%
7
Aa1
W-7
1,468
0.16
%
7
Aa1
F-7
1,468
0.16
%
7
Aa1
Series
Low
High
Average
M-7
0.08
%
0.36
%
0.16
%
W-7
0.08
%
0.38
%
0.16
%
F-7
0.08
%
0.36
%
0.15
%
W-7
0.24
%
0.38
%
0.31
%
Series
Redemption
Date
Shares
Redeemed
Aggregate
Principal
F-7
5/28/13
82
$
2,050,000
M-7
5/28/13
82
$
2,050,000
W-7
5/23/13
82
$
2,050,000
F-7
8/05/13
413
$
10,325,000
M-7
8/06/13
413
$
10,325,000
W-7
8/01/13
413
$
10,325,000
F-7
9/09/13
98
$
2,450,000
M-7
9/10/13
98
$
2,450,000
W-7
9/12/13
98
$
2,450,000
F-7
10/07/13
89
$
2,225,000
M-7
10/08/13
89
$
2,225,000
W-7
10/10/13
89
$
2,225,000
Series
Redemption
Date
Shares
Redeemed
Aggregate
Principal
F-7
1/22/13
142
$
3,550,000
M-7
1/22/13
142
$
3,550,000
W-7
1/24/13
142
$
3,550,000
F-7
1/28/13
26
$
650,000
M-7
1/29/13
26
$
650,000
W-7
1/31/13
26
$
650,000
W-7
7/05/12
653
$
16,325,000
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
69
Notes to Financial Statements (concluded)
Common
Dividend
Per Share
$
0.08000
$
0.06200
$
0.06225
$
0.07510
$
0.06500
$
0.07400
Per Common Share
Tax-Exempt
Dividends
Declared
Ordinary
Dividends
Declared
$
0.08000
$
0.06200
$
0.06225
$
0.07510
$
0.06500
$
0.07400
Series
AMPS/VRDP/VMTP
Dividends
Declared
BKN
W-7
$
109,999
BKK
M-7
$
3,578
W-7
$
3,582
F-7
$
3,425
BFK
W-7
$
236,598
BPS
W-7
$
13,571
BSD
W-7
$
37,482
Series
Redemption
Date
Shares
Redeemed
Aggregate
Principal
F-7
12/02/13
132
$
3,300,000
M-7
12/03/13
132
$
3,300,000
W-7
11/29/13
132
$
3,300,000
70
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
Disclosure of Investment Advisory Agreements and Sub-Advisory
Agreements
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
71
Disclosure of Investment Advisory Agreements and Sub-Advisory
Agreements (continued)
Peers”) and the investment performance of the Funds as
compared with a peer group of funds as determined by Lipper1 and, with respect to BKN, BTA, BFK, BPS and BSD, a customized peer group
selected by BlackRock; (b) information on the profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out
benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees charged to other clients,
such as institutional clients and open-end funds, under similar investment mandates, as applicable; (d) review of non-management fees; (e) the
existence, impact and sharing of potential economies of scale; (f) a summary of aggregate amounts paid by each Fund to BlackRock and (g) if applicable,
a comparison of management fees to similar BlackRock closed-end funds, as classified by Lipper.
1
Lipper ranks funds in quartiles, ranging from first to fourth,
where first is the most desirable quartile position and fourth is the least desirable.
72
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
Disclosure of Investment Advisory Agreements and Sub-Advisory
Agreements (continued)
with their review, each Board received and reviewed
information regarding the investment performance, based on net asset value (NAV), of its Fund as compared to other funds in its applicable Lipper
category and, with respect to BKN, BTA, BFK, BPS and BSD, the customized peer group selected by BlackRock. The Boards were provided with a description
of the methodology used by Lipper to select peer funds and periodically meets with Lipper representatives to review their methodology. Each Board and
its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of its Fund throughout the
year.
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
73
Disclosure of Investment Advisory Agreements and Sub-Advisory
Agreements (concluded)
to enable the Fund to participate in these economies of scale,
for example through the use of breakpoints in the advisory fee based upon the asset level of the Fund.
74
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
Officers and Trustees
Anti-Money Laundering Officer
BlackRock Advisors, LLC
Wilmington, DE 19809
BlackRock Financial Management, Inc.
New York, NY 10022
State Street Bank and
Trust Company
Boston, MA 02110
Common Shares:
Computershare
Trust Company, N.A.
Canton, MA 02021
The Bank of New York Mellon
New
York, NY 10286
VMTP Redemption and Paying
Agent
The Bank of New York Mellon
New York, NY 10289
Citibank, N.A.
New York, NY
10179
CitiGroup Global Markets,
Inc.
New York, NY 10179
Deloitte
& Touche LLP
Boston, MA 02116
Skadden, Arps, Slate, Meagher & Flom
LLP
New York, NY 10036
100 Bellevue Parkway
Wilmington, DE 19809
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
75
Additional Information
Richard E. Cavanagh
Kathleen F. Feldstein
Henry Gabbay
Votes For
Votes
Withheld
Abstain
Votes For
Votes
Withheld
Abstain
Votes For
Votes
Withheld
Abstain
15,022,243
529,801
0
14,918,472
633,573
0
14,990,007
562,037
0
9,241,771
329,845
0
9,228,728
342,888
0
9,243,147
328,469
0
18,769,812
358,099
0
18,699,191
428,720
0
18,750,568
377,343
0
36,029,890
1,011,749
0
35,993,152
1,048,487
0
36,020,887
1,020,752
0
1,798,986
32,085
0
1,791,266
39,805
0
1,798,986
32,085
0
5,708,253
290,171
0
5,696,440
301,984
0
5,709,008
289,416
0
Jerrold B. Harris
Votes For
Votes
Withheld
Abstain
15,016,879
535,165
0
9,242,514
329,102
0
18,726,328
401,583
0
35,948,277
1,093,362
0
1,797,041
34,030
0
5,709,008
289,416
0
76
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
Additional Information (continued)
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
77
Additional Information (concluded)
78
SEMI-ANNUAL REPORT
OCTOBER 31, 2013
Item 2 –
Code of Ethics – Not Applicable to this semi-annual report
Item 3 –
Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –
Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –
Audit Committee of Listed Registrants – Not Applicable to this semi-annual report
Item 6 –
Investments
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report
Item 8 –
Portfolio Managers of Closed-End Management Investment Companies
(a) Not Applicable to this semi-annual report
(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified
in the most recent annual report on Form N-CSR.
Item 9 –
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –
Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 –
Controls and Procedures
(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
(a)(2) – Certifications – Attached hereto
(a)(3) – Not Applicable
(b) –Certifications – Attached hereto
2
By:
/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Investment Quality Municipal Trust, Inc.
By:
/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Investment Quality Municipal Trust, Inc.
By:
/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Investment Quality Municipal Trust, Inc.
3