UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10339
Name of Fund: BlackRock Municipal Income Trust (BFK)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income Trust, 55 East 52 nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2015
Date of reporting period: 04/30/2015
Item 1 – Report to Stockholders
ANNUAL REPORT |
Not FDIC Insured May Lose Value No Bank Guarantee
|
Table of Contents
Page
The Markets in Review
|
3 |
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
|
16 |
Statements of Assets and Liabilities
|
44 |
Statements of Operations
|
45 |
Statements of Changes in Net Assets
|
46 |
Statements of Cash Flows
|
48 |
Financial Highlights
|
49 |
Notes to Financial Statements
|
54 |
Report of Independent Registered Public Accounting Firm
|
66 |
Automatic Dividend Reinvestment Plan
|
67 |
Officers and Trustees
|
68 |
Additional Information
|
71 |
2 | ANNUAL REPORT |
APRIL 30, 2015
|
The Markets in Review |
|
President, BlackRock Advisors,
LLC
6-month | 12-month | |||||||||
U.S.
large cap equities
(S&P 500 ® Index) |
4.40 | % | 12.98 | % | ||||||
U.S.
small cap equities
(Russell 2000 ® Index) |
4.65 | 9.71 | ||||||||
International equities
(MSCI Europe, Australasia, Far East Index) |
6.81 | 1.66 | ||||||||
Emerging market equities
(MSCI Emerging Markets Index) |
3.92 | 7.80 | ||||||||
3-month Treasury bill
(BofA Merrill Lynch 3-Month U.S. Treasury Bill Index) |
0.01 | 0.02 | ||||||||
U.S.
Treasury securities
(BofA Merrill Lynch 10-Year U.S. Treasury Index) |
3.59 | 8.03 | ||||||||
U.S.
investment grade
bonds (Barclays U.S. Aggregate Bond Index) |
2.06 | 4.46 | ||||||||
Tax-exempt municipal
bonds (S&P Municipal Bond Index) |
1.27 | 4.86 | ||||||||
U.S.
high yield bonds
(Barclays U.S. Corporate High Yield 2% Issuer Capped Index) |
1.52 | 2.59 |
THIS PAGE NOT PART OF YOUR FUND REPORT |
3
|
For the Reporting Period Ended April 30, 2015
For the same 12-month period, total new issuance remained relatively strong from a historical perspective at $387 billion (considerably higher than the $302 billion issued in the prior 12-month period). A noteworthy portion (roughly 60%) of new supply during this period was attributable to refinancing activity as issuers took advantage of low interest rates and a flatter yield curve to reduce their borrowing costs.
S&P Municipal Bond Index
Total Returns as of April 30, 2015 6 months: 1.27% 12 months: 4.86% |
From April 30, 2014 to April 30, 2015, yields on AAA-rated 30-year
municipal bonds decreased by 44 basis points (bps) from 3.49% to 3.05%, while 10-year rates decreased 18 bps from 2.30% to 2.12% and 5-year
rates increased 7 bps from 1.23% to 1.30% (as measured by Thomson Municipal Market Data). Overall, the municipal yield curve remained relatively steep
over the 12-month period even as the spread between 2- and 30-year maturities flattened by 62 bps and the spread between 2- and 10-year maturities
flattened by 36 bps.
4 | ANNUAL REPORT |
APRIL 30, 2015
|
ANNUAL REPORT | APRIL 30, 2015 |
5
|
Trust Overview
Performance
|
For the 12-month period ended April 30, 2015, the Trust returned 11.52% based on market price and 11.43% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.00% based on market price and 9.96% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trusts discount to NAV, which narrowed slightly during the period, accounts for the difference between performance based on price and performance based on NAV. |
|
Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) The yield curve flattened during the period, with longer-term bonds generally outperforming shorter-term issues. Higher-rated bonds, while delivering positive absolute performance, lagged the return of lower-rated issues. |
|
In the environment of declining yields, the Trusts holdings in longer-duration and longer-dated bonds tended to provide the strongest returns. (Duration is a measure of interest-rate sensitivity.) The Trusts allocations to the tax-backed (states, local and school districts), health care and transportation sectors made positive contributions to performance. The Trusts positions in lower-coupon and zero-coupon bonds, which outperformed the overall market, also benefited returns. |
|
At a time in which lower-rated debt outperformed, the Trusts positions in higher-yielding and lower investment-grade credits generated the best returns. The Trusts positions in high-quality pre-refunded bonds also made a positive contribution to performance. |
|
Income in the form of coupon payments made up a meaningful portion of the Trusts total return for the period. In addition, the Trusts use of leverage provided both incremental return and income at a time of declining interest rates. |
|
There were no material detractors from the Trusts performance during 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 April 30, 2015 ($15.60)
1
|
5.92%
|
|||||
Tax
Equivalent Yield
2
|
10.46%
|
|||||
Current Monthly Distribution per Common Share
3
|
$0.077
|
|||||
Current Annualized Distribution per Common Share
3
|
$0.924
|
|||||
Economic Leverage as of April 30, 2015
4
|
36%
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum 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 TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
6 | ANNUAL REPORT |
APRIL 30, 2015
|
BlackRock Investment
Quality Municipal Trust, Inc.
|
Market Price and Net Asset Value Per Share Summary
|
|
|
|
4/30/15
|
|
4/30/14
|
|
Change
|
|
High
|
|
Low
|
||||||||||
Market Price
|
$ | 15.60 | $ | 14.86 | 4.98 | % | $ | 16.83 | $ | 14.74 | ||||||||||||
Net Asset Value
|
$ | 16.09 | $ | 15.34 | 4.89 | % | $ | 16.75 | $ | 15.34 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
Sector Allocation
|
|
|
|
4/30/15
|
|
4/30/14
|
||||
Health
|
23 | % | 24 | % | ||||||
Education
|
17 | 15 | ||||||||
County/City/Special District/School District
|
15 | 15 | ||||||||
Transportation
|
12 | 14 | ||||||||
State
|
12 | 10 | ||||||||
Utilities
|
12 | 11 | ||||||||
Corporate
|
6 | 8 | ||||||||
Tobacco
|
3 | 2 | ||||||||
Housing
|
| 1 |
|
|
|||||||
Call/Maturity
Schedule
3
|
|
|||||||
Calendar Year Ended December 31,
|
||||||||
2015
|
2 | % | ||||||
2016
|
3 | |||||||
2017
|
3 | |||||||
2018
|
9 | |||||||
2019
|
10 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. | |
* | Excludes short-term securities. |
Credit Quality
Allocation
1
|
|
|
|
4/30/15
|
|
4/30/14
|
||||
AAA/Aaa
|
5 | % | 6 | % | ||||||
AA/Aa
|
46 | 41 | ||||||||
A
|
31 | 37 | ||||||||
BBB/Baa
|
9 | 8 | ||||||||
BB/Ba
|
2 | 2 | ||||||||
B
|
1 | 1 | ||||||||
N/R
2
|
6 | 5 |
1 | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poors (S&P) or Moodys Investors Service (Moodys) if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2015 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade represents 3% and 2%, respectively, of the Trusts total investments. |
ANNUAL REPORT | APRIL 30, 2015 |
7
|
Trust Summary as of April 30, 2015 |
BlackRock Long-Term
Municipal Advantage Trust
|
Trust Overview
Performance
|
For the 12-month period ended April 30, 2015, the Trust returned 7.65% based on market price and 10.86% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.00% based on market price and 9.96% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trusts discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. |
|
Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) The yield curve flattened during the period, with longer-term bonds generally outperforming shorter-term issues. Higher-rated bonds, while delivering positive absolute performance, lagged the return of lower-rated issues. |
|
Income in the form of coupon payments made up a meaningful portion of the Trusts total return for the period. In addition, the Trusts use of leverage provided both incremental return and income in an environment of declining interest rates. The Trusts positioning with respect to duration (sensitivity to interest rate movements) helped performance. The Trusts positioning along the yield curve, which favored longer-dated bonds, also aided performance as longer-dated bonds generally delivered higher returns than those with shorter maturities. |
|
Positions in lower-rated investment-grade bonds contributed to performance, as did the Trusts exposure to the lower end of the credit spectrum (non-investment grade and unrated securities). Lower-rated bonds generated both attractive income and strong price appreciation during the period. |
|
Concentrations in the utilities, health care and transportation sectors were among the top contributors to performance. |
|
There were no material detractors from the Trusts performance during the period. |
Trust Information
Symbol on NYSE
|
BTA
|
|||||
Initial Offering Date
|
February 28, 2006
|
|||||
Yield on Closing Market Price as of April 30, 2015 ($11.41)
1
|
6.10%
|
|||||
Tax
Equivalent Yield
2
|
10.78%
|
|||||
Current Monthly Distribution per Common Share
3
|
$0.058
|
|||||
Current Annualized Distribution per Common Share
3
|
$0.696
|
|||||
Economic Leverage as of April 30, 2015
4
|
34%
|
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 TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
8 | ANNUAL REPORT |
APRIL 30, 2015
|
BlackRock Long-Term
Municipal Advantage Trust
|
Market Price and Net Asset Value Per Share Summary
|
|
|
|
4/30/15
|
|
4/30/14
|
|
Change
|
|
High
|
|
Low
|
||||||||||
Market Price
|
$ | 11.41 | $ | 11.29 | 1.06 | % | $ | 11.77 | $ | 10.86 | ||||||||||||
Net Asset Value
|
$ | 12.51 | $ | 12.02 | 4.08 | % | $ | 12.92 | $ | 12.02 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
Sector Allocation
|
|
|
|
4/30/15
|
|
4/30/14
|
||||
Health
|
21 | % | 22 | % | ||||||
Utilities
|
19 | 18 | ||||||||
Transportation
|
16 | 16 | ||||||||
State
|
12 | 16 | ||||||||
Education
|
10 | 10 | ||||||||
County/City/Special District/School District
|
9 | 5 | ||||||||
Corporate
|
7 | 7 | ||||||||
Tobacco
|
5 | 3 | ||||||||
Housing
|
1 | 3 |
|
|
|||||||
Call/Maturity
Schedule
3
|
|
|||||||
Calendar Year Ended December 31,
|
||||||||
2015
|
9 | % | ||||||
2016
|
11 | |||||||
2017
|
3 | |||||||
2018
|
2 | |||||||
2019
|
18 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. | |
* | Excludes short-term securities. |
Credit Quality
Allocation
1
|
|
|
|
4/30/15
|
|
4/30/14
|
||||
AAA/Aaa
|
14 | % | 14 | % | ||||||
AA/Aa
|
51 | 48 | ||||||||
A
|
14 | 19 | ||||||||
BBB/Baa
|
10 | 8 | ||||||||
BB/Ba
|
2 | 3 | ||||||||
B
|
2 | 3 | ||||||||
N/R
2
|
7 | 5 |
1 | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&Ps or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2015 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade represents 1% and less than 1%, respectively, of the Trusts total investments. |
ANNUAL REPORT | APRIL 30, 2015 |
9
|
Trust Summary as of April 30, 2015 |
BlackRock Municipal 2020
Term Trust
|
Trust Overview
Performance
|
For the 12-month period ended April 30, 2015, the Trust returned 1.90% based on market price and 4.67% based on NAV. For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 6.81% based on market price and 7.02% based on NAV. The Trust is scheduled to terminate on or about December 31, 2020, which requires the Trust to invest in bonds that mature near that scheduled termination date. In contrast, the Trusts Lipper peer group includes funds that generally have longer durations than the Trust. Therefore, declining yields had a greater benefit to funds with longer durations and exposure further out on the yield curve. All returns reflect reinvestment of dividends and/or distributions. The Trust moved from a premium to NAV to a discount by period end, which accounts for the difference between performance based on price and performance based on NAV. |
|
Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) The yield curve flattened during the period, with longer-term bonds generally outperforming shorter-term issues. Higher-rated bonds, while delivering positive absolute performance, lagged the return of lower-rated issues. |
|
In the environment of declining yields, the Trusts duration exposure (sensitivity to interest rate movements) contributed positively to performance. The Trusts positions in zero-coupon bonds, which generated stronger price performance than current coupon bonds, also benefited returns. Positions in the transportation, corporate, health care and utilities sectors were among the top contributors to performance. |
|
Income in the form of coupon payments made up a meaningful portion of the Trusts total return for the period. In addition, the Trusts use of leverage provided both incremental return and income at a time of declining interest rates |
|
There were no material detractors from the Trusts absolute performance during the period. |
Trust Information
Symbol on NYSE
|
BKK
|
|||||
Initial Offering Date
|
September 30, 2003
|
|||||
Termination Date (on or about)
|
December 31, 2020
|
|||||
Yield on Closing Market Price as of April 30, 2015 ($16.25)
1
|
3.99%
|
|||||
Tax
Equivalent Yield
2
|
7.05%
|
|||||
Current Monthly Distribution per Common Share
3
|
$0.054
|
|||||
Current Annualized Distribution per Common Share
3
|
$0.648
|
|||||
Economic Leverage as of April 30, 2015
4
|
15%
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents AMPS and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to AMPS and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
10 | ANNUAL REPORT |
APRIL 30, 2015
|
BlackRock Municipal 2020
Term Trust
|
Market Price and Net Asset Value Per Share Summary
|
|
|
|
4/30/15
|
|
4/30/14
|
|
Change
|
|
High
|
|
Low
|
||||||||||
Market Price
|
$ | 16.25 | $ | 16.61 | (2.17 | )% | $ | 16.96 | $ | 15.70 | ||||||||||||
Net Asset Value
|
$ | 16.30 | $ | 16.22 | 0.49 | % | $ | 16.61 | $ | 16.21 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
Sector Allocation
|
|
|
|
4/30/15
|
|
4/30/14
|
||||
Transportation
|
17 | % | 16 | % | ||||||
Utilities
|
16 | 16 | ||||||||
Corporate
|
14 | 15 | ||||||||
County/City/Special District/School District
|
12 | 11 | ||||||||
State
|
12 | 15 | ||||||||
Health
|
11 | 12 | ||||||||
Education
|
9 | 7 | ||||||||
Housing
|
5 | 5 | ||||||||
Tobacco
|
4 | 3 |
|
|
|||||||
Call/Maturity
Schedule
3
|
|
|||||||
Calendar Year Ended December 31,
|
||||||||
2015
|
3 | % | ||||||
2016
|
11 | |||||||
2017
|
4 | |||||||
2018
|
5 | |||||||
2019
|
17 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. | |
* | Excludes short-term securities. |
Credit Quality
Allocation
1
|
|
|
|
4/30/15
|
|
4/30/14
|
||||
AAA/Aaa
|
6 | % | 9 | % | ||||||
AA/Aa
|
22 | 25 | ||||||||
A
|
45 | 44 | ||||||||
BBB/Baa
|
17 | 14 | ||||||||
BB/Ba
|
2 | 1 | ||||||||
B
|
1 | | ||||||||
N/R
2
|
7 | 7 |
1 | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&Ps or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2015 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade each represents 2%, respectively, of the Trusts total investments. |
ANNUAL REPORT | APRIL 30, 2015 |
11
|
Trust Summary as of April 30, 2015 |
BlackRock Municipal
Income Trust
|
Trust Overview
Performance
|
For the 12-month period ended April 30, 2015, the Trust returned 12.54% based on market price and 11.43% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.00% based on market price and 9.96% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trusts discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. |
|
Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) The yield curve flattened during the period, with longer-term bonds generally outperforming shorter-term issues. Higher-rated bonds, while delivering positive absolute performance, lagged the return of lower-rated issues. |
|
Income in the form of coupon payments made up a meaningful portion of the Trusts total return for the period. In addition, the Trusts use of leverage provided both incremental return and income in an environment of declining interest rates. The Trusts positioning with respect to duration (sensitivity to interest rate movements) helped performance. The Trusts positioning along the yield curve, which favored longer-dated bonds, also aided performance as longer-dated bonds generally delivered higher returns than those with shorter maturities. |
|
Positions in lower-rated investment-grade bonds contributed to performance, as did the Trusts exposure to the lower end of the credit spectrum (non-investment grade and unrated securities). Lower-rated bonds generated both attractive income and strong price appreciation during the period. |
|
Concentrations in the transportation, health care, utilities, tax-backed and corporate-related sectors were among the top contributors to performance. |
|
There were no material detractors from the Trusts performance during the period. |
Trust Information
Symbol on NYSE
|
BFK
|
|||||
Initial Offering Date
|
July 27, 2001
|
|||||
Yield on Closing Market Price as of April 30, 2015 ($14.32)
1
|
6.29%
|
|||||
Tax
Equivalent Yield
2
|
11.11%
|
|||||
Current Monthly Distribution per Common Share
3
|
$0.0751
|
|||||
Current Annualized Distribution per Common Share
3
|
$0.9012
|
|||||
Economic Leverage as of April 30, 2015
4
|
37%
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
12 | ANNUAL REPORT |
APRIL 30, 2015
|
BlackRock Municipal
Income Trust
|
Market Price and Net Asset Value Per Share Summary
|
|
|
|
4/30/15
|
|
4/30/14
|
|
Change
|
|
High
|
|
Low
|
||||||||||
Market Price
|
$ | 14.32 | $ | 13.57 | 5.53 | % | $ | 14.99 | $ | 13.38 | ||||||||||||
Net Asset Value
|
$ | 14.91 | $ | 14.27 | 4.48 | % | $ | 15.43 | $ | 14.27 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
Sector Allocation
|
|
|
|
4/30/15
|
|
4/30/14
|
||||
Transportation
|
22 | % | 19 | % | ||||||
Utilities
|
14 | 16 | ||||||||
County/City/Special District/School District
|
14 | 11 | ||||||||
Health
|
14 | 18 | ||||||||
Corporate
|
11 | 10 | ||||||||
State
|
10 | 11 | ||||||||
Education
|
9 | 9 | ||||||||
Tobacco
|
6 | 4 | ||||||||
Housing
|
| 2 |
|
|
|||||||
Call/Maturity
Schedule
3
|
|
|||||||
Calendar Year Ended December 31,
|
||||||||
2015
|
8 | % | ||||||
2016
|
5 | |||||||
2017
|
3 | |||||||
2018
|
4 | |||||||
2019
|
18 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. | |
* | Excludes short-term securities. |
Credit Quality
Allocation
1
|
|
|
|
4/30/15
|
|
4/30/14
|
||||
AAA/Aaa
|
9 | % | 11 | % | ||||||
AA/Aa
|
40 | 34 | ||||||||
A
|
24 | 28 | ||||||||
BBB/Baa
|
14 | 14 | ||||||||
BB/Ba
|
3 | 3 | ||||||||
B
|
1 | 2 | ||||||||
N/R
2
|
9 | 8 |
1 | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&Ps or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2015 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade each represents 1%, respectively, of the Trusts total investments. |
ANNUAL REPORT | APRIL 30, 2015 |
13
|
Trust Summary as of April 30, 2015 |
BlackRock Strategic
Municipal Trust
|
Trust Overview
Performance
|
For the 12-month period ended April 30, 2015, the Trust returned 12.54% based on market price and 11.50% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.00% based on market price and 9.96% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trusts discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. |
|
Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) The yield curve flattened during the period, with longer-term bonds generally outperforming shorter-term issues. Higher-rated bonds, while delivering positive absolute performance, lagged the return of lower-rated issues. |
|
Income in the form of coupon payments made up a meaningful portion of the Trusts total return for the period. In addition, the Trusts use of leverage provided both incremental return and income in an environment of declining interest rates. The Trusts positioning with respect to duration (sensitivity to interest rate movements) helped performance. The Trusts positioning along the yield curve, which favored longer-dated bonds, also aided performance as longer-dated bonds generally delivered higher returns than those with shorter maturities. |
|
Positions in lower-rated investment-grade bonds contributed to performance, as did the Trusts exposure to the lower end of the credit spectrum (non-investment grade and unrated securities). Lower-rated bonds generated both attractive income and strong price appreciation during the period. |
|
Concentrations in the transportation, health care and utilities sectors were among the top contributors to performance. |
|
There were no material detractors from the Trusts performance during the period. |
Trust Information
Symbol on NYSE
|
BSD
|
|||||
Initial Offering Date
|
August 25, 1999
|
|||||
Yield on Closing Market Price as of April 30, 2015 ($14.00)
1
|
6.09%
|
|||||
Tax
Equivalent Yield
2
|
10.76%
|
|||||
Current Monthly Distribution per Common Share
3
|
$0.071
|
|||||
Current Annualized Distribution per Common Share
3
|
$0.852
|
|||||
Economic Leverage as of April 30, 2015
4
|
37%
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
14 | ANNUAL REPORT |
APRIL 30, 2015
|
BlackRock Strategic
Municipal Trust
|
Market Price and Net Asset Value Per Share Summary
|
|
|
|
4/30/15
|
|
4/30/14
|
|
Change
|
|
High
|
|
Low
|
||||||||||
Market Price
|
$ | 14.00 | $ | 13.26 | 5.58 | % | $ | 14.28 | $ | 13.01 | ||||||||||||
Net Asset Value
|
$ | 14.76 | $ | 14.11 | 4.61 | % | $ | 15.26 | $ | 14.11 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
Sector Allocation
|
|
|
|
4/30/15
|
|
4/30/14
|
||||
Transportation
|
25 | % | 21 | % | ||||||
Health
|
17 | 20 | ||||||||
Utilities
|
13 | 13 | ||||||||
County/City/Special District/School District
|
11 | 10 | ||||||||
Corporate
|
10 | 10 | ||||||||
Education
|
10 | 11 | ||||||||
State
|
9 | 11 | ||||||||
Tobacco
|
5 | 4 |
|
|
|||||||
Call/Maturity
Schedule
3
|
|
|||||||
Calendar Year Ended December 31,
|
||||||||
2015
|
3 | % | ||||||
2016
|
6 | |||||||
2017
|
4 | |||||||
2018
|
7 | |||||||
2019
|
19 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. | |
* | Excludes short-term securities. |
Credit Quality
Allocation
1
|
|
|
|
4/30/15
|
|
4/30/14
|
||||
AAA/Aaa
|
10 | % | 12 | % | ||||||
AA/Aa
|
39 | 36 | ||||||||
A
|
25 | 26 | ||||||||
BBB/Baa
|
12 | 12 | ||||||||
BB/Ba
|
4 | 4 | ||||||||
B
|
2 | 3 | ||||||||
N/R
2
|
8 | 7 |
1 | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&Ps or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2015 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade each represents 2%, respectively, of the Trusts total investments. |
ANNUAL REPORT | APRIL 30, 2015 |
15
|
Schedule of Investments April 30, 2015 |
BlackRock Investment
Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Alabama 1.4%
|
||||||||||
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Childrens Hospital (AGC):
|
||||||||||
6.00%, 6/01/34
|
$ | 1,745 | $ | 2,022,734 | ||||||
6.00%, 6/01/39
|
500 | 578,515 | ||||||||
City of Hoover Alabama Board of Education, Refunding, Special Tax, Capital Outlay Warrants, 4.25%, 2/15/40
|
1,275 | 1,312,256 | ||||||||
|
3,913,505 | |||||||||
Arizona 6.5%
|
||||||||||
Arizona Board of Regents, RB, Arizona State University, Series C, 5.50%, 7/01/26
|
475 | 553,080 | ||||||||
Arizona Health Facilities Authority, Refunding RB, Phoenix Childrens Hospital, Series A, 5.00%, 2/01/42
|
3,300 | 3,515,523 | ||||||||
City of Phoenix Arizona IDA, RB, Basis Schools, Inc. Projects, Series A, 5.00%, 7/01/45 (a)
|
455 | 456,411 | ||||||||
County of Pinal Arizona Electric District No. 3, Refunding RB, Electric System, 4.75%, 7/01/31
|
3,750 | 4,053,300 | ||||||||
Salt Verde Financial Corp., RB, Senior:
|
||||||||||
5.00%, 12/01/32
|
1,035 | 1,174,632 | ||||||||
5.00%, 12/01/37
|
4,585 | 5,203,471 | ||||||||
University Medical Center Corp., RB, 6.50%, 7/01/19 (b)
|
750 | 904,372 | ||||||||
University Medical Center Corp., Refunding RB, 6.00%, 7/01/21 (b)
|
1,600 | 2,006,672 | ||||||||
|
17,867,461 | |||||||||
Arkansas 2.9%
|
||||||||||
Arkansas State University, RB, Jonesboro Campus, Series B, 4.00%, 12/01/28
|
600 | 634,578 | ||||||||
City of Benton Arkansas, RB, 4.00%, 6/01/39
|
1,355 | 1,422,384 | ||||||||
City of Hot Springs Arkansas, RB, Wastewater, 5.00%, 12/01/38
|
1,800 | 2,024,262 | ||||||||
City of Little Rock Arkansas, RB, 4.00%, 7/01/41
|
3,230 | 3,301,609 | ||||||||
County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42
|
465 | 516,969 | ||||||||
|
7,899,802 | |||||||||
California 15.8%
|
||||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 8/15/31
|
2,300 | 2,736,908 | ||||||||
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34 (c)
|
1,500 | 1,392,780 | ||||||||
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34
|
3,000 | 3,431,340 | ||||||||
County of Stanislaus California Tobacco Securitization Agency, RB, CAB, Sub-Series C, 0.00%, 6/01/55 (d)
|
7,090 | 88,341 | ||||||||
Dinuba California Unified School District, GO, Election of 2006 (AGM), 5.75%, 8/01/33
|
535 | 624,233 | ||||||||
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 8/01/34 (c)
|
2,475 | 2,022,793 | ||||||||
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 8/01/38 (d)
|
12,000 | 4,292,880 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
California (concluded)
|
||||||||||
Palomar Community College District, GO, CAB, Election of 2006, Series B:
|
||||||||||
0.00%, 8/01/30 (d)
|
$ | 2,270 | $ | 1,276,489 | ||||||
0.00%, 8/01/33 (d)
|
4,250 | 1,546,278 | ||||||||
0.00%, 8/01/39 (c)
|
3,000 | 2,268,270 | ||||||||
San
Diego Community College District, GO, CAB, Election of 2002, 0.00%, 8/01/33 (c)
|
4,200 | 4,130,616 | ||||||||
State of California, GO, Various Purposes:
|
||||||||||
5.75%, 4/01/31
|
3,000 | 3,486,000 | ||||||||
6.00%, 3/01/33
|
2,270 | 2,722,434 | ||||||||
6.50%, 4/01/33
|
2,900 | 3,457,206 | ||||||||
5.50%, 3/01/40
|
3,650 | 4,267,178 | ||||||||
State of California, Refunding, GO, Various Purposes:
|
||||||||||
5.00%, 2/01/38
|
2,000 | 2,243,880 | ||||||||
4.00%, 10/01/44
|
3,500 | 3,571,610 | ||||||||
|
43,559,236 | |||||||||
Colorado 0.7%
|
||||||||||
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax (AGM), 6.00%, 12/01/38
|
750 | 883,013 | ||||||||
University of Northern Colorado Greely, Refunding RB, Institutional Enterprise, Series A, 4.00%, 6/01/35
|
1,000 | 1,046,540 | ||||||||
|
1,929,553 | |||||||||
Connecticut 0.9%
|
||||||||||
Connecticut State Health & Educational Facility Authority, Refunding RB:
|
||||||||||
3.63%, 7/01/32
|
870 | 849,285 | ||||||||
4.00%, 7/01/38
|
570 | 569,977 | ||||||||
Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36
|
950 | 1,036,669 | ||||||||
|
2,455,931 | |||||||||
Delaware 0.8%
|
||||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%,
10/01/40
|
1,800 | 2,071,890 | ||||||||
Florida 9.1%
|
||||||||||
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 4.00%, 5/01/45
|
250 | 240,278 | ||||||||
County of Miami-Dade Florida, RB:
|
||||||||||
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/32 (d)
|
4,225 | 1,728,109 | ||||||||
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/33 (d)
|
4,000 | 1,545,480 | ||||||||
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/34 (d)
|
4,580 | 1,653,197 | ||||||||
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/35 (d)
|
5,000 | 1,692,800 | ||||||||
CAB, Subordinate Special Obligation, 0.00%, 10/01/32 (d)
|
5,000 | 2,342,650 | ||||||||
CAB, Subordinate Special Obligation, 0.00%, 10/01/33 (d)
|
15,375 | 6,847,410 | ||||||||
Series B, AMT, 6.00%, 10/01/32
|
3,000 | 3,637,800 | ||||||||
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/32
|
200 | 212,926 | ||||||||
County of Orange Florida Tourist Development Tax Revenue, Refunding RB, 4.75%, 10/01/32
|
5,000 | 5,233,600 | ||||||||
|
25,134,250 |
Portfolio Abbreviations
AGC | Assured Guarantee Corp. | EDC | Economic Development Corp. | LRB | Lease Revenue Bonds |
AGM | Assured Guaranty Municipal Corp. | ERB | Education Revenue Bonds | NPFGC | National Public Finance Guarantee Corp. |
AMBAC | American Municipal Bond Assurance Corp. | GARB | General Airport Revenue Bonds | PILOT | Payment in Lieu of Taxes |
AMT | Alternative Minimum Tax (subject to) | GO | General Obligation Bonds | RB | Revenue Bonds |
ARB | Airport Revenue Bonds | HDA | Housing Development Authority | SAN | State Aid Notes |
CAB | Capital Appreciation Bonds | HFA | Housing Finance Agency | S/F | Single-Family |
COP | Certificates of Participation | IDA | Industrial Development Authority | ||
EDA | Economic Development Authority | ISD | Independent School District |
16 | ANNUAL REPORT |
APRIL 30, 2015
|
Schedule of Investments (continued) |
BlackRock Investment
Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Georgia 3.1%
|
||||||||||
City of Atlanta Georgia Water & Wastewater Revenue, 5.00%, 11/01/43
|
$ | 6,000 | $ | 6,759,420 | ||||||
Savanah Colleges of art, RB, 4.00%, 4/01/32
|
1,870 | 1,831,197 | ||||||||
|
8,590,617 | |||||||||
Hawaii 0.2%
|
||||||||||
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose, Senior Living, Kahala Nui,
5.25%, 11/15/37
|
600 | 649,212 | ||||||||
Idaho 4.3%
|
||||||||||
Idaho Health Facilities Authority, RB, St. Lukes Health system project Series A, 5.00%, 3/01/39
|
7,970 | 8,801,351 | ||||||||
Idaho Health Facilities Authority, Refunding RB, Trinity Health Group, Series B, 6.25%, 12/01/18 (b)
|
2,500 | 2,953,225 | ||||||||
|
11,754,576 | |||||||||
Illinois 9.3%
|
||||||||||
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 1/01/20 (e)
|
5,000 | 6,056,850 | ||||||||
City of Chicago Illinois, Refunding ARB, OHare International Airport Passenger Facility Charge, Series B, AMT, 4.00%,
1/01/29
|
3,000 | 3,045,900 | ||||||||
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, 5.00%, 1/01/41
|
1,735 | 1,876,801 | ||||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40
|
1,000 | 1,103,970 | ||||||||
Illinois Finance Authority, RB, Rush University Medical Center, Series C, 6.63%, 5/01/19 (b)
|
1,200 | 1,443,948 | ||||||||
Illinois Finance Authority, Refunding RB:
|
||||||||||
Friendship Village Schaumburg, Series A, 5.63%, 2/15/37
|
345 | 345,038 | ||||||||
OSF Healthcare System, Series A, 6.00%, 5/15/39
|
1,490 | 1,737,102 | ||||||||
Roosevelt University Project, 6.50%, 4/01/44
|
1,500 | 1,621,440 | ||||||||
Railsplitter Tobacco Settlement Authority, RB:
|
||||||||||
6.25%, 6/01/24
|
5,000 | 5,318,100 | ||||||||
6.00%, 6/01/28
|
1,700 | 2,002,345 | ||||||||
State of Illinois, GO, 5.00%, 2/01/39
|
1,000 | 1,034,310 | ||||||||
|
25,585,804 | |||||||||
Indiana 0.5%
|
||||||||||
Indiana Finance Authority, Refunding RB, U.S. Steel Corp. Project, 6.00%, 12/01/26
|
1,350 | 1,477,967 | ||||||||
Iowa 1.5%
|
||||||||||
Iowa Higher Education Loan Authority, RB, Private College Facility, Buena Vista University Project, 5.00%, 4/01/31
|
1,355 | 1,489,375 | ||||||||
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility, Upper Iowa University Project:
|
||||||||||
5.75%, 9/01/30
|
965 | 1,000,290 | ||||||||
6.00%, 9/01/39
|
1,500 | 1,557,285 | ||||||||
|
4,046,950 | |||||||||
Kansas 2.9%
|
||||||||||
County of Seward Kansas Unified School District No. 480, GO, Refunding,
5.00%, 9/01/39
|
6,000 | 6,671,940 | ||||||||
Kansas Development Finance Authority, Refunding RB, Sisters of Leavenworth, Series A, 5.00%, 1/01/28
|
1,155 | 1,307,610 | ||||||||
|
7,979,550 | |||||||||
Kentucky 5.2%
|
||||||||||
Counties of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Jewish Hospital & St. Marys Healthcare, 6.13%,
2/01/18 (b)
|
2,250 | 2,566,553 | ||||||||
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 1/01/40
|
3,400 | 3,786,682 | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/23 (d)
|
8,500 | 6,455,325 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Kentucky (concluded)
|
||||||||||
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C (c):
|
||||||||||
0.00%, 7/01/34
|
$ | 1,000 | $ | 703,630 | ||||||
0.00%, 7/01/39
|
1,395 | 972,287 | ||||||||
|
14,484,477 | |||||||||
Louisiana 1.6%
|
||||||||||
City of Alexandria Louisiana Utilities, RB, 5.00%, 5/01/39
|
1,790 | 1,991,429 | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%,
11/01/35
|
1,565 | 1,870,300 | ||||||||
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 5/01/31
|
600 | 668,178 | ||||||||
|
4,529,907 | |||||||||
Maryland 1.1%
|
||||||||||
County of Anne Arundel Maryland Consolidated, Special Taxing District, Villages at Two Rivers Project:
|
||||||||||
5.13%, 7/01/36
|
260 | 265,031 | ||||||||
5.25%, 7/01/44
|
260 | 264,524 | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB:
|
||||||||||
5.00%, 7/01/45
|
830 | 909,830 | ||||||||
Peninsula Regional Medical Center, 5.00%, 7/01/39
|
1,360 | 1,503,031 | ||||||||
|
2,942,416 | |||||||||
Michigan 3.7%
|
||||||||||
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 7/01/44
|
360 | 371,794 | ||||||||
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32
|
4,150 | 4,279,106 | ||||||||
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (b)
|
2,750 | 3,398,670 | ||||||||
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38
|
1,875 | 2,163,581 | ||||||||
|
10,213,151 | |||||||||
Minnesota 1.1%
|
||||||||||
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38
|
2,250 | 2,615,152 | ||||||||
State Cloud Independent School District No 742, GO, Series A, 3.13%, 2/01/35
|
350 | 330,379 | ||||||||
|
2,945,531 | |||||||||
Mississippi 3.4%
|
||||||||||
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35
|
600 | 678,978 | ||||||||
Mississippi Development Bank, RB, Special Obligation:
|
||||||||||
CAB, Hinds Community College District (AGM), 5.00%, 4/01/36
|
1,910 | 2,080,028 | ||||||||
County of Jackson Limited Tax Note (AGC), 5.50%, 7/01/32
|
2,655 | 3,011,805 | ||||||||
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36
|
3,150 | 3,567,407 | ||||||||
|
9,338,218 | |||||||||
Missouri 2.9%
|
||||||||||
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41
|
1,350 | 1,441,759 |
ANNUAL REPORT | APRIL 30, 2015 |
17
|
Schedule of Investments (continued) |
BlackRock Investment
Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Missouri (concluded)
|
||||||||||
Missouri State Health & Educational Facilities Authority, RB:
|
||||||||||
A.T. Still University of Health Sciences, 5.25%, 10/01/31
|
$ | 500 | $ | 551,110 | ||||||
A.T. Still University of Health Sciences, 4.25%, 10/01/32
|
480 | 502,834 | ||||||||
A.T. Still University of Health Sciences, 5.00%, 10/01/39
|
750 | 838,950 | ||||||||
Heartland Regional Medical Center, 4.13%, 2/15/43
|
1,100 | 1,116,885 | ||||||||
University of Central Missouri, Series C-2, 4.00%, 10/01/28
|
600 | 632,106 | ||||||||
University of Central Missouri, Series C-2, 5.00%, 10/01/34
|
1,500 | 1,687,260 | ||||||||
Missouri State Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/38
|
1,200 | 1,318,872 | ||||||||
|
8,089,776 | |||||||||
Montana 1.2%
|
||||||||||
State of Montana Board of Regents, RB, 5.00%, 11/15/43
|
2,820 | 3,183,216 | ||||||||
Nebraska 4.6%
|
||||||||||
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42
|
900 | 979,956 | ||||||||
Douglas County Hospital Authority No 2, RB, Madonna Rehabilitation Hospital Project series 2014 (NE), 4.00%, 5/15/33
|
1,945 | 1,935,080 | ||||||||
Minden Public Schools, GO, 4.00%, 12/15/39
|
500 | 506,140 | ||||||||
Nebraska Public Power District, Refunding RB:
|
||||||||||
Series A, 5.00%, 1/01/32
|
2,535 | 2,832,812 | ||||||||
Series A, 4.00%, 1/01/44
|
600 | 616,746 | ||||||||
Series A-2, 5.00%, 1/01/40
|
3,000 | 3,314,280 | ||||||||
Omaha School District, GO, 4.00%, 12/15/39
|
2,500 | 2,593,025 | ||||||||
|
12,778,039 | |||||||||
Nevada 1.0%
|
||||||||||
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 7/01/36
|
1,500 | 1,565,295 | ||||||||
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29
|
1,065 | 1,106,322 | ||||||||
|
2,671,617 | |||||||||
New Jersey 4.3%
|
||||||||||
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (f)(g)
|
1,510 | 74,972 | ||||||||
New
Jersey EDA, RB, AMT:
|
||||||||||
Continental Airlines, Inc. Project, 5.25%, 9/15/29
|
1,335 | 1,462,613 | ||||||||
Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30
|
990 | 1,112,255 | ||||||||
The Goethals Bridge Replacement Project (AGM), 5.13%, 7/01/42
|
300 | 328,299 | ||||||||
New
Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (b)
|
1,225 | 1,529,315 | ||||||||
New
Jersey Health Care Facilities Financing Authority, Refunding RB, Series A, St. Barnabas Health Care:
|
||||||||||
System, 4.63%, 7/01/23
|
770 | 856,710 | ||||||||
System, 5.63%, 7/01/37
|
2,560 | 2,908,006 | ||||||||
5.00%, 7/01/25
|
500 | 568,380 | ||||||||
New
Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.50%, 10/01/38
|
155 | 160,930 | ||||||||
New
Jersey Transportation Trust Fund Authority, RB, Transportation Program, Series AA, 5.00%, 6/15/44
|
2,850 | 2,962,033 | ||||||||
|
11,963,513 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
New York 9.5%
|
||||||||||
City of New York, GO, Refunding Series J, 5.00%, 8/01/27
|
$ | 2,000 | $ | 2,355,060 | ||||||
City of New York New York, GO, Fiscal 2014, Sub-Series A-1:
|
||||||||||
5.00%, 8/01/29
|
600 | 690,438 | ||||||||
5.00%, 8/01/35
|
2,380 | 2,681,094 | ||||||||
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT, 7.63%, 8/01/25
(h)
|
2,600 | 2,814,032 | ||||||||
City of New York New York Industrial Development Agency, RB, PILOT, Queens Baseball Stadium:
|
||||||||||
(AMBAC), 5.00%, 1/01/39
|
1,900 | 1,949,153 | ||||||||
(AGC), 6.50%, 1/01/46
|
300 | 346,716 | ||||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (a)
|
1,400 | 1,423,688 | ||||||||
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A, 5.00%, 11/01/30
|
1,600 | 1,745,472 | ||||||||
Hudson Yards Infrastructure Corp., RB, Series A (AGM), 5.00%, 2/15/47
|
500 | 530,035 | ||||||||
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39
|
2,475 | 2,801,452 | ||||||||
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/39
|
5,460 | 6,263,384 | ||||||||
New
York Liberty Development Corp., Refunding RB:
|
||||||||||
2nd Priority, Bank of America Tower at 1 Bryant Park Project, Class 3, 6.38%, 7/15/49
|
1,250 | 1,424,750 | ||||||||
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a)
|
640 | 696,570 | ||||||||
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42
(a)
|
600 | 621,774 | ||||||||
|
26,343,618 | |||||||||
North Carolina 1.5%
|
||||||||||
County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co.
Project, AMT, 5.75%, 8/01/35
|
2,175 | 2,176,936 | ||||||||
North Carolina Medical Care Commission, Refunding RB, University Health System, Series D, 6.25%, 12/01/18 (b)
|
1,750 | 2,067,257 | ||||||||
|
4,244,193 | |||||||||
North Dakota 0.3%
|
||||||||||
City of Fargo North Dakota, Refunding RB, University Facilities Development Foundation Project, 3.00%, 12/01/30
|
100 | 96,727 | ||||||||
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 7/01/21 (b)
|
720 | 860,933 | ||||||||
|
957,660 | |||||||||
Ohio 3.0%
|
||||||||||
City of Cleveland Ohio, RB, Sub Lien, Series A-2, 5.00%, 10/01/37
|
3,000 | 3,334,860 | ||||||||
City of Dayton Ohio Airport Revenue James M Cox Dayton International Airport, Refunding ARB, AMT, 4.00%, 12/01/32
|
3,000 | 3,044,280 | ||||||||
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/49
|
2,000 | 2,036,760 | ||||||||
|
8,415,900 |
18 | ANNUAL REPORT |
APRIL 30, 2015
|
Schedule of Investments (continued) |
BlackRock Investment
Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Oklahoma 0.6%
|
||||||||||
Oklahoma Municipal Power Authority, RB, Power Supply System, Series A, 4.00%, 1/01/38
|
$ | 1,050 | $ | 1,078,602 | ||||||
Stillwater Utilities Authority, RB, Series A, 4.00%, 10/01/42
|
500 | 512,225 | ||||||||
|
1,590,827 | |||||||||
Oregon 3.8%
|
||||||||||
City of Forest Grove, Refunding RB, 4.00%, 5/01/45
|
450 | 427,365 | ||||||||
County of Umatilla Pendleton Oregon School District No. 16R, GO, Series A, 4.00%, 6/15/38
|
2,365 | 2,460,357 | ||||||||
Jefferson County, GO:
|
||||||||||
5.00%, 6/01/40
|
615 | 698,406 | ||||||||
5.00%, 6/01/45
|
875 | 988,085 | ||||||||
Lane County School District No. 19 Springfield, GO, CAB, Series B, 0.00%, 6/15/40 (d)
|
1,500 | 515,415 | ||||||||
Oregon Health & Science University, RB, Series A, 5.75%, 7/01/39
|
1,250 | 1,445,000 | ||||||||
Oregon State Facilities Authority, Refunding RB, Series A (i):
|
||||||||||
4.00%, 4/01/40
|
685 | 661,881 | ||||||||
5.00%, 4/01/45
|
3,000 | 3,276,960 | ||||||||
|
10,473,469 | |||||||||
Pennsylvania 4.1%
|
||||||||||
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27
|
2,535 | 2,922,576 | ||||||||
Delaware River Port Authority, RB:
|
||||||||||
4.50%, 1/01/32
|
3,000 | 3,281,220 | ||||||||
Series D (AGM), 5.00%, 1/01/40
|
3,640 | 4,036,687 | ||||||||
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31 (d)(e)
|
500 | 313,160 | ||||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44
|
810 | 831,765 | ||||||||
|
11,385,408 | |||||||||
Rhode Island 3.2%
|
||||||||||
Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation, Series A (AGC), 7.00%,
5/15/39
|
3,000 | 3,551,370 | ||||||||
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 4/01/28
|
1,330 | 1,495,053 | ||||||||
Tobacco Settlement Financing Corp., Refunding RB:
|
||||||||||
Series A, 5.00%, 6/01/40
|
1,000 | 1,057,600 | ||||||||
Series B, 4.50%, 6/01/45
|
2,725 | 2,672,026 | ||||||||
|
8,776,049 | |||||||||
South Carolina 0.5%
|
||||||||||
Lexington One School Facilities Corp., Refunding RB:
|
||||||||||
3.00%, 12/01/27
|
750 | 735,495 | ||||||||
3.13%, 12/01/28
|
760 | 743,470 | ||||||||
|
1,478,965 | |||||||||
Tennessee 2.9%
|
||||||||||
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/40
|
2,945 | 3,249,307 | ||||||||
County of Chattanooga-Hamilton Hospital Authority, Refunding RB, 5.00%, 10/01/44
|
875 | 942,375 | ||||||||
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A:
|
||||||||||
5.25%, 11/01/27
|
1,135 | 1,302,083 | ||||||||
5.38%, 11/01/28
|
1,000 | 1,159,030 | ||||||||
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 8/15/42
|
1,200 | 1,294,068 | ||||||||
|
7,946,863 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Texas 8.5%
|
||||||||||
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B (b):
|
||||||||||
7.13%, 12/01/18
|
$ | 1,000 | $ | 1,209,620 | ||||||
7.25%, 12/01/18
|
2,650 | 3,217,100 | ||||||||
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 0.00%, 11/15/38 (d)
|
5,000 | 1,564,450 | ||||||||
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%,
11/01/29
|
2,200 | 2,513,830 | ||||||||
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 9/15/38 (d)
|
16,780 | 5,800,846 | ||||||||
Leander ISD, GO, Refunding CAB Series D, 0.00%, 8/15/35 (d)
|
6,000 | 2,567,580 | ||||||||
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40
|
1,545 | 1,679,909 | ||||||||
Red
River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38
|
1,140 | 1,303,214 | ||||||||
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 | 3,622,080 | ||||||||
|
23,478,629 | |||||||||
U.S. Virgin Islands 0.8%
|
||||||||||
Virgin Islands Public Finance Authority, Refunding RB, Virgin Islands Gross Receipts, Series C, 4.50%,
10/01/44
|
2,075 | 2,131,087 | ||||||||
Vermont 3.4%
|
||||||||||
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/37
|
5,650 | 5,833,625 | ||||||||
Vermont Educational & Health Buildings Financing Agency, Refunding RB, Fletcher Allen Health Hospital, Series B (AGM), 5.00%,
12/01/34
|
2,420 | 2,580,736 | ||||||||
Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 6/15/32
|
1,050 | 1,059,230 | ||||||||
|
9,473,591 | |||||||||
Virginia 0.7%
|
||||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project,
AMT, 6.00%, 1/01/37
|
1,755 | 2,026,762 | ||||||||
Washington 0.9%
|
||||||||||
Washington Health Care Facilities Authority, RB, MultiCare Health System, Series B (AGC), 6.00%, 8/15/19
(b)
|
2,100 | 2,516,766 | ||||||||
West Virginia 0.7%
|
||||||||||
Monongalia County Building Commission, Refunding RB, 4.00%, 7/01/35
|
600 | 582,168 | ||||||||
West Virginia Hospital Finance Authority, Refunding RB, Valley Health System Obligation Group Series 2014, 5.00%, 1/01/44
|
1,350 | 1,483,285 | ||||||||
|
2,065,453 | |||||||||
Wisconsin 0.8%
|
||||||||||
WPPI Energy Power Supply Systems, Refunding RB, Series A:
|
||||||||||
5.00%, 7/01/36
|
670 | 756,631 | ||||||||
5.00%, 7/01/37
|
1,330 | 1,498,604 | ||||||||
|
2,255,235 | |||||||||
Total Municipal Bonds 135.2%
|
373,616,640 |
ANNUAL REPORT | APRIL 30, 2015 |
19
|
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 (j) |
Par
(000) |
Value | ||||||||
California 1.9%
|
||||||||||
State of California, GO, Go, Various Purpose (NPFGC), 5.00%, 6/01/37
|
$ | 5,000 | $ | 5,376,250 | ||||||
Colorado 2.0%
|
||||||||||
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%,
9/01/36
|
5,250 | 5,583,533 | ||||||||
Minnesota 2.1%
|
||||||||||
State of Minnesota, RB, Series A, 5.00%, 6/01/38
|
5,000 | 5,659,440 | ||||||||
New Jersey 1.1%
|
||||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36
(k)
|
2,861 | 3,014,900 | ||||||||
New York 9.3%
|
||||||||||
City of New York New York, GO, Fiscal 2015, Series B, 4.00%, 8/01/32
|
1,600 | 1,678,192 | ||||||||
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A, 5.75%, 6/15/40
|
690 | 786,081 | ||||||||
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System:
|
||||||||||
2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 6/15/47
|
4,000 | 4,454,170 | ||||||||
2nd General Resolution, Series FF-2, 5.50%, 6/15/40
|
810 | 931,211 | ||||||||
Series A, 4.75%, 6/15/30
|
4,000 | 4,305,960 | ||||||||
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (k)
|
1,750 | 2,012,775 | ||||||||
New
York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43
|
4,500 | 5,150,610 | ||||||||
State of New York Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/18 (b)
|
3,359 | 3,782,873 |
Municipal Bonds Transferred to Tender Option Bond Trusts (j) |
Par
(000) |
Value | |||||||||
New York (concluded)
|
|||||||||||
State of New York Thruway Authority, Refunding RB, Transportation, Series A, 5.00%, 3/15/31
|
$ 2,360
|
$ | 2,704,300 | ||||||||
|
25,806,172 | ||||||||||
Ohio 1.7%
|
|||||||||||
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 10/01/41
|
1,740 | 1,847,671 | |||||||||
Ohio Higher Educational Facility Commission, RB, Cleveland Clinic Health, Series A, 5.25%, 1/01/33
|
2,600 | 2,822,768 | |||||||||
|
4,670,439 | ||||||||||
Texas 1.0%
|
|||||||||||
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%,
2/01/43
|
2,380 | 2,639,206 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 19.1%
|
52,749,940 | ||||||||||
Total Long-Term Investments
(Cost $387,398,171) 154.3% |
426,366,580 | ||||||||||
|
|||||||||||
Short-Term Securities
|
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.02% (l)(m)
|
4,608,232 | 4,608,232 | |||||||||
Total Short-Term Securities
(Cost $4,608,232) 1.7% |
4,608,232 | ||||||||||
Total Investments (Cost $392,006,403) 156.0%
|
430,974,812 | ||||||||||
Liabilities in Excess of Other Assets (0.0)%
|
(75,809 | ) | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (10.4%)
|
(28,690,677 | ) | |||||||||
VMTP Shares, at Liquidation Value (45.6%)
|
(125,900,000 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 276,308,326 |
Notes to Schedule of Investments
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold
in transactions exempt from registration to qualified institutional investors.
|
|||
(b) |
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the
date indicated, typically at a premium to par.
|
|||
(c) |
Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following
periods. Rate shown reflects the current yield as of report date.
|
|||
(d) |
Zero-coupon bond.
|
|||
(e) |
Security is collateralized by municipal or U.S. Treasury obligations.
|
|||
(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) |
When-issued security. Unsettled when-issued transactions were as follows:
|
Counterparty | Value |
Unrealized
Depreciation |
||||
Merrill Lynch, Pierce, Fenner & Smith, Inc.
|
$3,938,841 | $(63,632 ) |
(j) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as
collateral in a secured borrowing. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB
Trusts.
|
|||
(k) |
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 or in
the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Trust could ultimately be
required to pay under the agreements, which expire from February 15, 2019 to June 15, 2019, is $3,148,884.
|
|||
(l) |
During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section
2(a)(3) of the 1940 Act, were as follows:
|
Affiliate |
Shares
Held at April 30, 2014 |
Net
Activity |
Shares
Held at April 30, 2015 |
Income | ||||||
FFI Institutional Tax-Exempt Fund | 7,042,672 | (2,434,440) | 4,608,232 | $2,869 |
(m) |
Represents the current yield as of report date.
|
20 | ANNUAL REPORT |
APRIL 30, 2015
|
Schedule of Investments (concluded) | BlackRock Investment Quality Municipal Trust Inc. (BKN) |
|
As of April 30, 2015, financial futures contracts outstanding were as follows:
|
Contracts
Short |
Issue | Exchange | Expiration |
Notional
Value |
Unrealized
Depreciation |
|||||||||||
(349) | 10-Year U.S. Treasury Note | Chicago Board of Trade | June 2015 | $ | 44,802,875 | $ | (394,435 | ) |
|
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. 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. 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. The three levels of the fair value hierarchy are as follows:
|
|
Level 1 unadjusted quoted prices 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 Trusts own assumptions used in determining the fair value of investments and derivative financial
instruments)
|
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. For information about the Trusts policy regarding valuation of investments and derivative financial
instruments, refer to Note 2 of the Notes to Financial Statements.
|
||||
As of April 30, 2015, the following tables summarize the Trusts investments and derivative financial instruments categorized in
the disclosure hierarchy:
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets:
|
||||||||||||||||||
Investments:
|
||||||||||||||||||
Long-Term Investments
1
|
| $ | 426,366,580 | | $ | 426,366,580 | ||||||||||||
Short-Term Securities
|
$ | 4,608,232 | | | 4,608,232 | |||||||||||||
Total
|
$ | 4,608,232 | $ | 426,366,580 | | $ | 430,974,812 | |||||||||||
|
1 | See above Schedule of Investments for values in each state or political subdivison. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Derivative Financial Instruments
2
|
||||||||||||||||||
Liabilities:
|
||||||||||||||||||
Interest rate contracts
|
$ | (394,435 | ) | | | $ | (394,435 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement
purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets:
|
||||||||||||||||||
Cash pledged for financial futures contracts
|
$ | 495,000 | | | $ | 495,000 | ||||||||||||
Liabilities:
|
||||||||||||||||||
TOB Trust Certificates
|
| $ | (28,684,555 | ) | | (28,684,555 | ) | |||||||||||
VMTP Shares
|
| (125,900,000 | ) | | (125,900,000 | ) | ||||||||||||
Total
|
$ | 495,000 | $ | (154,584,555 | ) | | $ | (154,089,555 | ) | |||||||||
|
During the year ended April 30, 2015, there were no transfers between levels.
|
ANNUAL REPORT | APRIL 30, 2015 |
21
|
Schedule of Investments April 30, 2015 |
BlackRock Long-Term
Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Alabama 1.4%
|
||||||||||
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19
|
$ | 515 | $ | 517,565 | ||||||
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42
|
1,655 | 1,857,820 | ||||||||
|
2,375,385 | |||||||||
California 4.8%
|
||||||||||
California Health Facilities Financing Authority, RB:
|
||||||||||
St. Joseph Health System, Series A, 5.75%, 7/01/39
|
385 | 444,806 | ||||||||
Sutter Health, Series B, 6.00%, 8/15/42
|
1,040 | 1,242,311 | ||||||||
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39
|
680 | 784,734 | ||||||||
California HFA, RB, S/F Housing, Home Mortgage, Series K, AMT, 5.50%, 2/01/42
|
115 | 117,055 | ||||||||
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
|
||||||||||
5.25%, 8/15/39
|
70 | 76,390 | ||||||||
5.25%, 8/15/49
|
175 | 190,617 | ||||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%,
5/15/39
|
270 | 305,637 | ||||||||
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38
|
165 | 199,173 | ||||||||
San
Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38 (a)
|
3,725 | 1,388,270 | ||||||||
State of California, GO, Various Purposes, 6.50%, 4/01/33
|
2,000 | 2,384,280 | ||||||||
State of California Public Works Board, LRB, Various Capital Projects:
|
||||||||||
Series I, 5.00%, 11/01/38
|
355 | 396,081 | ||||||||
Sub-Series I-1, 6.38%, 11/01/34
|
400 | 486,576 | ||||||||
|
8,015,930 | |||||||||
Colorado 0.7%
|
||||||||||
North Range Metropolitan District No. 2, GO, Limited Tax, 5.50%, 12/15/37
|
1,200 | 1,214,220 | ||||||||
Delaware 1.3%
|
||||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40
|
750 | 863,288 | ||||||||
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45
|
1,240 | 1,350,955 | ||||||||
|
2,214,243 | |||||||||
District of Columbia 3.3%
|
||||||||||
District of Columbia, RB, Methodist Home District of Columbia, Series A:
|
||||||||||
7.38%, 1/01/30
|
550 | 550,501 | ||||||||
7.50%, 1/01/39
|
500 | 500,355 | ||||||||
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43
|
260 | 302,411 | ||||||||
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41
|
750 | 797,235 | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.25%, 5/15/24
|
2,065 | 2,065,186 | ||||||||
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
|
||||||||||
5.00%, 10/01/39
|
170 | 185,434 | ||||||||
5.25%, 10/01/44
|
1,000 | 1,118,100 | ||||||||
|
5,519,222 | |||||||||
Florida 2.3%
|
||||||||||
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45
|
400 | 437,544 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Florida (concluded)
|
||||||||||
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40
|
$ | 1,080 | $ | 1,418,451 | ||||||
Tolomato Community Development District, Refunding, Special Assessment Bonds:
|
||||||||||
Convertible CAB, Series A2, 0.00%, 5/01/39 (b)
|
95 | 69,594 | ||||||||
Convertible CAB, Series A3, 0.00%, 5/01/40 (b)
|
225 | 134,309 | ||||||||
Convertible CAB, Series A4, 0.00%, 5/01/40 (b)
|
120 | 53,030 | ||||||||
Series 1, 0.00%, 5/01/40 (b)
|
505 | 310,722 | ||||||||
Series 2, 0.00%, 5/01/40 (b)
|
310 | 161,290 | ||||||||
Series 3, 6.61%, 5/01/40
|
340 | 3 | ||||||||
Series A1, 6.65%, 5/01/40
|
355 | 361,269 | ||||||||
Tolomato Community Development District, Special Assessment Bond (c)(d):
|
||||||||||
Series 1, 6.65%, 5/01/40
|
15 | 15,368 | ||||||||
Series 3, 6.65%, 5/01/40
|
275 | 3 | ||||||||
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43
|
850 | 951,023 | ||||||||
|
3,912,606 | |||||||||
Georgia 0.2%
|
||||||||||
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System,
Inc. Project, Series A, 5.50%, 8/15/54
|
240 | 275,839 | ||||||||
Guam 1.3%
|
||||||||||
Guam Government Waterworks Authority, RB, Water & Wastewater System:
|
||||||||||
5.25%, 7/01/33
|
640 | 719,917 | ||||||||
5.50%, 7/01/43
|
1,065 | 1,217,593 | ||||||||
Territory of Guam, GO, Series A, 6.00%, 11/15/19
|
200 | 220,294 | ||||||||
|
2,157,804 | |||||||||
Illinois 9.8%
|
||||||||||
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41
|
1,150 | 1,113,142 | ||||||||
City of Chicago Illinois, GARB, OHare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39
|
2,500 | 2,849,000 | ||||||||
City of Chicago Illinois, GO, Refunding, Project, Series A:
|
||||||||||
5.25%, 1/01/32
|
1,090 | 1,097,466 | ||||||||
5.00%, 1/01/34
|
480 | 466,349 | ||||||||
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38
|
280 | 304,049 | ||||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40
|
360 | 397,429 | ||||||||
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42
|
1,625 | 1,758,981 | ||||||||
County of Cook Illinois Community College District No. 508, GO, City
College of Chicago, 5.50%, 12/01/38
|
350 | 399,840 | ||||||||
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44
|
1,845 | 2,036,751 | ||||||||
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39
|
550 | 634,546 | ||||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38
|
815 | 904,088 | ||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
|
||||||||||
Series B (AGM), 5.00%, 6/15/50
|
1,790 | 1,869,136 | ||||||||
Series B-2, 5.00%, 6/15/50
|
600 | 620,502 | ||||||||
State of Illinois, GO, 5.00%, 2/01/39
|
745 | 770,561 | ||||||||
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34
|
215 | 240,342 | ||||||||
University of Illinois, RB, Auxiliary Facilities System, Series A:
|
||||||||||
5.00%, 4/01/39
|
390 | 432,272 | ||||||||
5.00%, 4/01/44
|
475 | 525,721 | ||||||||
|
16,420,175 |
22 | ANNUAL REPORT |
APRIL 30, 2015
|
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%
|
||||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
|
||||||||||
6.75%, 1/01/34
|
$ | 365 | $ | 443,482 | ||||||
7.00%, 1/01/44
|
885 | 1,081,824 | ||||||||
Indiana Finance Authority, RB, Series A:
|
||||||||||
CWA Authority Project, 1st Lien, 5.25%, 10/01/38
|
1,285 | 1,472,302 | ||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44
|
160 | 170,416 | ||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48
|
520 | 553,108 | ||||||||
Sisters of St. Francis Health Services, 5.25%, 11/01/39
|
290 | 324,156 | ||||||||
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31
|
600 | 681,186 | ||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39
|
350 | 402,500 | ||||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40
|
445 | 491,632 | ||||||||
|
5,620,606 | |||||||||
Iowa 2.4%
|
||||||||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:
|
||||||||||
5.50%, 12/01/22
|
830 | 885,751 | ||||||||
5.25%, 12/01/25
|
660 | 736,184 | ||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22
|
730 | 778,457 | ||||||||
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46
|
1,765 | 1,566,226 | ||||||||
|
3,966,618 | |||||||||
Kentucky 0.5%
|
||||||||||
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45
|
440 | 485,465 | ||||||||
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43
(b)
|
565 | 391,726 | ||||||||
|
877,191 | |||||||||
Louisiana 3.7%
|
||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project:
|
||||||||||
6.75%, 11/01/32
|
2,000 | 2,217,420 | ||||||||
Series A-1, 6.50%, 11/01/35
|
1,135 | 1,356,416 | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
|
||||||||||
5.50%, 5/15/30
|
350 | 398,199 | ||||||||
5.25%, 5/15/31
|
300 | 337,041 | ||||||||
5.25%, 5/15/32
|
380 | 433,903 | ||||||||
5.25%, 5/15/33
|
415 | 463,812 | ||||||||
5.25%, 5/15/35
|
945 | 1,071,356 | ||||||||
|
6,278,147 | |||||||||
Maine 0.7%
|
||||||||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%,
7/01/41
|
970 | 1,108,225 | ||||||||
Maryland 1.3%
|
||||||||||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35
|
970 | 1,044,845 | ||||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25
|
1,000 | 1,108,700 | ||||||||
|
2,153,545 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Michigan 1.5%
|
||||||||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39
|
$ | 1,970 | $ | 2,115,721 | ||||||
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44
|
410 | 431,656 | ||||||||
|
2,547,377 | |||||||||
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 | 94,438 | ||||||||
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%,
5/01/43
|
115 | 125,808 | ||||||||
|
220,246 | |||||||||
Nebraska 0.2%
|
||||||||||
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 9/01/37
|
285 | 318,770 | ||||||||
New Jersey 3.5%
|
||||||||||
Casino Reinvestment Development Authority, Refunding RB:
|
||||||||||
5.25%, 11/01/39
|
475 | 504,184 | ||||||||
5.25%, 11/01/44
|
370 | 394,805 | ||||||||
New
Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23
|
1,410 | 1,551,437 | ||||||||
New
Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31
|
785 | 914,713 | ||||||||
New
Jersey Transportation Trust Fund Authority, RB:
|
||||||||||
Transportation Program, Series AA, 5.00%, 6/15/44
|
1,625 | 1,688,879 | ||||||||
Transportation System, Series B, 5.25%, 6/15/36
|
845 | 890,571 | ||||||||
|
5,944,589 | |||||||||
New York 8.4%
|
||||||||||
City of New York New York Industrial Development Agency, ARB, AMT:
|
||||||||||
American Airlines, Inc., JFK International Airport, 7.63%, 8/01/25 (e)
|
4,000 | 4,329,280 | ||||||||
British Airways PLC Project, 7.63%, 12/01/32
|
1,000 | 1,006,200 | ||||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (f)
|
900 | 915,228 | ||||||||
Metropolitan Transportation Authority, RB, Series B:
|
||||||||||
5.25%, 11/15/38
|
1,125 | 1,292,434 | ||||||||
5.25%, 11/15/39
|
400 | 458,856 | ||||||||
New
York Liberty Development Corp., Refunding RB:
|
||||||||||
2nd Priority, Bank of America Tower at 1 Bryant Park Project, Class 3, 6.38%, 7/15/49
|
420 | 478,716 | ||||||||
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (f)
|
1,895 | 1,973,775 | ||||||||
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (f)
|
160 | 174,142 | ||||||||
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (f)
|
395 | 433,287 | ||||||||
New
York State Dormitory Authority, RB, Series A, 5.25%, 7/01/18 (g)
|
1,000 | 1,129,900 | ||||||||
Port Authority of New York & New Jersey, ARB, Special Project, Series 8, 6.00%, 12/01/42
|
730 | 858,670 | ||||||||
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45
|
1,100 | 1,015,069 | ||||||||
|
14,065,557 |
ANNUAL REPORT | APRIL 30, 2015 |
23
|
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 | $ | 538,046 | ||||||
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%,
3/01/41
|
260 | 293,956 | ||||||||
|
832,002 | |||||||||
Ohio 3.1%
|
||||||||||
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34
|
2,295 | 1,863,012 | ||||||||
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38
|
2,650 | 2,975,764 | ||||||||
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53
|
375 | 393,574 | ||||||||
|
5,232,350 | |||||||||
Pennsylvania 1.3%
|
||||||||||
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%,
7/01/42
|
580 | 614,788 | ||||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, Rapid Bridge Replacement Project, 5.00%, 12/31/38
|
275 | 296,984 | ||||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44
|
720 | 739,346 | ||||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44
|
520 | 579,457 | ||||||||
|
2,230,575 | |||||||||
Rhode Island 1.0%
|
||||||||||
Tobacco Settlement Financing Corp., Refunding RB:
|
||||||||||
Series A, 5.00%, 6/01/40
|
420 | 444,192 | ||||||||
Series B, 4.50%, 6/01/45
|
1,230 | 1,206,089 | ||||||||
|
1,650,281 | |||||||||
South Carolina 1.2%
|
||||||||||
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%,
12/01/54
|
1,830 | 2,088,231 | ||||||||
Texas 5.6%
|
||||||||||
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (c)(d)
|
1,500 | 97,500 | ||||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/46
|
730 | 850,121 | ||||||||
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35
|
525 | 602,884 | ||||||||
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39
|
250 | 280,053 | ||||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%,
1/01/43
|
210 | 244,753 | ||||||||
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%,
11/01/29
|
700 | 799,855 | ||||||||
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City
of Midland Projects, Series A, 0.00%, 9/15/37 (a)
|
5,200 | 1,879,020 | ||||||||
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34 (a)
|
3,000 | 1,225,110 | ||||||||
HFDC of Central Texas, Inc., RB, Village at Gleannloch Farms, Series A, 5.50%, 2/15/27
|
1,150 | 1,168,503 | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare:
|
||||||||||
6.00%, 8/15/20 (g)
|
105 | 129,484 | ||||||||
6.00%, 8/15/45
|
1,285 | 1,540,407 |
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
|
$ | 500 | $ | 603,680 | |||||||
|
9,421,370 | ||||||||||
Utah 0.6%
|
|||||||||||
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A:
|
|||||||||||
3.25%, 10/15/36
|
675 | 594,722 | |||||||||
3.25%, 10/15/42
|
425 | 360,727 | |||||||||
|
955,449 | ||||||||||
Virginia 1.9%
|
|||||||||||
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45
|
1,000 | 1,046,300 | |||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37
|
1,875 | 2,165,344 | |||||||||
|
3,211,644 | ||||||||||
Washington 0.7%
|
|||||||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%,
1/01/45
|
1,020 | 1,183,557 | |||||||||
Wyoming 0.1%
|
|||||||||||
Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/42
|
100 | 106,583 | |||||||||
Total Municipal Bonds 66.8%
|
112,118,337 | ||||||||||
|
|||||||||||
Municipal Bonds Transferred to
Tender Option Bond Trusts (h) |
|||||||||||
California 5.3%
|
|||||||||||
Bay
Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/19 (g)
|
1,090 | 1,281,631 | |||||||||
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (i)
|
840 | 940,800 | |||||||||
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39
|
3,225 | 3,654,731 | |||||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%,
5/15/40
|
2,039 | 2,315,424 | |||||||||
San
Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33
|
553 | 638,301 | |||||||||
|
8,830,887 | ||||||||||
Colorado 3.1%
|
|||||||||||
Colorado Health Facilities Authority, Refunding RB, Series A:
|
|||||||||||
Catholic Health Initiatives, 5.50%, 7/01/34 (i)
|
740 | 843,011 | |||||||||
Sisters of Leavenworth Health System, 5.00%, 1/01/40
|
3,930 | 4,376,841 | |||||||||
|
5,219,852 | ||||||||||
Florida 1.3%
|
|||||||||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34
|
1,950 | 2,225,001 | |||||||||
Illinois 4.7%
|
|||||||||||
City of Chicago Illinois, GARB, OHare International Airport, 3rd Lien, Series A (NPFGC), 5.00%, 1/01/33 (i)
|
4,995 | 5,142,253 | |||||||||
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41
|
2,340 | 2,785,442 | |||||||||
|
7,927,695 |
24 | ANNUAL REPORT |
APRIL 30, 2015
|
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 (h) |
Par
(000) |
Value | ||||||||
Indiana 7.4%
|
||||||||||
Carmel Redevelopment Authority, RB, Performing Arts Center (g):
|
||||||||||
4.75%, 2/01/16
|
$ | 5,365 | $ | 5,544,835 | ||||||
5.00%, 2/01/16
|
6,580 | 6,812,932 | ||||||||
|
12,357,767 | |||||||||
Massachusetts 4.7%
|
||||||||||
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41
|
7,112 | 7,954,796 | ||||||||
Nebraska 3.1%
|
||||||||||
Omaha Public Power District, RB, Sub-Series B (NPFGC), 4.75%, 2/01/16 (g)(i)
|
5,000 | 5,168,950 | ||||||||
New Hampshire 0.4%
|
||||||||||
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39
(i)
|
660 | 748,977 | ||||||||
New York 23.3%
|
||||||||||
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:
|
||||||||||
Fiscal 2013, Series CC, 5.00%, 6/15/47
|
4,780 | 5,322,733 | ||||||||
Series FF-2, 5.50%, 6/15/40
|
495 | 569,073 | ||||||||
Series HH, 5.00%, 6/15/31 (i)
|
2,835 | 3,241,837 | ||||||||
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (i)
|
6,509 | 7,487,522 | ||||||||
New
York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43
|
6,135 | 7,021,998 | ||||||||
New
York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (i)
|
2,220 | 2,568,740 | ||||||||
State of New York Dormitory Authority, ERB, Series B, 5.75%, 3/15/36
|
11,240 | 12,988,382 | ||||||||
|
39,200,285 | |||||||||
North Carolina 9.3%
|
||||||||||
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.75%, 12/01/34
|
15,170 | 15,538,310 | ||||||||
Ohio 3.1%
|
||||||||||
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%,
1/01/39
|
4,634 | 5,205,272 |
Municipal Bonds Transferred to Tender Option Bond Trusts (h) |
Par
(000) |
Value | |||||||||
South Carolina 0.9%
|
|||||||||||
State of South Carolina Housing Finance & Development Authority, Refunding RB, S/F Housing, Series B-1,
5.55%, 7/01/39
|
$ | 1,530 | $ | 1,556,984 | |||||||
Texas 10.9%
|
|||||||||||
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43
|
11,000 | 12,198,010 | |||||||||
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (i)
|
2,122 | 2,372,602 | |||||||||
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41
|
1,170 | 1,298,782 | |||||||||
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43
|
2,175 | 2,482,874 | |||||||||
|
18,352,268 | ||||||||||
Utah 1.2%
|
|||||||||||
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41
|
1,829 | 2,008,325 | |||||||||
Virginia 2.0%
|
|||||||||||
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%,
11/01/40
|
2,949 | 3,295,214 | |||||||||
Wisconsin 1.3%
|
|||||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health,
Inc., Obligated Group, Series C, 5.25%, 4/01/39 (i)
|
1,989 | 2,173,703 | |||||||||
Total Municipal Bonds Transferred to
Tender Option Bond Trusts 82.0% |
137,764,286 | ||||||||||
Total Long-Term Investments
(Cost $232,983,919) 148.8% |
249,882,623 | ||||||||||
|
|||||||||||
Short-Term Securities
|
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.02% (j)(k)
|
364,342 | 364,342 | |||||||||
Total Short-Term Securities
(Cost $364,342) 0.2% |
364,342 | ||||||||||
Total Investments (Cost $233,348,261) 149.0%
|
250,246,965 | ||||||||||
Other Assets Less Liabilities 1.5%
|
2,586,009 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (50.5%)
|
(84,899,830 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 167,933,144 |
Notes to Schedule of Investments
(a) |
Zero-coupon bond.
|
|||
(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) |
Non-income producing security.
|
|||
(d) |
Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
|
|||
(e) |
Variable rate security. Rate shown is as of report date.
|
|||
(f) |
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.
|
|||
(g) |
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the
date indicated, typically at a premium to par.
|
|||
(h) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as
collateral in a secured borrowing. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB
Trusts.
|
|||
(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 or in
the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Trust could ultimately be
required to pay under the agreement, which expires from May 31, 2015 to February 15, 2031, is $17,855,729.
|
|||
(j) |
During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section
2(a)(3) of the 1940 Act were as follows:
|
Affiliate |
Shares
Held at April 30, 2014 |
Net
Activity |
Shares
Held at April 30, 2015 |
Income | ||||||
FFI Institutional Tax-Exempt Fund
|
787,037
|
(422,695)
|
364,342
|
$532
|
ANNUAL REPORT | APRIL 30, 2015 |
25
|
Schedule of Investments (concluded) | BlackRock Long-Term Municipal Advantage Trust (BTA) |
(k) |
Represents the current yield as of report date.
|
|||
|
As of April 30, 2015, financial futures contracts outstanding were as follows:
|
Contracts
Short |
Issue | Exchange | Expiration |
Notional
Value |
Unrealized
Depreciation |
|||||||||||
(72) | 10-Year U.S. Treasury Note | Chicago Board of Trade | June 2015 | $ | 9,243,000 | $ | (127,211 | ) |
|
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. 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. 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. The three levels of the fair value hierarchy are as follows:
|
|
Level 1 unadjusted quoted prices 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 Trusts own assumptions used in determining the fair value of investments and derivative financial
instruments)
|
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. For information about the Trusts policy regarding valuation of investments and derivative financial
instruments, refer to Note 2 of the Notes to Financial Statements.
|
||||
As of April 30, 2015, the following tables summarize the Trusts investments and derivative financial instruments categorized in
the disclosure hierarchy:
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets:
|
||||||||||||||||||
Investments:
|
||||||||||||||||||
Long-Term Investments
1
|
| $ | 249,882,623 | | $ | 249,882,623 | ||||||||||||
Short-Term Securities
|
$ | 364,342 | | | 364,342 | |||||||||||||
Total
|
$ | 364,342 | $ | 249,882,623 | | $ | 250,246,965 | |||||||||||
|
1 | See above Schedule of Investments for values in each state or political subdivision. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Derivative Financial Instruments
2
|
||||||||||||||||||
Liabilities:
|
||||||||||||||||||
Interest rate contracts
|
$ | (127,211 | ) | | | $ | (127,211 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement
purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets:
|
||||||||||||||||||
Cash pledged for financial futures contracts
|
$ | 103,000 | | | $ | 103,000 | ||||||||||||
Liabilities:
|
||||||||||||||||||
TOB Trust Certificates
|
| $ | (84,866,665 | ) | | (84,866,665 | ) | |||||||||||
Total
|
$ | 103,000 | $ | (84,866,665 | ) | | $ | (84,763,665 | ) | |||||||||
|
26 | ANNUAL REPORT |
APRIL 30, 2015
|
Schedule of Investments April 30, 2015 |
BlackRock Municipal 2020
Term Trust (BKK)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Alabama 0.4%
|
||||||||||
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 6/01/20
|
$ | 1,000 | $ | 1,148,510 | ||||||
Alaska 2.0%
|
||||||||||
City of Valdez Alaska, Refunding RB, BP Pipelines Project:
|
||||||||||
Series B, 5.00%, 1/01/21
|
3,200 | 3,675,040 | ||||||||
Series C, 5.00%, 1/01/21
|
2,500 | 2,871,125 | ||||||||
|
6,546,165 | |||||||||
Arizona 3.5%
|
||||||||||
City of Phoenix Arizona IDA, RB, Series A, 4.75%, 7/01/19 (a)
|
640 | 661,958 | ||||||||
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A:
|
||||||||||
5.00%, 7/01/20
|
1,300 | 1,512,485 | ||||||||
5.00%, 7/01/21
|
5,585 | 6,450,731 | ||||||||
Salt Verde Financial Corp., RB, Senior:
|
||||||||||
5.00%, 12/01/18
|
1,500 | 1,665,945 | ||||||||
5.25%, 12/01/20
|
1,000 | 1,157,200 | ||||||||
|
11,448,319 | |||||||||
California 9.0%
|
||||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22
|
815 | 955,058 | ||||||||
California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.00%, 8/15/22
|
5,000 | 5,272,600 | ||||||||
County of Riverside California Asset Leasing Corp., RB, Riverside County Hospital Project (NPFGC), 0.00%, 6/01/25 (b)
|
6,865 | 4,889,733 | ||||||||
Los
Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport, AMT:
|
||||||||||
5.00%, 1/01/19
|
540 | 610,735 | ||||||||
5.00%, 1/01/20
|
550 | 634,876 | ||||||||
Los
Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20
|
3,750 | 4,341,225 | ||||||||
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22
|
1,000 | 1,235,660 | ||||||||
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20
|
10,000 | 11,747,800 | ||||||||
|
29,687,687 | |||||||||
Colorado 1.6%
|
||||||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project:
|
||||||||||
4.00%, 8/15/19
|
125 | 135,635 | ||||||||
4.00%, 8/15/20
|
150 | 163,604 | ||||||||
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project:
|
||||||||||
4.00%, 12/01/19
|
555 | 596,081 | ||||||||
4.00%, 12/01/20
|
580 | 625,553 | ||||||||
E-470 Public Highway Authority Colorado, RB, CAB, Senior Series B (NPFGC), 0.00%, 9/01/22 (b)
|
4,500 | 3,755,655 | ||||||||
|
5,276,528 | |||||||||
Florida 3.7%
|
||||||||||
City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/22
|
5,160 | 5,752,110 | ||||||||
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/22
|
1,250 | 1,395,200 | ||||||||
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20
|
1,375 | 1,588,317 | ||||||||
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20
|
500 | 583,745 | ||||||||
Pine Island Community Development District, RB, 5.30%, 11/01/10 (c)(d)
|
250 | 140,238 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Florida (concluded)
|
||||||||||
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 5/01/13 (c)(d)
|
$ | 3,530 | $ | 2,631,156 | ||||||
|
12,090,766 | |||||||||
Georgia 2.4%
|
||||||||||
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement Life Communities,
Inc. Obligated Group, 5.00%, 11/15/22
|
6,915 | 7,824,046 | ||||||||
Guam 0.5%
|
||||||||||
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20
|
250 | 286,600 | ||||||||
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20
|
1,190 | 1,388,099 | ||||||||
|
1,674,699 | |||||||||
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 | 1,408,441 | ||||||||
5.00%, 11/15/20
|
1,440 | 1,608,034 | ||||||||
|
3,016,475 | |||||||||
Illinois 14.4%
|
||||||||||
City of Chicago Illinois Motor Fuel Tax, Refunding RB, 5.00%, 1/01/20
|
1,000 | 1,113,700 | ||||||||
City of Chicago Illinois, OHare International Airport, GARB, 3rd Lien, Series A (AMBAC):
|
||||||||||
5.00%, 1/01/21
|
5,000 | 5,159,100 | ||||||||
5.00%, 1/01/22
|
7,000 | 7,222,250 | ||||||||
Illinois Finance Authority, Refunding RB:
|
||||||||||
5.00%, 9/01/20
|
920 | 1,023,012 | ||||||||
Series A, 5.00%, 11/15/20
|
1,000 | 1,169,350 | ||||||||
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding (AGM), 5.25%, 12/01/20
|
1,000 | 1,192,210 | ||||||||
Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 6/15/22 (b)
|
13,455 | 11,016,416 | ||||||||
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 6/01/20
|
10,000 | 11,562,800 | ||||||||
State of Illinois, GO, 5.00%, 7/01/20
|
5,255 | 5,837,044 | ||||||||
State of Illinois, RB, Series B:
|
||||||||||
5.00%, 6/15/19 (e)
|
515 | 592,034 | ||||||||
5.00%, 6/15/20
|
1,485 | 1,701,498 | ||||||||
|
47,589,414 | |||||||||
Indiana 5.1%
|
||||||||||
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24
|
3,250 | 2,891,330 | ||||||||
Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19
|
2,465 | 2,620,369 | ||||||||
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/21
|
600 | 701,970 | ||||||||
Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17
|
10,000 | 10,696,500 | ||||||||
|
16,910,169 | |||||||||
Iowa 1.7%
|
||||||||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.00%,
12/01/19
|
5,320 | 5,746,504 | ||||||||
Kansas 2.4%
|
||||||||||
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20 (b)
|
6,440 | 5,152,902 |
ANNUAL REPORT | APRIL 30, 2015 |
27
|
Schedule of Investments (continued) |
BlackRock Municipal 2020
Term Trust (BKK)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Kansas (concluded)
|
||||||||||
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.25%, 11/15/20
|
$ | 2,500 | $ | 2,919,100 | ||||||
|
8,072,002 | |||||||||
Kentucky 2.1%
|
||||||||||
County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, Series A:
|
||||||||||
3.50%, 12/01/20
|
2,115 | 2,274,302 | ||||||||
5.00%, 12/01/20
|
1,430 | 1,670,040 | ||||||||
Kentucky Housing Corp., RB, S/F Housing, Series C, AMT, 4.63%, 7/01/22
|
2,000 | 2,040,480 | ||||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project (b):
|
||||||||||
0.00%, 7/01/19
|
255 | 223,477 | ||||||||
0.00%, 7/01/20
|
1,000 | 844,350 | ||||||||
|
7,052,649 | |||||||||
Louisiana 0.8%
|
||||||||||
City of New Orleans Louisiana, Refunding RB, 5.00%, 12/01/20
|
400 | 461,608 | ||||||||
Parish of DeSoto Louisiana, RB, Series A, AMT, 5.85%, 11/01/27
|
2,000 | 2,006,700 | ||||||||
|
2,468,308 | |||||||||
Maryland 1.4%
|
||||||||||
County of Anne Arundel Consolidated, Special Taxing District, Refunding, Special Tax Bonds, The Villages of Dorchester and Farmington Village
Project:
|
||||||||||
4.00%, 7/01/19
|
285 | 310,550 | ||||||||
5.00%, 7/01/20
|
500 | 573,445 | ||||||||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20
|
1,250 | 1,377,813 | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB:
|
||||||||||
Charlestown Community, 5.50%, 1/01/21
|
1,335 | 1,497,403 | ||||||||
University of Maryland, Medical System, 5.00%, 7/01/19
|
670 | 760,644 | ||||||||
|
4,519,855 | |||||||||
Massachusetts 0.3%
|
||||||||||
Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%,
1/01/20
|
1,000 | 1,113,700 | ||||||||
Michigan 4.1%
|
||||||||||
City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 9/01/20
|
1,500 | 1,524,180 | ||||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 5/15/20
|
1,435 | 1,554,277 | ||||||||
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 7/01/20
|
1,000 | 1,092,340 | ||||||||
Michigan Finance Authority, Refunding RB, AMT:
|
||||||||||
5.00%, 11/01/19
|
1,940 | 2,159,569 | ||||||||
5.00%, 11/01/20
|
1,800 | 2,025,036 | ||||||||
State of Michigan Building Authority, Refunding RB, Facilities Program:
|
||||||||||
Series 1-A, 5.00%, 10/15/20
|
325 | 378,827 | ||||||||
Series 2-A, 4.00%, 10/15/20
|
1,205 | 1,342,189 | ||||||||
State of Michigan Trunk Line, Refunding RB:
|
||||||||||
5.00%, 11/01/20
|
1,000 | 1,156,230 | ||||||||
5.00%, 11/01/21
|
2,000 | 2,313,900 | ||||||||
|
13,546,548 | |||||||||
Missouri 1.2%
|
||||||||||
City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 9/01/20
|
3,000 | 3,493,410 | ||||||||
State of Missouri Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/20
|
500 | 581,235 | ||||||||
|
4,074,645 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Multi-State 3.2%
|
||||||||||
Centerline Equity Issuer Trust (a)(f):
|
||||||||||
Series A-4-1, 5.75%, 5/15/15
|
$ | 1,000 | $ | 1,000,830 | ||||||
Series A-4-2, 6.00%, 5/15/19
|
2,500 | 2,838,650 | ||||||||
Series B-3-1, 6.00%, 5/15/15
|
4,000 | 4,000,000 | ||||||||
Series B-3-2, 6.30%, 5/15/19
|
2,500 | 2,864,075 | ||||||||
|
10,703,555 | |||||||||
Nebraska 1.2%
|
||||||||||
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/20
|
3,500 | 3,921,435 | ||||||||
Nevada 2.6%
|
||||||||||
County of Clark Nevada, Refunding ARB, Las Vegas McCarran International Airport, Series B:
|
||||||||||
5.00%, 7/01/19
|
500 | 572,210 | ||||||||
5.00%, 7/01/20
|
1,000 | 1,162,910 | ||||||||
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/20
|
5,000 | 5,222,800 | ||||||||
County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 8/01/20
|
1,390 | 1,502,340 | ||||||||
|
8,460,260 | |||||||||
New Jersey 4.4%
|
||||||||||
New
Jersey EDA, RB, Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.00%, 7/01/20
|
250 | 287,118 | ||||||||
New
Jersey EDA, Refunding RB:
|
||||||||||
Cigarette Tax, 5.00%, 6/15/20
|
2,500 | 2,771,350 | ||||||||
School Facilities, Series GG, 5.00%, 9/01/22
|
2,000 | 2,182,760 | ||||||||
New
Jersey Educational Facilities Authority, Refunding RB:
|
||||||||||
Seton Hall University, Series D, 5.00%, 7/01/19
|
1,060 | 1,200,651 | ||||||||
Seton Hall University, Series D, 5.00%, 7/01/20
|
650 | 745,134 | ||||||||
University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (g)
|
2,500 | 2,941,625 | ||||||||
New
Jersey Health Care Facilities Financing Authority, Refunding RB, AtlantiCare Regional Medical Center, 5.00%, 7/01/20
|
2,110 | 2,273,145 | ||||||||
New
Jersey Transportation Trust Fund Authority, RB, 5.00%, 6/15/20
|
2,000 | 2,209,000 | ||||||||
|
14,610,783 | |||||||||
New Mexico 0.3%
|
||||||||||
City of Farmington New Mexico, Refunding RB, 1.88%, 4/01/29 (h)
|
1,000 | 996,610 | ||||||||
New York 8.5%
|
||||||||||
Build NYC Resource Corp., Refunding RB, AMT, 3.75%, 1/01/20 (a)
|
1,000 | 1,034,270 | ||||||||
Chautauqua Tobacco Asset Securitization Corp., Refunding RB:
|
||||||||||
5.00%, 6/01/19
|
400 | 451,380 | ||||||||
5.00%, 6/01/20
|
450 | 513,986 | ||||||||
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT (h):
|
||||||||||
7.63%, 8/01/25
|
3,885 | 4,204,813 | ||||||||
7.75%, 8/01/31
|
5,000 | 5,420,800 | ||||||||
New
York Mortgage Agency, Refunding RB, S/F Housing, 35th Series, AMT, 4.50%, 10/01/20
|
1,970 | 1,973,704 | ||||||||
New
York State Energy Research & Development Authority, Refunding RB:
|
||||||||||
2.00%, 2/01/29 (h)
|
3,000 | 2,999,070 | ||||||||
Brooklyn Union Gas/Keyspan, Series A, AMT (NPFGC), 4.70%, 2/01/24
|
8,500 | 8,740,635 | ||||||||
New
York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 1/01/20
|
875 | 1,013,880 | ||||||||
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, 5.00%, 12/01/20
|
1,525 | 1,743,959 | ||||||||
|
28,096,497 |
28 | ANNUAL REPORT |
APRIL 30, 2015
|
Schedule of Investments (continued) |
BlackRock Municipal 2020
Term Trust (BKK)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
North Carolina 2.3%
|
||||||||||
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/21
|
$ | 1,550 | $ | 1,755,421 | ||||||
North Carolina Municipal Power Agency No. 1, Refunding RB, Series B, 5.00%, 1/01/20
|
5,000 | 5,766,700 | ||||||||
|
7,522,121 | |||||||||
Ohio 2.7%
|
||||||||||
Ohio State Water Development Authority, Refunding RB, Series B, 4.00%, 12/01/33 (h)
|
5,300 | 5,600,298 | ||||||||
State of Ohio, RB, Portsmouth Bypass Project, AMT:
|
||||||||||
5.00%, 6/30/19
|
945 | 1,060,611 | ||||||||
5.00%, 12/31/19
|
830 | 940,390 | ||||||||
5.00%, 6/30/20
|
1,000 | 1,137,090 | ||||||||
|
8,738,389 | |||||||||
Oklahoma 0.9%
|
||||||||||
County of Canadian Oklahoma Educational Facilities Authority, RB, Mustang Public Schools Project, 4.50%, 9/01/20
|
1,500 | 1,676,220 | ||||||||
County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School, 4.00%, 9/01/22
|
1,100 | 1,230,262 | ||||||||
|
2,906,482 | |||||||||
Pennsylvania 7.7%
|
||||||||||
County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project, Series B, 3.50%, 12/01/35 (h)
|
3,405 | 3,514,266 | ||||||||
Lancaster IDA, Refunding RB, Garden Spot Village Project, 5.00%, 5/01/19
|
1,300 | 1,388,621 | ||||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/20
|
3,830 | 4,382,937 | ||||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 4.00%, 11/01/20
|
2,175 | 2,350,827 | ||||||||
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services:
|
||||||||||
4.00%, 10/01/19
|
1,165 | 1,214,338 | ||||||||
4.00%, 10/01/20
|
1,210 | 1,263,918 | ||||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A:
|
||||||||||
Drexel University, 5.00%, 5/01/20
|
1,575 | 1,816,479 | ||||||||
University of the Sciences in Philadelphia, 5.00%, 11/01/19
|
1,030 | 1,169,689 | ||||||||
Widener University, 5.00%, 7/15/20
|
600 | 682,308 | ||||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Mortgage, Series 115A, AMT:
|
||||||||||
2.30%, 10/01/19
|
460 | 463,712 | ||||||||
2.55%, 4/01/20
|
850 | 860,820 | ||||||||
2.65%, 10/01/20
|
865 | 878,338 | ||||||||
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/20
|
1,500 | 1,737,120 | ||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22
|
1,000 | 1,138,260 | ||||||||
State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 7/15/20
|
995 | 1,148,240 | ||||||||
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/20
|
350 | 413,865 | ||||||||
Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project:
|
||||||||||
4.00%, 7/01/19
|
360 | 385,229 | ||||||||
4.00%, 7/01/20
|
465 | 494,434 | ||||||||
|
25,303,401 | |||||||||
Rhode Island 1.3%
|
||||||||||
Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT, 5.00%,
12/01/20
|
3,850 | 4,351,809 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
South Carolina 0.7%
|
||||||||||
South Carolina State Ports Authority, RB, 5.00%, 7/01/20
|
$ | 2,000 | $ | 2,310,260 | ||||||
Texas 15.7%
|
||||||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:
|
||||||||||
5.75%, 1/01/19
|
800 | 917,992 | ||||||||
5.75%, 1/01/20
|
1,140 | 1,331,303 | ||||||||
Central Texas Turnpike System, RB, CAB (AMBAC) (b):
|
||||||||||
0.00%, 8/15/21 (g)
|
1,825 | 1,635,054 | ||||||||
0.00%, 8/15/24 (g)
|
1,295 | 1,045,065 | ||||||||
Series A, 0.00%, 8/15/21
|
6,165 | 5,360,653 | ||||||||
Series A, 0.00%, 8/15/24
|
7,155 | 5,307,221 | ||||||||
Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 8/15/42 (h)
|
2,500 | 2,879,125 | ||||||||
City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21
|
2,500 | 2,829,900 | ||||||||
City of Houston Texas Airport System, Refunding RB:
|
||||||||||
Subordinate Lien, Series B, 5.00%, 7/01/20
|
250 | 288,518 | ||||||||
United Airlines, Inc. Terminal E Project, AMT, 4.50%, 7/01/20
|
5,000 | 5,304,800 | ||||||||
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20
|
3,715 | 4,242,010 | ||||||||
Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 5/15/20
|
5,000 | 5,789,600 | ||||||||
New
Hope Cultural Education Facilities Corp., RB:
|
||||||||||
4.00%, 4/01/20
|
180 | 193,459 | ||||||||
4.00%, 4/01/20
|
585 | 628,740 | ||||||||
New
Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project, Series A:
|
||||||||||
4.00%, 4/01/19
|
345 | 367,925 | ||||||||
4.00%, 4/01/20
|
415 | 445,233 | ||||||||
North Texas Tollway Authority, Refunding RB:
|
||||||||||
Series A, 5.00%, 1/01/20
|
600 | 686,766 | ||||||||
Series C, 5.25%, 1/01/20
|
1,000 | 1,132,990 | ||||||||
Series C, 5.38%, 1/01/21
|
5,000 | 5,669,950 | ||||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/20
|
5,000 | 5,748,200 | ||||||||
|
51,804,504 | |||||||||
Virginia 1.6%
|
||||||||||
City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20
|
2,000 | 2,364,880 | ||||||||
County of Hanover Virginia EDC, Refunding RB, Covenant Woods, Series A, 3.00%, 7/01/15
|
465 | 465,981 | ||||||||
Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 7/01/20
|
1,500 | 1,729,500 | ||||||||
Virginia College Building Authority, Refunding RB, Series A:
|
||||||||||
5.00%, 7/01/19
|
425 | 466,986 | ||||||||
5.00%, 7/01/20
|
335 | 371,930 | ||||||||
|
5,399,277 | |||||||||
Washington 2.5%
|
||||||||||
County of Snohomish Washington Everett School District No. 2, GO, Refunding, 5.00%, 12/01/20
|
2,625 | 3,093,116 | ||||||||
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B:
|
||||||||||
5.00%, 10/01/20
|
250 | 291,548 | ||||||||
5.00%, 10/01/42 (h)
|
4,000 | 4,728,760 | ||||||||
|
8,113,424 | |||||||||
Wisconsin 1.0%
|
||||||||||
State of Wisconsin, Refunding RB, Series A, 5.25%, 5/01/20
|
1,000 | 1,157,260 |
ANNUAL REPORT | APRIL 30, 2015 |
29
|
Schedule of Investments (continued) |
BlackRock Municipal 2020
Term Trust (BKK)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | |||||||||
Wisconsin (concluded)
|
|||||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB:
|
|||||||||||
Froedtert & Community Health, Inc., 5.00%, 4/01/20
|
$ | 1,515 | $ | 1,728,524 | |||||||
ThedaCare, Inc., 5.00%, 12/15/20
|
250 | 292,143 | |||||||||
|
3,177,927 | ||||||||||
Total Municipal Bonds 114.1%
|
376,223,723 | ||||||||||
|
|||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (i)
|
|||||||||||
Illinois 1.7%
|
|||||||||||
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien (AGM), 5.00%, 11/01/20
|
5,000 | 5,591,150 | |||||||||
Total Long-Term Investments
(Cost $357,006,745) 115.8% |
381,814,873 |
Short-Term Securities |
Shares | Value | ||||||||
FFI Institutional Tax-Exempt Fund, 0.02% (j)(k)
|
828,428 | $ | 828,428 | |||||||
Total Short-Term Securities
(Cost $828,428) 0.2% |
828,428 | |||||||||
Total Investments (Cost $357,835,173) 116.0%
|
382,643,301 | |||||||||
Other Assets Less Liabilities 1.4%
|
4,620,065 | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (1.1%)
|
(3,753,756 | ) | ||||||||
AMPS Shares, at Liquidation Value (16.3%)
|
(53,700,000 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 329,809,610 |
Notes to Schedule of Investments
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold
in transactions exempt from registration to qualified institutional investors.
|
|||
(b) |
Zero-coupon bond.
|
|||
(c) |
Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
|
|||
(d) |
Non-income producing security.
|
|||
(e) |
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the
date indicated, typically at a premium to par.
|
|||
(f) |
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 U.S. Treasury obligations.
|
|||
(h) |
Variable rate security. Rate shown is as of report date.
|
|||
(i) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as
collateral in a secured borrowing. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB
Trusts.
|
|||
(j) |
During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section
2(a)(3) of the 1940 Act were as follows:
|
Affiliate |
Shares
Held at April 30, 2014 |
Net
Activity |
Shares
Held at April 30, 2015 |
Income | |||||||
FFI Institutional Tax-Exempt Fund
|
2,353,008
|
(1,524,580)
|
828,428
|
$3,640
|
(k) |
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. 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. 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. The three levels of the fair value hierarchy are as follows:
|
|
Level 1 unadjusted quoted prices 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 Trusts own assumptions used in determining the fair value of investments)
|
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. For information about the Trusts policy regarding valuation of investments, refer to Note 2 of the Notes
to Financial Statements.
|
30 | ANNUAL REPORT |
APRIL 30, 2015
|
Schedule of Investments (concluded) | BlackRock Municipal 2020 Term Trust (BKK) |
As of April 30, 2015, the following table summarizes the Trusts investments categorized in the disclosure
hierarchy:
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets:
|
||||||||||||||||||
Investments:
|
||||||||||||||||||
Long-Term Investments
1
|
| $ | 381,814,873 | | $ | 381,814,873 | ||||||||||||
Short-Term Securities
|
$ | 828,428 | | | 828,428 | |||||||||||||
Total
|
$ | 828,428 | $ | 381,814,873 | | $ | 382,643,301 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement
purposes. As of April 30, 2015, TOB Trust Certificates of $3,750,000 are categorized as Level 2 within the disclosure hierarchy.
|
||||
During the year ended April 30, 2015, there were no transfers between levels.
|
ANNUAL REPORT | APRIL 30, 2015 |
31
|
Schedule of Investments April 30, 2015 |
BlackRock Municipal
Income Trust (BFK)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Alabama 3.1%
|
||||||||||
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19
|
$ | 2,910 | $ | 2,924,492 | ||||||
County of Jefferson Alabama Sewer, Refunding RB:
|
||||||||||
Senior Lien, Series A (AGM), 5.00%, 10/01/44
|
1,555 | 1,689,150 | ||||||||
Senior Lien, Series A (AGM), 5.25%, 10/01/48
|
2,275 | 2,502,227 | ||||||||
Sub-Lien, Series D, 6.00%, 10/01/42
|
5,740 | 6,443,437 | ||||||||
Sub-Lien, Series D, 7.00%, 10/01/51
|
1,765 | 2,113,870 | ||||||||
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/40
|
4,080 | 4,757,239 | ||||||||
|
20,430,415 | |||||||||
Arizona 3.0%
|
||||||||||
Salt Verde Financial Corp., RB, Senior:
|
||||||||||
5.00%, 12/01/32
|
10,030 | 11,383,147 | ||||||||
5.00%, 12/01/37
|
7,460 | 8,466,280 | ||||||||
|
19,849,427 | |||||||||
California 13.6%
|
||||||||||
Bay
Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 4/01/19 (a)
|
4,445 | 5,225,675 | ||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42
|
6,230 | 7,441,922 | ||||||||
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33
|
2,465 | 2,791,120 | ||||||||
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
|
||||||||||
5.25%, 8/15/39
|
290 | 316,471 | ||||||||
5.25%, 8/15/49
|
715 | 778,807 | ||||||||
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45
(b)
|
2,970 | 3,204,244 | ||||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:
|
||||||||||
Senior, 5.00%, 5/15/40
|
11,690 | 13,277,034 | ||||||||
5.25%, 5/15/39
|
1,560 | 1,765,904 | ||||||||
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40
|
690 | 830,663 | ||||||||
County of Stanislaus California Tobacco Securitization Agency, RB, CAB, Sub-Series C, 0.00%, 6/01/55 (c)
|
17,855 | 222,473 | ||||||||
Foothill-De Anza Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/40
|
7,000 | 7,843,290 | ||||||||
Murrieta Community Facilities District Special Tax California, Special Tax Bonds, District No. 2, The Oaks Improvement Area A, 6.00%,
9/01/34
|
4,890 | 4,900,073 | ||||||||
Riverside County Transportation Commission, RB, CAB, Senior Lien, Series B (c):
|
||||||||||
0.00%, 6/01/41
|
5,000 | 1,311,200 | ||||||||
0.00%, 6/01/42
|
6,000 | 1,491,480 | ||||||||
0.00%, 6/01/43
|
5,000 | 1,177,500 | ||||||||
San
Marcos Unified School District, GO, CAB, Election of 2010, Series B (c):
|
||||||||||
0.00%, 8/01/34
|
3,500 | 1,560,440 | ||||||||
0.00%, 8/01/36
|
4,000 | 1,622,880 | ||||||||
State of California, GO, Various Purposes:
|
||||||||||
6.00%, 3/01/33
|
4,970 | 5,960,571 | ||||||||
6.50%, 4/01/33
|
20,410 | 24,331,578 | ||||||||
State of California Public Works Board, LRB, Various Capital Projects:
|
||||||||||
Series I, 5.00%, 11/01/38
|
1,495 | 1,668,001 | ||||||||
Sub-Series I-1, 6.38%, 11/01/34
|
2,315 | 2,816,059 | ||||||||
|
90,537,385 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Colorado 1.3%
|
||||||||||
Colorado Health Facilities Authority, Refunding RB:
|
||||||||||
Catholic Health Initiative, Series A, 5.50%, 7/01/34
|
$ | 4,205 | $ | 4,791,766 | ||||||
Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42
|
1,160 | 1,229,450 | ||||||||
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax, 5.50%, 12/01/37
|
2,530 | 2,564,610 | ||||||||
|
8,585,826 | |||||||||
Connecticut 0.4%
|
||||||||||
Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A,
5.00%, 11/15/40
|
2,710 | 3,000,377 | ||||||||
Delaware 2.0%
|
||||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40
|
2,225 | 2,561,086 | ||||||||
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45
|
10,080 | 10,981,959 | ||||||||
|
13,543,045 | |||||||||
District of Columbia 4.3%
|
||||||||||
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43
|
1,480 | 1,721,418 | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 5/15/40
|
23,035 | 23,037,073 | ||||||||
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
|
||||||||||
5.00%, 10/01/39
|
990 | 1,079,882 | ||||||||
5.25%, 10/01/44
|
2,465 | 2,756,116 | ||||||||
|
28,594,489 | |||||||||
Florida 2.6%
|
||||||||||
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45
|
1,665 | 1,821,277 | ||||||||
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/41
|
2,280 | 2,590,263 | ||||||||
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center:
|
||||||||||
5.00%, 6/01/32
|
600 | 638,778 | ||||||||
5.00%, 6/01/36
|
125 | 132,729 | ||||||||
5.13%, 6/01/42
|
1,925 | 2,055,900 | ||||||||
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40
|
5,885 | 7,729,241 | ||||||||
Stevens Plantation Community Development District, Special Assessment, Series A, 7.10%, 5/01/35 (d)(e)
|
3,590 | 2,678,391 | ||||||||
|
17,646,579 | |||||||||
Georgia 2.0%
|
||||||||||
City of Atlanta Georgia Water & Wastewater, Refunding RB, 5.00%, 11/01/40
|
4,370 | 4,934,954 | ||||||||
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%,
8/15/54
|
1,010 | 1,160,823 | ||||||||
DeKalb Private Hospital Authority, Refunding RB, Childrens Healthcare, 5.25%, 11/15/39
|
1,650 | 1,894,843 | ||||||||
Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/39
|
5,000 | 5,623,750 | ||||||||
|
13,614,370 | |||||||||
Hawaii 0.4%
|
||||||||||
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30
|
2,660 | 3,024,367 | ||||||||
Illinois 19.0%
|
||||||||||
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41
|
8,680 | 8,401,806 | ||||||||
City of Chicago Illinois, GARB, OHare International Airport, 3rd Lien, Series C, 6.50%, 1/01/41
|
11,385 | 13,784,503 |
32 | ANNUAL REPORT |
APRIL 30, 2015
|
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, 5.00%, 1/01/34
|
$ | 6,270 | $ | 6,091,681 | ||||||
City of Chicago Illinois, GO, Refunding, Series A:
|
||||||||||
Project, 5.25%, 1/01/32
|
6,155 | 6,197,162 | ||||||||
5.00%, 1/01/34
|
2,500 | 2,428,900 | ||||||||
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38
|
1,605 | 1,742,853 | ||||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40
|
2,055 | 2,268,658 | ||||||||
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42
|
7,625 | 8,253,681 | ||||||||
County of Cook Illinois Community College District No. 508, GO, City
College of Chicago, 5.50%, 12/01/38
|
1,525 | 1,742,160 | ||||||||
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44
|
10,630 | 11,734,776 | ||||||||
Illinois Finance Authority, Refunding RB:
|
||||||||||
Ascension Health, Series A, 5.00%, 11/15/37
|
1,895 | 2,103,128 | ||||||||
Central Dupage Health, Series B, 5.50%, 11/01/39
|
3,160 | 3,645,755 | ||||||||
Friendship Village Schaumburg, Series A, 5.63%, 2/15/37
|
470 | 470,052 | ||||||||
Illinois State Toll Highway Authority, RB:
|
||||||||||
Senior, Series C, 5.00%, 1/01/36
|
5,095 | 5,703,802 | ||||||||
Senior, Series C, 5.00%, 1/01/37
|
5,455 | 6,092,580 | ||||||||
Series A, 5.00%, 1/01/38
|
4,550 | 5,047,360 | ||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
|
||||||||||
Series B (AGM), 5.00%, 6/15/50
|
14,710 | 15,360,329 | ||||||||
Series B-2, 5.00%, 6/15/50
|
3,905 | 4,038,434 | ||||||||
Railsplitter Tobacco Settlement Authority, RB:
|
||||||||||
5.50%, 6/01/23
|
885 | 1,035,884 | ||||||||
6.00%, 6/01/28
|
2,245 | 2,644,273 | ||||||||
State of Illinois, GO:
|
||||||||||
5.00%, 2/01/39
|
2,990 | 3,092,587 | ||||||||
Series A, 5.00%, 4/01/38
|
9,030 | 9,321,579 | ||||||||
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34
|
1,240 | 1,386,159 | ||||||||
University of Illinois, RB, Auxiliary Facilities System, Series A:
|
||||||||||
5.00%, 4/01/39
|
1,565 | 1,734,630 | ||||||||
5.00%, 4/01/44
|
1,910 | 2,113,950 | ||||||||
|
126,436,682 | |||||||||
Indiana 4.3%
|
||||||||||
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A, 4.00%, 2/01/38
|
2,680 | 2,770,262 | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
|
||||||||||
6.75%, 1/01/34
|
1,525 | 1,852,906 | ||||||||
7.00%, 1/01/44
|
3,680 | 4,498,432 | ||||||||
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24
|
1,570 | 1,396,735 | ||||||||
Indiana Finance Authority, RB, Series A:
|
||||||||||
CWA Authority Project, 1st Lien, 5.25%, 10/01/38
|
6,305 | 7,224,017 | ||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44
|
880 | 937,288 | ||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48
|
2,905 | 3,089,961 | ||||||||
Sisters of St. Francis Health Services, 5.25%, 11/01/39
|
1,655 | 1,849,926 | ||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39
|
2,150 | 2,472,500 | ||||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40
|
2,490 | 2,750,927 | ||||||||
|
28,842,954 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Iowa 2.2%
|
||||||||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:
|
||||||||||
5.00%, 12/01/19
|
$ | 1,880 | $ | 2,030,720 | ||||||
5.50%, 12/01/22
|
4,595 | 4,903,646 | ||||||||
5.25%, 12/01/25
|
2,125 | 2,370,289 | ||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22
|
2,845 | 3,033,851 | ||||||||
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46
|
2,920 | 2,591,149 | ||||||||
|
14,929,655 | |||||||||
Kentucky 0.6%
|
||||||||||
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45
|
1,915 | 2,112,877 | ||||||||
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43
(f)
|
2,325 | 1,611,969 | ||||||||
|
3,724,846 | |||||||||
Louisiana 2.7%
|
||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%,
11/01/35
|
6,535 | 7,809,848 | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
|
||||||||||
5.50%, 5/15/30
|
1,980 | 2,252,666 | ||||||||
5.25%, 5/15/31
|
1,690 | 1,898,664 | ||||||||
5.25%, 5/15/32
|
2,160 | 2,466,396 | ||||||||
5.25%, 5/15/33
|
2,345 | 2,620,819 | ||||||||
5.25%, 5/15/35
|
985 | 1,116,704 | ||||||||
|
18,165,097 | |||||||||
Maryland 1.3%
|
||||||||||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35
|
855 | 920,972 | ||||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25
|
2,235 | 2,477,944 | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41
|
4,295 | 4,812,934 | ||||||||
Montgomery County Housing Opportunities Commission, RB, Series D, AMT, 5.50%, 1/01/38
|
150 | 153,473 | ||||||||
|
8,365,323 | |||||||||
Massachusetts 0.9%
|
||||||||||
Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42 (b)
|
2,775 | 2,865,853 | ||||||||
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39
|
2,535 | 2,843,662 | ||||||||
|
5,709,515 | |||||||||
Michigan 3.3%
|
||||||||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39
|
8,665 | 9,305,950 | ||||||||
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41
|
2,870 | 3,352,648 | ||||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36
|
2,700 | 3,028,374 | ||||||||
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44
|
1,710 | 1,800,322 | ||||||||
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, Series A, 5.25%, 11/15/46
|
4,230 | 4,426,145 | ||||||||
|
21,913,439 |
ANNUAL REPORT | APRIL 30, 2015 |
33
|
Schedule of Investments (continued) |
BlackRock Municipal
Income Trust (BFK)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Mississippi 2.1%
|
||||||||||
City of Gulfport Mississippi, RB, Memorial Hospital at Gulfport Project, Series A, 5.75%,
7/01/31
|
$ | 14,025 | $ | 14,067,776 | ||||||
Missouri 0.5%
|
||||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%,
10/01/44
|
495 | 549,965 | ||||||||
State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%,
2/01/42
|
2,035 | 2,200,547 | ||||||||
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%,
5/01/43
|
480 | 525,110 | ||||||||
|
3,275,622 | |||||||||
Nebraska 1.7%
|
||||||||||
Central Plains Energy Project Nebraska, RB, Gas Project No. 3:
|
||||||||||
5.25%, 9/01/37
|
1,610 | 1,800,769 | ||||||||
5.00%, 9/01/42
|
2,815 | 3,065,085 | ||||||||
County of Douglas Nebraska Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 1/01/40
|
3,280 | 3,610,329 | ||||||||
County of Hall Nebraska School District No. 2, GO, Grand Island Public Schools, 5.00%, 12/15/39
|
1,760 | 1,990,982 | ||||||||
County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, Health Facilities, 5.63%,
1/01/40
|
600 | 660,426 | ||||||||
|
11,127,591 | |||||||||
Nevada 0.7%
|
||||||||||
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%,
5/15/29
|
4,550 | 4,726,540 | ||||||||
New Jersey 7.9%
|
||||||||||
Casino Reinvestment Development Authority, Refunding RB:
|
||||||||||
5.25%, 11/01/39
|
2,000 | 2,122,880 | ||||||||
5.25%, 11/01/44
|
1,565 | 1,669,918 | ||||||||
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (d)(e)
|
3,680 | 182,712 | ||||||||
New
Jersey EDA, RB, AMT:
|
||||||||||
Continental Airlines, Inc. Project, 5.25%, 9/15/29
|
3,830 | 4,196,110 | ||||||||
Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30
|
2,035 | 2,286,302 | ||||||||
Private Activity Bond, The Goethals Bridge Replacement Project, 5.38%, 1/01/43
|
2,285 | 2,527,073 | ||||||||
New
Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 4/01/28
|
8,000 | 9,951,680 | ||||||||
New
Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/43
|
8,150 | 8,951,389 | ||||||||
New
Jersey Transportation Trust Fund Authority, RB:
|
||||||||||
Transportation Program, Series AA, 5.00%, 6/15/44
|
6,815 | 7,082,898 | ||||||||
Transportation System, Series A, 5.50%, 6/15/41
|
8,000 | 8,764,000 | ||||||||
Transportation System, Series B, 5.25%, 6/15/36
|
4,810 | 5,069,403 | ||||||||
|
52,804,365 | |||||||||
New York 13.4%
|
||||||||||
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT (g):
|
||||||||||
8.00%, 8/01/28
|
5,000 | 5,434,800 | ||||||||
7.75%, 8/01/31
|
22,140 | 24,003,302 | ||||||||
City of New York New York Transitional Finance Authority, RB, Future Tax Secured Revenue, Fiscal 2015, Series B, Sub-Series B-1, 5.00%,
8/01/39
|
2,500 | 2,825,750 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
New York (concluded)
|
||||||||||
City of New York New York Transitional Finance Authority, RB, Future Tax Secured Bonds, Fiscal 2012, Sub-Series E-1, 5.00%,
2/01/42
|
$ | 4,805 | $ | 5,407,018 | ||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (b)
|
3,600 | 3,660,912 | ||||||||
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44
|
1,909 | 2,112,577 | ||||||||
Metropolitan Transportation Authority, RB, Series B:
|
||||||||||
5.25%, 11/15/38
|
4,640 | 5,330,571 | ||||||||
5.25%, 11/15/39
|
1,650 | 1,892,781 | ||||||||
New
York Counties Tobacco Trust II, RB, 5.75%, 6/01/43
|
5,000 | 5,049,900 | ||||||||
New
York Liberty Development Corp., Refunding RB:
|
||||||||||
2nd Priority, Bank of America Tower at 1 Bryant Park Project, Class 3, 6.38%, 7/15/49
|
2,400 | 2,735,520 | ||||||||
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (b)
|
9,610 | 10,009,488 | ||||||||
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (b)
|
660 | 718,337 | ||||||||
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (b)
|
1,655 | 1,815,419 | ||||||||
New
York State Dormitory Authority, Refunding RB, Series D, 5.00%, 2/15/37
|
6,655 | 7,484,479 | ||||||||
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42
(b)
|
1,575 | 1,632,157 | ||||||||
Port Authority of New York & New Jersey, JFK International Air Terminal LLC Project, ARB, Special Project, Series 8:
|
||||||||||
6.00%, 12/01/36
|
2,525 | 2,970,057 | ||||||||
6.00%, 12/01/42
|
1,960 | 2,305,470 | ||||||||
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45
|
4,600 | 4,244,834 | ||||||||
|
89,633,372 | |||||||||
North Carolina 4.2%
|
||||||||||
County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co.
Project, AMT, 5.75%, 8/01/35
|
12,130 | 12,140,796 | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/38
|
10,000 | 11,218,800 | ||||||||
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42
|
2,750 | 3,082,557 | ||||||||
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%,
3/01/41
|
1,130 | 1,277,578 | ||||||||
|
27,719,731 | |||||||||
Ohio 2.9%
|
||||||||||
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38
|
6,125 | 6,877,946 | ||||||||
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40
|
1,280 | 1,411,111 | ||||||||
County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 5/01/39
|
5,450 | 5,881,749 | ||||||||
Pinnacle Community Infrastructure Financing Authority, RB, Facilities, Series A, 6.25%, 12/01/36
|
3,760 | 3,796,848 | ||||||||
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53
|
1,585 | 1,663,505 | ||||||||
|
19,631,159 |
34 | ANNUAL REPORT |
APRIL 30, 2015
|
Schedule of Investments (continued) |
BlackRock Municipal
Income Trust (BFK)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Pennsylvania 1.6%
|
||||||||||
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%,
7/01/42
|
$ | 2,395 | $ | 2,538,652 | ||||||
Pennsylvania Economic Development Financing Authority, RB:
|
||||||||||
Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40
|
3,725 | 4,197,255 | ||||||||
Rapid Bridge Replacement Project, AMT, 5.00%, 12/31/38
|
1,150 | 1,241,931 | ||||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44
|
2,155 | 2,401,403 | ||||||||
|
10,379,241 | |||||||||
Rhode Island 0.8%
|
||||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 6/01/45
|
5,175 | 5,074,398 | ||||||||
South Carolina 3.1%
|
||||||||||
South Carolina State Ports Authority, RB, 5.25%, 7/01/40
|
6,455 | 7,168,988 | ||||||||
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54
|
12,065 | 13,767,492 | ||||||||
|
20,936,480 | |||||||||
Tennessee 0.4%
|
||||||||||
City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health
Initiatives, Series A, 5.25%, 1/01/45
|
2,660 | 2,934,858 | ||||||||
Texas 14.6%
|
||||||||||
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (d)(e)
|
4,370 | 284,050 | ||||||||
Central Texas Regional Mobility Authority, Refunding RB:
|
||||||||||
Senior Lien, 6.25%, 1/01/46
|
4,210 | 4,902,756 | ||||||||
Sub-Lien, 5.00%, 1/01/33
|
700 | 760,487 | ||||||||
City of Austin Texas Airport System, ARB, Revenue, AMT, 5.00%, 11/15/39
|
385 | 423,623 | ||||||||
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35
|
2,970 | 3,410,600 | ||||||||
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39
|
3,000 | 3,360,630 | ||||||||
City of Houston Texas Utility System, Refunding RB, Combined 1st Lien, Series A (AGC), 6.00%, 11/15/35
|
16,425 | 19,457,876 | ||||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series
B:
|
||||||||||
7.00%, 1/01/43
|
380 | 442,886 | ||||||||
7.00%, 1/01/48
|
500 | 576,770 | ||||||||
County of Harris Texas-Houston Sports Authority, Refunding RB (NPFGC) (c):
|
||||||||||
3rd Lien, Series A-3, 0.00%, 11/15/37
|
26,120 | 7,789,768 | ||||||||
CAB, Junior Lien, Series H, 0.00%, 11/15/35
|
5,000 | 1,821,450 | ||||||||
CAB, Senior Lien, Series A, 0.00%, 11/15/38
|
12,580 | 3,936,156 | ||||||||
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A (c):
|
||||||||||
0.00%, 9/15/40
|
9,780 | 3,042,949 | ||||||||
0.00%, 9/15/41
|
5,420 | 1,596,461 | ||||||||
Fort Bend County Industrial Development Corp., RB, NRG Energy Project, Series B, 4.75%, 11/01/42
|
2,045 | 2,139,929 | ||||||||
New
Hope Cultural Education Facilities Corp., RB, Collegiate Housing Stephenville III, LLC., 5.00%, 4/01/35
|
355 | 381,412 | ||||||||
North Texas Tollway Authority, Refunding RB:
|
||||||||||
2nd Tier System, Series F, 6.13%, 1/01/16 (a)
|
12,180 | 12,652,340 | ||||||||
Series A, 5.00%, 1/01/35
|
2,255 | 2,487,513 | ||||||||
Series A, 5.00%, 1/01/38
|
1,795 | 1,963,281 |
Municipal Bonds |
Par
(000) |
Value | |||||||||
Texas (concluded)
|
|||||||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare:
|
|||||||||||
6.00%, 8/15/20 (a)
|
$ | 585 | $ | 721,410 | |||||||
6.00%, 8/15/45
|
7,345 | 8,804,892 | |||||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/32
|
2,835 | 3,093,524 | |||||||||
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 | 7,244,160 | |||||||||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39
|
5,100 | 6,048,396 | |||||||||
|
97,343,319 | ||||||||||
Utah 0.6%
|
|||||||||||
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A:
|
|||||||||||
3.25%, 10/15/36
|
1,940 | 1,709,276 | |||||||||
3.25%, 10/15/42
|
3,010 | 2,554,797 | |||||||||
|
4,264,073 | ||||||||||
Virginia 1.5%
|
|||||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:
|
|||||||||||
5.25%, 1/01/32
|
3,155 | 3,461,350 | |||||||||
6.00%, 1/01/37
|
5,695 | 6,576,871 | |||||||||
|
10,038,221 | ||||||||||
Washington 0.8%
|
|||||||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%,
1/01/45
|
4,420 | 5,128,747 | |||||||||
Wisconsin 0.3%
|
|||||||||||
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group,
Series E, 5.00%, 11/15/33
|
1,640 | 1,823,910 | |||||||||
Total Municipal Bonds 124.1%
|
827,823,194 | ||||||||||
|
|||||||||||
Municipal Bonds Transferred to
Tender Option Bond Trusts (h) |
|||||||||||
Alabama 0.7%
|
|||||||||||
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 | 4,814,335 | |||||||||
California 5.3%
|
|||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (i)
|
5,115 | 5,728,800 | |||||||||
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39
|
18,540 | 21,010,455 | |||||||||
Los
Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/17 (a)
|
4,500 | 4,926,150 | |||||||||
San
Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33
|
3,260 | 3,760,798 | |||||||||
|
35,426,203 | ||||||||||
Colorado 2.0%
|
|||||||||||
Colorado Health Facilities Authority, RB, Catholic Health (AGM):
|
|||||||||||
Series C-3, 5.10%, 10/01/41
|
7,600 | 8,078,952 | |||||||||
Series C-7, 5.00%, 9/01/36
|
4,860 | 5,168,756 | |||||||||
|
13,247,708 |
ANNUAL REPORT | APRIL 30, 2015 |
35
|
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 | ||||||||
Connecticut 3.0%
|
||||||||||
Connecticut State Health & Educational Facility Authority, RB, Yale University:
|
||||||||||
Series T-1, 4.70%, 7/01/29
|
$ | 9,397 | $ | 10,097,837 | ||||||
Series X-3, 4.85%, 7/01/37
|
9,366 | 10,051,065 | ||||||||
|
20,148,902 | |||||||||
Florida 1.1%
|
||||||||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34
|
6,629 | 7,565,002 | ||||||||
Massachusetts 0.7%
|
||||||||||
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41
|
4,427 | 4,950,770 | ||||||||
New Hampshire 0.7%
|
||||||||||
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39
(i)
|
3,988 | 4,527,905 | ||||||||
New York 9.7%
|
||||||||||
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:
|
||||||||||
Series FF-2, 5.50%, 6/15/40
|
3,075 | 3,535,152 | ||||||||
Series HH, 5.00%, 6/15/31 (i)
|
16,393 | 18,747,764 | ||||||||
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (i)
|
3,130 | 3,599,991 | ||||||||
New
York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43
|
20,865 | 23,881,662 | ||||||||
New
York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (i)
|
12,610 | 14,590,905 | ||||||||
|
64,355,474 | |||||||||
Texas 3.0%
|
||||||||||
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43
|
4,900 | 5,433,659 | ||||||||
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41
|
6,650 | 7,381,965 |
Municipal Bonds Transferred to Tender Option Bond Trusts (h) |
Par
(000) |
Value | |||||||||
Texas (concluded)
|
|||||||||||
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43
|
$ | 6,001 | $ | 6,849,308 | |||||||
|
19,664,932 | ||||||||||
Utah 1.2%
|
|||||||||||
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41
|
7,150 | 7,852,224 | |||||||||
Virginia 1.8%
|
|||||||||||
University of Virginia, Refunding RB, General, 5.00%, 6/01/40
|
10,767 | 11,912,281 | |||||||||
Washington 3.3%
|
|||||||||||
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32
|
5,459 | 5,936,432 | |||||||||
State of Washington, GO, Various Purposes, Series E, 5.00%, 2/01/34
|
14,487 | 16,242,712 | |||||||||
|
22,179,144 | ||||||||||
Total Municipal Bonds Transferred to
Tender Option Bond Trusts 32.5% |
216,644,880 | ||||||||||
Total Long-Term Investments
(Cost $964,347,346) 156.6% |
1,044,468,074 | ||||||||||
|
|||||||||||
Short-Term Securities
|
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.02% (j)(k)
|
4,155,414 | 4,155,414 | |||||||||
Total Short-Term Securities
(Cost $4,155,414) 0.6% |
4,155,414 | ||||||||||
Total Investments (Cost $968,502,760) 157.2%
|
1,048,623,488 | ||||||||||
Other Assets Less Liabilities 1.8%
|
11,952,198 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (18.4%)
|
(122,713,117 | ) | |||||||||
VMTP Shares, at Liquidation Value (40.6%)
|
(270,800,000 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 667,062,569 |
Notes to Schedule of Investments
(a) |
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the
date indicated, typically at a premium to par.
|
|||
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold
in transactions exempt from registration to qualified institutional investors.
|
|||
(c) |
Zero-coupon bond.
|
|||
(d) |
Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
|
|||
(e) |
Non-income producing security.
|
|||
(f) |
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.
|
|||
(g) |
Variable rate security. Rate shown is as of report date.
|
|||
(h) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as
collateral in a secured borrowing. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB
Trusts.
|
|||
(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 or in
the event of a default on the security. In the case of a shortfall or default, 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 $25,981,887.
|
|||
(j) |
During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section
2(a)(3) of the 1940 Act were as follows:
|
Affiliate |
Shares
Held at April 30, 2014 |
Net
Activity |
Shares
Held at April 30, 2015 |
Income | |||||||
FFI Institutional Tax-Exempt Fund
|
14,688,018
|
(10,532,604)
|
4,155,414
|
$5,784
|
(k) |
Represents the current yield as of report date.
|
36 | ANNUAL REPORT |
APRIL 30, 2015
|
Schedule of Investments (concluded) | BlackRock Municipal Income Trust (BFK) |
|
As of April 30, 2015, financial futures contracts outstanding were as follows:
|
Contracts
Short |
Issue | Exchange | Expiration |
Notional
Value |
Unrealized
Depreciation |
|||||||||||
(348) | 10-Year U.S. Treasury Note | Chicago Board of Trade | June 2015 | $ | 44,674,500 | $ | (594,605 | ) |
|
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. 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. 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. The three levels of the fair value hierarchy are as follows:
|
|
Level 1 unadjusted quoted prices 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 Trusts own assumptions used in determining the fair value of investments and derivative financial
instruments)
|
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. For information about the Trusts policy regarding valuation of investments and derivative financial
instruments, refer to Note 2 of the Notes to Financial Statements.
|
||||
As of April 30, 2015, the following tables summarize the Trusts investments and derivative financial instruments categorized in
the disclosure hierarchy:
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets:
|
||||||||||||||||||
Investments:
|
||||||||||||||||||
Long-Term Investments
1
|
| $ | 1,044,468,074 | | $ | 1,044,468,074 | ||||||||||||
Short-Term Securities
|
$ | 4,155,414 | | | 4,155,414 | |||||||||||||
Total
|
$ | 4,155,414 | $ | 1,044,468,074 | | $ | 1,048,623,488 | |||||||||||
|
1 | See above Schedule of Investments for values in each state or political subdivision. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Derivative Financial Instruments
2
|
||||||||||||||||||
Liabilities:
|
||||||||||||||||||
Interest rate contracts
|
$ | (594,605 | ) | | | $ | (594,605 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement
purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets:
|
||||||||||||||||||
Cash pledged for financial futures contracts
|
$ | 494,000 | | | $ | 494,000 | ||||||||||||
Liabilities:
|
||||||||||||||||||
TOB Trust Certificates
|
| $ | (122,687,927 | ) | | (122,687,927 | ) | |||||||||||
VMTP Shares
|
| (270,800,000 | ) | | (270,800,000 | ) | ||||||||||||
Total
|
$ | 494,000 | $ | (393,487,927 | ) | | $ | (392,993,927 | ) | |||||||||
|
During the year ended April 30, 2015, there were no transfers between levels.
|
ANNUAL REPORT | APRIL 30, 2015 |
37
|
Schedule of Investments April 30, 2015 |
BlackRock Strategic
Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Alabama 2.4%
|
||||||||||
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19
|
$ | 465 | $ | 467,316 | ||||||
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 7.00%, 10/01/51
|
1,115 | 1,335,391 | ||||||||
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/40
|
655 | 763,723 | ||||||||
|
2,566,430 | |||||||||
Alaska 0.9%
|
||||||||||
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A:
|
||||||||||
4.63%, 6/01/23
|
525 | 525,074 | ||||||||
5.00%, 6/01/46
|
530 | 416,246 | ||||||||
|
941,320 | |||||||||
Arizona 1.1%
|
||||||||||
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37
|
1,000 | 1,134,890 | ||||||||
California 8.6%
|
||||||||||
Bay
Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 4/01/19 (a)
|
720 | 846,453 | ||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42
|
1,010 | 1,206,475 | ||||||||
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33
|
400 | 452,920 | ||||||||
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
|
||||||||||
5.25%, 8/15/39
|
45 | 49,108 | ||||||||
5.25%, 8/15/49
|
115 | 125,263 | ||||||||
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45
(b)
|
475 | 512,463 | ||||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:
|
||||||||||
Senior, 5.00%, 5/15/40
|
1,875 | 2,129,550 | ||||||||
5.25%, 5/15/39
|
250 | 282,997 | ||||||||
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38
|
110 | 132,782 | ||||||||
County of Stanislaus California Tobacco Securitization Agency, RB, CAB, Sub-Series C, 0.00%, 6/01/55 (c)
|
3,095 | 38,564 | ||||||||
State of California, GO, Various Purposes:
|
||||||||||
6.00%, 3/01/33
|
800 | 959,448 | ||||||||
6.50%, 4/01/33
|
650 | 774,891 | ||||||||
State of California Public Works Board, LRB:
|
||||||||||
Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33
|
915 | 1,070,962 | ||||||||
Various Capital Projects, Series I, 5.00%, 11/01/38
|
240 | 267,773 | ||||||||
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34
|
375 | 456,165 | ||||||||
|
9,305,814 | |||||||||
Colorado 1.5%
|
||||||||||
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34
|
680 | 774,887 | ||||||||
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax, 5.50%, 12/01/37
|
440 | 446,019 | ||||||||
Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31
|
320 | 366,970 | ||||||||
|
1,587,876 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Delaware 2.1%
|
||||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40
|
$ | 820 | $ | 943,861 | ||||||
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45
|
1,210 | 1,318,271 | ||||||||
|
2,262,132 | |||||||||
District of Columbia 3.4%
|
||||||||||
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41
|
690 | 733,456 | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.50%, 5/15/33
|
1,340 | 1,691,737 | ||||||||
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
|
||||||||||
5.00%, 10/01/39
|
160 | 174,526 | ||||||||
5.25%, 10/01/44
|
1,000 | 1,118,100 | ||||||||
|
3,717,819 | |||||||||
Florida 2.2%
|
||||||||||
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45
|
265 | 289,873 | ||||||||
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40
|
950 | 1,247,711 | ||||||||
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43
|
765 | 855,920 | ||||||||
|
2,393,504 | |||||||||
Georgia 2.2%
|
||||||||||
City of Atlanta Georgia Water & Wastewater, Refunding RB, 5.00%, 11/01/40
|
590 | 666,275 | ||||||||
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%,
8/15/54
|
160 | 183,893 | ||||||||
DeKalb Private Hospital Authority, Refunding RB, Childrens Healthcare, 5.25%, 11/15/39
|
265 | 304,324 | ||||||||
Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/39
|
1,095 | 1,231,601 | ||||||||
|
2,386,093 | |||||||||
Hawaii 0.4%
|
||||||||||
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30
|
425 | 483,217 | ||||||||
Illinois 22.7%
|
||||||||||
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41
|
1,400 | 1,355,130 | ||||||||
City of Chicago Illinois, GARB, OHare International Airport, 3rd Lien:
|
||||||||||
Series A, 5.75%, 1/01/39
|
1,500 | 1,709,400 | ||||||||
Series C, 6.50%, 1/01/41
|
1,855 | 2,245,960 | ||||||||
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34
|
1,000 | 971,560 | ||||||||
City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32
|
1,000 | 1,006,850 | ||||||||
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38
|
260 | 282,331 | ||||||||
City of Chicago Illinois OHare International Airport, GARB, 3rd Lien, Series A, 5.63%, 1/01/35
|
800 | 908,688 | ||||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40
|
330 | 364,310 | ||||||||
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42
|
1,415 | 1,531,667 | ||||||||
County of Cook Illinois Community College District No. 508, GO, City
College of Chicago, 5.50%, 12/01/38
|
245 | 279,888 | ||||||||
Illinois Finance Authority, Refunding RB:
|
||||||||||
Ascension Health, Series A, 5.00%, 11/15/37
|
305 | 338,498 | ||||||||
Central Dupage Health, Series B, 5.50%, 11/01/39
|
2,500 | 2,884,300 | ||||||||
Friendship Village Schaumburg, Series A, 5.63%, 2/15/37
|
145 | 145,016 |
38 | ANNUAL REPORT |
APRIL 30, 2015
|
Schedule of Investments (continued) |
BlackRock Strategic
Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Illinois (concluded)
|
||||||||||
Illinois State Toll Highway Authority, RB:
|
||||||||||
Senior, Series C, 5.00%, 1/01/36
|
$ | 815 | $ | 912,384 | ||||||
Senior, Series C, 5.00%, 1/01/37
|
875 | 977,270 | ||||||||
Series A, 5.00%, 1/01/38
|
730 | 809,796 | ||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
|
||||||||||
CAB, Series B (AGM), 0.00%, 6/15/44 (c)
|
2,980 | 757,158 | ||||||||
Series B (AGM), 5.00%, 6/15/50
|
1,280 | 1,336,589 | ||||||||
Series B-2, 5.00%, 6/15/50
|
785 | 811,823 | ||||||||
Railsplitter Tobacco Settlement Authority, RB:
|
||||||||||
5.50%, 6/01/23
|
175 | 204,836 | ||||||||
6.00%, 6/01/28
|
940 | 1,107,179 | ||||||||
State of Illinois, GO:
|
||||||||||
5.00%, 2/01/39
|
480 | 496,469 | ||||||||
Series A, 5.00%, 4/01/35
|
1,000 | 1,039,040 | ||||||||
Series A, 5.00%, 4/01/38
|
1,135 | 1,171,649 | ||||||||
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34
|
200 | 223,574 | ||||||||
University of Illinois, RB, Auxiliary Facilities System, Series A:
|
||||||||||
5.00%, 4/01/39
|
250 | 277,098 | ||||||||
5.00%, 4/01/44
|
310 | 343,102 | ||||||||
|
24,491,565 | |||||||||
Indiana 4.5%
|
||||||||||
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A, 4.00%, 2/01/38
|
295 | 304,936 | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
|
||||||||||
6.75%, 1/01/34
|
245 | 297,680 | ||||||||
7.00%, 1/01/44
|
1,090 | 1,332,416 | ||||||||
Indiana Finance Authority, RB, Series A:
|
||||||||||
CWA Authority Project, 1st Lien, 5.25%, 10/01/38
|
1,020 | 1,168,675 | ||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44
|
140 | 149,114 | ||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48
|
465 | 494,606 | ||||||||
Sisters of St. Francis Health Services, 5.25%, 11/01/39
|
270 | 301,801 | ||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39
|
350 | 402,500 | ||||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40
|
400 | 441,916 | ||||||||
|
4,893,644 | |||||||||
Iowa 2.6%
|
||||||||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:
|
||||||||||
5.00%, 12/01/19
|
300 | 324,051 | ||||||||
5.50%, 12/01/22
|
730 | 779,034 | ||||||||
5.25%, 12/01/25
|
145 | 161,737 | ||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22
|
460 | 490,535 | ||||||||
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46
|
1,145 | 1,016,050 | ||||||||
|
2,771,407 | |||||||||
Kentucky 3.9%
|
||||||||||
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45
|
310 | 342,032 | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/24 (c)
|
5,000 | 3,590,200 | ||||||||
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43
(d)
|
375 | 259,995 | ||||||||
|
4,192,227 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Louisiana 2.7%
|
||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%,
11/01/35
|
$ | 1,055 | $ | 1,260,809 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
|
||||||||||
5.50%, 5/15/30
|
320 | 364,067 | ||||||||
5.25%, 5/15/31
|
270 | 303,337 | ||||||||
5.25%, 5/15/32
|
345 | 393,938 | ||||||||
5.25%, 5/15/33
|
375 | 419,108 | ||||||||
5.25%, 5/15/35
|
160 | 181,394 | ||||||||
|
2,922,653 | |||||||||
Maryland 1.9%
|
||||||||||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35
|
135 | 145,417 | ||||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25
|
1,000 | 1,108,700 | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41
|
690 | 773,207 | ||||||||
|
2,027,324 | |||||||||
Massachusetts 0.4%
|
||||||||||
Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT, 5.25%,
11/01/42 (b)
|
445 | 459,569 | ||||||||
Michigan 4.8%
|
||||||||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39
|
1,925 | 2,067,392 | ||||||||
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41
|
465 | 543,199 | ||||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36
|
435 | 487,905 | ||||||||
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44
|
275 | 289,526 | ||||||||
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, Series A, 5.25%, 11/15/46
|
500 | 523,185 | ||||||||
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (a)
|
1,000 | 1,235,880 | ||||||||
|
5,147,087 | |||||||||
Missouri 0.5%
|
||||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%,
10/01/44
|
80 | 88,883 | ||||||||
State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%,
2/01/42
|
330 | 356,846 | ||||||||
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%,
5/01/43
|
80 | 87,518 | ||||||||
|
533,247 | |||||||||
Nebraska 1.8%
|
||||||||||
Central Plains Energy Project Nebraska, RB, Gas Project No. 3:
|
||||||||||
5.25%, 9/01/37
|
260 | 290,808 | ||||||||
5.00%, 9/01/42
|
455 | 495,422 | ||||||||
County of Douglas Nebraska Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 1/01/40
|
720 | 792,511 | ||||||||
County of Hall Nebraska School District No. 2, GO, Grand Island Public Schools, 5.00%, 12/15/39
|
300 | 339,372 | ||||||||
|
1,918,113 |
ANNUAL REPORT | APRIL 30, 2015 |
39
|
Schedule of Investments (continued) |
BlackRock Strategic
Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||||
Nevada 0.8%
|
||||||||||
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%,
5/15/29
|
$ | 880 | $ | 914,144 | ||||||
New Jersey 8.7%
|
||||||||||
Casino Reinvestment Development Authority, Refunding RB:
|
||||||||||
5.25%, 11/01/39
|
320 | 339,661 | ||||||||
5.25%, 11/01/44
|
250 | 266,760 | ||||||||
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (e)(f)
|
645 | 32,024 | ||||||||
New
Jersey EDA, RB, AMT:
|
||||||||||
Continental Airlines, Inc. Project, 5.13%, 9/15/23
|
1,090 | 1,199,338 | ||||||||
Continental Airlines, Inc. Project, 5.25%, 9/15/29
|
145 | 158,861 | ||||||||
Private Activity Bond, The Goethals Bridge Replacement Project, 5.38%, 1/01/43
|
500 | 552,970 | ||||||||
New
Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31
|
705 | 821,494 | ||||||||
New
Jersey State Turnpike Authority, RB:
|
||||||||||
Series A, 5.00%, 1/01/43
|
1,625 | 1,784,786 | ||||||||
Series E, 5.25%, 1/01/40
|
1,355 | 1,500,391 | ||||||||
New
Jersey Transportation Trust Fund Authority, RB:
|
||||||||||
Transportation Program, Series AA, 5.00%, 6/15/44
|
1,090 | 1,132,848 | ||||||||
Transportation System, Series A, 5.50%, 6/15/41
|
575 | 629,912 | ||||||||
Transportation System, Series B, 5.25%, 6/15/36
|
775 | 816,796 | ||||||||
Rutgers The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43
|
165 | 185,452 | ||||||||
|
9,421,293 | |||||||||
New York 11.0%
|
||||||||||
City of New York New York Industrial Development Agency, ARB, AMT:
|
||||||||||
American Airlines, Inc., JFK International Airport, 7.75%, 8/01/31 (g)
|
3,000 | 3,252,480 | ||||||||
British Airways PLC Project, 7.63%, 12/01/32
|
1,000 | 1,006,200 | ||||||||
City of New York New York Transitional Finance Authority, RB, Future Tax Secured Revenue, Fiscal 2015, Series B, Sub-Series B-1, 5.00%,
8/01/39
|
500 | 565,150 | ||||||||
City of New York New York Transitional Finance Authority, RB, Future Tax Secured Bonds, Fiscal 2012, Sub-Series E-1, 5.00%,
2/01/42
|
770 | 866,473 | ||||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (b)
|
600 | 610,152 | ||||||||
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44
|
314 | 347,593 | ||||||||
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38
|
750 | 861,623 | ||||||||
New
York Liberty Development Corp., Refunding RB:
|
||||||||||
2nd Priority, Bank of America Tower at 1 Bryant Park Project, Class 3, 6.38%, 7/15/49
|
385 | 438,823 | ||||||||
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (b)
|
1,555 | 1,619,641 | ||||||||
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (b)
|
105 | 114,281 | ||||||||
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (b)
|
265 | 290,686 | ||||||||
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42
(b)
|
330 | 341,976 | ||||||||
Port Authority of New York & New Jersey, JFK International Air Terminal LLC Project, ARB, Special Project, Series 8:
|
||||||||||
6.00%, 12/01/36
|
410 | 482,267 | ||||||||
6.00%, 12/01/42
|
395 | 464,623 | ||||||||
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45
|
700 | 645,953 | ||||||||
|
11,907,921 |
Municipal Bonds |
Par
(000) |
Value | ||||||||
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 | $ | 493,209 | ||||||
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%,
3/01/41
|
185 | 209,161 | ||||||||
|
702,370 | |||||||||
Ohio 1.4%
|
||||||||||
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40
|
210 | 231,510 | ||||||||
County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 5/01/39
|
885 | 955,110 | ||||||||
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53
|
255 | 267,630 | ||||||||
|
1,454,250 | |||||||||
Oregon 0.7%
|
||||||||||
State of Oregon Facilities Authority, RB, Student Housing, CHF-Ashland, Southern Oregon University Project,
5.00%, 7/01/44
|
715 | 786,736 | ||||||||
Pennsylvania 2.0%
|
||||||||||
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%,
7/01/42
|
385 | 408,092 | ||||||||
Pennsylvania Economic Development Financing Authority, RB:
|
||||||||||
Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40
|
600 | 676,068 | ||||||||
Rapid Bridge Replacement Project, AMT, 5.00%, 12/31/38
|
185 | 199,789 | ||||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44
|
480 | 492,898 | ||||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44
|
345 | 384,447 | ||||||||
|
2,161,294 | |||||||||
Rhode Island 0.8%
|
||||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 6/01/45
|
830 | 813,865 | ||||||||
South Carolina 2.4%
|
||||||||||
South Carolina State Ports Authority, RB, 5.25%, 7/01/40
|
1,040 | 1,155,035 | ||||||||
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54
|
1,220 | 1,392,154 | ||||||||
|
2,547,189 | |||||||||
Tennessee 1.7%
|
||||||||||
City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%,
1/01/45
|
430 | 474,432 | ||||||||
County of Shelby Tennessee Health Educational & Housing Facilities Board, Refunding RB, St. Judes Childrens Research Hospital, 5.00%,
7/01/31
|
1,270 | 1,328,750 | ||||||||
|
1,803,182 | |||||||||
Texas 13.2%
|
||||||||||
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (e)(f)
|
730 | 47,450 | ||||||||
Central Texas Regional Mobility Authority, Refunding RB:
|
||||||||||
Senior Lien, 6.25%, 1/01/46
|
680 | 791,894 | ||||||||
Sub-Lien, 5.00%, 1/01/33
|
115 | 124,937 | ||||||||
City of Austin Texas Airport System, ARB, Revenue, AMT, 5.00%, 11/15/39
|
190 | 209,061 | ||||||||
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35
|
475 | 545,466 |
40 | ANNUAL REPORT |
APRIL 30, 2015
|
Schedule of Investments (continued) |
BlackRock Strategic
Municipal Trust (BSD)
(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
|
$ | 485 | $ | 543,302 | ||||||
United Airlines, Inc. Terminal E Project, AMT, 5.00%, 7/01/29
|
135 | 143,162 | ||||||||
City of Houston Texas Utility System, Refunding RB, Combined 1st Lien, Series A (AGC), 6.00%, 11/15/35
|
2,730 | 3,234,094 | ||||||||
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 8/15/43
|
230 | 275,453 | ||||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%,
1/01/48
|
145 | 167,263 | ||||||||
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 0.00%, 11/15/38 (c)
|
4,750 | 1,486,227 | ||||||||
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 9/15/37 (c)
|
4,485 | 1,620,655 | ||||||||
La
Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 8/15/19 (a)
|
500 | 601,230 | ||||||||
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 9/01/37 (c)
|
640 | 227,782 | ||||||||
North Texas Tollway Authority, Refunding RB:
|
||||||||||
2nd Tier System, Series F, 6.13%, 1/01/16 (a)
|
1,025 | 1,064,750 | ||||||||
Series A, 5.00%, 1/01/35
|
365 | 402,635 | ||||||||
Series A, 5.00%, 1/01/38
|
290 | 317,188 | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare:
|
||||||||||
6.00%, 8/15/20 (a)
|
95 | 117,152 | ||||||||
6.00%, 8/15/45
|
1,175 | 1,408,543 | ||||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
|
||||||||||
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40
|
500 | 603,680 | ||||||||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39
|
275 | 326,139 | ||||||||
|
14,258,063 | |||||||||
Virginia 5.7%
|
||||||||||
County of Fairfax Virginia EDA, Refunding RB, Goodwin House, Inc., 5.13%, 10/01/42
|
1,000 | 1,028,220 | ||||||||
University of Virginia, Refunding RB, General, 5.00%, 6/01/40
|
2,500 | 2,765,775 | ||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:
|
||||||||||
5.25%, 1/01/32
|
250 | 274,275 | ||||||||
6.00%, 1/01/37
|
1,845 | 2,130,698 | ||||||||
|
6,198,968 | |||||||||
Washington 0.8%
|
||||||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%,
1/01/45
|
715 | 829,650 | ||||||||
Wisconsin 2.0%
|
||||||||||
Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series A,
5.00%, 11/15/31
|
2,000 | 2,120,180 | ||||||||
Wyoming 1.6%
|
||||||||||
County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, Remarketing, 5.25%, 7/15/26
|
975 | 1,116,453 | ||||||||
Wyoming Municipal Power Agency, Inc., RB, Series A:
|
||||||||||
5.00%, 1/01/42
|
95 | 101,254 | ||||||||
5.38%, 1/01/42
|
500 | 546,785 | ||||||||
|
1,764,492 | |||||||||
Total Municipal Bonds 124.1%
|
133,819,528 |
Municipal Bonds Transferred to
Tender Option Bond Trusts (h) |
Par
(000) |
Value | ||||||||
Alabama 0.7%
|
||||||||||
City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB, Ascension Health,
Senior Credit, Series C-2, 5.00%, 11/15/36
|
$ | 760 | $ | 804,152 | ||||||
California 5.4%
|
||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (i)
|
855 | 957,600 | ||||||||
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39
|
2,970 | 3,365,752 | ||||||||
Los
Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/17 (a)
|
740 | 810,078 | ||||||||
San
Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33
|
553 | 638,301 | ||||||||
|
5,771,731 | |||||||||
Colorado 2.0%
|
||||||||||
Colorado Health Facilities Authority, RB, Catholic Health (AGM):
|
||||||||||
Series C-3, 5.10%, 10/01/41
|
1,210 | 1,286,254 | ||||||||
Series C-7, 5.00%, 9/01/36
|
780 | 829,553 | ||||||||
|
2,115,807 | |||||||||
Connecticut 3.1%
|
||||||||||
Connecticut State Health & Educational Facility Authority, RB, Yale University:
|
||||||||||
Series T-1, 4.70%, 7/01/29
|
1,580 | 1,697,296 | ||||||||
Series X-3, 4.85%, 7/01/37
|
1,541 | 1,653,701 | ||||||||
|
3,350,997 | |||||||||
Massachusetts 0.7%
|
||||||||||
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41
|
720 | 805,549 | ||||||||
New Hampshire 0.7%
|
||||||||||
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39
(i)
|
645 | 731,955 | ||||||||
New York 6.8%
|
||||||||||
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%,
6/15/40
|
510 | 586,318 | ||||||||
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (i)
|
500 | 575,079 | ||||||||
New
York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43
|
3,375 | 3,862,957 | ||||||||
New
York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (i)
|
2,030 | 2,348,893 | ||||||||
|
7,373,247 | |||||||||
Texas 5.2%
|
||||||||||
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43
|
780 | 864,950 | ||||||||
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (i)
|
2,142 | 2,394,985 | ||||||||
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41
|
1,080 | 1,198,876 | ||||||||
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43
|
975 | 1,113,012 | ||||||||
|
5,571,823 | |||||||||
Utah 1.2%
|
||||||||||
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41
|
1,154 | 1,267,550 | ||||||||
Virginia 1.8%
|
||||||||||
University of Virginia, Refunding RB, General, 5.00%, 6/01/40
|
1,785 | 1,974,319 |
ANNUAL REPORT | APRIL 30, 2015 |
41
|
Schedule of Investments (continued) |
BlackRock Strategic
Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to
Tender Option Bond Trusts (h) |
Par
(000) |
Value | ||||||||
Washington 3.4%
|
||||||||||
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32
|
$ | 900 | $ | 978,533 | ||||||
State of Washington, GO, Various Purposes, Series E, 5.00%, 2/01/34
|
2,400 | 2,690,304 | ||||||||
|
3,668,837 | |||||||||
Total Municipal Bonds Transferred to
Tender Option Bond Trusts 31.0% |
33,435,967 | |||||||||
Total Long-Term Investments
(Cost $152,892,393) 155.1% |
167,255,495 |
Short-Term Securities |
Shares | Value | ||||||||
FFI Institutional Tax-Exempt Fund, 0.02% (j)(k)
|
778,976 | $ | 778,976 | |||||||
Total Short-Term Securities
(Cost $778,976) 0.7% |
778,976 | |||||||||
Total Investments (Cost $153,671,369) 155.8%
|
168,034,471 | |||||||||
Other Assets Less Liabilities 1.9%
|
2,026,530 | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (17.9%)
|
(19,312,410 | ) | ||||||||
VMTP Shares, at Liquidation Value (39.8%)
|
(42,900,000 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 107,848,591 |
Notes to Schedule of Investments
(a) |
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the
date indicated, typically at a premium to par.
|
|||
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold
in transactions exempt from registration to qualified institutional investors.
|
|||
(c) |
Zero-coupon bond.
|
|||
(d) |
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.
|
|||
(e) |
Non-income producing security.
|
|||
(f) |
Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
|
|||
(g) |
Variable rate security. Rate shown is as of report date.
|
|||
(h) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as
collateral in a secured borrowing. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB
Trusts.
|
|||
(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 or in
the event of a default on the security. In the case of a shortfall or default, 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 $4,045,248.
|
|||
(j) |
During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section
2(a)(3) of the 1940 Act were as follows:
|
Affiliate |
Shares
Held at April 30, 2014 |
Net
Activity |
Shares
Held at April 30, 2015 |
Income | |||||||
FFI Institutional Tax-Exempt Fund
|
2,167,802
|
(1,388,826)
|
778,976
|
$646
|
(k) |
Represents the current yield as of report date.
|
|||
|
As of April 30, 2015, financial futures contracts outstanding were as follows:
|
Contracts
Short |
Issue | Exchange | Expiration |
Notional
Value |
Unrealized
Depreciation |
|||||||||||
(56) | 10-Year U.S. Treasury Note | Chicago Board of Trade | June 2015 | $ | 7,189,000 | $ | (95,755 | ) |
|
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. 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. 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. The three levels of the fair value hierarchy are as follows:
|
|
Level 1 unadjusted quoted prices 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 Trusts own assumptions used in determining the fair value of investments and derivative financial
instruments)
|
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. For information about the Trusts policy regarding valuation of investments and derivative financial
instruments, refer to Note 2 of the Notes to Financial Statements.
|
42 | ANNUAL REPORT |
APRIL 30, 2015
|
Schedule of Investments (concluded) | BlackRock Strategic Municipal Trust (BSD) |
As of April 30, 2015, the following tables summarize the Trusts investments and derivative financial instruments categorized in
the disclosure hierarchy:
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets:
|
||||||||||||||||||
Investments:
|
||||||||||||||||||
Long-Term Investments
1
|
| $ | 167,255,495 | | $ | 167,255,495 | ||||||||||||
Short-Term Securities
|
$ | 778,976 | | | 778,976 | |||||||||||||
Total
|
$ | 778,976 | $ | 167,255,495 | | $ | 168,034,471 | |||||||||||
|
1 | See above Schedule of Investments for values in each state or political subdivision. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Derivative Financial Instruments
2
|
||||||||||||||||||
Liabilities:
|
||||||||||||||||||
Interest rate contracts
|
$ | (95,755 | ) | | | $ | (95,755 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement
purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets:
|
||||||||||||||||||
Cash pledged for financial futures contracts
|
$ | 114,000 | | | $ | 114,000 | ||||||||||||
Liabilities:
|
||||||||||||||||||
TOB Trust Certificates
|
| $ | (19,308,550 | ) | | (19,308,550 | ) | |||||||||||
VMTP Shares
|
| (42,900,000 | ) | | (42,900,000 | ) | ||||||||||||
Total
|
$ | 114,000 | $ | (62,208,550 | ) | | $ | (62,094,550 | ) | |||||||||
|
During the year ended April 30, 2015, there were no transfers between levels.
|
ANNUAL REPORT | APRIL 30, 2015 |
43
|
44 | ANNUAL REPORT |
APRIL 30, 2015
|
Year Ended April 30, 2015 |
BlackRock
Investment Quality Municipal Trust, Inc. (BKN) |
BlackRock
Long-Term Municipal Advantage Trust (BTA) |
BlackRock
Municipal 2020 Term Trust (BKK) |
BlackRock
Municipal Income Trust (BFK) |
BlackRock
Strategic Municipal Trust (BSD) |
|||||||||||||||||
Investment
Income
|
||||||||||||||||||||||
Interest
|
$ | 19,450,164 | $ | 11,696,743 | $ | 14,797,904 | $ | 49,880,547 | $ | 7,930,015 | ||||||||||||
Interest affiliated
|
2,869 | 532 | 3,640 | 5,784 | 646 | |||||||||||||||||
Total income
|
19,453,033 | 11,697,275 | 14,801,544 | 49,886,331 | 7,930,661 | |||||||||||||||||
Expenses
|
||||||||||||||||||||||
Investment advisory
|
1,499,466 | 1,674,510 | 1,964,059 | 6,355,141 | 1,019,304 | |||||||||||||||||
Administration
|
642,628 | | | | | |||||||||||||||||
Professional
|
81,005 | 63,866 | 82,622 | 165,526 | 61,570 | |||||||||||||||||
Accounting services
|
60,231 | 19,996 | 54,990 | 74,975 | 31,007 | |||||||||||||||||
Rating agency
|
33,435 | | 10,979 | 33,435 | 33,435 | |||||||||||||||||
Transfer agent
|
32,953 | 22,144 | 53,367 | 52,100 | 21,312 | |||||||||||||||||
Officer and Trustees
|
26,462 | 15,320 | 30,022 | 66,051 | 10,067 | |||||||||||||||||
Custodian
|
25,687 | 11,645 | 22,858 | 45,661 | 11,365 | |||||||||||||||||
Remarketing fees on Preferred Shares
|
| | 88,068 | | | |||||||||||||||||
Printing
|
11,233 | 8,548 | 10,524 | 17,569 | 8,456 | |||||||||||||||||
Registration
|
9,412 | 9,355 | 9,384 | 15,668 | 9,364 | |||||||||||||||||
Miscellaneous
|
45,333 | 30,752 | 44,071 | 71,494 | 34,664 | |||||||||||||||||
Total expenses excluding interest expense, fees and amortization of offering costs
|
2,467,845 | 1,856,136 | 2,370,944 | 6,897,620 | 1,240,544 | |||||||||||||||||
Interest expense, fees and amortization of offering costs
1
|
1,541,234 | 597,992 | 22,411 | 3,721,181 | 602,282 | |||||||||||||||||
Total expenses
|
4,009,079 | 2,454,128 | 2,393,355 | 10,618,801 | 1,842,826 | |||||||||||||||||
Less fees waived by the Manager
|
(1,976 | ) | (402 | ) | (2,322 | ) | (4,846 | ) | (562 | ) | ||||||||||||
Total expenses after fees waived
|
4,007,103 | 2,453,726 | 2,391,033 | 10,613,955 | 1,842,264 | |||||||||||||||||
Net investment income
|
15,445,930 | 9,243,549 | 12,410,511 | 39,272,376 | 6,088,397 | |||||||||||||||||
Realized
and Unrealized Gain (Loss)
|
||||||||||||||||||||||
Net realized gain (loss) from:
|
||||||||||||||||||||||
Investments
|
4,931,725 | 1,064,657 | 798,069 | 1,900,961 | 417,188 | |||||||||||||||||
Financial futures contracts
|
(1,245,930 | ) | (416,224 | ) | | (3,432,598 | ) | (547,796 | ) | |||||||||||||
|
3,685,795 | 648,433 | 798,069 | (1,531,637 | ) | (130,608 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) on:
|
||||||||||||||||||||||
Investments
|
10,396,478 | 6,518,008 | 2,011,193 | 31,731,637 | 5,300,277 | |||||||||||||||||
Financial futures contracts
|
(324,669 | ) | (121,599 | ) | | (369,497 | ) | (59,364 | ) | |||||||||||||
|
10,071,809 | 6,396,409 | 2,011,193 | 31,362,140 | 5,240,913 | |||||||||||||||||
Net realized and unrealized gain
|
13,757,604 | 7,044,842 | 2,809,262 | 29,830,503 | 5,110,305 | |||||||||||||||||
Distributions
to AMPS Shareholders From
|
||||||||||||||||||||||
Net investment income
|
| | (63,485 | ) | | | ||||||||||||||||
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations
|
$ | 29,203,534 | $ | 16,288,391 | $ | 15,156,288 | $ | 69,102,879 | $ | 11,198,702 |
ANNUAL REPORT | APRIL 30, 2015 |
45
|
BlackRock Investment Quality
Municipal Trust, Inc. (BKN) |
BlackRock Long-Term
Municipal Advantage Trust (BTA) |
|||||||||||||||
Year Ended April 30, | Year Ended April 30, | |||||||||||||||
Increase (Decrease) in Net Assets
Applicable to Common Shareholders:
|
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operations
|
||||||||||||||||
Net investment income
|
$ | 15,445,930 | $ | 16,097,220 | $ | 9,243,549 | $ | 9,590,121 | ||||||||
Net realized gain (loss)
|
3,685,795 | (3,007,725 | ) | 648,433 | (1,821,794 | ) | ||||||||||
Net change in unrealized appreciation (depreciation)
|
10,071,809 | (13,983,417 | ) | 6,396,409 | (8,941,577 | ) | ||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations
|
29,203,534 | (893,922 | ) | 16,288,391 | (1,173,250 | ) | ||||||||||
Distributions to Common Shareholders From
1
|
||||||||||||||||
Net investment income
|
(16,287,864 | ) | (16,474,796 | ) | (9,623,751 | ) | (9,986,152 | ) | ||||||||
Capital Share Transactions
|
||||||||||||||||
Reinvestment of common distributions
|
94,320 | 153,255 | | | ||||||||||||
Net Assets Applicable to Common Shareholders
|
||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders
|
13,009,990 | (17,215,463 | ) | 6,664,640 | (11,159,402 | ) | ||||||||||
Beginning of year
|
263,298,336 | 280,513,799 | 161,268,504 | 172,427,906 | ||||||||||||
End of year
|
$ | 276,308,326 | $ | 263,298,336 | $ | 167,933,144 | $ | 161,268,504 | ||||||||
Undistributed net investment income, end of year
|
$ | 2,229,406 | $ | 2,964,057 | $ | 1,561,741 | $ | 1,986,539 |
BlackRock Municipal 2020
Term Trust (BKK) |
BlackRock Municipal
Income Trust (BFK) |
|||||||||||||||
Year Ended April 30, | Year Ended April 30, | |||||||||||||||
Increase (Decrease) in Net Assets Applicable to Common Shareholders:
|
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operations
|
||||||||||||||||
Net investment income
|
$ | 12,410,511 | $ | 15,021,001 | $ | 39,272,376 | $ | 41,546,552 | ||||||||
Net realized gain (loss)
|
798,069 | 649,633 | (1,531,637 | ) | (6,905,217 | ) | ||||||||||
Net change in unrealized appreciation (depreciation)
|
2,011,193 | (11,991,297 | ) | 31,362,140 | (44,394,070 | ) | ||||||||||
Distributions to AMPS Shareholders from net investment income
|
(63,485 | ) | (155,085 | ) | | | ||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations
|
15,156,288 | 3,524,252 | 69,102,879 | (9,752,735 | ) | |||||||||||
Distributions
to Common Shareholders From
1
|
||||||||||||||||
Net investment income
|
(13,509,973 | ) | (16,351,196 | ) | (40,617,153 | ) | (40,558,222 | ) | ||||||||
Capital
Share Transactions
|
||||||||||||||||
Reinvestment of common distributions
|
| | | 180,644 | ||||||||||||
Net
Assets Applicable to Common Shareholders
|
||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders
|
1,646,315 | (12,826,944 | ) | 28,485,726 | (50,130,313 | ) | ||||||||||
Beginning of year
|
328,163,295 | 340,990,239 | 638,576,843 | 688,707,156 | ||||||||||||
End of year
|
$ | 329,809,610 | $ | 328,163,295 | $ | 667,062,569 | $ | 638,576,843 | ||||||||
Undistributed net investment income, end of year
|
$ | 11,484,375 | $ | 13,764,307 | $ | 9,339,206 | $ | 10,627,072 |
46 | ANNUAL REPORT |
APRIL 30, 2015
|
Statements of Changes in Net Assets |
|
BlackRock Strategic
Municipal Trust (BSD) |
||||||||
Year Ended April 30, | ||||||||
Increase (Decrease) in Net Assets
Applicable to Common Shareholders:
|
2015 | 2014 | ||||||
Operations
|
||||||||
Net investment income
|
$ | 6,088,397 | $ | 6,293,684 | ||||
Net realized loss
|
(130,608 | ) | (1,316,968 | ) | ||||
Net change in unrealized appreciation (depreciation)
|
5,240,913 | (7,016,152 | ) | |||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations
|
11,198,702 | (2,039,436 | ) | |||||
Distributions
to Common Shareholders From
1
|
||||||||
Net investment income
|
(6,418,819 | ) | (6,495,251 | ) | ||||
Net
Assets Applicable to Common Shareholders
|
||||||||
Total increase (decrease) in net assets applicable to Common Shareholders
|
4,779,883 | (8,534,687 | ) | |||||
Beginning of year
|
103,068,708 | 111,603,395 | ||||||
End of year
|
$ | 107,848,591 | $ | 103,068,708 | ||||
Undistributed net investment income, end of year
|
$ | 1,094,120 | $ | 1,354,019 |
1 | Distributions for annual periods determined in accordance with federal income tax regulations. |
ANNUAL REPORT | APRIL 30, 2015 |
47
|
Year Ended April 30,
2015
|
BlackRock
Investment Quality Municipal Trust, Inc. (BKN) |
BlackRock
Long-Term Municipal Advantage Trust (BTA) |
BlackRock
Municipal Income Trust (BFK) |
BlackRock
Strategic Municipal Trust (BSD) |
||||||||||||
Cash
Provided by Operating Activities
|
||||||||||||||||
Net increase in net assets resulting from operations
|
$ | 29,203,534 | $ | 16,288,391 | $ | 69,102,879 | $ | 11,198,702 | ||||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
|
||||||||||||||||
(Increase) decrease in interest receivable
|
(111,013 | ) | 22,495 | (526,656 | ) | (93,620 | ) | |||||||||
Increase in variation margin receivable on financial futures contracts
|
(49,080 | ) | (10,125 | ) | (48,939 | ) | (7,875 | ) | ||||||||
Decrease in prepaid expenses
|
1,773 | 3,038 | 6,155 | 324 | ||||||||||||
(Increase) decrease in cash pledged for financial futures contracts
|
20,000 | (2,000 | ) | 495,000 | 94,000 | |||||||||||
Increase in investment advisory fees payable
|
7,283 | 8,053 | 20,024 | 2,717 | ||||||||||||
Decrease in interest expense and fees payable
|
(598 | ) | (3,220 | ) | (4,299 | ) | (798 | ) | ||||||||
Increase in administration fees payable
|
3,086 | | | | ||||||||||||
Increase in other accrued expenses payable
|
22,448 | 7,841 | 27,390 | 11,528 | ||||||||||||
Decrease in variation margin payable on financial futures contracts
|
(165,377 | ) | (20,672 | ) | (305,441 | ) | (48,938 | ) | ||||||||
Increase in Officers and Trustees fees payable
|
1,592 | 373 | 5,965 | 368 | ||||||||||||
Net realized gain on investments
|
(4,826,299 | ) | (1,064,657 | ) | (1,636,306 | ) | (371,383 | ) | ||||||||
Net unrealized gain on investments
|
(10,396,478 | ) | (6,518,008 | ) | (31,731,637 | ) | (5,300,277 | ) | ||||||||
Amortization of premium and accretion of discount on investments
|
(2,027,426 | ) | 368,534 | 563,175 | (56,789 | ) | ||||||||||
Proceeds from sales of long-term investments
|
160,654,375 | 26,148,166 | 108,876,141 | 19,846,096 | ||||||||||||
Purchases of long-term investments
|
(161,938,006 | ) | (21,804,255 | ) | (111,467,293 | ) | (17,876,301 | ) | ||||||||
Net proceeds from sales of short-term securities
|
2,434,440 | 422,695 | 10,532,604 | 1,388,826 | ||||||||||||
Net cash provided by operating activities
|
12,834,254 | 13,846,649 | 43,908,762 | 8,786,580 | ||||||||||||
Cash
Used for Financing Activities
|
||||||||||||||||
Proceeds from TOB Trust Certificates
|
6,635,000 | | | | ||||||||||||
Repayments of TOB Trust Certificates
|
(1,535,000 | ) | (4,169,209 | ) | (3,384,999 | ) | (1,630,000 | ) | ||||||||
Cash dividends paid to Common Shareholders
|
(16,244,607 | ) | (9,677,440 | ) | (40,617,153 | ) | (6,440,734 | ) | ||||||||
Decrease in bank overdraft
|
(1,738,908 | ) | | | (745,246 | ) | ||||||||||
Amortization of deferred offering costs
|
49,261 | | 93,390 | 29,400 | ||||||||||||
Net cash used for financing activities
|
(12,834,254 | ) | (13,846,649 | ) | (43,908,762 | ) | (8,786,580 | ) | ||||||||
Cash
|
||||||||||||||||
Net increase in cash
|
| | | | ||||||||||||
Cash at beginning of year
|
| | | | ||||||||||||
Cash at end of year
|
| | | | ||||||||||||
Supplemental
Disclosure of Cash Flow Information
|
||||||||||||||||
Cash paid during the year for interest expense and fees
|
$ | 1,492,571 | $ | 601,212 | $ | 3,632,090 | $ | 573,680 | ||||||||
Non-cash
Financing Activities
|
||||||||||||||||
Capital shares issued in reinvestment of dividends paid to Common Shareholders
|
$ | 94,320 | | | |
48 | ANNUAL REPORT |
APRIL 30, 2015
|
1 | Based on average Common Shares outstanding. |
2 | Distributions for annual periods determined in accordance with federal income tax regulations. |
3 | Total 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 distributions. |
4 | Does not reflect the effect of distributions to AMPS Shareholders. |
5 | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts and VMTP Shares, respectively. |
6 | 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%. |
ANNUAL REPORT | APRIL 30, 2015 |
49
|
Financial Highlights |
BlackRock Long-Term
Municipal Advantage Trust (BTA)
|
1 | Based on average Common Shares outstanding. |
2 | Distributions for annual periods determined in accordance with federal income tax regulations. |
3 | Total 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 distributions. |
4 | Interest expense and fees relate to TOB Trusts. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts. |
50 | ANNUAL REPORT |
APRIL 30, 2015
|
Financial Highlights |
BlackRock Municipal 2020
Term Trust (BKK)
|
1 | Based on average Common Shares outstanding. |
2 | Amount is greater than $(0.005) per share. |
3 | Distributions for annual periods determined in accordance with federal income tax regulations. |
4 | Total 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 distributions. |
5 | Does not reflect the effect of distributions to AMPS Shareholders. |
6 | Interest expense and fees relate to TOB Trusts. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts. |
7 | For the years ended April 30, 2015, April 30, 2014, 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 0.69%, 0.79%, 0.85% and 0.90%, respectively. |
ANNUAL REPORT | APRIL 30, 2015 |
51
|
Financial Highlights |
BlackRock Municipal
Income Trust (BFK)
|
1 | Based on average Common Shares outstanding. |
2 | Distributions for annual periods determined in accordance with federal income tax regulations. |
3 | Total 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 distributions. |
4 | Does not reflect the effect of distributions to AMPS Shareholders. |
5 | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts and VMTP Shares, respectively. |
6 | 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%. |
52 | ANNUAL REPORT |
APRIL 30, 2015
|
Financial Highlights |
BlackRock Strategic
Municipal Trust (BSD)
|
1 | Based on average Common Shares outstanding. |
2 | Distributions for annual periods determined in accordance with federal income tax regulations. |
3 | Total 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 distributions. |
4 | Does not reflect the effect of distributions to AMPS Shareholders. |
5 | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts and VMTP Shares, respectively. |
6 | 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%. |
ANNUAL REPORT | APRIL 30, 2015 |
53
|
Trust Name
|
|
|
|
Herein
Referred To As |
|
Organized
|
|
Diversification
Classification |
||||||
BlackRock Investment Quality Municipal Trust, Inc.
|
BKN
|
Maryland
|
Diversified
|
|||||||||||
BlackRock Long-Term Municipal Advantage Trust
|
BTA
|
Delaware
|
Non-diversified
|
|||||||||||
BlackRock Municipal 2020 Term Trust
|
BKK
|
Delaware
|
Diversified
|
|||||||||||
BlackRock Municipal Income Trust
|
BFK
|
Delaware
|
Diversified
|
|||||||||||
BlackRock Strategic Municipal Trust
|
BSD
|
Delaware
|
Diversified
|
54 | ANNUAL REPORT |
APRIL 30, 2015
|
Notes to Financial Statements (continued) |
|
ANNUAL REPORT | APRIL 30, 2015 |
55
|
Notes to Financial Statements (continued) |
|
56 | ANNUAL REPORT |
APRIL 30, 2015
|
Notes to Financial Statements (continued) |
|
Operations. The TOB Trust Certificates have interest rates
that generally reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued
interest at each reset date. At April 30, 2015, the aggregate value of the underlying municipal bonds transferred to the TOB Trusts, the related
liability for TOB Trust Certificates and the range of interest rates on the liability for TOB Trust Certificates were as follows:
|
|
|
|
Underlying
Municipal Bonds Transferred to TOB Trusts |
|
Liability
For TOB Trust Certificates |
|
Range of
Interest Rates |
||
BKN
|
$ | 52,749,940 | $ | 28,684,555 |
0.11% - 0.37%
|
|||||
BTA
|
$ | 137,764,286 | $ | 84,866,665 |
0.11% - 0.38%
|
|||||
BKK
|
$ | 5,591,150 | $ | 3,750,000 | 0.28% | |||||
BFK
|
$ | 216,644,880 | $ | 122,687,927 |
0.11% - 0.36%
|
|||||
BSD
|
$ | 33,435,967 | $ | 19,308,550 |
0.11% - 0.31%
|
|
|
|
|
Average TOB Trust
Certificates Outstanding |
|
Daily Weighted
Average Interest Rate |
||
BKN
|
$ | 27,092,925 | 0.64% | |||||
BTA
|
$ | 85,749,605 | 0.58% | |||||
BKK
|
$ | 3,750,000 | 0.58% | |||||
BFK
|
$ | 123,411,296 | 0.62% | |||||
BSD
|
$ | 19,609,536 | 0.62% |
Fair Values of Derivative Financial Instruments as of April 30, 2015 | ||||||||||||||||||
Value | ||||||||||||||||||
Derivative Liabilities | ||||||||||||||||||
Statements of Assets and Liabilities Location | BKN | BTA | BFK | BSD | ||||||||||||||
Interest rate contracts
|
Net unrealized depreciation
1
|
$ | (394,435 | ) | $ | (127,211 | ) | $ | (594,605 | ) | $ | (95,755 | ) |
1 | Includes cumulative depreciation on financial futures contracts as reported in the Schedules of Investments. Only current days variation margin is reported within the Statements of Assets and Liabilities. |
ANNUAL REPORT | APRIL 30, 2015 |
57
|
Notes to Financial Statements (continued) |
|
The Effect of Derivative Financial Instruments in the Statements of Operations
Year Ended April 30, 2015 |
||||||||||||||||||||||||||||||||
Net Realized Loss from |
Net Change in Unrealized Appreciation
(Depreciation) on |
|||||||||||||||||||||||||||||||
BKN | BTA | BFK | BSD | BKN | BTA | BFK | BSD | |||||||||||||||||||||||||
Interest rate contracts:
Financial futures contracts |
$ | (1,245,930 | ) | $ | (416,224 | ) | $ | (3,432,598 | ) | $ | (547,796 | ) | $ | (324,669 | ) | $ | (121,599 | ) | $ | (369,497 | ) | $ | (59,364 | ) |
|
|
|
|
BKN
|
|
BTA
|
|
BFK
|
|
BSD
|
||||||||
Financial futures contracts:
Average notional value of contracts short |
$ | 45,016,621 | $ | 11,414,203 | $ | 72,254,484 | $ | 11,520,039 |
|
|
|
|
BKN
|
|
BTA
|
|
BKK
|
|
BFK
|
|
BSD
|
||||||||||
Investment Advisory Fee
|
0.35 | % | 1.00 | % | 0.50 | % | 0.60 | % | 0.60 | % |
58 | ANNUAL REPORT |
APRIL 30, 2015
|
Notes to Financial Statements (continued) |
|
|
|
|
|
BKN
|
|
BTA
|
|
BKK
|
|
BFK
|
|
BSD
|
||||||||||
Purchases
|
$ | 160,420,538 | $ | 21,804,255 | $ | 43,475,876 | $ | 108,906,008 | $ | 17,253,523 | ||||||||||||
Sales
|
$ | 157,673,988 | $ | 26,153,166 | $ | 58,299,727 | $ | 108,876,141 | $ | 19,125,708 |
|
|
|
|
BKN
|
|
BTA
|
|
BKK
|
|
BFK
|
|
BSD
|
||||||||||
Paid-in capital
|
$ | (49,261 | ) | | $ | 1,116,000 | $ | (699,414 | ) | $ | (29,400 | ) | ||||||||||
Undistributed net investment income
|
$ | 107,283 | $ | (44,596 | ) | $ | (1,116,985 | ) | $ | 56,911 | $ | 70,523 | ||||||||||
Accumulated net realized loss
|
$ | (58,022 | ) | $ | 44,596 | $ | 985 | $ | 642,503 | $ | (41,123 | ) |
BKN | BTA | BKK | BFK | BSD | ||||||||||||||||
Tax-exempt income
1
|
4/30/2015 | $ | 17,588,537 | $ | 9,610,961 | $ | 13,573,327 | $ | 43,146,108 |
$6,847,123
|
||||||||||
|
4/30/2014 | 17,814,511 | 9,985,897 | 16,506,002 | 43,440,159 |
6,945,294
|
||||||||||||||
Ordinary income
2
|
4/30/2015 | 13,035 | 12,790 | 131 | 315,489 |
20,332
|
||||||||||||||
|
4/30/2014 | 6,966 | 255 | 279 | 15,089 |
9,104
|
||||||||||||||
Total
|
4/30/2015 | $ | 17,601,572 | $ | 9,623,751 | $ | 13,573,458 | $ | 43,461,597 |
$6,867,455
|
||||||||||
|
4/30/2014 | $ | 17,821,477 | $ | 9,986,152 | $ | 16,506,281 | $ | 43,455,248 |
$6,954,398
|
1 | The Trusts designate these amounts paid during the fiscal year ended April 30, 2015, as exempt-interest dividends. |
2 | Ordinary income consists primarily of taxable income recognized from market discount. Additionally, all ordinary income distributions are comprised of interest related dividends and are eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations. |
|
|
|
|
BKN
|
|
BTA
|
|
BKK
|
|
BFK
|
|
BSD
|
||||||||||
Undistributed tax-exempt income
|
$ | 1,976,604 | $ | 1,001,483 | $ | 11,252,739 | $ | 8,769,674 | $ | 932,357 | ||||||||||||
Undistributed ordinary income
|
| 7,682 | | | 13,592 | |||||||||||||||||
Undistributed long-term capital gains
|
| | 5,227 | | | |||||||||||||||||
Capital loss carryforwards
|
(2,756,109 | ) | (40,573,390 | ) | | (23,178,035 | ) | (10,581,230 | ) | |||||||||||||
Net
unrealized gains
3
|
38,583,372 | 16,493,371 | 24,982,068 | 77,189,517 | 14,041,241 | |||||||||||||||||
Total
|
$ | 37,803,867 | $ | (23,070,854 | ) | $ | 36,240,034 | $ | 62,781,156 | $ | 4,405,960 |
3 | The difference between book-basis and tax-basis net unrealized gains was attributable primarily to the tax deferral of losses on wash sales, amortization methods of premiums and discounts on fixed income securities, the accrual of income on securities in default, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, treatment of residual interests in TOB Trusts and the deferral of compensation to Trustees. |
ANNUAL REPORT | APRIL 30, 2015 |
59
|
Notes to Financial Statements (continued) |
|
Expires April 30,
|
|
|
|
BKN
|
|
BTA
|
|
BFK
|
|
BSD
|
||||||||
2016
|
| $ | 22,052,642 | $ | 10,207,532 | | ||||||||||||
2017
|
$ | 1,581,430 | 6,882,935 | 2,065,704 | $ | 3,887,588 | ||||||||||||
2018
|
1,174,679 | 4,821,726 | 2,455,638 | 2,381,683 | ||||||||||||||
2019
|
| 951,237 | | 2,978,126 | ||||||||||||||
No
expiration date
4
|
| 5,864,850 | 8,449,161 | 1,333,833 | ||||||||||||||
Total
|
$ | 2,756,109 | $ | 40,573,390 | $ | 23,178,035 | $ | 10,581,230 |
4 | Must be utilized prior to losses subject to expiration. |
BKN
|
$ | 2,350,759 | ||||
BKK
|
$ | 754,685 |
|
|
|
|
BKN
|
|
BTA
|
|
BKK
|
|
BFK
|
|
BSD
|
||||||||||
Tax
cost
|
$ | 363,647,637 | $ | 148,792,105 | $ | 353,753,578 | $ | 848,320,629 | $ | 134,662,195 | ||||||||||||
Gross unrealized appreciation
|
$ | 41,172,144 | $ | 19,379,620 | $ | 26,286,498 | $ | 89,472,534 | $ | 15,820,723 | ||||||||||||
Gross unrealized depreciation
|
(2,529,524 | ) | (2,791,425 | ) | (1,146,775 | ) | (11,857,602 | ) | (1,756,997 | ) | ||||||||||||
Net
unrealized appreciation
|
$ | 38,642,620 | $ | 16,588,195 | $ | 25,139,723 | $ | 77,614,932 | $ | 14,063,726 |
60 | ANNUAL REPORT |
APRIL 30, 2015
|
Notes to Financial Statements (continued) |
|
Year Ended April 30,
|
|
|
|
BKN
|
|
BFK
|
||||
2015
|
5,706 | | ||||||||
2014
|
10,644 | 12,577 |
ANNUAL REPORT | APRIL 30, 2015 |
61
|
Notes to Financial Statements (continued) |
|
|
|
|
|
Issue Date
|
|
Shares Issued
|
|
Aggregate Principal
|
|
Term Date
|
||||||||
BKN
|
12/16/11 | 1,259 | $ | 125,900,000 | 12/31/15 | |||||||||||||
BFK
|
12/16/11 | 2,708 | $ | 270,800,000 | 12/31/15 | |||||||||||||
BSD
|
12/16/11 | 429 | $ | 42,900,000 | 12/31/15 |
|
|
|
|
BKN
|
|
BFK
|
|
BSD
|
|
||||||
Rate
|
1.04 | % | 1.05 | % | 1.05 | % |
62 | ANNUAL REPORT |
APRIL 30, 2015
|
Notes to Financial Statements (continued) |
|
|
|
|
|
Series
|
|
AMPS
|
|
Effective
Yield |
|
Reset
Frequency Days |
|
Moodys
Rating |
||||||||||
BKK
|
F-7 | 716 | 0.16 | % | 7 | Aa1 | ||||||||||||||||
|
M-7 | 716 | 0.13 | % | 7 | Aa1 | ||||||||||||||||
|
W-7 | 716 | 0.16 | % | 7 | Aa1 |
|
|
|
|
Series
|
|
Low
|
|
High
|
|
Average
|
||||||||
BKK
|
F-7 | 0.08 | % | 0.20 | % | 0.11 | % | |||||||||||
|
M-7 | 0.08 | % | 0.20 | % | 0.11 | % | |||||||||||
|
W-7 | 0.07 | % | 0.20 | % | 0.11 | % |
ANNUAL REPORT | APRIL 30, 2015 |
63
|
Notes to Financial Statements (continued) |
|
|
|
|
|
Series
|
|
Redemption
Date |
|
Shares
Redeemed |
|
Aggregate
Principal |
||||||||
BKK
|
F-7 | 6/09/14 | 110 | $ | 2,750,000 | |||||||||||||
|
M-7 | 6/10/14 | 110 | $ | 2,750,000 | |||||||||||||
|
W-7 | 6/05/14 | 110 | $ | 2,750,000 | |||||||||||||
|
F-7 | 11/10/14 | 80 | $ | 2,000,000 | |||||||||||||
|
M-7 | 11/12/14 | 80 | $ | 2,000,000 | |||||||||||||
|
W-7 | 11/06/14 | 80 | $ | 2,000,000 |
|
|
|
|
Series
|
|
Redemption
Date |
|
Shares
Redeemed |
|
Aggregate
Principal |
||||||||
BKK
|
W-7 | 5/23/2013 | 82 | $ | 2,050,000 | |||||||||||||
|
F-7 | 5/28/2013 | 82 | $ | 2,050,000 | |||||||||||||
|
M-7 | 5/28/2013 | 82 | $ | 2,050,000 | |||||||||||||
|
W-7 | 8/1/2013 | 413 | $ | 10,325,000 | |||||||||||||
|
F-7 | 8/5/2013 | 413 | $ | 10,325,000 | |||||||||||||
|
M-7 | 8/6/2013 | 413 | $ | 10,325,000 | |||||||||||||
|
F-7 | 9/9/2013 | 98 | $ | 2,450,000 | |||||||||||||
|
M-7 | 9/10/2013 | 98 | $ | 2,450,000 | |||||||||||||
|
W-7 | 9/12/2013 | 98 | $ | 2,450,000 | |||||||||||||
|
F-7 | 10/7/2013 | 89 | $ | 2,225,000 | |||||||||||||
|
M-7 | 10/8/2013 | 89 | $ | 2,225,000 | |||||||||||||
|
W-7 | 10/10/2013 | 89 | $ | 2,225,000 | |||||||||||||
|
W-7 | 11/29/2013 | 132 | $ | 3,300,000 | |||||||||||||
|
F-7 | 12/2/2013 | 132 | $ | 3,300,000 | |||||||||||||
|
M-7 | 12/3/2013 | 132 | $ | 3,300,000 | |||||||||||||
|
M-7 | 12/31/2013 | 111 | $ | 2,775,000 | |||||||||||||
|
W-7 | 1/2/2014 | 111 | $ | 2,775,000 | |||||||||||||
|
F-7 | 1/6/2014 | 111 | $ | 2,775,000 | |||||||||||||
|
W-7 | 1/16/2014 | 114 | $ | 2,850,000 | |||||||||||||
|
F-7 | 1/21/2014 | 114 | $ | 2,850,000 | |||||||||||||
|
M-7 | 1/21/2014 | 114 | $ | 2,850,000 | |||||||||||||
|
W-7 | 2/27/2014 | 205 | $ | 5,125,000 | |||||||||||||
|
F-7 | 3/3/2014 | 205 | $ | 5,125,000 | |||||||||||||
|
M-7 | 3/4/2014 | 205 | $ | 5,125,000 |
|
|
|
|
Series
|
|
Redemption
Date |
|
Shares
Redeemed |
|
Aggregate
Principal |
||||||||
BKK
|
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 |
|
|
|
|
Common Dividend
Per Share |
||
BKN
|
$ | 0.07700 | ||||
BTA
|
$ | 0.05800 | ||||
BKK
|
$ | 0.05400 | ||||
BFK
|
$ | 0.07510 | ||||
BSD
|
$ | 0.07100 |
64 | ANNUAL REPORT |
APRIL 30, 2015
|
Notes to Financial Statements (concluded) |
|
|
|
|
|
Preferred
Shares |
|
Series
|
|
Dividends Declared
|
||||
BKN
|
VMTP
Shares
|
W-7 | $ | 118,312 | ||||||||
BKK
|
AMPS
Shares
|
M-7 | $ | 2,970 | ||||||||
BKK
|
AMPS
Shares
|
W-7 | $ | 2,970 | ||||||||
BKK
|
AMPS
Shares
|
F-7 | $ | 2,970 | ||||||||
BFK
|
VMTP
Shares
|
W-7 | $ | 254,478 | ||||||||
BSD
|
VMTP Shares
|
W-7 | $ | 40,314 |
|
|
|
|
Series
|
|
Redemption
Date |
|
Shares
Redeemed |
|
Aggregate
Principal |
||||||||
BKK
|
F-7 | 6/22/15 | 67 | $ | 1,675,000 | |||||||||||||
|
M-7 | 6/23/15 | 67 | $ | 1,675,000 | |||||||||||||
|
W-7 | 6/25/15 | 67 | $ | 1,675,000 |
|
|
|
|
Underlying Municipal
Bonds Transferred to restructured TOB Trusts |
|
Liability for
TOB Trust Certificates associated with the restructured TOB Trusts |
BKN
|
15,353,088
|
8,420,000
|
||||
BTA
|
12,198,010
|
8,250,000
|
||||
BKK
|
|
|
||||
BFK
|
5,433,659
|
3,675,000
|
||||
BSD
|
864,950
|
585,000
|
ANNUAL REPORT | APRIL 30, 2015 |
65
|
BlackRock Investment Quality Municipal Trust, Inc.,
BlackRock Long-Term Municipal Advantage Trust,
BlackRock Municipal 2020 Term Trust,
BlackRock Municipal Income Trust,
and BlackRock Strategic Municipal Trust:
Boston, Massachusetts
June 22,
2015
66 | ANNUAL REPORT |
APRIL 30, 2015
|
ANNUAL REPORT | APRIL 30, 2015 |
67
|
Name, Address
1
and Year of Birth |
Position(s)
Held with Trusts |
Length
of Time Served as a Trustee 3 |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-
Advised Registered Investment Companies (RICs) Consisting of Investment Portfolios (Portfolios) Overseen |
Public
Directorships |
|||||
Independent
Trustees
2
|
||||||||||
Richard E. Cavanagh
1946 |
Chair of
the Board and Trustee |
Since
2007 |
Trustee, Aircraft Finance Trust from 1999 to 2009; Director, The Guardian Life Insurance Company of America
since 1998; Director, Arch Chemical (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and
Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer,
Harvard University since 2007; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to
2007.
|
76 RICs consisting of
76 Portfolios |
None
|
|||||
Karen P. Robards
1950 |
Vice Chairperson of the Board, Chairperson of the Audit Committee
and Trustee |
Since
2007 |
Partner of Robards & Company, LLC (financial advisory firm) since 1987; Co-founder and Director of the
Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Investment Banker at Morgan Stanley from 1976 to
1987.
|
76 RICs consisting of
76 Portfolios |
AtriCure, Inc.
(medical devices); Greenhill & Co., Inc.; Care Investment Trust, Inc. (health care real estate investment trust) from 2007 to 2010 |
|||||
Michael J. Castellano
1946 |
Trustee and Member of the Audit Committee
|
Since
2011 |
Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from
2004 to 2011; Director, Support Our Aging Religious (non-profit) from 2009 to June 2015; Director, National Advisory Board of Church Management at
Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack, Inc. (financial technology company) since
2015.
|
76 RICs consisting of
76 Portfolios |
None
|
|||||
Frank J. Fabozzi
4
1948 |
Trustee and Member of the Audit Committee
|
Since
2007 |
Editor of and Consultant for The Journal of Portfolio Management since 2006; Professor of Finance, EDHEC
Business School since 2011; Visiting Professor, Princeton University from 2013 to 2014; Professor in the Practice of Finance and Becton Fellow, Yale
University School of Management from 2006 to 2011.
|
109 RICs consisting of
235 Portfolios |
None
|
|||||
Kathleen F. Feldstein
1941 |
Trustee
|
Since
2007 |
President of Economics Studies, Inc. (private economic consulting firm) since 1987; Chair, Board of
Trustees, McLean Hospital from 2000 to 2008 and Trustee Emeritus thereof since 2008; Member of the Board of Partners Community Healthcare, Inc. from
2005 to 2009; Member of the Corporation of Partners HealthCare since 1995; Trustee, Museum of Fine Arts, Boston since 1992; Member of the Visiting
Committee to the Harvard University Art Museum since 2003; Director, Catholic Charities of Boston since 2009.
|
76 RICs consisting of
76 Portfolios |
The McClatchy
Company (publishing) |
|||||
James T. Flynn
1939 |
Trustee and Member of the Audit Committee
|
Since
2007 |
Chief Financial Officer of JPMorgan & Co., Inc. from 1990 to 1995.
|
76 RICs consisting of
76 Portfolios |
None
|
|||||
Jerrold B. Harris
1942 |
Trustee
|
Since
2007 |
Trustee, Ursinus College from 2000 to 2012; Director, Waterfowl Chesapeake (conservation) since 2014;
Director, Ducks Unlimited, Inc. (conservation) since 2013; Director, Troemner LLC (scientific equipment) since 2000; Director of Delta Waterfowl
Foundation from 2010 to 2012; President and Chief Executive Officer, VWR Scientific Products Corporation from 1990 to 1999.
|
76 RICs consisting of
76 Portfolios |
BlackRock Capital
Investment Corp. (business develop- ment company) |
|||||
R. Glenn Hubbard
1958 |
Trustee
|
Since
2007 |
Dean, Columbia Business School since 2004; Faculty member, Columbia Business School since
1988.
|
76 RICs consisting of
76 Portfolios |
ADP (data and information services); Metropolitan Life Insurance Company (insurance)
|
68 | ANNUAL REPORT |
APRIL 30, 2015
|
Officers and Trustees (continued) |
|
Name, Address
1
and Year of Birth |
Position(s)
Held with Trusts |
Length
of Time Served as a Trustee 3 |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-
Advised Registered Investment Companies (RICs) Consisting of Investment Portfolios (Portfolios) Overseen |
Public
Directorships |
|||||
Independent
Trustees
2
(concluded)
|
||||||||||
W. Carl Kester
1951 |
Trustee and Member of the Audit Committee
|
Since
2007 |
George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008, Deputy
Dean for Academic Affairs from 2006 to 2010, Chairman of the Finance Unit, from 2005 to 2006, Senior Associate Dean and Chairman of the MBA Program
from 1999 to 2005, Member of the faculty of Harvard Business School since 1981.
|
76 RICs consisting of
76 Portfolios |
None
|
|
1
The address of each Trustee and Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY
10055.
|
|
|
2
Independent Trustees serve until their resignation, removal or death, or until December 31 of the year in which
they turn 74. The maximum age limitation may be waived as to any Trustee by action of a majority of the Trustees upon finding good cause thereof. The
Board of Trustees has unanimously approved further extending the mandatory retirement age for Mr. James T. Flynn until December 31, 2015, which the
Board of Trustees believes is in the best interest of shareholders.
|
|
|
3
Date shown is the earliest date a person has served for the Trusts covered by this annual report. Following the
combination of Merrill Lynch Investment Managers, L.P. (MLIM) and BlackRock, Inc. (BlackRock) in September 2006, the various
legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows
certain Trustees as joining the Trusts board in 2007, those Trustees first became members of the boards of other legacy MLIM or legacy BlackRock
funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; Kathleen F. Feldstein, 2005; James T. Flynn, 1996; Jerrold B. Harris, 1999; R.
Glenn Hubbard, 2004; W. Carl Kester, 1995 and Karen P. Robards, 1998.
|
|
|
4
For purposes of this chart, RICs refers to investment companies registered under the 1940 Act and
Portfolios refers to the investment programs of the BlackRock-advised funds. The Closed-End Complex is comprised of 76 RICs. Mr. Perlowski,
Dr. Fabozzi and Ms. Novick are also board members of a complex of BlackRock registered open-end funds. Mr. Perlowski is also a board member of the
BlackRock Equity-Bond Complex, and Ms. Novick and Dr. Fabozzi are also board members of the BlackRock Equity-Liquidity Complex.
|
|
|
Interested
Trustees
5
|
||||||||||
Barbara G. Novick
1960 |
Trustee
|
Since
2014 |
Vice Chairman of BlackRock since 2006; Chair of BlackRocks Government Relations Steering Committee
since 2009; Head of the Global Client Group of BlackRock from 1988 to 2008.
|
109 RICs consisting of
235 Portfolios |
None
|
|||||
John M. Perlowski
1964 |
Trustee
|
Since 2014
|
Managing Director of BlackRock since 2009; Head of BlackRock Global Fund Services since 2009; Managing
Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs
Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009;
Director of Family Resource Network (charitable foundation) since 2009.
|
104 RICs consisting of
174 Portfolios |
None
|
|
5
Mr. Perlowski and Ms. Novick are both interested persons, as defined in the 1940 Act, of the Trusts
based on their positions with BlackRock and its affiliate. Mr. Perlowski and Ms. Novick are also board members of a complex of BlackRock registered
open-end funds. Mr. Perlowski is a board member of the BlackRock Equity-Bond Complex and Ms. Novick is a board member of the BlackRock Equity-Liquidity
Complex. Interested Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The maximum age
limitation may be waived as to any Trustee by action of a majority of the Trustees upon a finding of good cause thereof.
|
ANNUAL REPORT | APRIL 30, 2015 |
69
|
Officers and Trustees (concluded) |
|
Name, Address
1
and Year of Birth |
Position(s)
Held with Trusts |
Length of
Time Served as a Trustee |
Principal Occupation(s) During Past Five Years | |||
Officers
2
|
||||||
John M. Perlowski
1964 |
President and Chief Executive Officer
|
Since
2011 |
Managing Director of BlackRock since 2009; Head of BlackRock Global Fund Services since 2009; Managing
Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs
Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009;
Director of Family Resource Network (charitable foundation) since 2009.
|
|||
Robert W. Crothers
1981 |
Vice
President |
Since
2012 |
Director of BlackRock since 2011; Vice President of BlackRock from 2008 to 2010.
|
|||
Neal Andrews
1966 |
Chief
Financial Officer |
Since
2007 |
Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund
Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
|
|||
Jay Fife
1970 |
Treasurer
|
Since
2007 |
Managing Director of BlackRock since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM
and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
|
|||
Charles Park
1967 |
Chief
Compliance Officer |
Since
2014 |
Anti-Money Laundering Compliance Officer for the BlackRock-advised Funds in the Equity-Bond Complex, the
Equity-Liquidity Complex and the Closed-End Complex from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised
Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex since 2014; Principal of and Chief Compliance Officer for
iShares
®
Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (BFA) since 2006; Chief Compliance
Officer for the BFA-advised iShares exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since
2012.
|
|||
Janey Ahn
1975 |
Secretary
|
Since
2012 |
Director of BlackRock since 2009; Vice President of BlackRock from 2008 to 2009; Assistant Secretary of the
Funds from 2008 to 2012.
|
|
1
The address of each Trustee and Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY
10055.
|
|
|
2
Officers of the Trusts serve at the pleasure of the
Board.
|
Effective December 31, 2014, Paul L. Audet and Henry Gabbay resigned as Trustees of the Trusts. Effective December 31, 2014, Barbara G. Novick and
John M. Perlowski were appointed to serve as Trustees of the Trusts.
|
70 | ANNUAL REPORT |
APRIL 30, 2015
|
Trust Certification
Dividend Policy
General Information
ANNUAL REPORT | APRIL 30, 2015 |
71
|
Additional Information (continued) |
|
General Information (concluded)
Shelf Offering Program
72 | ANNUAL REPORT |
APRIL 30, 2015
|
Additional Information (concluded) |
|
BlackRock Privacy Principles
ANNUAL REPORT | APRIL 30, 2015 |
73
|
|
CEMUNI5-4/15-AR
|
|
2 |
Item 4 – | Principal Accountant Fees and Services |
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund: |
(a) Audit Fees | (b) Audit-Related Fees 1 | (c) Tax Fees 2 | (d) All Other Fees 3 | |||||
Entity Name | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End |
BlackRock Municipal Income Trust | $36,263 | $36,263 | $0 | $0 | $21,012 | $20,600 | $0 | $0 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Fund Service Providers”): |
Current Fiscal Year End | Previous Fiscal Year End | |
(b) Audit-Related Fees 1 | $0 | $0 |
(c) Tax Fees 2 | $0 | $0 |
(d) All Other Fees 3 | $2,391,000 | $2,555,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services includes tax compliance, tax advice and tax planning.
3
Aggregate fees borne by
BlackRock in connection with the review of compliance procedures and attestation thereto performed by D&T with respect to all
of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.
(e)(1) Audit Committee Pre-Approval Policies and Procedures: | |
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Fund Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels. | |
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., |
3 |
unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels. | |
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. | |
(f) Not Applicable | |
(g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Fund Service Providers were: |
Entity Name |
Current Fiscal
Year End |
Previous Fiscal
Year End |
BlackRock Municipal
Income Trust |
$20,012 | $20,600 |
4 |
Portfolio Manager | Biography | |
Theodore R. Jaeckel, Jr. | Managing Director of BlackRock since 2006; Managing Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006; Director of MLIM from 1997 to 2005. | |
Walter O’Connor | Managing Director of BlackRock since 2006; Managing Director of MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003. |
(a)(2) As of April 30, 2015: |
5 |
(ii) Number of Other Accounts Managed and Assets by Account Type |
(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based |
|||||
(i) Name of Portfolio Manager |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Theodore R. Jaeckel, Jr. | 62 | 0 | 0 | 0 | 0 | 0 |
$28.51 Billion | $0 | $0 | $0 | $0 | $0 | |
Walter O’Connor | 58 | 0 | 0 | 0 | 0 | 0 |
$22.02 Billion | $0 | $0 | $0 | $0 | $0 |
(iv) Potential Material Conflicts of Interest | |
BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc. or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing certain hedge fund and/or long only accounts, or may be part of a team managing certain hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of this fund are not entitled to receive a portion of incentive fees of other accounts. | |
As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to |
6 |
allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate. | |
(a)(3) | As of April 30, 2015: |
Portfolio Manager Compensation Overview | |
The discussion below describes the portfolio managers’ compensation as of April 30, 2015. | |
BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock. | |
Base compensation. Generally, portfolio managers receive base compensation based on their position with the firm. | |
Discretionary Incentive Compensation | |
Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: a combination of market-based indices (e.g., Standard & Poor’s Municipal Bond Index), certain customized indices and certain fund industry peer groups. | |
Distribution of Discretionary Incentive Compensation. | |
Discretionary incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of years. For some portfolio managers, discretionary incentive compensation is also distributed in deferred cash awards that notionally track the returns of select BlackRock investment products they manage and that vest ratably over a number of years. The BlackRock, Inc. restricted stock units, upon vesting, will be settled in BlackRock, Inc. common stock. Typically, the cash portion of the discretionary incentive compensation, when combined with base salary, represents more than 60% of total compensation for the portfolio managers. Paying a portion of discretionary incentive compensation |
7 |
in BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. Providing a portion of discretionary incentive compensation in deferred cash awards that notionally track the BlackRock investment products they manage provides direct alignment with investment product results. | |
Long-Term Incentive Plan Awards — From time to time long-term incentive equity awards are granted to certain key employees to aid in retention, align their interests with long-term shareholder interests and motivate performance. Equity awards are generally granted in the form of BlackRock, Inc. restricted stock units that, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have unvested long-term incentive awards. | |
Deferred Compensation Program — A portion of the compensation paid to eligible United States-based BlackRock employees may be voluntarily deferred at their election for defined periods of time into an account that tracks the performance of certain of the firm’s investment products. Any portfolio manager who is either a managing director or director at BlackRock with compensation above a specified threshold is eligible to participate in the deferred compensation program. | |
Other compensation benefits. | |
In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following: | |
Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($265,000 for 2015). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans. | |
(a)(4) Beneficial Ownership of Securities – As of April 30, 2015. |
Portfolio Manager |
Dollar Range of Equity Securities
of the Fund Beneficially Owned |
Theodore R. Jaeckel, Jr. | $100,001 - $500,000 |
Walter O’Connor | None |
8 |
9 |
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 Municipal Income Trust | ||
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Municipal Income Trust | ||
Date: July 1, 2015 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Municipal Income Trust | ||
Date: July 1, 2015 | ||
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock Municipal Income Trust | ||
Date: July 1, 2015 |
10 |
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Municipal Income Trust, certify that:
1. I have reviewed this report on Form N-CSR of BlackRock Municipal Income Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: July 1, 2015
/s/ John M. Perlowski |
John M. Perlowski |
Chief Executive Officer (principal executive
officer) of
BlackRock Municipal Income Trust
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Municipal Income Trust, certify that:
1. I have reviewed this report on Form N-CSR of BlackRock Municipal Income Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: July 1, 2015
/s/ Neal J. Andrews |
Neal J. Andrews |
Chief Financial Officer (principal financial
officer) of
BlackRock Municipal Income Trust
Exhibit 99.906CERT
Certification Pursuant to Rule 30a-2(b)
under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Municipal Income Trust (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant’s Report on Form N-CSR for the period ended April 30, 2015 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: July 1, 2015
/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Municipal Income Trust
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Municipal Income Trust (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant’s Report on Form N-CSR for the period ended April 30, 2015 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: July 1, 2015
/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Municipal Income Trust
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission .
EX-99.PROXYPOL
Closed-End Fund Proxy Voting Policy
|
|
U.S. Registered Funds |
U.S. Registered Funds |
|
I. INTRODUCTION
The Trustees/Directors (“Directors”) of the BlackRock Closed-End Funds (the “Funds”) have the responsibility for voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock Advisors, LLC and its affiliated U.S. registered investment advisers (“BlackRock”), the investment adviser to the Funds, as part of BlackRock’s authority to manage, acquire and dispose of account assets. The Directors hereby direct BlackRock to vote such proxies in accordance with this Policy, and any proxy voting guidelines that the Adviser determines are appropriate and in the best interests of the Funds’ shareholders and which are consistent with the principles outlined in this Policy. Individual series of the Funds may be specifically excluded from this Policy by the Directors by virtue of the adoption of alternative proxy voting policy for such series. The Directors have authorized BlackRock to utilize unaffiliated third-parties as its agents to vote portfolio proxies in accordance with this Policy and to maintain records of such portfolio proxy voting.
Rule 206(4)-6 under the Investment Advisers Act of 1940 requires, among other things, that an investment adviser that exercises voting authority over clients’ proxy voting adopt policies and procedures reasonably designed to ensure that the adviser votes proxies in the best interests of clients, discloses to its clients information about those policies and procedures and also discloses to clients how they may obtain information on how the adviser has voted their proxies.
BlackRock has adopted guidelines and procedures that are consistent with the principles of this Policy. BlackRock’s corporate governance committee structure (the “Committee”), oversees the proxy voting function on behalf of BlackRock and its clients, including the Funds. The Committee is comprised of senior members of BlackRock’s Portfolio Management and Administration Groups and is advised by BlackRock’s Legal and Compliance Department.
BlackRock votes (or refrains from voting) proxies for each Fund in a manner that BlackRock, in the exercise of its independent business judgment, concludes is in the best economic interests of such Fund. In some cases, BlackRock may determine that it is in the best economic interests of a Fund to refrain from exercising the Fund’s proxy voting rights (such as, for example, proxies on certain non-U.S. securities that might impose costly or time-consuming in-person voting requirements). With regard to the relationship between securities lending and proxy voting, BlackRock’s approach is also driven by our clients’ economic interests. The evaluation of the economic desirability of recalling loans involves balancing the revenue producing value of loans against the likely economic value of casting votes. Based on our evaluation of this relationship, BlackRock believes that the likely economic value of casting a vote generally is less than the securities lending income, either because the votes will not have significant economic consequences or because the outcome of the vote would not be affected by BlackRock recalling loaned securities in order to ensure they are voted. Periodically, BlackRock analyzes the process and benefits of voting proxies for securities on loan, and will consider whether any modification of its proxy voting policies or procedures are necessary in light of any regulatory changes.
BlackRock will normally vote on specific proxy issues in accordance with BlackRock’s proxy voting guidelines; provided, however, that in the case of securities held by the Funds of closed-end funds that have or propose to adopt classified board, BlackRock will typically (a) vote in favor of classification and against proposals to eliminate classification, and (b) not vote against directors as a result of their adoption of a classified board structure. BlackRock’s proxy voting guidelines provide detailed guidance as to how to vote proxies on certain important or commonly raised issues. BlackRock may, in the exercise of its business judgment, conclude
Closed-End Fund Proxy Voting Policy
February 27, 2015
|
Page 1 of 3 |
U.S. Registered Funds |
|
that the proxy voting guidelines do not cover the specific matter upon which a proxy vote is requested, or that an exception to the proxy voting guidelines would be in the best economic interests of a Fund. BlackRock votes (or refrains from voting) proxies without regard to the relationship of the issuer of the proxy (or any shareholder of such issuer) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates. When voting proxies, BlackRock attempts to encourage companies to follow practices that enhance shareholder value and increase transparency and allow the market to place a proper value on their assets.
II. PROXY VOTING POLICIES
A. Boards of Directors
The Funds generally support the board’s nominees in the election of directors and generally support proposals that strengthen the independence of boards of directors. As a general matter, the Funds believe that a company’s board of directors (rather than shareholders) is most likely to have access to important, nonpublic information regarding a company’s business and prospects, and is therefore best-positioned to set corporate policy and oversee management. The Funds therefore believe that the foundation of good corporate governance is the election of responsible, qualified, independent corporate directors who are likely to diligently represent the interests of shareholders and oversee management of the corporation in a manner that will seek to maximize shareholder value over time. In individual cases, consideration may be given to a director nominee’s history of representing shareholder interests as a director of the company issuing the proxy or other companies, or other factors to the extent deemed relevant by the Committee.
B. Auditors
These proposals concern those issues submitted to shareholders related to the selection of auditors. As a general matter, the Funds believe that corporate auditors have a responsibility to represent the interests of shareholders and provide an independent view on the propriety of financial reporting decisions of corporate management. While the Funds anticipate that BlackRock will generally defer to a corporation’s choice of auditor, in individual cases, consideration may be given to an auditors’ history of representing shareholder interests as auditor of the company issuing the proxy or other companies, to the extent deemed relevant.
C. Compensation and Benefits
These proposals concern those issues submitted to shareholders related to management compensation and employee benefits. As a general matter, the Funds favor disclosure of a company’s compensation and benefit policies and oppose excessive compensation, but believe that compensation matters are normally best determined by a corporation’s board of directors, rather than shareholders. Proposals to “micro-manage” a company’s compensation practices or to set arbitrary restrictions on compensation or benefits should therefore generally not be supported.
D. Capital Structure
These proposals relate to various requests, principally from management, for approval of amendments that would alter the capital structure of a company, such as an increase in authorized shares. As a general matter, the Funds expect that BlackRock will support requests that it believes enhance the rights of common shareholders and oppose requests that appear to be unreasonably dilutive.
Closed-End Fund Proxy Voting Policy
February 27, 2015
|
Page 2 of 3 |
U.S. Registered Funds |
|
E. Corporate Charter and By-Laws
These proposals relate to various requests for approval of amendments to a corporation’s charter or by-laws. As a general matter, the Funds generally vote against anti-takeover proposals and proposals that would create additional barriers or costs to corporate transactions that are likely to deliver a premium to shareholders.
F. Environmental and Social Issues
These are shareholder proposals addressing either corporate social and environmental policies or requesting specific reporting on these issues. The Funds generally do not support proposals on social issues that lack a demonstrable economic benefit to the issuer and the Fund investing in such issuer. BlackRock seeks to make proxy voting decisions in the manner most likely to protect and promote the long-term economic value of the securities held in client accounts. We intend to support economically advantageous corporate practices while leaving direct oversight of company management and strategy to boards of directors. We seek to avoid micromanagement of companies, as we believe that a company’s board of directors is best positioned to represent shareholders and oversee management on shareholders behalf. Issues of corporate social and environmental responsibility are evaluated on a case-by-case basis within this framework.
III. CONFLICTS MANAGEMENT
BlackRock maintains policies and procedures that are designed to prevent any relationship between the issuer of the proxy (or any shareholder of the issuer) and a Fund, a Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, from having undue influence on BlackRock’s proxy voting activity. In certain instances, BlackRock may determine to engage an independent fiduciary to vote proxies as a further safeguard against potential conflicts of interest or as otherwise required by applicable law. The independent fiduciary may either vote such proxies or provide BlackRock with instructions as to how to vote such proxies. In the latter case, BlackRock votes the proxy in accordance with the independent fiduciary’s determination.
IV. REPORTS TO THE BOARD
BlackRock will report to the Directors on proxy votes it has made on behalf of the Funds at least annually.
©2015 BlackRock
Closed-End Fund Proxy Voting Policy
February 27, 2015
|
Page 3 of 3 |