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: 811-07642
Name of Fund: BlackRock MuniAssets Fund, Inc. (MUA)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniAssets
Fund, Inc., 55
East 52
nd
Street, New York, NY 10055
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2019
Date of reporting period: 04/30/2019
Item 1 Report to Stockholders
APRIL 30, 2019
ANNUAL REPORT |
BlackRock MuniAssets Fund, Inc. (MUA)
BlackRock MuniEnhanced Fund, Inc. (MEN)
BlackRock MuniHoldings Fund, Inc. (MHD)
BlackRock MuniHoldings Fund II, Inc. (MUH)
BlackRock MuniHoldings Quality Fund, Inc. (MUS)
BlackRock Muni Intermediate Duration Fund, Inc. (MUI)
BlackRock MuniVest Fund II, Inc. (MVT)
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Funds shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call Computershare at (800) 699-1236 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC or its affiliates, or all funds held with your financial intermediary, as applicable.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.
Not FDIC Insured May Lose Value No Bank Guarantee |
Dear Shareholder,
In the 12 months ended April 30, 2019, the U.S. equity and bond markets posted positive returns while weathering significant volatility. Though the markets appetite for risk remained healthy for most of the reporting period, risk taking declined sharply in late 2018. Thereafter, global equity markets rebounded strongly, as inflation diminished and the U.S. Federal Reserve (the Fed) announced a shift to less restrictive monetary policy.
Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities. However, recent economic data indicates that Europe may emerge from its economic soft patch, reinvigorated by a manufacturing rebound and Chinas economic stimulus.
In the U.S. equity market, volatility spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. These risks manifested in a broad-based sell-off in December, leading to the worst December performance on record since 1931.
By comparison, fixed-income securities delivered modest positive returns with relatively low volatility. In fixed-income markets, short-term U.S. Treasury yields rose, while longer-term yields declined slightly. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Investment-grade and high-yield corporate bonds also posted positive returns, as the credit fundamentals in corporate markets remained relatively solid.
The Fed shifted to a more patient perspective on the economy after increasing interest rates three times. In its last four meetings, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Relatively low inflation and modest economic growth give the Fed room to maintain support for the economy until the economic data builds the case for changing interest rates. Similarly, the European Central Bank signaled a continuation of accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending. The shift toward more stimulative economic policy helped equity markets rebound in 2019.
We continue to believe the probability of recession in 2019 remains relatively low. Economic growth and global earnings are likely to slow somewhat in 2019 because the tax cut stimulus will be less pronounced, and the Feds rate hikes in 2018 will gain traction in 2019. We expect profit margins to continue to contract, which tends to happen late in the business cycle.
In this environment, U.S. and emerging market equities remain relatively attractive. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/reward trade-off. For bonds, U.S. Treasuries are likely to help buffer against volatility in risk assets, while income from other types of bonds can continue to offer steady returns.
In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in todays markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC
Total Returns as of April 30, 2019 | ||||
6-month | 12-month | |||
U.S. large cap equities
|
9.76% | 13.49% | ||
U.S. small cap equities
|
6.06 | 4.61 | ||
International equities
|
7.45 | (3.22) | ||
Emerging market equities
|
13.76 | (5.04) | ||
3-month
Treasury bills
|
1.18 | 2.18 | ||
U.S. Treasury securities
|
7.09 | 6.44 | ||
U.S. investment grade bonds
|
5.49 | 5.29 | ||
Tax-exempt
municipal bonds
|
5.36 | 5.84 | ||
U.S. high yield bonds
|
5.54 | 6.74 | ||
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
2 | T HIS P AGE IS NOT P ART OF Y OUR F UND R EPORT |
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Financial Statements: |
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3 |
Municipal Market Overview For the Reporting Period Ended April 30, 2019
Municipal Market Conditions
Municipal bonds experienced solid performance during the period, despite challenged total returns during most of 2018 as interest rates moved higher on the back of continued Fed policy normalization, fiscal stimulus, strong economic growth, and increased U.S. Treasury issuance. Performance turned stronger late in the year, with interest rates rallying as the Fed tilted more dovish and indicated a pivot from forecast based to data driven policy and a wait-and-see approach on future rate hikes. During the period, demand for the asset class remained incredibly firm, although displayed some bouts of volatility. Broadly, investors favored the tax-exempt income, diversification, quality, and value of municipal bonds given that tax reform ultimately lowered the top individual tax rate just 2.6% while eliminating deductions. During the 12 months ended April 30, 2019, municipal bond funds experienced net inflows of approximately $27.8 billion (based on data from the Investment Company Institute).
For the same 12-month period, total new issuance underwhelmed from a historical perspective at just $321 billion (below the $385 billion issued in the prior 12-month period), a direct result of the elimination of advanced refundings through the 2017 Tax Cuts and Jobs Act. This transitioned the market to a favorable net negative supply environment in which reinvestment income (coupons, calls, and maturities) largely outstripped gross issuance and provided a powerful technical tailwind. |
S&P Municipal Bond Index
Total Returns as of April 30, 2019 6 months: 5.36% 12 months: 5.84% |
A Closer Look at Yields
From April 30, 2018 to April 30, 2019, yields on AAA-rated 30-year municipal bonds decreased by 54 basis points (bps) from 3.09% to 2.55%, while ten-year rates decreased by 63 bps from 2.49% to 1.86% and five-year rates decreased by 56 bps from 2.19% to 1.63% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities flattening by 24 bps, led by 33 bps of flattening between two- and ten-year maturities. |
During the same time period, on a relative basis, tax-exempt municipal bonds strongly outperformed U.S. Treasuries, driven by the long end of the yield curve. The relative positive performance of municipal bonds was driven largely by a supply/demand imbalance within the municipal market as investors sought income, incremental yield, and tax shelter in an environment where opportunities became increasingly scarce. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.
Financial Conditions of Municipal Issuers
The majority of municipal credits remain strong, despite well-publicized problems among a few issuers. Four of the five states with the largest amount of debt outstanding California, New York, Texas and Florida continue to exhibit improved credit fundamentals. However, several states with the largest unfunded pension liabilities are faced with elevated borrowing costs and difficult budgetary decisions. Across the country on the local level, property values support credit stability. Standard & Poors decision to remove its negative outlook on New Mexico underscores the improvement in state finances as it was the only remaining state with the designation. Revenue bonds continue to drive performance as investors continue to seek higher yield bonds in the tobacco sector. BlackRock maintains the view that municipal bond defaults will remain minimal and in the periphery while the overall market is fundamentally sound. We continue to advocate careful credit research and believe that a thoughtful approach to structure and security selection remains imperative amid uncertainty in a modestly improving economic environment.
The opinions expressed are those of BlackRock as of April 30, 2019 and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.
The Standard & Poors Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the AMT. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index .
4 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
The Benefits and Risks of Leveraging
The Funds may utilize leverage to seek to enhance the distribution rate on, and net asset value (NAV) of, their common shares (Common Shares). However, there is no guarantee that these objectives can be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Funds (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Funds shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.
To illustrate these concepts, assume a Funds Common Shares capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Funds financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Funds financing cost of leverage is significantly lower than the income earned on a Funds longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (Common Shareholders) are the beneficiaries of the incremental net income.
However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Funds return on assets purchased with leverage proceeds, income to shareholders is lower than if the Funds had not used leverage. Furthermore, the value of the Funds portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of the Funds obligations under their respective leverage arrangements generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that the Funds intended leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Funds NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Funds Common Shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Funds ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares. Moreover, to the extent the calculation of the Funds investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Funds investment adviser will be higher than if the Funds did not use leverage.
To obtain leverage, each Fund has issued Variable Rate Demand Preferred Shares (VRDP Shares) or Variable Rate Muni Term Preferred Shares (VMTP Shares) (collectively, Preferred Shares) and/or leveraged its assets through the use of tender option bond trusts (TOB Trusts) as described in the Notes to Financial Statements.
Under the Investment Company Act of 1940, as amended (the 1940 Act), each Fund is permitted to issue debt up to 33 1/3% of its total managed assets or equity securities (e.g., Preferred Shares) up to 50% of its total managed assets. A Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Fund may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by the Preferred Shares governing instruments or by agencies rating the Preferred Shares, which may be more stringent than those imposed by the 1940 Act.
If a Fund segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Funds obligations under the TOB Trust (including accrued interest), then the TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Funds successful use of a derivative financial instrument depends on the investment advisers ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
T HE B ENEFITS AND R ISKS OF L EVERAGING / D ERIVATIVE F INANCIAL I NSTRUMENTS | 5 |
Fund Summary as of April 30, 2019 | BlackRock MuniAssets Fund, Inc. |
Investment Objective
BlackRock MuniAssets Fund, Inc.s (MUA) (the Fund) investment objective is to provide high current income exempt from U.S. federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests at least 65% of its assets in municipal bonds that are rated in the medium to lower rating categories by nationally recognized rating services (for example, Baa or lower by Moodys Investors Service, Inc. (Moodys) or BBB or lower by S&P Global (S&P), or securities that are unrated but are deemed by the investment adviser to be of comparable quality at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Funds investment objective will be achieved.
Fund Information
Symbol on New York Stock Exchange (NYSE) |
MUA | |
Initial Offering Date |
June 25, 1993 | |
Yield on Closing Market Price as of April 30, 2019 ($14.98) (a) |
4.37% | |
Tax Equivalent Yield (b) |
7.38% | |
Current Monthly Distribution per Common Share (c) |
$0.0545 | |
Current Annualized Distribution per Common Share (c) |
$0.6540 | |
Leverage as of April 30, 2019 (d) |
12% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. |
(d) |
Represents TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |
Performance
Returns for the 12 months ended April 30, 2019 were as follows:
Returns Based On | ||||||||
Market Price | NAV | |||||||
MUA (a)(b) |
19.07 | % | 5.97 | % | ||||
Lipper High Yield Municipal Debt Funds (c) |
10.95 | 6.63 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
The Fund moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Funds absolute performance based on NAV:
After performing poorly through the end of October, municipal bonds recovered to post a positive total return for the full 12-month period. The initial weakness was largely brought about by concerns that the Fed would raise interest rates aggressively in 2019. However, subsequent signs of slowing growth prompted investors to adjust their expectations in favor of a more accommodative Fed policy, sparking a rally across the bond market from early November onward. Volatility in equities and uncertainty surrounding U.S. trade policy also helped fuel a flight to quality into the fixed-income markets.
Long-dated securities on the lower end of the investment grade spectrum (those rated BBB or unrated) were the largest contributors to performance. At the sector level, holdings in health care, transportation and tobacco issues were key contributors. The Funds holdings in Puerto Rico also aided results.
The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy had a small, negative effect on returns.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
6 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Fund Summary as of April 30, 2019 (continued) | BlackRock MuniAssets Fund, Inc. |
Market Price and Net Asset Value Per Share Summary
04/30/19 |
04/30/18 |
Change | High | Low | ||||||||||||||||
Market Price |
$ | 14.98 | $ | 13.21 | 13.40 | % | $ | 15.34 | $ | 12.51 | ||||||||||
Net Asset Value |
14.14 | 14.01 | 0.93 | 14.14 | 13.74 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Funds Total Investments*
SECTOR ALLOCATION
Sector | 04/30/19 |
04/30/18 |
||||||
Transportation |
18 | % | 15 | % | ||||
County/City/Special District/School District |
18 | 17 | ||||||
Health |
17 | 22 | ||||||
Tobacco |
15 | 16 | ||||||
Utilities |
13 | 9 | ||||||
Education |
8 | 10 | ||||||
Corporate |
4 | 6 | ||||||
Housing |
4 | 2 | ||||||
State |
3 | 3 |
For Fund compliance purposes, the Funds sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
Calendar Year Ended December 31, |
||||
2019 |
15 | % | ||
2020 |
11 | |||
2021 |
18 | |||
2022 |
8 | |||
2023 |
15 |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
CREDIT QUALITY ALLOCATION (a)
Credit Rating | 04/30/19 |
04/30/18 |
||||||
AAA/Aaa |
| % | 1 | % | ||||
AA/Aa |
19 | 18 | ||||||
A |
10 | 7 | ||||||
BBB/Baa |
19 | 21 | ||||||
BB/Ba |
8 | 12 | ||||||
B |
11 | 19 | ||||||
CCC/Caa |
| 1 | ||||||
CC |
3 | | ||||||
N/R (b) |
30 | 21 |
(a) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2019 and April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 2% and 1%, respectively, of the Funds total investments. |
F UND S UMMARY | 7 |
Fund Summary as of April 30, 2019 | BlackRock MuniEnhanced Fund, Inc. |
Investment Objective
BlackRock MuniEnhanced Fund, Inc.s (MEN) (the Fund) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests primarily in long-term municipal bonds that are rated investment grade quality or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Funds investment objective will be achieved.
Fund Information
Symbol on NYSE |
MEN | |
Initial Offering Date |
March 2, 1989 | |
Yield on Closing Market Price as of April 30, 2019 ($10.71) (a) |
4.93% | |
Tax Equivalent Yield (b) |
8.33% | |
Current Monthly Distribution per Common Share (c) |
$0.0440 | |
Current Annualized Distribution per Common Share (c) |
$0.5280 | |
Leverage as of April 30, 2019 (d) |
40% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |
Performance
Returns for the 12 months ended April 30, 2019 were as follows:
Returns Based On | ||||||||
Market Price | NAV | |||||||
MEN (a)(b) |
7.98 | % | 8.43 | % | ||||
Lipper General & Insured Municipal Debt Funds (Leveraged) (c) |
10.02 | 6.95 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
The Funds discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Funds absolute performance based on NAV:
After performing poorly through the end of October, municipal bonds recovered to post a positive total return for the full 12-month period. The initial weakness was largely brought about by concerns that the Fed would raise interest rates aggressively in 2019. However, subsequent signs of slowing growth prompted investors to adjust their expectations in favor of a more accommodative Fed policy, sparking a rally across the bond market from early November onward. Volatility in equities and uncertainty surrounding U.S. trade policy also helped fuel a flight to quality into the fixed-income markets.
The rally in municipal bond prices provided a tailwind for the Fund. Portfolio income was also a key contributor to absolute returns. The use of leverage further aided results by augmenting the effect of both income and rising bond prices. However, the cost of leverage increased during the period due to the Feds three interest rate increases.
During the latter part of the period, municipal investors began to reach for yield amid a strong backdrop for both fundamentals and supply-and-demand factors. In this environment, the Fund benefited from allocations to the long end of the yield curve, lower-rated investment-grade bonds, and both low- and zero-coupon bonds.
At the sector level, positions in the state tax-backed, health care and transportation issues made the largest contribution to performance.
The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy had a small, negative effect on returns.
Reinvestment had an adverse effect on the Funds income, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower prevailing rates.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
8 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Fund Summary as of April 30, 2019 (continued) | BlackRock MuniEnhanced Fund, Inc. |
Market Price and Net Asset Value Per Share Summary
04/30/19 |
04/30/18 |
Change | High | Low | ||||||||||||||||
Market Price |
$ | 10.71 | $ | 10.48 | 2.19 | % | $ | 10.85 | $ | 9.63 | ||||||||||
Net Asset Value |
11.76 | 11.46 | 2.62 | 11.77 | 11.06 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Funds Total Investments*
SECTOR ALLOCATION
Sector | 04/30/19 |
04/30/18 |
||||||
Transportation |
24 | % | 24 | % | ||||
Health |
16 | 14 | ||||||
County/City/Special District/School District |
15 | 17 | ||||||
State |
15 | 16 | ||||||
Utilities |
11 | 13 | ||||||
Education |
7 | 9 | ||||||
Housing |
6 | 2 | ||||||
Corporate |
4 | 3 | ||||||
Tobacco |
2 | 2 |
For Fund compliance purposes, the Funds sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
Calendar Year Ended December 31, |
||||
2019 |
10 | % | ||
2020 |
3 | |||
2021 |
11 | |||
2022 |
8 | |||
2023 |
7 |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
CREDIT QUALITY ALLOCATION (a)
Credit Rating | 04/30/19 |
04/30/18 |
||||||
AAA/Aaa |
6 | % | 7 | % | ||||
AA/Aa |
46 | 51 | ||||||
A |
28 | 23 | ||||||
BBB/Baa |
14 | 13 | ||||||
BB/Ba |
2 | 2 | ||||||
N/R |
4 | 4 | (b) |
(a) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1%, of the Funds total investments. |
F UND S UMMARY | 9 |
Fund Summary as of April 30, 2019 | BlackRock MuniHoldings Fund, Inc. |
Investment Objective
BlackRock MuniHoldings Fund, Inc.s (MHD) (the Fund) investment objective is to provide shareholders with current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds that are rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Funds investment objective will be achieved.
Fund Information
Symbol on NYSE |
MHD | |
Initial Offering Date |
May 2, 1997 | |
Yield on Closing Market Price as of April 30, 2019 ($15.92) (a) |
5.09% | |
Tax Equivalent Yield (b) |
8.60% | |
Current Monthly Distribution per Common Share (c) |
$0.0675 | |
Current Annualized Distribution per Common Share (c) |
$0.8100 | |
Leverage as of April 30, 2019 (d) |
37% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. |
(d) |
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |
Performance
Returns for the 12 months ended April 30, 2019 were as follows:
Returns Based On | ||||||||
Market Price | NAV | |||||||
MHD (a)(b) |
12.51 | % | 6.84 | % | ||||
Lipper General & Insured Municipal Debt Funds (Leveraged) (c) |
10.02 | 6.95 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
The Funds discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Funds absolute performance based on NAV:
After performing poorly through the end of October, municipal bonds recovered to post a positive total return for the full 12-month period. The initial weakness was largely brought about by concerns that the Fed would raise interest rates aggressively in 2019. However, subsequent signs of slowing growth prompted investors to adjust their expectations in favor of a more accommodative Fed policy, sparking a rally across the bond market from early November onward. Volatility in equities and uncertainty surrounding U.S. trade policy also helped fuel a flight to quality into the fixed-income markets.
Long-dated securities on the lower end of the investment grade spectrum (those rated A and BBB) were the largest contributors to performance. At the sector level, holdings in tax-backed, transportation and health care issues were key contributors.
The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy had a small, negative effect on returns.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
10 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Fund Summary as of April 30, 2019 (continued) | BlackRock MuniHoldings Fund, Inc. |
Market Price and Net Asset Value Per Share Summary
04/30/19 |
04/30/18 |
Change | High | Low | ||||||||||||||||
Market Price |
$ | 15.92 | $ | 14.98 | 6.28 | % | $ | 16.38 | $ | 13.89 | ||||||||||
Net Asset Value |
16.56 | 16.41 | 0.91 | 16.58 | 15.92 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Funds Total Investments*
SECTOR ALLOCATION
Sector | 04/30/19 |
04/30/18 |
||||||
Transportation |
25 | % | 24 | % | ||||
Health |
16 | 18 | ||||||
Utilities |
14 | 14 | ||||||
County/City/Special District/School District |
13 | 12 | ||||||
State |
10 | 11 | ||||||
Education |
8 | 9 | ||||||
Tobacco |
7 | 6 | ||||||
Corporate |
6 | 5 | ||||||
Housing |
1 | 1 |
For Fund compliance purposes, the Funds sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
Calendar Year Ended December 31, |
||||
2019 |
16 | % | ||
2020 |
12 | |||
2021 |
12 | |||
2022 |
11 | |||
2023 |
6 |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
CREDIT QUALITY ALLOCATION (a)
Credit Rating | 04/30/19 |
04/30/18 |
||||||
AAA/Aaa |
4 | % | 3 | % | ||||
AA/Aa |
39 | 44 | ||||||
A |
22 | 20 | ||||||
BBB/Baa |
15 | 15 | ||||||
BB/Ba |
3 | 4 | ||||||
B/B |
5 | 4 | ||||||
N/R (b) |
12 | 10 |
(a) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2019 and April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 2% and 1%, respectively, of the Funds total investments. |
F UND S UMMARY | 11 |
Fund Summary as of April 30, 2019 | BlackRock MuniHoldings Fund II, Inc. |
Investment Objective
BlackRock MuniHoldings Fund II, Inc.s (MUH) (the Fund) investment objective is to provide shareholders with current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds that are rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Funds investment objective will be achieved.
Fund Information
Symbol on NYSE |
MUH | |
Initial Offering Date |
February 27, 1998 | |
Yield on Closing Market Price as of April 30, 2019 ($15.05) (a) |
4.90% | |
Tax Equivalent Yield (b) |
8.28% | |
Current Monthly Distribution per Common Share (c) |
$0.0615 | |
Current Annualized Distribution per Common Share (c) |
$0.7380 | |
Leverage as of April 30, 2019 (d) |
38% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. |
(d) |
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |
Performance
Returns for the 12 months ended April 30, 2019 were as follows:
Returns Based On | ||||||||
Market Price | NAV | |||||||
MUH (a)(b) |
16.00 | % | 7.46 | % | ||||
Lipper General & Insured Municipal Debt Funds (Leveraged) (c) |
10.02 | 6.95 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
The Funds discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Funds absolute performance based on NAV:
After performing poorly through the end of October, municipal bonds recovered to post a positive total return for the full 12-month period. The initial weakness was largely brought about by concerns that the Fed would raise interest rates aggressively in 2019. However, subsequent signs of slowing growth prompted investors to adjust their expectations in favor of a more accommodative Fed policy, sparking a rally across the bond market from early November onward. Volatility in equities and uncertainty surrounding U.S. trade policy also helped fuel a flight to quality into the fixed-income markets.
The rally in municipal bond prices provided a tailwind for the Fund. Portfolio income was also a key contributor to absolute returns. The use of leverage further aided results by augmenting the effect of both income and rising bond prices. However, the cost of leverage increased during the period due to the Feds three interest rate increases.
During the latter part of the period, municipal investors began to reach for yield amid a strong backdrop for both fundamentals and supply-and-demand factors. In this environment, the Fund benefited from allocations to the long end of the yield curve, lower-rated investment-grade bonds, and both low- and zero-coupon bonds.
At the sector level, positions in the state tax-backed, health care and transportation issues made the largest contribution to performance.
The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy had a small, negative effect on returns.
The Funds allocation to pre-refunded bonds, while providing income and dampening risk, produced more muted returns than the overall market due to their lower sensitivity to yield movements.
Reinvestment had an adverse effect on the Funds income, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower prevailing rates.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
12 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Fund Summary as of April 30, 2019 (continued) | BlackRock MuniHoldings Fund II, Inc. |
Market Price and Net Asset Value Per Share Summary
04/30/19 |
04/30/18 |
Change | High | Low | ||||||||||||||||
Market Price |
$ | 15.05 | $ | 13.75 | 9.45 | % | $ | 15.20 | $ | 12.62 | ||||||||||
Net Asset Value |
15.32 | 15.11 | 1.39 | 15.32 | 14.63 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Funds Total Investments*
SECTOR ALLOCATION
Sector | 04/30/19 |
04/30/18 |
||||||
Transportation |
22 | % | 20 | % | ||||
Health |
17 | 20 | ||||||
County/City/Special District/School District |
16 | 13 | ||||||
Utilities |
12 | 10 | ||||||
State |
11 | 15 | ||||||
Housing |
7 | 2 | ||||||
Tobacco |
6 | 6 | ||||||
Corporate |
5 | 5 | ||||||
Education |
4 | 9 |
For Fund compliance purposes, the Funds sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
Calendar Year Ended December 31, |
||||
2019 |
14 | % | ||
2020 |
11 | |||
2021 |
11 | |||
2022 |
7 | |||
2023 |
6 |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
CREDIT QUALITY ALLOCATION (a)
Credit Rating | 04/30/19 |
04/30/18 |
||||||
AAA/Aaa |
4 | % | 4 | % | ||||
AA/Aa |
41 | 46 | ||||||
A |
22 | 20 | ||||||
BBB/Baa |
15 | 14 | ||||||
BB/Ba |
2 | 4 | ||||||
B/B |
4 | 4 | ||||||
CC |
1 | | ||||||
N/R (b) |
11 | 8 |
(a) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2019 and April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 2% of the Funds total investments. |
F UND S UMMARY | 13 |
Fund Summary as of April 30, 2019 | BlackRock MuniHoldings Quality Fund, Inc. |
Investment Objective
BlackRock MuniHoldings Quality Fund, Inc.s (MUS) (the Fund) investment objective is to provide shareholders with current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing primarily in long-term, investment grade municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests at least 80% of its assets in investment grade municipal obligations, and obligations deemed to be of comparable quality by the investment adviser at the time of investment, with remaining maturities of one year or more at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Funds investment objective will be achieved.
Fund Information
Symbol on NYSE |
MUS | |
Initial Offering Date |
May 1, 1998 | |
Yield on Closing Market Price as of April 30, 2019 ($12.01) (a) |
4.45% | |
Tax Equivalent Yield (b) |
7.52% | |
Current Monthly Distribution per Common Share (c) |
$0.0445 | |
Current Annualized Distribution per Common Share (c) |
$0.5340 | |
Leverage as of April 30, 2019 (d) |
39% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. |
(d) |
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |
Performance
Returns for the 12 months ended April 30, 2019 were as follows:
Returns Based On | ||||||||
Market Price | NAV | |||||||
MUS (a)(b) |
2.02 | % | 6.59 | % | ||||
Lipper General & Insured Municipal Debt Funds (Leveraged) (c) |
10.02 | 6.95 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
The Funds discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Funds absolute performance based on NAV:
After performing poorly through the end of October, municipal bonds recovered to post a positive total return for the full 12-month period. The initial weakness was largely brought about by concerns that the Fed would raise interest rates aggressively in 2019. However, subsequent signs of slowing growth prompted investors to adjust their expectations in favor of a more accommodative Fed policy, sparking a rally across the bond market from early November onward. Volatility in equities and uncertainty surrounding U.S. trade policy also helped fuel a flight to quality into the fixed-income markets.
The rally in municipal bond prices provided a tailwind for the Fund. Portfolio income was also a key contributor to absolute returns. The use of leverage further aided results by augmenting the effect of both income and rising bond prices. However, the cost of leverage increased during the period due to the Feds three interest rate increases.
The Funds positions in the state tax-backed and transportation sectors contributed to performance. Holdings in longer-term bonds, which outperformed short- and intermediate-term issues, also added value.
The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy had a small, negative effect on returns.
Reinvestment had an adverse effect on the Funds income, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower prevailing rates.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
14 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Fund Summary as of April 30, 2019 (continued) | BlackRock MuniHoldings Quality Fund, Inc. |
Market Price and Net Asset Value Per Share Summary
04/30/19 |
04/30/18 |
Change | High | Low | ||||||||||||||||
Market Price |
$ | 12.01 | $ | 12.40 | (3.15 | )% | $ | 12.57 | $ | 11.09 | ||||||||||
Net Asset Value |
13.51 | 13.35 | 1.20 | 13.52 | 12.92 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Funds Total Investments*
SECTOR ALLOCATION
Sector | 04/30/19 |
04/30/18 |
||||||
Transportation |
34 | % | 31 | % | ||||
County/City/Special District/School District |
20 | 26 | ||||||
State |
13 | 8 | ||||||
Utilities |
11 | 14 | ||||||
Education |
9 | 7 | ||||||
Health |
8 | 8 | ||||||
Tobacco |
2 | 2 | ||||||
Housing |
2 | 3 | ||||||
Corporate |
1 | 1 |
For Fund compliance purposes, the Funds sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
Calendar Year Ended December 31, |
||||
2019 |
10 | % | ||
2020 |
4 | |||
2021 |
18 | |||
2022 |
2 | |||
2023 |
18 |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
CREDIT QUALITY ALLOCATION (a)
Credit Rating | 04/30/19 |
04/30/18 |
||||||
AAA/Aaa |
3 | % | 6 | % | ||||
AA/Aa |
48 | 52 | ||||||
A |
32 | 28 | ||||||
BBB/Baa |
11 | 10 | ||||||
N/R |
6 | (b) | 4 |
(a) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2019 the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 2% of the Funds total investments. |
F UND S UMMARY | 15 |
Fund Summary as of April 30, 2019 | BlackRock Muni Intermediate Duration Fund, Inc. |
Investment Objective
BlackRock Muni Intermediate Duration Fund, Inc.s (MUI) (the Fund) investment objective is to provide common shareholders with high current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests at least 75% of its assets in municipal bonds that are rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests at least 80% of its assets in municipal bonds with a duration of three to ten years at the time of investment. The Fund expects to maintain a dollar-weighted average portfolio duration, as calculated by the investment adviser, of three to ten years. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Funds investment objective will be achieved.
Fund Information
Symbol on NYSE |
MUI | |
Initial Offering Date |
August 1, 2003 | |
Yield on Closing Market Price as of April 30, 2019 ($13.85) (a) |
3.86% | |
Tax Equivalent Yield (b) |
6.52% | |
Current Monthly Distribution per Common Share (c) |
$0.0445 | |
Current Annualized Distribution per Common Share (c) |
$0.5340 | |
Leverage as of April 30, 2019 (d) |
39% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. |
(d) |
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |
Performance
Returns for the 12 months ended April 30, 2019 were as follows:
Returns Based On | ||||||||
Market Price | NAV | |||||||
MUI (a)(b) |
11.13 | % | 7.68 | % | ||||
Lipper Intermediate Municipal Debt Funds (c) |
7.21 | 5.41 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
The Funds discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Funds absolute performance based on NAV:
After performing poorly through the end of October, municipal bonds recovered to post a positive total return for the full 12-month period. The initial weakness was largely brought about by concerns that the Fed would raise interest rates aggressively in 2019. However, subsequent signs of slowing growth prompted investors to adjust their expectations in favor of a more accommodative Fed policy, sparking a rally across the bond market from early November onward. Volatility in equities and uncertainty surrounding U.S. trade policy also helped fuel a flight to quality into the fixed-income markets.
The rally in municipal bond prices provided a tailwind for the Fund. Portfolio income was also a key contributor to absolute returns. The use of leverage further aided results by augmenting the effect of both income and rising bond prices. However, the cost of leverage increased during the period due to the Feds three interest rate increases.
The Funds positions in the transportation and state tax-backed sectors contributed to performance. Holdings in bonds with maturities of 10 to 18 years, which outperformed shorter-term issues, also added value.
Lower-quality bonds outpaced higher-quality issues during the period. As a result, positions in A and BBB rated securities were key contributors.
The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy had a small, negative effect on returns.
Reinvestment had an adverse impact on the Funds income, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower prevailing rates.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
16 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Fund Summary as of April 30, 2019 (continued) | BlackRock Muni Intermediate Duration Fund, Inc. |
Market Price and Net Asset Value Per Share Summary
04/30/19 |
04/30/18 |
Change | High | Low | ||||||||||||||||
Market Price |
$ | 13.85 | $ | 13.01 | 6.46 | % | $ | 13.92 | $ | 12.30 | ||||||||||
Net Asset Value |
15.40 | 14.93 | 3.15 | 15.41 | 14.63 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Funds Total Investments*
SECTOR ALLOCATION
Sector | 04/30/19 |
04/30/18 |
||||||
Transportation |
30 | % | 27 | % | ||||
County/City/Special District/School District |
15 | 17 | ||||||
Health |
13 | 10 | ||||||
State |
12 | 16 | ||||||
Education |
12 | 12 | ||||||
Utilities |
10 | 9 | ||||||
Tobacco |
4 | 3 | ||||||
Corporate |
2 | 5 | ||||||
Housing |
2 | 1 |
For Fund compliance purposes, the Funds sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
Calendar Year Ended December 31, |
||||
2019 |
5 | % | ||
2020 |
7 | |||
2021 |
14 | |||
2022 |
5 | |||
2023 |
13 |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
CREDIT QUALITY ALLOCATION (a)
Credit Rating | 04/30/19 |
04/30/18 |
||||||
AAA/Aaa |
5 | % | 5 | % | ||||
AA/Aa |
33 | 37 | ||||||
A |
35 | 32 | ||||||
BBB/Baa |
17 | 18 | ||||||
BB/Ba |
2 | 2 | ||||||
B |
2 | 1 | ||||||
N/R (b) |
6 | 5 |
(a) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&Ps or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) |
The investment adviser evaluates the credit quality of unrated Investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2019 and April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Funds total investments. |
F UND S UMMARY | 17 |
Fund Summary as of April 30, 2019 | BlackRock MuniVest Fund II, Inc. |
Investment Objective
BlackRock MuniVest Fund II, Inc.s (MVT) (the Fund) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds that are rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Funds investment objective will be achieved.
Fund Information
Symbol on NYSE |
MVT | |
Initial Offering Date |
March 29, 1993 | |
Yield on Closing Market Price as of April 30, 2019 ($14.29) (a) |
5.00% | |
Tax Equivalent Yield (b) |
8.45% | |
Current Monthly Distribution per Common Share (c) |
$0.0595 | |
Current Annualized Distribution per Common Share (c) |
$0.7140 | |
Leverage as of April 30, 2019 (d) |
37% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. |
(d) |
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |
Performance
Returns for the 12 months ended April 30, 2019 were as follows:
Returns Based On | ||||||||
Market Price | NAV | |||||||
MVT (a)(b) |
7.78 | % | 6.83 | % | ||||
Lipper General & Insured Municipal Debt Funds (Leveraged) (c) |
10.02 | 6.95 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
The Funds discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not indicative of future results.
The following discussion relates to the Funds absolute performance based on NAV:
After performing poorly through the end of October, municipal bonds recovered to post a positive total return for the full 12-month period. The initial weakness was largely brought about by concerns that the Fed would raise interest rates aggressively in 2019. However, subsequent signs of slowing growth prompted investors to adjust their expectations in favor of a more accommodative Fed policy, sparking a rally across the bond market from early November onward. Volatility in equities and uncertainty surrounding U.S. trade policy also helped fuel a flight to quality into the fixed-income markets.
Long-dated securities on the lower end of the investment grade spectrum (those rated A and BBB) were the largest contributors to performance. At the sector level, holdings in transportation, health care and tax-backed issues were key contributors.
The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy had a small, negative effect on returns.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
18 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Fund Summary as of April 30, 2019 (continued) | BlackRock MuniVest Fund II, Inc. |
Market Price and Net Asset Value Per Share Summary
04/30/19 |
04/30/18 |
Change | High | Low | ||||||||||||||||
Market Price |
$ | 14.29 | $ | 14.05 | 1.71 | % | $ | 14.95 | $ | 12.75 | ||||||||||
Net Asset Value |
14.87 | 14.75 | 0.81 | 14.88 | 14.29 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Funds Total Investments*
SECTOR ALLOCATION
Sector Allocation | 04/30/19 |
04/30/18 |
||||||
Transportation |
24 | % | 29 | % | ||||
Health |
18 | 18 | ||||||
Utilities |
14 | 13 | ||||||
County/City/Special District/School District |
13 | 9 | ||||||
State |
9 | 12 | ||||||
Education |
8 | 6 | ||||||
Tobacco |
7 | 6 | ||||||
Corporate |
6 | 6 | ||||||
Housing |
1 | 1 |
For Fund compliance purposes, the Funds sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
Calendar Year Ended December 31, |
||||
2019 |
12 | % | ||
2020 |
11 | |||
2021 |
11 | |||
2022 |
10 | |||
2023 |
7 |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
CREDIT QUALITY ALLOCATION (a)
Credit Rating | 04/30/19 |
04/30/18 |
||||||
AAA/Aaa |
4 | % | 4 | % | ||||
AA/Aa |
34 | 42 | ||||||
A |
25 | 20 | ||||||
BBB/Baa |
19 | 18 | ||||||
BB/Ba |
3 | 5 | ||||||
B |
4 | 5 | ||||||
C |
1 | | ||||||
N/R (b) |
10 | 6 |
(a) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2019 and April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Funds total investments. |
F UND S UMMARY | 19 |
April 30, 2019 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Municipal Bonds 89.1% |
|
|||||||
Alabama 1.5% | ||||||||
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42 |
$ | 3,745 | $ | 4,359,708 | ||||
County of Tuscaloosa IDA, Refunding RB, Hunt Refining Project, Series A (a)(b) : |
||||||||
4.50%, 05/01/32 |
380 | 400,417 | ||||||
5.25%, 05/01/44 |
485 | 519,561 | ||||||
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20 (c) |
2,165 | 2,298,862 | ||||||
|
|
|||||||
7,578,548 | ||||||||
Alaska 1.1% | ||||||||
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A: |
||||||||
4.63%, 06/01/23 |
190 | 190,051 | ||||||
5.00%, 06/01/32 |
1,500 | 1,499,940 | ||||||
5.00%, 06/01/46 |
4,290 | 4,186,611 | ||||||
|
|
|||||||
5,876,602 | ||||||||
Arizona 2.8% | ||||||||
Arizona IDA, RB, Series A (b) : |
||||||||
Doral Academy of Nevada-Fire Mesa, 5.00%, 07/15/39 |
520 | 556,031 | ||||||
Lone Mountain Campus Project, 5.00%, 12/15/39 |
250 | 265,815 | ||||||
Arizona IDA, Refunding RB, Series A (b) : |
||||||||
Basis Schools, Inc. Projects, 5.13%, 07/01/37 |
960 | 1,024,790 | ||||||
Odyssey Preparatory Academy Project, 5.50%, 07/01/52 |
1,500 | 1,509,690 | ||||||
City of Phoenix Arizona IDA, RB: |
||||||||
Great Hearts Academies Veritas Project, 6.40%, 07/01/21 (c) |
425 | 467,632 | ||||||
Great Hearts Academies Veritas Projects, 6.30%, 07/01/21 (c) |
500 | 549,095 | ||||||
Legacy Traditional Schools Project, Series A, 6.50%, 07/01/34 (b) |
570 | 648,666 | ||||||
Legacy Traditional Schools Projects, Series A, 6.75%, 07/01/44 (b) |
1,000 | 1,133,070 | ||||||
City of Phoenix Arizona IDA, Refunding RB (b) : |
||||||||
Basis Schools, Inc. Projects, 5.00%, 07/01/35 |
305 | 322,525 | ||||||
Basis Schools, Inc. Projects, 5.00%, 07/01/45 |
855 | 889,405 | ||||||
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/35 |
260 | 274,940 | ||||||
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/46 |
290 | 301,510 | ||||||
Legacy Traditional School Projects, 5.00%, 07/01/35 |
320 | 337,850 | ||||||
Legacy Traditional School Projects, 5.00%, 07/01/45 |
255 | 264,841 | ||||||
County of La Paz IDA, RB, Imagine Schools Desert West Middle Project, 5.88%, 06/15/48 (b) |
875 | 888,466 | ||||||
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
1,650 | 2,078,010 | ||||||
State of Arizona IDA, RB, Academies of Math & Science Project, Series B, 5.13%, 07/01/47 (b) |
665 | 683,939 | ||||||
State of Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.25%, 07/01/47 (b) |
1,765 | 1,870,688 | ||||||
|
|
|||||||
14,066,963 | ||||||||
California 6.3% | ||||||||
California Municipal Finance Authority, RB, Urban Discovery Academy Project (b) : |
||||||||
5.50%, 08/01/34 |
315 | 319,486 | ||||||
6.00%, 08/01/44 |
665 | 682,037 | ||||||
6.13%, 08/01/49 |
580 | 596,803 | ||||||
California School Finance Authority, RB: |
||||||||
Alliance for College Ready Public School 2023 Union LLC Project, Series A, 6.40%, 07/01/48 |
1,570 | 1,777,193 | ||||||
Value Schools, 6.65%, 07/01/33 |
435 | 485,316 | ||||||
Value Schools, 6.90%, 07/01/43 |
975 | 1,084,366 | ||||||
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center (b) : |
||||||||
5.25%, 12/01/38 |
580 | 661,229 |
Security |
Par
(000) |
Value | ||||||
California (continued) | ||||||||
Series A, 5.00%, 12/01/46 |
$ | 725 | $ | 787,887 | ||||
Series A, 5.25%, 12/01/56 |
620 | 681,045 | ||||||
California Statewide Communities Development Authority, Refunding RB, American Baptist Homes of the West, 6.25%, 10/01/39 |
2,175 | 2,215,063 | ||||||
California Statewide Financing Authority, RB, Asset-Backed, Tobacco Settlement, Series B, 6.00%, 05/01/43 |
1,650 | 1,659,586 | ||||||
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D (b)(d) : |
||||||||
0.00%, 08/01/26 |
1,250 | 910,113 | ||||||
0.00%, 08/01/43 |
1,500 | 459,765 | ||||||
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: |
||||||||
6.50%, 05/01/36 |
900 | 982,368 | ||||||
6.50%, 05/01/42 |
2,220 | 2,423,618 | ||||||
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40 |
375 | 442,073 | ||||||
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.: |
||||||||
5.70%, 06/01/46 |
3,600 | 3,601,440 | ||||||
5.60%, 06/01/36 |
1,285 | 1,285,874 | ||||||
County of Riverside California Transportation Commission, RB, Senior Lien, Series A, 5.75%, 06/01/48 |
2,885 | 3,169,807 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1: |
||||||||
5.00%, 06/01/47 |
790 | 773,165 | ||||||
5.25%, 06/01/47 |
610 | 613,758 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1: |
||||||||
4.75%, 06/01/25 |
880 | 885,130 | ||||||
5.00%, 06/01/37 |
5,580 | 5,612,531 | ||||||
|
|
|||||||
32,109,653 | ||||||||
Colorado 1.4% | ||||||||
9th Avenue Metropolitan District No. 2, GOL, 5.00%, 12/01/48 |
910 | 933,624 | ||||||
Arista Metropolitan District, GO, Refunding, Series A, 5.00%, 12/01/38 |
1,240 | 1,276,196 | ||||||
Castle Oaks Metropolitan District No. 3, GO, 6.25%, 12/01/20 (c) |
500 | 549,840 | ||||||
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47 (b) |
575 | 591,859 | ||||||
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.75%, 12/01/45 |
720 | 754,142 | ||||||
North Holly Metropolitan District, GOL, Series A, 5.50%, 12/01/48 |
500 | 502,745 | ||||||
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 |
760 | 774,774 | ||||||
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 01/15/34 |
1,500 | 1,556,670 | ||||||
|
|
|||||||
6,939,850 | ||||||||
Connecticut 0.9% | ||||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45 (b) |
1,400 | 1,448,076 | ||||||
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45 (b) |
971 | 1,034,321 | ||||||
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 02/01/30 (b) |
1,835 | 2,025,546 | ||||||
|
|
|||||||
4,507,943 |
20 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Florida (continued) | ||||||||
Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector Projects: |
||||||||
4.25%, 05/01/26 |
$ | 135 | $ | 137,280 | ||||
5.13%, 05/01/46 |
825 | 845,444 | ||||||
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21 (c) |
4,550 | 5,137,723 | ||||||
Midtown Miami Community Development District, Refunding, Special Assessment Bonds: |
||||||||
Series A, 5.00%, 05/01/37 |
845 | 881,005 | ||||||
Series B, 5.00%, 05/01/37 |
495 | 516,092 | ||||||
Santa Rosa Bay Bridge Authority, RB, 6.25%, 07/01/28 (e)(f) |
3,743 | 2,788,860 | ||||||
Tolomato Community Development District, Refunding, Special Assessment Bonds: |
||||||||
Convertible CAB, Series A3, 6.61%, 05/01/40 |
580 | 580,267 | ||||||
Convertible CAB, Series A4, 6.61%, 05/01/40 (h) |
305 | 254,437 | ||||||
Series 2015-2, 6.61%, 05/01/40 (h) |
805 | 542,490 | ||||||
Tolomato Community Development District (e)(f) : |
||||||||
Series 1, 6.61%, 05/01/40 (h) |
1,305 | 1,070,974 | ||||||
Series 1, 6.65%, 05/01/40 |
50 | 50,049 | ||||||
Series 3, 6.61%, 05/01/40 |
875 | 9 | ||||||
Series 3, 6.65%, 05/01/40 |
710 | 7 | ||||||
Trout Creek Community Development District, Special Assessment Bonds: |
||||||||
5.38%, 05/01/38 |
430 | 447,901 | ||||||
5.50%, 05/01/49 |
1,105 | 1,152,272 | ||||||
Village Community Development District No. 9, Special Assessment Bonds: |
||||||||
6.75%, 05/01/31 |
1,460 | 1,577,778 | ||||||
7.00%, 05/01/41 |
2,400 | 2,640,264 | ||||||
5.50%, 05/01/42 |
1,155 | 1,220,858 | ||||||
West Villages Improvement District, Special Assessment Bonds: |
||||||||
4.75%, 05/01/39 |
455 | 453,835 | ||||||
5.00%, 05/01/50 |
940 | 942,200 | ||||||
|
|
|||||||
47,283,669 | ||||||||
Georgia 1.8% | ||||||||
County of Clayton Georgia Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 06/01/29 |
3,365 | 3,605,699 | ||||||
County of Gainesville & Hall Georgia Development Authority, Refunding RB, Acts Retirement Life Community, Series A-2 (c) : |
||||||||
6.38%, 11/15/19 |
700 | 717,500 | ||||||
6.63%, 11/15/19 |
880 | 903,118 | ||||||
Main Street Natural Gas, Inc., RB, Series A: |
||||||||
5.00%, 05/15/35 |
560 | 677,617 | ||||||
5.00%, 05/15/36 |
560 | 678,675 | ||||||
5.00%, 05/15/37 |
615 | 746,321 | ||||||
5.00%, 05/15/38 |
340 | 413,511 | ||||||
5.00%, 05/15/49 |
1,130 | 1,413,720 | ||||||
|
|
|||||||
9,156,161 | ||||||||
Guam 0.2% | ||||||||
Territory of Guam, GO, Series A: |
||||||||
6.00%, 11/15/19 |
140 | 142,871 | ||||||
7.00%, 11/15/19 (c) |
1,115 | 1,147,369 | ||||||
|
|
|||||||
1,290,240 | ||||||||
Illinois 6.5% | ||||||||
Chicago Board of Education, GO: |
||||||||
Series A, 5.00%, 12/01/42 |
1,020 | 1,046,051 | ||||||
5.00%, 12/01/46 |
600 | 628,830 | ||||||
5.00%, 12/01/46 |
1,555 | 1,599,768 | ||||||
Chicago Board of Education, GO, Dedicated Revenues, Series D: |
||||||||
Refunding, 5.00%, 12/01/31 |
1,000 | 1,086,090 |
S CHEDULES OF I NVESTMENTS | 21 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Illinois (continued) | ||||||||
Refunding, Series G, 5.00%, 12/01/44 |
$ | 2,150 | $ | 2,262,682 | ||||
Series H, 5.00%, 12/01/46 |
720 | 756,490 | ||||||
Project, Series C, 5.25%, 12/01/35 |
1,655 | 1,755,806 | ||||||
Chicago Board of Education, GO, Refunding: |
||||||||
5.00%, 12/01/27 |
900 | 981,270 | ||||||
Series B, 4.00%, 12/01/35 |
745 | 700,650 | ||||||
Series C, 5.00%, 12/01/25 |
725 | 783,094 | ||||||
City of Chicago Illinois, GO, Refunding, Series A, 6.00%, 01/01/38 |
1,260 | 1,435,820 | ||||||
Illinois Finance Authority, Refunding RB: |
||||||||
Friendship Village of Schaumburg, 7.25%, 02/15/20 (c) |
4,000 | 4,173,120 | ||||||
Primary Health Care Centers Program, 6.60%, 07/01/24 |
780 | 768,557 | ||||||
Rogers Park Montessori School Project, Series 2014, 6.00%, 02/01/34 |
365 | 396,087 | ||||||
Rogers Park Montessori School Project, Series 2014, 6.13%, 02/01/45 |
860 | 925,154 | ||||||
Roosevelt University Project, 6.50%, 10/01/19 (c) |
785 | 800,684 | ||||||
Roosevelt University Project, 6.50%, 10/01/19 (c) |
1,215 | 1,239,276 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, McCormick Place Expansion Project: |
||||||||
Bonds, 0.00%, 12/15/56 (d) |
5,005 | 902,402 | ||||||
5.50%, 06/15/53 |
2,370 | 2,578,939 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project Bonds, Series B, 0.00%, 12/15/54 (d) |
6,980 | 1,383,855 | ||||||
Railsplitter Tobacco Settlement Authority, RB (c) : |
||||||||
5.50%, 06/01/21 |
180 | 194,076 | ||||||
6.00%, 06/01/21 |
710 | 772,750 | ||||||
State of Illinois, GO: |
||||||||
Refunding, Series B, 5.00%, 10/01/29 |
1,975 | 2,183,659 | ||||||
Series A, 5.00%, 01/01/33 |
740 | 763,162 | ||||||
Series D, 5.00%, 11/01/28 |
1,365 | 1,507,847 | ||||||
Village of Lincolnshire Illinois, Special Tax Bonds, Sedgebrook Project, 6.25%, 03/01/34 |
1,583 | 1,585,786 | ||||||
|
|
|||||||
33,211,905 | ||||||||
Indiana 2.4% | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
||||||||
6.75%, 01/01/34 |
825 | 951,811 | ||||||
7.00%, 01/01/44 |
2,000 | 2,325,520 | ||||||
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 01/01/29 (b) |
2,175 | 2,220,327 | ||||||
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1 (b) : |
||||||||
6.63%, 01/15/34 |
290 | 310,607 | ||||||
6.75%, 01/15/43 |
525 | 558,920 | ||||||
6.88%, 01/15/52 |
2,450 | 2,613,048 | ||||||
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT: |
||||||||
5.00%, 07/01/44 |
470 | 506,956 | ||||||
5.00%, 07/01/48 |
1,555 | 1,673,724 | ||||||
Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1, 6.38%, 01/15/51 (b) |
1,190 | 1,234,887 | ||||||
|
|
|||||||
12,395,800 | ||||||||
Iowa 2.0% | ||||||||
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
||||||||
Series B, 5.25%, 12/01/50 (g) |
2,085 | 2,234,432 | ||||||
Midwestern Disaster Area, 5.25%, 12/01/25 |
2,190 | 2,359,484 | ||||||
Iowa Tobacco Settlement Authority, Refunding RB: |
||||||||
Asset-Backed, CAB, Series B, 5.60%, 06/01/34 |
795 | 789,045 | ||||||
Series C, 5.38%, 06/01/38 |
4,900 | 4,840,073 | ||||||
|
|
|||||||
10,223,034 |
Security |
Par
(000) |
Value | ||||||
Kentucky 0.9% | ||||||||
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing, First Tier, Series A, 5.75%, 07/01/49 |
$ | 4,000 | $ | 4,361,880 | ||||
|
|
|||||||
Louisiana 2.0% | ||||||||
Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 09/15/44 (b) |
2,445 | 2,491,015 | ||||||
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 05/01/41 |
1,745 | 1,831,500 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 05/15/35 |
5,570 | 6,056,261 | ||||||
|
|
|||||||
10,378,776 | ||||||||
Maine 0.6% | ||||||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 07/01/41 |
2,955 | 3,192,346 | ||||||
|
|
|||||||
Maryland 1.2% | ||||||||
County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 07/01/43 (b) |
2,835 | 2,854,335 | ||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |
3,085 | 3,173,478 | ||||||
|
|
|||||||
6,027,813 | ||||||||
Massachusetts 1.0% | ||||||||
Massachusetts Development Finance Agency, RB, Series A (c) : |
||||||||
Foxborough Regional Charter School, 7.00%, 07/01/20 |
1,025 | 1,088,417 | ||||||
North Hill Communities Issue, 6.50%, 11/15/23 (b) |
2,020 | 2,417,132 | ||||||
Massachusetts Development Finance Agency, Refunding RB, Tufts Medical Center, Series I (c) : |
||||||||
6.75%, 01/01/21 |
895 | 968,506 | ||||||
6.75%, 01/01/21 |
595 | 643,867 | ||||||
|
|
|||||||
5,117,922 | ||||||||
Michigan 1.4% | ||||||||
City of Detroit Michigan, GO: |
||||||||
5.00%, 04/01/34 |
285 | 307,783 | ||||||
5.00%, 04/01/35 |
285 | 306,908 | ||||||
5.00%, 04/01/36 |
200 | 214,698 | ||||||
5.00%, 04/01/37 |
320 | 342,051 | ||||||
5.00%, 04/01/38 |
145 | 154,793 | ||||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39 |
2,785 | 3,015,570 | ||||||
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 07/01/44 |
415 | 443,784 | ||||||
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44 |
920 | 984,097 | ||||||
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48 |
1,200 | 1,368,300 | ||||||
|
|
|||||||
7,137,984 | ||||||||
Minnesota 0.1% | ||||||||
St. Paul Housing & Redevelopment Authority, Refunding RB, Hmong College Prep Academy Project, Series A: |
||||||||
5.75%, 09/01/46 |
195 | 211,076 | ||||||
6.00%, 09/01/51 |
290 | 317,454 | ||||||
|
|
|||||||
528,530 | ||||||||
Missouri 0.8% | ||||||||
City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A: |
||||||||
4.38%, 11/15/35 |
685 | 706,057 | ||||||
4.75%, 11/15/47 |
760 | 785,262 | ||||||
Kirkwood Missouri IDA, RB, Aberdeen Heights, Series A, 8.25%, 05/15/20 (c) |
2,315 | 2,467,559 | ||||||
|
|
|||||||
3,958,878 |
22 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
New Hampshire 0.3% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project (b) : |
||||||||
Series B, 4.63%, 11/01/42 |
$ | 1,015 | $ | 1,027,789 | ||||
Series C, AMT, 4.88%, 11/01/42 |
485 | 494,758 | ||||||
|
|
|||||||
1,522,547 | ||||||||
New Jersey 4.6% | ||||||||
Casino Reinvestment Development Authority, Refunding RB: |
||||||||
5.25%, 11/01/39 |
1,065 | 1,146,430 | ||||||
5.25%, 11/01/44 |
770 | 827,688 | ||||||
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45 (b) |
1,150 | 1,157,659 | ||||||
New Jersey EDA, RB: |
||||||||
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 |
2,155 | 2,379,077 | ||||||
Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 04/01/31 |
2,160 | 2,470,270 | ||||||
Provident Group-Kean Properties, Series A, 5.00%, 07/01/32 |
165 | 180,923 | ||||||
Provident Group-Kean Properties, Series A, 5.00%, 07/01/37 |
260 | 282,183 | ||||||
State House Project, Series B, Remark 10, 5.00%, 06/15/43 |
2,245 | 2,460,632 | ||||||
Team Academy Charter School Project, 6.00%, 10/01/43 |
1,530 | 1,687,713 | ||||||
New Jersey EDA, Refunding RB, Greater Brunswick Charter School, Inc. Project, Series A, 6.00%, 08/01/49 (b) |
500 | 510,300 | ||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation Program: |
||||||||
Series AA, 5.25%, 06/15/41 |
1,140 | 1,239,134 | ||||||
Series S, 5.25%, 06/15/43 |
2,345 | 2,637,234 | ||||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46 |
5,970 | 6,226,471 | ||||||
|
|
|||||||
23,205,714 | ||||||||
New Mexico 0.6% | ||||||||
New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 07/01/42 |
2,970 | 3,180,929 | ||||||
|
|
|||||||
New York 6.1% | ||||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A: |
||||||||
6.25%, 06/01/41 (b) |
5,300 | 5,429,214 | ||||||
5.00%, 06/01/42 |
3,155 | 3,083,066 | ||||||
5.00%, 06/01/45 |
1,185 | 1,150,007 | ||||||
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B: |
||||||||
5.00%, 06/01/45 |
2,655 | 2,782,174 | ||||||
5.00%, 06/01/51 |
1,900 | 1,936,214 | ||||||
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46 |
970 | 970,039 | ||||||
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |
1,286 | 1,397,470 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |
2,890 | 2,851,447 | ||||||
New York Liberty Development Corp., Refunding RB: |
||||||||
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 |
1,270 | 1,310,373 | ||||||
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (b) |
4,705 | 5,062,251 | ||||||
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (b) |
455 | 501,524 | ||||||
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (b) |
1,080 | 1,186,099 | ||||||
3 World Trade Center Project, Class 3, 7.25%, 11/15/44 (b) |
1,565 | 1,844,212 |
Security |
Par
(000) |
Value | ||||||
New York (continued) | ||||||||
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/36 |
$ | 1,340 | $ | 1,418,779 | ||||
|
|
|||||||
30,922,869 | ||||||||
North Carolina 0.5% | ||||||||
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A (c) : |
||||||||
7.75%, 03/01/21 |
1,000 | 1,106,440 | ||||||
7.75%, 03/01/21 |
1,420 | 1,571,145 | ||||||
|
|
|||||||
2,677,585 | ||||||||
Ohio 3.1% | ||||||||
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series A-2: |
||||||||
6.00%, 06/01/42 |
3,040 | 2,988,563 | ||||||
Senior Turbo Term, 5.75%, 06/01/34 |
6,745 | 6,390,618 | ||||||
Senior Turbo Term, 5.88%, 06/01/47 |
5,570 | 5,277,575 | ||||||
County of Hamilton Ohio, Refunding RB, Improvement-Life Enriching Communities, 5.00%, 01/01/46 |
875 | 914,751 | ||||||
|
|
|||||||
15,571,507 | ||||||||
Oklahoma 1.4% | ||||||||
County of Tulsa Oklahoma Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/37 |
750 | 844,148 | ||||||
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B: |
||||||||
5.00%, 08/15/38 |
2,990 | 3,362,823 | ||||||
5.25%, 08/15/43 |
2,690 | 3,062,726 | ||||||
|
|
|||||||
7,269,697 | ||||||||
Oregon 0.6% | ||||||||
County of Multnomah Oregon Hospital Facilities Authority, Refunding RB, Mirabella at South Waterfront, 5.50%, 10/01/49 |
1,765 | 1,898,893 | ||||||
Polk County Hospital Facility Authority, RB, Dallas Retirement Village Project, Series A: |
||||||||
5.13%, 07/01/35 |
620 | 647,063 | ||||||
5.38%, 07/01/45 |
385 | 401,882 | ||||||
|
|
|||||||
2,947,838 | ||||||||
Pennsylvania 2.4% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A, 5.00%, 05/01/42 |
2,140 | 2,221,448 | ||||||
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/36 |
2,000 | 2,158,340 | ||||||
County of Lehigh Pennsylvania General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 07/01/32 |
1,800 | 1,823,706 | ||||||
County of Montgomery Pennsylvania IDA, Refunding RB, Whitemarsh Continuing Care Retirement Community Project, 5.38%, 01/01/50 |
1,135 | 1,150,107 | ||||||
County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bonds, 7.00%, 07/01/32 |
1,945 | 2,183,282 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |
2,710 | 2,847,424 | ||||||
|
|
|||||||
12,384,307 | ||||||||
Puerto Rico 4.5% | ||||||||
Childrens Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43 |
850 | 859,324 | ||||||
Commonwealth of Puerto Rico, GO, Refunding (e) (f) : |
||||||||
Public Improvement, 5.00%, 07/01/18 |
90 | 65,025 |
S CHEDULES OF I NVESTMENTS | 23 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Puerto Rico (continued) | ||||||||
Public Improvement, Series A, 5.50%, 07/01/32 |
$ | 250 | $ | 181,250 | ||||
Public Improvement, Series A, 5.50%, 07/01/39 |
970 | 514,100 | ||||||
Series A, 8.00%, 07/01/35 |
1,515 | 757,500 | ||||||
Commonwealth of Puerto Rico, GO, Series A, 6.00%, 07/01/38 (e)(f) |
750 | 543,750 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: |
||||||||
5.00%, 07/01/33 |
270 | 265,613 | ||||||
5.13%, 07/01/37 |
200 | 196,750 | ||||||
5.75%, 07/01/37 |
3,355 | 3,367,581 | ||||||
6.00%, 07/01/38 |
4,290 | 4,295,362 | ||||||
5.25%, 07/01/42 |
920 | 914,250 | ||||||
6.00%, 07/01/44 |
1,445 | 1,446,806 | ||||||
Puerto Rico Electric Power Authority, RB (e)(f) : |
||||||||
Series A, 5.00%, 07/01/29 |
660 | 532,950 | ||||||
Series A, 7.00%, 07/01/33 |
210 | 172,200 | ||||||
Series A, 5.00%, 07/01/42 |
1,315 | 1,061,862 | ||||||
Series A, 7.00%, 07/01/43 |
190 | 155,800 | ||||||
Series TT, 5.00%, 07/01/25 |
100 | 80,750 | ||||||
Series TT, 5.00%, 07/01/26 |
225 | 181,688 | ||||||
Series TT, 5.00%, 07/01/32 |
190 | 153,425 | ||||||
Series WW, 5.50%, 07/01/38 |
205 | 166,563 | ||||||
Series XX, 5.25%, 07/01/27 |
110 | 89,100 | ||||||
Series XX, 5.25%, 07/01/40 |
480 | 388,800 | ||||||
Puerto Rico Electric Power Authority, Refunding RB (e)(f) : |
||||||||
Series AAA, 5.25%, 07/01/29 |
95 | 76,950 | ||||||
Series ZZ, 5.25%, 07/01/21 |
50 | 40,500 | ||||||
Series ZZ, 5.25%, 07/01/24 |
345 | 279,450 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: |
||||||||
CAB, Series A-1, 0.00%, 07/01/24 (d) |
79 | 66,377 | ||||||
CAB, Series A-1, 0.00%, 07/01/27 (d) |
134 | 100,460 | ||||||
CAB, Series A-1, 0.00%, 07/01/29 (d) |
131 | 87,686 | ||||||
CAB, Series A-1, 0.00%, 07/01/31 (d) |
168 | 100,152 | ||||||
CAB, Series A-1, 0.00%, 07/01/33 (d) |
190 | 101,485 | ||||||
CAB, Series A-1, 0.00%, 07/01/46 (d) |
1,804 | 414,216 | ||||||
CAB, Series A-1, 0.00%, 07/01/51 (d) |
1,469 | 251,743 | ||||||
Series A-1, 4.50%, 07/01/34 |
139 | 141,010 | ||||||
Series A-1, 4.55%, 07/01/40 |
70 | 68,606 | ||||||
Series A-1, 4.75%, 07/01/53 |
1,912 | 1,826,151 | ||||||
Series A-1, 5.00%, 07/01/58 |
2,372 | 2,337,748 | ||||||
Series A-2, 4.55%, 07/01/40 |
714 | 635,460 | ||||||
Series A-2, 4.75%, 07/01/53 |
21 | 18,199 | ||||||
Series A-2, 5.00%, 07/01/58 |
286 | 252,567 | ||||||
|
|
|||||||
23,189,209 | ||||||||
Rhode Island 2.0% | ||||||||
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35 (e)(f) |
4,190 | 754,200 | ||||||
Tobacco Settlement Financing Corp., Refunding RB: |
||||||||
Series A, 5.00%, 06/01/40 |
980 | 1,038,966 | ||||||
Series B, 4.50%, 06/01/45 |
5,055 | 4,969,318 | ||||||
Series B, 5.00%, 06/01/50 |
3,330 | 3,415,814 | ||||||
|
|
|||||||
10,178,298 | ||||||||
South Carolina 0.7% | ||||||||
State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 |
3,275 | 3,603,548 | ||||||
|
|
|||||||
Tennessee 0.4% | ||||||||
County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax Increment, Graceland Project, Series A: |
||||||||
5.50%, 07/01/37 |
925 | 994,098 | ||||||
5.63%, 01/01/46 |
1,085 | 1,156,870 | ||||||
|
|
|||||||
2,150,968 |
Security |
Par
(000) |
Value | ||||||
Texas 10.2% | ||||||||
Central Texas Regional Mobility Authority, Refunding RB: |
||||||||
CAB, 0.00%, 01/01/28 (d) |
$ | 1,000 | $ | 786,450 | ||||
CAB, 0.00%, 01/01/29 (d) |
2,000 | 1,519,180 | ||||||
CAB, 0.00%, 01/01/30 (d) |
1,170 | 855,633 | ||||||
CAB, 0.00%, 01/01/33 (d) |
3,690 | 2,352,338 | ||||||
CAB, 0.00%, 01/01/34 (d) |
4,000 | 2,437,440 | ||||||
Senior Lien, 6.25%, 01/01/21 (c) |
2,210 | 2,371,949 | ||||||
City of Houston Texas Airport System, Refunding ARB, AMT: |
||||||||
Special Facilities, Continental Airlines, Inc., Series A, 6.63%, 07/15/38 |
2,890 | 3,105,247 | ||||||
United Airlines, Inc. Terminal E Project, 5.00%, 07/01/29 |
910 | 1,004,713 | ||||||
County of Bexar Texas Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 07/01/20 (c) |
5,040 | 5,296,536 | ||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23 (c) |
475 | 564,043 | ||||||
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29 |
2,090 | 2,146,242 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Senior Living Center Project, Series A, 8.25%, 11/15/44 |
4,200 | 3,780,000 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, 5.00%, 10/01/49 |
865 | 918,284 | ||||||
County of Travis Texas Health Facilities Development Corp., Refunding RB, 7.13%, 01/01/21 (c) |
3,080 | 3,349,685 | ||||||
Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31 (b) |
890 | 927,674 | ||||||
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project: |
||||||||
5.88%, 04/01/36 |
1,210 | 1,323,946 | ||||||
6.00%, 04/01/45 |
1,845 | 2,015,810 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Jubilee Academic, Series A, 5.00%, 08/15/36 (b) |
1,085 | 1,104,378 | ||||||
Newark Higher Education Finance Corp., RB, Series A (b) : |
||||||||
5.50%, 08/15/35 |
290 | 307,986 | ||||||
5.75%, 08/15/45 |
580 | 618,286 | ||||||
North Texas Education Finance Corp., ERB, Uplift Education, Series A, 5.25%, 12/01/47 |
1,600 | 1,679,136 | ||||||
Red River Health Facilities Development Corp., First MRB, Project: |
||||||||
Eden Home, Inc., 7.25%, 12/15/42 (e)(f) |
2,895 | 1,802,137 | ||||||
Wichita Falls Retirement Foundation, 5.13%, 01/01/41 |
900 | 920,268 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
||||||||
LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |
3,775 | 3,989,533 | ||||||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
3,000 | 3,095,670 | ||||||
Texas Transportation Commission, RB, CAB, First Tier Toll Revenue (d) : |
||||||||
0.00%, 08/01/46 |
1,420 | 406,248 | ||||||
0.00%, 08/01/47 |
2,120 | 575,665 | ||||||
0.00%, 08/01/48 |
2,235 | 575,982 | ||||||
0.00%, 08/01/49 |
2,100 | 514,038 | ||||||
0.00%, 08/01/50 |
3,015 | 693,359 | ||||||
0.00%, 08/01/51 |
1,770 | 383,754 | ||||||
0.00%, 08/01/52 |
1,770 | 362,000 | ||||||
0.00%, 08/01/53 |
160 | 30,918 | ||||||
|
|
|||||||
51,814,528 |
24 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Wisconsin (continued) | ||||||||
St. Johns Communities, Inc., Series A, 7.63%, 09/15/19 (c) |
$ | 855 | $ | 873,639 | ||||
|
|
|||||||
9,927,202 | ||||||||
|
|
|||||||
Total Municipal Bonds 89.1%
|
|
454,114,817 | ||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
|
|||||||
Colorado 2.3% |
|
|||||||
Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth Health System, Series A, 5.00%, 01/01/40 |
11,468 | 11,674,940 | ||||||
|
|
|||||||
Illinois 2.9% | ||||||||
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41 |
7,180 | 7,761,795 | ||||||
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 4.00%, 02/15/41 |
1,499 | 1,587,025 | ||||||
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 |
5,056 | 5,702,359 | ||||||
|
|
|||||||
15,051,179 | ||||||||
Massachusetts 0.5% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45 |
2,268 | 2,394,136 | ||||||
|
|
|||||||
New York 14.6% | ||||||||
City of New York New York Housing Development Corp., RB, M/F: |
||||||||
Housing, Series D-1, Class B, 4.25%, 11/01/45 |
8,996 | 9,345,450 | ||||||
Series C-1A, 4.15%, 11/01/39 |
1,893 | 1,960,726 | ||||||
Series C-1A, 4.20%, 11/01/44 |
3,470 | 3,593,943 | ||||||
Series C-1A, 4.30%, 11/01/47 |
2,840 | 2,941,047 | ||||||
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution: |
||||||||
Fiscal 2013, Series CC, 5.00%, 06/15/47 |
14,181 | 15,852,074 | ||||||
Series HH, 5.00%, 06/15/31 (j) |
8,610 | 9,199,354 | ||||||
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012 (j) : |
||||||||
5.75%, 02/15/21 (c) |
2,798 | 2,994,534 | ||||||
5.75%, 02/15/47 |
1,721 | 1,842,146 | ||||||
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |
18,104 | 19,661,463 | ||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (j) |
6,600 | 7,221,783 | ||||||
|
|
|||||||
74,612,520 | ||||||||
Pennsylvania 0.6% | ||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |
2,505 | 2,941,037 | ||||||
|
|
|||||||
Rhode Island 0.3% | ||||||||
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43 |
1,710 | 1,758,222 | ||||||
|
|
|||||||
Texas 0.5% | ||||||||
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43 |
2,271 | 2,326,749 | ||||||
|
|
|||||||
Washington 1.7% | ||||||||
City of Bellingham Washington Water & Sewer Revenue, RB, Water & Sewer, 5.00%, 08/01/40 |
7,966 | 8,470,588 | ||||||
|
|
S CHEDULES OF I NVESTMENTS | 25 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
(a) |
When-issued security. |
(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) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) |
Zero-coupon bond. |
(e) |
Issuer filed for bankruptcy and/or is in default. |
(f) |
Non-income producing security. |
(g) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(h) |
Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
(i) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(j) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expire between June 15, 2019 to August 15, 2020, is $11,849,809. See Note 4 of the Notes to Financial Statements for details. |
(k) |
Annualized 7-day yield as of period end. |
(l) |
During the year ended April 30, 2019, investments in issuers considered to be an /affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate |
Shares
Held at 04/30/18 |
Net
Activity |
Shares
Held at 04/30/19 |
Value at
04/30/19 |
Income |
Net
Realized Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
2,226,571 | (1,459,184 | ) | 767,387 | $ | 767,464 | $ | 38,707 | $ | 1,044 | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Includes net capital gain distributions, if applicable. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value/
Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts: |
||||||||||||||||
10-Year U.S. Treasury Note |
30 | 06/19/19 | $ | 3,710 | $ | (17,614 | ) | |||||||||
Long U.S. Treasury Bond |
120 | 06/19/19 | 17,696 | (74,235 | ) | |||||||||||
5-Year U.S. Treasury Note |
22 | 06/28/19 | 2,544 | (9,994 | ) | |||||||||||
|
|
|||||||||||||||
$ | (101,843 | ) | ||||||||||||||
|
|
26 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniAssets Fund, Inc. (MUA) |
Derivative Financial Instruments Categorized by Risk Exposure
As of year end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Liabilities Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | | $ | | $ | | $ | | $ | 101,843 | $ | | $ | 101,843 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current days variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the year ended April 30, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (612,875 | ) | $ | | $ | (612,875 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (141,425 | ) | $ | | $ | (141,425 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts short |
$ | 19,685,354 |
For more information about the Funds investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Funds policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Funds investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
|
|||||||||||||||
Investments: |
|
|||||||||||||||
Long-Term Investments (a) |
$ | | $ | 574,535,914 | $ | | $ | 574,535,914 | ||||||||
Short-Term Securities |
767,464 | | | 767,464 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 767,464 | $ | 574,535,914 | $ | | $ | 575,303,378 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments (b) |
||||||||||||||||
Liabilities: |
||||||||||||||||
Interest rate contracts |
$ | (101,843 | ) | $ | | $ | | $ | (101,843 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
See above Schedule of Investments for values in each state or political subdivision |
(b) |
Derivative financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $71,659,281 are categorized as Level 2 within the disclosure hierarchy.
See notes to financial statements.
S CHEDULES OF I NVESTMENTS | 27 |
Schedule of Investments April 30, 2019 |
BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Municipal Bonds 120.1% |
|
|||||||
Alabama 0.3% | ||||||||
Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University, Series A, 5.00%, 12/01/47 |
$ | 1,010 | $ | 1,141,977 | ||||
|
|
|||||||
Alaska 0.6% | ||||||||
Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41 |
990 | 1,061,132 | ||||||
Borough of Matanuska-Susitna Alaska, RB, Goose Creek Correctional Center (AGC) (a) : |
||||||||
6.00%, 09/01/19 |
1200 | 1,217,294 | ||||||
|
|
|||||||
2,278,426 | ||||||||
Arizona 1.3% | ||||||||
County of Maricopa Arizona IDA, Refunding RB, Series A: |
||||||||
HonorHealth, 5.00%, 09/01/36 |
645 | 750,367 | ||||||
Banner Health Obligation Group, 4.00%, 01/01/41 |
745 | 789,112 | ||||||
State of Arizona, COP, Department of Administration, Series A (AGM): |
||||||||
5.00%, 10/01/27 |
2,700 | 2,738,016 | ||||||
5.00%, 10/01/29 |
400 | 405,632 | ||||||
|
|
|||||||
4,683,127 | ||||||||
California 14.1% | ||||||||
Anaheim California Public Financing Authority, RB, Senior, Public Improvements Project, Series A (AGM), 6.00%, 09/01/24 |
5,000 | 5,762,050 | ||||||
California Health Facilities Financing Authority, RB: |
||||||||
St. Joseph Health System, Series A, 5.75%, 07/01/39 |
550 | 553,619 | ||||||
Sutter Health, Series B, 5.88%, 08/15/20 (a) |
1,200 | 1,266,912 | ||||||
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/37 |
1,090 | 1,209,540 | ||||||
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42 |
1,480 | 1,599,318 | ||||||
California Statewide Communities Development Authority, Refunding RB, John Muir Health, Series A, 4.00%, 12/01/53 |
975 | 993,691 | ||||||
City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT, 5.00%, 05/01/49 |
795 | 934,888 | ||||||
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT: |
||||||||
Series A, 5.00%, 03/01/36 |
410 | 475,293 | ||||||
Series A, 5.00%, 03/01/37 |
455 | 525,766 | ||||||
Series A-1, 5.75%, 03/01/34 |
850 | 902,403 | ||||||
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21 (a) |
2,175 | 2,353,502 | ||||||
County of San Mateo California Community College District, GO, CAB, Election of 2001, Series C (NPFGC), 0.00%, 09/01/30 (b) |
12,740 | 9,661,889 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 3.50%, 06/01/36 |
1,700 | 1,691,415 | ||||||
Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 6.25%, 08/01/43 (c) |
2,500 | 2,268,450 | ||||||
Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement, Election of 2008, Series B, 0.00%, 08/01/36 (b) |
3,750 | 2,218,462 | ||||||
Rio Hondo Community College District California, GO, CAB, Election of 2004, Series C, 0.00%, 08/01/38 (b) |
5,000 | 2,683,600 | ||||||
San Diego California Community College District, GO, CAB, Election of 2006 (b) : |
||||||||
0.00%, 08/01/31 |
2,145 | 1,239,574 | ||||||
0.00%, 08/01/32 |
2,680 | 1,452,640 |
Security |
Par
(000) |
Value | ||||||
California (continued) | ||||||||
San Diego California Unified School District, GO, CAB, Election of 2008 (b) : |
||||||||
Series C, 0.00%, 07/01/38 |
$ | 1,600 | $ | 884,592 | ||||
Series G, 0.00%, 07/01/34 |
650 | 329,141 | ||||||
Series G, 0.00%, 07/01/35 |
690 | 328,288 | ||||||
Series G, 0.00%, 07/01/36 |
1,035 | 462,717 | ||||||
Series G, 0.00%, 07/01/37 |
690 | 289,959 | ||||||
San Diego California Unified School District, GO, Refunding, Series R-1 (b) : |
||||||||
0.00%, 07/01/30 |
5,000 | 3,713,900 | ||||||
0.00%, 07/01/31 |
1,280 | 915,814 | ||||||
San Marcos Unified School District, GO, Election of 2010, Series A (a) : |
||||||||
5.00%, 08/01/21 |
1300 | 1,404,962 | ||||||
Walnut Valley Unified School District, GO, CAB, Election of 2007, Series B, 0.00%, 08/01/36 (b) |
5,500 | 3,014,660 | ||||||
|
|
|||||||
49,137,045 | ||||||||
Colorado 1.3% | ||||||||
City & County of Denver Colorado, COP, Colorado Convention Center Expansion Project, Series A, 4.00%, 06/01/48 |
1,310 | 1,380,819 | ||||||
Colorado Health Facilities Authority, RB, Adventist Health System/Sunbelt Obligated Group, Series A, 4.00%, 11/15/46 |
1,070 | 1,128,368 | ||||||
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31 |
2,000 | 2,072,160 | ||||||
|
|
|||||||
4,581,347 | ||||||||
Connecticut 1.1% | ||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing: |
||||||||
Sub-Series A-1, 3.85%, 11/15/43 |
360 | 369,713 | ||||||
Sub-Series E-1 (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 05/15/36 |
770 | 818,217 | ||||||
Series A-1, 3.80%, 11/15/39 |
470 | 486,276 | ||||||
Sub-Series B-1, 4.00%, 05/15/45 |
1,445 | 1,504,014 | ||||||
State of Connecticut, GO, Series C, 5.00%, 06/15/32 |
615 | 731,438 | ||||||
|
|
|||||||
3,909,658 | ||||||||
District of Columbia 1.4% | ||||||||
District of Columbia Ballpark Revenue, RB, Series B-1 (NPFGC), 5.00%, 02/01/31 |
4,855 | 4,866,846 | ||||||
|
|
|||||||
Florida 10.4% | ||||||||
County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 04/01/39 |
1,600 | 1,745,232 | ||||||
County of Highlands Florida Health Facilities Authority, RB, Adventist Health System/Sunbelt Obligated Group: |
||||||||
6.00%, 11/15/19 (a) |
5 | 5,118 | ||||||
6.00%, 11/15/37 |
1,445 | 1,477,845 | ||||||
County of Lee Florida, Refunding ARB, Series A, AMT: |
||||||||
5.63%, 10/01/26 |
960 | 1,033,862 | ||||||
5.38%, 10/01/32 |
3,160 | 3,358,638 | ||||||
County of Miami-Dade Florida, RB, Seaport: |
||||||||
Department, Series A, 6.00%, 10/01/38 |
2,025 | 2,323,505 | ||||||
Department, Series B, AMT, 6.25%, 10/01/38 |
415 | 477,487 | ||||||
Department, Series B, AMT, 6.00%, 10/01/42 |
660 | 752,050 | ||||||
Series B, AMT, 6.00%, 10/01/30 |
640 | 732,384 | ||||||
County of Miami-Dade Florida, Refunding RB, 4.00%, 10/01/40 |
1,035 | 1,095,837 | ||||||
County of Miami-Dade Florida Aviation, Refunding ARB, AMT, 5.00%, 10/01/34 |
190 | 212,756 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/38 |
480 | 539,414 | ||||||
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 04/01/40 |
2,995 | 3,321,395 |
28 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Florida (continued) | ||||||||
County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project: |
||||||||
5.00%, 08/01/41 |
$ | 560 | $ | 609,146 | ||||
5.00%, 08/01/47 |
1,620 | 1,756,291 | ||||||
County of Orange HFA, RB, S/F Housing, Multi-County Program, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.75%, 09/01/47 |
515 | 526,876 | ||||||
County of Palm Beach Florida Solid Waste Authority, Refunding RB, Series B: |
||||||||
5.00%, 10/01/21 (a) |
30 | 32,361 | ||||||
5.00%, 10/01/31 |
1,970 | 2,119,346 | ||||||
County of Putnam Florida Development Authority, Refunding RB, Seminole Project, Series A, 5.00%, 03/15/42 |
1,750 | 2,008,510 | ||||||
County of Sarasota Florida Public Hospital District, RB, Sarasota Memorial Hospital Project, Series A, 5.63%, 07/01/19 (a) |
275 | 276,787 | ||||||
Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT: |
||||||||
5.13%, 06/01/27 |
2,000 | 2,130,760 | ||||||
5.38%, 10/01/29 |
1,050 | 1,134,451 | ||||||
Greater Orlando Aviation Authority, RB, Priority Subordinated, AMT: |
||||||||
Series A, 5.00%, 10/01/47 |
3,970 | 4,565,143 | ||||||
Sub-Series A, 5.00%, 10/01/52 |
1,490 | 1,703,040 | ||||||
State of Florida, GO, Department of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, 4.00%, 07/01/39 |
2,065 | 2,262,187 | ||||||
|
|
|||||||
36,200,421 | ||||||||
Georgia 3.7% | ||||||||
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |
500 | 576,740 | ||||||
County of LaGrange-Troup Hospital Authority, Refunding RB, Revenue Anticipation Certificates, 4.00%, 04/01/47 |
1,250 | 1,288,875 | ||||||
Main Street Natural Gas, Inc., RB, Series A: |
||||||||
5.00%, 05/15/43 |
685 | 780,188 | ||||||
4.00%, 04/01/48 (d) |
265 | 285,985 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Series EE (AMBAC), 7.00%, 01/01/25 |
7,475 | 9,317,139 | ||||||
Private Colleges & Universities Authority, RB, Savannah College of Art & Design: |
||||||||
5.00%, 04/01/33 |
140 | 155,042 | ||||||
5.00%, 04/01/44 |
380 | 414,021 | ||||||
|
|
|||||||
12,817,990 | ||||||||
Illinois 16.1% | ||||||||
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41 |
1,005 | 1,089,943 | ||||||
City of Chicago Illinois OHare International Airport, GARB: |
||||||||
3rd Lien, Series A, 5.75%, 01/01/21 (a) |
4,290 | 4,583,994 | ||||||
3rd Lien, Series A, 5.75%, 01/01/39 |
820 | 869,971 | ||||||
Senior Lien, Series D, 5.25%, 01/01/42 |
2,900 | 3,380,066 | ||||||
City of Chicago Illinois Transit Authority, RB: |
||||||||
5.25%, 12/01/49 |
900 | 994,293 | ||||||
Sales Tax Receipts, 5.25%, 12/01/36 |
595 | 627,332 | ||||||
County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37 |
45 | 47,280 | ||||||
Illinois Finance Authority, RB, Carle Foundation, Series A: |
||||||||
5.75%, 08/15/34 |
650 | 698,341 | ||||||
6.00%, 08/15/41 |
1,000 | 1,081,060 |
Security |
Par
(000) |
Value | ||||||
Illinois (continued) | ||||||||
Illinois Finance Authority, Refunding RB, Silver Cross Hospital & Medical Centers, Series C: |
||||||||
4.13%, 08/15/37 |
$ | 740 | $ | 755,592 | ||||
5.00%, 08/15/44 |
350 | 383,551 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, 4.13%, 10/01/38 |
1,365 | 1,456,209 | ||||||
Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.50%, 06/15/30 |
10,490 | 10,517,589 | ||||||
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/37 |
1,785 | 2,038,738 | ||||||
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, GO, Refunding, 5.25%, 01/01/33 |
9,145 | 10,175,276 | ||||||
Metropolitan Pier & Exposition Authority, RB, CAB, McCormick Place Expansion Project, Series A (NPFGC) (b) : |
||||||||
0.00%, 12/15/26 |
5,000 | 3,954,550 | ||||||
0.00%, 12/15/33 |
9,950 | 5,784,432 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 0.00%, 06/15/44 (b) |
3,450 | 1,221,403 | ||||||
Railsplitter Tobacco Settlement Authority, RB,
|
675 | 734,656 | ||||||
Regional Transportation Authority, RB, Series A (AMBAC), 7.20%, 11/01/20 |
2,460 | 2,591,167 | ||||||
State of Illinois, GO: |
||||||||
5.25%, 02/01/33 |
830 | 879,709 | ||||||
5.50%, 07/01/33 |
820 | 874,013 | ||||||
5.25%, 02/01/34 |
830 | 878,065 | ||||||
5.50%, 07/01/38 |
445 | 470,579 | ||||||
|
|
|||||||
56,087,809 | ||||||||
Indiana 0.8% | ||||||||
Indiana Finance Authority, RB, Series A: |
||||||||
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
1,100 | 1,180,399 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |
515 | 555,494 | ||||||
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40 |
890 | 962,028 | ||||||
|
|
|||||||
2,697,921 | ||||||||
Iowa 2.0% | ||||||||
Iowa Finance Authority, RB, Iowa Health Care Facilities, Series A (AGC), 5.63%, 08/15/19 (a) |
5,225 | 5,283,520 | ||||||
Iowa Student Loan Liquidity Corp., RB, Senior Series A-2, AMT: |
||||||||
5.60%, 12/01/26 |
790 | 823,796 | ||||||
5.70%, 12/01/27 |
355 | 370,329 | ||||||
5.80%, 12/01/29 |
240 | 249,857 | ||||||
5.85%, 12/01/30 |
250 | 259,960 | ||||||
|
|
|||||||
6,987,462 | ||||||||
Louisiana 1.8% | ||||||||
City of New Orleans Louisiana Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40 |
2,820 | 3,107,104 | ||||||
Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/46 |
2,700 | 3,035,286 | ||||||
|
|
|||||||
6,142,390 | ||||||||
Maine 0.4% | ||||||||
State of Maine Housing Authority, RB, M/F Housing, Series E, 4.25%, 11/15/43 |
1,260 | 1,330,938 | ||||||
|
|
|||||||
Maryland 0.3% | ||||||||
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38 |
1,150 | 1,217,160 | ||||||
|
|
S CHEDULES OF I NVESTMENTS | 29 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Massachusetts 2.6% | ||||||||
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 01/01/47 |
$ | 2,090 | $ | 2,337,498 | ||||
Massachusetts Development Finance Agency, Refunding RB, Partners Health Care System, 4.00%, 07/01/41 |
3,235 | 3,426,480 | ||||||
Massachusetts HFA, RB, M/F Housing, Series A, 3.85%, 06/01/46 |
55 | 56,643 | ||||||
Massachusetts HFA, Refunding RB, AMT: |
||||||||
Series A, 4.45%, 12/01/42 |
795 | 825,599 | ||||||
Series C, 5.35%, 12/01/42 |
375 | 375,840 | ||||||
Massachusetts School Building Authority, RB: |
||||||||
Dedicated Sales Tax, Senior Series A, 5.00%, 05/15/43 |
1,280 | 1,406,605 | ||||||
Sub-Series B, 4.00%, 02/15/43 |
755 | 791,663 | ||||||
|
|
|||||||
9,220,328 | ||||||||
Michigan 5.4% | ||||||||
City of Detroit Michigan Water Supply System Revenue, RB, 2nd Lien, Series B (AGM), 6.25%, 07/01/19 (a) |
400 | 403,004 | ||||||
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41 |
1,700 | 1,826,667 | ||||||
Eastern Michigan University, RB, Series A (AGM), 4.00%, 03/01/44 |
615 | 648,001 | ||||||
Michigan Finance Authority, Refunding RB: |
||||||||
Henry Ford Health System, 4.00%, 11/15/46 |
1,175 | 1,223,093 | ||||||
Trinity Health Credit Group, 5.00%, 12/01/21 (a) |
20 | 21,675 | ||||||
Trinity Health Credit Group, Series A, 4.00%, 12/01/40 |
2,945 | 3,134,275 | ||||||
Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48 |
640 | 755,085 | ||||||
Michigan Strategic Fund, RB, I-75 Improvement Project, AMT, 5.00%, 12/31/43 |
1,640 | 1,877,374 | ||||||
Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39 |
1,065 | 1,172,842 | ||||||
State of Michigan Building Authority, Refunding RB, Facilities Program: |
||||||||
Series I-A, 5.38%, 10/15/36 |
145 | 156,556 | ||||||
Series I-A, 5.38%, 10/15/41 |
700 | 756,840 | ||||||
Series II-A (AGM), 5.25%, 10/15/36 |
900 | 972,198 | ||||||
State of Michigan Housing Development Authority, RB: |
||||||||
M/F Housing, Series A, 4.05%, 10/01/48 |
1,855 | 1,927,864 | ||||||
M/F Housing, Series A, 4.15%, 10/01/53 |
1,885 | 1,951,559 | ||||||
S/F Housing, Series C, 4.13%, 12/01/38 |
1,465 | 1,552,314 | ||||||
Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39 |
380 | 427,048 | ||||||
|
|
|||||||
18,806,395 | ||||||||
Missouri 0.3% | ||||||||
State of Missouri Health & Educational Facilities Authority, RB, Mercy Health, 4.00%, 11/15/42 |
1,015 | 1,043,887 | ||||||
|
|
|||||||
Nebraska 1.8% | ||||||||
Central Plains Nebraska Energy Project, RB, Gas Project No. 3: |
||||||||
5.00%, 09/01/32 |
5,010 | 5,421,070 | ||||||
5.25%, 09/01/37 |
750 | 818,003 | ||||||
|
|
|||||||
6,239,073 | ||||||||
Nevada 1.3% | ||||||||
County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A: |
||||||||
5.25%, 07/01/42 |
500 | 509,915 | ||||||
(AGM), 5.25%, 07/01/39 |
3,800 | 3,877,634 | ||||||
|
|
|||||||
4,387,549 |
Security |
Par
(000) |
Value | ||||||
New Jersey 8.6% | ||||||||
New Jersey EDA, RB: |
||||||||
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 |
$ | 895 | $ | 988,062 | ||||
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.13%, 01/01/34 |
685 | 759,850 | ||||||
Series WW, 5.25%, 06/15/33 |
155 | 170,967 | ||||||
Series WW, 5.00%, 06/15/34 |
205 | 222,427 | ||||||
Series WW, 5.00%, 06/15/36 |
925 | 999,176 | ||||||
Series WW, 5.25%, 06/15/40 |
265 | 287,602 | ||||||
New Jersey EDA, Refunding RB: |
||||||||
Series B, 5.50%, 06/15/30 |
5,360 | 6,192,301 | ||||||
Sub-Series A, 4.00%, 07/01/32 |
1,040 | 1,074,310 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT: |
||||||||
5.50%, 12/01/26 |
270 | 287,051 | ||||||
5.75%, 12/01/27 |
1,745 | 1,869,663 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33 |
970 | 1,011,235 | ||||||
New Jersey Transportation Trust Fund Authority, RB: |
||||||||
Transportation Program, Series AA, 5.25%, 06/15/33 |
1,490 | 1,605,043 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/38 |
1,885 | 2,010,484 | ||||||
Transportation System, Series A, 5.50%, 06/15/41 |
3,150 | 3,302,428 | ||||||
Transportation System, Series AA, 5.50%, 06/15/39 |
1,150 | 1,235,686 | ||||||
Transportation System, Series B, 5.50%, 06/15/31 |
1,000 | 1,057,070 | ||||||
Transportation System, Series B, 5.00%, 06/15/42 |
520 | 537,945 | ||||||
Transportation System, Series D, 5.00%, 06/15/32 |
735 | 798,232 | ||||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB: |
||||||||
Series A, 5.00%, 06/01/34 |
920 | 1,060,723 | ||||||
Series A, 5.00%, 06/01/36 |
1,365 | 1,558,243 | ||||||
Series A, 4.00%, 06/01/37 |
575 | 587,293 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
2,255 | 2,351,875 | ||||||
|
|
|||||||
29,967,666 | ||||||||
New York 3.7% | ||||||||
City of New York New York Municipal Water Finance Authority, Refunding RB, Second General Resolution, Fiscal 2012, Series BB, 5.25%, 06/15/44 |
1,425 | 1,548,049 | ||||||
City of New York New York Transitional Finance Authority, RB, Series S-3, 4.00%, 07/15/46 |
1,130 | 1,217,869 | ||||||
City of New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32 |
1,480 | 1,633,195 | ||||||
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: |
||||||||
5.75%, 02/15/21 (a) |
430 | 461,841 | ||||||
5.75%, 02/15/47 |
270 | 288,265 | ||||||
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50 |
2,715 | 2,964,753 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, AMT: |
||||||||
Consolidated, 186th Series, 5.00%, 10/15/36 |
625 | 703,256 | ||||||
Consolidated,186th Series, 5.00%, 10/15/44 |
1,250 | 1,394,212 | ||||||
Series 207, 4.00%, 09/15/43 |
460 | 489,293 | ||||||
State of New York Dormitory Authority, Refunding RB, Bid Group 4, Series E, 5.00%, 03/15/48 |
1,800 | 2,129,328 | ||||||
State of New York HFA, RB, M/F Housing, Green Bond, Series B (SONYMA), 3.88%, 11/01/48 |
170 | 175,522 | ||||||
|
|
|||||||
13,005,583 | ||||||||
Ohio 2.0% | ||||||||
County of Butler Ohio, Refunding RB, UC Health, 4.00%, 11/15/37 |
460 | 479,117 | ||||||
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21 (a) |
530 | 593,303 |
30 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Rhode Island 1.2% | ||||||||
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40 |
$ | 465 | $ | 527,138 | ||||
Tobacco Settlement Financing Corp., Refunding RB, Series B: |
||||||||
4.50%, 06/01/45 |
1,055 | 1,037,118 | ||||||
5.00%, 06/01/50 |
2,630 | 2,697,775 | ||||||
|
|
|||||||
4,262,031 | ||||||||
South Carolina 5.5% | ||||||||
South Carolina Jobs EDA, Refunding RB, Series A: |
||||||||
Palmetto Health (AGM), 6.50%, 08/01/21 (a) |
115 | 127,331 | ||||||
Prisma Health Obligated Group, 5.00%, 05/01/38 |
2,490 | 2,869,352 | ||||||
South Carolina Ports Authority, ARB, AMT, 5.00%, 07/01/48 |
530 | 608,265 | ||||||
South Carolina Transportation Infrastructure Bank, RB, Series A, 5.25%, 10/01/19 (a) |
3,000 | 3,044,670 | ||||||
State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/50 |
2,330 | 2,613,678 | ||||||
State of South Carolina Public Service Authority, RB: |
||||||||
Santee Cooper, Series A, 5.50%, 12/01/54 |
6,225 | 6,912,738 | ||||||
Series E, 5.50%, 12/01/53 |
745 | 819,738 | ||||||
State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series B, 5.00%, 12/01/38 |
2,080 | 2,267,845 | ||||||
|
|
|||||||
19,263,617 | ||||||||
South Dakota 1.3% | ||||||||
South Dakota Health & Educational Facilities Authority, Refunding RB, Avera Health Issue: |
||||||||
4.00%, 07/01/37 |
1,225 | 1,289,447 | ||||||
4.00%, 07/01/42 |
3,000 | 3,138,300 | ||||||
|
|
|||||||
4,427,747 | ||||||||
Tennessee 2.1% | ||||||||
Greeneville Health & Educational Facilities Board, Refunding RB, Ballad Health Obligation Group, Series A, 4.00%, 07/01/40 |
840 | 865,948 | ||||||
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/46 |
1,245 | 1,390,403 | ||||||
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Vanderbilt University, Series B, 5.50%, 10/01/19 (a) |
5,000 | 5,081,700 | ||||||
|
|
|||||||
7,338,051 | ||||||||
Texas 12.7% | ||||||||
Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/42 |
1,395 | 1,533,928 | ||||||
Central Texas Turnpike System, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, |
||||||||
5.00%, 08/15/41 |
3,080 | 3,299,820 | ||||||
6.00%, 05/15/19 (a) |
110 | 110,175 | ||||||
City of Houston Texas Combined Utility System Revenue, Refunding RB, Combined 1st Lien, Series A (AGC), 5.38%, 05/15/19 (a) |
70 | 70,096 | ||||||
City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 02/01/38 |
575 | 635,168 | ||||||
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project,
Series A,
|
2,130 | 1,079,228 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/35 |
1,880 | 2,219,641 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Cook Childrens Medical Center, 5.25%, 12/01/39 |
750 | 839,445 | ||||||
Dallas Texas Area Rapid Transit, Refunding RB, Series A, 5.00%, 12/01/48 |
3,160 | 3,599,777 | ||||||
Dallas-Fort Worth International Airport, ARB, Joint Improvement, AMT: |
||||||||
Series D, 5.00%, 11/01/38 |
1,975 | 2,093,934 |
S CHEDULES OF I NVESTMENTS | 31 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Texas (continued) | ||||||||
Series D, 5.00%, 11/01/42 |
$ | 1,500 | $ | 1,586,955 | ||||
Series H, 5.00%, 11/01/32 |
3,000 | 3,197,910 | ||||||
Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33 |
975 | 1,099,147 | ||||||
Leander ISD, GO, Refunding, CAB, Series D (PSF-GTD), 0.00%, 08/15/38 (b) |
3,420 | 1,504,732 | ||||||
North Texas Tollway Authority, Refunding RB: |
||||||||
4.25%, 01/01/49 |
1,225 | 1,307,283 | ||||||
1st Tier System, Series A, 6.00%, 01/01/28 |
525 | 526,722 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing & Expansion Project, CAB (b) : |
||||||||
0.00%, 09/15/35 |
4,990 | 2,396,398 | ||||||
0.00%, 09/15/36 |
11,525 | 5,209,530 | ||||||
0.00%, 09/15/37 |
8,245 | 3,503,218 | ||||||
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48 |
1,355 | 1,592,531 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43 |
390 | 412,698 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements: |
||||||||
5.00%, 12/15/31 |
1,190 | 1,288,246 | ||||||
5.00%, 12/15/32 |
3,440 | 3,715,854 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, AMT, Blueridge Transportation Group, 5.00%, 12/31/45 |
1,275 | 1,391,752 | ||||||
|
|
|||||||
44,214,188 | ||||||||
Utah 0.5% | ||||||||
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT:
|
1,240 | 1,420,333 | ||||||
5.00%, 07/01/48 |
445 | 513,779 | ||||||
|
|
|||||||
1,934,112 | ||||||||
Washington 1.7% | ||||||||
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |
1,955 | 2,224,164 | ||||||
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |
1,015 | 1,121,352 | ||||||
State of Washington Convention Center Public Facilities District, RB, 5.00%, 07/01/43 |
615 | 712,970 | ||||||
Washington Health Care Facilities Authority, RB, Providence Health & Services: |
||||||||
4.00%, 10/01/45 |
705 | 735,900 | ||||||
Series A, 5.00%, 10/01/39 |
525 | 537,206 | ||||||
Series A, 5.25%, 10/01/39 |
625 | 642,944 | ||||||
|
|
|||||||
5,974,536 | ||||||||
West Virginia 0.2% | ||||||||
West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51 |
670 | 688,807 | ||||||
|
|
|||||||
Wisconsin 1.4% | ||||||||
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |
1,375 | 1,397,316 | ||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A: |
||||||||
4.15%, 11/01/48 |
2,150 | 2,258,790 | ||||||
4.45%, 05/01/57 |
1,160 | 1,219,775 | ||||||
|
|
|||||||
4,875,881 | ||||||||
|
|
|||||||
Total Municipal Bonds 120.1%
|
|
419,311,202 | ||||||
|
|
Security |
Par
(000) |
Value | ||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (e) |
|
|||||||
Arizona 0.9% |
|
|||||||
City of Phoenix Civic Improvement Corp., Refunding RB, Water System, Junior Lien, Series A, 5.00%, 07/01/19 (a) |
$ | 1,200 | $ | 1,206,552 | ||||
County of Maricopa Industrial Development Authority, RB, Banner Health, Series A, 4.00%, 01/01/41 |
1,710 | 1,809,813 | ||||||
|
|
|||||||
3,016,365 | ||||||||
California 2.1% | ||||||||
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge Subordinate, 4.00%, 04/01/47 (f) |
3,827 | 4,073,511 | ||||||
Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42 (f) |
1,571 | 1,885,111 | ||||||
San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19 (a) |
404 | 407,741 | ||||||
University of California, RB, Series O, 5.75%, 05/15/19 (a) |
840 | 841,469 | ||||||
|
|
|||||||
7,207,832 | ||||||||
Colorado 3.1% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48 (f) |
2,324 | 2,750,778 | ||||||
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A: |
||||||||
5.50%, 07/01/34 (f) |
900 | 904,095 | ||||||
5.00%, 02/01/41 |
7,000 | 7,244,370 | ||||||
|
|
|||||||
10,899,243 | ||||||||
Connecticut 0.4% | ||||||||
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45 |
1,381 | 1,571,621 | ||||||
|
|
|||||||
District of Columbia 0.6% | ||||||||
District of Columbia, RB, Series A, 5.50%, 12/01/30 (f) |
1,005 | 1,026,630 | ||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2 (FHA), 4.10%, 09/01/39 |
1,031 | 1,075,139 | ||||||
|
|
|||||||
2,101,769 | ||||||||
Florida 4.7% | ||||||||
County of Miami-Dade Florida Transit System, Refunding RB, Sales Tax, 5.00%, 07/01/42 |
4,480 | 4,842,118 | ||||||
County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20 (a) |
4,621 | 4,838,047 | ||||||
County of Orange Florida School Board, COP, Series A (AGC), 5.50%, 08/01/19 (a) |
3,544 | 3,577,915 | ||||||
South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida, 5.00%, 08/15/47 |
2,640 | 3,014,440 | ||||||
|
|
|||||||
16,272,520 | ||||||||
Georgia 0.6% | ||||||||
Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.70%, 06/01/49 |
2,041 | 2,085,306 | ||||||
|
|
|||||||
Illinois 3.1% | ||||||||
State of Illinois, RB, Build Illinois, Series B,
|
4,399 | 4,417,398 | ||||||
State of Illinois Toll Highway Authority, RB: |
||||||||
Series A, 5.00%, 01/01/38 |
2,138 | 2,326,391 | ||||||
Series A, 5.00%, 01/01/40 |
2,730 | 3,079,612 | ||||||
Series B, 5.00%, 01/01/40 |
1,050 | 1,188,329 | ||||||
|
|
|||||||
11,011,730 | ||||||||
Kansas 1.6% | ||||||||
County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/47 |
4,723 | 5,688,297 | ||||||
|
|
32 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Louisiana 0.5% | ||||||||
County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41 |
$ | 1,515 | $ | 1,596,810 | ||||
|
|
|||||||
Maine 0.4% | ||||||||
State of Maine Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38 |
1,411 | 1,493,573 | ||||||
|
|
|||||||
Maryland 1.3% | ||||||||
City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46 |
1,061 | 1,219,334 | ||||||
City of Baltimore Maryland Water Utility Fund, RB, Sub-Water Projects, Series A, 5.00%, 07/01/41 |
2,808 | 3,228,631 | ||||||
|
|
|||||||
4,447,965 | ||||||||
Massachusetts 0.5% | ||||||||
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46 |
1,461 | 1,634,550 | ||||||
|
|
|||||||
Michigan 3.2% | ||||||||
Michigan Finance Authority, RB, Beaumont Health Credit Group, Series A, 5.00%, 11/01/44 |
1,970 | 2,191,499 | ||||||
Michigan Finance Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/39 |
7,530 | 8,045,729 | ||||||
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45 |
870 | 997,629 | ||||||
|
|
|||||||
11,234,857 | ||||||||
Nebraska 0.8% | ||||||||
Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47 |
2,901 | 2,936,605 | ||||||
|
|
|||||||
Nevada 4.0% | ||||||||
County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/38 |
3,061 | 3,646,868 | ||||||
County of Clark Nevada Water Reclamation District, GO, Series B (a) : |
||||||||
5.50%, 07/01/19 |
4,499 | 4,527,649 | ||||||
5.75%, 07/01/19 |
1,829 | 1,841,917 | ||||||
Las Vegas Valley Water District Nevada, GO, Refunding, Water Improvement, Series A, 5.00%, 06/01/46 |
3,460 | 3,966,129 | ||||||
|
|
|||||||
13,982,563 | ||||||||
New Jersey 2.2% | ||||||||
County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51 |
800 | 922,874 | ||||||
New Jersey State Turnpike Authority, Refunding RB: |
||||||||
Series B, 4.00%, 01/01/37 |
2,308 | 2,495,458 | ||||||
Series G, 4.00%, 01/01/43 |
2,146 | 2,291,941 | ||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36 (f) |
1,840 | 1,919,789 | ||||||
|
|
|||||||
7,630,062 | ||||||||
New York 6.9% | ||||||||
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38 |
2,180 | 2,304,685 | ||||||
City of New York New York Transitional Finance Authority, RB, Future Tax, Sub-Series A-3, 5.00%, 08/01/40 (f) |
3,058 | 3,587,921 | ||||||
City of New York Transitional Finance Authority, BARB, Series S-1, 4.00%, 07/15/42 (f) |
1,680 | 1,736,022 | ||||||
City of New York Water & Sewer System, Refunding RB: |
||||||||
2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47 |
5,680 | 6,349,773 | ||||||
Series DD, 5.00%, 06/15/35 |
1,665 | 1,892,656 |
S CHEDULES OF I NVESTMENTS | 33 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities 0.2% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class,
|
580,450 | $ | 580,508 | |||||
|
|
|||||||
Total Short-Term Securities 0.2%
|
|
580,508 | ||||||
|
|
|||||||
Total Investments 165.5%
|
|
577,870,674 | ||||||
Other Assets Less Liabilities 1.5% |
|
5,452,990 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (26.2)% |
|
(91,802,133 | ) | |||||
VRDP Shares at Liquidation Value, Net of Deferred Offering
|
|
(142,327,121 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares 100.0% |
|
$ | 349,194,410 | |||||
|
|
(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) |
Zero-coupon bond. |
(c) |
Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
(d) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(e) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statement for details. |
(f) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expires between June 15, 2019 to July 01, 2034, is $14,971,848. See Note 4 of the Notes to Financial Statements for details. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
During the year ended April 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate |
Shares
Held at 04/30/18 |
Net
Activity |
Shares
Held at 04/30/19 |
Value at
04/30/19 |
Income |
Net
Realized Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
| 580,450 | 580,450 | $ | 580,508 | $ | 21,238 | $ | 747 | $ | | |||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Includes net capital gain distributions, if applicable. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value/
Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts: |
||||||||||||||||
10-Year U.S. Treasury Note |
87 | 06/19/19 | $ | 10,759 | $ | (59,851 | ) | |||||||||
Long U.S. Treasury Bond |
201 | 06/19/19 | 29,641 | (148,159 | ) | |||||||||||
5-Year U.S. Treasury Note |
16 | 06/28/19 | 1,850 | (8,234 | ) | |||||||||||
|
|
|||||||||||||||
$ | (216,244 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of year end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Liabilities Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | | $ | | $ | | $ | | $ | 216,244 | $ | | $ | 216,244 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current days variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
34 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
For the year ended April 30, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (1,067,315 | ) | $ | | $ | (1,067,315 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (268,871 | ) | $ | | $ | (268,871 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
|
|||
Average notional value of contracts short |
$ | 32,339,031 |
For more information about the Funds investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Funds policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Funds investments and derivative financial instruments categorized in the disclosure hierarchy:
(a) |
See above Schedule of Investments for values in each state or political subdivision. |
(b) |
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: |
|
|||||||||||||||
TOB Trust Certificates |
$ | | $ | (91,348,628 | ) | $ | | $ | (91,348,628 | ) | ||||||
VRDP Shares at Liquidation Value |
| (142,500,000 | ) | | (142,500,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | (233,848,628 | ) | $ | | $ | (233,848,628 | ) | |||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S CHEDULES OF I NVESTMENTS | 35 |
Schedule of Investments April 30, 2019 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Municipal Bonds 115.8% |
|
|||||||
Alabama 2.1% | ||||||||
County of Jefferson Alabama Sewer, Refunding RB: |
||||||||
Senior Lien, Series A (AGM), 5.00%, 10/01/44 |
$ | 570 | $ | 627,804 | ||||
Senior Lien, Series A (AGM), 5.25%, 10/01/48 |
1,090 | 1,211,382 | ||||||
Sub-Lien, Series D, 6.00%, 10/01/42 |
1,000 | 1,164,140 | ||||||
Sub-Lien, Series D, 7.00%, 10/01/51 |
1,545 | 1,864,923 | ||||||
|
|
|||||||
4,868,249 | ||||||||
Arizona 2.9% | ||||||||
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46 (a) |
1,230 | 1,283,308 | ||||||
Salt Verde Financial Corp., RB, Senior: |
||||||||
5.00%, 12/01/32 |
2,000 | 2,468,980 | ||||||
5.00%, 12/01/37 |
2,360 | 2,972,184 | ||||||
|
|
|||||||
6,724,472 | ||||||||
California 8.8% | ||||||||
California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49 |
1,545 | 2,163,232 | ||||||
California Health Facilities Financing Authority, RB: |
||||||||
St. Joseph Health System, Series A, 5.75%, 07/01/39 |
1,530 | 1,540,067 | ||||||
Sutter Health, Series B, 6.00%, 08/15/20 (b) |
2,200 | 2,326,170 | ||||||
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33 |
875 | 979,843 | ||||||
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |
||||||||
5.25%, 08/15/39 |
105 | 117,335 | ||||||
5.25%, 08/15/49 |
265 | 292,433 | ||||||
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42 |
165 | 185,554 | ||||||
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (a) |
1,025 | 1,080,371 | ||||||
California Statewide Communities Development Authority, RB, Series A: |
||||||||
John Muir Health, 5.13%, 07/01/19 (b) |
1,510 | 1,518,909 | ||||||
Loma Linda University Medical Center,
|
330 | 358,624 | ||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 05/15/39 |
555 | 555,760 | ||||||
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38 |
255 | 301,094 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47 |
1,950 | 1,908,446 | ||||||
Montebello Unified School District, GO, CAB (NPFGC), 0.00%, 08/01/22 (c) |
2,405 | 2,240,450 | ||||||
San Diego Unified School District California, GO, CAB, Election of 2008, Series A, 0.00%, 07/01/29 (c) |
3,475 | 2,688,920 | ||||||
State of California Public Works Board, LRB, Various Capital Projects: |
||||||||
Series I, 5.00%, 11/01/38 |
550 | 609,928 | ||||||
Sub-Series I-1, 6.38%, 11/01/19 (b) |
820 | 840,188 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 06/01/25 |
890 | 895,189 | ||||||
|
|
|||||||
20,602,513 | ||||||||
Colorado 2.8% | ||||||||
Arapahoe County School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43 |
1,260 | 1,570,262 | ||||||
Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 07/01/40 |
1,455 | 1,489,323 |
Security |
Par
(000) |
Value | ||||||
Colorado (continued) | ||||||||
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31 |
$ | 710 | $ | 735,617 | ||||
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 01/15/34 |
1,425 | 1,478,837 | ||||||
University of Colorado, RB, Series A, 5.38%, 06/01/19 (b) |
1,250 | 1,253,800 | ||||||
|
|
|||||||
6,527,839 | ||||||||
Delaware 1.8% | ||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
790 | 832,842 | ||||||
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55 |
840 | 937,683 | ||||||
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
2,430 | 2,518,841 | ||||||
|
|
|||||||
4,289,366 | ||||||||
District of Columbia 6.5% | ||||||||
District of Columbia, Refunding RB: |
||||||||
Georgetown University, 5.00%, 04/01/35 |
315 | 369,312 | ||||||
Georgetown University Issue, 5.00%, 04/01/42 |
260 | 300,019 | ||||||
The Catholic University of America Issue, 5.00%, 10/01/48 |
1,695 | 1,937,334 | ||||||
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41 |
1,520 | 1,604,999 | ||||||
Metropolitan Washington Airports Authority, Refunding ARB: |
||||||||
Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53 |
1,475 | 1,563,957 | ||||||
Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35 (c) |
13,485 | 7,606,619 | ||||||
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A: |
||||||||
5.00%, 10/01/39 |
505 | 510,782 | ||||||
5.25%, 10/01/44 |
1,470 | 1,486,802 | ||||||
|
|
|||||||
15,379,824 | ||||||||
Florida 4.8% | ||||||||
City of Clearwater Florida Water & Sewer Revenue, RB, Series A, 5.25%, 12/01/19 (b) |
2,375 | 2,425,968 | ||||||
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 |
960 | 1,041,398 | ||||||
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20 (b) |
2,620 | 2,757,314 | ||||||
Florida Development Finance Corp., Refunding RB, Virgin Trains USA Passenger Rail Project, Series A, AMT (a) (d): |
||||||||
6.38%, 01/01/49 |
450 | 461,817 | ||||||
6.50%, 01/01/49 |
640 | 655,725 | ||||||
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21 (b) |
2,095 | 2,365,611 | ||||||
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 |
1,390 | 1,500,588 | ||||||
|
|
|||||||
11,208,421 | ||||||||
Georgia 2.7% | ||||||||
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48 |
2,615 | 2,770,985 | ||||||
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |
370 | 426,788 | ||||||
DeKalb Georgia Private Hospital Authority, Refunding RB, Childrens Healthcare, 5.25%, 11/15/39 |
585 | 594,892 | ||||||
Main Street Natural Gas, Inc., RB, Series A: |
||||||||
5.00%, 05/15/35 |
360 | 435,611 | ||||||
5.00%, 05/15/36 |
360 | 436,291 | ||||||
5.00%, 05/15/37 |
400 | 485,412 | ||||||
5.00%, 05/15/38 |
220 | 267,566 |
36 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Georgia (continued) | ||||||||
5.00%, 05/15/49 |
$ | 725 | $ | 907,033 | ||||
|
|
|||||||
6,324,578 | ||||||||
Hawaii 0.4% | ||||||||
State of Hawaii Harbor System, RB, Series A, 5.25%, 07/01/30 |
945 | 982,318 | ||||||
|
|
|||||||
Idaho 0.3% | ||||||||
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46 |
540 | 619,871 | ||||||
|
|
|||||||
Illinois 14.7% | ||||||||
Chicago Board of Education, GO, Series D: |
||||||||
Series H, 5.00%, 12/01/36 |
350 | 373,727 | ||||||
Project, 5.25%, 12/01/35 |
1,075 | 1,140,478 | ||||||
Chicago Board of Education, GO, Refunding Dedicated Revenues: |
||||||||
Series F, 5.00%, 12/01/22 |
455 | 482,168 | ||||||
Series G, 5.00%, 12/01/34 |
315 | 338,531 | ||||||
Series H, 5.00%, 12/01/30 |
605 | 660,097 | ||||||
Chicago Board of Education, GO, Series C: |
||||||||
5.00%, 12/01/46 |
1,405 | 1,452,962 | ||||||
Refunding, 5.00%, 12/01/27 |
500 | 545,150 | ||||||
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East Project, 6.75%, 12/01/32 |
876 | 880,906 | ||||||
City of Chicago Illinois OHare International Airport, GARB, 3rd Lien: |
||||||||
Series A, 5.75%, 01/01/21 (b) |
1,680 | 1,795,130 | ||||||
Series A, 5.75%, 01/01/39 |
320 | 339,501 | ||||||
Series C, 6.50%, 01/01/21 (b) |
4,055 | 4,381,955 | ||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
730 | 768,442 | ||||||
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |
1,000 | 1,062,430 | ||||||
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |
560 | 590,027 | ||||||
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/19 (b) |
1,115 | 1,136,341 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
||||||||
CAB, Series B (AGM), 0.00%, 06/15/47 (c) |
13,220 | 4,087,095 | ||||||
Series B (AGM), 5.00%, 06/15/50 |
3,070 | 3,145,706 | ||||||
Series B-2, 5.00%, 06/15/50 |
1,850 | 1,870,886 | ||||||
Railsplitter Tobacco Settlement Authority, RB (b) : |
||||||||
5.50%, 06/01/21 |
315 | 339,633 | ||||||
6.00%, 06/01/21 |
800 | 870,704 | ||||||
State of Illinois, GO: |
||||||||
5.00%, 02/01/39 |
1,100 | 1,141,932 | ||||||
Refunding, Series B, 5.00%, 10/01/29 |
930 | 1,028,254 | ||||||
Series A, 5.00%, 04/01/38 |
2,625 | 2,716,481 | ||||||
State of Illinois, RB, Build Illinois, Series B,
|
440 | 441,892 | ||||||
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/37 |
2,000 | 2,253,720 | ||||||
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 |
705 | 771,016 | ||||||
|
|
|||||||
34,615,164 | ||||||||
Indiana 3.9% | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
||||||||
6.75%, 01/01/34 |
560 | 646,078 | ||||||
7.00%, 01/01/44 |
1,355 | 1,575,540 | ||||||
Indiana Finance Authority, RB, Series A: |
||||||||
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
2,275 | 2,441,280 |
Security |
Par
(000) |
Value | ||||||
Indiana (continued) | ||||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |
$ | 310 | $ | 334,375 | ||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 |
1,030 | 1,108,640 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 |
290 | 314,807 | ||||||
Sisters of St. Francis Health Services, 5.25%, 11/01/19 (b) |
585 | 595,471 | ||||||
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A: |
||||||||
5.75%, 05/01/19 (b) |
1,075 | 1,075,000 | ||||||
5.75%, 05/01/31 |
225 | 225,000 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |
880 | 973,148 | ||||||
|
|
|||||||
9,289,339 | ||||||||
Iowa 1.7% | ||||||||
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
||||||||
Series B, 5.25%, 12/01/50 (d) |
1,955 | 2,095,115 | ||||||
Midwestern Disaster Area, 5.25%, 12/01/25 |
320 | 344,765 | ||||||
Midwestern Disaster Area, 5.88%, 12/01/26 (a) |
285 | 299,555 | ||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |
280 | 290,797 | ||||||
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 06/01/46 |
980 | 967,152 | ||||||
|
|
|||||||
3,997,384 | ||||||||
Kansas 0.7% | ||||||||
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C (b) : |
||||||||
5.75%, 11/15/19 |
35 | 35,739 | ||||||
5.75%, 11/15/19 |
1,485 | 1,517,596 | ||||||
|
|
|||||||
1,553,335 | ||||||||
Kentucky 0.7% | ||||||||
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45 |
705 | 757,811 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 07/01/43 (e) |
865 | 872,249 | ||||||
|
|
|||||||
1,630,060 | ||||||||
Louisiana 1.6% | ||||||||
New Orleans Aviation Board, RB, Passenger Facility Charge, Series A, 5.25%, 01/01/41 |
430 | 438,871 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
||||||||
5.50%, 05/15/30 |
700 | 722,505 | ||||||
5.25%, 05/15/31 |
600 | 632,304 | ||||||
5.25%, 05/15/32 |
765 | 823,346 | ||||||
5.25%, 05/15/33 |
830 | 890,034 | ||||||
5.25%, 05/15/35 |
350 | 380,555 | ||||||
|
|
|||||||
3,887,615 | ||||||||
Maine 0.1% | ||||||||
Maine Health & Higher Educational Facilities Authority, RB, Series A: |
||||||||
5.00%, 07/01/19 (b) |
65 | 65,356 | ||||||
5.00%, 07/01/39 |
145 | 145,643 | ||||||
|
|
|||||||
210,999 | ||||||||
Maryland 1.1% | ||||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |
530 | 545,200 |
S CHEDULES OF I NVESTMENTS | 37 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
New Jersey (continued) | ||||||||
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45 (a) |
$ | 775 | $ | 780,162 | ||||
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 |
1,410 | 1,518,556 | ||||||
New Jersey EDA, RB: |
||||||||
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29 |
1,365 | 1,488,956 | ||||||
Series EEE, 5.00%, 06/15/48 |
2,705 | 2,961,515 | ||||||
New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47 |
1,060 | 1,153,015 | ||||||
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31 |
1,550 | 1,729,382 | ||||||
New Jersey State Turnpike Authority, RB: |
||||||||
Series A, 5.00%, 01/01/43 |
715 | 775,754 | ||||||
Series E, 5.00%, 01/01/45 |
1,875 | 2,103,037 | ||||||
New Jersey Transportation Trust Fund Authority, RB: |
||||||||
Transportation Program, Series AA, 5.00%, 06/15/44 |
315 | 334,580 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/44 |
580 | 608,391 | ||||||
Transportation System, Series A, 5.50%, 06/15/41 |
1,575 | 1,651,214 | ||||||
Transportation System, Series B, 5.25%, 06/15/36 |
1,705 | 1,779,202 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46 |
390 | 436,250 | ||||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46 |
2,100 | 2,190,216 | ||||||
|
|
|||||||
21,478,465 | ||||||||
New York 7.2% | ||||||||
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42 |
310 | 333,669 | ||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41 (a) |
1,300 | 1,331,694 | ||||||
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46 |
715 | 715,029 | ||||||
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |
229 | 249,004 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |
1,405 | 1,386,257 | ||||||
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38 |
1,715 | 1,944,724 | ||||||
Metropolitan Transportation Authority, Refunding RB, Dedicated Tax Fund, Series B, 5.00%, 11/15/19 (b) |
1,740 | 1,772,677 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Tobacco Settlement Pass-Through Bonds, Series A, 5.00%, 06/01/38 |
1,415 | 1,406,340 | ||||||
New York Liberty Development Corp., Refunding RB: |
||||||||
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 |
850 | 877,022 | ||||||
3 World Trade Center Project, Class 1,
|
2,275 | 2,447,741 | ||||||
3 World Trade Center Project, Class 2,
|
245 | 270,051 | ||||||
3 World Trade Center Project, Class 2,
|
605 | 664,435 | ||||||
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |
||||||||
6.00%, 12/01/36 |
900 | 952,911 | ||||||
6.00%, 12/01/42 |
875 | 926,030 | ||||||
State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B, 5.00%, 06/15/48 |
1,305 | 1,553,981 | ||||||
|
|
|||||||
16,831,565 |
38 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
North Carolina 0.2% | ||||||||
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21 (b) |
$ | 415 | $ | 459,173 | ||||
|
|
|||||||
North Dakota 0.3% | ||||||||
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58 |
695 | 779,463 | ||||||
|
|
|||||||
Ohio 1.7% | ||||||||
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47 |
2,570 | 2,435,075 | ||||||
County of Franklin Ohio, RB: |
||||||||
Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40 |
470 | 509,104 | ||||||
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |
290 | 332,894 | ||||||
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 |
580 | 620,066 | ||||||
|
|
|||||||
3,897,139 | ||||||||
Oklahoma 1.7% | ||||||||
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
1,500 | 1,586,565 | ||||||
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48 |
855 | 970,177 | ||||||
Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42 |
1,420 | 1,516,390 | ||||||
|
|
|||||||
4,073,132 | ||||||||
Pennsylvania 3.7% | ||||||||
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42 |
460 | 494,735 | ||||||
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A: |
||||||||
5.00%, 09/01/43 |
905 | 1,034,686 | ||||||
4.00%, 09/01/49 |
415 | 432,368 | ||||||
Pennsylvania Economic Development Financing Authority, RB: |
||||||||
American Water Co. Project, 6.20%, 04/01/39 |
2,520 | 2,528,467 | ||||||
AMT, 5.00%, 06/30/42 |
2,015 | 2,207,634 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |
1,105 | 1,161,035 | ||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
795 | 885,606 | ||||||
|
|
|||||||
8,744,531 | ||||||||
Puerto Rico 3.1% | ||||||||
Childrens Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
||||||||
5.50%, 05/15/39 |
475 | 480,296 | ||||||
5.63%, 05/15/43 |
500 | 505,485 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: |
||||||||
5.00%, 07/01/33 |
1,845 | 1,815,019 | ||||||
5.13%, 07/01/37 |
510 | 501,713 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: |
||||||||
6.00%, 07/01/38 |
530 | 530,662 | ||||||
6.00%, 07/01/44 |
960 | 961,200 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured, Series A-1: |
||||||||
4.50%, 07/01/34 |
20 | 20,289 | ||||||
4.75%, 07/01/53 |
801 | 765,035 | ||||||
5.00%, 07/01/58 |
1,753 | 1,727,687 | ||||||
|
|
|||||||
7,307,386 |
Security |
Par
(000) |
Value | ||||||
Rhode Island 2.2% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB: |
||||||||
Series A, 5.00%, 06/01/35 |
$ | 580 | $ | 622,009 | ||||
Series B, 4.50%, 06/01/45 |
1,900 | 1,867,795 | ||||||
Series B, 5.00%, 06/01/50 |
2,605 | 2,672,131 | ||||||
|
|
|||||||
5,161,935 | ||||||||
South Carolina 4.7% | ||||||||
South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/48 |
2,245 | 2,547,312 | ||||||
State of South Carolina Ports Authority, ARB: |
||||||||
5.25%, 07/01/20 (b) |
2,285 | 2,380,467 | ||||||
AMT, 5.25%, 07/01/55 |
925 | 1,032,393 | ||||||
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |
2,410 | 2,676,257 | ||||||
State of South Carolina Public Service Authority, Refunding RB: |
||||||||
Series A, 5.00%, 12/01/50 |
1,035 | 1,144,741 | ||||||
Series E, 5.25%, 12/01/55 |
1,225 | 1,375,295 | ||||||
|
|
|||||||
11,156,465 | ||||||||
Tennessee 1.0% | ||||||||
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45 |
980 | 1,053,412 | ||||||
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 |
495 | 555,296 | ||||||
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.25%, 10/01/58 |
705 | 810,940 | ||||||
|
|
|||||||
2,419,648 | ||||||||
Texas 7.4% | ||||||||
Central Texas Regional Mobility Authority, Refunding RB: |
||||||||
Senior Lien, 6.25%, 01/01/21 (b) |
1,480 | 1,588,454 | ||||||
Sub-Lien, 5.00%, 01/01/33 |
250 | 271,540 | ||||||
City of Austin Texas Airport System, ARB, AMT, 5.00%, 11/15/39 |
440 | 489,174 | ||||||
City of Austin Texas Electric Utility Revenue, Refunding RB, Series A, 5.00%, 11/15/37 |
1,500 | 1,642,980 | ||||||
City of San Antonio Texas Electric and Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 |
850 | 1,011,917 | ||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23 (b) |
325 | 385,925 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/48 |
3,330 | 3,823,772 | ||||||
La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 08/15/19 (b) |
450 | 456,026 | ||||||
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31 (b) (c) |
1,400 | 652,652 | ||||||
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48 |
1,825 | 2,144,923 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
||||||||
LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |
2,000 | 2,113,660 | ||||||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
1,700 | 1,754,213 | ||||||
Texas Transportation Commission, RB, First Tier Toll Revenue, 5.00%, 08/01/57 |
845 | 955,475 | ||||||
|
|
|||||||
17,290,711 |
S CHEDULES OF I NVESTMENTS | 39 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Utah 0.6% | ||||||||
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT: |
||||||||
5.00%, 07/01/48 |
$ | 640 | $ | 738,919 | ||||
5.00%, 07/01/47 |
665 | 758,625 | ||||||
|
|
|||||||
1,497,544 | ||||||||
Virginia 1.8% | ||||||||
County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A: |
||||||||
5.00%, 07/01/42 |
625 | 642,806 | ||||||
Residential Care Facility, 5.00%, 07/01/47 |
970 | 995,899 | ||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |
||||||||
5.25%, 01/01/32 |
550 | 588,962 | ||||||
6.00%, 01/01/37 |
1,830 | 2,018,911 | ||||||
|
|
|||||||
4,246,578 | ||||||||
Washington 2.3% | ||||||||
Grant County Public Utility District No. 2, Refunding RB, Series A, 5.00%, 01/01/43 |
1,555 | 1,767,258 | ||||||
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |
1,085 | 1,234,383 | ||||||
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |
540 | 596,581 | ||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45 |
1,625 | 1,790,685 | ||||||
|
|
|||||||
5,388,907 | ||||||||
Wisconsin 2.9% | ||||||||
State of Wisconsin, Refunding RB, Series A, 6.00%, 05/01/19 (b) |
4,980 | 4,980,000 | ||||||
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |
1,710 | 1,737,753 | ||||||
|
|
|||||||
6,717,753 | ||||||||
|
|
|||||||
Total Municipal Bonds 115.8%
|
|
271,997,034 | ||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
|
|||||||
California 7.1% |
||||||||
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42 (g) |
2,257 | 2,410,632 | ||||||
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/19 (b) |
6,600 | 6,717,656 | ||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 05/15/40 |
4,121 | 4,261,798 | ||||||
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 |
2,250 | 2,601,086 | ||||||
San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19 (b) |
748 | 755,076 | ||||||
|
|
|||||||
16,746,248 | ||||||||
Colorado 2.7% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48 (g) |
1,664 | 1,969,912 | ||||||
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 07/01/34 (g) |
1,490 | 1,496,779 | ||||||
County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45 |
2,700 | 2,831,045 | ||||||
|
|
|||||||
6,297,736 |
Security |
Par
(000) |
Value | ||||||
Florida 1.8% | ||||||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20 (b) |
$ | 3,939 | $ | 4,125,093 | ||||
|
|
|||||||
Illinois 0.5% | ||||||||
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 4.00%, 02/15/41 |
1,034 | 1,095,047 | ||||||
|
|
|||||||
Massachusetts 4.3% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45 |
1,502 | 1,585,520 | ||||||
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/47 |
3,359 | 3,813,206 | ||||||
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |
4,502 | 4,801,371 | ||||||
|
|
|||||||
10,200,097 | ||||||||
New York 9.6% | ||||||||
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40 |
1,110 | 1,114,995 | ||||||
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012 (g) : |
||||||||
5.75%, 02/15/21 (b) |
687 | 735,383 | ||||||
5.75%, 02/15/47 |
423 | 452,386 | ||||||
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |
7,440 | 8,079,607 | ||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (g) |
4,460 | 4,880,174 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
1,860 | 2,152,355 | ||||||
State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46 |
4,846 | 5,241,132 | ||||||
|
|
|||||||
22,656,032 | ||||||||
North Carolina 0.9% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55 |
1,830 | 2,079,365 | ||||||
|
|
|||||||
Pennsylvania 0.8% | ||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |
1,695 | 1,990,043 | ||||||
|
|
|||||||
Rhode Island 0.5% | ||||||||
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43 |
1,140 | 1,172,148 | ||||||
|
|
|||||||
Texas 6.5% | ||||||||
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |
1,720 | 1,888,190 | ||||||
County of Harris Texas, RB, Toll Road, Senior Lien, Series A (g) : |
||||||||
5.00%, 08/15/19 (b) |
2,620 | 2,641,524 | ||||||
5.00%, 08/15/38 |
2,004 | 2,020,538 | ||||||
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |
2,350 | 2,512,408 | ||||||
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43 |
1,504 | 1,540,893 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42 |
2,295 | 2,367,224 | ||||||
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43 |
2,041 | 2,222,974 | ||||||
|
|
|||||||
15,193,751 |
40 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
(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) |
Zero-coupon bond. |
(d) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(e) |
Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
(f) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(g) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between November 15, 2019 to July 01, 2034, is $10,216,702. See Note 4 of the Notes to Financial Statements for details. |
(h) |
Annualized 7-day yield as of period end. |
(i) |
During the year ended April 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate |
Shares
Held at 04/30/18 |
Net
Activity |
Shares
Held at 04/30/19 |
Value at
04/30/19 |
Income |
Net
Realized Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
733,990 | 6,146,509 | 6,880,499 | $ | 6,881,187 | $ | 46,085 | $ | 411 | $ | (685 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Includes net capital gain distributions, if applicable. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value/
Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts: |
||||||||||||||||
10-Year U.S. Treasury Note |
24 | 06/19/19 | $ | 2,968 | $ | (15,931 | ) | |||||||||
Long U.S. Treasury Bond |
104 | 06/19/19 | 15,337 | (60,844 | ) | |||||||||||
5-Year U.S. Treasury Note |
7 | 06/28/19 | 809 | (2,496 | ) | |||||||||||
|
|
|||||||||||||||
$ | (79,271 | ) | ||||||||||||||
|
|
S CHEDULES OF I NVESTMENTS | 41 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund, Inc. (MHD) |
Derivative Financial Instruments Categorized by Risk Exposure
As of year end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Liabilities Derivative Financial Instruments |
|
|||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | | $ | | $ | | $ | | $ | 79,271 | $ | | $ | 79,271 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current days variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the year ended April 30, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (411,161 | ) | $ | | $ | (411,161 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (91,864 | ) | $ | | $ | (91,864 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts short |
$ | 14,636,115 |
For more information about the Funds investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Funds policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Funds investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
||||||||||||||||
Investments: |
||||||||||||||||
Long-Term Investments (a) |
$ | | $ | 360,403,537 | $ | | $ | 360,403,537 | ||||||||
Short-Term Securities |
6,881,187 | | | 6,881,187 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 6,881,187 | $ | 360,403,537 | $ | | $ | 367,284,724 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments (b) |
||||||||||||||||
Liabilities: |
||||||||||||||||
Interest rate contracts |
$ | (79,271 | ) | $ | | $ | | $ | (79,271 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
See above Schedule of Investments for values in each state or political subdivision. |
(b) |
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: |
||||||||||||||||
TOB Trust Certificates |
$ | | $ | (52,673,965 | ) | $ | | $ | (52,673,965 | ) | ||||||
VMTP Shares at Liquidation Value |
| (83,700,000 | ) | | (83,700,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | (136,373,965 | ) | $ | | $ | (136,373,965 | ) | |||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
42 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments April 30, 2019 |
BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Municipal Bonds 108.8% |
|
|||||||
Alabama 1.3% | ||||||||
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42 |
$ | 1,875 | $ | 2,182,763 | ||||
|
|
|||||||
Arizona 1.4% | ||||||||
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46 (a) |
890 | 928,573 | ||||||
County of Maricopa IDA, Refunding RB, Honorhealth, Series A, 4.13%, 09/01/38 |
475 | 511,285 | ||||||
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
810 | 1,020,114 | ||||||
|
|
|||||||
2,459,972 | ||||||||
California 9.8% | ||||||||
Benicia Unified School District, GO, CAB, Series A (NPFGC), 0.00%, 08/01/20 (b) |
2,000 | 1,957,580 | ||||||
California Health Facilities Financing Authority, RB: |
||||||||
St. Joseph Health System, Series A, 5.75%, 07/01/39 |
1,110 | 1,117,304 | ||||||
Sutter Health, Series B, 6.00%, 08/15/20 (c) |
1,585 | 1,675,900 | ||||||
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33 |
445 | 498,320 | ||||||
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |
||||||||
5.25%, 08/15/39 |
80 | 89,398 | ||||||
5.25%, 08/15/49 |
195 | 215,186 | ||||||
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42 |
120 | 134,948 | ||||||
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (a) |
730 | 769,435 | ||||||
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.00%, 12/01/46 (a) |
235 | 255,384 | ||||||
City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT, 4.00%, 05/01/49 |
1,210 | 1,284,342 | ||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 05/15/39 |
400 | 400,548 | ||||||
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38 |
185 | 218,441 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47 |
1,425 | 1,394,633 | ||||||
San Diego Unified School District California, GO, CAB, Election of 2008,
Series A,
|
2,525 | 1,953,820 | ||||||
San Marino Unified School District, GO, Series A (NPFGC), 0.00%, 07/01/19 (b) |
2,070 | 2,064,825 | ||||||
State of California, GO, Various Purposes, 6.00%, 03/01/33 |
1,265 | 1,311,894 | ||||||
State of California Public Works Board, LRB, Various Capital Projects: |
||||||||
Series I, 5.00%, 11/01/38 |
405 | 449,129 | ||||||
Sub-Series I-1, 6.38%, 11/01/19 (c) |
600 | 614,772 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 06/01/25 |
670 | 673,906 | ||||||
|
|
|||||||
17,079,765 | ||||||||
Colorado 1.9% | ||||||||
City & County of Denver Colorado, RB, Capital Appreciation Bonds, Series A-2, 0.00%, 08/01/37 (b) |
1,490 | 740,411 | ||||||
Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 07/01/40 |
1,055 | 1,079,887 | ||||||
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31 |
510 | 528,401 | ||||||
University of Colorado, RB, Series A, 5.38%, 06/01/19 (c) |
920 | 922,797 | ||||||
|
|
|||||||
3,271,496 |
Security |
Par
(000) |
Value | ||||||
Connecticut 1.0% | ||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing: |
||||||||
Sub-Series A-1, 3.85%, 11/15/43 |
$ | 1,370 | $ | 1,406,962 | ||||
Sub-Series B-1, 4.00%, 05/15/45 |
265 | 275,823 | ||||||
|
|
|||||||
1,682,785 | ||||||||
Delaware 2.5% | ||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
570 | 600,911 | ||||||
Delaware State Health Facilities Authority, RB, Beebe Medical Center Project, 5.00%, 06/01/48 |
1,395 | 1,561,382 | ||||||
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
2,050 | 2,124,948 | ||||||
|
|
|||||||
4,287,241 | ||||||||
District of Columbia 4.2% | ||||||||
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road: |
||||||||
1st Senior Lien, Series A, 5.00%, 10/01/39 |
255 | 257,920 | ||||||
1st Senior Lien, Series A, 5.25%, 10/01/44 |
1,000 | 1,011,430 | ||||||
CAB, 2nd Senior Lien, Series B (AGC),
|
10,170 | 5,968,264 | ||||||
|
|
|||||||
7,237,614 | ||||||||
Florida 2.5% | ||||||||
Florida Development Finance Corp., Refunding RB, Virgin Trains USA Passenger Rail Project, Series A, AMT (a)(d) : |
||||||||
6.38%, 01/01/49 |
325 | 333,534 | ||||||
6.50%, 01/01/49 |
470 | 481,548 | ||||||
Florida Housing Finance Corp., RB, S/F Housing, Series 1 (Ginnie Mae, Fannie Mae & Freddie Mac), 3.75%, 07/01/42 |
620 | 634,533 | ||||||
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21 (c) |
1,525 | 1,721,984 | ||||||
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 |
1,110 | 1,198,312 | ||||||
|
|
|||||||
4,369,911 | ||||||||
Georgia 4.1% | ||||||||
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |
270 | 311,440 | ||||||
County of Griffin-Spalding Hospital Authority, RB, Revenue Anticipation Certificates, 4.00%, 04/01/42 |
2,310 | 2,378,491 | ||||||
DeKalb Georgia Private Hospital Authority, Refunding RB, Childrens Healthcare, 5.25%, 11/15/39 |
420 | 427,102 | ||||||
Main Street Natural Gas, Inc., RB, Series A: |
||||||||
5.00%, 05/15/36 |
1,500 | 1,817,880 | ||||||
5.00%, 05/15/38 |
790 | 960,806 | ||||||
5.00%, 05/15/49 |
935 | 1,169,760 | ||||||
|
|
|||||||
7,065,479 | ||||||||
Hawaii 0.4% | ||||||||
State of Hawaii Harbor System, RB, Series A, 5.25%, 07/01/30 |
680 | 706,853 | ||||||
|
|
|||||||
Idaho 1.1% | ||||||||
County of Power Idaho Industrial Development Corp., RB, FMC Corp. Project, AMT, 6.45%, 08/01/32 |
2,000 | 2,008,240 | ||||||
|
|
|||||||
Illinois 14.0% | ||||||||
Chicago Board of Education, GO: |
||||||||
Dedicated Revenues, Series H, 5.00%, 12/01/46 |
240 | 252,163 | ||||||
Project, Series C, 5.25%, 12/01/35 |
805 | 854,033 | ||||||
Chicago Board of Education, GO, Refunding: |
||||||||
Dedicated Revenues, Series C, 5.00%, 12/01/34 |
240 | 257,928 | ||||||
Dedicated Revenues, Series D, 5.00%, 12/01/25 |
435 | 469,857 | ||||||
Dedicated Revenues, Series F, 5.00%, 12/01/24 |
340 | 365,976 | ||||||
Series C, 5.00%, 12/01/25 |
360 | 388,847 |
S CHEDULES OF I NVESTMENTS | 43 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Illinois (continued) | ||||||||
Chicago Board of Education, GO, Series D: |
||||||||
5.00%, 12/01/46 |
$ | 300 | $ | 314,415 | ||||
5.00%, 12/01/46 |
770 | 792,168 | ||||||
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East Project, 6.75%, 12/01/32 |
584 | 587,270 | ||||||
City of Chicago Illinois OHare International Airport, GARB, 3rd Lien: |
||||||||
Series A, 5.75%, 01/01/21 (c) |
2,100 | 2,243,913 | ||||||
Series A, 5.75%, 01/01/39 |
400 | 424,376 | ||||||
Series C, 6.50%, 01/01/21 (c) |
2,935 | 3,171,649 | ||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
530 | 557,910 | ||||||
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |
410 | 431,984 | ||||||
Illinois Finance Authority, Refunding RB: |
||||||||
Central Dupage Health, Series B, 5.50%, 11/01/19 (c) |
800 | 815,312 | ||||||
Southern Illinois Healthcare Enterprises, Inc., 4.00%, 03/01/35 |
1,290 | 1,346,012 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
||||||||
CAB, Series B (AGM), 0.00%, 06/15/47 (b) |
9,555 | 2,954,024 | ||||||
Series B (AGM), 5.00%, 06/15/50 |
2,230 | 2,284,992 | ||||||
Series B-2, 5.00%, 06/15/50 |
1,260 | 1,274,225 | ||||||
Railsplitter Tobacco Settlement Authority, RB (c) : |
||||||||
5.50%, 06/01/21 |
230 | 247,986 | ||||||
6.00%, 06/01/21 |
500 | 544,190 | ||||||
State of Illinois, GO: |
||||||||
5.00%, 02/01/39 |
810 | 840,877 | ||||||
Series A, 5.00%, 04/01/38 |
1,920 | 1,986,912 | ||||||
State of Illinois, RB, Build Illinois, Series B,
|
315 | 316,354 | ||||||
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 |
520 | 568,693 | ||||||
|
|
|||||||
24,292,066 | ||||||||
Indiana 3.5% | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
||||||||
6.75%, 01/01/34 |
415 | 478,790 | ||||||
7.00%, 01/01/44 |
1,000 | 1,162,760 | ||||||
Indiana Finance Authority, RB, Series A: |
||||||||
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
1,660 | 1,781,329 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |
225 | 242,692 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 |
740 | 796,499 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 |
210 | 227,963 | ||||||
Sisters of St. Francis Health Services, 5.25%, 11/01/19 (c) |
420 | 427,518 | ||||||
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 05/01/31 |
290 | 290,000 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |
640 | 707,744 | ||||||
|
|
|||||||
6,115,295 | ||||||||
Iowa 1.0% | ||||||||
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
||||||||
Series B, 5.25%, 12/01/50 (d) |
240 | 257,201 | ||||||
Midwestern Disaster Area, 5.25%, 12/01/25 |
940 | 1,012,746 | ||||||
Midwestern Disaster Area, 5.88%, 12/01/26 (a) |
210 | 220,725 | ||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |
245 | 254,447 | ||||||
|
|
|||||||
1,745,119 |
Security |
Par
(000) |
Value | ||||||
Kansas 0.6% | ||||||||
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C (c) : |
||||||||
5.75%, 11/15/19 |
$ | 25 | $ | 25,528 | ||||
5.75%, 11/15/19 |
1,080 | 1,103,706 | ||||||
|
|
|||||||
1,129,234 | ||||||||
Kentucky 0.7% | ||||||||
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45 |
525 | 564,328 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43 (e) |
635 | 640,321 | ||||||
|
|
|||||||
1,204,649 | ||||||||
Louisiana 2.7% | ||||||||
Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/47 |
1,635 | 1,819,379 | ||||||
New Orleans Aviation Board, RB, Passenger Facility Charge, Series A, 5.25%, 01/01/41 |
310 | 316,395 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
||||||||
5.50%, 05/15/30 |
510 | 526,397 | ||||||
5.25%, 05/15/31 |
435 | 458,420 | ||||||
5.25%, 05/15/32 |
555 | 597,330 | ||||||
5.25%, 05/15/33 |
600 | 643,398 | ||||||
5.25%, 05/15/35 |
255 | 277,262 | ||||||
|
|
|||||||
4,638,581 | ||||||||
Maine 0.7% | ||||||||
Maine Health & Higher Educational Facilities Authority, RB, Series A: |
||||||||
5.00%, 07/01/19 (c) |
45 | 45,247 | ||||||
5.00%, 07/01/39 |
105 | 105,465 | ||||||
Maine State Housing Authority, RB, S/F Housing, Series C, 3.95%, 11/15/43 |
335 | 349,010 | ||||||
State of Maine Housing Authority, RB, M/F Housing, Series E, 4.25%, 11/15/43 |
625 | 660,187 | ||||||
|
|
|||||||
1,159,909 | ||||||||
Maryland 2.2% | ||||||||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20 (c) |
220 | 229,715 | ||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |
390 | 401,185 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Medstar Health Issue, Series A, 5.00%, 05/15/42 |
1,760 | 1,989,786 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21 (c) |
1,095 | 1,176,172 | ||||||
|
|
|||||||
3,796,858 | ||||||||
Massachusetts 1.3% | ||||||||
Massachusetts Development Finance Agency, Refunding RB: |
||||||||
Boston University, Series P, 5.45%, 05/15/59 |
845 | 1,028,213 | ||||||
Suffolk University, 4.00%, 07/01/39 |
1,140 | 1,176,822 | ||||||
|
|
|||||||
2,205,035 | ||||||||
Michigan 5.5% | ||||||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39 |
2,235 | 2,420,036 | ||||||
Eastern Michigan University, RB, Series A, 4.00%, 03/01/47 |
1,170 | 1,229,108 | ||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: |
||||||||
5.50%, 05/15/20 (c) |
380 | 394,767 | ||||||
5.50%, 05/15/36 |
310 | 319,932 |
44 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Michigan (continued) | ||||||||
Michigan Finance Authority, Refunding RB: |
||||||||
Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44 |
$ | 455 | $ | 486,700 | ||||
Henry Ford Health System, 4.00%, 11/15/46 |
570 | 593,330 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.75%, 11/15/19 (c) |
1,520 | 1,553,364 | ||||||
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48 |
490 | 558,723 | ||||||
State of Michigan Housing Development Authority, RB: |
||||||||
M/F Housing, Series A, 4.15%, 10/01/53 |
940 | 973,191 | ||||||
S/F Housing, Series A, 4.00%, 06/01/49 |
265 | 275,939 | ||||||
S/F Housing, Series C, 4.13%, 12/01/38 |
730 | 773,508 | ||||||
|
|
|||||||
9,578,598 | ||||||||
Missouri 0.2% | ||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |
125 | 137,114 | ||||||
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43 |
130 | 139,936 | ||||||
|
|
|||||||
277,050 | ||||||||
New Hampshire 2.0% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project (a) : |
||||||||
Series B, 4.63%, 11/01/42 |
735 | 744,261 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
420 | 428,450 | ||||||
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, 6.00%, 08/01/19 (c) |
1,530 | 1,546,402 | ||||||
New Hampshire Housing Finance Authority, RB, M/F Housing, Cimarron, Whittier Falls & Marshall (FHA), 4.00%, 07/01/52 |
800 | 826,408 | ||||||
|
|
|||||||
3,545,521 | ||||||||
New Jersey 9.1% | ||||||||
Casino Reinvestment Development Authority, Refunding RB: |
||||||||
5.25%, 11/01/39 |
530 | 570,524 | ||||||
5.25%, 11/01/44 |
790 | 849,187 | ||||||
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45 (a) |
560 | 563,730 | ||||||
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 |
1,040 | 1,120,069 | ||||||
New Jersey EDA, RB: |
||||||||
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29 |
990 | 1,079,902 | ||||||
S/F Housing, State House Project, Series B, 4.50%, 06/15/40 |
1,270 | 1,325,410 | ||||||
Series WW, 5.00%, 06/15/36 |
210 | 226,840 | ||||||
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31 |
1,125 | 1,255,196 | ||||||
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/45 |
715 | 801,958 | ||||||
New Jersey Transportation Trust Fund Authority, RB: |
||||||||
Transportation Program Bonds, Series AA, 4.13%, 06/15/39 |
1,040 | 1,062,017 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/44 |
330 | 350,513 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/44 |
610 | 639,859 | ||||||
Transportation System, Series A, 5.50%, 06/15/41 |
1,025 | 1,074,600 | ||||||
Transportation System, Series B, 5.25%, 06/15/36 |
1,235 | 1,288,747 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/36 |
380 | 423,719 | ||||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46 |
3,105 | 3,238,391 | ||||||
|
|
|||||||
15,870,662 |
Security |
Par
(000) |
Value | ||||||
New York 5.4% | ||||||||
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42 |
$ | 740 | $ | 796,499 | ||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo,
Series A,
|
1,000 | 1,024,380 | ||||||
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46 |
555 | 555,022 | ||||||
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |
257 | 279,493 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |
1,020 | 1,006,393 | ||||||
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38 |
1,255 | 1,423,107 | ||||||
New York Liberty Development Corp., Refunding RB: |
||||||||
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 |
615 | 634,551 | ||||||
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a) |
1,495 | 1,608,515 | ||||||
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a) |
175 | 192,894 | ||||||
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a) |
440 | 483,226 | ||||||
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |
||||||||
6.00%, 12/01/36 |
650 | 688,214 | ||||||
6.00%, 12/01/42 |
630 | 666,742 | ||||||
|
|
|||||||
9,359,036 | ||||||||
North Carolina 0.2% | ||||||||
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21 (c) |
305 | 337,464 | ||||||
|
|
|||||||
Ohio 1.6% | ||||||||
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47 |
1,855 | 1,757,612 | ||||||
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40 |
350 | 379,120 | ||||||
Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48 |
150 | 157,640 | ||||||
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 |
420 | 449,014 | ||||||
|
|
|||||||
2,743,386 | ||||||||
Oklahoma 0.6% | ||||||||
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
280 | 296,159 | ||||||
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.50%, 08/15/57 |
625 | 716,812 | ||||||
|
|
|||||||
1,012,971 | ||||||||
Oregon 0.1% | ||||||||
State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series C, 3.95%, 07/01/43 |
210 | 218,646 | ||||||
|
|
|||||||
Pennsylvania 4.8% | ||||||||
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42 |
335 | 360,296 | ||||||
County of Berks IDA, Refunding RB, Tower Health Projects, 5.00%, 11/01/50 |
795 | 893,628 | ||||||
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49 |
470 | 489,669 | ||||||
Pennsylvania Economic Development Financing Authority, RB: |
||||||||
American Water Co. Project, 6.20%, 04/01/39 |
1,830 | 1,836,149 |
S CHEDULES OF I NVESTMENTS | 45 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Pennsylvania (continued) | ||||||||
AMT, 5.00%, 06/30/42 |
$ | 440 | $ | 482,064 | ||||
Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38 |
390 | 430,037 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |
800 | 840,568 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 128B, 3.85%, 04/01/38 |
965 | 999,547 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Mortgage, Series 119, 3.50%, 10/01/36 |
1,285 | 1,312,191 | ||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
585 | 651,672 | ||||||
|
|
|||||||
8,295,821 | ||||||||
Puerto Rico 3.1% | ||||||||
Childrens Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
||||||||
5.50%, 05/15/39 |
325 | 328,624 | ||||||
5.63%, 05/15/43 |
355 | 358,894 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Senior Lien, Series A: |
||||||||
5.00%, 07/01/33 |
1,355 | 1,332,981 | ||||||
5.13%, 07/01/37 |
385 | 378,744 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: |
||||||||
6.00%, 07/01/38 |
400 | 400,500 | ||||||
6.00%, 07/01/44 |
725 | 725,906 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured, Series A-1: |
||||||||
4.50%, 07/01/34 |
15 | 15,217 | ||||||
4.75%, 07/01/53 |
601 | 574,015 | ||||||
5.00%, 07/01/58 |
1,316 | 1,296,997 | ||||||
|
|
|||||||
5,411,878 | ||||||||
Rhode Island 2.2% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB: |
||||||||
Series A, 5.00%, 06/01/35 |
420 | 450,421 | ||||||
Series B, 4.50%, 06/01/45 |
1,375 | 1,351,694 | ||||||
Series B, 5.00%, 06/01/50 |
1,895 | 1,943,834 | ||||||
|
|
|||||||
3,745,949 | ||||||||
South Carolina 5.1% | ||||||||
South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 4.25%, 05/01/48 |
1,385 | 1,450,303 | ||||||
State of South Carolina Ports Authority, ARB: |
||||||||
5.25%, 07/01/20 (c) |
1,650 | 1,718,937 | ||||||
AMT, 5.00%, 07/01/55 |
710 | 804,068 | ||||||
AMT, 5.25%, 07/01/55 |
670 | 747,787 | ||||||
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |
2,040 | 2,265,379 | ||||||
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |
1,635 | 1,835,598 | ||||||
|
|
|||||||
8,822,072 | ||||||||
Tennessee 0.9% | ||||||||
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45 |
720 | 773,935 | ||||||
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 |
360 | 403,852 | ||||||
Greeneville Health & Educational Facilities Board, Refunding RB, Ballad Health Obligation Group, Series A, 4.00%, 07/01/40 |
375 | 386,584 | ||||||
|
|
|||||||
1,564,371 | ||||||||
Texas 4.9% | ||||||||
Central Texas Regional Mobility Authority, Refunding RB: |
||||||||
Senior Lien, 6.25%, 01/01/21 (c) |
1,070 | 1,148,409 |
Security |
Par
(000) |
Value | ||||||
Texas (continued) | ||||||||
Sub-Lien, 5.00%, 01/01/33 |
$ | 180 | $ | 195,509 | ||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23 (c) |
240 | 284,990 | ||||||
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A (b) : |
||||||||
0.00%, 09/15/40 |
2,525 | 1,026,463 | ||||||
0.00%, 09/15/41 |
1,395 | 536,601 | ||||||
La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 08/15/19 (c) |
320 | 324,285 | ||||||
New Hope Cultural Education Facilities Corp., RB, Collegiate Housing Tarleton State University Project, 5.00%, 04/01/35 |
145 | 155,404 | ||||||
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31 (b) (c) |
1,015 | 473,173 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |
610 | 650,974 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43 |
195 | 206,349 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
||||||||
LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |
1,165 | 1,231,207 | ||||||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
1,300 | 1,341,457 | ||||||
Texas Transportation Commission, RB, First Tier Toll Revenue (b) : |
||||||||
0.00%, 08/01/35 |
270 | 141,901 | ||||||
0.00%, 08/01/36 |
145 | 72,134 | ||||||
0.00%, 08/01/37 |
195 | 91,303 | ||||||
0.00%, 08/01/38 |
200 | 88,466 | ||||||
0.00%, 08/01/44 |
870 | 276,129 | ||||||
0.00%, 08/01/45 |
1,135 | 341,851 | ||||||
|
|
|||||||
8,586,605 | ||||||||
Virginia 1.1% | ||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |
||||||||
5.25%, 01/01/32 |
400 | 428,336 | ||||||
6.00%, 01/01/37 |
1,345 | 1,483,844 | ||||||
|
|
|||||||
1,912,180 | ||||||||
Washington 1.0% | ||||||||
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |
390 | 430,864 | ||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45 |
1,195 | 1,316,842 | ||||||
|
|
|||||||
1,747,706 | ||||||||
West Virginia 0.9% | ||||||||
West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51 |
1,605 | 1,650,052 | ||||||
|
|
|||||||
Wisconsin 3.2% | ||||||||
Public Finance Authority, RB, Wakemed Hospital, Series A, 4.00%, 10/01/49 |
2,000 | 2,079,320 | ||||||
State of Wisconsin, Refunding RB, Series A,
|
1,620 | 1,620,000 | ||||||
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |
1,235 | 1,255,044 | ||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.45%, 05/01/57 |
575 | 604,630 | ||||||
|
|
|||||||
5,558,994 | ||||||||
|
|
|||||||
Total Municipal Bonds 108.8%
|
|
188,877,827 | ||||||
|
|
46 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Municipal Bonds Transferred to Tender Option Bond
|
|
|||||||
Arizona 0.6% | ||||||||
County of Maricopa Industrial Development Authority, RB, Banner Health, Series A, 4.00%, 01/01/41 |
$ | 915 | $ | 968,408 | ||||
|
|
|||||||
California 7.0% | ||||||||
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42 (g) |
1,638 | 1,749,308 | ||||||
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue,
Series B,
|
4,770 | 4,855,033 | ||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 05/15/40 |
2,967 | 3,068,494 | ||||||
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 |
1,635 | 1,890,123 | ||||||
San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19 (c) |
554 | 558,756 | ||||||
|
|
|||||||
12,121,714 | ||||||||
Colorado 1.8% | ||||||||
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 07/01/34 (g) |
1,080 | 1,084,914 | ||||||
County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45 |
1,950 | 2,044,643 | ||||||
|
|
|||||||
3,129,557 | ||||||||
District of Columbia 0.3% | ||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2 (FHA), 4.10%, 09/01/39 |
510 | 531,876 | ||||||
|
|
|||||||
Florida 3.7% | ||||||||
City of Tampa Florida, RB, Baycare Health System, Series A, 4.00%, 11/15/46 |
1,932 | 2,025,047 | ||||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20 (c) |
2,840 | 2,973,418 | ||||||
South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida, 5.00%, 08/15/47 |
1,290 | 1,472,965 | ||||||
|
|
|||||||
6,471,430 | ||||||||
Georgia 0.6% | ||||||||
Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.70%, 06/01/49 |
1,071 | 1,093,764 | ||||||
|
|
|||||||
Illinois 0.6% | ||||||||
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 4.00%, 02/15/41 |
1,004 | 1,063,307 | ||||||
|
|
|||||||
Louisiana 0.8% | ||||||||
County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41 |
1,245 | 1,312,230 | ||||||
|
|
|||||||
Maine 0.4% | ||||||||
State of Maine Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38 |
701 | 741,490 | ||||||
|
|
|||||||
Maryland 2.2% | ||||||||
City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46 |
1,515 | 1,741,907 | ||||||
State of Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/42 |
1,740 | 2,029,443 | ||||||
|
|
|||||||
3,771,350 | ||||||||
Massachusetts 3.3% | ||||||||
Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46 |
1,982 | 2,322,760 | ||||||
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |
3,211 | 3,424,978 | ||||||
|
|
|||||||
5,747,738 |
Security |
Par
(000) |
Value | ||||||
Michigan 1.4% | ||||||||
State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |
$ | 2,337 | $ | 2,426,291 | ||||
|
|
|||||||
Nebraska 0.9% | ||||||||
Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47 |
1,521 | 1,539,186 | ||||||
|
|
|||||||
Nevada 1.5% | ||||||||
County of Clark Nevada, GO, Stadium Improvement, Series A, 5.00%, 05/01/48 |
2,260 | 2,643,913 | ||||||
|
|
|||||||
New York 10.3% | ||||||||
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38 |
1,080 | 1,141,771 | ||||||
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40 |
810 | 813,645 | ||||||
City of New York Transitional Finance Authority, BARB, Series S-1, 4.00%, 07/15/42 (g) |
1,395 | 1,441,518 | ||||||
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012 (g) : |
||||||||
5.75%, 02/15/21 (c) |
501 | 536,631 | ||||||
5.75%, 02/15/47 |
308 | 330,119 | ||||||
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56 |
2,337 | 2,697,936 | ||||||
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |
5,400 | 5,864,231 | ||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (g) |
3,250 | 3,556,181 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
1,350 | 1,562,193 | ||||||
|
|
|||||||
17,944,225 | ||||||||
North Carolina 0.9% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55 |
1,320 | 1,499,870 | ||||||
|
|
|||||||
Pennsylvania 1.8% | ||||||||
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36 (g) |
1,559 | 1,690,208 | ||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |
1,229 | 1,443,243 | ||||||
|
|
|||||||
3,133,451 | ||||||||
Rhode Island 0.5% | ||||||||
Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac), 3.95%, 10/01/43 |
750 | 778,080 | ||||||
|
|
|||||||
Texas 10.0% | ||||||||
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43 |
1,395 | 1,430,917 | ||||||
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |
1,260 | 1,383,209 | ||||||
County of Harris Texas, RB, Toll Road, Senior Lien, Series A: |
||||||||
5.00%, 08/15/19 (c) (g) |
1,905 | 1,921,108 | ||||||
5.00%, 08/15/38 (g) |
1,457 | 1,469,482 | ||||||
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |
1,710 | 1,828,178 | ||||||
County of Harris Texas Toll Road Authority, Refunding RB, Senior Lien, Series A, 5.00%, 08/15/43 |
1,858 | 2,186,084 | ||||||
County of Hidalgo Texas, GOL, Certificates of Obligation, Series A, 4.00%, 08/15/43 |
2,297 | 2,443,887 | ||||||
Howe Independent School District, GO, School Building (PSF-GTD), 4.00%, 08/15/43 |
1,095 | 1,139,282 |
S CHEDULES OF I NVESTMENTS | 47 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Texas (continued) | ||||||||
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion
Project,
|
$ | 1,499 | $ | 1,546,346 | ||||
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43 |
1,801 | 1,961,447 | ||||||
|
|
|||||||
17,309,940 | ||||||||
Utah 0.8% | ||||||||
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19 (c) |
1,395 | 1,408,256 | ||||||
|
|
|||||||
Virginia 0.9% | ||||||||
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 |
1,553 | 1,600,270 | ||||||
|
|
|||||||
Washington 0.9% | ||||||||
Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 4.13%, 08/15/43 |
1,445 | 1,517,526 | ||||||
|
|
|||||||
Wisconsin 0.8% | ||||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.30%, 11/01/53 |
1,395 | 1,469,907 | ||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond
|
|
90,223,779 | ||||||
|
|
|||||||
Total Long-Term Investments 160.8%
|
|
279,101,606 | ||||||
|
|
Security |
Shares | Value | ||||||
Short-Term Securities 0.0% |
|
|||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.94% (h)(i) |
53,945 | $ | 53,950 | |||||
|
|
|||||||
Total Short-Term Securities 0.0%
|
|
53,950 | ||||||
|
|
|||||||
Total Investments 160.8%
|
|
279,155,556 | ||||||
Other Assets Less Liabilities 1.8% |
|
3,134,156 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (30.9)% |
|
(53,662,154 | ) | |||||
VMTP Shares, at Liquidation Value (31.7)% |
|
(55,000,000 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares 100.0% |
|
$ | 173,627,558 | |||||
|
|
(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) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(e) |
Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
(f) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(g) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between November 15, 2019 to July 01, 2034 is $8,616,467. See Note 4 of the Notes to Financial Statements for details. |
(h) |
Annualized 7-day yield as of period end. |
(i) |
During the year ended April 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate |
Shares
Held at 04/30/18 |
Net
Activity |
Shares
Held at 04/30/19 |
Value at
04/30/19 |
Income |
Net
Realized Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
978,065 | (924,120 | ) | 53,945 | $ | 53,950 | $ | 9,978 | $ | 254 | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Includes net capital gain distributions, if applicable. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value /
Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts: |
||||||||||||||||
10-Year U.S. Treasury Note |
18 | 06/19/19 | $ | 2,226 | $ | (12,627 | ) | |||||||||
Long U.S. Treasury Bond |
98 | 06/19/19 | 14,452 | (76,713 | ) | |||||||||||
5-Year U.S. Treasury Note |
3 | 06/28/19 | 347 | (2,247 | ) | |||||||||||
|
|
|||||||||||||||
$ | (91,587 | ) | ||||||||||||||
|
|
48 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Fund II, Inc. (MUH) |
Derivative Financial Instruments Categorized by Risk Exposure
As of year ended, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Liabilities Derivative Financial Instruments |
|
|||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | | $ | | $ | | $ | | $ | 91,587 | $ | | $ | 91,587 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current days variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the year ended April 30, 2019, the effect of derivative financial instruments in the Statements of Operation was as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (438,606 | ) | $ | | $ | (438,606 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (98,539 | ) | $ | | $ | (98,539 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts short |
$ | 12,275,158 |
For more information about the Funds investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Funds policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Funds investments and derivative financial instruments categorized in the disclosure hierarchy:
(a) |
See above Schedule of Investments for values in each state or political subdivision. |
(b) |
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: |
|
|||||||||||||||
TOB Trust Certificates |
$ | | $ | (53,408,501 | ) | $ | | $ | (53,408,501 | ) | ||||||
VMTP Shares at Liquidation Value |
| (55,000,000 | ) | | (55,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | (108,408,501 | ) | $ | | $ | (108,408,501 | ) | |||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S CHEDULES OF I NVESTMENTS | 49 |
Schedule of Investments April 30, 2019 |
BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Municipal Bonds 135.2% |
|
|||||||
Alabama 1.7% |
|
|||||||
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Childrens Hospital (AGC), 6.00%, 06/01/19 (a) |
$ | 2,330 | $ | 2,338,062 | ||||
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35 |
565 | 609,810 | ||||||
|
|
|||||||
2,947,872 | ||||||||
Arizona 1.0% | ||||||||
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
1,410 | 1,775,754 | ||||||
|
|
|||||||
California 19.2% | ||||||||
California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49 |
1,450 | 2,030,217 | ||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20 (a) |
1,730 | 1,829,215 | ||||||
California Municipal Finance Authority, ARB, Senior Lien, Linxs APM Project, AMT, 5.00%, 12/31/43 |
800 | 913,336 | ||||||
Central Unified School District, GO, Election of 2008, Series A (AGC), 5.63%, 08/01/19 (a) |
1,325 | 1,338,594 | ||||||
City & County of San Francisco California Airports Commission, Refunding ARB, AMT, Series A: |
||||||||
2nd, 5.50%, 05/01/28 |
1,085 | 1,235,479 | ||||||
2nd, 5.25%, 05/01/33 |
850 | 947,929 | ||||||
5.00%, 05/01/44 |
1,090 | 1,206,924 | ||||||
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT: |
||||||||
5.50%, 03/01/30 |
2,400 | 2,546,184 | ||||||
5.75%, 03/01/34 |
2,180 | 2,314,397 | ||||||
City of Sunnyvale California, Refunding RB, 5.25%, 04/01/20 (a) |
1,605 | 1,661,352 | ||||||
County of Riverside Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/40 |
2,500 | 2,936,500 | ||||||
Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/33 |
1,420 | 1,644,885 | ||||||
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20 (a) |
1,000 | 1,047,030 | ||||||
Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 08/01/21 (a) |
1,335 | 1,457,513 | ||||||
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J: |
||||||||
5.25%, 05/15/23 (a) |
3,170 | 3,629,840 | ||||||
5.25%, 05/15/38 |
900 | 1,012,005 | ||||||
State of California Public Works Board, LRB, Various Capital Projects, Series I: |
||||||||
5.50%, 11/01/30 |
1,500 | 1,719,855 | ||||||
5.50%, 11/01/31 |
2,465 | 2,815,104 | ||||||
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33 |
725 | 815,154 | ||||||
Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/40 |
540 | 630,094 | ||||||
|
|
|||||||
33,731,607 | ||||||||
Colorado 2.2% | ||||||||
City & County of Denver Colorado Airport System, ARB, Series A, AMT: |
||||||||
5.50%, 11/15/28 |
1,000 | 1,136,720 | ||||||
5.50%, 11/15/30 |
340 | 384,448 | ||||||
5.50%, 11/15/31 |
405 | 457,018 | ||||||
Colorado Health Facilities Authority, RB, Hospital, NCMC, Inc. Project, Series B (AGM), 6.00%, 05/15/19 (a) |
1,900 | 1,903,021 | ||||||
|
|
|||||||
3,881,207 |
Security |
Par
(000) |
Value | ||||||
Connecticut 1.0% | ||||||||
State of Connecticut, GO, Series A, 5.00%, 04/15/38 |
$ | 985 | $ | 1,148,806 | ||||
State of Connecticut Health & Educational Facility Authority, Refunding RB, Sacred Heart University Issue, Series I-1, 5.00%, 07/01/42 |
590 | 670,765 | ||||||
|
|
|||||||
1,819,571 | ||||||||
Delaware 0.5% | ||||||||
State of Delaware Health Facilities Authority, RB, Beebe Medical Center Project, 5.00%, 06/01/43 |
820 | 923,796 | ||||||
|
|
|||||||
Florida 17.5% | ||||||||
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/48 |
2,760 | 3,220,202 | ||||||
County of Broward Florida Airport System, ARB, Series A, AMT, 5.00%, 10/01/45 |
2,845 | 3,170,695 | ||||||
County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT, 5.50%, 10/01/29 |
1,735 | 1,985,222 | ||||||
County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32 |
1,500 | 1,594,290 | ||||||
County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 6.00%, 09/01/40 |
70 | 70,170 | ||||||
County of Miami-Dade Florida, RB, Seaport Department: |
||||||||
Series A, 5.38%, 10/01/33 |
1,015 | 1,139,581 | ||||||
Series A, 6.00%, 10/01/38 |
1,000 | 1,147,410 | ||||||
Series B, AMT, 6.25%, 10/01/38 |
460 | 529,262 | ||||||
Series B, AMT, 6.00%, 10/01/42 |
615 | 700,774 | ||||||
County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/31 |
2,900 | 3,141,106 | ||||||
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 04/01/40 |
3,465 | 3,842,616 | ||||||
County of Orange Florida School Board, COP, Series A (AGC), 5.50%, 08/01/19 (a) |
4,645 | 4,690,289 | ||||||
Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32 |
1,040 | 1,171,165 | ||||||
Tohopekaliga Water Authority, Refunding RB, Series A, 5.25%, 10/01/21 (a) |
3,995 | 4,337,891 | ||||||
|
|
|||||||
30,740,673 | ||||||||
Georgia 0.7% | ||||||||
County of Fulton Development Authority, RB, Georgia Institute of Technology, 4.00%, 06/15/49 |
470 | 504,935 | ||||||
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49 |
555 | 694,350 | ||||||
|
|
|||||||
1,199,285 | ||||||||
Hawaii 1.5% | ||||||||
State of Hawaii Airports System, ARB, Series A, AMT, 5.00%, 07/01/45 |
1,500 | 1,678,890 | ||||||
State of Hawaii Airports System, COP, AMT: |
||||||||
5.25%, 08/01/25 |
425 | 476,183 | ||||||
5.25%, 08/01/26 |
460 | 513,029 | ||||||
|
|
|||||||
2,668,102 | ||||||||
Illinois 13.6% | ||||||||
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41 |
1,000 | 1,084,520 | ||||||
City of Chicago Illinois OHare International Airport, GARB: |
||||||||
3rd Lien, Series A, 5.75%, 01/01/21 (a) |
960 | 1,025,789 | ||||||
3rd Lien, Series A, 5.75%, 01/01/39 |
185 | 196,274 | ||||||
3rd Lien, Series C, 6.50%, 01/01/21 (a) |
5,225 | 5,646,292 | ||||||
Senior Lien, Series D, AMT, 5.00%, 01/01/42 |
430 | 484,980 | ||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts: |
||||||||
5.25%, 12/01/36 |
1,000 | 1,054,340 | ||||||
5.25%, 12/01/40 |
1,790 | 1,884,261 |
50 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Illinois (continued) | ||||||||
City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 01/01/42 |
$ | 2,050 | $ | 2,149,240 | ||||
County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |
||||||||
5.50%, 12/01/38 |
1,250 | 1,317,025 | ||||||
5.25%, 12/01/43 |
1,505 | 1,567,623 | ||||||
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 02/15/41 |
555 | 633,033 | ||||||
Railsplitter Tobacco Settlement Authority, RB (a) : |
||||||||
5.50%, 06/01/21 |
1,405 | 1,514,871 | ||||||
6.00%, 06/01/21 |
400 | 435,352 | ||||||
State of Illinois, GO: |
||||||||
5.25%, 02/01/31 |
875 | 931,481 | ||||||
5.25%, 02/01/32 |
1,355 | 1,438,861 | ||||||
5.50%, 07/01/33 |
2,000 | 2,131,740 | ||||||
5.50%, 07/01/38 |
425 | 449,429 | ||||||
|
|
|||||||
23,945,111 | ||||||||
Indiana 2.2% | ||||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series F, 5.25%, 02/01/36 |
3,055 | 3,226,294 | ||||||
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40 |
565 | 610,725 | ||||||
|
|
|||||||
3,837,019 | ||||||||
Iowa 0.7% | ||||||||
State of Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/48 |
1,100 | 1,167,067 | ||||||
|
|
|||||||
Louisiana 1.7% | ||||||||
Lake Charles Louisiana Harbor & Terminal District, RB, Series B, AMT (AGM), 5.50%, 01/01/29 |
1,500 | 1,691,550 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29 |
1,215 | 1,217,065 | ||||||
|
|
|||||||
2,908,615 | ||||||||
Maryland 2.8% | ||||||||
County of Howard Maryland Housing Commission, RB, M/F Housing, Woodfield Oxford Square Apartments, 5.00%, 12/01/42 |
1,430 | 1,617,959 | ||||||
Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/34 |
2,700 | 3,216,456 | ||||||
|
|
|||||||
4,834,415 | ||||||||
Massachusetts 2.0% | ||||||||
Massachusetts Development Finance Agency, RB: |
||||||||
Emerson College Issue, Series A, 5.00%, 01/01/47 |
245 | 274,013 | ||||||
Emerson College Issue, Series A, 5.25%, 01/01/42 |
545 | 619,927 | ||||||
UMass Dartmouth Student Housing Project, 5.00%, 10/01/43 |
1,325 | 1,460,839 | ||||||
Massachusetts Development Finance Agency, Refunding RB, Series A: |
||||||||
Emerson College, 5.00%, 01/01/40 |
435 | 493,943 | ||||||
4.00%, 07/01/44 |
130 | 133,810 | ||||||
Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42 |
485 | 486,086 | ||||||
|
|
|||||||
3,468,618 | ||||||||
Michigan 0.3% | ||||||||
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48 |
520 | 592,930 | ||||||
|
|
|||||||
Minnesota 0.3% | ||||||||
County of St. Paul Minnesota Housing & Redevelopment Authority, Refunding RB, Fairview Health Services, Series A, 4.00%, 11/15/43 |
575 | 608,603 | ||||||
|
|
Security |
Par
(000) |
Value | ||||||
Mississippi 3.6% | ||||||||
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40 |
$ | 2,595 | $ | 3,073,648 | ||||
Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 08/01/23 (a) |
1,000 | 1,147,940 | ||||||
State of Mississippi, RB, Series A: |
||||||||
5.00%, 10/15/37 |
330 | 387,502 | ||||||
4.00%, 10/15/38 |
1,650 | 1,744,974 | ||||||
|
|
|||||||
6,354,064 | ||||||||
Montana 0.1% | ||||||||
Montana State Board of Housing, RB, S/F, Series B-2: |
||||||||
3.50%, 12/01/42 |
100 | 99,867 | ||||||
3.60%, 12/01/47 |
155 | 154,749 | ||||||
|
|
|||||||
254,616 | ||||||||
Nevada 4.9% | ||||||||
City of Carson City Nevada, Refunding RB, Carson Tahoe Regional Healthcare Project, 5.00%, 09/01/42 |
650 | 718,861 | ||||||
County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A (AGM), 5.25%, 07/01/39 |
1,410 | 1,438,806 | ||||||
County of Clark Nevada, GO, Stadium Improvement, Series A: |
||||||||
5.00%, 06/01/36 |
1,205 | 1,446,338 | ||||||
5.00%, 06/01/37 |
3,000 | 3,587,730 | ||||||
County of Clark Nevada Water Reclamation District, GO, Series A, 5.25%, 07/01/19 (a) |
1,500 | 1,509,075 | ||||||
|
|
|||||||
8,700,810 | ||||||||
New Jersey 10.9% | ||||||||
New Jersey EDA, RB: |
||||||||
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 |
3,000 | 3,311,940 | ||||||
Private Activity Bond, Goethals Bridge Replacement Project, AMT (AGM), 5.00%, 01/01/31 |
790 | 875,675 | ||||||
State Government Buildings Project, Series A, 5.00%, 06/15/47 |
2,500 | 2,711,275 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, Virtua Health, Series A (AGC), 5.50%, 07/01/38 |
2,100 | 2,113,398 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series BB, AMT, 3.80%, 10/01/32 |
1,405 | 1,458,151 | ||||||
New Jersey Transportation Trust Fund Authority, RB: |
||||||||
Transportation Program Bonds, Series S, 5.25%, 06/15/43 |
1,740 | 1,956,839 | ||||||
Transportation System, Series AA, 5.50%, 06/15/39 |
1,890 | 2,030,824 | ||||||
Transportation System, Series B, 5.25%, 06/15/36 |
1,000 | 1,043,520 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/32 |
1,600 | 1,819,680 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46 |
1,390 | 1,554,840 | ||||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46 |
305 | 318,103 | ||||||
|
|
|||||||
19,194,245 | ||||||||
New York 5.8% | ||||||||
City of New York New York Municipal Water Finance Authority, Refunding RB, 2nd General Resolution: |
||||||||
5.25%, 06/15/40 |
3,410 | 3,424,764 | ||||||
Water & Sewer System, Series EE, 5.38%, 06/15/43 |
1,305 | 1,377,493 | ||||||
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: |
||||||||
5.75%, 02/15/21 (a) |
1,555 | 1,670,148 | ||||||
5.75%, 02/15/47 |
955 | 1,019,606 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%, 07/15/36 |
2,000 | 2,113,940 | ||||||
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 |
535 | 575,670 | ||||||
|
|
|||||||
10,181,621 |
S CHEDULES OF I NVESTMENTS | 51 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Ohio 1.9% | ||||||||
State of Ohio, RB, Cleveland Clinic Health System Obligation, Series B, 4.00%, 01/01/46 (b) |
$ | 1,010 | $ | 1,080,942 | ||||
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 02/15/31 |
2,000 | 2,234,280 | ||||||
|
|
|||||||
3,315,222 | ||||||||
Oregon 0.4% | ||||||||
State of Oregon Health & Science University, RB, Series A, 5.00%, 07/01/42 |
600 | 699,072 | ||||||
|
|
|||||||
Pennsylvania 6.6% | ||||||||
Altoona Area School District, GO, 5.00%, 12/01/36 |
110 | 125,133 | ||||||
County of Delaware Springfield School District, GO: |
||||||||
5.00%, 03/01/40 |
865 | 1,007,647 | ||||||
5.00%, 03/01/43 |
590 | 685,615 | ||||||
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 5.00%, 09/01/48 |
980 | 1,119,121 | ||||||
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/36 |
1,290 | 1,523,735 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F, Series 125B, 3.65%, 10/01/42 |
1,000 | 1,025,460 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, 2nd Series, Subordinate, Special Motor License Fund, 5.00%, 12/01/41 |
1,250 | 1,426,725 | ||||||
Pennsylvania Turnpike Commission, RB, Sub-Series B-1, 5.25%, 06/01/47 |
1,170 | 1,343,336 | ||||||
Swarthmore Borough Authority, RB, Swarthmore College, 5.00%, 09/15/48 |
1,900 | 2,284,674 | ||||||
Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37 |
1,000 | 1,108,600 | ||||||
|
|
|||||||
11,650,046 | ||||||||
South Carolina 5.6% | ||||||||
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |
2,180 | 2,478,464 | ||||||
County of Charleston South Carolina Airport District, ARB, Series A, AMT: |
||||||||
5.50%, 07/01/38 |
1,000 | 1,115,930 | ||||||
6.00%, 07/01/38 |
1,695 | 1,931,978 | ||||||
5.50%, 07/01/41 |
1,000 | 1,113,420 | ||||||
State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/43 |
800 | 911,336 | ||||||
State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/50 |
1,095 | 1,228,316 | ||||||
State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 |
1,000 | 1,100,320 | ||||||
|
|
|||||||
9,879,764 | ||||||||
Tennessee 1.6% | ||||||||
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/40 |
2,500 | 2,768,375 | ||||||
|
|
|||||||
Texas 11.7% | ||||||||
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37 |
1,360 | 1,510,471 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, Sub-Series D, 5.00%, 07/01/37 |
1,175 | 1,403,561 | ||||||
City of Houston Texas Combined Utility System, Refunding RB, Combined 1st Lien, Series A (AGC), 6.00%, 05/15/19 (a) |
3,790 | 3,795,988 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/35 |
1,500 | 1,770,990 | ||||||
Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, AMT: |
||||||||
Series A, 5.00%, 11/01/38 |
2,965 | 3,074,082 | ||||||
Series H, 5.00%, 11/01/37 |
2,200 | 2,334,112 |
Security |
Par
(000) |
Value | ||||||
Texas (continued) | ||||||||
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33 |
$ | 1,240 | $ | 1,403,432 | ||||
North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 09/01/21 (a) |
3,150 | 3,421,530 | ||||||
North Texas Tollway Authority, Refunding RB, 1st Tier, Series A, 5.00%, 01/01/48 |
1,060 | 1,229,749 | ||||||
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/38 |
620 | 689,012 | ||||||
|
|
|||||||
20,632,927 | ||||||||
Vermont 1.0% | ||||||||
University of Vermont & State Agricultural College, Refunding RB, 5.00%, 10/01/43 |
1,470 | 1,702,466 | ||||||
|
|
|||||||
Virginia 1.8% | ||||||||
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43 |
570 | 614,842 | ||||||
Virginia Small Business Financing Authority, RB, Transform 66 P3 Project, AMT, 5.00%, 12/31/49 |
2,330 | 2,553,610 | ||||||
|
|
|||||||
3,168,452 | ||||||||
Washington 9.4% | ||||||||
City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 02/01/21 (a) |
1,375 | 1,462,079 | ||||||
Port of Seattle Washington, ARB, AMT: |
||||||||
Intermediate Lien, Series C, 5.00%, 05/01/37 |
1,450 | 1,672,198 | ||||||
Series A, 5.00%, 05/01/43 |
385 | 438,007 | ||||||
State of Washington, COP, Series B: |
||||||||
5.00%, 07/01/36 |
1,000 | 1,194,300 | ||||||
5.00%, 07/01/37 |
3,910 | 4,645,979 | ||||||
5.00%, 07/01/38 |
650 | 768,514 | ||||||
State of Washington, GO: |
||||||||
Series C, 5.00%, 02/01/36 |
4,300 | 5,153,421 | ||||||
Various Purposes, Series B, 5.25%, 02/01/21 (a) |
1,075 | 1,143,080 | ||||||
|
|
|||||||
16,477,578 | ||||||||
Wisconsin 0.8% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Milwaukee Regional Medical Center Thermal Service, 5.00%, 04/01/44 |
1,205 | 1,405,114 | ||||||
|
|
|||||||
Wyoming 0.2% | ||||||||
State of Wyoming Municipal Power Agency, Inc., Refunding RB, Series A (BAM), 5.00%, 01/01/42 |
330 | 375,326 | ||||||
|
|
|||||||
Total Municipal Bonds 135.2%
|
|
237,809,943 | ||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
|
|||||||
California 3.0% | ||||||||
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 |
4,500 | 5,202,172 | ||||||
|
|
|||||||
Colorado 1.3% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Sub-System, Series A, AMT, 5.25%, 12/01/43 (d) |
1,901 | 2,263,948 | ||||||
|
|
|||||||
Connecticut 1.1% | ||||||||
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45 |
1,771 | 2,015,775 | ||||||
|
|
|||||||
Illinois 0.3% | ||||||||
City of Chicago Illionis Waterworks, Refunding RB, 2017 2nd Lien, Water Revenue Project (AGM), 5.25%, 11/01/33 |
480 | 480,235 | ||||||
|
|
52 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets) |
(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) |
When-issued security. |
(c) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(d) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between November 15, 2019 to November 01, 2026, is $7,322,892. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
During the year ended April 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate |
Shares
Held at 04/30/18 |
Net
Activity |
Shares
Held at 04/30/19 |
Value at
04/30/19 |
Income |
Net Realized
Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
2,822,221 | (367,237 | ) | 2,454,984 | $ | 2,455,229 | $ | 40,640 | $ | 2,931 | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Includes net capital gain distributions, if applicable. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value /
Unrealized Appreciation (Depreciation) |
||||||||||
Short Contracts: |
||||||||||||||
10-Year U.S. Treasury Note |
32 | 06/19/19 | $3,958 | $ | (11,971 | ) | ||||||||
Long U.S. Treasury Bond |
72 | 06/19/19 | 10,618 | (42,335 | ) | |||||||||
5-Year U.S. Treasury Note |
15 | 06/28/19 | 1,735 | (6,612 | ) | |||||||||
|
|
|||||||||||||
$ | (60,918 | ) | ||||||||||||
|
|
S CHEDULES OF I NVESTMENTS | 53 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniHoldings Quality Fund, Inc. (MUS) |
Derivative Financial Instruments Categorized by Risk Exposure
As of year end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Liabilities Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | | $ | | $ | | $ | | $ | 60,918 | $ | | $ | 60,918 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current days variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the year ended April 30, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (434,638 | ) | $ | | $ | (434,638 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures Contracts |
$ | | $ | | $ | | $ | | $ | (110,095 | ) | $ | | $ | (110,095 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts short |
$ | 12,598,779 |
For more information about the Funds investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Funds policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Funds investments and derivative financial instruments categorized in the disclosure hierarchy:
(a) |
See above Schedule of Investments for values in each state or political subdivision. |
(b) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: |
|
|||||||||||||||
TOB Trust Certificates |
$ | | $ | (23,917,620 | ) | $ | | $ | (23,917,620 | ) | ||||||
VMTP Shares at Liquidation Value |
| (87,000,000 | ) | | (87,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | (110,917,620 | ) | $ | | $ | (110,917,620 | ) | |||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
54 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments April 30, 2019 |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Colorado 1.5% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, AMT, Sub-System, Series A, 5.00%, 12/01/32 |
$ | 5,000 | $ | 6,003,000 | ||||
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatiives, Series B-1, 5.00%, 07/01/38 |
270 | 288,765 | ||||||
Park Creek Metropolitan District, Refunding, Tax Allocation Bonds, 5.00%, 12/01/34 |
500 | 560,305 | ||||||
University of Northern Colorado, Refunding RB, Series A, 5.00%, 06/01/31 |
2,000 | 2,263,280 | ||||||
|
|
|||||||
9,115,350 | ||||||||
Connecticut 2.9% | ||||||||
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 07/01/21 (a) |
4,530 | 4,840,169 | ||||||
State of Connecticut, GO, Series A: |
||||||||
5.00%, 04/15/30 |
5,000 | 5,995,650 | ||||||
5.00%, 04/15/31 |
4,000 | 4,762,520 | ||||||
5.00%, 04/15/34 |
1,185 | 1,420,341 | ||||||
|
|
|||||||
17,018,680 | ||||||||
Delaware 0.8% | ||||||||
County of Kent Delaware, RB, CHF-Dover, LLC-Delaware State University Project, Series A: |
||||||||
5.00%, 07/01/29 |
880 | 1,005,488 | ||||||
5.00%, 07/01/30 |
1,030 | 1,169,987 | ||||||
5.00%, 07/01/31 |
750 | 847,088 | ||||||
5.00%, 07/01/32 |
375 | 421,755 | ||||||
5.00%, 07/01/33 |
1,190 | 1,333,300 | ||||||
|
|
|||||||
4,777,618 | ||||||||
Florida 6.2% | ||||||||
Capital Region Community Development District, Refunding, Special Assessment Bonds, Series A-1: |
||||||||
4.13%, 05/01/23 |
400 | 400,860 | ||||||
4.63%, 05/01/28 |
500 | 502,685 | ||||||
County of Broward Florida School Board, COP, Refunding, Series A (AGM), 5.00%, 07/01/21 (a) |
10,000 | 10,728,900 | ||||||
County of Lee Florida, Refunding ARB, Series A, AMT (AGM), 5.00%, 10/01/27 |
1,635 | 1,732,495 | ||||||
County of Lee Florida, Refunding RB, Series A, AMT, 5.50%, 10/01/23 |
1,000 | 1,076,730 | ||||||
County of Miami-Dade Florida, RB, AMT, Series B: |
||||||||
6.00%, 10/01/28 |
3,470 | 3,978,390 | ||||||
6.00%, 10/01/29 |
3,480 | 3,985,540 | ||||||
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/32 |
5,020 | 5,659,899 | ||||||
County of Miami-Dade Florida Transit System Sales Surtax Revenue, Refunding RB, 5.00%, 07/01/32 |
1,500 | 1,634,670 | ||||||
Florida Development Finance Corp., Refunding RB, Virgin Trains USA Passenger Rail Project, Series A, AMT (b)(c) : |
||||||||
6.38%, 01/01/49 |
1,170 | 1,200,724 | ||||||
6.50%, 01/01/49 |
1,655 | 1,695,663 | ||||||
Lakewood Ranch Stewardship District, Special Assessment Bonds: |
||||||||
Del Webb Project, 3.65%, 05/01/22 (b) |
405 | 406,851 | ||||||
Del Webb Project, 4.30%, 05/01/27 (b) |
520 | 528,055 | ||||||
Lakewood National and Polo Run Projects, 4.00%, 05/01/22 |
945 | 953,618 | ||||||
Midtown Miami Community Development District, Refunding, Special Assessment Bonds, Series A, 4.25%, 05/01/24 |
1,105 | 1,142,338 | ||||||
Sarasota County Health Facilities Authority, RB, Sunnyside Village Project, 5.00%, 05/15/33 |
600 | 662,886 |
S CHEDULES OF I NVESTMENTS | 55 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Florida (continued) | ||||||||
Sterling Hill Community Development District, Refunding, Special Assessment Bonds,
Series B,
|
$ | 143 | $ | 91,229 | ||||
|
|
|||||||
36,381,533 | ||||||||
Georgia 4.4% | ||||||||
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/32 |
8,315 | 9,644,236 | ||||||
County of Cobb Kennestone Hospital Authority, Refunding RB, Revenue Anticipation Certificates, 5.00%, 04/01/32 |
1,250 | 1,453,650 | ||||||
Main Street Natural Gas, Inc., RB, Series A: |
||||||||
5.50%, 09/15/28 |
2,500 | 3,124,975 | ||||||
5.00%, 05/15/33 |
5,000 | 5,852,350 | ||||||
5.00%, 05/15/34 |
5,250 | 6,122,760 | ||||||
|
|
|||||||
26,197,971 | ||||||||
Hawaii 0.9% | ||||||||
State of Hawaii Airports System, Refunding ARB, Series A, 5.25%, 07/01/29 |
5,000 | 5,190,350 | ||||||
|
|
|||||||
Illinois 15.4% | ||||||||
Chicago Board of Education, GO, Refunding, Series C, 5.00%, 12/01/26 |
4,730 | 5,139,807 | ||||||
Chicago Board of Education, GO, Refunding Dedicated Revenues, Series D, 5.00%, 12/01/26 |
4,185 | 4,547,588 | ||||||
City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT: |
||||||||
5.00%, 01/01/32 |
5,000 | 5,497,950 | ||||||
5.50%, 01/01/32 |
1,500 | 1,658,310 | ||||||
City of Chicago Illinois OHare International Airport, Refunding GARB, AMT, Series C: |
||||||||
5.25%, 01/01/28 |
1,350 | 1,493,707 | ||||||
5.25%, 01/01/29 |
3,020 | 3,334,744 | ||||||
City of Chicago Illinois OHare International Airport, RB, Refunding GARB, 5.00%, 01/01/32 |
3,745 | 4,264,169 | ||||||
City of Chicago Illinois OHare International Airport, Refunding GARB, Senior Lien, Series A, AMT, 5.00%, 01/01/23 |
13,000 | 14,371,630 | ||||||
City of Chicago Illinois Transit Authority, RB, 5.25%, 12/01/31 |
3,700 | 3,924,775 | ||||||
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.13%, 12/01/38 |
1,000 | 1,038,150 | ||||||
Illinois Finance Authority, Refunding RB, CHF-Chicago, LLC-University Of Illinois at Chicago: |
||||||||
5.00%, 02/15/28 |
810 | 932,529 | ||||||
5.00%, 02/15/29 |
400 | 456,712 | ||||||
5.00%, 02/15/30 |
500 | 568,540 | ||||||
5.00%, 02/15/31 |
500 | 565,805 | ||||||
5.00%, 02/15/32 |
500 | 563,090 | ||||||
Madison-Macoupin Etc. Counties Community College District No. 536, GO, Refunding, Lewis & Clark Community College: |
||||||||
5.00%, 05/01/30 |
475 | 488,110 | ||||||
5.00%, 05/01/31 |
500 | 513,770 | ||||||
5.00%, 05/01/32 |
500 | 513,415 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project, 5.00%, 12/15/28 |
1,200 | 1,355,892 | ||||||
Railsplitter Tobacco Settlement Authority, RB, 5.50%, 06/01/21 (a) |
3,500 | 3,773,700 | ||||||
State of Illinois, GO: |
||||||||
5.25%, 02/01/30 |
5,000 | 5,342,450 | ||||||
5.00%, 04/01/31 |
1,000 | 1,054,860 | ||||||
5.00%, 05/01/31 |
10,010 | 10,564,654 | ||||||
State of Illinois, GO, Refunding, Series B, 5.00%, 10/01/27 |
470 | 519,228 |
Security |
Par
(000) |
Value | ||||||
Illinois (continued) | ||||||||
State of Illinois, GO, Series D, 5.00%, 11/01/28 |
$ | 1,645 | $ | 1,817,149 | ||||
State of Illinois Finance Authority, Refunding RB, Southern Illinois Healthcare Enterprises, Inc.: |
||||||||
5.00%, 03/01/30 |
550 | 638,666 | ||||||
5.00%, 03/01/32 |
920 | 1,055,461 | ||||||
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/34 |
9,140 | 10,016,709 | ||||||
State of Illinois Toll Highway Authority, Refunding RB, Senior Series A, 5.00%, 12/01/31 |
4,220 | 4,882,667 | ||||||
|
|
|||||||
90,894,237 | ||||||||
Indiana 3.5% | ||||||||
City of Whiting Indiana, RB, BP Products North America, Inc. Project, 5.25%, 01/01/21 |
4,800 | 5,058,768 | ||||||
Indiana Finance Authority, RB, Wastewater, 1st Lien, Series A, 5.25%, 10/01/31 |
10,000 | 10,775,000 | ||||||
Indiana Finance Authority, Refunding RB, US Steel Corp. Project, 6.00%, 12/01/19 |
5,000 | 5,082,350 | ||||||
|
|
|||||||
20,916,118 | ||||||||
Iowa 1.1% | ||||||||
Iowa Higher Education Loan Authority, RB, Private College Facility: |
||||||||
5.25%, 04/01/23 |
695 | 738,389 | ||||||
5.25%, 04/01/24 |
730 | 775,428 | ||||||
5.25%, 04/01/25 |
520 | 552,464 | ||||||
5.25%, 04/01/26 |
360 | 382,475 | ||||||
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility: |
||||||||
5.00%, 09/01/20 (a) |
2,315 | 2,416,281 | ||||||
Upper Iowa University Project, 5.00%, 09/01/20 (f) |
800 | 821,832 | ||||||
Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Series A, 5.00%, 12/01/26 |
775 | 901,061 | ||||||
|
|
|||||||
6,587,930 | ||||||||
Kansas 1.4% | ||||||||
County of Seward Unified School District No. 480 Liberal, GO, Refunding: |
||||||||
5.00%, 09/01/22 (a) |
3,990 | 4,422,715 | ||||||
5.00%, 09/01/22 (a) |
1,005 | 1,113,299 | ||||||
5.00%, 09/01/33 |
1,005 | 1,113,299 | ||||||
Kansas Development Finance Authority, Refunding RB, Health Hospital Nursing Home Improvements: |
||||||||
5.00%, 11/15/19 (a) |
35 | 35,600 | ||||||
5.00%, 11/15/23 |
1,465 | 1,487,517 | ||||||
|
|
|||||||
8,172,430 | ||||||||
Kentucky 0.5% | ||||||||
Countyof Louisville/Jefferson Metropolitan Government, Refunding RB, Catholic Health Initiatives: |
||||||||
5.00%, 12/01/35 |
120 | 127,824 | ||||||
Series A, 5.00%, 12/01/31 |
2,750 | 2,954,875 | ||||||
|
|
|||||||
3,082,699 | ||||||||
Louisiana 3.1% | ||||||||
City of Bossier City Louisiana Utilities, Refunding RB, 5.00%, 10/01/32 |
2,000 | 2,310,540 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, BRCC Facilities Corp. Project: |
||||||||
5.00%, 12/01/27 |
3,445 | 3,704,650 | ||||||
5.00%, 12/01/28 |
3,715 | 3,995,000 | ||||||
New Orleans Aviation Board, RB, Series A, 5.00%, 01/01/33 |
1,000 | 1,131,270 | ||||||
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, 4.00%, 05/01/34 |
3,000 | 3,142,290 |
56 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Louisiana (continued) | ||||||||
Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 07/01/28 |
$ | 3,660 | $ | 4,089,647 | ||||
|
|
|||||||
18,373,397 | ||||||||
Maryland 1.7% | ||||||||
City of Rockville Maryland, RB, Ingleside King Farm Project, 3.50%, 11/01/26 |
1,825 | 1,831,041 | ||||||
Maryland Economic Development Corp., RB, Transportation Facilities Project, Series A, 5.13%, 06/01/20 (f) |
1,020 | 1,050,447 | ||||||
Maryland Economic Development Corp., Refunding RB, Transportation Facilities Project, Series A: |
||||||||
5.00%, 06/01/29 |
1,835 | 2,187,265 | ||||||
5.00%, 06/01/30 |
1,015 | 1,201,486 | ||||||
5.00%, 06/01/31 |
1,000 | 1,172,040 | ||||||
5.00%, 06/01/32 |
1,000 | 1,162,470 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Johns Hopkins Health System, Series B, 5.00%, 07/01/33 |
1,140 | 1,249,702 | ||||||
|
|
|||||||
9,854,451 | ||||||||
Massachusetts 1.7% | ||||||||
Massachusetts Development Finance Agency, Refunding RB: |
||||||||
Emerson College Issue, Series A, 5.00%, 01/01/31 |
1,730 | 1,931,424 | ||||||
Suffolk University, 5.00%, 07/01/29 |
2,700 | 3,163,131 | ||||||
Suffolk University, 5.00%, 07/01/30 |
3,125 | 3,638,031 | ||||||
Massachusetts Health & Educational Facilities Authority, Refunding RB, Winchester Hospital, 5.00%, 07/01/25 |
1,060 | 1,096,825 | ||||||
|
|
|||||||
9,829,411 | ||||||||
Michigan 3.5% | ||||||||
City of Detroit Michigan, GO: |
||||||||
5.00%, 04/01/26 |
265 | 291,097 | ||||||
5.00%, 04/01/27 |
210 | 231,741 | ||||||
5.00%, 04/01/28 |
235 | 259,973 | ||||||
5.00%, 04/01/29 |
235 | 259,198 | ||||||
5.00%, 04/01/30 |
180 | 197,921 | ||||||
5.00%, 04/01/31 |
265 | 288,932 | ||||||
5.00%, 04/01/32 |
225 | 244,015 | ||||||
5.00%, 04/01/33 |
295 | 319,388 | ||||||
Manistee Area Public Schools, GO, Refunding, (Q-SBLF), 5.00%, 05/01/25 |
1,000 | 1,063,850 | ||||||
Michigan Finance Authority, Refunding RB, Senior Lien, Detroit Water and Sewer, Series C-3 (AGM), 5.00%, 07/01/31 |
4,000 | 4,516,360 | ||||||
Michigan State Building Authority, Refunding RB, Facilities Program, Series II-A, 5.00%, 10/15/24 |
2,500 | 2,691,250 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.25%, 11/15/19 (a) |
4,900 | 4,994,521 | ||||||
Michigan Strategic Fund, RB, I -75 Improvement Projects, AMT: |
||||||||
5.00%, 06/30/33 |
2,415 | 2,836,538 | ||||||
5.00%, 12/31/33 |
2,000 | 2,344,940 | ||||||
|
|
|||||||
20,539,724 | ||||||||
Minnesota 2.0% | ||||||||
City of Minneapolis, RB, YMCA of the Greater Twin Cities Project: |
||||||||
4.00%, 06/01/30 |
150 | 163,861 | ||||||
4.00%, 06/01/31 |
50 | 54,273 | ||||||
City of Minneapolis, Refunding RB, Fairview Health Services, Series A, 5.00%, 11/15/33 |
2,370 | 2,836,369 | ||||||
County of St. Paul Minnesota Housing & Redevelopment Authority, RB, Great River School Project, Series A, 4.75%, 07/01/29 (b) |
250 | 258,882 |
Security |
Par
(000) |
Value | ||||||
Minnesota (continued) | ||||||||
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A: |
||||||||
5.00%, 02/15/33 |
$ | 1,000 | $ | 1,162,000 | ||||
5.00%, 02/15/34 |
1,185 | 1,373,510 | ||||||
University of Minnesota, RB, Biomedical Science Research Facilities Funding Program: |
||||||||
Series B, 5.00%, 08/01/36 |
1,000 | 1,064,990 | ||||||
Series C, 5.00%, 08/01/27 |
1,390 | 1,567,447 | ||||||
Series C, 5.00%, 08/01/28 |
740 | 833,181 | ||||||
Series C, 5.00%, 08/01/29 |
1,555 | 1,748,100 | ||||||
Series C, 5.00%, 08/01/30 |
835 | 937,605 | ||||||
|
|
|||||||
12,000,218 | ||||||||
Missouri 0.3% | ||||||||
City of St. Louis Missouri IDA, Refunding RB, Ballpark Village Development Project, Series A, 3.88%, 11/15/29 |
350 | 363,801 | ||||||
St. Louis County Industrial Development Authority, Refunding RB, Friendship Village St. Louis Obligated Group: |
||||||||
5.00%, 09/01/27 |
360 | 404,521 | ||||||
5.00%, 09/01/32 |
1,015 | 1,107,284 | ||||||
|
|
|||||||
1,875,606 | ||||||||
Montana 0.1% | ||||||||
County of Yellowstone Montana School District No. 2 Billings, GO, 5.00%, 06/15/30 |
500 | 567,995 | ||||||
|
|
|||||||
Nebraska 0.9% | ||||||||
County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/30 |
800 | 912,280 | ||||||
County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, 5.50%, 01/01/30 |
1,000 | 1,022,540 | ||||||
Nebraska Public Power District, Refunding RB, Series A: |
||||||||
5.00%, 01/01/30 |
1,000 | 1,078,610 | ||||||
5.00%, 01/01/32 |
2,000 | 2,153,400 | ||||||
|
|
|||||||
5,166,830 | ||||||||
Nevada 1.9% | ||||||||
City of Reno Nevada, Refunding RB, Series A-1 (AGM): |
||||||||
5.00%, 06/01/30 |
500 | 586,375 | ||||||
5.00%, 06/01/31 |
1,000 | 1,163,810 | ||||||
County of Clark Nevada Department of Aviation, Refunding RB, 5.00%, 07/01/33 |
5,000 | 5,636,500 | ||||||
County of Humboldt Nevada, Refunding RB, Idaho Power Co. Project, 5.15%, 12/01/24 |
3,800 | 3,838,342 | ||||||
|
|
|||||||
11,225,027 | ||||||||
New Hampshire 0.1% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project, Series A, AMT, 4.00%, 11/01/27 (b) |
795 | 808,706 | ||||||
|
|
|||||||
New Jersey 24.6% | ||||||||
County of Essex New Jersey Improvement Authority, LRB, Newark Project, Series A (AGM), 5.00%, 11/01/20 (f) |
1,364 | 1,406,148 | ||||||
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 |
6,040 | 6,505,020 | ||||||
New Jersey EDA, RB, Goethals Bridge Replacement Project, Private Activity Bond AMT: |
||||||||
5.50%, 01/01/26 |
1,500 | 1,716,960 | ||||||
5.50%, 01/01/27 |
1,000 | 1,141,730 | ||||||
New Jersey EDA, Refunding ARB, Port Newark Container Terminal LLC Project, AMT: |
||||||||
5.00%, 10/01/26 |
2,135 | 2,438,362 | ||||||
5.00%, 10/01/27 |
1,680 | 1,931,042 |
S CHEDULES OF I NVESTMENTS | 57 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
New Jersey (continued) | ||||||||
New Jersey EDA, Refunding RB: |
||||||||
New Jersey American Water Co., Series E, AMT, 4.70%, 12/01/25 |
$ | 3,000 | $ | 3,106,890 | ||||
School Facilities Construction, Series AA, 4.25%, 12/15/24 |
3,850 | 3,858,624 | ||||||
School Facilities Construction, Series EE, 5.00%, 09/01/23 |
3,465 | 3,623,905 | ||||||
New Jersey Educational Facilities Authority, RB, Higher Education Facilities Trust Fund, 5.00%, 06/15/28 |
10,000 | 10,912,300 | ||||||
New Jersey Educational Facilities Authority, Refunding RB, 5.00%, 07/01/30 |
5,000 | 5,723,900 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB: |
||||||||
AMT, Series B, 5.00%, 12/01/27 |
1,000 | 1,189,620 | ||||||
AMT, Series B, 5.00%, 12/01/28 |
1,000 | 1,191,310 | ||||||
Series 1, AMT, 5.50%, 12/01/26 |
750 | 797,363 | ||||||
Student Loan, Series 1A, 4.75%, 12/01/21 |
1,060 | 1,078,221 | ||||||
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/32 |
12,000 | 13,768,200 | ||||||
New Jersey State Turnpike Authority, Refunding RB, Series B, 5.00%, 01/01/29 |
6,000 | 6,644,220 | ||||||
New Jersey Transportation Trust Fund Authority, RB: |
||||||||
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/30 |
2,000 | 2,279,700 | ||||||
Series B, 5.25%, 06/15/26 |
3,500 | 3,704,785 | ||||||
Transportation Program, Series AA, 5.25%, 06/15/31 |
12,000 | 12,990,480 | ||||||
Transportation Program, Series AA, 5.25%, 06/15/32 |
2,250 | 2,490,052 | ||||||
Transportation System, Series A, 5.25%, 06/15/24 |
3,185 | 3,382,629 | ||||||
Transportation System, Series B, 5.50%, 06/15/31 |
11,780 | 12,452,285 | ||||||
Transportation System, Series C, 5.25%, 06/15/32 |
10,000 | 11,030,600 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A: |
||||||||
Federal Highway Reimbursement Revenue Notes, 5.00%, 06/15/30 |
1,695 | 1,932,046 | ||||||
Transportation System, 5.00%, 12/15/33 |
2,285 | 2,589,819 | ||||||
Newark Housing Authority, RB, Series A: |
||||||||
5.00%, 12/01/23 |
1,230 | 1,381,831 | ||||||
5.00%, 12/01/25 |
1,345 | 1,523,334 | ||||||
South Jersey Port Corp., ARB, Sobordinated Marine Terminal, Series B, AMT: |
||||||||
5.00%, 01/01/29 |
250 | 289,215 | ||||||
5.00%, 01/01/30 |
200 | 229,884 | ||||||
5.00%, 01/01/31 |
350 | 399,476 | ||||||
5.00%, 01/01/32 |
425 | 482,923 | ||||||
State of New Jersey, GO, Various Purposes, 5.00%, 06/01/28 |
5,000 | 5,781,250 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A: |
||||||||
5.00%, 06/01/30 |
850 | 1,000,050 | ||||||
5.00%, 06/01/32 |
11,980 | 13,941,246 | ||||||
Tobacco Settlement Bonds, 5.00%, 06/01/33 |
220 | 255,141 | ||||||
|
|
|||||||
145,170,561 | ||||||||
New Mexico 1.2% | ||||||||
Albuquerque Municipal School District No. 12, GO, Series 2017, 5.00%, 08/01/30 |
1,250 | 1,491,687 | ||||||
County of Albuquerque Bernalillo New Mexico Water Utility Authority, Refunding RB, 4.00%, 07/01/33 |
2,510 | 2,712,733 | ||||||
New Mexico Hospital Equipment Loan Council, Refunding RB, 5.00%, 08/01/31 |
2,500 | 2,884,800 | ||||||
|
|
|||||||
7,089,220 |
Security |
Par
(000) |
Value | ||||||
New York 9.3% | ||||||||
Build NYC Resource Corp., RB, Inwood Academy for Leadership Charter School Project, Series A, 4.88%, 05/01/31 (b) |
$ | 450 | $ | 464,391 | ||||
Build NYC Resource Corp., Refunding RB, Manhattan College Project, 5.00%, 08/01/35 |
665 | 774,625 | ||||||
Counties of Buffalo & Erie New York Industrial Land Development Corp., Refunding RB, The Charter School for Applied Technologies Project, Series A: |
||||||||
4.00%, 06/01/22 |
800 | 827,888 | ||||||
4.50%, 06/01/27 |
1,710 | 1,860,480 | ||||||
5.00%, 06/01/35 |
415 | 450,628 | ||||||
County of Monroe New York Industrial Development Corp., Refunding RB, Series A, 5.00%, 07/01/23 (a) |
5,695 | 6,486,662 | ||||||
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A: |
||||||||
5.00%, 11/01/24 |
5,470 | 5,846,391 | ||||||
5.00%, 11/01/30 |
655 | 692,767 | ||||||
Metropolitan Transportation Authority, RB (a) : |
||||||||
Sub-Series B-1, 5.00%, 11/15/21 |
2,300 | 2,500,767 | ||||||
Sub-Series B-4, 5.00%, 11/15/21 |
1,500 | 1,630,935 | ||||||
New York City Trust for Cultural Resources, Refunding RB, Carnegie Hall, Series A, 5.00%, 12/01/29 |
2,750 | 2,801,370 | ||||||
New York State Dormitory Authority, RB, North Shore-Long Island Jewish Health System, Series A, 5.50%, 05/01/19 (a) |
1,495 | 1,495,000 | ||||||
New York State Dormitory Authority, Refunding RB: |
||||||||
4.25%, 09/01/19 (a) |
480 | 484,214 | ||||||
5.00%, 07/01/30 |
1,555 | 1,816,224 | ||||||
Niagara Area Development Corp., Refunding RB, Covanta Project, Series B, 3.50%, 11/01/24 (b) |
1,000 | 1,022,160 | ||||||
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8, 5.00%, 12/01/20 |
1,690 | 1,749,370 | ||||||
State of New York Dormitory Authority, RB, Series A: |
||||||||
Fordham University, 5.25%, 07/01/21 (a) |
900 | 971,973 | ||||||
Icahn School of Medicine at Mount Sinai, 5.00%, 07/01/32 |
9,000 | 10,332,540 | ||||||
New York University Hospitals Center, 5.00%, 07/01/20 (a) |
1,725 | 1,793,551 | ||||||
New York University Hospitals Center, 5.13%, 07/01/20 (a) |
1,670 | 1,738,771 | ||||||
State of New York Dormitory Authority, Refunding RB: |
||||||||
North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 05/01/32 |
3,060 | 3,482,066 | ||||||
Orange Regional Medical Center, 5.00%, 12/01/27 (b) |
900 | 1,059,534 | ||||||
Orange Regional Medical Center, 5.00%, 12/01/28 (b) |
1,800 | 2,108,862 | ||||||
Series E, 5.25%, 03/15/33 |
2,000 | 2,374,880 | ||||||
|
|
|||||||
54,766,049 | ||||||||
North Carolina 0.3% | ||||||||
North Carolina Medical Care Commission, Refunding RB, WakeMed, Series A, 5.00%, 10/01/31 |
1,500 | 1,636,035 | ||||||
|
|
|||||||
Ohio 1.1% | ||||||||
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 02/15/31 |
6,000 | 6,702,840 | ||||||
|
|
|||||||
Oklahoma 1.3% | ||||||||
Oklahoma City Public Property Authority, Refunding RB: |
||||||||
5.00%, 10/01/27 |
1,190 | 1,398,964 | ||||||
5.00%, 10/01/28 |
1,265 | 1,483,820 | ||||||
5.00%, 10/01/29 |
1,400 | 1,637,594 | ||||||
Oklahoma Development Finance Authority, RB, OU Medicene Project, Series B: |
||||||||
5.00%, 08/15/29 |
1,200 | 1,411,212 |
58 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Oklahoma (continued) | ||||||||
5.00%, 08/15/33 |
$ | 1,305 | $ | 1,493,520 | ||||
|
|
|||||||
7,425,110 | ||||||||
Oregon 1.5% | ||||||||
County of Klamath Oregon School District, GO: |
||||||||
5.00%, 06/15/30 |
1,000 | 1,119,910 | ||||||
5.00%, 06/15/31 |
1,000 | 1,118,650 | ||||||
County of Umatilla Oregon School District No. 16R Pendleton, GO, Series A, 5.00%, 06/15/32 |
2,000 | 2,284,360 | ||||||
Oregon State Facilities Authority, Refunding RB, Reed College Project, Series A, 5.00%, 07/01/20 (a) |
1,835 | 1,907,482 | ||||||
State of Oregon, GO, Series H, 5.00%, 05/01/36 |
2,000 | 2,167,520 | ||||||
|
|
|||||||
8,597,922 | ||||||||
Pennsylvania 7.1% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project (b) : |
||||||||
5.00%, 05/01/22 |
1,545 | 1,633,389 | ||||||
5.00%, 05/01/23 |
640 | 687,379 | ||||||
5.00%, 05/01/28 |
835 | 946,807 | ||||||
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment: |
||||||||
5.00%, 06/01/33 |
2,000 | 2,355,820 | ||||||
5.00%, 06/01/34 |
3,750 | 4,402,462 | ||||||
County of Allegheny Pennsylvania, GO, Refunding, Series C-68, 5.00%, 11/01/25 |
2,515 | 2,706,970 | ||||||
County of Allegheny Pennsylvania, GO, Series C-67: |
||||||||
5.00%, 11/01/25 |
2,700 | 2,906,091 | ||||||
5.00%, 11/01/26 |
2,375 | 2,551,463 | ||||||
Pennsylvania Economic Development Financing Authority, RB, PA Bridges Finco LP, AMT, 5.00%, 12/31/28 |
115 | 131,745 | ||||||
Pennsylvania Turnpike Commission, RB, Sub-Series B, 5.25%, 12/01/21 (a) |
4,000 | 4,370,800 | ||||||
Pennsylvania Turnpike Commission, Refunding RB: |
||||||||
Second Series, 5.00%, 12/01/30 |
2,620 | 3,074,963 | ||||||
Sub-Series B, 5.00%, 06/01/32 |
5,000 | 5,787,600 | ||||||
School District of Philadelphia, GOL, Series A: |
||||||||
5.00%, 09/01/30 |
1,200 | 1,421,292 | ||||||
5.00%, 09/01/31 |
1,000 | 1,175,930 | ||||||
5.00%, 09/01/32 |
1,200 | 1,402,740 | ||||||
South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series A (AGC), 6.00%, 07/01/20 (a) |
6,225 | 6,527,597 | ||||||
|
|
|||||||
42,083,048 | ||||||||
Puerto Rico 1.1% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured, Series A-1: |
||||||||
CAB, 0.00%, 07/01/27 (g) |
4,974 | 3,729,008 | ||||||
4.50%, 07/01/34 |
2,943 | 2,985,556 | ||||||
|
|
|||||||
6,714,564 | ||||||||
Rhode Island 1.7% | ||||||||
Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 04/01/29 |
1,000 | 1,112,390 | ||||||
Rhode Island Health & Educational Building Corp., RB, City of Newport Issue Financing Program, Series C, 5.00%, 05/15/30 |
2,305 | 2,508,969 | ||||||
Rhode Island Health & Educational Building Corp., Refunding RB, 5.00%, 09/01/32 |
2,000 | 2,241,320 | ||||||
Rhode Island Student Loan Authority, RB, AMT, Senior Program, Series A: |
||||||||
5.00%, 12/01/27 |
1,000 | 1,189,620 | ||||||
5.00%, 12/01/28 |
1,000 | 1,198,710 |
Security |
Par
(000) |
Value | ||||||
Rhode Island (continued) | ||||||||
Rhode Island Student Loan Authority, Refunding RB, Senior Series A, AMT: |
||||||||
5.00%, 12/01/24 |
$ | 750 | $ | 856,860 | ||||
5.00%, 12/01/25 |
850 | 986,672 | ||||||
|
|
|||||||
10,094,541 | ||||||||
South Carolina 2.5% | ||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, The Woodlands at Furman, 4.00%, 11/15/27 |
905 | 914,421 | ||||||
South Carolina Public Service Authority, Refunding RB, Series A: |
||||||||
5.00%, 12/01/30 |
5,500 | 6,368,835 | ||||||
5.00%, 12/01/31 |
5,660 | 6,528,244 | ||||||
5.00%, 12/01/32 |
200 | 230,036 | ||||||
5.00%, 12/01/33 |
800 | 917,128 | ||||||
|
|
|||||||
14,958,664 | ||||||||
South Dakota 0.2% | ||||||||
South Dakota Health & Educational Facilities Authority, Refunding RB, Regional Health, 5.00%, 09/01/20 (a) |
1,000 | 1,043,750 | ||||||
|
|
|||||||
Tennessee 1.9% | ||||||||
County of Memphis-Shelby Industrial Development Board, Refunding, Tax Allocation Bonds, Graceland Project, Series A, 4.75%, 07/01/27 |
220 | 233,114 | ||||||
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project: |
||||||||
Series A, 5.00%, 11/01/23 |
2,695 | 2,738,713 | ||||||
Series B, 5.00%, 11/01/22 |
1,000 | 1,016,220 | ||||||
Knox County Health Educational & Housing Facility Board Tennessee, Refunding RB, Eastowne Village Project, 4.00%, 06/01/31 (c) |
2,885 | 2,919,447 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/35 |
4,000 | 4,545,840 | ||||||
|
|
|||||||
11,453,334 | ||||||||
Texas 10.6% | ||||||||
City of Grapevine Texas, GO, 5.00%, 02/15/33 |
5,685 | 6,290,623 | ||||||
City of Houston Texas, Refunding ARB, Subordinate Lien, Series A, AMT: |
||||||||
5.00%, 07/01/25 |
1,500 | 1,596,285 | ||||||
5.00%, 07/01/32 |
1,010 | 1,091,325 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, Sub-Series A, AMT: |
||||||||
5.00%, 07/01/31 |
1,430 | 1,714,456 | ||||||
5.00%, 07/01/32 |
1,515 | 1,808,258 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/33 |
8,485 | 10,115,817 | ||||||
Dallas-Fort Worth International Airport, ARB, Joint Improvement, Series D, AMT, 5.00%, 11/01/38 |
8,290 | 8,789,224 | ||||||
Dallas/Fort Worth Texas International Airport, Refunding RB, AMT: |
||||||||
Series E, 5.00%, 11/01/26 |
2,185 | 2,283,478 | ||||||
Series E, 5.00%, 11/01/27 |
4,960 | 5,181,266 | ||||||
Series F, 5.00%, 11/01/31 |
6,345 | 6,606,985 | ||||||
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, AMT, 5.00%, 11/01/28 |
1,000 | 1,088,060 | ||||||
Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31 (b) |
1,475 | 1,537,437 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A (b) : |
||||||||
3.63%, 08/15/22 |
105 | 105,488 | ||||||
4.25%, 08/15/27 |
160 | 162,080 |
S CHEDULES OF I NVESTMENTS | 59 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Texas (continued) | ||||||||
Red River Education Financing Corp., RB, 5.00%, 03/15/33 |
$ | 1,340 | $ | 1,474,710 | ||||
San Jacinto River Authority, RB, Special Project (AGM), 5.25%, 10/01/25 |
2,910 | 2,952,719 | ||||||
Socorro Independent School District, GO, Refunding(PSF-GTD): |
||||||||
5.00%, 08/15/20 (a) |
2,410 | 2,513,534 | ||||||
5.00%, 08/15/32 |
90 | 93,635 | ||||||
Via Metropolitan Transit Authority, Refunding RB: |
||||||||
5.25%, 08/01/28 |
1,585 | 1,788,799 | ||||||
5.25%, 08/01/29 |
1,720 | 1,939,214 | ||||||
5.25%, 08/01/33 |
3,000 | 3,382,260 | ||||||
|
|
|||||||
62,515,653 | ||||||||
U.S. Virgin Islands 0.9% | ||||||||
Virgin Islands Public Finance Authority, Refunding RB, Series A (AGM), 5.25%, 10/01/24 |
5,000 | 5,419,950 | ||||||
|
|
|||||||
Utah 1.0% | ||||||||
Salt Lake City Corp. Airport Revenue, ARB, AMT, Series A, 5.00%, 07/01/33 |
3,500 | 4,157,650 | ||||||
Utah Charter School Finance Authority, Refunding RB, Freedom Academy Foundation
Project,
|
1,500 | 1,526,490 | ||||||
|
|
|||||||
5,684,140 | ||||||||
Vermont 1.0% | ||||||||
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/30 |
5,565 | 5,993,060 | ||||||
|
|
|||||||
Washington 0.5% | ||||||||
Washington State Housing Finance Commission, Refunding RB (b) : |
||||||||
Horizone House Project, 5.00%, 01/01/27 |
1,560 | 1,785,451 | ||||||
Horizon House Project, 5.00%, 01/01/28 |
750 | 857,558 | ||||||
|
|
|||||||
2,643,009 | ||||||||
West Virginia 1.0% | ||||||||
West Virginia Hospital Finance Authority, Refunding RB, Charleston Area Medical Center, Inc., Series A, 5.13%, 09/01/23 |
4,000 | 4,035,760 | ||||||
West Virginia University, RB, West Virginia University Project, Series B, 5.00%, 10/01/30 |
1,500 | 1,601,220 | ||||||
|
|
|||||||
5,636,980 | ||||||||
Wisconsin 1.4% | ||||||||
Public Finance Authority, RB, Piedmont Community Charter School, 5.00%, 06/15/34 |
430 | 488,871 | ||||||
Public Finance Authority, Refunding RB, AMT: |
||||||||
National Gypsum Co., 5.25%, 04/01/30 |
2,410 | 2,624,273 | ||||||
Wisconsin Airport Facilities, Senior Obligated Group, Series B, 5.25%, 07/01/28 |
4,765 | 5,160,448 | ||||||
|
|
|||||||
8,273,592 | ||||||||
Total Municipal Bonds 135.0%
|
|
796,521,635 | ||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (h) |
|
|||||||
California 4.0% |
|
|||||||
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Subordinate, 4.00%, 04/01/31 (b)(i) |
8,080 | 9,161,407 | ||||||
State of California, GO, Refunding Water Utility Authority, 5.00%, 10/01/35 |
12,500 | 14,658,384 | ||||||
|
|
|||||||
23,819,791 |
Security |
Par
(000) |
Value | ||||||
Iowa 1.3% | ||||||||
Iowa Finance Authority, Refunding RB, UnityPoint Health, Series C, 4.13%, 02/15/35 (b) |
$ | 7,500 | $ | 7,807,575 | ||||
|
|
|||||||
Massachusetts 3.4% | ||||||||
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System: |
||||||||
5.00%, 07/01/32 |
7,500 | 8,970,225 | ||||||
Series L, 5.00%, 07/01/31 |
10,175 | 10,846,657 | ||||||
|
|
|||||||
19,816,882 | ||||||||
Minnesota 1.8% | ||||||||
State of Minnesota, GO, State Various Purposes, Series A, 4.00%, 08/01/20 (a) |
10,525 | 10,827,525 | ||||||
|
|
|||||||
New Jersey 1.6% | ||||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F, AMT, Series BB (b) : |
||||||||
3.65%, 04/01/28 |
4,890 | 5,120,953 | ||||||
3.70%, 10/01/28 |
3,790 | 3,968,421 | ||||||
|
|
|||||||
9,089,374 | ||||||||
New York 10.3% | ||||||||
City of New York, GO: |
||||||||
Sub-Series 1-I, 5.00%, 03/01/32 |
7,009 | 7,925,425 | ||||||
Refunding Series E, 5.00%, 08/01/19 (a) |
1,017 | 1,026,026 | ||||||
Refunding Series E, 5.00%, 08/01/27 |
2,489 | 2,510,288 | ||||||
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Future Tax Secured Subordinate Bonds, SubSeries B-1, 5.00%, 08/01/36 |
9,444 | 11,035,190 | ||||||
Metropolitan Transportation Authority, RB, Sub-Series D-1, 5.00%, 11/15/39 |
4,980 | 5,567,673 | ||||||
Metropolitan Transportation Authority, Refunding RB, Series B, 5.25%, 11/15/19 (a) |
4,001 | 4,081,142 | ||||||
Port Authority of New York & New Jersey, Refunding ARB: |
||||||||
178th Series, AMT, 5.00%, 12/01/32 |
4,009 | 4,464,164 | ||||||
Consolidated, Series 169th, 5.00%, 10/15/26 |
5,530 | 5,932,335 | ||||||
Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A, 5.00%, 10/15/31 |
5,010 | 5,806,874 | ||||||
State of New York Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/36 (i) |
5,505 | 6,455,824 | ||||||
State of New York Urban Development Corp., RB, Personal Income Tax, Series A-1, 5.00%, 03/15/32 |
5,501 | 6,119,666 | ||||||
|
|
|||||||
60,924,607 | ||||||||
Texas 1.5% | ||||||||
Pflugerville Independent School District, GO, (PSF-GTD), 5.00%, 02/15/24 (a) |
7,500 | 8,627,250 | ||||||
|
|
|||||||
Washington 3.0% | ||||||||
Port of Seattle Washington, ARB, AMT, Series A, 5.00%, 05/01/34 |
15,000 | 17,437,950 | ||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond
|
|
158,350,954 | ||||||
|
|
|||||||
Total Long-Term Investments 161.9%
|
|
954,872,589 | ||||||
|
|
60 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities 0.6% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.94% (j)(k) |
3,435,688 | $ | 3,436,032 | |||||
|
|
|||||||
Total Short-Term Securities 0.6%
|
|
3,436,032 | ||||||
|
|
|||||||
Total Investments 162.5%
|
|
958,308,621 | ||||||
|
|
|||||||
Other Assets Less Liabilities 2.1% |
|
12,471,968 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (15.9)% |
|
(93,793,906 | ) | |||||
VMTP Shares, at Liquidation Value (48.7)% |
|
(287,100,000 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares 100.0% |
|
$ | 589,886,683 | |||||
|
|
(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) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(d) |
Issuer filed for bankruptcy and/or is in default. |
(e) |
Non-income producing security. |
(f) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(g) |
Zero-coupon bond. |
(h) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(i) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement which expire between September 15, 2024 to April 01, 2025, is 10,037,537. See Note 4 of the Notes to Financial Statements for details. |
(j) |
Annualized 7-day yield as of period end. |
(k) |
During the year ended April 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate |
Shares
Held at 04/30/18 |
Net
Activity |
Shares
Held at 04/30/19 |
Value at
04/30/19 |
Income |
Net
Realized Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
| 3,435,688 | 3,435,688 | $ | 3,436,032 | $ | 43,478 | $ | (1,081 | ) | $ | (343 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Includes net capital gain distributions, if applicable. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value /
Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts: |
||||||||||||||||
10-Year U.S. Treasury Note |
253 | 06/19/19 | $ | 31,289 | $ | (142,235 | ) | |||||||||
Long U.S. Treasury Bond |
94 | 06/19/19 | 13,862 | (66,609 | ) | |||||||||||
5-Year U.S. Treasury Note |
70 | 06/28/19 | 8,095 | (38,237 | ) | |||||||||||
|
|
|||||||||||||||
$ | (247,081 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Liabilities Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | | $ | | $ | | $ | | $ | 247,081 | $ | | $ | 247,081 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current days variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
S CHEDULES OF I NVESTMENTS | 61 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
For the year ended April 30, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (960,803 | ) | $ | | $ | (960,803 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (435,561 | ) | $ | | $ | (435,561 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
|
|||
Average notional value of contracts short |
$ | 44,382,059 |
For more information about the Trusts investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Funds policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Funds investments and derivative financial instruments categorized in the disclosure hierarchy:
(a) |
See above Schedule of Investments for values in each sector or political subdivision. |
(b) |
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: |
|
|||||||||||||||
TOB Trust Certificates |
$ | | $ | (93,420,751 | ) | $ | | $ | (93,420,751 | ) | ||||||
VMTP Shares at Liquidation Value |
| (287,100,000 | ) | | (287,100,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | (380,520,751 | ) | $ | | $ | (380,520,751 | ) | |||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
62 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments April 30, 2019 |
BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Municipal Bonds 127.8% |
|
|||||||
Alabama 1.6% | ||||||||
County of Jefferson Alabama Sewer, Refunding RB: |
||||||||
Senior Lien, Series A (AGM), 5.00%, 10/01/44 |
$ | 805 | $ | 886,635 | ||||
Sub-Lien, Series D, 6.00%, 10/01/42 |
3,575 | 4,161,801 | ||||||
|
|
|||||||
5,048,436 | ||||||||
Alaska 0.1% | ||||||||
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 06/01/23 |
185 | 185,050 | ||||||
|
|
|||||||
Arizona 0.6% | ||||||||
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46 (a) |
1,685 | 1,758,028 | ||||||
|
|
|||||||
California 9.6% | ||||||||
California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49 |
2,095 | 2,933,314 | ||||||
California Health Facilities Financing Authority, RB: |
||||||||
St. Joseph Health System, Series A, 5.75%, 07/01/39 |
2,200 | 2,214,476 | ||||||
Sutter Health, Series B, 6.00%, 08/15/20 (b) |
3,170 | 3,351,799 | ||||||
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33 |
890 | 996,640 | ||||||
California Municipal Finance Authority, ARB, Senior Lien-Linxs APM Project, AMT, 4.00%, 12/31/47 |
1,475 | 1,532,761 | ||||||
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |
||||||||
5.25%, 08/15/39 |
145 | 162,035 | ||||||
5.25%, 08/15/49 |
370 | 408,302 | ||||||
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42 |
225 | 253,028 | ||||||
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (a) |
1,495 | 1,575,760 | ||||||
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A (a) : |
||||||||
5.00%, 12/01/41 |
290 | 316,500 | ||||||
5.00%, 12/01/46 |
455 | 494,467 | ||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A: |
||||||||
Senior, 5.00%, 05/15/40 |
5,930 | 6,133,162 | ||||||
5.25%, 05/15/39 |
800 | 801,096 | ||||||
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40 |
360 | 424,389 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47 |
2,745 | 2,686,504 | ||||||
San Marcos Unified School District, GO, CAB, Election of 2010, Series B, 0.00%, 08/01/42 (c) |
2,000 | 945,200 | ||||||
State of California, GO, Various Purposes, 6.00%, 03/01/33 |
2,525 | 2,618,602 | ||||||
State of California Public Works Board, LRB, Various Capital Projects: |
||||||||
Series I, 5.00%, 11/01/38 |
775 | 859,444 | ||||||
Sub-Series I-1, 6.38%, 11/01/19 (b) |
1,185 | 1,214,175 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 06/01/25 |
425 | 427,478 | ||||||
|
|
|||||||
30,349,132 | ||||||||
Colorado 1.0% | ||||||||
Arapahoe County School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43 |
1,705 | 2,124,839 |
Security |
Par
(000) |
Value | ||||||
Colorado (continued) | ||||||||
Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33 |
$ | 1,060 | $ | 1,067,876 | ||||
|
|
|||||||
3,192,715 | ||||||||
Connecticut 0.4% | ||||||||
State of Connecticut Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A, 5.00%, 11/15/40 |
1,375 | 1,396,574 | ||||||
|
|
|||||||
Delaware 2.1% | ||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
1,125 | 1,186,009 | ||||||
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55 |
1,165 | 1,300,478 | ||||||
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
4,065 | 4,213,616 | ||||||
|
|
|||||||
6,700,103 | ||||||||
District of Columbia 5.7% | ||||||||
District of Columbia, Refunding RB: |
||||||||
Georgetown University, 5.00%, 04/01/35 |
435 | 510,003 | ||||||
Georgetown University Issue, 5.00%, 04/01/42 |
355 | 409,642 | ||||||
Kipp Charter School, Series A, 6.00%, 07/01/23 (b) |
240 | 281,520 | ||||||
The Catholic University of America Issue, 5.00%, 10/01/48 |
2,315 | 2,645,975 | ||||||
Metropolitan Washington Airports Authority, Refunding ARB: |
||||||||
Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53 |
2,010 | 2,131,223 | ||||||
Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35 (c) |
6,515 | 3,674,981 | ||||||
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road: |
||||||||
1st Senior Lien, Series A, 5.25%, 10/01/44 |
1,500 | 1,517,145 | ||||||
CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/33 (c) |
6,590 | 4,033,344 | ||||||
CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/34 (c) |
4,830 | 2,834,485 | ||||||
|
|
|||||||
18,038,318 | ||||||||
Florida 5.7% | ||||||||
Celebration Pointe Community Development District, Special Assessment Bonds, County of Alachua Florida (a) : |
||||||||
5.00%, 05/01/32 |
470 | 497,462 | ||||||
5.00%, 05/01/48 |
1,175 | 1,203,776 | ||||||
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 |
1,340 | 1,453,619 | ||||||
County of Collier Health Facilities Authority, RB, Moorings, Inc., Series A, 5.00%, 05/01/48 |
1,190 | 1,334,466 | ||||||
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20 (b) |
1,165 | 1,226,058 | ||||||
County of Palm Beach Health Facilities Authority, RB, Acts Retirement-Life Communities, Inc., 5.00%, 11/15/45 |
4,500 | 5,030,325 | ||||||
Florida Development Finance Corp., Refunding RB, Virgin Trains USA Passenger Rail Project, Series A, AMT (a)(d) : |
||||||||
6.38%, 01/01/49 |
610 | 626,019 | ||||||
6.50%, 01/01/49 |
860 | 881,130 | ||||||
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21 (b) |
3,015 | 3,404,447 | ||||||
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 |
2,190 | 2,364,236 | ||||||
|
|
|||||||
18,021,538 | ||||||||
Georgia 4.4% | ||||||||
Country of Fulton Development Authority, Refunding RB, Robert W. Woodruff Arts Center, Inc. Project, 4.00%, 03/15/44 |
5,000 | 5,168,450 |
S CHEDULES OF I NVESTMENTS | 63 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Georgia (continued) | ||||||||
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48 |
$ | 1,825 | $ | 1,933,861 | ||||
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |
515 | 594,042 | ||||||
DeKalb Georgia Private Hospital Authority, Refunding RB, Childrens Healthcare, 5.25%, 11/15/39 |
130 | 132,198 | ||||||
Glynn-Brunswick Memorial Hospital Authority, RB, Southeast Georgia Health System Project, 5.00%, 08/01/47 |
2,500 | 2,785,375 | ||||||
Main Street Natural Gas, Inc., RB, Series A: |
||||||||
5.00%, 05/15/35 |
490 | 592,915 | ||||||
5.00%, 05/15/36 |
490 | 593,841 | ||||||
5.00%, 05/15/37 |
540 | 655,306 | ||||||
5.00%, 05/15/38 |
295 | 358,782 | ||||||
5.00%, 05/15/49 |
985 | 1,232,314 | ||||||
|
|
|||||||
14,047,084 | ||||||||
Hawaii 0.4% | ||||||||
State of Hawaii Harbor System, RB, Series A, 5.25%, 07/01/30 |
1,355 | 1,408,509 | ||||||
|
|
|||||||
Idaho 0.3% | ||||||||
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46 |
745 | 855,193 | ||||||
|
|
|||||||
Illinois 14.8% | ||||||||
Chicago Board of Education, GO: |
||||||||
Dedicated Revenues, Series H, 5.00%, 12/01/36 |
450 | 480,506 | ||||||
Project, Series C, 5.25%, 12/01/35 |
1,465 | 1,554,233 | ||||||
Chicago Board of Education, GO, Refunding: |
||||||||
Dedicated Revenues, Series C, 5.00%, 12/01/25 |
815 | 880,306 | ||||||
Dedicated Revenues, Series F, 5.00%, 12/01/24 |
615 | 661,986 | ||||||
Dedicated Revenues, Series G, 5.00%, 12/01/34 |
450 | 483,615 | ||||||
Series C, 5.00%, 12/01/25 |
645 | 696,684 | ||||||
Chicago Board of Education, GO, Series D: |
||||||||
5.00%, 12/01/46 |
535 | 560,707 | ||||||
5.00%, 12/01/46 |
1,380 | 1,419,730 | ||||||
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East Project, 6.75%, 12/01/32 |
778 | 782,357 | ||||||
City of Chicago Illinois OHare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21 (b) |
5,865 | 6,337,895 | ||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
1,050 | 1,105,293 | ||||||
City of Chicago Illinois Waterworks, Refunding RB: |
||||||||
2nd Lien (AGM), 5.25%, 11/01/33 |
260 | 260,663 | ||||||
2nd Lien Project, 5.00%, 11/01/42 |
915 | 972,124 | ||||||
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |
805 | 848,164 | ||||||
Illinois Finance Authority, RB, Chicago LLC, University of Illinois at Chicago Project, Series A: |
||||||||
5.00%, 02/15/47 |
200 | 218,398 | ||||||
5.00%, 02/15/50 |
100 | 108,827 | ||||||
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/19 (b) |
1,610 | 1,640,815 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
||||||||
Series B (AGM), 5.00%, 06/15/50 |
4,315 | 4,421,408 | ||||||
Series B-2, 5.00%, 06/15/50 |
2,500 | 2,528,225 | ||||||
Railsplitter Tobacco Settlement Authority, RB (b) : |
||||||||
5.50%, 06/01/21 |
440 | 474,408 | ||||||
6.00%, 06/01/21 |
1,140 | 1,240,753 | ||||||
Regional Transportation Authority, RB: |
||||||||
Series A (AMBAC), 7.20%, 11/01/20 |
350 | 368,662 | ||||||
Series A (NPFGC), 6.70%, 11/01/21 |
2,570 | 2,752,958 | ||||||
Series C (NPFGC), 7.75%, 06/01/20 |
505 | 522,619 |
Security |
Par
(000) |
Value | ||||||
Illinois (continued) | ||||||||
State of Illinois, GO: |
||||||||
5.00%, 02/01/39 |
$ | 1,540 | $ | 1,598,705 | ||||
Series A, 5.00%, 04/01/35 |
3,000 | 3,118,920 | ||||||
Series A, 5.00%, 04/01/38 |
3,490 | 3,611,627 | ||||||
State of Illinois, RB, Build Illinois, Series B, 5.25%, 06/15/19 (b) |
630 | 632,709 | ||||||
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/37 |
2,800 | 3,155,208 | ||||||
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 |
985 | 1,077,235 | ||||||
Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23 |
2,400 | 2,403,288 | ||||||
|
|
|||||||
46,919,028 | ||||||||
Indiana 4.5% | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
||||||||
6.75%, 01/01/34 |
790 | 911,431 | ||||||
7.00%, 01/01/44 |
1,905 | 2,215,058 | ||||||
Indiana Finance Authority, RB, Series A: |
||||||||
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
3,280 | 3,519,735 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |
450 | 485,384 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 |
1,430 | 1,539,180 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 |
405 | 439,644 | ||||||
Sisters of St. Francis Health Services, 5.25%, 11/01/19 (b) |
840 | 855,036 | ||||||
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A: |
||||||||
5.75%, 05/01/19 (b) |
2,310 | 2,310,000 | ||||||
5.75%, 05/01/31 |
485 | 485,000 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |
1,270 | 1,404,429 | ||||||
|
|
|||||||
14,164,897 | ||||||||
Iowa 1.4% | ||||||||
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
||||||||
Series B, 5.25%, 12/01/50 (d) |
2,810 | 3,011,393 | ||||||
Midwestern Disaster Area, 5.25%, 12/01/25 |
460 | 495,599 | ||||||
Midwestern Disaster Area, 5.88%, 12/01/26 (a) |
410 | 430,939 | ||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |
410 | 425,809 | ||||||
|
|
|||||||
4,363,740 | ||||||||
Kentucky 1.2% | ||||||||
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45 |
995 | 1,069,535 | ||||||
Kentucky Economic Development Finance Authority, Refunding RB, Louisville Arena Authority, Inc. (AGM), 5.00%, 12/01/45 |
1,235 | 1,395,797 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43 (e) |
1,200 | 1,210,056 | ||||||
|
|
|||||||
3,675,388 | ||||||||
Louisiana 3.3% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
3,320 | 3,530,023 | ||||||
Louisiana Public Facilities Authority, Refunding RB, Tulane University of Lousiana Project, 4.00%, 12/15/50 |
2,000 | 2,077,540 |
64 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Louisiana (continued) | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
||||||||
5.50%, 05/15/30 |
$ | 1,020 | $ | 1,052,793 | ||||
5.25%, 05/15/31 |
870 | 916,841 | ||||||
5.25%, 05/15/32 |
1,110 | 1,194,660 | ||||||
5.25%, 05/15/33 |
1,205 | 1,292,158 | ||||||
5.25%, 05/15/35 |
505 | 549,086 | ||||||
|
|
|||||||
10,613,101 | ||||||||
Maryland 0.6% | ||||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |
750 | 771,510 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB: |
||||||||
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |
420 | 487,691 | ||||||
University of Maryland Medical System, Series B (NPFGC), 7.00%, 07/01/22 (f) |
595 | 664,681 | ||||||
|
|
|||||||
1,923,882 | ||||||||
Massachusetts 0.3% | ||||||||
Massachusetts Development Finance Agency, Refunding RB, New Bridge Charles, Inc. (a) : |
||||||||
4.00%, 10/01/32 |
215 | 214,772 | ||||||
4.13%, 10/01/42 |
470 | 453,879 | ||||||
5.00%, 10/01/57 |
340 | 357,378 | ||||||
|
|
|||||||
1,026,029 | ||||||||
Michigan 3.7% | ||||||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39 |
4,425 | 4,791,346 | ||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: |
||||||||
5.50%, 05/15/20 (b) |
760 | 789,534 | ||||||
5.50%, 05/15/36 |
620 | 639,865 | ||||||
Michigan Finance Authority, Refunding RB: |
||||||||
Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44 |
880 | 941,309 | ||||||
Trinity Health Credit Group, 5.00%, 12/01/48 |
2,000 | 2,316,660 | ||||||
Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48 |
990 | 1,168,022 | ||||||
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48 |
1,070 | 1,220,067 | ||||||
|
|
|||||||
11,866,803 | ||||||||
Minnesota 1.4% | ||||||||
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A: |
||||||||
4.25%, 02/15/48 |
2,020 | 2,130,838 | ||||||
5.25%, 02/15/53 |
2,045 | 2,344,122 | ||||||
|
|
|||||||
4,474,960 | ||||||||
Mississippi 3.4% | ||||||||
County of Lowndes Mississippi, Refunding RB, Solid Waste Disposal & Pollution Control, Weyerhaeuser Co. Project, Series A, 6.80%, 04/01/22 |
3,000 | 3,325,350 | ||||||
State of Mississippi, RB, Series A: |
||||||||
5.00%, 10/15/37 |
1,000 | 1,174,250 | ||||||
4.00%, 10/15/38 |
5,000 | 5,287,800 | ||||||
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 09/01/19 (b) |
1,065 | 1,078,451 | ||||||
|
|
|||||||
10,865,851 | ||||||||
Missouri 2.0% | ||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |
255 | 279,712 |
Security |
Par
(000) |
Value | ||||||
Missouri (continued) | ||||||||
State of Missouri Health & Educational Facilities Authority, RB, Kansas City Art Institute, 5.00%, 09/01/48 |
$ | 2,610 | $ | 2,969,241 | ||||
State of Missouri Health & Educational Facilities Authority, Refunding RB: |
||||||||
Mercy Health, Series C, 5.00%, 11/15/47 |
2,570 | 2,961,951 | ||||||
St. Louis College of Pharmacy Project, 5.50%, 05/01/43 |
245 | 263,725 | ||||||
|
|
|||||||
6,474,629 | ||||||||
Nebraska 0.8% | ||||||||
Central Plains Nebraska Energy Project, RB, Gas Project No. 3: |
||||||||
5.25%, 09/01/37 |
825 | 899,803 | ||||||
5.00%, 09/01/42 |
1,445 | 1,565,007 | ||||||
|
|
|||||||
2,464,810 | ||||||||
New Hampshire 1.4% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project (a) : |
||||||||
Series B, 4.63%, 11/01/42 |
1,545 | 1,564,467 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
805 | 821,197 | ||||||
New Hampshire Health and Education Facilities Authority Act, RB, Dartmouth College Issue, 5.25%, 06/01/19 (b) |
2,005 | 2,010,975 | ||||||
|
|
|||||||
4,396,639 | ||||||||
New Jersey 10.8% | ||||||||
Casino Reinvestment Development Authority, Refunding RB: |
||||||||
5.25%, 11/01/39 |
1,675 | 1,803,070 | ||||||
5.25%, 11/01/44 |
1,525 | 1,639,253 | ||||||
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45 (a) |
1,085 | 1,092,226 | ||||||
New Jersey EDA, RB: |
||||||||
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29 |
1,955 | 2,132,533 | ||||||
Series EEE, 5.00%, 06/15/48 |
3,690 | 4,039,923 | ||||||
New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47 |
1,425 | 1,550,044 | ||||||
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31 |
2,240 | 2,499,235 | ||||||
New Jersey State Turnpike Authority, RB: |
||||||||
Series A, 5.00%, 01/01/43 |
740 | 802,878 | ||||||
Series E, 5.00%, 01/01/45 |
2,615 | 2,933,036 | ||||||
New Jersey Transportation Trust Fund Authority, RB: |
||||||||
Transportation Program, Series AA, 5.00%, 06/15/44 |
445 | 472,661 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/44 |
825 | 865,384 | ||||||
Transportation System, Series A, 5.50%, 06/15/41 |
1,635 | 1,714,118 | ||||||
Transportation System, Series B, 5.25%, 06/15/36 |
2,460 | 2,567,059 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46 |
525 | 587,260 | ||||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46 |
9,200 | 9,595,232 | ||||||
|
|
|||||||
34,293,912 | ||||||||
New York 9.4% | ||||||||
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42 |
1,960 | 2,109,646 | ||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41 (a) |
1,800 | 1,843,884 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |
1,960 | 1,933,854 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Tobacco Settlement Pass-Through Bonds, Series A, 5.00%, 06/01/38 |
1,910 | 1,898,311 | ||||||
New York Liberty Development Corp., RB, World Trade Center Port Authority Consolidated, 5.25%, 12/15/43 |
10,735 | 11,674,634 |
S CHEDULES OF I NVESTMENTS | 65 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
New York (continued) | ||||||||
New York Liberty Development Corp., Refunding RB: |
||||||||
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 |
$ | 1,220 | $ | 1,258,784 | ||||
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a) |
2,860 | 3,077,160 | ||||||
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a) |
340 | 374,765 | ||||||
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a) |
850 | 933,504 | ||||||
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |
||||||||
6.00%, 12/01/36 |
1,165 | 1,233,490 | ||||||
6.00%, 12/01/42 |
1,250 | 1,322,900 | ||||||
State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B, 5.00%, 06/15/48 |
1,780 | 2,119,606 | ||||||
|
|
|||||||
29,780,538 | ||||||||
North Carolina 0.2% | ||||||||
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21 (b) |
595 | 658,332 | ||||||
|
|
|||||||
North Dakota 0.3% | ||||||||
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58 |
950 | 1,065,454 | ||||||
|
|
|||||||
Ohio 1.4% | ||||||||
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47 |
3,230 | 3,060,425 | ||||||
County of Franklin Ohio, RB: |
||||||||
Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40 |
660 | 714,912 | ||||||
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |
400 | 459,164 | ||||||
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 |
275 | 293,997 | ||||||
|
|
|||||||
4,528,498 | ||||||||
Oklahoma 1.8% | ||||||||
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
2,050 | 2,168,305 | ||||||
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.50%, 08/15/57 |
1,155 | 1,324,670 | ||||||
Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42 |
1,950 | 2,082,366 | ||||||
|
|
|||||||
5,575,341 | ||||||||
Pennsylvania 2.8% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, Subordinate, City Center Project (a) : |
||||||||
5.00%, 05/01/28 |
225 | 239,238 | ||||||
5.13%, 05/01/32 |
230 | 241,930 | ||||||
5.38%, 05/01/42 |
435 | 458,955 | ||||||
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42 |
635 | 682,949 | ||||||
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A: |
||||||||
4.00%, 09/01/49 |
555 | 578,227 | ||||||
5.00%, 09/01/43 |
1,220 | 1,394,826 | ||||||
Pennsylvania Economic Development Financing Authority, RB: |
||||||||
AMT, 5.00%, 06/30/42 |
850 | 931,260 | ||||||
Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40 |
1,890 | 1,919,578 |
Security |
Par
(000) |
Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |
$ | 1,035 | $ | 1,087,485 | ||||
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
1,105 | 1,230,937 | ||||||
|
|
|||||||
8,765,385 | ||||||||
Puerto Rico 3.1% | ||||||||
Childrens Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
||||||||
5.50%, 05/15/39 |
675 | 682,526 | ||||||
5.63%, 05/15/43 |
690 | 697,569 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Senior Lien, Series A: |
||||||||
5.00%, 07/01/33 |
2,430 | 2,390,513 | ||||||
5.13%, 07/01/37 |
695 | 683,706 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: |
||||||||
6.00%, 07/01/38 |
720 | 720,900 | ||||||
6.00%, 07/01/44 |
1,305 | 1,306,631 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured, Series A-1: |
||||||||
4.50%, 07/01/34 |
27 | 27,391 | ||||||
4.75%, 07/01/53 |
1,084 | 1,035,328 | ||||||
5.00%, 07/01/58 |
2,373 | 2,338,734 | ||||||
|
|
|||||||
9,883,298 | ||||||||
Rhode Island 2.0% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB: |
||||||||
Series A, 5.00%, 06/01/35 |
820 | 879,392 | ||||||
Series B, 4.50%, 06/01/45 |
2,645 | 2,600,167 | ||||||
Series B, 5.00%, 06/01/50 |
2,945 | 3,020,893 | ||||||
|
|
|||||||
6,500,452 | ||||||||
South Carolina 6.8% | ||||||||
South Carolina Jobs EDA, Refunding RB: |
||||||||
Anmed Health Project, 5.00%, 02/01/36 |
2,505 | 2,777,619 | ||||||
Prisma Health Obligated Group, Series A, 5.00%, 05/01/48 |
3,060 | 3,472,060 | ||||||
State of South Carolina Ports Authority, ARB: |
||||||||
5.25%, 07/01/20 (b) |
3,280 | 3,417,038 | ||||||
AMT, 5.25%, 07/01/55 |
1,295 | 1,445,350 | ||||||
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |
6,180 | 6,862,766 | ||||||
State of South Carolina Public Service Authority, Refunding RB: |
||||||||
Series A, 5.00%, 12/01/50 |
1,430 | 1,581,623 | ||||||
Series E, 5.25%, 12/01/55 |
1,735 | 1,947,867 | ||||||
|
|
|||||||
21,504,323 | ||||||||
Tennessee 0.9% | ||||||||
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45 |
995 | 1,069,535 | ||||||
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 |
690 | 774,049 | ||||||
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.25%, 10/01/58 |
955 | 1,098,508 | ||||||
|
|
|||||||
2,942,092 | ||||||||
Texas 8.4% | ||||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 01/01/21 (b) |
2,140 | 2,296,819 |
66 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security |
Par
(000) |
Value | ||||||
Texas (continued) | ||||||||
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29 |
$ | 965 | $ | 1,065,437 | ||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 |
1,155 | 1,375,016 | ||||||
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 08/15/43 |
745 | 834,556 | ||||||
County of Fort Bend Texas Industrial Development Corp., RB, NRG Energy Inc. Project, Series B, 4.75%, 11/01/42 |
670 | 687,789 | ||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23 (b) |
455 | 540,294 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/48 |
4,545 | 5,218,933 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, 5.00%, 10/01/49 |
1,000 | 1,061,600 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Jubilee Academic Center, Series A, 5.00%, 08/15/46 (a) |
1,980 | 2,004,156 | ||||||
North Texas Tollway Authority, Refunding RB, Series A: |
||||||||
1st Tier System, 6.25%, 01/01/39 |
1,310 | 1,314,493 | ||||||
5.00%, 01/01/38 |
925 | 1,040,736 | ||||||
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48 |
2,470 | 2,902,991 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
||||||||
LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |
2,000 | 2,113,660 | ||||||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
2,775 | 2,863,495 | ||||||
Texas Transportation Commission, RB, First Tier Toll Revenue, 5.00%, 08/01/57 |
1,140 | 1,289,044 | ||||||
|
|
|||||||
26,609,019 | ||||||||
Utah 1.5% | ||||||||
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19 (b) |
2,780 | 2,807,188 | ||||||
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT: |
||||||||
5.00%, 07/01/48 |
875 | 1,010,240 | ||||||
5.00%, 07/01/47 |
915 | 1,043,823 | ||||||
|
|
|||||||
4,861,251 | ||||||||
Virginia 1.9% | ||||||||
County of Front Royal & Warren IDA, RB, Valley Health System Obligated Group, 4.00%, 01/01/50 |
1,160 | 1,204,126 | ||||||
Lexington Industrial Development Authority, RB, Kendal st Lexington, Series A, 5.00%, 01/01/48 |
820 | 875,924 | ||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |
||||||||
5.25%, 01/01/32 |
1,615 | 1,729,407 | ||||||
6.00%, 01/01/37 |
1,940 | 2,140,266 | ||||||
|
|
|||||||
5,949,723 | ||||||||
Washington 2.8% | ||||||||
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |
1,465 | 1,666,701 | ||||||
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |
755 | 834,109 | ||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45 |
2,290 | 2,523,488 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Catholic Health Initiatives, Series D, 6.38%, 10/01/36 |
3,700 | 3,714,023 | ||||||
|
|
|||||||
8,738,321 |
Security |
Par
(000) |
Value | ||||||
Wisconsin 3.0% | ||||||||
State of Wisconsin, Refunding RB, Series A, 6.00%, 05/01/19 (b) |
$ | 7,100 | $ | 7,100,000 | ||||
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |
2,465 | 2,505,007 | ||||||
|
|
|||||||
9,605,007 | ||||||||
|
|
|||||||
Total Municipal Bonds 127.8%
|
|
405,491,383 | ||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (g) |
|
|||||||
California 5.5% |
|
|||||||
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42 (a)(d)(h) |
3,057 | 3,263,953 | ||||||
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/19 (b) |
9,480 | 9,648,997 | ||||||
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 |
3,075 | 3,554,818 | ||||||
San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19 (b) |
1,077 | 1,087,309 | ||||||
|
|
|||||||
17,555,077 | ||||||||
Colorado 1.5% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48 (a)(d)(h) |
2,252 | 2,666,104 | ||||||
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 07/01/34 (h) |
2,129 | 2,139,691 | ||||||
|
|
|||||||
4,805,795 | ||||||||
Florida 1.9% | ||||||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20 (b) |
5,679 | 5,946,835 | ||||||
|
|
|||||||
Illinois 1.1% | ||||||||
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 4.00%, 02/15/41 |
3,225 | 3,414,759 | ||||||
|
|
|||||||
Massachusetts 3.1% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45 |
2,043 | 2,156,308 | ||||||
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/47 |
4,574 | 5,192,088 | ||||||
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |
2,266 | 2,416,690 | ||||||
|
|
|||||||
9,765,086 | ||||||||
New York 6.5% | ||||||||
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40 |
1,575 | 1,582,088 | ||||||
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012 (h) : |
||||||||
5.75%, 02/15/21 (b) |
997 | 1,066,637 | ||||||
5.75%, 02/15/47 |
613 | 656,163 | ||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (h) |
6,440 | 7,046,709 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
2,595 | 3,002,882 | ||||||
State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46 |
6,617 | 7,155,849 | ||||||
|
|
|||||||
20,510,328 |
S CHEDULES OF I NVESTMENTS | 67 |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security |
Shares |
Value | ||||||
Short-Term Securities 3.3% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.94% (i)(j) |
10,503,939 | $ | 10,504,989 | |||||
|
|
|||||||
Total Short-Term Securities 3.3%
|
|
10,504,989 | ||||||
|
|
|||||||
Total Investments 157.2%
|
|
498,643,073 | ||||||
Other Assets Less Liabilities 2.1% |
|
6,740,710 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (15.2)% |
|
(48,209,224 | ) | |||||
VMTP Shares at Liquidation Value (44.1)% |
|
(140,000,000 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares 100.0% |
|
$ | 317,174,559 | |||||
|
|
(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) |
Zero-coupon bond. |
(d) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(e) |
Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
(f) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(g) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(h) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between November 15, 2019 to July 1, 2034, is $9,306,038. See Note 4 of the Notes to Financial Statements for details |
(i) |
Annualized 7-day yield as of period end. |
(j) |
During the year ended April 30, 2019, investments in issuers considered to be affiliates/an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate |
Shares
Held at
|
Net
Activity |
Shares
Held at
|
Value at
04/30/19 |
Income |
Net
Realized Gain (Loss) (a) |
Change in
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
986,303 | 9,517,636 | 10,503,939 | $ | 10,504,989 | $ | 96,235 | $ | 2,784 | $ | (1,045 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Includes net capital gain distributions, if applicable. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of
Contracts |
Expiration
Date |
Notional
Amount (000) |
Value/
Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts: |
||||||||||||||||
10-Year U.S. Treasury Note |
38 | 06/19/19 | $ | 4,700 | $ | (22,996 | ) | |||||||||
Long U.S. Treasury Bond |
151 | 06/19/19 | 22,268 | (88,632 | ) | |||||||||||
5-Year U.S. Treasury Note |
11 | 06/28/19 | 1,272 | (8,095 | ) | |||||||||||
|
|
|||||||||||||||
$ | (119,723 | ) | ||||||||||||||
|
|
68 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Schedule of Investments (continued) April 30, 2019 |
BlackRock MuniVest Fund II, Inc. (MVT) |
Derivative Financial Instruments Categorized by Risk Exposure
As of year end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Liabilities Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | | $ | | $ | | $ | | $ | 119,723 | $ | | $ | 119,723 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current days variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the year ended April 30, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity
Contracts |
Credit
Contracts |
Equity
Contracts |
Foreign
Currency Exchange Contracts |
Interest
Rate Contracts |
Other
Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (601,670 | ) | $ | | $ | (601,670 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (142,212 | ) | $ | | $ | (142,212 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts short |
$ | 20,090,104 |
For more information about the Funds investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Funds policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Funds investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
||||||||||||||||
Investments: |
||||||||||||||||
Long-Term Investments (a) |
$ | | $ | 488,138,084 | $ | | $ | 488,138,084 | ||||||||
Short-Term Securities |
10,504,989 | | | 10,504,989 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 10,504,989 | $ | 488,138,084 | $ | | $ | 498,643,073 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments (b) |
||||||||||||||||
Liabilities: |
||||||||||||||||
Interest rate contracts |
$ | (119,723 | ) | $ | | $ | | $ | (119,723 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
See above Schedule of Investments for values in each state or political subdivision. |
(b) |
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of year end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: |
||||||||||||||||
TOB Trust Certificates |
$ | | $ | (47,982,013 | ) | $ | | $ | (47,982,013 | ) | ||||||
VMTP Shares at Liquidation Value |
| (140,000,000 | ) | | (140,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | (187,982,013 | ) | $ | | $ | (187,982,013 | ) | |||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S CHEDULES OF I NVESTMENTS | 69 |
Statements of Assets and Liabilities
April 30, 2019
See notes to financial statements.
70 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Statements of Assets and Liabilities (continued)
April 30, 2019
See notes to financial statements.
F INANCIAL S TATEMENTS | 71 |
Year Ended April 30, 2019
(a) |
Related to TOB Trusts, VRDP Shares and/or VMTP Shares. |
See notes to financial statements.
72 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Statements of Operations (continued)
Year Ended April 30, 2019
(a) Related to TOB Trusts, VRDP Shares and/or VMTP Shares.
See notes to financial statements.
F INANCIAL S TATEMENTS | 73 |
Statements of Changes in Net Assets
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information. |
See notes to financial statements.
74 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Statements of Changes in Net Assets (continued)
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information. |
See notes to financial statements.
F INANCIAL S TATEMENTS | 75 |
Statements of Changes in Net Assets (continued)
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information. |
See notes to financial statements.
76 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Statements of Changes in Net Assets (continued)
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information. |
See notes to financial statements.
F INANCIAL S TATEMENTS | 77 |
Year Ended April 30, 2019
78 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Statements of Cash Flows (continued)
Year Ended April 30, 2019
F INANCIAL S TATEMENTS | 79 |
(For a share outstanding throughout each period)
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
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 at actual reinvestment prices. |
(d) |
Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
80 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Amount is greater than $(0.005) per share. |
(d) |
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 at actual reinvestment prices. |
(e) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
F INANCIAL H IGHLIGHTS | 81 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
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 at actual reinvestment prices. |
(d) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
82 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
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 at actual reinvestment prices. |
(d) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
F INANCIAL H IGHLIGHTS | 83 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
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 at actual reinvestment prices. |
(d) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
84 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Amount is greater than $(0.005) per share. |
(d) |
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 at actual reinvestment prices. |
(e) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
F INANCIAL H IGHLIGHTS | 85 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
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 at actual reinvestment prices. |
(d) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
86 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
1. |
ORGANIZATION |
The following are registered under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund:
Fund Name | Herein Referred To As | Organized |
Diversification
Classification |
|||
BlackRock MuniAssets Fund, Inc. |
MUA | Maryland | Diversified | |||
BlackRock MuniEnhanced Fund, Inc. |
MEN | Maryland | Diversified | |||
BlackRock MuniHoldings Fund, Inc. |
MHD | Maryland | Diversified | |||
BlackRock MuniHoldings Fund II, Inc. |
MUH | Maryland | Diversified | |||
BlackRock MuniHoldings Quality Fund, Inc. |
MUS | Maryland | Diversified | |||
BlackRock Muni Intermediate Duration Fund, Inc. |
MUI | Maryland | Diversified | |||
BlackRock MuniVest Fund II, Inc. |
MVT | Maryland | Diversified |
The Boards of Directors of the Funds are collectively referred to throughout this report as the Board of Directors or the Board, and the directors thereof are collectively referred to throughout this report as Directors. The Funds determine and make available for publication the net asset values (NAVs) of their Common Shares on a daily basis.
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the Manager) or its affiliates, are included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) or certain borrowings (e.g., TOB Trust transactions) that would be treated as senior securities for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowing to be excluded from treatment as a senior security. Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Distributions to Preferred Shareholders are accrued and determined as described in Note 10.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the Plan) approved by each Funds Board, the independent Directors (Independent Directors) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities are included in the Directors and Officers fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan.
Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update Premium Amortization of Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate the impact of this guidance to the Funds.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Funds maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
N OTES TO F INANCIAL S TATEMENTS | 87 |
Notes to Financial Statements (continued)
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: The Funds investments are valued at fair value (also referred to as market value within the financial statements) as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by each Board. The BlackRock Global Valuation Methodologies Committee (the Global Valuation Committee) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Funds assets and liabilities:
|
Municipal investments (including commitments to purchase such investments on a when-issued basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. |
|
Investments in open-end U.S. mutual funds are valued at NAV each business day. |
|
Futures contracts traded on exchanges are valued at their last sale price. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (Fair Valued Investments). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arms-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:
|
Level 1 Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund 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 marketcorroborated inputs) |
|
Level 3 Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Funds own assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors.
The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Forward Commitments and When-Issued Delayed Delivery Securities: Certain funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A fund may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a funds maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.
88 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Notes to Financial Statements (continued)
Municipal Bonds Transferred to TOB Trusts: Certain funds leverage their assets through the use of TOB Trust transactions. The funds transfer municipal bonds into a special purpose trust (a TOB Trust). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (TOB Trust Certificates), which are sold to third party investors, and residual inverse floating rate interests (TOB Residuals), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that 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. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a fund has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.
TOB Trusts are supported by a liquidity facility provided by a third party bank or other financial institution (the Liquidity Provider) that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.
The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event, as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Funds) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.
While a funds investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. MUA, MEN and MVT management believes that a funds restrictions on borrowings do not apply to the Funds TOB Trust transactions. Each funds transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a fund. A fund typically invests the cash received in additional municipal bonds.
Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a funds Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a funds payable to the holder of the TOB Trust Certificates, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.
Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, the Funds incurred non-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of deferred offering costs in the Statements of Operations. Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:
Interest Expense | Liquidity Fees | Other Expenses | Total | |||||||||||||
MUA |
$ | 1,137,048 | $ | 313,388 | $ | 130,503 | $ | 1,580,939 | ||||||||
MEN |
1,426,853 | 388,176 | 132,851 | 1,947,880 | ||||||||||||
MHD |
901,571 | 250,750 | 94,002 | 1,246,323 | ||||||||||||
MUH |
864,060 | 241,361 | 85,249 | 1,190,670 | ||||||||||||
MUS |
352,541 | 102,340 | 37,390 | 492,271 | ||||||||||||
MUI |
1,431,604 | 431,318 | 111,472 | 1,974,394 | ||||||||||||
MVT |
872,718 | 239,145 | 96,087 | 1,207,950 |
For the year ended April 30, 2019, the following table is a summary of each Funds TOB Trusts:
Underlying
Municipal Bonds Transferred to TOB Trusts (a) |
Liability for
TOB Trust Certificates (b) |
Range of
Interest Rates on TOB Trust Certificates at Period End |
Average
TOB Trust Certificates Outstanding |
Daily Weighted
Average Rate of Interest and Other Expenses on TOB Trusts |
||||||||||||||||
MUA |
$ | 120,421,097 | $ | 71,659,281 | 2.32% 2.50 | % | $ | 72,745,522 | 2.17 | % | ||||||||||
MEN |
157,978,964 | 91,348,628 | 2.26 2.65 | 90,453,065 | 2.15 | |||||||||||||||
MHD |
88,406,503 | 52,673,965 | 2.26 2.48 | 58,450,386 | 2.13 | |||||||||||||||
MUH |
90,223,779 | 53,408,501 | 2.26 2.48 | 55,967,207 | 2.12 | |||||||||||||||
MUS |
44,193,345 | 23,917,620 | 2.30 2.48 | 22,947,696 | 2.14 | |||||||||||||||
MUI |
158,350,954 | 93,420,751 | 2.30 2.38 | 93,636,179 | 2.11 | |||||||||||||||
MVT |
82,646,701 | 47,982,013 | 2.26 2.48 | 56,455,643 | 2.14 |
(a) |
The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit |
N OTES TO F INANCIAL S TATEMENTS | 89 |
Notes to Financial Statements (continued)
enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the fund, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts. |
(b) |
TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a fund invests in a TOB Trust on a recourse basis, a fund enters into a reimbursement agreement with the Liquidity Provider where a fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the Liquidation Shortfall). As a result, if a fund invests in a recourse TOB Trust, a fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at April 30, 2019, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at April 30, 2019. |
For the year ended April 30, 2019, the following table is a summary of each Funds Loan for TOB Trust Certificates:
Loans
Outstanding
|
Range of
Interest Rates
Period End |
Average
Loans Outstanding |
Daily Weighted
Average Rate of Interest and Other Expenses on Loans |
|||||||||||||
MUA |
$ | | | % | $ | 49,851 | 0.78 | % | ||||||||
MHD |
| | 1,392 | 0.78 | ||||||||||||
MUH |
| | 27,470 | 0.68 | ||||||||||||
MVT |
| | 2,039 | 0.78 |
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (OTC).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contracts size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (variation margin). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory: Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (BlackRock), to provide investment advisory and administrative services. The Manager is responsible for the management of each Funds portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund, except MUI, pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Funds net assets:
MUA | MEN | MHD | MUH | MUS | MVT | |||||||||||||||||||
Investment advisory fees |
0.55 | % | 0.50 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.50 | % |
For such services, MUI pays the Manager a monthly fee of 0.55% of (i) the average daily value of MUIs net assets and (ii) the proceeds of any outstanding debt securities and borrowings used for leverage.
For purposes of calculating these fees, net assets mean the total assets of a Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred stock (other than accumulated dividends) and TOB Trusts is not considered a liability in determining a Funds NAV.
90 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Notes to Financial Statements (continued)
Waiver: The Manager, for MUS, voluntarily agreed to waive its investment advisory fee on the proceeds of the Preferred Shares and TOB Trusts that exceed 35% of total assets minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). The voluntary waiver may be reduced or discontinued at any time without notice. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended April 30, 2019 the waiver was $94,126.
The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the affiliated money market fund waiver). These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended April 30, 2019, the amounts waived were as follows:
MUA | MEN | MHD | MUH | MUS | MUI | MVT | ||||||||||||||||||||||
Amounts waived |
$ | 2,715 | $ | 1,501 | $ | 3,099 | $ | 714 | $ | 2,808 | $ | 2,775 | $ | 6,799 |
The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Funds assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2019. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days notice, each subject to approval by a majority of the Funds Independent Directors. For the year ended April 30, 2019, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.
Directors and Officers: Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.
Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the year ended April 30, 2019, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:
Purchases | Sales |
Net Realized
Gain (Loss) |
||||||||||
MHD |
$ | | $ | 1,755,194 | $ | (130,082 | ) | |||||
MVT |
| 2,605,194 | (193,504 | ) |
7. |
PURCHASES AND SALES |
For the year ended April 30, 2019, purchases and sales of investments, excluding short-term securities, were as follows:
MUA | MEN | MHD | MUH | MUS | MUI | MVT | ||||||||||||||||||||||
Purchases |
$ | 109,186,417 | $ | 127,723,561 | $ | 61,626,579 | $ | 83,422,601 | $ | 76,057,831 | $ | 244,801,290 | $ | 123,379,515 | ||||||||||||||
Sales |
106,935,035 | 135,280,566 | 84,651,296 | 88,666,495 | 79,249,261 | 229,064,953 | 149,732,098 |
8. |
INCOME TAX INFORMATION |
It is each Funds policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Funds U.S. federal tax returns generally remains open for each of the four years ended April 30, 2019. The statutes of limitations on each Funds state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fundss financial statements.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of period end, the following permanent differences attributable to non-deductible expenses and the expiration of capital loss carryforwards were reclassified to the following accounts:
MUA | MEN | |||||||
Paid-in capital |
$ | (1,332,214 | ) | $ | (9,972 | ) | ||
Accumulated earning |
1,332,214 | 9,972 |
N OTES TO F INANCIAL S TATEMENTS | 91 |
Notes to Financial Statements (continued)
The tax character of distributions paid was as follows:
MUA | MEN | MHD | MUH | MUS | MUI | MVT | ||||||||||||||||||||||
Tax-exempt income (a) |
||||||||||||||||||||||||||||
04/30/2019 |
$ | 23,551,751 | $ | 20,223,865 | $ | 13,771,349 | $ | 9,829,684 | $ | 10,264,197 | $ | 27,386,865 | $ | 19,429,884 | ||||||||||||||
04/30/2018 |
24,283,507 | 21,572,138 | 14,704,730 | 10,689,353 | 11,690,466 | 28,655,443 | 21,067,211 | |||||||||||||||||||||
Ordinary income (b) |
||||||||||||||||||||||||||||
04/30/2019 |
157,714 | 5,562 | 283,540 | 261,013 | 1,553 | 21,651 | 157,896 | |||||||||||||||||||||
04/30/2018 |
120,268 | 170,131 | 92,030 | 67,697 | | 67,384 | 59,503 | |||||||||||||||||||||
Long-term capital gains (c) |
||||||||||||||||||||||||||||
04/30/2019 |
| 172,797 | 588,905 | 436,963 | | 1,680,224 | 1,283,578 | |||||||||||||||||||||
04/30/2018 |
| | 139,787 | 60,571 | | 70,580 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
||||||||||||||||||||||||||||
04/30/2019 |
$ | 23,709,465 | $ | 20,402,224 | $ | 14,643,794 | $ | 10,527,660 | $ | 10,265,750 | $ | 29,088,740 | $ | 20,871,358 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
04/30/2018 |
$ | 24,403,775 | $ | 21,742,269 | $ | 14,936,547 | $ | 10,817,621 | $ | 11,690,466 | $ | 28,793,407 | $ | 21,126,714 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
The Funds designate these amounts paid during the fiscal year ended April 30, 2019, as exempt-interest dividends. |
(b) |
Ordinary income consists primarily of taxable income recognized from market discount and net short-term capital gains. Additionally, all ordinary income distributions are comprised of interest related dividends for non-U.S. residents and are eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations. |
(c) |
The Funds designate these amounts paid during the fiscal year ended April 30, 2019 as 20% rate long-term capital gain dividends. |
As of period end, the tax components of accumulated earnings were as follows:
MUA | MEN | MHD | MUH | MUS | MUI | MVT | ||||||||||||||||||||||
Undistributed tax-exempt income |
$ | 403,640 | $ | 547,612 | $ | 113,556 | $ | 31,316 | $ | 453,615 | $ | 1,840,148 | $ | 119,186 | ||||||||||||||
Undistributed ordinary income |
3,834 | 4,051 | 1,617 | 15,595 | 2,724 | 3,124 | 30,463 | |||||||||||||||||||||
Non-expiring capital loss carryforwards (a) |
| | | | (7,833,477 | ) | (1,809,176 | ) | | |||||||||||||||||||
Net unrealized gains (b) |
30,364,714 | 39,116,923 | 24,410,057 | 18,314,445 | 15,152,575 | 46,399,667 | 28,105,430 | |||||||||||||||||||||
Qualified late-year losses (c) |
(103,390 | ) | (2,131,026 | ) | (1,156,805 | ) | (709,118 | ) | | | (807,001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | 30,668,798 | $ | 37,537,560 | $ | 23,368,425 | $ | 17,652,238 | $ | 7,775,437 | $ | 46,433,763 | $ | 27,448,078 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The differences between book-basis and tax-basis net unrealized gains were attributable primarily to the tax deferral of losses on wash sales and straddles, amortization and accretion 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 treatment of residual interests in tender option bond trusts and the deferral of compensation to Directors. |
(c) |
The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year. |
During the year ended April 30, 2019, the Funds listed below utilized the following amounts of their respective capital loss carryforward:
MUA |
$ | 3,210,013 | ||
MEN |
76,432 |
As of April 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
MUA | MEN | MHD | MUH | MUS | MUI | MVT | ||||||||||||||||||||||
Tax cost |
$ | 473,221,821 | $ | 447,328,098 | $ | 290,200,702 | $ | 207,432,610 | $ | 245,388,324 | $ | 818,169,972 | $ | 422,468,153 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Gross unrealized appreciation |
$ | 37,288,006 | $ | 39,800,479 | $ | 24,476,122 | $ | 18,455,194 | $ | 15,231,774 | $ | 46,884,691 | $ | 28,294,740 | ||||||||||||||
Gross unrealized depreciation |
(6,865,730 | ) | (606,529 | ) | (66,065 | ) | (140,749 | ) | (79,199 | ) | (166,797 | ) | (101,832 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net unrealized appreciation |
$ | 30,422,276 | $ | 39,193,950 | $ | 24,410,057 | $ | 18,314,445 | $ | 15,152,575 | $ | 46,717,894 | $ | 28,192,908 | ||||||||||||||
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9. |
PRINCIPAL RISKS |
Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.
Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Funds ability to buy or sell bonds. As a result, a Fund may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Fund needed to sell large blocks of bonds, those sales could further reduce the bonds prices and impact performance.
In the normal course of business, certain Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations.
92 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Notes to Financial Statements (continued)
Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Funds portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolios current earnings rate.
The Funds may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Funds reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Fund.
A Fund structures and sponsors the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.
Should short-term interest rates rise, the Funds investments in the TOB Trusts may adversely affect the Funds net investment income and dividends to Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds NAVs per share.
The SEC and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the Risk Retention Rules). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trusts municipal bonds. The Risk Retention Rules may adversely affect the Funds ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing brokers customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing brokers customers, potentially resulting in losses to the Funds.
Concentration Risk: MUI invests a substantial amount of its assets in issuers located in a single state or limited number of states. This may subject the Fund to the risk that economic, political or social issues impacting a particular state or group of states could have an adverse and disproportionate impact on the income from, or the value or liquidity of, the Funds portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedule of Investments.
As of period end, MHD, MUS and MUI invested a significant portion of their assets in securities in the Transportation sector. Changes in economic conditions affecting such sectors would have a greater impact on the Funds and could affect the value, income and/or liquidity of positions in such securities.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.
10. |
CAPITAL SHARE TRANSACTIONS |
Each Fund is authorized to issue 200 million shares, all of which were initially classified as Common Shares. The par value for each Funds Common Shares is $0.10. The par value for each of MENs, MHDs, MUHs, MUSs, MUIs and MVTs Preferred Shares outstanding is $0.10. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
Common Shares
For the years shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
Year ended April 30, | MUA | MEN | MHD | MUH | MUS | MVT | ||||||||||||||||||
2019 |
24,627 | | | | | 18,940 | ||||||||||||||||||
2018 |
86,656 | 37,435 | 24,051 | 18,533 | 2,901 | 111,960 |
For the year ended April 30, 2019 and for the year ended April 30, 2018, shares issued and outstanding remained constant for MUI.
N OTES TO F INANCIAL S TATEMENTS | 93 |
Notes to Financial Statements (continued)
On November 15, 2018, the Board authorized each Fund to participate in an open market share repurchase program (the Repurchase Program). Under the Repurchase Program, each Fund may repurchase up to 5% of its outstanding common shares through November 30, 2019, based on common shares outstanding as of the close of business on November 30, 2018, subject to certain conditions. There is no assurance that the Funds will purchase shares in any particular amounts. For the year ended April 30, 2019, the Funds did not repurchase any shares.
Preferred Shares
A Funds Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of the Fund. The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Fund fails to maintain asset coverage of at least 200% of the liquidation preference of the Funds outstanding Preferred Shares. In addition, pursuant to the Preferred Shares governing instruments, a Fund is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Fund fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.
Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share) and vote together with holders of Common Shares (one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board, (ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) a separate class vote to amend the Preferred Share governing documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Funds sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.
VRDP Shares
MEN has issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). The VRDP Shares include a liquidity feature and may be subject to a special rate period. As of period end, the VRDP Shares outstanding were as follows:
Issue
Date |
Shares
Issued |
Aggregate
Principal |
Maturity
Date |
|||||||||||||
MEN |
05/19/11 | 1,425 | $ | 142,500,000 | 06/01/41 |
Redemption Terms: MEN is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, MEN is required to begin to segregate liquid assets with the Funds custodian to fund the redemption. In addition, MEN is required to redeem certain of its outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.
Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of MEN. The redemption price per VRDP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.
Liquidity Feature: VRDP Shares are subject to a fee agreement between MEN and the liquidity provider that requires a per annum liquidity fee and, in some cases, an upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations. As of period end, the fee agreement between MEN and the liquidity provider is scheduled to expire on July 4, 2019 unless renewed or terminated in advance.
In the event a fee agreement is not renewed or is terminated in advance, and MEN does not enter into a fee agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the fee agreement. In the event of such mandatory purchase, MEN is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, MEN is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance that MEN will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.
Remarketing: MEN may incur remarketing fees on the aggregate principal amount of all its VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. During any special rate period (as described below), MEN may incur nominal or no remarketing fees.
Ratings: As of period end, the VRDP Shares were assigned the following assigned ratings:
Long-Term Moodys Rating |
Long-Term Fitch Rating |
|||||||
MEN |
Aa1 | AAA |
Special Rate Period: MEN may commence a special rate period with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any remarketing and the dividend rate will be based on a predetermined methodology. During a special rate period, short-term ratings on VRDP Shares are withdrawn. MEN has commenced or is set to commence a special rate period:
Commencement
Date |
Expiration Date as
of Period Ended 04/30/2019 |
|||||||
MEN |
06/21/12 | 07/04/19 |
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Notes to Financial Statements (continued)
Prior to the expiration date, MEN and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.
During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by MEN on the maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) MEN is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) MEN will pay dividends monthly based on the sum of the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares and (vi) MEN will pay nominal or no fees to the liquidity provider and remarketing agent.
If MEN redeems its VRDP Shares prior to end of the special rate period and the VRDP Shares have long-term ratings above A1/A+ and its equivalent by all ratings agencies then rating the VRDP Shares, then such redemption may be subject to a redemption premium payable to the holder of the VRDP Shares based on the time remaining in the special rate period, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.
Dividends: Except during the Special Rate Period as described above, dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. A change in the short-term credit rating of the liquidity provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either short-term rating. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed.
For the year ended April 30, 2019, the annualized dividend rate for the VRDP Shares was 2.38%
During the year ended April 30, 2019, VRDP Shares issued and outstanding of MEN remained constant.
VMTP Shares
MHD, MUH, MUS, MUI and MVT (for purposes of this section, a VMTP Fund) have issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act. The VMTP Shares are subject to certain restrictions on transfer, and a VMTP Fund may also be required to register its VMTP Shares for sale under the Securities Act under certain circumstances.
As of period end, the VMTP Shares outstanding and assigned long-term ratings were as follows:
Issue
Date |
Shares
Issued |
Aggregate
Principal |
Term
Redemption Date |
Moodys | Fitch | |||||||||||||||||||
MHD |
12/16/11 | 837 | $ | 83,700,000 | 07/02/20 | Aa1 | AAA | |||||||||||||||||
MUH |
12/16/11 | 550 | 55,000,000 | 07/02/20 | Aa1 | AAA | ||||||||||||||||||
MUS |
12/16/11 | 870 | 87,000,000 | 07/02/20 | Aa1 | AAA | ||||||||||||||||||
MUI |
12/07/12 | 2,871 | 287,100,000 | 07/02/20 | Aa1 | AAA | ||||||||||||||||||
MVT |
12/16/11 | 1,400 | 140,000,000 | 07/02/20 | Aa1 | AAA |
Redemption Terms: A VMTP Fund is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. In April, 2019, the term redemption date for VMTP Shares was extended until July 2, 2020.There is no assurance that a term will be extended further or that any VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to the term redemption date, a VMTP Fund is required to begin to segregate liquid assets with its custodian to fund the redemption. In addition, a VMTP Fund is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.
Subject to certain conditions, VMTP Shares may be redeemed, in whole or in part, at any time at the option of the VMTP Fund. The redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends and applicable redemption premium. If a VMTP Fund redeems its VMTP Shares prior to the term redemption date and the VMTP Shares have long-term ratings above A1/A+ or its equivalent by the ratings agencies then rating the VMTP Shares, then such redemption may be subject to a prescribed redemption premium (up to 3% of the liquidation preference) payable to the holder of the VMTP Shares based on the time remaining until the term redemption date, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.
Dividends: Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the SIFMA Municipal Swap Index or to a percentage of the one-month LIBOR rate, as set forth in the VMTP Shares governing instrument. The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by the ratings agencies then rating the VMTP Shares.
The dividend rate on VMTP Shares is subject to a step-up spread if the VMTP Fund fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.
For the year ended April 30, 2019, the average annualized dividend rates for the VMTP Shares were as follows:
MHD | MUH | MUS | MUI | MVT | ||||||||||||||||
Rate |
2.56 | % | 2.57 | % | 2.52 | % | 2.56 | % | 2.56 | % |
For the year ended April 30, 2019, VMTP Shares issued and outstanding of each Fund remained constant.
N OTES TO F INANCIAL S TATEMENTS | 95 |
Notes to Financial Statements (continued)
Offering Costs: MEN, MHD, MUH, MUS, MUI and MVT incurred costs in connection with the issuance of VRDP and VMTP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VRDP and VMTP Shares with the exception of any upfront fees paid by MEN to the liquidity provider which, if any, were amortized over the life of the liquidity agreement. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.
Financial Reporting: The VRDP and VRDP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP and VMTP Shares, is recorded as a liability in the Statements of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP and VMTP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VRDP and VMTP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP and VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP and VMTP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:
Dividends Accrued |
Deferred Offering
Costs Amortization |
|||||||
MEN |
$ | 3,391,325 | $ | 9,972 | ||||
MHD |
2,145,652 | | ||||||
MUH |
1,413,107 | | ||||||
MUS |
2,194,419 | | ||||||
MUI |
7,337,763 | | ||||||
MVT |
3,589,456 | |
11. |
REGULATION S-X AMENDMENTS |
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statements of Assets and Liabilities, Statements of Changes in Net Assets and Notes to the Financial Statements.
Prior year distribution information and undistributed net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.
Distributions for the year ended April 30, 2018, were classified as follows:
Net Investment Income | Net Realized Gain | |||||||
MUA |
$ | 24,403,775 | $ | | ||||
MEN |
19,006,534 | | ||||||
MHD |
13,034,780 | 189,283 | ||||||
MUH |
9,599,378 | 94,182 | ||||||
MUS |
9,919,384 | | ||||||
MUI |
22,880,908 | 59,474 | ||||||
MVT |
18,273,763 | |
Undistributed net investment income as of April 30, 2018, is as follows:
Undistributed
Net Investment Income |
||||
MUA |
$ | 964,175 | ||
MEN |
2,730,008 | |||
MHD |
797,480 | |||
MUH |
1,379,268 | |||
MUS |
1,190,147 | |||
MUI |
1,116,863 | |||
MVT |
1,315,017 |
96 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Notes to Financial Statements (continued)
12. |
SUBSEQUENT EVENTS |
Managements evaluation of the impact of all subsequent events on the Funds financial statements was completed through the date the financial statements were issued and the following items were noted:
Common Dividend
Per Share |
Preferred Shares (c) | |||||||||||||||||||||||
Paid (a) | Declared (b) | Shares | Series | Declared | ||||||||||||||||||||
MUA |
$ | 0.054500 | $ | 0.054500 | | | $ | | ||||||||||||||||
MEN |
0.044000 | 0.044000 | VRDP | W-7 | 317,599 | |||||||||||||||||||
MHD |
0.067500 | 0.067500 | VMTP | W-7 | 186,884 | |||||||||||||||||||
MUH |
0.061500 | 0.061500 | VMTP | W-7 | 122,803 | |||||||||||||||||||
MUS |
0.044500 | 0.044500 | VMTP | W-7 | 194,252 | |||||||||||||||||||
MUI |
0.044500 | 0.044500 | VMTP | W-7 | 641,033 | |||||||||||||||||||
MVT |
0.059500 | 0.059500 | VMTP | W-7 | 312,590 |
(a) |
Net investment income dividend paid on June 3, 2019 to Common Shareholders of record on May 15, 2019. |
(b) |
Net investment income dividend declared on June 3, 2019, payable to Common Shareholders of record on June 14, 2019. |
(c) |
Dividends declared for period May 1, 2019 to May 31, 2019. |
N OTES TO F INANCIAL S TATEMENTS | 97 |
Report of Independent Registered Public Accounting Firm |
To the Shareholders and Board of Directors of BlackRock MuniAssets Fund, Inc., BlackRock MuniEnhanced Fund, Inc., BlackRock MuniHoldings Fund, Inc., BlackRock MuniHoldings Fund II, Inc., BlackRock MuniHoldings Quality Fund, Inc., BlackRock Muni Intermediate Duration Fund, Inc., and BlackRock MuniVest Fund II, Inc.:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of BlackRock MuniAssets Fund, Inc., BlackRock MuniEnhanced Fund, Inc., BlackRock MuniHoldings Fund, Inc., BlackRock MuniHoldings Fund II, Inc., BlackRock MuniHoldings Quality Fund, Inc., BlackRock Muni Intermediate Duration Fund, Inc., and BlackRock MuniVest Fund II, Inc. (the Funds), including the schedules of investments, as of April 30, 2019, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2019, and the results of their operations and cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on the Funds financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Boston, Massachusetts
June 21, 2019
We have served as the auditor of one or more BlackRock investment companies since 1992.
98 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Automatic Dividend Reinvestment Plan
Pursuant to each Funds Dividend Reinvestment Plan (the Reinvestment Plan), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the Reinvestment Plan Agent) in the respective Funds Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.
After the Funds declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Funds (newly issued shares) or (ii) by purchase of outstanding shares on the open market or on the Funds primary exchange (open-market purchases). If, on the dividend payment date, the net asset value per share (NAV) is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a market premium), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participants account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a market discount), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.
You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.
Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.
The Reinvestment Plan Agents fees for the handling of the reinvestment of distributions will be paid by each Fund. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agents open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.
Each Fund reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Fund reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in MEN and MUI that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. Participants in MUA, MHD, MUH, MUS and MVT that request a sale of shares are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at http://www.computershare.com/blackrock, or in writing to Computershare, P.O. Box 505000, Louisville, KY 40233, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 462 South 4 th Street, Suite 1600, Louisville, KY 40202.
A UTOMATIC D IVIDEND R EINVESTMENT P LAN | 99 |
Director and Officer Information
Independent Directors (a) | ||||||||
Name
Year of Birth (b) |
Position(s) Held
(Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised
Registered Investment Companies (RICs) Consisting of Investment Portfolios (Portfolios) Overseen (d) |
Public Company and Other
Investment Company Directorships Held During Past Five Years |
||||
Richard E. Cavanagh 1946 |
Co-Chair
of the Board and Director
(Since 2007) |
Director, The Guardian Life Insurance Company of America since 1998; Board Chair, Volunteers of America (a not-for-profit organization) from 2015 to 2018 (board member since 2009); Director, Arch Chemicals (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 and Executive Dean from 1987 to 1995; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007. | 88 RICs consisting of 112 Portfolios | None | ||||
Karen P. Robards 1950 |
Co-Chair
of the Board and Director
(Since 2007) |
Principal of Robards & Company, LLC (consulting and private investing) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Enable Injections, LLC (medical devices) since 2019; Investment Banker at Morgan Stanley from 1976 to 1987. | 88 RICs consisting of 112 Portfolios |
Greenhill & Co., Inc.; AtriCure, Inc. (medical devices) from 2000 until 2017
|
||||
Michael J. Castellano 1946 |
Director
(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 and since 2017; 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. | 88 RICs consisting of 112 Portfolios | None | ||||
Cynthia L. Egan 1955 |
Director
(Since 2016) |
Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. | 88 RICs consisting of 112 Portfolios |
Unum (insurance); The Hanover Insurance Group (insurance); Envestnet (investment platform) from 2013 until 2016
|
||||
Frank J. Fabozzi 1948 |
Director
(Since 2007) |
Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) since 2011; Visiting Professor, Princeton University for the 2013 to 2014 academic year and Spring 2017 semester; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yales Executive Programs; Board Member, BlackRock Equity-Liquidity Funds from 2014 to 2016; affiliated professor Karlsruhe Institute of Technology from 2008 to 2011. | 88 RICs consisting of 112 Portfolios | None | ||||
Henry Gabbay 1947 |
Director
(Since 2019) |
Board Member, BlackRock Equity-Bond Board from 2007 to 2018; Board Member, BlackRock Equity-Liquidity and BlackRock Closed-End Fund Boards from 2007 through 2014; Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Allocation Target Shares (formerly, BlackRock Bond Allocation Target Shares) from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006. | 88 RICs consisting of 112 Portfolios | None |
100 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Director and Officer Information (continued)
Independent Directors (a) (continued) | ||||||||
Name
Year of Birth (b) |
Position(s) Held
(Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised
Registered Investment Companies (RICs) Consisting of Investment Portfolios (Portfolios) Overseen (d) |
Public Company and Other
Investment Company Directorships Held During Past Five Years |
||||
R. Glenn Hubbard 1958 |
Director
(Since 2007) |
Dean, Columbia Business School since 2004; Faculty member, Columbia Business School since 1988. | 88 RICs consisting of 112 Portfolios | ADP (data and information services); Metropolitan Life Insurance Company (insurance); KKR Financial Corporation (finance) from 2004 until 2014 | ||||
W. Carl Kester 1951 |
Director
(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. | 88 RICs consisting of 112 Portfolios | None | ||||
Catherine A. Lynch 1961 |
Director
(Since 2016) |
Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. | 88 RICs consisting of 112 Portfolios | None | ||||
Interested Directors (a)(d) | ||||||||
Name
Year of Birth (b) |
Position(s) Held
(Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised
Registered Investment Companies (RICs) Consisting of Investment Portfolios (Portfolios) Overseen (d) |
Public Company and Other
Investment Company Directorships Held During Past Five Years |
||||
Robert Fairbairn 1965 |
Director
(Since 2018) |
Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRocks Global Executive and Global Operating Committees; Co-Chair of BlackRocks Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRocks Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRocks Retail and iShares ® businesses from 2012 to 2016. | 126 RICs consisting of 295 Portfolios | None | ||||
John M. Perlowski 1964 |
Director
(Since 2015); President and Chief Executive Officer (Since 2010) |
Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 126 RICs consisting of 295 Portfolios | None | ||||
(a) The address of each Director is c/o BlackRock, Inc., 55 East 52 nd Street, New York, New York 10055. |
||||||||
(b) Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Funds by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Directors who are interested persons, as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Funds by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate. |
||||||||
(c) Following the combination of Merrill Lynch Investment Managers, L.P. (MLIM) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; W. Carl Kester, 1995; and Karen P. Robards, 1998. Mr. Gabbay became a member of the boards of the open-end funds in the Fixed-Income Complex in 2007. |
||||||||
(d) Mr. Fairbairn and Mr. Perlowski are both interested persons, as defined in the 1940 Act, of the Funds based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex. |
D IRECTOR AND O FFICER I NFORMATION | 101 |
Director and Officer Information (continued)
Officers Who Are Not Directors (a) | ||||
Name
Year of Birth (b) |
Position(s) Held
(Length of Service) |
Principal Occupation(s) During Past Five Years | ||
Jonathan Diorio 1980 |
Vice President
(Since 2015) |
Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015. | ||
Neal J. Andrews 1966 |
Chief Financial Officer
(Since 2007) |
Chief Financial Officer of the iShares ® exchange traded funds since 2019; Managing Director of BlackRock, Inc. since 2006. | ||
Jay M. Fife 1970 |
Treasurer
(Since 2007) |
Managing Director of BlackRock, Inc. since 2007. | ||
Charles Park 1967 |
Chief Compliance Officer
(Since 2014) |
Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income 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) |
Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. | ||
(a) The address of each Officer is c/o BlackRock, Inc., 55 East 52 nd Street, New York, New York 10055. (b) Officers of the Funds serve at the pleasure of the Board. |
Effective January 1, 2019, Richard E. Cavanagh and Karen P. Robards were appointed as a Co-Chair of the Board. Prior to January 1, 2019, Mr. Cavanagh served as Chair of the Board and Ms. Robards served as Vice Chair of the Board.
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
VRDP Tender and Paying Agent and VMTP Redemption and Paying Agent
The Bank of New York Mellon
New York, NY 10289
VRDP Remarketing Agent
Citigroup Global Markets Inc. (a)
New York, NY 10179
VRDP Liquidity Provider
Citibank, N.A. (a)
New York, NY 10179
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02111
Independent Registered
Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
(a) |
For MEN. |
102 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Fund Certification
The Funds are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSEs listing standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.
Dividend Policy
Each Funds dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month. The Funds current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.
General Information
The Funds do not make available copies of their Statements of Additional Information because the Funds shares are not continuously offered, which means that the Statement of Additional Information of each Fund has not been updated after completion of the respective Funds offerings and the information contained in each Funds Statement of Additional Information may have become outdated.
During the period, there were no material changes in the Funds investment objectives or policies or to the Funds charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders or in the principal risk factors associated with investment in the Funds. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Funds portfolios.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRocks website, which can be accessed at http://www.blackrock.com . Any reference to BlackRocks website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRocks website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRocks website.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Funds will mail only one copy of shareholder documents, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called householding and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds Forms N-Q are available on the SECs website at http://www.sec.gov. The Funds Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at http://www.blackrock.com ; and (3) on the SECs website at http://www.sec.gov.
Availability of Proxy Voting Record
Information about how the Funds voted proxies relating to securities held in the Funds portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com ; or by calling (800) 882-0052; and (2) on the SECs website at http://www.sec.gov.
A DDITIONAL I NFORMATION | 103 |
Additional Information (continued)
Availability of Fund Updates
BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the Closed-end Funds section of http://www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRocks website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRocks website in this report.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, Clients) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
104 | 2019 B LACK R OCK A NNUAL R EPORT TO S HAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviations | ||
AGC | Assured Guarantee Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | American Municipal Bond Assurance Corp. | |
AMT | Alternative Minimum Tax (subject to) | |
ARB | Airport Revenue Bonds | |
BAM | Build America Mutual Assurance Co. | |
BARB | Building Aid Revenue Bonds | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
EDA | Economic Development Authority | |
EDC | Economic Development Corp. | |
ERB | Education Revenue Bonds | |
FHA | Federal Housing Administration | |
GARB | General Airport Revenue Bonds | |
GO | General Obligation Bonds | |
GTD | Guaranteed | |
HFA | Housing Finance Agency | |
IDA | Industrial Development Authority | |
IDB | Industrial Development Board | |
ISD | Independent School District | |
LRB | Lease Revenue Bonds | |
M/F | Multi-Family | |
MRB | Mortgage Revenue Bonds | |
NPFGC | National Public Finance Guarantee Corp. | |
PSF | Permanent School Fund | |
Q-SBLF | Qualified School Bond Loan Fund | |
RB | Revenue Bonds | |
S/F | Single-Family | |
SONYMA | State of New York Mortgage Agency |
G LOSSARY OF T ERMS U SED IN THIS R EPORT | 105 |
This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Funds have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares yield. Statements and other information herein are as dated and are subject to change.
CEMUNI7-4/19-AR |
Item 2 |
Code of Ethics The registrant (or the Fund) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4. |
Item 3 |
Audit Committee Financial Expert The registrants board of directors (the board of directors), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Michael Castellano
Frank J. Fabozzi
Henry Gabbay
Catherine A. Lynch
Karen P. Robards
The registrants board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR.
Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an expert for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
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 | |||||||||||||
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 MuniAssets Fund, Inc. | $31,110 | $31,110 | $0 | $0 | $12,400 | $12,400 | $0 | $0 |
2
The following table presents fees billed by D&T that were required to be approved by the registrants 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 (the 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 (Affiliated 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 |
$2,050,500 | $2,274,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Non-audit fees of $2,050,500 and $2,274000 for the current fiscal year and previous fiscal year, respectively, were paid to the Funds principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(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 Affiliated 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 SECs 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., 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.
3
(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, defined as the sum of the fees shown under Audit-Related Fees, Tax Fees and All Other Fees, paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name |
Current Fiscal
Year End |
Previous Fiscal
Year End |
||||
BlackRock MuniAssets Fund, Inc. | $12,400 | $12,400 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End |
Previous Fiscal Year End |
|
$2,050,500 | $2,274,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountants independence.
Item 5 |
Audit Committee of Listed Registrants |
(a) |
The following individuals are members of the registrants separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)): |
Michael Castellano
Frank J. Fabozzi
Henry Gabbay
Catherine A. Lynch
Karen P. Robards
(b) |
Not Applicable |
4
Item 6 |
Investments |
(a) The registrants Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies The board of directors has delegated the voting of proxies for the Funds portfolio securities to the Investment Adviser pursuant to the Investment Advisers proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Funds stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Advisers Equity Investment Policy Oversight Committee, or a sub-committee thereof (the Oversight Committee) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Advisers clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Advisers Portfolio Management Group and/or the Investment Advisers Legal and Compliance Department and concluding that the vote cast is in its clients best interest notwithstanding the conflict. A copy of the Funds Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SECs website at http://www.sec.gov . |
Item 8 |
Portfolio Managers of Closed-End Management Investment Companies |
(a)(1) |
As of the date of filing this Report: |
The registrant is managed by a team of investment professionals comprised of Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock, and Walter OConnor, Managing Director at BlackRock. Each is a member of BlackRocks municipal tax-exempt management group. Each is jointly responsible for the day-to-day management of the registrants portfolio, which includes setting the registrants overall investment strategy, overseeing the management of the registrant and the selection of its investments. Messrs. Jaeckel and OConnor have both been members of the registrants portfolio management team since 2006.
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 OConnor |
Managing Director of BlackRock since 2006; Managing Director of MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003. |
5
(a)(2) |
As of April 30, 2019: |
(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. |
33 |
0 |
0 |
0 |
0 |
0 |
||||||
$27.64 Billion
|
$0 |
$0 |
$0 |
$0 |
$0 |
|||||||
Walter OConnor |
29 |
0 |
0 |
0 |
0 |
0 |
||||||
$24.87 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.
6
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 allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.
(a)(3) As of April 30, 2019:
Portfolio Manager Compensation Overview
The discussion below describes the portfolio managers compensation as of April 30, 2019.
BlackRocks 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 managers group within BlackRock, the investment performance, including risk-adjusted returns, of the firms assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individuals 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 Fund or other accounts managed by the portfolio managers are measured. Among other things, BlackRocks Chief Investment Officers make a subjective determination with respect to each portfolio managers compensation based on the performance of the Fund 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 & Poors Municipal Bond Index), certain customized indices and certain fund industry peer groups.
7
Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.
Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year at risk based on BlackRocks ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.
For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award 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 ($280,000 for 2019). 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.
8
(a)(4) Beneficial Ownership of Securities As of April 30, 2019:
Portfolio Manager |
Dollar Range of Equity Securities
of the Fund Beneficially Owned |
|
Theodore R. Jaeckel, Jr. |
$50,001-$100,000 | |
Walter OConnor |
None |
(b) Not Applicable
Item 9 |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Period |
(a) Total
Number of
Shares
|
(b) Average
Price Paid per
Share |
(c) Total Number of
Shares Purchased as Part
of Publicly Announced
|
(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs 1 |
||||
November 1 30, 2018 |
0 | 0 | 0 | 0 | ||||
December 1 31, 2018 |
0 | 0 | 0 | 1,800,385 | ||||
November 1- 30, 2018 |
0 | 0 | 0 | 1,800,385 | ||||
December 1 31, 2018 |
0 | 0 | 0 | 1,800,385 | ||||
January 1 31, 2019 |
0 | 0 | 0 | 1,800,385 | ||||
February 1 28, 2019 |
0 | 0 | 0 | 1,800,385 | ||||
Total: |
0 | 0 | 0 | 1,800,385 |
1 The Fund announced an open market share repurchase program on November 15, 2018 pursuant to which the Fund was authorized to repurchase, through November 30, 2019, up to 5% of its common shares based on common shares outstanding on November 30, 2018, in open market transactions, subject to certain conditions.
Item 10 |
Submission of Matters to a Vote of Security Holders There have been no material changes to these procedures. |
Item 11 |
Controls and Procedures |
(a) The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12 |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies Not Applicable |
9
Item 13 |
Exhibits attached hereto |
(a)(1) Code of Ethics See Item 2
(a)(2) Certifications Attached hereto
(a)(3) Not Applicable
(a)(4) Not Applicable
(b) Certifications Attached hereto
10
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 MuniAssets Fund, Inc. | ||
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock MuniAssets Fund, Inc. |
Date: July 8, 2019
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 MuniAssets Fund, Inc. |
Date: July 8, 2019
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock MuniAssets Fund, Inc. |
Date: July 8, 2019
11
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 MuniAssets Fund, Inc., certify that:
1. I have reviewed this report on Form N-CSR of BlackRock MuniAssets Fund, Inc.;
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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: July 8, 2019
/s/ John M. Perlowski |
John M. Perlowski |
Chief Executive Officer (principal executive officer) of |
BlackRock MuniAssets Fund, Inc. |
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 MuniAssets Fund, Inc., certify that:
1. I have reviewed this report on Form N-CSR of BlackRock MuniAssets Fund, Inc.;
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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: July 8, 2019
/s/ Neal J. Andrews |
Neal J. Andrews |
Chief Financial Officer (principal financial officer) of |
BlackRock MuniAssets Fund, Inc. |
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 MuniAssets Fund, Inc. (the Registrant), hereby certifies, to the best of his knowledge, that the Registrants Report on Form N-CSR for the period ended April 30, 2019 (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 8, 2019
/s/ John M. Perlowski |
John M. Perlowski |
Chief Executive Officer (principal executive officer) of |
BlackRock MuniAssets Fund, Inc. |
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock MuniAssets Fund, Inc. (the Registrant), hereby certifies, to the best of his knowledge, that the Registrants Report on Form N-CSR for the period ended April 30, 2019 (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 8, 2019
/s/ Neal J. Andrews |
Neal J. Andrews |
Chief Financial Officer (principal financial officer) of |
BlackRock MuniAssets Fund, Inc. |
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. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission .
Closed-End Fund Proxy Voting Policy September 21, 2015 BLACKROCK® U.S. Registered Funds Closed-End Fund Proxy Voting Policy Procedures Governing Delegation of Proxy Voting to Fund Adviser September 21, 2015
The Boards of Trustees/Directors (Directors) of the closed-end funds advised by BlackRock Advisors, LLC (BlackRock) (the Funds) have the responsibility for the oversight of 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 as part of BlackRocks authority to manage, acquire and dispose of account assets, all as contemplated by the Funds respective investment management agreements.
BlackRock has adopted guidelines and procedures (together and as from time to time amended, the BlackRock Proxy Voting Guidelines) governing proxy voting by accounts managed by BlackRock.
BlackRock will cast votes on behalf of each of the Funds on specific proxy issues in respect of securities held by each such Fund in accordance with the BlackRock Proxy Voting Guidelines; provided that in the case securities held by the Funds of closed-end funds that have or propose to adopt classified boards, BlackRock will typically (a) vote in favor of proposals to adopt 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 will report on an annual basis to the Directors on (1) all proxy votes that BlackRock has made on behalf of the Funds in the preceding year together with a certification from the Funds Chief Compliance Officer that all votes were in accordance with the BlackRock Proxy Voting Guidelines, and (2) any changes to the BlackRock Proxy Voting Guidelines that have not previously been reported.
Closed-End Fund Proxy Voting Policy | ||
September 21, 2015 | Page 1 of 1 |
BLACKROCK Global corporate governance & engagement principles June 2014
2 | ||
2 | ||
3 | ||
4 | ||
5 | ||
- Capital structure, mergers, asset sales and other special transactions |
6 | |
6 | ||
7 | ||
7 | ||
BlackRocks oversight of its corporate governance activities |
8 | |
8 | ||
8 | ||
9 | ||
10 | ||
11 |
1 | 2014 Global corporate governance and engagement principles |
BlackRock is the worlds preeminent asset management firm and a premier provider of global investment management, risk management and advisory services to institutional and individual clients around the world. BlackRock offers a wide range of investment strategies and product structures to meet clients needs, including individual and institutional separate accounts, mutual funds, closed-end funds, and other pooled investment vehicles and the industry-leading iShares exchange traded funds. Through BlackRock Solutions ® , we offer risk management, strategic advisory and enterprise investment system services to a broad base of clients.
Philosophy on corporate governance
BlackRocks corporate governance program is focused on protecting and enhancing the economic value of the companies in which it invests on behalf of clients. We do this through engagement with boards and management of investee companies and, for those clients who have given us authority, through voting at shareholder meetings.
We believe that there are certain fundamental rights attached to share ownership. Companies and their boards should be accountable to shareholders and structured with appropriate checks and balances to ensure that they operate in shareholders interests. Effective voting rights are central to the rights of ownership and there should be one vote for one share. Shareholders should have the right to elect, remove and nominate directors, approve the appointment of the auditor and to amend the corporate charter or by-laws. Shareholders should be able to vote on matters that are material to the protection of their investment including but not limited to changes to the purpose of the business, dilution levels and pre-emptive rights, the distribution of income and the capital structure. In order to exercise these rights effectively, we believe shareholders have the right to sufficient and timely information to be able to take an informed view of the proposals, and of the performance of the company and management.
Our focus is on the board of directors, as the agent of shareholders, which should set the companys strategic aims within a framework of prudent and effective controls which enables risk to be assessed and managed. The board should provide direction and leadership to the management and oversee managements performance. Our starting position is to be supportive of boards in their oversight efforts on our behalf and we would generally expect to support the items of business they put to a vote at shareholder meetings. Votes cast against or withheld from resolutions proposed by the board are a signal that we are concerned that the directors or management have either not acted in the interests of shareholders or have not responded adequately to shareholder concerns regarding strategy or performance.
These principles set out our approach to engaging with companies, provide guidance on our position on corporate governance and outline how our views might be reflected in our voting decisions. Corporate governance practices vary internationally and our expectations in relation to individual companies are based on the legal and regulatory framework of each market. However, as noted above, we do believe that there are some overarching principles of corporate governance that apply globally. We assess voting matters on a case-by-case basis and in light of each companys unique circumstances. We are interested to understand from the companys reporting its approach to corporate governance, particularly where it is different from the usual market practice, and how it benefits shareholders.
2 | 2014 Global corporate governance and engagement principles |
BlackRock also believes that shareholders have responsibilities in relation to monitoring and providing feedback to companies, sometimes known as stewardship. These ownership responsibilities include, in our view, engaging with management or board members on corporate governance matters, voting proxies in the best long-term economic interests of shareholders and engaging with regulatory bodies to ensure a sound policy framework consistent with promoting long-term shareholder value creation. Institutional shareholders also have responsibilities to their clients to have appropriate resources and oversight structures. Our own approach to oversight in relation to our corporate governance activities is set out in the section below titled BlackRocks oversight of its corporate governance activities.
Corporate governance, engagement and voting
We recognize that accepted standards of corporate governance differ between markets but we believe that there are sufficient common threads globally to identify an overarching set of principles. The primary objective of our corporate governance activities is the protection and enhancement of the value of our clients investments in public corporations. Thus, these principles focus on practices and structures that we consider to be supportive of long-term value creation. We discuss below the principles under six key themes. In our regional and market-specific voting guidelines we explain how these principles inform our voting decisions in relation to specific resolutions that may appear on the agenda of a shareholder meeting in the relevant market.
The six key themes are:
u |
Boards and directors |
u |
Auditors and audit-related issues |
u |
Capital structure, mergers, asset sales and other special transactions |
u |
Remuneration and benefits |
u |
Social, ethical and environmental issues |
u |
General corporate governance matters |
At a minimum we would expect companies to observe the accepted corporate governance standard in their domestic market or to explain why doing so is not in the interests of shareholders. Where company reporting and disclosure is inadequate or the approach taken is inconsistent with our view of what is in the best interests of shareholders, we will engage with the company and/or use our vote to encourage a change in practice. In making voting decisions, we take into account research from proxy advisors, other internal and external research, information published by the company or provided through engagement and the views of our equity portfolio managers.
BlackRock views engagement as an important activity; engagement provides BlackRock with the opportunity to improve our understanding of investee companies and their governance structures, so that our voting decisions may be better informed. Engagement also allows us to share our philosophy and approach to investment and corporate governance with companies to enhance their understanding of our objectives. There are a range of approaches we may take in engaging companies depending on the nature of the issue under consideration, the company and the market.
3 | 2014 Global corporate governance and engagement principles |
The performance of the board is critical to the economic success of the company and to the protection of shareholders interests. Board members serve as agents of shareholders in overseeing the strategic direction and operation of the company. For this reason, BlackRock focuses on directors in many of its engagements and sees the election of directors as one of its most important responsibilities in the proxy voting context.
We expect the board of directors to promote and protect shareholder interests by:
u |
establishing an appropriate corporate governance structure; |
u |
supporting and overseeing management in setting strategy; |
u |
ensuring the integrity of financial statements; |
u |
making decisions regarding mergers, acquisitions and disposals; |
u |
establishing appropriate executive compensation structures; and |
u |
addressing business issues including social, ethical and environmental issues when they have the potential to materially impact company reputation and performance. |
There should be clear definitions of the role of the board, the sub-committees of the board and the senior management such that the responsibilities of each are well understood and accepted. Companies should report publicly the approach taken to governance (including in relation to board structure) and why this approach is in the interest of shareholders. We will engage with the appropriate directors where we have concerns about the performance of the board or the company, the broad strategy of the company or the performance of individual board members. Concerns about directors may include their role on the board of a different company where that board has performed poorly and failed to protect shareholder interests.
BlackRock believes that directors should stand for re-election on a regular basis. We assess directors nominated for election or re-election in the context of the composition of the board as a whole. There should be detailed disclosure of the relevant credentials of the individual directors in order that shareholders can assess the caliber of an individual nominee. We expect there to be a sufficient number of independent directors on the board to ensure the protection of the interests of all shareholders. Common impediments to independence may include but are not limited to:
u |
current employment at the company or a subsidiary; |
u |
former employment within the past several years as an executive of the company; |
u |
providing substantial professional services to the company and/or members of the companys management; |
u |
having had a substantial business relationship in the past three years; |
u |
having, or representing a shareholder with, a substantial shareholding in the company; |
u |
being an immediate family member of any of the aforementioned; and |
u |
interlocking directorships. |
4 | 2014 Global corporate governance and engagement principles |
BlackRock believes that the operation of the board is enhanced when there is a clearly independent, senior non-executive director to lead it. Where the chairman is also the CEO or is otherwise not independent the company should have an independent lead director. The role of this director is to enhance the effectiveness of the independent members of the board through shaping the agenda, ensuring adequate information is provided to the board and encouraging independent participation in board deliberations. The lead independent board director should be available to shareholders if they have concerns that they wish to discuss.
To ensure that the board remains effective, regular reviews of board performance should be carried out and assessments made of gaps in skills or experience amongst the members. BlackRock believes it is beneficial for new directors to be brought onto the board periodically to refresh the groups thinking and to ensure both continuity and adequate succession planning. In identifying potential candidates, boards should take into consideration the diversity of experience and expertise of the current directors and how that might be augmented by incoming directors. We believe that directors are in the best position to assess the optimal size for the board, but we would be concerned if a board seemed too small to have an appropriate balance of directors or too large to be effective.
There are matters for which the board has responsibility that may involve a conflict of interest for executives or for affiliated directors. BlackRock believes that shareholders interests are best served when the independent members of the board form a sub-committee to deal with such matters. In many markets, these sub-committees of the board specialize in audit, director nominations and compensation matters. An ad hoc committee might also be formed to decide on a special transaction, particularly one with a related party.
Auditors and audit-related issues
BlackRock recognizes the critical importance of financial statements which should provide a complete and accurate picture of a companys financial condition. We will hold the members of the audit committee or equivalent responsible for overseeing the management of the audit function. We take particular note of cases involving significant financial restatements or ad hoc notifications of material financial weakness.
The integrity of financial statements depends on the auditor being free of any impediments to being an effective check on management. To that end, we believe it is important that auditors are, and are seen to be, independent. Where the audit firm provides services to the company in addition to the audit, the fees earned should be disclosed and explained. Audit committees should also have in place a procedure for assuring annually the independence of the auditor.
5 | 2014 Global corporate governance and engagement principles |
Capital structure, mergers, asset sales and other special transactions
The capital structure of a company is critical to its owners, the shareholders, as it impacts the value of their investment and the priority of their interest in the company relative to that of other equity or debt investors. Pre-emption rights are a key protection for shareholders against the dilution of their interests.
In assessing mergers, asset sales or other special transactions, BlackRocks primary consideration is the long-term economic interests of shareholders. Boards proposing a transaction need to clearly explain the economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it enhances long-term shareholder value. We would prefer that proposed transactions have the unanimous support of the board and have been negotiated at arms length. We may seek reassurance from the board that executive and/or board members financial interests in a given transaction have not affected their ability to place shareholders interests before their own. Where the transaction involves related parties, we would expect the recommendation to support it to come from the independent directors and would prefer only non-conflicted shareholders to vote on the proposal.
BlackRock believes that shareholders have a right to dispose of company shares in the open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench interests other than those of the shareholders. We believe that shareholders are broadly capable of making decisions in their own best interests. We would expect any so-called shareholder rights plans being proposed by a board to be subject to shareholder approval on introduction and periodically thereafter for continuation.
BlackRock expects a companys board of directors to put in place a compensation structure that incentivizes and rewards executives appropriately and is aligned with shareholder interests, particularly long-term shareholder returns. We would expect the compensation committee to take into account the specific circumstances of the company and the key individuals the board is trying to incentivize. We encourage companies to ensure that their compensation packages incorporate appropriate and challenging performance conditions consistent with corporate strategy and market practice. We use third party research, in addition to our own analysis, to evaluate existing and proposed compensation structures. We hold members of the compensation committee or equivalent accountable for poor compensation practices or structures.
BlackRock believes that there should be a clear link between variable pay and company performance as reflected in returns to shareholders. We are not supportive of one-off or special bonuses unrelated to company or individual performance. We support incentive plans that pay out rewards earned over multiple and extended time periods. We believe consideration should be given to building claw back provisions into incentive plans such that executives would be required to repay rewards where they were not justified by actual performance. Compensation committees should guard against contractual arrangements that would entitle executives to material compensation for early termination of their contract. Finally, pension contributions should be reasonable in light of market practice.
6 | 2014 Global corporate governance and engagement principles |
Outside directors should be compensated in a manner that does not risk compromising their independence or aligning their interests too closely with those of the management, whom they are charged with overseeing.
Social, ethical, and environmental issues
Our fiduciary duty to clients is to protect and enhance their economic interest in the companies in which we invest on their behalf. It is within this context that we undertake our corporate governance activities. We believe that well-managed companies will deal effectively with the social, ethical and environmental (SEE) aspects of their businesses.
BlackRock expects companies to identify and report on the material, business-specific SEE risks and opportunities and to explain how these are managed. This explanation should make clear how the approach taken by the company best serves the interests of shareholders and protects and enhances the long-term economic value of the company. The key performance indicators in relation to SEE matters should also be disclosed and performance against them discussed, along with any peer group benchmarking and verification processes in place. This helps shareholders assess how well management is dealing with the SEE aspects of the business. Any global standards adopted should also be disclosed and discussed in this context.
We may vote against the election of directors where we have concerns that a company might not be dealing with SEE issues appropriately. Sometimes we may reflect such concerns by supporting a shareholder proposal on the issue, where there seems to be either a significant potential threat or realized harm to shareholders interests caused by poor management of SEE matters. In deciding our course of action, we will assess whether the company has already taken sufficient steps to address the concern and whether there is a clear and material economic disadvantage to the company if the issue is not addressed.
More commonly, given that these are often not voting issues, we will engage directly with the board or management. The trigger for engagement on a particular SEE concern is our assessment that there is potential for material economic ramifications for shareholders.
We do not see it as our role to make social, ethical or political judgments on behalf of clients. We expect investee companies to comply, at a minimum, with the laws and regulations of the jurisdictions in which they operate. They should explain how they manage situations where such laws or regulations are contradictory or ambiguous.
General corporate governance matters
BlackRock believes that shareholders have a right to timely and detailed information on the financial performance and viability of the companies in which they invest. In addition, companies should also publish information on the governance structures in place and the rights of shareholders to influence these. The reporting and disclosure provided by companies helps shareholders assess whether the economic interests of shareholders have been protected and the quality of the boards oversight of management. BlackRock believes shareholders should have the right to vote on key corporate governance matters, including on changes to governance mechanisms, to submit proposals to the shareholders meeting and to call special meetings of shareholders.
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BlackRocks oversight of its corporate governance activities
BlackRock holds itself to a very high standard in its corporate governance activities, including in relation to executing proxy votes. This function is executed by a team of dedicated BlackRock employees without sales responsibilities (the Corporate Governance Group), and which is considered an investment function. BlackRock maintains three regional oversight committees (Corporate Governance Committees) for the Americas, Europe, the Middle East and Africa (EMEA) and Asia-Pacific, consisting of senior BlackRock investment professionals. All of the regional Corporate Governance Committees report to a Global Corporate Governance Oversight Committee, which is a risk-focused committee composed of senior representatives of the active and index equity investment businesses, the Deputy General Counsel, the Global Executive Committee member to whom the Corporate Governance Group reports and the head of the Corporate Governance Group. The Corporate Governance Committees review and approve amendments to their respective proxy voting guidelines (Guidelines) and grant authority to the Global Head of Corporate Governance (Global Head), a dedicated BlackRock employee without sales responsibilities, to vote in accordance with the Guidelines. The Global Head leads the Corporate Governance Group to carry out engagement, voting and vote operations in a manner consistent with the relevant Corporate Governance Committees mandate. The Corporate Governance Group engages companies in conjunction with the portfolio managers in discussions of significant governance issues, conducts research on corporate governance issues and participates in industry discussions to keep abreast of the field of corporate governance. The Corporate Governance Group, or vendors overseen by the Corporate Governance Group, also monitor upcoming proxy votes, execute proxy votes and maintain records of votes cast. The Corporate Governance Group may refer complicated or particularly controversial matters or discussions to the appropriate investors and/or regional Corporate Governance Committees for their review, discussion and guidance prior to making a voting decision.
BlackRocks Equity Policy Oversight Committee (EPOC) is informed of certain aspects of the work of the Global Corporate Governance Oversight Committee and the Corporate Governance Group.
BlackRock carefully considers proxies submitted to funds and other fiduciary accounts (Funds) for which it has voting authority. BlackRock votes (or refrains from voting) proxies for each Fund for which it has voting authority based on BlackRocks evaluation of the best long-term economic interests of shareholders, in the exercise of its independent business judgment, and without regard to the relationship of the issuer of the proxy (or any dissident shareholder) to the Fund, the Funds affiliates (if any), BlackRock or BlackRocks affiliates.
When exercising voting rights, BlackRock will normally vote on specific proxy issues in accordance with its Guidelines for the relevant market. The Guidelines are reviewed regularly and are amended consistent with changes in the local market practice, as developments in corporate governance occur, or as otherwise deemed advisable by BlackRocks Corporate Governance Committees. The Corporate Governance Committees may, in the exercise of their business judgment, conclude that the Guidelines do not cover the specific matter upon which a proxy vote is requested or that an exception to the Guidelines would be in the best long-term economic interests of BlackRocks clients.
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In the uncommon circumstance of there being a vote with respect to fixed income securities or the securities of privately held issuers the decision generally will be made by a Funds portfolio managers and/or the Corporate Governance Group based on their assessment of the particular transactions or other matters at issue.
In certain markets, proxy voting involves logistical issues which can affect BlackRocks ability to vote such proxies, as well as the desirability of voting such proxies. These issues include but are not limited to: (i) untimely notice of shareholder meetings; (ii) restrictions on a foreigners ability to exercise votes; (iii) requirements to vote proxies in person; (iv) share- blocking (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some specified period in proximity to the shareholder meeting); (v) potential difficulties in translating the proxy; and (vi) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as shareblocking or overly burdensome administrative requirements.
As a consequence, BlackRock votes proxies in these markets only on a best-efforts basis. In addition, the Corporate Governance Committees may determine that it is generally in the best interests of BlackRock clients not to vote proxies of companies in certain countries if the committee determines that the costs (including but not limited to opportunity costs associated with shareblocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the issuers proposal.
While it is expected that BlackRock, as a fiduciary, will generally seek to vote proxies over which BlackRock exercises voting authority in a uniform manner for all BlackRock clients, the relevant Corporate Governance Committee, in conjunction with the portfolio manager of an account, may determine that the specific circumstances of such an account require that such accounts proxies be voted differently due to such accounts investment objective or other factors that differentiate it from other accounts. In addition, BlackRock believes portfolio managers may from time to time legitimately reach differing but equally valid views, as fiduciaries for their funds and the client assets in those Funds, on how best to maximize economic value in respect of a particular investment. Accordingly, portfolio managers retain full discretion to vote the shares in the Funds they manage based on their analysis of the economic impact of a particular ballot item.
BlackRock maintains policies and procedures that are designed to prevent undue influence on BlackRocks proxy voting activity that might stem from any relationship between the issuer of a proxy (or any dissident shareholder) and BlackRock, BlackRocks affiliates, a Fund or a Funds affiliates. Some of the steps BlackRock has taken to prevent conflicts include, but are not limited to:
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BlackRock has adopted a proxy voting oversight structure whereby the Corporate Governance Committees oversee the voting decisions and other activities of the Corporate Governance Group, and particularly its activities with respect to voting in the relevant region of each Corporate Governance Committees jurisdiction. |
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The Corporate Governance Committees have adopted Guidelines for each region, which set forth the firms views with respect to certain corporate governance and other issues that typically arise in the proxy voting context. The Corporate Governance Committees receive periodic reports regarding the specific votes cast by the Corporate Governance Group and regular updates on material process issues, procedural changes and other matters of concern to the Corporate Governance Committees. |
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BlackRocks Global Corporate Governance Oversight Committee oversees the Global Head, the Corporate Governance Group and the Corporate Governance Committees. The Global Corporate Governance Oversight Committee conducts a review, at least annually, of the proxy voting process to ensure compliance with BlackRocks risk policies and procedures. |
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BlackRock maintains a reporting structure that separates the Global Head and Corporate Governance Group from employees with sales responsibilities. In addition, BlackRock maintains procedures intended to ensure that all engagements with corporate issuers or dissident shareholders are managed consistently and without regard to BlackRocks relationship with the issuer of the proxy or dissident shareholder. Within the normal course of business, the Global Head or Corporate Governance Group may engage directly with BlackRock clients, and with employees with sales responsibilities, in discussions regarding general corporate governance policy matters, and to otherwise ensure that proxy-related client service levels are met. The Global Head or Corporate Governance Group does not discuss any specific voting matter with a client prior to the disclosure of the vote decision to all applicable clients after the shareholder meeting has taken place, except if the client is acting in the capacity as issuer of the proxy or dissident shareholder and is engaging through the established procedures independent of the client relationship. |
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In certain instances, BlackRock may determine to engage an independent fiduciary to vote proxies as a further safeguard to avoid 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 fiduciarys determination. Use of an independent fiduciary has been adopted for voting the proxies related to any company that is affiliated with BlackRock or any company that includes BlackRock employees on its board of directors. |
With regard to the relationship between securities lending and proxy voting, BlackRocks approach is 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, we believe that generally the likely economic value of casting most votes 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 is necessary in light of future conditions. In addition, BlackRock may in its discretion determine that the value of voting outweighs the cost of recalling shares, and thus recall shares to vote in that instance.
The issue-specific voting Guidelines published for each region/country in which we vote are intended to summarize BlackRocks general philosophy and approach to issues that may commonly arise in the proxy voting context in each market where we invest. These Guidelines are not intended to be exhaustive. BlackRock applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review.
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As such, these Guidelines do not provide a guide to how BlackRock will vote in every instance. Rather, they share our view about corporate governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots.
We report our proxy voting activity directly to clients and publically as required. In addition, we publish for clients a more detailed discussion of our corporate governance activities, including engagement with companies and with other relevant parties.
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