UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10339
Name of Fund: BlackRock Municipal Income Trust (BFK)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock
Municipal Income Trust, 55 East 52nd Street, New York, NY 10055.
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2010
Date of reporting period: 10/31/2009
Item 1 Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS
Semi-Annual Report
OCTOBER 31, 2009 | (UNAUDITED)
BlackRock Investment Quality Municipal Trust Inc. (BKN)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock Municipal 2020 Term Trust (BKK)
BlackRock Municipal Income Trust (BFK)
BlackRock Pennsylvania Strategic Municipal Trust (BPS)
BlackRock Strategic Municipal Trust (BSD)
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
Table of Contents | |||
Page | |||
Dear Shareholder | 3 | ||
Semi-Annual Report: | |||
Trust Summaries | 4 | ||
The Benefits and Risks of Leveraging | 10 | ||
Derivative Financial Instruments | 10 | ||
Financial Statements | |||
Schedules of Investments | 11 | ||
Statements of Assets and Liabilities | 32 | ||
Statements of Operations | 33 | ||
Statements of Changes in Net Assets | 34 | ||
Statement of Cash Flows | 36 | ||
Financial Highlights | 37 | ||
Notes to Financial Statements | 43 | ||
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements | 49 | ||
Officers and Trustees | 53 | ||
Additional Information | 54 | ||
2 | SEMI-ANNUAL REPORT | OCTOBER 31, 2009 |
Dear Shareholder
Over the past 12 months, we have witnessed a seismic shift in market sentiment from fear and pessimism during the worst economic decline and crisis
of confidence in financial markets since The Great Depression to increasing optimism amid emerging signs of recovery. The period began in the midst of an
intense deterioration in global economic activity and financial markets in the final months of 2008 and the early months of 2009. The collapse of confi-
dence resulted in massive government policy intervention on a global scale in the financial system and the economy. The tide turned dramatically in March
2009, however, on the back of new US government initiatives, as well as better-than-expected economic data and upside surprises in corporate earnings.
Not surprisingly, global equity markets endured extreme volatility over the past 12 months, starting with steep declines and heightened risk aversion in the
early part of the reporting period, which eventually gave way to an impressive rally that began in March. Although there have been fits and starts along the
way and a few modest corrections, the new bull market has pushed all major US indices well into positive territory for 2009. The experience in international
markets was similar to that in the United States. In particular, emerging markets (which were less affected by the global credit crunch and are experiencing
faster economic growth rates when compared to the developed world) have posted impressive gains since the rally began.
In fixed income markets, the flight-to-safety premium in Treasury securities prevailed during the equity market downturn, which drove yields sharply lower,
but concerns about deficit spending, debt issuance, inflation and dollar weakness have kept Treasury yields range bound in recent months. As economic
and market conditions began to improve in early 2009, near-zero interest rates on risk-free assets prompted many investors to reallocate money from cash
investments into higher-yielding and riskier non-Treasury assets. The high yield sector was the greatest beneficiary of this move, having decisively outpaced
all other taxable asset classes since the start of 2009. Similarly, the municipal bond market is on pace for its best performance year ever in 2009, following
one of its worst years in 2008. Investor demand remains strong for munis, helping to create a highly favorable technical backdrop. Municipal bond mutual
funds are seeing record inflows, reflecting the renewed investor interest in the asset class.
As a result of the rebound in sentiment and global market conditions, most major benchmark indexes are now in positive territory for both the
6- and 12-month periods.
Total Returns as of October 31, 2009 | 6-month | 12-month |
US equities (S&P 500 Index) | 20.04% | 9.80% |
Small cap US equities (Russell 2000 Index) | 16.21 | 6.46 |
International equities (MSCI Europe, Australasia, Far East Index) | 31.18 | 27.71 |
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index*) | (0.79) | 8.12 |
Taxable fixed income (Barclays Capital US Aggregate Bond Index) | 5.61 | 13.79 |
Tax-exempt fixed income (Barclays Capital Municipal Bond Index) | 4.99 | 13.60 |
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index) | 27.72 | 48.65 |
* Formerly a Merrill Lynch index. | ||
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index. |
The market environment has visibly improved since the beginning of the year, but a great deal of uncertainty and risk remain. Through periods of market
turbulence, as ever, BlackRocks full resources are dedicated to the management of our clients assets. For additional market perspective and investment
insight, visit the most recent issue of our award-winning Shareholder® magazine at www.blackrock.com/shareholdermagazine. As always, we thank you
for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.
Announcement to Shareholders
On December 1, 2009, BlackRock, Inc. and Barclays Global Investors, N.A. combined to form one of the world's preeminent investment management firms.
The new company, operating under the BlackRock name, manages $3.19 trillion in assets** and offers clients worldwide a full complement of active man-
agement, enhanced and index investment strategies and products, including individual and institutional separate accounts, mutual funds and other pooled
investment vehicles, and the industry-leading iShares platform of exchange traded funds.
** Data is as of September 30, 2009, is subject to change, and is based on a pro forma estimate of assets under management and other data at BlackRock, Inc.
and Barclays Global Investors.
THIS PAGE NOT PART OF YOUR FUND REPORT 3
Trust Summary as of October 31, 2009 BlackRock Investment Quality Municipal Trust Inc.
Investment Objective
BlackRock Investment Quality Municipal Trust Inc. (BKN) (the Trust) seeks to provide high current income which, in the opinion of bond counsel to the
issuer, is exempt from regular federal income tax consistent with the preservation of capital.
No assurance can be given that the Trusts investment objective will be achieved.
Performance
For the six months ended October 31, 2009, the Trust returned 23.85% based on market price and 15.88% based on net asset value (NAV). For the
same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and
14.93% on a NAV basis. All returns reflect reinvestment of dividends. During the period, the Trust moved from a discount to a premium to NAV, which
accounts for the difference between performance based on price and performance based on NAV. During the period, the Trust maintained heavy exposure
to A and BBB-rated credits. Additionally, the Trust was positioned with a longer duration relative to its Lipper peers, and its holdings primarily comprised
longer-dated bonds. These factors benefited total return as credit spreads narrowed and there was a combined curve flattening with an overall rally in
prices. On a sector basis, the Trusts significant holdings in housing and health contributed positively as these sectors outperformed. Lastly, fund manage-
ment was active in the new-issue market, adding attractively-structured bonds at a discount to where similar credits were trading in the secondary market.
Conversely, the Trust held fewer discount-coupon bonds, which saw the most price appreciation as municipal yields fell during the period; this detracted
from results. Moreover, the Trusts dividend to the shareholder was below the average of its Lipper peers.
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.
Trust Information | ||||||||
Symbol on New York Stock Exchange (NYSE) | BKN | |||||||
Initial Offering Date | February 19, 1993 | |||||||
Yield on Closing Market Price as of October 31, 2009 ($13.56)1 | 7.21% | |||||||
Tax Equivalent Yield2 | 11.09% | |||||||
Current Monthly Distribution per Common Share3 | $0.0815 | |||||||
Current Annualized Distribution per Common Share3 | $0.9780 | |||||||
Leverage as of October 31, 20094 | 38% | |||||||
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. | ||||||||
Past performance does not guarantee future results. | ||||||||
2 Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||||||||
3 The distribution is not constant and is subject to change. | ||||||||
4 Represents Auction Market Preferred Shares (Preferred Shares) and tender option bond trusts (TOBs) as a percentage of total managed assets, | ||||||||
which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a | ||||||||
discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10. | ||||||||
The table below summarizes the changes in the Trusts market price and net asset value per share: | ||||||||
10/31/09 | 4/30/09 | Change | High | Low | ||||
Market Price | $13.56 | $11.35 | 19.47% | $14.24 | $11.21 | |||
Net Asset Value | $13.00 | $11.63 | 11.78% | $13.86 | $11.63 | |||
The following charts show the sector and credit quality allocations of the Trusts long-term investments: | ||||||||
| ||||||||
Sector Allocations | Credit Quality Allocations5 | |||||||
10/31/09 | 4/30/09 | 10/31/09 | 4/30/09 | |||||
Health | 28% | 25% | AAA/Aaa | 19% | 22% | |||
County/City/Special District/ | AA/Aa | 23 | 30 | |||||
School District | 16 | 20 | A | 33 | 26 | |||
State | 12 | 12 | BBB/Baa | 13 | 9 | |||
Utilities | 10 | 8 | BB/Ba | 1 | 3 | |||
Housing | 10 | 11 | B | 3 | 1 | |||
Transportation | 9 | 10 | CCC/Caa | | 1 | |||
Education | 7 | 7 | Not Rated6 | 8 | 8 | |||
Corporate | 6 | 5 | ||||||
5 Using the higher of Standard & Poors (S&Ps) or Moodys Investors | ||||||||
Tobacco | 2 | 2 | Service (Moodys) ratings. | |||||
6 The investment advisor has deemed certain of these securities to | ||||||||
be of investment grade quality. As of October 31, 2009 and April 30, | ||||||||
2009, the market value of these securities was $20,636,430 | ||||||||
representing 6% and $12,511,098 representing 4%, respectively, | ||||||||
of the Trusts long-term investments. | ||||||||
4 | SEMI-ANNUAL REPORT | OCTOBER 31, 2009 |
Trust Summary as of October 31, 2009 BlackRock Long-Term Municipal Advantage Trust
Investment Objective
BlackRock Long-Term Municipal Advantage Trust (BTA) (the Trust) seeks to provide current income which, in the opinion of bond counsel to the issuer, is
exempt from regular federal income tax.
No assurance can be given that the Trusts investment objective will be achieved.
Performance
For the six months ended October 31, 2009, the Trust returned 16.37% based on market price and 16.69% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a
NAV basis. All returns reflect reinvestment of dividends. The Trust's discount to NAV, which widened during the period, accounts for the difference between
performance based on price and performance based on NAV. Positive performance factors included concentrations in education, health, tobacco and
corporate-related debt. Renewed risk appetite was also beneficial, given the Trusts focus on lower-rated credits. In addition, the Trusts long duration stance
and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative factors included
less exposure to the tax-backed and essential services sectors.
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.
Trust Information | ||||||||
Symbol on NYSE | BTA | |||||||
Initial Offering Date | February 28, 2006 | |||||||
Yield on Closing Market Price as of October 31, 2009 ($9.88)1 | 6.98% | |||||||
Tax Equivalent Yield2 | 10.74% | |||||||
Current Monthly Distribution per Common Share3 | $0.0575 | |||||||
Current Annualized Distribution per Common Share3 | $0.6900 | |||||||
Leverage as of October 31, 20094 | 37% | |||||||
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. | ||||||||
Past performance does not guarantee future results. | ||||||||
2 Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||||||||
3 The distribution is not constant and is subject to change. | ||||||||
4 Represents TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to TOBs, minus | ||||||||
the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging | ||||||||
on page 10. | ||||||||
The table below summarizes the changes in the Trusts market price and net asset value per share: | ||||||||
10/31/09 | 4/30/09 | Change | High | Low | ||||
Market Price | $9.88 | $8.79 | 12.40% | $10.72 | $8.65 | |||
Net Asset Value | $10.73 | $9.52 | 12.71% | $11.40 | $9.52 | |||
The following charts show the sector and credit quality allocations of the Trusts long-term investments: | ||||||||
Sector Allocations | Credit Quality Allocations5 | |||||||
10/31/09 | 4/30/09 | 10/31/09 | 4/30/09 | |||||
Health | 17% | 12% | AAA/Aaa | 15% | 18% | |||
Education | 15 | 16 | AA/Aa | 43 | 37 | |||
County/City/Special District/ | A | 10 | 8 | |||||
School District | 14 | 15 | BBB/Baa | 10 | 15 | |||
Housing | 10 | 12 | BB/Ba | 2 | 1 | |||
Utilities | 10 | 8 | B | 4 | 3 | |||
State | 10 | 9 | Not Rated6 | 16 | 18 | |||
Transportation | 10 | 10 | 5 Using the higher of S&Ps or Moodys ratings. | |||||
Tobacco | 7 | 13 | 6 The investment advisor has deemed certain of these securities to | |||||
Corporate | 7 | 5 | be of investment grade quality. As of October 31, 2009 and April 30, | |||||
2009, the market value of these securities was $1,737,913 repre- | ||||||||
senting 1% and $1,468,107 representing 1%, respectively, of the | ||||||||
Trusts long-term investments. | ||||||||
SEMI-ANNUAL REPORT | OCTOBER 31, 2009 | 5 |
Trust Summary as of October 31, 2009 BlackRock Municipal 2020 Term Trust
Investment Objective
BlackRock Municipal 2020 Term Trust (BKK) (the Trust) seeks to provide current income exempt from regular federal income tax and to return $15 per
share (the initial public offering price) on or about December 31, 2020.
No assurance can be given that the Trusts investment objective will be achieved.
Performance
For the six months ended October 31, 2009, the Trust returned 17.06% based on market price and 17.08% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a
NAV basis. All returns reflect reinvestment of dividends. The Trusts premium to NAV, which remained substantially unchanged during the period, accounts for
the difference between performance based on price and performance based on NAV. The Trusts allocation to lower-rated issues with longer maturities bene-
fited performance as the high yield sector outperformed, with credit spreads contracting as the overall market improved and yields declined. Conversely, the
Trusts short-duration bias detracted from performance in an environment where yields fell. The Trust is managed to meet a 2020 termination date, and as
such, maintains a generally shorter duration than that of its Lipper category, which comprises longer-duration funds. Accordingly, the Trust did not fully bene-
fit from the price appreciation that occurred amongst longer-dated securities.
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.
Trust Information | ||||||||
Symbol on NYSE | BKK | |||||||
Initial Offering Date | September 30, 2003 | |||||||
Termination Date (on or about) | December 31, 2020 | |||||||
Yield on Closing Market Price as of October 31, 2009 ($14.47)1 | 5.16% | |||||||
Tax Equivalent Yield2 | 7.94% | |||||||
Current Monthly Distribution per Common Share3 | $0.06225 | |||||||
Current Annualized Distribution per Common Share3 | $0.74700 | |||||||
Leverage as of October 31, 20094 | 39% | |||||||
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. | ||||||||
Past performance does not guarantee future results. | ||||||||
2 Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||||||||
3 The distribution is not constant and is subject to change. | ||||||||
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu- | ||||||||
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see | ||||||||
The Benefits and Risks of Leveraging on page 10. | ||||||||
The table below summarizes the changes in the Trusts market price and net asset value per share: | ||||||||
10/31/09 | 4/30/09 | Change | High | Low | ||||
Market Price | $14.47 | $12.70 | 13.94% | $14.76 | $12.42 | |||
Net Asset Value | $13.72 | $12.04 | 13.95% | $14.26 | $12.04 | |||
The following charts show the sector and credit quality allocations of the Trusts long-term investments: | ||||||||
Sector Allocations | Credit Quality Allocations5 | |||||||
10/31/09 | 4/30/09 | 10/31/09 | 4/30/09 | |||||
Corporate | 18% | 17% | AAA/Aaa | 17% | 22% | |||
County/City/Special District/ | AA/Aa | 10 | 16 | |||||
School District | 15 | 17 | A | 24 | 17 | |||
Health | 15 | 15 | BBB/Baa | 27 | 27 | |||
Transportation | 11 | 9 | BB/Ba | 3 | 1 | |||
State | 10 | 9 | B | 4 | 3 | |||
Utilities | 9 | 8 | CC/Ca | | 1 | |||
Education | 9 | 9 | Not Rated6 | 15 | 13 | |||
Tobacco | 7 | 10 | 5 Using the higher of S&Ps or Moodys ratings. | |||||
Housing | 6 | 6 | ||||||
6 The investment advisor has deemed certain of these securities to | ||||||||
be of investment grade quality. As of October 31, 2009 and April 30, | ||||||||
2009, the market value of these securities was $6,099,320 repre- | ||||||||
senting 1% and $5,768,611 representing 1%, respectively, of the | ||||||||
Trusts long-term investments. | ||||||||
6 | SEMI-ANNUAL REPORT | OCTOBER 31, 2009 |
Trust Summary as of October 31, 2009 BlackRock Municipal Income Trust
Investment Objective
BlackRock Municipal Income Trust (BFK) (the Trust) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt
from regular federal income tax.
No assurance can be given that the Trusts investment objective will be achieved.
Performance
For the six months ended October 31, 2009, the Trust returned 16.99% based on market price and 21.79% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a NAV
basis. All returns reflect reinvestment of dividends. The Trust moved from a premium to a discount to NAV by period-end, which accounts for the difference
between performance based on price and performance based on NAV. Positive performance factors included concentrations in education, health, trans-
portation and corporate-related debt. Renewed risk appetite was also beneficial, given the Trusts focus on lower-rated credits. In addition, the Trusts long
duration stance and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative
factors included less exposure to the tax-backed and essential services sectors.
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.
Trust Information | ||||||||
Symbol on NYSE | BFK | |||||||
Initial Offering Date | July 27, 2001 | |||||||
Yield on Closing Market Price as of October 31, 2009 ($12.50)1 | 7.55% | |||||||
Tax Equivalent Yield2 | 11.62% | |||||||
Current Monthly Distribution per Common Share3 | $0.0786 | |||||||
Current Annualized Distribution per Common Share3 | $0.9432 | |||||||
Leverage as of October 31, 20094 | 38% | |||||||
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. | ||||||||
Past performance does not guarantee future results. | ||||||||
2 Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||||||||
3 The distribution is not constant and is subject to change. | ||||||||
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu- | ||||||||
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see | ||||||||
The Benefits and Risks of Leveraging on page 10. | ||||||||
The table below summarizes the changes in the Trusts market price and net asset value per share: | ||||||||
10/31/09 | 4/30/09 | Change | High | Low | ||||
Market Price | $12.50 | $11.10 | 12.61% | $14.25 | $10.68 | |||
Net Asset Value | $12.59 | $10.74 | 17.23% | $13.34 | $10.74 | |||
The following charts show the sector and credit quality allocations of the Trusts long-term investments: | ||||||||
Sector Allocations | Credit Quality Allocations5 | |||||||
10/31/09 | 4/30/09 | 10/31/09 | 4/30/09 | |||||
Health | 20% | 22% | AAA/Aaa | 18% | 34% | |||
Corporate | 13 | 12 | AA/Aa | 19 | 15 | |||
Transportation | 13 | 11 | A | 30 | 21 | |||
Utilities | 12 | 13 | BBB/Baa | 18 | 14 | |||
Education | 12 | 11 | BB/Ba | 1 | 3 | |||
State | 9 | 9 | B | 7 | 4 | |||
County/City/Special District/ | CCC/Caa | 1 | 1 | |||||
School District | 9 | 8 | Not Rated6 | 6 | 8 | |||
Housing | 7 | 9 | 5 Using the higher of S&Ps or Moodys ratings. | |||||
Tobacco | 5 | 5 | 6 The investment advisor has deemed certain of these securities to | |||||
be of investment grade quality. As of October 31, 2009 and April 30, | ||||||||
2009, the market value of these securities was $21,665,391 repre- | ||||||||
senting 2% and $17,649,155 representing 2%, respectively, of the | ||||||||
Trusts long-term investments. | ||||||||
SEMI-ANNUAL REPORT | OCTOBER 31, 2009 | 7 |
Trust Summary as of October 31, 2009 BlackRock Pennsylvania Strategic Municipal Trust
Investment Objective
BlackRock Pennsylvania Strategic Municipal Trust (BPS) (the Trust) seeks to provide monthly income which, in the opinion of bond counsel to the issuer,
is exempt from regular federal and Pennsylvania income taxes.
No assurance can be given that the Trusts investment objective will be achieved.
Performance
For the six months ended October 31, 2009, the Trust returned 24.45% based on market price and 16.96% based on NAV. For the same period, the
closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 16.92% on a market price basis and 12.05% on a NAV basis.
All returns reflect reinvestment of dividends. The Trusts discount to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. A higher concentration in interest-rate-sensitive bonds benefited Trust performance as rates steadily
declined through the period. Certain sector allocations also contributed to the Trusts performance, specifically the long-term care and continuing care retire-
ment communities sector, bonds escrowed to maturity, and US territories (i.e., Puerto Rico, Guam and the Virgin Islands). Conversely, low exposure to both
the corporate and non-investment-grade credit sectors detracted from the Trusts performance as credit spreads tightened and these issues outperformed.
The Trusts moderate cash level had no impact on performance.
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.
Trust Information | ||||||||
Symbol on NYSE Amex | BPS | |||||||
Initial Offering Date | August 25, 1999 | |||||||
Yield on Closing Market Price as of October 31, 2009 ($11.92)1 | 6.44% | |||||||
Tax Equivalent Yield2 | 9.91% | |||||||
Current Monthly Distribution per Common Share3 | $0.064 | |||||||
Current Annualized Distribution per Common Share3 | $0.768 | |||||||
Leverage as of October 31, 20094 | 38% | |||||||
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. | ||||||||
Past performance does not guarantee future results. | ||||||||
2 Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||||||||
3 The distribution is not constant and is subject to change. | ||||||||
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets | ||||||||
attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, | ||||||||
please see The Benefits and Risks of Leveraging on page 10. | ||||||||
The table below summarizes the changes in the Trusts market price and net asset value per share: | ||||||||
10/31/09 | 4/30/09 | Change | High | Low | ||||
Market Price | $11.92 | $ 9.85 | 21.02% | $13.03 | $ 9.84 | |||
Net Asset Value | $13.50 | $11.87 | 13.73% | $14.03 | $11.86 | |||
The following charts show the sector and credit quality allocations of the Trusts long-term investments: | ||||||||
| ||||||||
Sector Allocations | Credit Quality Allocations5 | |||||||
10/31/09 | 4/30/09 | 10/31/09 | 4/30/09 | |||||
Health | 27% | 24% | AAA/Aaa | 19% | 23% | |||
Housing | 17 | 14 | AA/Aa | 42 | 46 | |||
State | 16 | 15 | A | 16 | 17 | |||
County/City/Special District/ | BBB/Baa | 18 | 7 | |||||
School District | 12 | 15 | BB/Ba | 1 | 1 | |||
Education | 11 | 9 | Not Rated6 | 4 | 6 | |||
Transportation | 9 | 11 | 5 Using the higher of S&Ps or Moodys ratings. | |||||
Utilities | 6 | 8 | 6 The investment advisor has deemed certain of these securities to | |||||
Corporate | 2 | 4 | be of investment grade quality. As of October 31, 2009 and April 30, | |||||
2009, the market value of these securities was $1,605,730 repre- | ||||||||
senting 4% and $1,623,020 representing 4%, respectively, of the | ||||||||
Trusts long-term investments. | ||||||||
8 | SEMI-ANNUAL REPORT | OCTOBER 31, 2009 |
Trust Summary as of October 31, 2009 BlackRock Strategic Municipal Trust
Investment Objective
BlackRock Strategic Municipal Trust (BSD) (the Trust) seeks to provide high current income, which, in the opinion of bond counsel to the issuer, is
exempt from regular federal income tax, consistent with the preservation of capital.
No assurance can be given that the Trusts investment objective will be achieved.
Performance
For the six months ended October 31, 2009, the Trust returned 20.81% based on market price and 16.91% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a
NAV basis. All returns reflect reinvestment of dividends. The Trusts discount to NAV, which narrowed during the period, accounts for the difference between
performance based on price and performance based on NAV. Positive performance factors included concentrations in education, health, transportation and
corporate-related debt. Renewed risk appetite was also beneficial, given the Trusts focus on lower-rated credits. In addition, the Trusts long duration stance
and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative factors included
less exposure to the tax-backed, essential services and tobacco sectors. The Trusts cash reserves had no impact on performance.
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.
Trust Information | ||||||||
Symbol on NYSE | BSD | |||||||
Initial Offering Date | August 25, 1999 | |||||||
Yield on Closing Market Price as of October 31, 2009 ($11.83)1 | 7.10% | |||||||
Tax Equivalent Yield2 | 10.92% | |||||||
Current Monthly Distribution per Common Share3 | $0.07 | |||||||
Current Annualized Distribution per Common Share3 | $0.84 | |||||||
Leverage as of October 31, 20094 | 38% | |||||||
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. | ||||||||
Past performance does not guarantee future results. | ||||||||
2 Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||||||||
3 The distribution is not constant and is subject to change. | ||||||||
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu- | ||||||||
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see | ||||||||
The Benefits and Risks of Leveraging on page 10. | ||||||||
The table below summarizes the changes in the Trusts market price and net asset value per share: | ||||||||
10/31/09 | 4/30/09 | Change | High | Low | ||||
Market Price | $11.83 | $10.15 | 16.55% | $12.79 | $10.06 | |||
Net Asset Value | $12.35 | $10.95 | 12.79% | $13.15 | $10.95 | |||
The following charts show the sector and credit quality allocations of the Trusts long-term investments: | ||||||||
Sector Allocations | Credit Quality Allocations5 | |||||||
10/31/09 | 4/30/09 | 10/31/09 | 4/30/09 | |||||
Health | 19% | 19% | AAA/Aaa | 26% | 31% | |||
County/City/Special District/ | AA/Aa | 23 | 29 | |||||
School District | 16 | 16 | A | 24 | 20 | |||
Transportation | 14 | 13 | BBB/Baa | 13 | 5 | |||
Education | 12 | 10 | BB/Ba | 2 | 4 | |||
Corporate | 11 | 10 | B | 5 | 5 | |||
Utilities | 11 | 8 | CCC/Caa | 2 | 1 | |||
Housing | 8 | 10 | Not Rated6 | 5 | 5 | |||
State | 8 | 13 | 5 Using the higher of S&Ps or Moodys ratings. | |||||
Tobacco | 1 | 1 | ||||||
6 The investment advisor has deemed certain of these securities to | ||||||||
be of investment grade quality. As of October 31, 2009 and April 30, | ||||||||
2009, the market value of these securities was $3,804,164 repre- | ||||||||
senting 3% and $2,678,936 representing 2%, respectively, of the | ||||||||
Trusts long-term investments. | ||||||||
SEMI-ANNUAL REPORT | OCTOBER 31, 2009 | 9 |
The Benefits and Risks of Leveraging
The Trusts may utilize leverage to seek to enhance the yield and NAV of
their Common Shares. However, these objectives cannot be achieved in all
interest rate environments.
To leverage, all the Trusts, except for BTA, issue Preferred Shares, which pay
dividends at prevailing short-term interest rates, and invest the proceeds in
long-term municipal bonds. In general, the concept of leveraging is based
on the premise that the cost of assets to be obtained from leverage will be
based on short-term interest rates, which normally will be lower than the
income earned by each Trust on its longer-term portfolio investments. To
the extent that the total assets of each Trust (including the assets obtained
from leverage) are invested in higher-yielding portfolio investments, each
Trusts Common Shareholders will benefit from the incremental net income.
To illustrate these concepts, assume a Trusts Common Shares capitalization
is $100 million and it issues Preferred Shares for an additional $50 million,
creating a total value of $150 million available for investment in long-term
municipal bonds. If prevailing short-term interest rates are 3% and long-
term interest rates are 6%, the yield curve has a strongly positive slope. In
this case, the Trust pays dividends on the $50 million of Preferred Shares
based on the lower short-term interest rates. At the same time, the securi-
ties purchased by the Trust with assets received from Preferred Shares
issuance earn the income based on long-term interest rates. In this case,
the dividends paid to Preferred Shareholders are significantly lower than
the income earned on the Trusts long-term investments, and therefore the
Common Shareholders are the beneficiaries of the incremental net income.
If short-term interest rates rise, narrowing the differential between short-
term and long-term interest rates, the incremental net income pickup on
the Common Shares will be reduced or eliminated completely. Furthermore,
if prevailing short-term interest rates rise above long-term interest rates of
6%, the yield curve has a negative slope. In this case, the Trust pays divi-
dends on the higher short-term interest rates whereas the Trusts total port-
folio earns income based on lower long-term interest rates.
Furthermore, the value of the Trusts portfolio investments generally varies
inversely with the direction of long-term interest rates, although other factors
can influence the value of portfolio investments. In contrast, the redemp-
tion value of the Trusts Preferred Shares do not fluctuate in relation to inter-
est rates. As a result, changes in interest rates can influence the Trusts NAV
positively or negatively in addition to the impact on Trust performance from
leverage from Preferred Shares discussed above.
The Trusts may also leverage their assets through the use of tender option
bond (TOB) programs, as described in Note 1 of the Notes to Financial
Statements. TOB investments generally will provide the Trusts with economic
benefits in periods of declining short-term interest rates, but expose the
Trusts to risks during periods of rising short-term interest rates similar to
those associated with Preferred Shares issued by the Trusts, as described
above. Additionally, fluctuations in the market value of municipal bonds
deposited into the TOB trust may adversely affect each Trusts NAVs per
share.
The use of leverage may enhance opportunities for increased income to the
Trusts and Common Shareholders, but as described above, it also creates
risks as short- or long-term interest rates fluctuate. Leverage also will gen-
erally cause greater changes in the Trusts NAV, market price and dividend
rate than a comparable portfolio without leverage. If the income derived
from securities purchased with assets received from leverage exceeds the
cost of leverage, the Trusts net income will be greater than if leverage had
not been used. Conversely, if the income from the securities purchased is
not sufficient to cover the cost of leverage, each Trusts net income will be
less than if leverage had not been used, and therefore the amount avail-
able for distribution to Common Shareholders will be reduced. Each Trust
may be required to sell portfolio securities at inopportune times or at dis-
tressed 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 a Trust to incur losses. The use of leverage may limit each
Trusts ability to invest in certain types of securities or use certain types of
hedging strategies, such as in the case of certain restrictions imposed by
ratings agencies that rate preferred shares issued by the Trusts. Each Trust
will incur expenses in connection with the use of leverage, all of which are
borne by Common Shareholders and may reduce income to the Common
Shares.
Under the Investment Company Act of 1940, the Trusts are permitted to
issue Preferred Shares in an amount of up to 50% of their total managed
assets at the time of issuance. Under normal circumstances, each Trust
anticipates that the total economic leverage from Preferred Shares and/or
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of October 31, 2009, the Trusts had economic
leverage from Preferred Shares and/or TOBs as a percentage of their total
managed assets as follows:
Percent of | |
Leverage | |
BKN | 38% |
BTA | 37% |
BKK | 39% |
BFK | 38% |
BPS | 38% |
BSD | 38% |
Derivative Financial Instruments
The Trusts may invest in various derivative instruments, including finan-
cial futures contracts, as specified in Note 2 of the Notes to Financial
Statements, which constitute forms of economic leverage. Such instruments
are used to obtain exposure to a market without owning or taking physical
custody of securities or to hedge market and/or interest rate risks. Such
derivative instruments involve risks, including the imperfect correlation
between the value of a derivative instrument and the underlying asset and
illiquidity of the derivative instrument. The Trusts ability to successfully use
a derivative instrument depends on the investment advisors ability to accu-
rately predict pertinent market movements, which cannot be assured. The
use of derivative instruments may result in losses greater than if they had
not been used, may require the Trusts to sell or purchase portfolio securi-
ties at inopportune times or for distressed values, may limit the amount of
appreciation the Trusts can realize on an investment or may cause the
Trusts to hold a security that they might otherwise sell. The Trusts invest-
ments in these instruments are discussed in detail in the Notes to
Financial Statements.
10 SEMI-ANNUAL REPORT OCTOBER 31, 2009
Schedule of Investments October 31, 2009 (Unaudited) BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Alabama 3.1% | |||
Birmingham Alabama Special Care Facilities Financing | |||
Authority, RB, Health Care Facilities, Childrens Hospital | |||
(AGC), 6.00%, 6/01/39 | $ 1,100 | $ 1,167,078 | |
Birmingham Special Care Facilities Financing Authority, | |||
RB, Childrens Hospital (AGC), 6.00%, 6/01/34 | 1,745 | 1,858,739 | |
Coosa Valley Water Supply District Inc., RB (AGC): | |||
4.50%, 10/01/34 | 900 | 848,484 | |
4.50%, 10/01/36 | 2,045 | 1,894,549 | |
4.50%, 10/01/39 | 1,200 | 1,098,648 | |
6,867,498 | |||
Arizona 5.2% | |||
City of Goodyear Arizona, GO (FSA), 4.25%, 7/01/36 | 1,125 | 1,027,676 | |
Glendale Municipal Property Corp., Arizona, RB, Series A | |||
(FSA), 4.50%, 7/01/32 | 1,150 | 1,108,738 | |
Mohave County Unified School District No. 20, Kingman, | |||
GO, School Improvement, Project 2006, Series C (AGC), | |||
5.00%, 7/01/26 | 1,800 | 1,908,954 | |
Salt Verde Financial Corp., RB, Senior: | |||
5.00%, 12/01/32 | 1,035 | 925,497 | |
5.00%, 12/01/37 | 4,585 | 3,900,001 | |
San Luis Facility Development Corp., RB, Senior Lien | |||
Project, Regional Detention Center: | |||
6.25%, 5/01/15 | 490 | 454,681 | |
7.00%, 5/01/20 | 490 | 452,682 | |
7.25%, 5/01/27 | 980 | 894,025 | |
University Medical Center Corp., Arizona, RB, | |||
6.50%, 7/01/39 | 750 | 791,205 | |
11,463,459 | |||
California 26.2% | |||
California County Tobacco Securitization Agency, RB, CAB, | |||
Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a) | 7,090 | 86,994 | |
California Health Facilities Financing Authority, RB, | |||
Cedars-Sinai Medical Center, 5.00%, 8/15/39 | 880 | 818,242 | |
California State Department of Veterans Affairs, California, | |||
RB, Series B, AMT, 5.25%, 12/01/37 | 5,000 | 4,499,750 | |
Carlsbad Unified School District, GO, Election, Series B, | |||
6.09%, 5/01/34 (b) | 1,500 | 901,545 | |
County of Sacramento California, RB, Senior, Series A | |||
(FSA), 5.00%, 7/01/41 | 2,000 | 1,965,520 | |
Dinuba Unified School District, GO, Election of 2006 (FSA): | |||
5.63%, 8/01/31 | 250 | 259,187 | |
5.75%, 8/01/33 | 535 | 554,340 | |
Foothill Eastern Transportation Corridor Agency, California, | |||
Refunding RB: | |||
5.75%, 1/15/40 | 3,495 | 3,189,118 | |
CAB, 5.88%, 7/15/28 (b) | 7,000 | 6,797,560 |
Par | ||
Municipal Bonds | (000) | Value |
California (concluded) | ||
Golden State Tobacco Securitization Corp., California, RB, | ||
Asset-Backed, Senior, Series A-1, 5.13%, 6/01/47 | $ 805 | $ 532,145 |
Hartnell Community College District, California, GO, | ||
Premium Capital Appreciation Election of 2002, | ||
Series D, 7.17%, 8/01/34 (a) | 2,475 | 1,163,027 |
Los Altos School District, California, GO, CAB, Election | ||
of 1998, Series B (MBIA), 5.93%, 8/01/13 (a)(c) | 10,945 | 5,492,310 |
Norwalk-La Mirada Unified School District | ||
California, GO, CAB, Election 2002, Series E (AGC), | ||
6.47%, 8/01/38 (a) | 12,000 | 2,022,240 |
San Diego Community College District, California, GO, | ||
CAB, Election of 2002, 6.14%, 8/01/19 (b) | 4,200 | 2,505,426 |
State of California, GO: | ||
5.00%, 2/01/32 | 5,340 | 5,031,882 |
Refunding (CIFG), 4.50%, 8/01/28 | 3,000 | 2,670,840 |
Various Purpose, 5.75%, 4/01/31 | 3,000 | 3,078,810 |
Various Purpose, 5.00%, 6/01/32 | 4,545 | 4,280,936 |
Various Purpose, 6.50%, 4/01/33 | 2,900 | 3,205,109 |
Various Purpose (CIFG), 5.00%, 3/01/33 | 5,000 | 4,691,950 |
University of California, RB, Limited Project, Series B, | ||
4.75%, 5/15/38 | 4,185 | 3,984,036 |
57,730,967 | ||
Colorado 2.5% | ||
City of Colorado Springs Colorado, RB, Subordinate Lien, | ||
Improvement, Series C (FSA), 5.00%, 11/15/45 | 1,030 | 1,041,742 |
Colorado Health Facilities Authority, RB, Series B (FSA), | ||
5.25%, 3/01/36 | 1,750 | 1,752,730 |
Colorado Health Facilities Authority, Refunding RB, | ||
Catholic Healthcare, Series A, 5.00%, 7/01/39 (d) | 3,000 | 2,823,270 |
5,617,742 | ||
Connecticut 0.7% | ||
Mashantucket Western Pequot Tribe, RB, Sub-Series A, | ||
5.50%, 9/01/28 | 3,000 | 1,571,910 |
District of Columbia 2.1% | ||
District of Columbia Tobacco Settlement Financing Corp., | ||
RB, Asset-Backed Bonds, 6.50%, 5/15/33 | 4,960 | 4,675,643 |
Florida 12.1% | ||
County of Miami-Dade Florida, RB, CAB, Sub-Series A | ||
(MBIA) (a): | ||
5.20%, 10/01/32 | 4,225 | 899,629 |
5.21%, 10/01/33 | 4,000 | 792,640 |
5.21%, 10/01/34 | 4,580 | 846,155 |
5.22%, 10/01/35 | 5,000 | 863,850 |
5.23%, 10/01/36 | 10,000 | 1,578,800 |
5.24%, 10/01/37 | 10,000 | 1,467,500 |
Portfolio Abbreviations | |||||
To simplify the listings of portfolio holdings in each | ACA | American Capital Access Corp. | HDA | Housing Development Authority | |
Trusts Schedule of Investments, the names and | AGC | Assured Guaranty Corp. | HFA | Housing Finance Agency | |
descriptions of many of the securities have been | AMBAC | American Municipal Bond Assurance Corp. | IDA | Industrial Development Authority | |
abbreviated according to the following list: | AMT | Alternative Minimum Tax (subject to) | IDB | Industrial Development Board | |
ARB | Airport Revenue Bonds | ISD | Independent School District | ||
CAB | Capital Appreciation Bonds | MBIA | Municipal Bond Investors Assurance | ||
CIFG | CDC IXIS Financial Guaranty | (National Public Finance Guaranty Corp.) | |||
COP | Certificates of Participation | PILOT | Payment in Lieu of Taxes | ||
EDA | Economic Development Authority | RB | Revenue Bonds | ||
FGIC | Financial Guaranty Insurance Co. | S/F | Single-Family | ||
FNMA | Federal National Mortgage Association | SO | Special Obligation | ||
FSA | Financial Security Assurance Inc. | TAN | Tax Anticipation Notes | ||
GNMA | Government National Mortgage Association | VRDN | Variable Rate Demand Notes | ||
GO | General Obligation Bonds | ||||
See Notes to Financial Statements. | |||||
SEMI-ANNUAL REPORT | OCTOBER 31, 2009 | 11 |
Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)
Par | ||
Municipal Bonds | (000) | Value |
Florida (concluded) | ||
County of Orange Florida, Refunding RB (Syncora), | ||
4.75%, 10/01/32 | $ 5,000 | $ 4,790,950 |
Fishhawk Community Development District II, TAN, | ||
Series A, 6.13%, 5/01/34 | 1,990 | 1,696,992 |
Hillsborough County IDA, RB, National Gypsum, Series A, | ||
AMT, 7.13%, 4/01/30 | 3,700 | 2,551,409 |
Miami Beach Health Facilities Authority, Refunding RB, | ||
Mount Sinai Medical Center Florida, 6.75%, 11/15/21 | 1,960 | 1,972,270 |
Sumter Landing Community Development District, Florida, | ||
RB, Sub-Series B, 5.70%, 10/01/38 | 3,635 | 2,619,635 |
Village Community Development District No. 6, Special | ||
Assessment, 5.63%, 5/01/22 | 7,205 | 6,659,365 |
26,739,195 | ||
Georgia 1.5% | ||
City of Atlanta Georgia, RB (FSA), 5.00%, 11/01/34 | 1,500 | 1,466,505 |
Milledgeville & Baldwin County Development Authority, | ||
RB, Georgia College & State University Foundation, | ||
6.00%, 9/01/14 (c) | 1,500 | 1,799,850 |
3,266,355 | ||
Hawaii 1.1% | ||
Hawaii State Department of Budget & Finance, | ||
Refunding RB, Hawaiian Electric Co. Inc., Series D, AMT | ||
(AMBAC), 6.15%, 1/01/20 | 2,500 | 2,506,150 |
Idaho 1.7% | ||
Idaho Health Facilities Authority, RB, Trinity Health Group, | ||
Series B, 6.25%, 12/01/33 | 2,500 | 2,704,975 |
Idaho Housing & Finance Association, RB, Grant & | ||
Anticipation, Federal Highway Trust, Series A, | ||
5.00%, 7/15/27 | 900 | 956,124 |
3,661,099 | ||
Illinois 7.4% | ||
CenterPoint Intermodal Center Program Trust, Tax | ||
Allocation Bonds, Class A, 10.00%, 6/15/23 (e) | 1,920 | 1,010,035 |
Chicago Public Building Commission Building, Illinois, RB, | ||
Series A (MBIA), 7.00%, 1/01/20 (f) | 5,000 | 6,435,850 |
Illinois Finance Authority, RB: | ||
Friendship Village Schaumburg, Series A, | ||
5.63%, 2/15/37 | 345 | 272,923 |
Illinois Rush University Medical Center, Series C, | ||
6.63%, 11/01/39 | 1,200 | 1,294,272 |
MJH Education Assistance IV, Sub-Series B, | ||
5.38%, 6/01/35 (g)(h) | 700 | 49,700 |
Monarch Landing Inc. Facilities, Series A, | ||
7.00%, 12/01/37 | 1,155 | 577,500 |
Northwestern Memorial Hospital, Series A, | ||
5.50%, 8/15/14 (c) | 5,800 | 6,710,890 |
16,351,170 | ||
Iowa 1.7% | ||
Iowa Finance Authority, RB, Series A (AGC), | ||
5.63%, 8/15/37 | 3,600 | 3,704,796 |
Kentucky 4.0% | ||
Kentucky Economic Development Finance Authority, | ||
Kentucky, RB: | ||
Louisville Arena, Sub-Series A-1 (AGC), | ||
6.00%, 12/01/38 | 700 | 741,832 |
Norton Healthcare Inc., Series B (MBIA), | ||
6.19%, 10/01/23 (a) | 13,500 | 5,623,020 |
Louisville, Jefferson County Metropolitan Government, | ||
RB, Jewish Hospital Saint Marys Healthcare, | ||
6.13%, 2/01/37 | 2,250 | 2,351,160 |
8,716,012 |
Par | |||
Municipal Bonds | (000) | Value | |
Maryland 1.0% | |||
Maryland Community Development Administration, RB, | |||
Residential, Series A, AMT, 4.80%, 9/01/42 | $ 2,500 | $ 2,280,325 | |
Michigan 4.8% | |||
Michigan State Building Authority, Refunding RB, Facilities | |||
Program, Series I, 6.25%, 10/15/38 | 1,875 | 2,021,475 | |
Michigan State Hospital Finance Authority, Michigan, | |||
Refunding RB, Henry Ford Health System, Series A, | |||
5.25%, 11/15/46 | 1,670 | 1,448,458 | |
Michigan State Hospital Finance Authority, Refunding RB, | |||
Hospital, Henry Ford Health, 5.75%, 11/15/39 (d) | 4,110 | 3,940,051 | |
Royal Oak Hospital Finance Authority, Michigan, RB, | |||
William Beaumont Hospital, 8.25%, 9/01/39 | 2,750 | 3,193,823 | |
10,603,807 | |||
Minnesota 1.8% | |||
City of Minneapolis Minnesota, RB, Fairview Health | |||
Services, Series B (AGC), 6.50%, 11/15/38 | 3,500 | 3,940,405 | |
Mississippi 3.7% | |||
Mississippi Development Bank SO, RB (AGC): | |||
Jackson County Limited Tax Note, 5.50%, 7/01/32 | 2,655 | 2,761,811 | |
Jones Co. Junior College, 5.13%, 3/01/39 | 1,500 | 1,498,755 | |
University of Southern Mississippi, RB, Campus Facilities | |||
Improvement Project, 5.38%, 9/01/36 | 3,750 | 3,956,363 | |
8,216,929 | |||
Missouri 1.1% | |||
Missouri Joint Municipal Electric Utility Commission, RB, | |||
Plum Point Project (MBIA), 4.60%, 1/01/36 | 2,820 | 2,320,465 | |
Multi-State 4.6% | |||
Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (e)(i) | 7,000 | 7,274,050 | |
MuniMae TE Bond Subsidiary LLC, 7.75%, 6/30/50 (e)(i) | 4,000 | 2,799,920 | |
10,073,970 | |||
Nebraska 1.0% | |||
Omaha Public Power District, RB, System, Series A, | |||
4.75%, 2/01/44 | 2,265 | 2,234,649 | |
Nevada 0.5% | |||
County of Clark Nevada, Refunding RB, Alexander Dawson | |||
School, Nevada Project, 5.00%, 5/15/29 | 1,065 | 1,039,035 | |
New Jersey 6.9% | |||
Middlesex County Improvement Authority, RB, Heldrich | |||
Center Hotel, Sub-Series B, 6.25%, 1/01/37 | 1,510 | 277,780 | |
New Jersey EDA, RB: | |||
Cigarette Tax, 5.75%, 6/15/29 | 7,000 | 6,736,800 | |
Motor Vehicle Surcharge, Series A (MBIA), | |||
5.00%, 7/01/27 | 1,150 | 1,164,720 | |
New Jersey Educational Facilities Authority, Refunding RB, | |||
University Medical & Dentistry, Series B: | |||
7.13%, 12/01/23 | 950 | 1,069,805 | |
7.50%, 12/01/32 | 1,225 | 1,379,289 | |
New Jersey Health Care Facilities Financing Authority, RB, | |||
Virtual Health (AGC), 5.50%, 7/01/38 | 2,250 | 2,323,057 | |
New Jersey State Housing & Mortgage Finance Agency, | |||
RB, Series AA, 6.50%, 10/01/38 | 1,165 | 1,265,004 | |
University of Medicine & Dentistry of New Jersey, | |||
New Jersey, RB, Series A (AMBAC), 5.50%, 12/01/27 | 1,000 | 1,003,600 | |
15,220,055 | |||
New York 8.7% | |||
Albany Industrial Development Agency, RB, New Covenant | |||
Charter School Project, Series A, 7.00%, 5/01/35 | 725 | 459,374 | |
Hudson Yards Infrastructure Corp., RB, Series A (FGIC), | |||
5.00%, 2/15/47 | 1,400 | 1,272,642 |
See Notes to Financial Statements.
12 SEMI-ANNUAL REPORT OCTOBER 31, 2009
Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
New York (concluded) | |||
Long Island Power Authority, RB: | |||
General, Series C (CIFG), 5.25%, 9/01/29 | $ 2,000 | $ 2,162,380 | |
Series A, 6.25%, 4/01/33 | 480 | 548,650 | |
Series A, 5.75%, 4/01/39 | 2,475 | 2,652,928 | |
New York City Industrial Development Agency, RB: | |||
American Airlines, JFK International Airport, AMT, | |||
7.63%, 8/01/25 | 2,600 | 2,499,614 | |
Queens Baseball Stadium, PILOT (AGC), | |||
6.50%, 1/01/46 | 1,100 | 1,256,607 | |
New York Liberty Development Corp., RB, Goldman Sachs | |||
Headquarters, 5.25%, 10/01/35 | 2,000 | 1,956,680 | |
New York State Dormitory Authority, RB: | |||
5.83%, 7/01/39 (b) | 1,825 | 1,448,429 | |
Rochester Institute Technology, Series A, | |||
6.00%, 7/01/33 | 1,625 | 1,775,085 | |
University Rochester, Series A, 5.13%, 7/01/39 | 550 | 564,091 | |
Yeshiva University, 5.00%, 9/01/38 | 500 | 506,950 | |
Port Authority of New York & New Jersey, RB, | |||
Consolidated, 152nd, AMT, 5.75%, 11/01/30 | 1,000 | 1,062,820 | |
State of New York, GO, Series A, 5.00%, 2/15/39 | 950 | 986,414 | |
19,152,664 | |||
North Carolina 2.0% | |||
Gaston County Industrial Facilities & Pollution Control | |||
Financing Authority, North Carolina, RB, Exempt | |||
Facilities, National Gypsum Co. Project, AMT, | |||
5.75%, 8/01/35 | 2,425 | 1,432,981 | |
North Carolina Medical Care Commission, North | |||
Carolina, RB: | |||
University Health System, Series D, 6.25%, 12/01/33 | 1,750 | 1,908,077 | |
WakeMed, Series A (AGC), 5.88%, 10/01/38 | 1,000 | 1,042,120 | |
4,383,178 | |||
Ohio 6.8% | |||
County of Cuyahoga Ohio, Refunding RB, Series A: | |||
6.00%, 1/01/20 | 3,485 | 3,766,170 | |
6.00%, 1/01/21 | 5,000 | 5,382,000 | |
County of Montgomery Ohio, Refunding RB, Catholic | |||
Healthcare, Series A, 5.00%, 5/01/39 (d) | 3,000 | 2,836,590 | |
Kent State University, RB, Series B (AGC), 4.25%, 5/01/31 | 2,750 | 2,486,852 | |
Ohio Air Quality Development Authority, Refunding RB, | |||
Pollution, Dayton, Series B (FGIC), 4.80%, 1/01/34 | 400 | 407,688 | |
14,879,300 | |||
Oklahoma 1.3% | |||
Tulsa Municipal Airport Trust Trustees, Oklahoma, | |||
Refunding RB, Series A, AMT, 7.75%, 6/01/35 | 2,900 | 2,763,642 | |
Oregon 1.1% | |||
Oregon Health & Science University, RB, Series A, | |||
5.75%, 7/01/39 | 2,250 | 2,349,877 | |
Pennsylvania 5.8% | |||
Delaware River Port Authority, RB, Port District Project, | |||
Series B (FSA), 5.70%, 1/01/22 | 2,000 | 2,004,580 | |
McKeesport Area School District, GO, CAB (FGIC) (a): | |||
5.53%, 10/01/31 | 2,435 | 662,149 | |
5.53%, 10/01/31 (f) | 870 | 319,681 | |
Pennsylvania Economic Development Financing Authority, | |||
RB, AMT: | |||
Amtrak Project, Series A, 6.25%, 11/01/31 | 2,000 | 2,017,440 | |
Amtrak Project, Series A, 6.38%, 11/01/41 | 3,100 | 3,132,364 | |
Reliant Energy, Series A-12-22-04, 6.75%, 12/01/36 | 4,645 | 4,741,941 | |
12,878,155 |
Par | |||
Municipal Bonds | (000) | Value | |
Puerto Rico 4.4% | |||
Puerto Rico Electric Power Authority, Refunding RB, | |||
Series UU (FSA), 5.00%, 7/01/23 | $ 2,900 | $ 2,989,204 | |
Puerto Rico HFA, RB, Subordinate, Capital Fund | |||
Modernization, 5.13%, 12/01/27 | 2,500 | 2,495,500 | |
Puerto Rico Sales Tax Financing Corp., RB: | |||
CAB, Series A (MBIA), 5.78%, 8/01/41 (a) | 7,500 | 1,149,075 | |
First Sub-Series A, 5.75%, 8/01/37 | 3,000 | 3,103,800 | |
9,737,579 | |||
Rhode Island 3.2% | |||
Rhode Island Health & Educational Building Corp., RB, | |||
Hospital, Lifespan: | |||
Financing, Obligation, Series A (AGC), | |||
7.00%, 5/15/39 | 3,000 | 3,488,940 | |
(MBIA), 5.50%, 5/15/16 | 200 | 200,188 | |
Rhode Island Housing & Mortgage Finance Corp., | |||
Rhode Island, RB, Homeownership Opportunity, | |||
Series 54, AMT, 4.85%, 10/01/41 | 2,165 | 1,957,311 | |
Rhode Island State & Providence Plantations, COP, | |||
Series C, School For the Deaf (AGC), 5.38%, 4/01/28 | 1,330 | 1,393,507 | |
7,039,946 | |||
South Carolina 5.3% | |||
South Carolina Jobs-EDA, RB, Palmetto Health, Series C, | |||
6.88%, 8/01/13 (c) | 4,000 | 4,709,231 | |
South Carolina Jobs-EDA, Refunding RB, Palmetto Health | |||
Alliance, Series A, 6.25%, 8/01/31 | 2,185 | 2,216,748 | |
South Carolina State Housing Finance & Development | |||
Authority, South Carolina, RB, Series A-2, AMT (AMBAC), | |||
5.15%, 7/01/37 | 4,975 | 4,824,805 | |
11,750,784 | |||
Tennessee 3.2% | |||
Memphis-Shelby County Airport Authority, RB, Series D, | |||
AMT (AMBAC), 6.00%, 3/01/24 | 4,865 | 4,905,477 | |
Memphis-Shelby County Sports Authority Inc., | |||
Refunding RB, Memphis Arena Project, Series A: | |||
5.25%, 11/01/27 | 1,135 | 1,131,073 | |
5.38%, 11/01/28 | 1,000 | 1,004,990 | |
7,041,540 | |||
Texas 9.0% | |||
Harris County Health Facilities Development Corp., | |||
Refunding RB, Memorial Hermann Healthcare System, | |||
Series B: | |||
7.13%, 12/01/31 | 1,000 | 1,118,720 | |
7.25%, 12/01/35 | 2,650 | 2,961,905 | |
Harris County-Houston Sports Authority, Refunding RB, | |||
CAB, Senior Lien, Series A (MBIA), 6.17%, 11/15/38 (a) | 5,000 | 607,550 | |
Lower Colorado River Authority, Refunding RB & | |||
Improvement (MBIA), 5.00%, 5/15/13 (c) | 20 | 22,392 | |
Lower Colorado River Authority, Refunding RB: | |||
(AMBAC), 4.75%, 5/15/36 | 3,595 | 3,408,024 | |
Series A (MBIA), 5.00%, 5/15/13 (c) | 5 | 5,598 | |
Matagorda County Navigation District No. 1, Texas, | |||
Refunding RB, Central Power & Light Co. Project, | |||
Series A, 6.30%, 11/01/29 | 2,200 | 2,355,188 | |
San Antonio Energy Acquisition Public Facility Corp., RB, | |||
Gas Supply, 5.50%, 8/01/24 | 2,550 | 2,575,475 | |
Texas State Turnpike Authority, RB (AMBAC): | |||
CAB, 6.05%, 8/15/31 (a) | 15,000 | 3,745,050 | |
First Tier, Series A, 5.00%, 8/15/42 | 3,325 | 3,012,882 | |
19,812,784 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT OCTOBER 31, 2009 13
Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)
Par | ||
Municipal Bonds | (000) | Value |
Virginia 0.9% | ||
Tobacco Settlement Financing Corp., Virginia, RB, Senior, | ||
Series B-1, 5.00%, 6/01/47 | $ 2,900 | $ 1,975,567 |
Washington 1.1% | ||
County of King Washington, Refunding RB (FSA), | ||
5.00%, 1/01/36 | 200 | 203,920 |
Washington Health Care Facilities Authority, Washington, | ||
RB, MultiCare Health System, Series B (AGC), | ||
6.00%, 8/15/39 | 2,100 | 2,214,912 |
2,418,832 | ||
West Virginia 0.7% | ||
West Virginia Hospital Finance Authority, West Virginia, | ||
Refunding RB, Series A, 5.63%, 9/01/32 | 1,500 | 1,470,585 |
Wisconsin 2.0% | ||
Wisconsin Health & Educational Facilities Authority, RB, | ||
Aurora Health Care, 6.40%, 4/15/33 | 3,220 | 3,279,634 |
Wisconsin Housing EDA, Wisconsin, RB, Series A, AMT, | ||
4.75%, 9/01/33 | 1,250 | 1,160,675 |
4,440,309 | ||
Wyoming 1.7% | ||
County of Sweetwater, Wyoming, Refunding RB, Idaho | ||
Power Co. Project, 5.25%, 7/15/26 | 1,800 | 1,862,820 |
Wyoming Community Development Authority, Wyoming, | ||
RB, Series 3, AMT, 4.75%, 12/01/37 | 2,145 | 1,953,151 |
3,815,971 | ||
Total Municipal Bonds 151.9% | 334,712,349 | |
Municipal Bonds Transferred to | ||
Tender Option Bond Trusts (j) | ||
Colorado 2.4% | ||
Colorado Health Facilities Authority, RB, Catholic Health, | ||
Series C7 (FSA), 5.00%, 9/01/36 | 5,250 | 5,293,418 |
Illinois 1.5% | ||
Chicago New Public Housing Authority, Illinois, | ||
Refunding RB (FSA), 5.00%, 7/01/24 | 3,194 | 3,275,453 |
Massachusetts 1.4% | ||
Massachusetts Water Resources Authority, Refunding RB, | ||
Generation, Series A, 5.00%, 8/01/41 | 3,070 | 3,111,906 |
New York 2.3% | ||
New York City Municipal Water Finance Authority, RB: | ||
Fiscal 2009, Series A, 5.75%, 6/15/40 | 810 | 877,775 |
Series FF-2, 5.50%, 6/15/40 | 690 | 760,787 |
New York State Dormitory Authority, RB, New York | ||
University, Series A, 5.00%, 7/01/38 | 3,359 | 3,439,548 |
5,078,110 | ||
Ohio 2.0% | ||
County of Montgomery, Ohio, RB, Catholic Health, | ||
Series C-1 (FSA), 5.00%, 10/01/41 | 1,740 | 1,728,934 |
Ohio State Higher Educational Facility Commission, | ||
Refunding RB, Hospital Cleveland Clinic Health, | ||
Series A, 5.25%, 1/01/33 | 2,600 | 2,674,594 |
4,403,528 | ||
Total Municipal Bonds Transferred to | ||
Tender Option Bond Trusts 9.6% | 21,162,415 | |
Total Long-Term Investments | ||
(Cost $364,664,985) 161.5% | 355,874,764 |
Short-Term Securities | Shares | Value | ||
FFI Institutional Tax-Exempt Fund, 0.23% (k)(l) | 6,700,551 | $ 6,700,551 | ||
Total Short-Term Securities | ||||
(Cost $6,700,551) 3.1% | 6,700,551 | |||
Total Investments (Cost $371,365,536*) 164.6% | 362,575,315 | |||
Liabilities in Excess of Other Assets (2.3)% | (5,116,260) | |||
Liability for Trust Certificates, Including Interest | ||||
Expense and Fees Payable (5.1)% | (11,148,737) | |||
Preferred Shares, at Redemption Value (57.2)% | (125,957,367) | |||
Net Assets Applicable to Common Shares 100.0% | $220,352,951 | |||
* The cost and unrealized appreciation (depreciation) of investments as of October 31, | ||||
2009, as computed for federal income tax purposes, were as follows: | ||||
Aggregate cost | $ 359,617,413 | |||
Gross unrealized appreciation | $ 13,767,103 | |||
Gross unrealized depreciation | (21,946,602) | |||
Net unrealized depreciation | $ (8,179,499) | |||
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of | ||||
report date. | ||||
(b) Represents a step-up bond that pays an initial coupon rate for the first period and | ||||
then a higher coupon rate for the following periods. Rate shown reflects the current | ||||
yield as of report date. | ||||
(c) US government securities, held in escrow, are used to pay interest on this security as | ||||
well as to retire the bond in full at the date indicated, typically at a premium to par. | ||||
(d) When-issued security. | ||||
Unrealized | ||||
Counterparty | Value | Depreciation | ||
Citibank NA | $3,940,051 | $ (27,578) | ||
Morgan Stanley Capital Services Inc. | $5,659,860 | $ (115,920) | ||
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. | ||||
These securities may be resold in transactions exempt from registration to qualified | ||||
institutional investors. | ||||
(f) Security is collateralized by Municipal or US Treasury Obligations. | ||||
(g) Issuer filed for bankruptcy and/or is in default of interest payments. | ||||
(h) Non-income producing security. | ||||
(i) Security represents a beneficial interest in a trust. The collateral deposited into the | ||||
trust is federally tax-exempt revenue bonds issued by various state or local govern- | ||||
ments, or their respective agencies or authorities. The security is subject to remarket- | ||||
ing prior to its stated maturity and is subject to mandatory redemption at maturity. | ||||
(j) Securities represent bonds transferred to a tender option bond trust in exchange for | ||||
which the Trust acquired residual interest certificates. These securities serve as col- | ||||
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements | ||||
for details of municipal bonds transferred to tender option bond trusts. | ||||
(k) Investments in companies considered to be an affiliate of the Trust, for purposes of | ||||
Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | ||||
Net | ||||
Affiliate | Activity | Income | ||
FFI Institutional Tax-Exempt Fund | $(4,699,449) | $ 16,128 | ||
(l) Represents the current yield as of report date. |
See Notes to Financial Statements.
14 SEMI-ANNUAL REPORT OCTOBER 31, 2009
Schedule of Investments (concluded) BlackRock Investment Quality Municipal Trust Inc. (BKN)
Fair Value Measurements Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 price quotations in active markets/exchanges for identical assets and
liabilities
Level 2 other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trusts own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trusts policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of October 31, 2009 in deter-
mining the fair valuation of the Trusts investments:
Investments in | |
Valuation Inputs | Securities |
Assets | |
Level 1 Short-Term Securities | $ 6,700,551 |
Level 2 Long-Term Investments1 | 355,874,764 |
Level 3 | |
Total | $362,575,315 |
1 See above Schedule of Investments for values in each state or | |
political subdivision. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT OCTOBER 31, 2009 15
Schedule of Investments October 31, 2009 (Unaudited) BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Arizona 5.2% | |||
Phoenix & Pima County IDA, RB, Series 2007-1, AMT | |||
(GNMA), 5.25%, 8/01/38 | $ 1,456 | $ 1,473,244 | |
Pima County IDA, RB, American Charter Schools | |||
Foundation, Series A, 5.63%, 7/01/38 | 1,700 | 1,337,815 | |
Pima County IDA, RB, Arizona Charter Schools Project, | |||
Series O, 5.25%, 7/01/31 | 1,000 | 722,970 | |
Salt Verde Financial Corp., RB, Senior: | |||
5.00%, 12/01/32 | 1,850 | 1,654,270 | |
5.00%, 12/01/37 | 2,590 | 2,203,054 | |
7,391,353 | |||
California 10.0% | |||
California HFA, RB, Home Mortgage, AMT: | |||
Series G, 5.50%, 8/01/42 | 2,825 | 2,765,590 | |
Series K, 5.50%, 2/01/42 | 1,040 | 1,025,752 | |
California Health Facilities Financing Authority, RB, Series A: | |||
California, Catholic Healthcare West, 6.00%, 7/01/39 | 680 | 710,878 | |
Cedars-Sinai Medical Center, 5.00%, 8/15/39 | 645 | 599,733 | |
Saint Joseph Health System, 5.75%, 7/01/39 | 385 | 399,125 | |
California State, GO, Refunding, 4.50%, 10/01/36 | 2,000 | 1,681,260 | |
California Statewide Communities Development | |||
Authority, RB, Senior Living Southern California | |||
Presbyterian Homes: | |||
6.25%, 11/15/19 | 1,000 | 1,060,420 | |
6.63%, 11/15/24 | 540 | 571,007 | |
San Francisco City & County Public Utilities Commission, | |||
RB, Series B, 5.00%, 11/01/39 | 3,225 | 3,273,214 | |
State of California, GO, Various Purpose, 6.50%, 4/01/33 | 2,000 | 2,210,420 | |
14,297,399 | |||
Colorado 1.1% | |||
Colorado Health Facilities Authority, Refunding RB, | |||
Catholic Healthcare, Series A, 5.50%, 7/01/34 (a) | 865 | 814,043 | |
North Range Metropolitan District No. 2, GO, Limited Tax, | |||
5.50%, 12/15/37 | 1,200 | 818,964 | |
1,633,007 | |||
District of Columbia 7.8% | |||
District of Columbia Tobacco Settlement Financing Corp., | |||
RB, Asset Backed Bonds: | |||
6.25%, 5/15/24 | 5,395 | 5,403,578 | |
6.50%, 5/15/33 | 5,700 | 5,373,219 | |
Metroplitan Washington DC Airports Authority Dulles | |||
Toll Road RB, First Senior Lien, Series A: | |||
5.00%, 10/01/39 | 170 | 169,810 | |
5.25%, 10/01/44 | 270 | 276,809 | |
11,223,416 | |||
Florida 3.2% | |||
Orange County Health Facilities Authority, RB, | |||
1st Mortgage, Orlando Lutheran Tower, 5.50%, 7/01/38 | 1,150 | 862,109 | |
Sarasota County Health Facilities Authority, Refunding RB, | |||
Village On The Isle Project, 5.50%, 1/01/32 | 520 | 383,848 | |
Sumter Landing Community Development District, Florida, | |||
RB, Sub-Series B, 5.70%, 10/01/38 | 1,415 | 1,019,748 | |
Tolomato Community Development District, Special | |||
Assessment, 6.65%, 5/01/40 | 1,750 | 1,332,835 | |
Watergrass Community Development District, Special | |||
Assessment, Series A, 5.38%, 5/01/39 | 1,850 | 928,201 | |
4,526,741 | |||
Georgia 0.9% | |||
Rockdale County Development Authority, RB, Visy Paper | |||
Project, Series A, AMT, 6.13%, 1/01/34 | 1,600 | 1,283,968 |
Par | ||
Municipal Bonds | (000) | Value |
Guam 0.7% | ||
Territory of Guam, GO, Series A: | ||
6.00%, 11/15/19 | $ 200 | $ 208,258 |
6.75%, 11/15/29 | 365 | 390,528 |
7.00%, 11/15/39 | 375 | 405,315 |
1,004,101 | ||
Illinois 0.2% | ||
Illinois Finance Authority, RB, Monarch Landing Inc., | ||
Facilities, Series A, 7.00%, 12/01/37 (b)(c) | 580 | 290,000 |
Indiana 3.1% | ||
Delaware County Hospital Authority, Indiana, RB, Cardinal | ||
Health System Obligation Group, 5.25%, 8/01/36 | 2,000 | 1,597,360 |
Indiana Finance Authority Hospital, RB, Parkview Health | ||
Systems, Refunding, Series A, 5.75%, 5/01/31 | 1,100 | 1,120,141 |
Indiana Finance Authority, RB, Sisters of St. Francis | ||
Health, 5.25%, 11/01/39 (a) | 290 | 281,062 |
Indiana Finance Authority Refunding RB, Duke Energy, | ||
Series C, 4.95%, 10/01/40 | 1,165 | 1,110,758 |
Indiana Municipal Power Agency, Indiana, RB, Indiana | ||
Muni Power Agency Series B, 6.00%, 1/01/39 | 350 | 375,463 |
4,484,784 | ||
Kansas 0.3% | ||
City of Lenexa Kansas, Refunding RB & Improvement, | ||
5.50%, 5/15/39 | 650 | 465,186 |
Louisiana 1.3% | ||
Louisiana Local Government Environmental Facilities & | ||
Community Development Authority, RB, Westlake | ||
Chemical Corp. Projects, 6.75%, 11/01/32 | 2,000 | 1,916,840 |
Maryland 0.5% | ||
Maryland Health & Higher Educational Facilities Authority, | ||
RB, King Farm Presbyterian Community, Series B, | ||
5.00%, 1/01/17 | 875 | 790,396 |
Michigan 2.2% | ||
City of Detroit Michigan, RB, Senior Lien, Series B (FSA), | ||
7.50%, 7/01/33 | 560 | 691,488 |
Garden City Hospital Finance Authority, Michigan, | ||
Refunding RB, Garden City Hospital Obligation, | ||
Series A, 5.00%, 8/15/38 | 1,540 | 889,504 |
Royal Oak Hospital Finance Authority, Michigan, RB, | ||
William Beaumont Hospital, 8.25%, 9/01/39 | 1,400 | 1,625,946 |
3,206,938 | ||
Montana 0.4% | ||
Two Rivers Authority, RB, Senior Lien (b)(c): | ||
7.25%, 11/01/21 | 1,500 | 232,395 |
7.38%, 11/01/27 | 2,600 | 402,844 |
635,239 | ||
New Jersey 1.8% | ||
New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24 | 2,670 | 2,548,515 |
New York 8.0% | ||
Nassau County Tobacco Settlement Corp., RB, | ||
Asset Backed, Senior Convertible, Series A-2, | ||
5.25%, 6/01/26 (d) | 1,500 | 1,391,670 |
New York City Industrial Development Agency, RB, | ||
American Airlines, JFK International Airport, AMT, | ||
7.63%, 8/01/25 | 7,600 | 7,306,564 |
New York Liberty Development Corp., RB, Goldman Sachs | ||
Headquarters, 5.25%, 10/01/35 | 740 | 723,972 |
New York State Dormitory Authority, RB, New York | ||
University, Series A, 5.25%, 7/01/48 | 2,000 | 2,050,520 |
11,472,726 |
See Notes to Financial Statements.
16 SEMI-ANNUAL REPORT OCTOBER 31, 2009
Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
North Carolina 1.3% | |||
North Carolina Eastern Municipal Power Agency, | |||
North Carolina, RB, Series B, 5.00%, 1/01/26 | $ 765 | $ 779,031 | |
North Carolina Medical Care Commission, RB, | |||
Duke University Health System, Series A (a): | |||
5.00%, 6/01/39 | 220 | 217,644 | |
5.00%, 6/01/42 | 480 | 470,894 | |
North Carolina Municipal Power Agency, RB, Number 1 | |||
Catawba, North Carolina, Series A, 5.00%, 1/01/30 | 365 | 368,183 | |
1,835,752 | |||
Ohio 0.6% | |||
County of Montgomery Ohio, Refunding RB, Catholic | |||
Healthcare, Series A, 5.00%, 5/01/39 (a) | 865 | 817,883 | |
Pennsylvania 3.7% | |||
Allegheny County Hospital Development Authority, RB, | |||
Health System, West Pennsylvania, Series A, | |||
5.38%, 11/15/40 | 2,080 | 1,598,896 | |
Pennsylvania Economic Development Financing | |||
Authority, RB, Aqua Pennsylvania Inc. Project, | |||
5.00%, 11/15/40 (a) | 650 | 645,522 | |
Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27 | 450 | 422,046 | |
Pennsylvania Higher Educational Facilities Authority, RB, | |||
Allegheny Delaware Valley Obligation, Series A (MBIA): | |||
5.88%, 11/15/16 | 1,345 | 1,190,527 | |
5.88%, 11/15/21 | 1,810 | 1,449,104 | |
5,306,095 | |||
Puerto Rico 1.3% | |||
Puerto Rico Sales Tax Financing Corp., RB, First | |||
Sub-Series A, 6.50%, 8/01/44 | 1,705 | 1,843,958 | |
South Carolina 2.8% | |||
South Carolina Jobs-EDA, RB, Senior Lien, Burroughs & | |||
Chapin, Series A (Radian), 4.70%, 4/01/35 | 2,500 | 1,890,875 | |
South Carolina Jobs-EDA, Refunding RB, First Mortgage, | |||
Lutheran Homes: | |||
5.50%, 5/01/28 | 600 | 500,892 | |
5.63%, 5/01/42 | 1,000 | 785,250 | |
South Carolina Jobs-EDA, Refunding RB, Palmetto Health: | |||
5.50%, 8/01/26 | 565 | 558,254 | |
5.75%, 8/01/39 | 225 | 219,040 | |
3,954,311 | |||
South Dakota 0.5% | |||
South Dakota Health & Educational Facilities Authority, | |||
South Dakota, RB, Sanford Health, 5.50%, 11/01/40 | 680 | 690,982 | |
Texas 4.0% | |||
Brazos River Authority, Refunding RB, TXU Electric Co. | |||
Project, AMT: | |||
Series A, 8.25%, 10/01/30 | 1,500 | 894,345 | |
Series C, 5.75%, 5/01/36 | 225 | 202,646 | |
HFDC of Central Texas Inc., RB, Village at Gleannloch | |||
Farms, Series A, 5.50%, 2/15/27 | 1,150 | 929,994 | |
Houston Texas Airport Systems, Refunding ARB, | |||
Senior Lien, Series A, 5.50%, 7/01/39 | 510 | 528,992 | |
Matagorda County Navigation District No. 1, Texas, | |||
Refunding RB, Central Power & Light Co. Project, | |||
Series A, 6.30%, 11/01/29 | 700 | 749,378 | |
North Texas Tollway Authority, Refunding RB, Second Tier, | |||
Series F, 6.13%, 1/01/31 | 2,290 | 2,378,348 | |
5,683,703 | |||
Utah 0.6% | |||
City of Riverton Utah, RB, IHC Health Services Inc., | |||
5.00%, 8/15/41 (a) | 955 | 925,376 |
Par | ||
Municipal Bonds | (000) | Value |
Vermont 2.0% | ||
Vermont HFA, Vermont, RB, Series 27, AMT (FSA), | ||
4.90%, 5/01/38 | $ 3,020 | $ 2,818,204 |
Virginia 2.3% | ||
Fairfax County EDA, RB, Goodwin House Inc., | ||
5.13%, 10/01/42 | 850 | 718,165 |
Peninsula Ports Authority, Refunding RB, Virginia Baptist | ||
Homes, Series C, 5.38%, 12/01/26 | 2,600 | 1,620,034 |
Reynolds Crossing Community Development Authority, | ||
Special Assessment, Reynolds Crossing Project, | ||
5.10%, 3/01/21 | 1,000 | 923,870 |
3,262,069 | ||
Wisconsin 3.8% | ||
Wisconsin Health & Educational Facilities Authority, | ||
RB, Ascension Health Senior Credit, Series A, | ||
5.00%, 11/15/31 | 5,335 | 5,401,154 |
Wyoming 0.8% | ||
County of Sweetwater, Wyoming, Refunding RB, Idaho | ||
Power Co. Project, 5.25%, 7/15/26 | 1,030 | 1,065,947 |
Wyoming Municipal Power Agency, Wyoming, RB, Series A, | ||
5.00%, 1/01/42 | 100 | 95,980 |
1,161,927 | ||
Total Municipal Bonds 70.4% | 100,872,023 | |
Municipal Bonds Transferred to | ||
Tender Option Bond Trusts (e) | ||
California 14.7% | ||
Bay Area Toll Authority, RB, San Francisco Bay Area, | ||
Series F-1, 5.63%, 4/01/44 | 1,085 | 1,168,501 |
California Educational Facilities Authority, RB, University of | ||
Southern California, Series A, 5.25%, 10/01/18 | 835 | 879,931 |
Golden State Tobacco Securitization Corp., California | ||
Custodial Receipts, Series 1271, 5.00%, 6/01/45 | 5,000 | 4,281,000 |
San Diego Community College District, California, GO, | ||
Election of 2002, 5.25%, 8/01/33 | 545 | 572,108 |
University of California, RB, Series B (MBIA), | ||
4.75%, 5/15/38 | 15,000 | 14,171,700 |
21,073,240 | ||
Colorado 0.5% | ||
Colorado Health Facilities Authority, Refunding RB, | ||
Catholic Healthcare, Series A, 5.00%, 7/01/39 (a) | 735 | 748,737 |
Georgia 0.8% | ||
Metropolitan Atlanta Rapid Transit Authority, RB, | ||
3rd Series, 5.00%, 7/01/39 | 1,190 | 1,215,549 |
Illinois 10.5% | ||
City of Chicago Illinois Custodial Receipts, Series 1284, | ||
5.00%, 1/01/33 | 15,000 | 14,998,950 |
Indiana 9.6% | ||
Carmel Redevelopment Authority, RB, Performing | ||
Arts Center: | ||
4.75%, 2/01/33 | 7,230 | 7,109,548 |
5.00%, 2/01/33 | 6,580 | 6,674,752 |
13,784,300 | ||
Massachusetts 8.3% | ||
Massachusetts HFA, Massachusetts, RB, Housing, | ||
Series D, AMT, 5.45%, 6/01/37 | 11,855 | 11,906,806 |
Nebraska 3.5% | ||
Omaha Public Power District, RB, System, Sub-Series B | ||
(MBIA), 4.75%, 2/01/36 | 5,000 | 4,955,200 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT OCTOBER 31, 2009 17
Schedule of Investments (concluded) BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)
Municipal Bonds Transferred to | Par | ||
Tender Option Bond Trusts (e) | (000) | Value | |
New Hampshire 0.5% | |||
New Hampshire Health & Education Facilities Authority, | |||
RB, Dartmouth College, 5.25%, 6/01/39 | $ 660 $ | 706,134 | |
New York 14.4% | |||
New York City Municipal Water Finance Authority, RB: | |||
Series D, 5.00%, 6/15/39 | 7,500 | 7,628,250 | |
Series FF-2, 5.50%, 6/15/40 | 500 | 541,975 | |
New York State Dormitory Authority, RB, Education, | |||
Series B, 5.75%, 3/15/36 | 11,250 | 12,424,050 | |
20,594,275 | |||
North Carolina 10.8% | |||
University of North Carolina at Chapel Hill, Refunding RB, | |||
General, Series A, 4.75%, 12/01/34 | 15,170 | 15,377,374 | |
Ohio 3.3% | |||
State of Ohio, Refunding RB, Cleveland Clinic Health, | |||
Series A, 5.50%, 1/01/39 | 4,630 | 4,777,651 | |
South Carolina 2.1% | |||
South Carolina State Housing Finance & Development | |||
Authority South Carolina, RB, Series B-1, | |||
5.55%, 7/01/39 | 3,000 | 3,062,910 | |
Texas 8.1% | |||
County of Harris Texas, RB, Senior Lien, Toll Road, | |||
Series A, 5.00%, 8/15/38 | 2,130 | 2,191,344 | |
New Caney ISD, Texas, GO, School Building, | |||
5.00%, 2/15/35 | 9,150 | 9,417,912 | |
11,609,256 | |||
Wisconsin 1.4% | |||
Wisconsin Health & Educational Facilities Authority, | |||
Refunding RB, Froedtert & Community Health Inc., | |||
5.25%, 4/01/39 | 1,990 | 1,954,797 | |
Total Municipal Bonds Transferred to | |||
Tender Option Bond Trusts 88.5% | 126,765,179 | ||
Total Long-Term Investments | |||
(Cost $243,267,919) 158.9% | 227,637,202 | ||
Short-Term Securities | Shares | ||
FFI Institutional Tax-Exempt Fund, 0.23% (f)(g) | 2,200,175 | 2,200,175 | |
Total Short-Term Securities | |||
(Cost $2,200,175) 1.6% | 2,200,175 | ||
Total Investments (Cost $245,468,094*) 160.5% | 229,837,377 | ||
Liabilities in Excess of Other Assets (1.3)% | (1,631,347) | ||
Liability for Trust Certificates, Including Interest | |||
Expense and Fees Payable (59.2)% | (85,005,873) | ||
Net Assets 100.0% | $143,200,157 | ||
* The cost and unrealized appreciation (depreciation) of investments as of October 31, | |||
2009, as computed for federal income tax purposes, were as follows: | |||
Aggregate cost | $160,453,848 | ||
Gross unrealized appreciation | $ 2,670,216 | ||
Gross unrealized depreciation | (18,001,687) | ||
Net unrealized depreciation | $ (15,331,471) | ||
(a) When-issued security. | |||
Unrealized | |||
Counterparty | Value | Depreciation | |
Citibank NA | $ 688,538 | $ (4,343) | |
JPMorgan Securities, Inc. | $ 925,376 | $ (14,602) | |
Jeffries & Co. | $ 645,522 | $ (10,842) | |
Merrill Lynch & Co. | $ 281,062 | $ (415) | |
Morgan Stanley Capital Services, Inc. | $2,380,663 | $ (38,988) |
(b) Issuer filed for bankruptcy and/or is in default of interest payments.
(c) Non-income producing security.
(d) Represents a step-up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown reflects the current
yield as of report date.
(e) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Trust acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(f) Investments in companies considered to be an affiliate of the Trust, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
Net | ||
Affiliate | Activity | Income |
FFI Institutional Tax-Exempt Fund | $799,990 | $ 4,862 |
(g) Represents the current yield as of report date. |
Fair Value Measurements Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trusts own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trusts policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of October 31, 2009 in deter-
mining the fair valuation of the Trusts investments:
Investments in | |
Valuation Inputs | Securities |
Assets | |
Level 1 Short-Term Securities | $ 2,200,175 |
Level 2 Long-Term Investments1 | 227,637,202 |
Level 3 | |
Total | $ 229,837,377 |
1 See above Schedule of Investments for values in each state or | |
political subdivision. |
See Notes to Financial Statements.
18 SEMI-ANNUAL REPORT OCTOBER 31, 2009
Schedule of Investments October 31, 2009 (Unaudited) BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)
Par | ||
Municipal Bonds | (000) | Value |
Alabama 0.4% | ||
Courtland IDB, Alabama, Refunding RB, International | ||
Paper Co. Projects, Series A, 4.75%, 5/01/17 | $ 1,165 | $ 1,137,005 |
Arizona 3.5% | ||
Phoenix Civic Improvement Corp., RB, Junior Lien, | ||
Series A, 5.00%, 7/01/21 | 5,585 | 6,203,986 |
Pima County IDA, Refunding RB, Tucson Electric | ||
Power Co., San Juan, Series A, 4.95%, 10/01/20 | 1,015 | 1,017,172 |
Salt Verde Financial Corp., RB, Senior: | ||
5.00%, 12/01/18 | 1,500 | 1,458,015 |
5.25%, 12/01/20 | 1,000 | 973,500 |
9,652,673 | ||
California 19.4% | ||
California Statewide Communities Development Authority, | ||
RB, John Muir Health, Series A, 5.00%, 8/15/22 | 7,050 | 7,193,326 |
Foothill Eastern Transportation Corridor Agency, California, | ||
Refunding RB, CAB (a): | ||
5.95%, 1/15/21 | 12,500 | 5,774,625 |
5.86%, 1/15/22 | 10,000 | 4,312,200 |
Golden State Tobacco Securitization Corp., | ||
California, RB (b): | ||
Enhanced, Asset Backed, Series B, 5.38%, 6/01/28 | 4,000 | 4,115,000 |
Series 2003-A-1, 6.75%, 6/01/39 | 12,010 | 14,042,572 |
Series 2003-A-1, 6.63%, 6/01/40 | 3,000 | 3,494,760 |
Series A-3, 7.88%, 6/01/42 | 975 | 1,175,821 |
Series A-5, 7.88%, 6/01/42 | 1,470 | 1,772,776 |
Los Angeles Unified School District, California, GO, | ||
Series I, 5.00%, 7/01/20 | 3,750 | 4,090,500 |
Riverside County Asset Leasing Corp., California, | ||
RB, Riverside County Hospital Project (MBIA), | ||
5.74%, 6/01/25 (a) | 6,865 | 2,765,222 |
State of California, GO, Various Purpose, | ||
5.00%, 11/01/22 | 5,000 | 5,039,700 |
53,776,502 | ||
Colorado 1.8% | ||
E-470 Public Highway Authority, Colorado, RB, CAB, | ||
Senior, Series B (MBIA), 5.50%, 9/01/22 (a) | 4,500 | 1,997,865 |
Park Creek Metropolitan District, Colorado, Refunding RB, | ||
Senior, Limited Tax Property Tax, 5.25%, 12/01/25 | 3,000 | 2,855,880 |
4,853,745 | ||
District of Columbia 5.1% | ||
District of Columbia, RB, Friendship Public Charter | ||
School Inc. (ACA): | ||
5.75%, 6/01/18 | 2,680 | 2,533,994 |
5.00%, 6/01/23 | 3,320 | 2,738,635 |
District of Columbia Tobacco Settlement Financing Corp., | ||
RB, Asset Backed Bonds, 6.50%, 5/15/33 | 4,215 | 3,973,354 |
Metropolitan Washington Airports Authority, Refunding RB, | ||
Series C-2, AMT (FSA), 5.00%, 10/01/24 | 5,000 | 5,019,250 |
14,265,233 | ||
Florida 11.6% | ||
Bellalago Educational Facilities Benefit District, Special | ||
Assessment, Series A, 5.85%, 5/01/22 | 4,110 | 3,660,736 |
Broward County School Board, Florida, COP, Series A | ||
(FSA), 5.25%, 7/01/22 | 1,250 | 1,312,937 |
City of Jacksonville Florida, RB, Better Jacksonville, | ||
5.00%, 10/01/22 | 5,160 | 5,474,141 |
Grand Hampton Community Development District, | ||
Special Assessment, Capital Improvement, | ||
6.10%, 5/01/24 | 3,860 | 3,310,992 |
Par | ||
Municipal Bonds | (000) | Value |
Florida (concluded) | ||
Habitat Community Development District, Special | ||
Assessment, 5.80%, 5/01/25 | $ 3,635 | $ 3,007,454 |
Miami Beach Health Facilities Authority, Refunding RB, | ||
Mount Sinai Medical Center Florida, 6.75%, 11/15/21 | 2,470 | 2,485,462 |
Middle Village Community Development District, Special | ||
Assessment, Series A, 5.80%, 5/01/22 | 3,955 | 3,272,525 |
Pine Island Community Development District, RB, | ||
5.30%, 11/01/10 | 250 | 242,347 |
Stevens Plantation Community Development District, | ||
Special Assessment, Series B, 6.38%, 5/01/13 | 3,530 | 2,860,536 |
Village Community Development District No. 5, Florida, | ||
Special Assessment, Series A, 6.00%, 5/01/22 | 2,560 | 2,560,000 |
Westchester Community Development District No. 1, | ||
Special Assessment, Community Infrastructure, | ||
6.00%, 5/01/23 | 5,140 | 3,975,276 |
32,162,406 | ||
Georgia 0.8% | ||
Richmond County Development Authority, RB, Series A, | ||
Environmental, AMT, 5.75%, 11/01/27 | 2,350 | 2,216,826 |
Illinois 13.0% | ||
CenterPoint Intermodal Center Program Trust, Tax | ||
Allocation Bonds, Class A, 10.00%, 6/15/23 (c) | 2,155 | 1,133,659 |
City of Chicago Illinois, RB, General Airport Third Lien, | ||
Series A (AMBAC): | ||
5.00%, 1/01/21 | 5,000 | 5,220,650 |
5.00%, 1/01/22 | 7,000 | 7,278,040 |
Illinois Educational Facilities Authority, RB, Northwestern | ||
University, 5.00%, 12/01/21 | 4,800 | 5,070,816 |
Illinois Finance Authority, RB: | ||
DePaul University, Series C, 5.25%, 10/01/24 | 5,000 | 5,084,200 |
MJH Education Assistance IV, Senior Series A, | ||
5.50%, 6/01/19 (d)(e) | 3,250 | 1,625,000 |
MJH Education Assistance IV, Sub-Series B, | ||
5.00%, 6/01/24 (d)(e) | 1,075 | 76,325 |
Illinois State Toll Highway Authority, RB, Senior Priority, | ||
Series A (FSA), 5.00%, 1/01/19 (e) | 2,250 | 2,425,680 |
Lake Cook-Dane & McHenry Counties Community Unit | ||
School District 220, Illinois, GO, Refunding (FSA), | ||
5.25%, 12/01/20 | 1,000 | 1,162,220 |
Metropolitan Pier & Exposition Authority, Illinois, | ||
Refunding RB, CAB, McCormick, Series A (MBIA), | ||
5.40%, 6/15/22 (a) | 13,455 | 7,135,052 |
36,211,642 | ||
Indiana 5.6% | ||
City of Lawrence Indiana, Refunding RB, Housing, | ||
Pinnacle Apartments Project, AMT (FNMA), | ||
5.15%, 6/01/24 | 2,000 | 2,001,380 |
Indianapolis Airport Authority, Refunding RB, Special | ||
Facilities, Federal Express Corp. Project, AMT, | ||
5.10%, 1/15/17 | 10,000 | 9,898,300 |
Vincennes Indiana, Refunding RB & Improvement, | ||
Southwest Indiana Regional, 6.25%, 1/01/24 | 4,620 | 3,600,505 |
15,500,185 | ||
Kansas 2.2% | ||
Kansas Development Finance Authority, RB, Adventist | ||
Health, 5.25%, 11/15/20 | 2,500 | 2,629,450 |
Wyandotte County-Kansas City Unified Government, | ||
RB, Kansas International Speedway (MBIA), | ||
5.20%, 12/01/20 (a) | 6,440 | 3,457,443 |
6,086,893 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT OCTOBER 31, 2009 19
Schedule of Investments (continued) BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)
Par | ||
Municipal Bonds | (000) | Value |
Kentucky 0.7% | ||
Kentucky Housing Corp., RB, Series C, AMT, | ||
4.63%, 7/01/22 | $ 2,000 | $ 1,989,460 |
Louisiana 0.7% | ||
Parish of DeSoto Louisiana, RB, Series A, AMT, | ||
5.85%, 11/01/27 | 2,000 | 1,908,040 |
Maryland 4.5% | ||
County of Frederick Maryland, Special Tax, Urbana | ||
Community Development Authority: | ||
6.63%, 7/01/25 | 3,000 | 2,796,540 |
Series A, 5.80%, 7/01/20 | 4,453 | 4,061,759 |
Maryland Health & Higher Educational Facilities Authority, | ||
Refunding RB, MedStar Health, 5.38%, 8/15/24 | 5,500 | 5,659,610 |
12,517,909 | ||
Massachusetts 1.7% | ||
Massachusetts Development Finance Agency, RB, | ||
Waste Management Inc. Project, AMT, 5.45%, 6/01/14 | 4,500 | 4,694,130 |
Massachusetts State Water Pollution Abatement, RB, | ||
MWRA Program, Sub-Series A, 6.00%, 8/01/23 | 140 | 141,931 |
4,836,061 | ||
Michigan 1.6% | ||
Michigan State Hospital Finance Authority, Michigan, | ||
Refunding RB, Hospital, Sparrow Obligated, | ||
4.50%, 11/15/26 | 1,500 | 1,375,875 |
State of Michigan, Refunding RB (f): | ||
5.00%, 11/01/20 | 1,000 | 1,069,180 |
5.00%, 11/01/21 | 2,000 | 2,119,860 |
4,564,915 | ||
Minnesota 0.5% | ||
Minnesota Higher Education Facilities Authority, | ||
Minnesota, RB, University Saint Thomas, Series Five, | ||
Y, 5.00%, 10/01/24 | 1,250 | 1,293,988 |
Mississippi 1.0% | ||
County of Warren Mississippi, RB, Series A, AMT, | ||
5.85%, 11/01/27 | 3,000 | 2,862,060 |
Missouri 3.8% | ||
Missouri Development Finance Board, Missouri, RB, | ||
Branson Landing Project, Series A, 5.50%, 12/01/24 | 5,000 | 5,013,800 |
Missouri State Health & Educational Facilities Authority, | ||
Missouri, RB, BJC Health System, Series A, | ||
5.00%, 5/15/20 | 5,500 | 5,679,740 |
10,693,540 | ||
Multi-State 7.7% | ||
Charter Mac Equity Issuer Trust (c)(g): | ||
5.75%, 5/15/15 | 1,000 | 1,021,590 |
6.00%, 5/15/15 | 4,000 | 4,128,960 |
6.00%, 5/15/19 | 2,500 | 2,573,275 |
6.30%, 5/15/19 | 2,500 | 2,585,250 |
MuniMae TE Bond Subsidiary LLC (c)(g)(h): | ||
5.40% | 5,000 | 3,258,400 |
5.80% | 5,000 | 3,249,500 |
Series D, 5.90% | 2,000 | 1,099,180 |
San Manuel Entertainment Authority Series 04-C, | ||
4.50%, 12/01/16 (c) | 4,000 | 3,539,320 |
21,455,475 | ||
Nevada 2.1% | ||
City of Henderson Nevada, Special Assessment, | ||
No. T-18, 5.15%, 9/01/21 | 1,765 | 792,626 |
County of Clark Nevada, Refunding RB, Alexander | ||
Dawson School, Nevada Project, 5.00%, 5/15/20 | 5,000 | 5,117,450 |
5,910,076 |
Par | ||
Municipal Bonds | (000) | Value |
New Hampshire 5.2% | ||
New Hampshire Business Finance Authority, | ||
Refunding RB, Public Service Co. New Hampshire | ||
Project, Series B, AMT (MBIA), 4.75%, 5/01/21 | $ 10,000 | $ 9,581,500 |
New Hampshire Health & Education Facilities Authority, | ||
RB, Elliot Hospital, Series B, 5.60%, 10/01/22 | 4,755 | 4,819,763 |
14,401,263 | ||
New Jersey 13.3% | ||
Middlesex County Improvement Authority, RB, Street | ||
Student Housing Project, Series A, 5.00%, 8/15/23 | 1,000 | 1,026,470 |
New Jersey EDA, RB: | ||
Cigarette Tax, 5.50%, 6/15/24 | 10,000 | 9,545,000 |
Continental Airlines Inc. Project, AMT, | ||
7.00%, 11/15/30 | 5,000 | 4,642,800 |
Continental Airlines Inc. Project, AMT, | ||
9.00%, 6/01/33 | 1,500 | 1,565,640 |
Kapkowski Road Landfill, Series B, AMT, | ||
6.50%, 4/01/31 | 7,500 | 5,908,800 |
New Jersey EDA, Refunding RB, First Mortgage, | ||
Winchester, Series A, 4.80%, 11/01/13 | 1,000 | 1,010,260 |
New Jersey Educational Facilities Authority, Refunding RB, | ||
University Medical & Dentistry, Series B, | ||
6.25%, 12/01/18 | 2,500 | 2,680,550 |
New Jersey Health Care Facilities Financing Authority, | ||
RB, Capital Health System Obligation Group, Series A, | ||
5.75%, 7/01/13 (b) | 4,000 | 4,541,720 |
New Jersey Health Care Facilities Financing Authority, | ||
Refunding RB, AtlantiCare Regional Medical Center, | ||
5.00%, 7/01/20 | 2,110 | 2,183,196 |
New Jersey State Housing & Mortgage Finance Agency, | ||
RB, S/F Housing, Series T, AMT, 4.55%, 10/01/22 | 2,500 | 2,468,675 |
Newark Housing Authority, RB, South Ward Police Facility | ||
(AGC), 5.00%, 12/01/21 | 1,250 | 1,314,262 |
36,887,373 | ||
New York 8.5% | ||
New York City Industrial Development Agency, RB, | ||
American Airlines, JFK International Airport, AMT: | ||
7.63%, 8/01/25 | 5,635 | 5,417,433 |
7.75%, 8/01/31 | 5,000 | 4,826,350 |
New York State Energy Research & Development | ||
Authority, RB, Brooklyn Union Gas, Keyspan, Series A, | ||
AMT (FGIC), 4.70%, 2/01/24 | 8,500 | 8,182,950 |
Tobacco Settlement Financing Corp., New York, RB, | ||
Series B-1C, 5.50%, 6/01/20 | 5,000 | 5,270,450 |
23,697,183 | ||
North Carolina 0.6% | ||
North Carolina Eastern Municipal Power Agency, | ||
North Carolina, RB, Series B, 5.00%, 1/01/21 | 1,550 | 1,598,205 |
Ohio 7.3% | ||
American Municipal Power-Ohio Inc., RB, Prairie State | ||
Energy Campus Project, Series A, 5.25%, 2/15/23 | 5,000 | 5,338,800 |
County of Cuyahoga Ohio, Refunding RB, Series A: | ||
6.00%, 1/01/19 | 3,000 | 3,248,460 |
6.00%, 1/01/20 | 10,000 | 10,806,800 |
Pinnacle Community Infrastructure Financing Authority, | ||
RB, Facilities, Series A, 6.00%, 12/01/22 | 1,015 | 832,787 |
20,226,847 | ||
Oklahoma 1.2% | ||
Tulsa Municipal Airport Trust Trustees, Oklahoma, | ||
Refunding RB, Series A, AMT, 7.75%, 6/01/35 | 3,350 | 3,192,483 |
See Notes to Financial Statements.
20 SEMI-ANNUAL REPORT OCTOBER 31, 2009
Schedule of Investments (continued) BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)
Par | ||
Municipal Bonds | (000) | Value |
Pennsylvania 6.2% | ||
Lancaster County Hospital Authority, RB, General | ||
Hospital Project, 5.75%, 3/15/20 (b) | $ 7,500 | $ 8,588,400 |
Montgomery County IDA, Pennsylvania, RB, Mortgage, | ||
Whitemarsh Continuing Care, 6.00%, 2/01/21 | 1,275 | 989,795 |
Pennsylvania Higher Educational Facilities Authority, RB, | ||
La Salle University, 5.50%, 5/01/26 | 6,680 | 6,531,303 |
Pennsylvania Turnpike Commission, RB, Sub-Series A | ||
(AGC), 5.00%, 6/01/22 | 1,000 | 1,053,280 |
17,162,778 | ||
Puerto Rico 4.9% | ||
Commonwealth of Puerto Rico, GO, Public Improvement, | ||
Series B, 5.25%, 7/01/17 | 3,300 | 3,395,040 |
Puerto Rico Electric Power Authority, RB, Series NN, | ||
5.13%, 7/01/13 (b) | 9,000 | 10,184,490 |
13,579,530 | ||
Tennessee 3.5% | ||
Tennessee Energy Acquisition Corp., Tennessee, RB, | ||
Series A, 5.25%, 9/01/20 | 10,000 | 9,821,100 |
Texas 9.9% | ||
Brazos River Authority, Refunding RB, TXU Energy Co. LLC | ||
Project, Series A, AMT, 6.75%, 4/01/38 | 1,100 | 793,650 |
City of Dallas Texas, Refunding RB & Improvement (AGC), | ||
5.00%, 8/15/21 | 2,500 | 2,631,750 |
North Texas Toll Highway Authority, RB, Dallas North | ||
Toll Highway System, Series C: | ||
5.25%, 1/01/20 | 1,000 | 1,050,410 |
5.38%, 1/01/21 | 5,000 | 5,241,150 |
Port Corpus Christi Industrial Development Corp., Texas, | ||
Refunding RB, Valero, Series C, 5.40%, 4/01/18 | 3,500 | 3,454,955 |
Texas State Turnpike Authority, RB, CAB, First Tier, Series A | ||
(AMBAC) (a): | ||
5.38%, 8/15/21 | 7,990 | 4,191,314 |
5.53%, 8/15/24 | 8,450 | 3,618,882 |
Weatherford ISD, GO, CAB, Refunding (a): | ||
5.75%, 2/15/11 (b) | 4,040 | 2,007,920 |
5.77%, 2/15/11 (b) | 4,040 | 1,895,972 |
5.75%, 2/15/23 | 2,905 | 1,376,708 |
5.77%, 2/15/24 | 2,905 | 1,298,535 |
27,561,246 | ||
U.S. Virgin Islands 0.4% | ||
Virgin Islands Public Finance Authority, RB, Senior Lien, | ||
Matching Fund Loan Note, Series A, 5.25%, 10/01/17 | 1,000 | 1,030,950 |
Virginia 7.8% | ||
Celebrate North Community Development Authority, | ||
Special Assessment Bonds, Celebrate Virginia North | ||
Project, Series B, 6.60%, 3/01/25 | 4,993 | 4,183,784 |
Charles City County EDA, RB, Waste Management, AMT, | ||
5.13%, 8/01/27 | 10,000 | 10,006,900 |
Mecklenburg County IDA, Virginia, Refunding RB, Exempt | ||
Facilities, UAE LP Project, AMT, 6.50%, 10/15/17 | 7,500 | 7,318,275 |
21,508,959 | ||
Wisconsin 3.1% | ||
State of Wisconsin, RB, Series A, 5.25%, 5/01/20 | 1,000 | 1,110,290 |
Wisconsin Health & Educational Facilities Authority, RB, | ||
Wheaton Franciscan Services, Series A: | ||
5.50%, 8/15/17 | 2,880 | 2,843,885 |
5.50%, 8/15/18 | 3,190 | 3,124,509 |
Wisconsin Health & Educational Facilities Authority, | ||
Refunding RB, Froedtert & Community Health Inc., | ||
5.00%, 4/01/20 | 1,515 | 1,543,437 |
8,622,121 | ||
Total Municipal Bonds 159.6% | 443,184,672 |
Municipal Bonds Transferred to | Par | |
Tender Option Bond Trusts (i) | (000) | Value |
City of Chicago, Illinois, Refunding RB, Second Lien | ||
(FSA), 5.00%, 11/01/20 | $ 5,000 $ | 5,446,700 |
Total Municipal Bonds Transferred to | ||
Tender Option Bond Trusts 2.0% | 5,446,700 | |
Total Long-Term Investments | ||
(Cost $463,678,046) 161.6% | 448,631,372 | |
Short-Term Securities | ||
Pennsylvania 0.0% | ||
City of Philadelphia Pennsylvania, Refunding RB, VRDN | ||
(FSA), 0.29%, 11/06/09 (j) | 90 | 90,000 |
Shares | ||
Money Market Funds 1.2% | ||
FFI Institutional Tax-Exempt Fund, 0.23% (k)(l) | 3,400,644 | 3,400,644 |
Total Short-Term Securities | ||
(Cost $3,490,644) 1.2% | 3,490,644 | |
Total Investments (Cost $467,168,690*) 162.8% | 452,122,016 | |
Other Assets Less Liabilities 1.2% | 3,151,618 | |
Liability for Trust Certificates, Including Interest | ||
Expense and Fees Payable (1.4)% | (3,750,032) | |
Preferred Shares, at Redemption Value (62.6)% | (173,861,498) | |
Net Assets Applicable to Common Shares 100.0% | $277,662,104 | |
* The cost and unrealized appreciation (depreciation) of investments as of October 31, | ||
2009, as computed for federal income tax purposes, were as follows: | ||
Aggregate cost | $463,002,685 | |
Gross unrealized appreciation | $ 11,294,386 | |
Gross unrealized depreciation | (25,925,055) | |
Net unrealized depreciation | $ (14,630,669) | |
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of | ||
report date. | ||
(b) US government securities, held in escrow, are used to pay interest on this security as | ||
well as to retire the bond in full at the date indicated, typically at a premium to par. | ||
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. | ||
These securities may be resold in transactions exempt from registration to qualified | ||
institutional investors. | ||
(d) Issuer filed for bankruptcy and/or is in default of interest payments. | ||
(e) Non-income producing security. | ||
(f) When-issued security. | ||
Unrealized | ||
Counterparty | Value | Depreciation |
Loop Capital Markets LLC | $3,189,040 | $ (6,040) |
(g) Security represents a beneficial interest in a trust. The collateral deposited into the | ||
trust is federally tax-exempt revenue bonds issued by various state or local govern- | ||
ments, or their respective agencies or authorities. The security is subject to remarket- | ||
ing prior to its stated maturity and is subject to mandatory redemption at maturity. | ||
(h) Security is perpetual in nature and has no stated maturity date. | ||
(i) Securities represent bonds transferred to a tender option bond trust in exchange for | ||
which the Trust acquired residual interest certificates. These securities serve as col- | ||
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements | ||
for details of municipal bonds transferred to tender option bond trusts. | ||
(j) Security may have a maturity of more than one year at time of issuance, but has | ||
variable rate and demand features that qualify it as a short-term security. The rate | ||
shown is as of report date and maturity shown is the date the principal owed can | ||
be recovered through demand. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT OCTOBER 31, 2009 21
Schedule of Investments (concluded) BlackRock Municipal 2020 Term Trust (BKK)
(k) Investments in companies considered to be an affiliate of the Trust, for purposes of | ||||||
Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | ||||||
Net | ||||||
Affiliate | Activity | Income | ||||
FFI Institutional Tax-Exempt Fund | $ 1,099,603 | $ 5,435 | ||||
(l) Represents the current yield as of report date. | ||||||
Fair Value Measurements Various inputs are used in determining the fair value of | ||||||
investments, which are as follows: | ||||||
Level 1 price quotations in active markets/exchanges for identical assets | ||||||
and liabilities | ||||||
Level 2 other observable inputs (including, but not limited to: quoted prices for | ||||||
similar assets or liabilities in markets that are active, quoted prices for identical | ||||||
or similar assets or liabilities in markets that are not active, inputs other than | ||||||
quoted prices that are observable for the assets or liabilities (such as interest | ||||||
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and | ||||||
default rates) or other market-corroborated inputs) | ||||||
Level 3 unobservable inputs based on the best information available in the | ||||||
circumstances, to the extent observable inputs are not available (including the | ||||||
Trusts own assumptions used in determining the fair value of investments) | ||||||
The inputs or methodology used for valuing securities are not necessarily an indica- | ||||||
tion of the risk associated with investing in those securities. For information about | ||||||
the Trusts policy regarding valuation of investments and other significant accounting | ||||||
policies, please refer to Note 1 of the Notes to Financial Statements. | ||||||
The following table summarizes the inputs used as of October 31, 2009 in deter- | ||||||
mining the fair valuation of the Trusts investments: | ||||||
Investments in | ||||||
Valuation Inputs | Securities | |||||
Assets | ||||||
Level 1 Short-Term Securities | $ 3,400,644 | |||||
Level 2: | ||||||
Long-Term Investments1 | 448,631,372 | |||||
Short-Term Securities | 90,000 | |||||
Total Level 2 | 448,721,372 | |||||
Level 3 | | |||||
Total | $452,122,016 | |||||
1 | See above Schedule of Investments for values in each state or | |||||
political subdivision. | ||||||
See Notes to Financial Statements. | ||||||
22 | SEMI-ANNUAL REPORT | OCTOBER 31, 2009 |
Schedule of Investments October 31, 2009 (Unaudited) | BlackRock Municipal Income Trust (BFK) | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Alabama 3.0% | Colorado (concluded) | |||||
Huntsville Health Care Authority, Alabama, RB, Series B, | Denver Health & Hospital Authority, Colorado, RB, | |||||
5.75%, 6/01/12 (a) | $ 15,000 | $ 16,908,150 | Series A, 6.00%, 12/01/11 (a) | $ 1,500 | $ 1,649,715 | |
Arizona 4.4% | Park Creek Metropolitan District, Colorado, Refunding RB, | |||||
Phoenix & Pima County IDA, RB, Series 2007-1, AMT | Senior, Limited Tax Property Tax, 5.50%, 12/01/37 | 2,530 | 2,342,982 | |||
(GNMA), 5.25%, 8/01/38 | 3,743 | 3,788,346 | 19,097,811 | |||
Pima County IDA, RB, American Charter Schools | District of Columbia 7.3% | |||||
Foundation, Series A, 5.63%, 7/01/38 | 4,590 | 3,612,100 | District of Columbia, RB, CAB, University, Georgetown, | |||
Salt Verde Financial Corp., RB, Senior: | Series A (MBIA), 6.03%, 4/01/11 (a)(b): | 66,785 | 14,224,710 | |||
5.00%, 12/01/32 | 10,280 | 9,192,376 | District of Columbia, RB, Friendship Public Charter | |||
5.00%, 12/01/37 | 9,290 | 7,902,074 | School Inc. (ACA), 5.25%, 6/01/33 | 2,390 | 1,842,379 | |
24,494,896 | District of Columbia Tobacco Settlement Financing Corp., | |||||
California 26.6% | RB, Asset Backed Bonds, 6.75%, 5/15/40 | 23,035 | 22,311,931 | |||
Bay Area Toll Authority, RB, San Francisco Bay Area, | Metropolitan Washington DC Airports Authority Dulles | |||||
Series F1, 5.63%, 4/01/44 | 4,445 | 4,787,087 | Toll Road, RB, First Senior Lien, Series A: | |||
California County Tobacco Securitization Agency, RB, CAB, | 5.00%, 10/01/39 | 990 | 988,891 | |||
Stanislaus, Sub-Series C, 6.30%, 6/01/55 (b) | 17,855 | 219,081 | 5.25%, 10/01/44 | 1,545 | 1,583,965 | |
California HFA, RB, Home Mortgage, Series G, AMT, | 40,951,876 | |||||
5.50%, 8/01/42 | 7,845 | 7,680,020 | Florida 4.0% | |||
California Statewide Communities Development Authority, | County of Orange Florida, Refunding RB (Syncora), | |||||
RB, Health Facilities, Memorial Health Services, | 4.75%, 10/01/32 | 5,440 | 5,212,554 | |||
Series A, 5.50%, 10/01/33 | 5,000 | 5,030,650 | Miami Beach Health Facilities Authority, Refunding RB, | |||
City of Lincoln California, Special Tax, Community | Mount Sinai Medical Center Florida, 6.75%, 11/15/21 | 7,485 | 7,531,856 | |||
Facilities District No. 2003-1, 6.00%, 9/01/13 (a) | 3,115 | 3,678,940 | Stevens Plantation Community Development District, | |||
Foothill Eastern Transportation Corridor Agency, California, | Special Assessment, Series A, 7.10%, 5/01/35 | 3,770 | 2,832,929 | |||
Refunding RB, CAB (b): | Village Community Development District No. 6, Special | |||||
6.09%, 1/15/32 | 54,635 | 11,828,478 | Assessment, 5.63%, 5/01/22 | 7,200 | 6,654,744 | |
6.09%, 1/15/38 | 75,000 | 10,740,000 | ||||
Golden State Tobacco Securitization Corp., California, RB, | 22,232,083 | |||||
Series 2003-A-1, 6.63%, 6/01/13 (a) | 10,000 | 11,649,200 | Georgia 2.0% | |||
Los Angeles Regional Airports Improvement Corp., | Metropolitan Atlanta Rapid Transit Authority, RB, | |||||
California, Refunding RB, Facilities, LAXFUEL Corp., | 3rd Series, 5.00%, 7/01/39 | 6,805 | 6,951,103 | |||
LA International Airport, AMT (AMBAC), 5.50%, 1/01/32 | 13,320 | 12,920,800 | Richmond County Development Authority, Refunding RB, | |||
Los Angeles Unified School District, California, GO, | International Paper Co. Project, Series A, AMT, | |||||
Series D: | 6.00%, 2/01/25 | 4,000 | 3,948,480 | |||
5.25%, 7/01/24 | 5,000 | 5,396,900 | 10,899,583 | |||
5.25%, 7/01/25 | 3,490 | 3,749,830 | ||||
5.00%, 7/01/26 | 1,305 | 1,372,351 | Guam 1.1% | |||
Murrieta Community Facilities District Special Tax, | Territory of Guam, GO, Series A: | |||||
California, Special Tax, No. 2, The Oaks Improvement | 6.00%, 11/15/19 | 1,245 | 1,296,406 | |||
Area, Series A, 6.00%, 9/01/34 | 5,000 | 4,330,550 | 6.75%, 11/15/29 | 2,180 | 2,332,469 | |
San Francisco City & County Public Utilities Commission, | 7.00%, 11/15/39 | 2,255 | 2,437,294 | |||
RB, Series B, 5.00%, 11/01/39 | 18,550 | 18,827,322 | 6,066,169 | |||
State of California, GO, Various Purpose: | Illinois 6.2% | |||||
5.00%, 6/01/32 | 4,000 | 3,767,600 | CenterPoint Intermodal Center Program Trust, Tax | |||
6.50%, 4/01/33 | 20,410 | 22,557,336 | Allocation Bonds, Class A, 10.00%, 6/15/23 (d) | 4,630 | 2,435,658 | |
5.00%, 6/01/34 | 6,250 | 5,848,750 | Illinois Educational Facilities Authority, RB: | |||
University of California, RB, Limited Project, Series B, | Educational Advancement Fund, University Center | |||||
4.75%, 5/15/38 | 10,565 | 10,057,669 | Project, 6.25%, 5/01/30 (a) | 10,000 | 11,363,300 | |
West Valley-Mission Community College District, GO, | University of Chicago, Series A, 5.25%, 7/01/41 | 760 | 784,328 | |||
Election of 2004, Series A (FSA), 4.75%, 8/01/30 | 4,015 | 4,037,765 | Illinois Finance Authority, RB: | |||
148,480,329 | Friendship Village Schaumburg, Series A, | |||||
Colorado 3.4% | 5.63%, 2/15/37 | 845 | 668,463 | |||
City of Colorado Springs Colorado, RB, Subordinate Lien, | MJH Education Assistance IV, Sub-Series B, | |||||
Improvement, Series C (FSA), 5.00%, 11/15/45 | 2,545 | 2,574,013 | 5.38%, 6/01/35 (e)(f) | 1,675 | 118,925 | |
Colorado Health Facilities Authority, RB, Series C (FSA), | Monarch Landing Inc., Facilities, Series A, | |||||
5.25%, 3/01/40 | 3,585 | 3,574,998 | 7.00%, 12/01/37 | 2,885 | 1,442,500 | |
Colorado Health Facilities Authority, Refunding RB, | Illinois Health Facilities Authority, Refunding RB, Elmhurst | |||||
Catholic Healthcare, Series A (c): | Memorial Healthcare: | |||||
5.50%, 7/01/34 | 4,205 | 4,283,591 | 5.50%, 1/01/22 | 5,000 | 4,874,150 | |
5.00%, 7/01/39 | 4,965 | 4,672,512 | 5.63%, 1/01/28 | 6,000 | 5,720,640 | |
See Notes to Financial Statements. | ||||||
SEMI-ANNUAL REPORT | OCTOBER 31, 2009 | 23 |
Schedule of Investments (continued) | BlackRock Municipal Income Trust (BFK) | ||||||
(Percentages shown are based on Net Assets) | |||||||
Par | Par | ||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | ||
Illinois (concluded) | New Jersey 7.2% | ||||||
Illinois Municipal Electric Agency, RB (MBIA), | Middlesex County Improvement Authority, RB, Subordinate, | ||||||
4.50%, 2/01/35 | $ 1,595 | $ 1,483,382 | Heldrich Center Hotel, Series B, 6.25%, 1/01/37 | $ 3,680 | $ 676,973 | ||
Village of Bolingbrook Illinois, GO, Series B (MBIA) (b): | New Jersey EDA, RB: | ||||||
6.01%, 1/01/33 | 6,820 | 1,862,951 | Cigarette Tax, 5.75%, 6/15/29 | 15,500 | 14,917,200 | ||
6.01%, 1/01/34 | 14,085 | 3,620,831 | Continental Airlines Inc. Project, AMT, | ||||
34,375,128 | 7.00%, 11/15/30 | 15,410 | 14,309,110 | ||||
New Jersey EDA, Special Assessment, Refunding RB, | |||||||
Indiana 7.6% | Kapkowski Road Landfill Project, 6.50%, 4/01/28 | 8,000 | 6,764,960 | ||||
Indiana Finance Authority, RB: | Tobacco Settlement Financing Corp., New Jersey, RB, | ||||||
Refunding, Duke Energy, Series C, 4.95%, 10/01/40 | 5,745 | 5,477,513 | Series 1A, 4.50%, 6/01/23 | 4,125 | 3,693,525 | ||
Sisters of St. Francis Health, 5.25%, 11/01/39 (c) | 1,655 | 1,603,993 | |||||
Indiana Health Facility Financing Authority, Indiana, RB, | 40,361,768 | ||||||
Methodist Hospital Inc, 5.50%, 9/15/31 | 9,000 | 6,982,920 | New York 6.3% | ||||
Indiana Municipal Power Agency, Indiana, RB, Indiana | Albany Industrial Development Agency, RB, New Covenant | ||||||
Muni Power Agency Series B, 6.00%, 1/01/39 | 2,150 | 2,306,412 | Charter School Project, Series A, 7.00%, 5/01/35 | 1,820 | 1,153,188 | ||
Petersburg Indiana, RB, Indiana Power & Light, AMT: | New York City Industrial Development Agency, RB, | ||||||
5.90%, 12/01/24 | 10,000 | 9,594,700 | American Airlines, JFK International Airport, AMT: | ||||
5.95%, 12/01/29 | 16,000 | 14,968,640 | 8.00%, 8/01/28 | 5,000 | 5,012,400 | ||
Vincennes Indiana, Refunding RB & Improvement, | 7.75%, 8/01/31 | 22,140 | 21,371,078 | ||||
Southwest Indiana Regional, 6.25%, 1/01/24 | 2,220 | 1,730,113 | New York Liberty Development Corp., RB, Goldman | ||||
42,664,291 | Sachs Headquarters, 5.25%, 10/01/35 | 3,545 | 3,468,215 | ||||
New York State Dormitory Authority, RB, NYU Hospitals | |||||||
Kentucky 0.1% | Center, Series A, 5.00%, 7/01/20 | 4,000 | 3,922,000 | ||||
Kentucky Housing Corp., RB, Series F, AMT (FNMA), | |||||||
5.45%, 1/01/32 | 715 | 717,424 | 34,926,881 | ||||
Louisiana 1.3% | North Carolina 4.7% | ||||||
Louisiana Local Government Environmental Facilities & | Gaston County Industrial Facilities & Pollution Control | ||||||
Community Development Authority, RB, Capital | Financing Authority, North Carolina, RB, Exempt | ||||||
Projects & Equipment Acquisition Program (ACA), | Facilities, National Gypsum Co. Project, AMT, | ||||||
6.55%, 9/01/25 | 8,430 | 7,228,219 | 5.75%, 8/01/35 | 12,130 | 7,167,860 | ||
North Carolina Capital Facilities Finance Agency, | |||||||
Maryland 0.4% | Refunding RB, Duke University Project, Series B, | ||||||
Maryland Community Development Administration, RB, | 4.25%, 7/01/42 | 11,350 | 10,513,391 | ||||
Residential, Series A, AMT, 4.65%, 9/01/32 | 2,665 | 2,474,612 | North Carolina Eastern Municipal Power Agency, | ||||
Michigan 0.7% | North Carolina, RB, Series B, 5.00%, 1/01/26 | 4,360 | 4,439,962 | ||||
Michigan State Hospital Finance Authority, Michigan, | North Carolina Medical Care Commission, RB, | ||||||
Refunding RB, Henry Ford Health System, Series A, | Duke University Health System, Series A (c): | ||||||
5.25%, 11/15/46 | 4,230 | 3,668,848 | 5.00%, 6/01/39 | 1,240 | 1,226,720 | ||
Mississippi 3.3% | 5.00%, 6/01/42 | 2,750 | 2,697,832 | ||||
City of Gulfport Mississippi, RB, Memorial Hospital at | 26,045,765 | ||||||
Gulfport Project, Series A, 5.75%, 7/01/31 | 18,455 | 18,385,425 | Ohio 1.8% | ||||
Missouri 0.1% | Buckeye Tobacco Settlement Financing Authority, | ||||||
Missouri Joint Municipal Electric Utility Commission, RB, | RB, Asset-Backed, Senior, Turbo, Series A-2, | ||||||
Plum Point Project (MBIA), 4.60%, 1/01/36 | 670 | 551,316 | 6.50%, 6/01/47 | 3,120 | 2,513,410 | ||
Multi-State 5.6% | County of Montgomery Ohio, Refunding RB, Catholic | ||||||
Charter Mac Equity Issuer Trust (d)(g): | Healthcare, Series A, 5.00%, 5/01/39 (c) | 4,965 | 4,694,556 | ||||
6.80%, 11/30/50 | 6,500 | 6,701,695 | Pinnacle Community Infrastructure Financing Authority, | ||||
6.80%, 10/31/52 | 16,000 | 17,098,880 | RB, Facilities, Series A, 6.25%, 12/01/36 | 3,760 | 2,751,869 | ||
MuniMae TE Bond Subsidiary LLC, | 9,959,835 | ||||||
7.50%, 6/30/49 (d)(g) | 8,000 | 7,419,840 | Oklahoma 1.2% | ||||
31,220,415 | Tulsa Municipal Airport Trust Trustees, Oklahoma, | ||||||
Nebraska 0.7% | Refunding RB, Series A, AMT, 7.75%, 6/01/35 | 7,175 | 6,837,632 | ||||
Omaha Public Power District, RB, System, Series A, | Pennsylvania 4.9% | ||||||
4.75%, 2/01/44 | 3,695 | 3,645,487 | Pennsylvania Economic Development Financing | ||||
Nevada 0.9% | Authority, RB: | ||||||
County of Clark Nevada, Refunding RB, Alexander | Amtrak Project, Series A, AMT, 6.38%, 11/01/41 | 6,500 | 6,567,860 | ||||
Dawson School, Nevada Project, 5.00%, 5/15/29 | 5,260 | 5,131,761 | Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40 (c) | 3,725 | 3,699,335 | ||
Reliant Energy, Series A-12-22-04, AMT, | |||||||
New Hampshire 1.3% | 6.75%, 12/01/36 | 11,345 | 11,581,770 | ||||
New Hampshire Business Finance Authority, Refunding RB, | Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27 | 2,500 | 2,344,700 | ||||
Public Service Co. New Hampshire Project, Series B, | Pennsylvania Turnpike Commission, RB, Sub-Series D, | ||||||
AMT (MBIA), 4.75%, 5/01/21 | 4,000 | 3,832,600 | 5.13%, 12/01/40 | 3,100 | 3,038,465 | ||
New Hampshire Health & Education Facilities Authority, | |||||||
RB, Exeter Project, 5.75%, 10/01/31 | 3,500 | 3,559,850 | 27,232,130 | ||||
7,392,450 | |||||||
See Notes to Financial Statements. | |||||||
24 | SEMI-ANNUAL REPORT | OCTOBER 31, 2009 |
Schedule of Investments (continued) | BlackRock Municipal Income Trust (BFK) | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Puerto Rico 2.1% | Washington 1.5% | |||||
Puerto Rico Sales Tax Financing Corp., RB, First | County of King Washington, Refunding RB (FSA), | |||||
Sub-Series A, 6.50%, 8/01/44 | $ 10,900 | $ 11,788,350 | 5.00%, 1/01/36 | $ 3,615 | $ 3,685,854 | |
South Carolina 5.9% | Washington Health Care Facilities Authority, Washington, | |||||
County of Lexington South Carolina, Refunding RB & | RB, Providence Health Care Services, Series A (MBIA), | |||||
Improvement (a): | 4.63%, 10/01/34 | 5,095 | 4,831,232 | |||
5.50%, 11/01/13 | 5,000 | 5,732,850 | 8,517,086 | |||
5.75%, 11/01/13 | 10,000 | 11,562,100 | Wisconsin 1.6% | |||
South Carolina Jobs-EDA, RB, Palmetto Health: | Wisconsin Health & Educational Facilities Authority, RB: | |||||
Refunding, Alliance, Series A, 6.25%, 8/01/31 | 5,075 | 5,148,740 | Aurora Health Care, 6.40%, 4/15/33 | 7,500 | 7,638,900 | |
Series C, 6.88%, 8/01/13 (a) | 9,000 | 10,595,771 | Froedtert & Community, 5.38%, 10/01/30 | 1,205 | 1,220,340 | |
33,039,461 | 8,859,240 | |||||
Tennessee 0.5% | Wyoming 0.5% | |||||
Knox County Health Educational & Housing Facilities | Wyoming Community Development Authority, Wyoming, | |||||
Board, Tennessee, CAB, Refunding RB & Improvement, | RB, Series 3, AMT, 4.65%, 12/01/27 | 2,765 | 2,614,667 | |||
Series A (FSA), 5.70%, 1/01/20 (b) | 5,055 | 2,941,100 | ||||
Total Municipal Bonds 138.9% | 775,017,184 | |||||
Texas 18.8% | ||||||
Brazos River Authority, Refunding RB, TXU, AMT: | ||||||
Electric Co. Project, Series C, 5.75%, 5/01/36 | 4,265 | 3,841,272 | ||||
Electric, Series A, 8.25%, 10/01/30 | 4,370 | 2,605,525 | Municipal Bonds Transferred to | |||
City of Houston Texas, Refunding RB, Combined, | Tender Option Bond Trusts (h) | |||||
First Lien, Series A (AGC), 6.00%, 11/15/35 | 16,425 | 18,671,283 | Alabama 0.8% | |||
Harris County-Houston Sports Authority, RB, CAB, | Alabama Special Care Facilities Financing Authority- | |||||
Junior Lien, Series H (MBIA), 6.11%, 11/15/35 (b) | 5,000 | 713,150 | Birmingham, Refunding RB, Ascension Health Senior | |||
Harris County-Houston Sports Authority, Refunding RB | Credit, Series C-2, 5.00%, 11/15/36 | 4,548 | 4,556,078 | |||
(MBIA) (b): | California 3.3% | |||||
CAB, Senior Lien, Series A , 5.94%, 11/15/38 | 12,580 | 1,528,596 | California Educational Facilities Authority, RB, University of | |||
Third Lien, Series A-3 , 5.97%, 11/15/37 | 26,120 | 3,156,341 | Southern California, Series A, 5.25%, 10/01/39 | 5,115 | 5,390,238 | |
Houston Texas Airport Systems, Refunding ARB, | Los Angeles Community College District, California, GO, | |||||
Senior Lien, Series A, 5.50%, 7/01/39 | 3,000 | 3,111,720 | Election 2001, Series A (FSA), 5.00%, 8/01/32 | 4,500 | 4,618,890 | |
Lower Colorado River Authority, Refunding RB & | San Diego Community College District, California, GO, | |||||
Improvement (MBIA): | Election of 2002, 5.25%, 8/01/33 | 3,260 | 3,423,039 | |||
5.00%, 5/15/13 (a) | 50 | 55,979 | University of California, RB, Series C (MBIA), | |||
5.00%, 5/15/31 | 2,345 | 2,348,705 | 4.75%, 5/15/37 | 5,000 | 4,939,300 | |
Lower Colorado River Authority, Refunding RB: | ||||||
LCRA Transmission Services Project (AMBAC), | 18,371,467 | |||||
4.75%, 5/15/34 | 12,930 | 12,405,042 | Colorado 2.3% | |||
Series A (MBIA), 5.00%, 5/15/13 (a) | 5 | 5,598 | Colorado Health Facilities Authority, RB, Catholic | |||
North Texas Tollway Authority, Refunding RB, Second Tier, | Health (FSA): | |||||
Series F, 6.13%, 1/01/31 | 12,180 | 12,649,904 | Series C3, 5.10%, 10/01/41 | 7,600 | 7,678,280 | |
San Antonio Energy Acquisition Public Facility Corp., RB, | Series C7, 5.00%, 9/01/36 | 4,860 | 4,900,192 | |||
Gas Supply, 5.50%, 8/01/25 | 6,540 | 6,539,411 | 12,578,472 | |||
Texas State Affordable Housing Corp., Texas, RB, | ||||||
American Opportunity Housing Portfolio, Series B, | Connecticut 3.5% | |||||
8.00%, 3/01/32 (e)(f) | 4,435 | 220,774 | Connecticut State Health & Educational Facility Authority, | |||
Texas State Turnpike Authority, RB (AMBAC): | RB, Yale University: | |||||
CAB, 6.06%, 8/15/32 (b) | 25,000 | 5,818,250 | Series T1, 4.70%, 7/01/29 | 9,400 | 9,906,660 | |
CAB, 6.07%, 8/15/33 (b) | 62,325 | 13,574,385 | Series X3, 4.85%, 7/01/37 | 9,360 | 9,742,450 | |
CAB, 6.07%, 8/15/34 (b) | 65,040 | 13,223,282 | 19,649,110 | |||
First Tier, Series A, 5.00%, 8/15/42 | 5,000 | 4,530,650 | Illinois 1.5% | |||
104,999,867 | Chicago New Public Housing Authority, Illinois, | |||||
Utah 1.0% | Refunding RB (FSA), 5.00%, 7/01/24 | 8,232 | 8,442,366 | |||
City of Riverton Utah, RB, IHC Health Services Inc., | Massachusetts 1.2% | |||||
5.00%, 8/15/41 (c) | 5,475 | 5,305,166 | Massachusetts Water Resources Authority, Refunding RB, | |||
Virginia 0.9% | Generation, Series A, 5.00%, 8/01/41 | 6,770 | 6,862,410 | |||
City of Norfolk Virginia, Refunding RB, Series B (AMBAC), | New Hampshire 0.8% | |||||
5.50%, 2/01/31 | 2,635 | 2,514,133 | New Hampshire Health & Education Facilities Authority, | |||
Virginia Commonwealth Transportation Board, Virginia, | Refunding RB, Dartmouth College, 5.25%, 6/01/39 | 3,988 | 4,266,906 | |||
Refunding RB, CAB, Contract, Route 28 (MBIA), | ||||||
5.29%, 4/01/32 (b) | 8,105 | 2,487,830 | ||||
5,001,963 | ||||||
See Notes to Financial Statements. | ||||||
SEMI-ANNUAL REPORT | OCTOBER 31, 2009 | 25 |
Schedule of Investments (concluded) | BlackRock Municipal Income Trust (BFK) | |||||||||
(Percentages shown are based on Net Assets) | ||||||||||
Municipal Bonds Transferred to | Par | |||||||||
Tender Option Bond Trusts (h) | (000) | Value | ||||||||
New York 1.6% | (g) Security represents a beneficial interest in a trust. The collateral deposited into the | |||||||||
New York City Municipal Water Finance Authority, RB, | trust is federally tax-exempt revenue bonds issued by various state or local govern- | |||||||||
Series FF-2, 5.50%, 6/15/40 | $ 3,075 | $ 3,332,294 | ments, or their respective agencies or authorities. The security is subject to remarket- | |||||||
New York State Environmental Facilities Corporation, | ing prior to its stated maturity and is subject to mandatory redemption at maturity. | |||||||||
New York, RB, Revolving Funds, New York City | (h) Securities represent bonds transferred to tender option bond trust in exchange for | |||||||||
Municipal Water Project, Series B, 5.00%, 6/15/31 | 5,370 | 5,458,122 | which the Trust acquired residual interest certificates. These securities serve as col- | |||||||
8,790,416 | lateral in a financing transaction. See Note 1 of the Notes to Financial Statements | |||||||||
Virginia 3.3% | for details of municipal bonds transferred to tender option bond trusts. | |||||||||
Virginia HDA, RB, Sub-Series H-1 (MBIA), 5.35%, 7/01/31 | 6,810 | 6,880,892 | (i) Investments in companies considered to be an affiliate of the Trust, for purposes of | |||||||
University of Virginia, Refunding RB, 5.00%, 6/01/40 | 10,750 | 11,340,390 | Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | |||||||
18,221,282 | Net | |||||||||
Washington 3.7% | Affiliate | Activity | Income | |||||||
Central Puget Sound Regional Transportation Authority, | ||||||||||
Washington, RB, Series A (FSA), 5.00%, 11/01/32 | 5,459 | 5,633,238 | FFI Institutional Tax-Exempt Fund | $ 16,679,043 | $ 19,806 | |||||
State of Washington, GO, Various Purpose, Series E, | (j) Represents the current yield as of report date. | |||||||||
5.00%, 2/01/34 | 14,487 | 15,085,249 | Fair Value Measurements Various inputs are used in determining the fair value of | |||||||
20,718,487 | investments, which are as follows: | |||||||||
Total Municipal Bonds Transferred to | Level 1 price quotations in active markets/exchanges for identical assets | |||||||||
Tender Option Bond Trusts 22.0% | 122,456,994 | and liabilities | ||||||||
Total Long-Term Investments | Level 2 other observable inputs (including, but not limited to: quoted prices for | |||||||||
(Cost $929,685,870) 160.9% | 897,474,178 | 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 | ||||||||||
Short-Term Securities | Shares | rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and | ||||||||
FFI Institutional Tax-Exempt Fund, 0.23% (i)(j) | 17,102,993 | 17,102,993 | default rates) or other market-corroborated inputs) | |||||||
Total Short-Term Securities | Level 3 unobservable inputs based on the best information available in the | |||||||||
(Cost $17,102,993) 3.1% | 17,102,993 | circumstances, to the extent observable inputs are not available (including the | ||||||||
Trusts own assumptions used in determining the fair value of investments) | ||||||||||
Total Investments (Cost $946,788,863*) 164.0% | 914,577,171 | |||||||||
Liabilities in Excess of Other Assets (3.1)% | (17,237,846) | The inputs or methodology used for valuing securities are not necessarily an indica- | ||||||||
Liability for Trust Certificates, Including Interest | tion of the risk associated with investing in those securities. For information about | |||||||||
Expense and Fees Payable (12.3)% | (68,649,327) | the Trusts policy regarding valuation of investments and other significant accounting | ||||||||
Preferred Shares, at Redemption Value (48.6)% | (270,890,746) | policies, please refer to Note 1 of the Notes to Financial Statements. | ||||||||
Net Assets Applicable to Common Shares 100.0% | $ 557,799,252 | The following table summarizes the inputs used as of October 31, 2009 in deter- | ||||||||
mining the fair valuation of the Trusts investments: | ||||||||||
* The cost and unrealized appreciation (depreciation) of investments as of October 31, | ||||||||||
2009, as computed for federal income tax purposes, were as follows: | Valuation | Investments in | ||||||||
Inputs | Securities | |||||||||
Aggregate cost | $ 876,565,983 | |||||||||
Assets | ||||||||||
Gross unrealized appreciation | $ 27,881,007 | |||||||||
Gross unrealized depreciation | (58,453,321) | Level 1 Short-Term Securities | $ 17,102,993 | |||||||
Net unrealized depreciation | $ (30,572,314) | Level 2 Long-Term Investments1 | 897,474,178 | |||||||
Level 3 | | |||||||||
(a) US government securities, held in escrow, are used to pay interest on this security as | Total | $914,577,171 | ||||||||
well as to retire the bond in full at the date indicated, typically at a premium to par. | ||||||||||
1 | See above Schedule of Investments for values in each state or | |||||||||
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of | political subdivision. | |||||||||
report date. | ||||||||||
(c) When-issued security. | ||||||||||
Unrealized | ||||||||||
Counterparty | Value | Depreciation | ||||||||
Citibank NA | $ 3,924,552 | $ (24,754) | ||||||||
JPMorgan Securities, Inc. | $ 5,305,166 | $ (83,713) | ||||||||
Jeffries & Co. | $ 3,699,335 | $ (62,133) | ||||||||
Merrill Lynch & Co. | $ 1,603,993 | $ (48,716) | ||||||||
Morgan Stanley Capital Services, Inc. | $13,650,659 | $(223,678) | ||||||||
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. | ||||||||||
These securities may be resold in transactions exempt from registration to qualified | ||||||||||
institutional investors. | ||||||||||
(e) Issuer filed for bankruptcy and/or is in default of interest payments. | ||||||||||
(f) Non-income producing security. | ||||||||||
See Notes to Financial Statements. | ||||||||||
26 | SEMI-ANNUAL REPORT | OCTOBER 31, 2009 |
Schedule of Investments October 31, 2009 (Unaudited) | BlackRock Pennsylvania Strategic Municipal Trust (BPS) | |||||||
(Percentages shown are based on Net Assets) | ||||||||
Par | Par | |||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |||
Pennsylvania 113.8% | Pennsylvania (concluded) | |||||||
Corporate 2.4% | Housing 12.3% | |||||||
Pennsylvania Economic Development Financing Authority, | Pennsylvania HFA, RB: | |||||||
RB, Series A, AMT, Aqua Pennsylvania Inc., Project, | Series 95, Series A, AMT, 4.90%, 10/01/37 | $ 1,000 $ | 950,380 | |||||
6.75%, 10/01/18 | $ 600 $ | 666,894 | Series 96, Series A, AMT, 4.70%, 10/01/37 | 490 | 440,226 | |||
County/City/Special District/School District 18.0% | Series 97A, AMT, 4.65%, 10/01/31 | 1,300 | 1,206,114 | |||||
Delaware Valley Regional Financial Authority, RB, | Series 103C, Non Ace, 5.40%, 10/01/33 | 250 | 258,610 | |||||
Series A (AMBAC), 5.50%, 8/01/28 | 1,500 | 1,588,575 | Series 105C, 5.00%, 10/01/39 | 500 | 502,590 | |||
Marple Newtown School District, GO (FSA), | 3,357,920 | |||||||
5.00%, 6/01/31 | 600 | 623,604 | State 9.1% | |||||
Mifflin County School District, GO (Syncora), | Commonwealth of Pennsylvania, GO, First Series: | |||||||
7.50%, 9/01/22 | 200 | 243,218 | 5.00%, 3/15/28 | 825 | 890,942 | |||
Owen J Roberts School District, GO, 4.75%, 11/15/25 | 700 | 728,966 | 5.00%, 3/15/29 | 275 | 294,976 | |||
Philadelphia School District, GO: | Pennsylvania Turnpike Commission, RB, Series C (MBIA), | |||||||
Refunding, Series A (AMBAC), 5.00%, 8/01/15 | 1,000 | 1,103,070 | 5.00%, 12/01/32 | 1,000 | 1,032,390 | |||
Series E, 6.00%, 9/01/38 | 100 | 108,028 | State Public School Building Authority, Pennsylvania, RB, | |||||
Scranton School District, Pennsylvania, GO, Series A | Harrisburg School District Project, Series A (AGC), | |||||||
(FSA), 5.00%, 7/15/38 | 500 | 508,040 | 5.00%, 11/15/33 | 250 | 255,515 | |||
4,903,501 | 2,473,823 | |||||||
Education 12.7% | Transportation 15.4% | |||||||
Cumberland County Municipal Authority, RB, | City of Philadelphia Pennsylvania, RB, Series A, AMT | |||||||
AI Cup Financing Project, Dickinson College, | (FSA), 5.00%, 6/15/37 | 1,150 | 1,082,725 | |||||
5.00%, 11/01/39 | 200 | 188,746 | Pennsylvania Economic Development Financing | |||||
Lancaster Higher Education Authority, RB, Franklin & | Authority, RB, Amtrak Project, Series A, AMT: | |||||||
Marshall College Project, 5.00%, 4/15/37 | 500 | 498,505 | 6.25%, 11/01/31 | 1,000 | 1,008,720 | |||
Pennsylvania Higher Educational Facilities Authority, RB, | 6.38%, 11/01/41 | 1,000 | 1,010,440 | |||||
Lafayette College Project, 6.00%, 5/01/30 | 1,250 | 1,268,638 | Pennsylvania Turnpike Commission, RB: | |||||
Pennsylvania State Higher Education Facilities Authority, | CAB, Sub-Series E, 6.48%, 12/01/38 (c) | 385 | 239,466 | |||||
Refunding RB, Trustees of the University of | Series A (AMBAC), 5.25%, 12/01/32 | 870 | 873,036 | |||||
Pennsylvania, Series C, 4.75%, 7/15/35 | 500 | 502,700 | ||||||
University of Pittsburgh, Pennsylvania, RB, Capital | 4,214,387 | |||||||
Projects, Series B, 5.00%, 9/15/28 | 350 | 375,424 | Utilities 6.0% | |||||
Wilkes-Barre Finance Authority, Refunding RB, Wilkes | City of Philadelphia Pennsylvania, RB, Series A, | |||||||
University Project, 5.00%, 3/01/37 | 700 | 640,605 | 5.25%, 1/01/36 | 100 | 99,851 | |||
3,474,618 | Delaware County IDA, Pennsylvania, RB, Water Facilities, | |||||||
AMT (MBIA), 6.00%, 6/01/29 | 1,250 | 1,255,262 | ||||||
Health 37.9% | Montgomery County IDA, Pennsylvania, RB, | |||||||
Allegheny County Hospital Development Authority, RB, | Aqua Pennsylvania Inc. Project, Series A, AMT, | |||||||
Health System, West Pennsylvania, Series A, | 5.25%, 7/01/42 | 300 | 285,951 | |||||
5.38%, 11/15/40 | 470 | 361,289 | ||||||
Berks County Municipal Authority, RB, Reading Hospital & | 1,641,064 | |||||||
Medical Center Project, Series A-3, 5.50%, 11/01/31 | 500 | 518,615 | Total Municipal Bonds in Pennsylvania | 31,090,836 | ||||
Bucks County IDA, RB, Pennswood Village Project, | Guam 0.9% | |||||||
Series A, 6.00%, 10/01/12 (a) | 1,400 | 1,605,730 | County/City/Special District/School District 0.9% | |||||
Geisinger Authority, RB, Series A, 5.13%, 6/01/34 | 500 | 503,935 | Territory of Guam, RB, Section 30, Series A, | |||||
Lehigh County General Purpose Authority, RB, Hospital, | 5.75%, 12/01/34 | 250 | 254,583 | |||||
Saint Lukes Bethlehem, 5.38%, 8/15/13 (a) | 3,520 | 4,021,670 | ||||||
Lycoming County Authority, Refunding RB, Susquehanna | Total Municipal Bonds in Guam | 254,583 | ||||||
Health System Project, Series A, 5.75%, 7/01/39 | 210 | 199,681 | Multi-State 13.6% | |||||
Monroe County Hospital Authority, Pennsylvania, RB, | Housing 13.6% | |||||||
Hospital, Pocono Medical Center, 5.13%, 1/01/37 | 345 | 318,176 | MuniMae TE Bond Subsidiary LLC, 7.50%, 6/30/49 (d)(e) | 4,000 | 3,709,920 | |||
Montgomery County Higher Education & Health Authority, | Total Municipal Bonds in Multi-State | 3,709,920 | ||||||
Refunding RB, Abington Memorial Hospital, Series A, | ||||||||
5.13%, 6/01/33 (b) | 320 | 312,496 | Puerto Rico 22.6% | |||||
Montgomery County IDA, Pennsylvania, RB, | Education 3.8% | |||||||
ACTS Retirement, Life Community, 5.25%, 11/15/28 | 1,250 | 1,167,237 | Puerto Rico Industrial Tourist Educational Medical & | |||||
Southcentral General Authority, Pennsylvania, RB, | Environmental Control Facilities Financing Authority, | |||||||
Wellspan Health Obligation Group, Series A, | RB, Ana G Mendez University System Project, | |||||||
6.00%, 6/01/29 | 1,250 | 1,349,800 | 5.00%, 3/01/26 | 1,250 | 1,045,163 | |||
10,358,629 | State 16.2% | |||||||
Commonwealth of Puerto Rico, GO, Refunding, | ||||||||
Sub-Series C-7 (MBIA), 6.00%, 7/01/27 | 1,385 | 1,438,890 | ||||||
Puerto Rico Public Buildings Authority, RB, Government | ||||||||
Facilities, Series N, 5.00%, 7/01/37 | 300 | 266,349 | ||||||
See Notes to Financial Statements. | ||||||||
SEMI-ANNUAL REPORT | OCTOBER 31, 2009 | 27 |
Schedule of Investments (concluded) | BlackRock Pennsylvania Strategic Municipal Trust (BPS) | ||||||||
(Percentages shown are based on Net Assets) | |||||||||
Par | |||||||||
Municipal Bonds | (000) | Value | |||||||
Puerto Rico (concluded) | (b) When-issued security. | ||||||||
State (concluded) | |||||||||
Puerto Rico Public Finance Corp., RB, Commonwealth | Unrealized | ||||||||
Appropriation, Series E, 5.50%, 2/01/12 (a) | $ 1,495 $ | 1,637,773 | Affiliate | Value | Depreciation | ||||
Puerto Rico Sales Tax Financing Corp., RB, | Goldman Sachs & Co. | $ 312,496 | $ (1,267) | ||||||
First Sub-Series A, 6.38%, 8/01/39 | 1,000 | 1,078,580 | |||||||
4,421,592 | (c) Represents a step-up bond that pays an initial coupon rate for the first period and | ||||||||
then a higher coupon rate for the following periods. Rate shown reflects the current | |||||||||
Utilities 2.6% | yield as of report date. | ||||||||
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, | |||||||||
Series A, 6.00%, 7/01/38 | 200 | 205,416 | (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. | ||||||
Puerto Rico Electric Power Authority, RB, Series WW, | These securities may be resold in transactions exempt from registration to qualified | ||||||||
5.50%, 7/01/38 | 500 | 501,670 | institutional investors. | ||||||
707,086 | (e) Security represents a beneficial interest in a trust. The collateral deposited into the | ||||||||
trust is federally tax-exempt revenue bonds issued by various state or local govern- | |||||||||
Total Municipal Bonds in Puerto Rico | 6,173,841 | ments, or their respective agencies or authorities. The security is subject to remarket- | |||||||
U.S. Virgin Islands 0.3% | ing prior to its stated maturity and is subject to mandatory redemption at maturity. | ||||||||
State 0.3% | (f) Securities represent bonds transferred to tender option bond trust in exchange for | ||||||||
Virgin Islands Public Finance Authority, RB, Senior Lien, | which the Trust acquired residual interest certificates. These securities serve as col- | ||||||||
Capital Projects, Series A-1, 5.00%, 10/01/39 | 100 | 94,944 | lateral in a financing transaction. See Note 1 of the Notes to Financial Statements | ||||||
Total Municipal Bonds in U.S. Virgin Islands | 94,944 | for details of municipal bonds transferred to tender option bond trusts. | |||||||
Total Municipal Bonds 151.2% | 41,324,124 | (g) Security may have a maturity of more than one year at time of issuance, but has | |||||||
variable rate and demand features that qualify it as a short-term security. The rate | |||||||||
shown is as of report date and maturity shown is the date the principal owed can | |||||||||
Municipal Bonds Transferred to | be recovered through demand. | ||||||||
Tender Option Bond Trusts (f) | (h) Investments in companies considered to be an affiliate of the Trust, for purposes of | ||||||||
Pennsylvania 3.7% | Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | ||||||||
Health 3.7% | Net | ||||||||
Geisinger Authority, RB, Series A, 5.25%, 6/01/39 | 1,000 | 1,013,490 | Activity | Income | |||||
Total Municipal Bonds Transferred to | CMA Pennsylvania Municipal Money Fund | $ 1,100,192 | $ 127 | ||||||
Tender Option Bond Trusts | 1,013,490 | ||||||||
Total Long-Term Investments | (i) Represents the current yield as of report date. | ||||||||
(Cost $42,158,198) 154.9% | 42,337,614 | Fair Value Measurements Various inputs are used in determining the fair value of | |||||||
investments, which are as follows: | |||||||||
Level 1 price quotations in active markets/exchanges for identical assets | |||||||||
and liabilities | |||||||||
Short-Term Securities | Level 2 other observable inputs (including, but not limited to: quoted prices for | ||||||||
Pennsylvania 1.1% | similar assets or liabilities in markets that are active, quoted prices for identical | ||||||||
City of Philadelphia Pennsylvania, RB, VRDN, | or similar assets or liabilities in markets that are not active, inputs other than | ||||||||
Fifth Series A-2, 0.20%, 11/06/09 (g) | 300 | 300,000 | quoted prices that are observable for the assets or liabilities (such as interest | ||||||
Shares | rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and | ||||||||
default rates) or other market-corroborated inputs) | |||||||||
Money Market Funds 4.4% | |||||||||
CMA Pennsylvania Municipal Money Fund, | Level 3 unobservable inputs based on the best information available in the | ||||||||
0.04% (h)(i) | 1,200,162 | 1,200,162 | circumstances, to the extent observable inputs are not available (including the | ||||||
Trusts own assumptions used in determining the fair value of investments) | |||||||||
Total Short-Term Securities | |||||||||
(Cost $1,500,162) 5.5% | 1,500,162 | The inputs or methodology used for valuing securities are not necessarily an indica- | |||||||
tion of the risk associated with investing in those securities. For information about | |||||||||
Total Investments (Cost $43,658,360*) 160.4% | 43,837,776 | the Trusts policy regarding valuation of investments and other significant accounting | |||||||
Other Assets Less Liabilities 1.1% | 313,698 | policies, please refer to Note 1 of the Notes to Financial Statements. | |||||||
Liability for Trust Certificates, Including Interest | |||||||||
Expense and Fees Payable (1.8)% | (500,438) | The following table summarizes the inputs used as of October 31, 2009 in deter- | |||||||
Preferred Shares, at Redemption Value (59.7)% | (16,325,762) | mining the fair valuation of the Trusts investments: | |||||||
Net Assets Applicable to Common Shares 100.0% | $ 27,325,274 | Investments in | |||||||
* The cost and unrealized appreciation (depreciation) of investments as of October 31, | Valuation Inputs | Securities | |||||||
2009, as computed for federal income tax purposes, were as follows: | Assets | ||||||||
Aggregate cost | $ 42,995,563 | Level 1 Short-Term Securities | $ 1,200,162 | ||||||
Gross unrealized appreciation | $ 1,362,265 | Level 2: | |||||||
Gross unrealized depreciation | (1,020,052) | Long-Term Investments1 | 42,337,614 | ||||||
Net unrealized appreciation | $ 342,213 | Short-Term Securities | 300,000 | ||||||
(a) US government securities, held in escrow, are used to pay interest on this security | Total Level 2 | 42,637,614 | |||||||
as well as to retire the bond in full at the date indicated, typically at a premium | Level 3 | | |||||||
to par. | Total | $ 43,837,776 | |||||||
1 | See above Schedule of Investments for values in each state or | ||||||||
See Notes to Financial Statements. | political subdivision. | ||||||||
28 | SEMI-ANNUAL REPORT | OCTOBER 31, 2009 |
Schedule of Investments October 31, 2009 (Unaudited) | BlackRock Strategic Municipal Trust (BSD) | ||||||
(Percentages shown are based on Net Assets) | |||||||
Par | Par | ||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | ||
Alabama 3.3% | Florida (concluded) | ||||||
Courtland IDB, Alabama, RB, Champion International | Hillsborough County IDA, RB, National Gypsum, Series A, | ||||||
Corp. Project, Series A, AMT, 6.70%, 11/01/29 | $ 3,000 $ | 3,012,690 | AMT, 7.13%, 4/01/30 | $ 3,300 $ | 2,275,581 | ||
Arizona 3.5% | Miami Beach Health Facilities Authority, Refunding RB, | ||||||
Salt Verde Financial Corp., RB, Senior: | Mount Sinai Medical Center Florida, 6.75%, 11/15/21 | 1,245 | 1,252,794 | ||||
5.00%, 12/01/32 | 1,455 | 1,301,061 | Sumter Landing Community Development District, Florida, | ||||
5.00%, 12/01/37 | 1,320 | 1,122,792 | RB, Sub-Series B, 5.70%, 10/01/38 | 1,565 | 1,127,849 | ||
San Luis Facility Development Corp., RB, Senior Lien | 8,240,107 | ||||||
Project, Regional Detention Center: | Georgia 1.2% | ||||||
6.25%, 5/01/15 | 210 | 194,863 | Metropolitan Atlanta Rapid Transit Authority, RB, | ||||
7.00%, 5/01/20 | 210 | 194,007 | 3rd Series, 5.00%, 7/01/39 | 1,095 | 1,118,509 | ||
7.25%, 5/01/27 | 420 | 383,153 | |||||
Guam 1.1% | |||||||
3,195,876 | Territory of Guam, GO, Series A: | ||||||
California 17.8% | 6.00%, 11/15/19 | 200 | 208,258 | ||||
Bay Area Toll Authority, RB, San Francisco Bay Area, | 6.75%, 11/15/29 | 355 | 379,829 | ||||
Series F 1, 5.63%, 4/01/44 | 720 | 775,411 | 7.00%, 11/15/39 | 365 | 394,507 | ||
California County Tobacco Securitization Agency, RB, | 982,594 | ||||||
CAB, Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a) | 3,095 | 37,976 | |||||
Los Angeles Unified School District, California, GO, | Illinois 6.7% | ||||||
Series D, 5.00%, 7/01/26 | 1,585 | 1,666,801 | CenterPoint Intermodal Center Program Trust, Tax | ||||
San Francisco City & County Public Utilities | Allocation Bonds, Class A, 10.00%, 6/15/23 (d) | 850 | 447,151 | ||||
Commission, RB, Series B, 5.00%, 11/01/39 | 2,965 | 3,009,327 | Illinois Educational Facilities Authority, RB, Northwestern | ||||
State of California, GO, Various Purpose: | University, 5.00%, 12/01/33 | 5,000 | 5,120,300 | ||||
6.50%, 4/01/33 | 650 | 718,387 | Illinois Finance Authority, RB: | ||||
(CIFG), 5.00%, 3/01/33 | 5,000 | 4,691,950 | Friendship Village Schaumburg, Series A, | ||||
University of California, RB, Limited Project, Series B, | 5.63%, 2/15/37 | 145 | 114,706 | ||||
4.75%, 5/15/38 | 1,835 | 1,746,883 | MJH Education Assistance IV, Sub-Series B, | ||||
West Valley-Mission Community College District, GO, | 5.38%, 6/01/35 (e)(f) | 300 | 21,300 | ||||
Election of 2004, Series A (FSA), 4.75%, 8/01/30 | 3,350 | 3,368,995 | Monarch Landing Inc. Facilities, Series A, | ||||
7.00%, 12/01/37 | 575 | 287,500 | |||||
16,015,730 | |||||||
5,990,957 | |||||||
Colorado 6.6% | |||||||
City of Colorado Springs Colorado, RB, Subordinate Lien, | Indiana 1.7% | ||||||
Improvement, Series C (FSA), 5.00%, 11/15/45 | 395 | 399,503 | Indiana Finance Authority, RB: | ||||
Colorado Health Facilities Authority, RB, Series C (FSA), | Refunding, Duke Energy, Series C, 4.95%, 10/01/40 | 930 | 886,699 | ||||
5.25%, 3/01/40 | 600 | 598,326 | Sisters of St. Francis Health, 5.25%, 11/01/39 (b) | 270 | 261,678 | ||
Colorado Health Facilities Authority, Refunding RB, | Indiana Municipal Power Agency, Indiana, RB, Indiana | ||||||
Catholic Healthcare, Series A (b): | Muni Power Agency Series B, 6.00%, 1/01/39 | 350 | 375,462 | ||||
5.50%, 7/01/34 | 680 | 692,709 | 1,523,839 | ||||
5.00%, 7/01/39 | 800 | 752,872 | Kentucky 7.5% | ||||
Northwest Parkway Public Highway Authority, Colorado, | Kentucky Economic Development Finance Authority, | ||||||
RB, CAB, Senior, Series B (FSA), 6.30%, 6/15/11 (a)(c) | 10,000 | 3,063,200 | Refunding RB, Norton Healthcare Inc., Series B (MBIA), | ||||
Park Creek Metropolitan District, Colorado, Refunding RB, | 6.20%, 10/01/24 (a) | 17,480 | 6,771,926 | ||||
Senior, Limited Tax Property Tax, 5.50%, 12/01/37 | 440 | 407,475 | |||||
Maryland 2.5% | |||||||
5,914,085 | Maryland Community Development Administration, | ||||||
Connecticut 2.6% | RB, Residential, Series A, AMT, 4.70%, 9/01/37 | 2,500 | 2,269,300 | ||||
Mashantucket Western Pequot Tribe, RB, Sub-Series A, | Michigan 0.7% | ||||||
5.50%, 9/01/28 | 1,500 | 785,955 | Michigan State Hospital Finance Authority, Michigan, | ||||
Mashantucket Western Pequot Tribe, Refunding RB, | Refunding RB, Henry Ford Health System, Series A, | ||||||
Sub-Series B, 5.75%, 9/01/27 (d) | 3,000 | 1,587,420 | 5.25%, 11/15/46 | 730 | 633,158 | ||
2,373,375 | Missouri 1.9% | ||||||
District of Columbia 0.5% | Missouri Joint Municipal Electric Utility Commission, RB, | ||||||
Metroplitan Washington DC Airports Authority Dulles | Plum Point Project (MBIA), 4.60%, 1/01/36 | 2,110 | 1,736,235 | ||||
Toll Road, RB, First Senior Lien, Series A: | Multi-State 6.4% | ||||||
5.00%, 10/01/39 | 160 | 159,820 | Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (d)(g) | 2,000 | 2,078,300 | ||
5.25%, 10/01/44 | 250 | 256,305 | MuniMae TE Bond Subsidiary LLC, 7.50%, 6/30/49 (d)(g) | 4,000 | 3,709,920 | ||
416,125 | 5,788,220 | ||||||
Florida 9.2% | Nevada 1.0% | ||||||
Arborwood Community Development District, Special | County of Clark Nevada, Refunding RB, Alexander | ||||||
Assessment, Master Infrastructure Projects, Series B, | Dawson School, Nevada Project, 5.00%, 5/15/29 | 905 | 882,936 | ||||
5.10%, 5/01/14 | 1,485 | 1,054,261 | |||||
County of Orange Florida, Refunding RB, | New Jersey 4.3% | ||||||
4.75%, 10/01/32 | 2,640 | 2,529,622 | Middlesex County Improvement Authority, RB, Subordinate, | ||||
Heldrich Center Hotel, Series B, 6.25%, 1/01/37 | 645 | 118,654 | |||||
See Notes to Financial Statements. | |||||||
SEMI-ANNUAL REPORT | OCTOBER 31, 2009 | 29 |
Schedule of Investments (continued) | BlackRock Strategic Municipal Trust (BSD) | ||||||
(Percentages shown are based on Net Assets) | |||||||
Par | Par | ||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | ||
New Jersey (concluded) | Texas 16.9% | ||||||
New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24 | $ 2,480 $ | 2,367,160 | Brazos River Authority, Refunding RB, AMT: | ||||
New Jersey State Turnpike Authority, RB, Series E, | TXU Electric Co. Project, Series C, 5.75%, 5/01/36 $ | 730 $ | 657,475 | ||||
5.25%, 1/01/40 | 1,355 | 1,416,070 | TXU Electric, Series A, 8.25%, 10/01/30 | 730 | 435,248 | ||
3,901,884 | City of Houston Texas, Refunding RB, Combined, | ||||||
First Lien, Series A (AGC), 6.00%, 11/15/35 | 2,730 | 3,103,355 | |||||
New York 3.9% | Harris County-Houston Sports Authority, | ||||||
Albany Industrial Development Agency, RB, New | Refunding RB, CAB, Senior Lien, Series A (MBIA), | ||||||
Covenant Charter School Project, Series A, | 6.17%, 11/15/38 (a) | 4,750 | 577,172 | ||||
7.00%, 5/01/35 | 315 | 199,590 | Houston Texas Airport Systems, Refunding ARB, | ||||
New York City Industrial Development Agency, RB, | Senior Lien, Series A, 5.50%, 7/01/39 | 485 | 503,062 | ||||
American Airlines, JFK International Airport, AMT, | La Joya ISD, Texas, GO, 5.00%, 2/15/34 | 4,060 | 4,149,280 | ||||
7.75%, 8/01/31 | 3,000 | 2,895,810 | La Vernia Higher Education Finance Corp., RB, KIPP Inc., | ||||
New York Liberty Development Corp., RB, Goldman | 6.38%, 8/15/44 (b) | 500 | 495,450 | ||||
Sachs Headquarters, 5.25%, 10/01/35 | 465 | 454,928 | North Texas Tollway Authority, Refunding RB, Second Tier, | ||||
3,550,328 | Series F, 6.13%, 1/01/31 | 1,025 | 1,064,545 | ||||
North Carolina 1.9% | State of Texas, GO, Refunding, Water Financial | ||||||
North Carolina Eastern Municipal Power Agency, | Assistance, 5.75%, 8/01/22 | 500 | 516,570 | ||||
North Carolina, RB, Series B, 5.00%, 1/01/26 | 700 | 712,837 | Texas State Turnpike Authority, RB, CAB (AMBAC), | ||||
North Carolina Medical Care Commission, RB, Duke | 6.05%, 8/15/31 (a) | 15,000 | 3,745,050 | ||||
University Health System, Series A (b): | 15,247,207 | ||||||
5.00%, 6/01/39 | 200 | 197,858 | Utah 1.0% | ||||
5.00%, 6/01/42 | 440 | 431,653 | City of Riverton Utah, RB, IHC Health Services Inc., | ||||
North Carolina Municipal Power Agency, RB, Number 1 | 5.00%, 8/15/41 (b) | 880 | 852,702 | ||||
Catawba, North Carolina, Series A, 5.00%, 1/01/30 | 340 | 342,965 | |||||
Virginia 3.4% | |||||||
1,685,313 | City of Norfolk Virginia, Refunding RB, Series B (AMBAC), | ||||||
Ohio 2.5% | 5.50%, 2/01/31 | 420 | 400,735 | ||||
Buckeye Tobacco Settlement Financing Authority, | University of Virginia, Refunding RB, 5.00%, 6/01/40 | 2,500 | 2,637,300 | ||||
RB, Asset-Backed, Senior, Turbo, Series A-2, | 3,038,035 | ||||||
6.50%, 6/01/47 | 1,880 | 1,514,491 | |||||
County of Montgomery Ohio, Refunding RB, Catholic | Washington 0.7% | ||||||
Healthcare, Series A, 5.00%, 5/01/39 (b) | 800 | 756,424 | County of King Washington, Refunding RB (FSA), | ||||
5.00%, 1/01/36 | 620 | 632,152 | |||||
2,270,915 | |||||||
Wisconsin 4.9% | |||||||
Oklahoma 1.3% | Wisconsin Health & Educational Facilities Authority, | ||||||
Tulsa Municipal Airport Trust Trustees, Oklahoma, | RB, Ascension Health Senior Credit, Series A, | ||||||
Refunding RB, Series A, AMT, 7.75%, 6/01/35 | 1,225 | 1,167,401 | 5.00%, 11/15/31 | 4,330 | 4,383,692 | ||
Pennsylvania 10.7% | Wyoming 1.2% | ||||||
Allegheny County Hospital Development Authority, RB, | County of Sweetwater, Wyoming, Refunding RB, Idaho | ||||||
Health System, West Pennsylvania, Series A, | Power Co Project, 5.25%, 7/15/26 | 975 | 1,009,028 | ||||
5.00%, 11/15/13 | 1,750 | 1,675,870 | Wyoming Municipal Power Agency, Wyoming, RB, | ||||
Pennsylvania Economic Development Financing | Series A, 5.00%, 1/01/42 | 95 | 91,181 | ||||
Authority, RB: | |||||||
Amtrak Project, Series A, AMT, 6.13%, 11/01/21 | 700 | 705,712 | 1,100,209 | ||||
Amtrak Project, Series A, AMT, 6.25%, 11/01/31 | 1,000 | 1,008,720 | Total Municipal Bonds 133.3% | 120,042,557 | |||
Amtrak Project, Series A, AMT, 6.50%, 11/01/16 | 1,000 | 1,023,080 | |||||
Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40 (a)(b) | 600 | 595,866 | |||||
Reliant Energy, Series A-12-22-04, AMT, | Municipal Bonds Transferred to | ||||||
6.75%, 12/01/36 | 2,000 | 2,041,740 | Tender Option Bond Trusts (h) | ||||
Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27 | 420 | 393,910 | |||||
Pennsylvania Turnpike Commission, RB, Sub-Series B, | Alabama 0.8% | ||||||
5.25%, 6/01/39 | 2,175 | 2,163,886 | Alabama Special Care Facilities Financing Authority- | ||||
Birmingham, Refunding RB, Ascension Health Senior | |||||||
9,608,784 | Credit, Series C-2, 5.00%, 11/15/36 | 760 | 761,015 | ||||
Puerto Rico 2.1% | California 2.5% | ||||||
Puerto Rico Sales Tax Financing Corp., RB, | California Educational Facilities Authority, RB, University of | ||||||
First Sub-Series A, 6.50%, 8/01/44 | 1,770 | 1,914,255 | Southern California, Series A, 5.25%, 10/01/39 | 855 | 901,008 | ||
South Carolina 3.3% | Los Angeles Community College District, California, GO, | ||||||
South Carolina Jobs-EDA, RB, Palmetto Health, Series C, | Election 2001, Series A (FSA), 5.00%, 8/01/32 | 740 | 759,551 | ||||
7.00%, 8/01/13 (c) | 2,500 | 2,954,022 | San Diego Community College District, California, GO, | ||||
South Dakota 1.0% | Election of 2002, 5.25%, 8/01/33 | 553 | 580,974 | ||||
South Dakota Health & Educational Facilities Authority, | 2,241,533 | ||||||
South Dakota, RB, Sanford Health, 5.00%, 11/01/40 | 910 | 869,996 | Colorado 2.2% | ||||
Colorado Health Facilities Authority, RB, Catholic | |||||||
Health (FSA): | |||||||
Series C3, 5.10%, 10/01/41 | 1,210 | 1,222,463 | |||||
Series C7, 5.00%, 9/01/36 | 780 | 786,451 | |||||
See Notes to Financial Statements. | 2,008,914 | ||||||
30 | SEMI-ANNUAL REPORT | OCTOBER 31, 2009 |
Schedule of Investments (concluded) | BlackRock Strategic Municipal Trust (BSD) | |||||||
(Percentages shown are based on Net Assets) | ||||||||
Municipal Bonds Transferred to | Par | |||||||
Tender Option Bond Trusts (h) | (000) | Value | ||||||
Connecticut 3.6 % | (b) When-issued security. | |||||||
Connecticut State Health & Educational Facility Authority, | ||||||||
RB, Yale University: | Unrealized | |||||||
Series T1, 4.70%, 7/01/29 | $ 1,580 $ | 1,665,162 | Counterparty | Value | Depreciation | |||
Series X3, 4.85%, 7/01/37 | 1,540 | 1,602,924 | Citibank NA | $ 629,511 | $ (3,970) | |||
3,268,086 | JPMorgan Securities, Inc. | $ 852,702 | $ (13,455) | |||||
Illinois 1.6% | Jeffries & Co. | $ 595,866 | $ (10,008) | |||||
Chicago New Public Housing Authority, Illinois, | Merrill Lynch & Co. | $ 261,678 | $ (386) | |||||
Refunding RB (FSA), 5.00%, 7/01/24 | 1,424 | 1,460,883 | Morgan Stanley Capital Services, Inc. | $2,202,005 | $ (36,060) | |||
RBC Capital | $ 371,588 | $ (2,062) | ||||||
Massachusetts 2.2% | S. Nicolaus & Co. | $ 123,862 | $ (688) | |||||
Massachusetts Water Resources Authority, Refunding RB, | ||||||||
Generation, Series A, 5.00%, 8/01/41 | 1,980 | 2,007,027 | (c) US government securities, held in escrow, are used to pay interest on this security as | |||||
New Hampshire 0.8% | well as to retire the bond in full at the date indicated, typically at a premium to par. | |||||||
New Hampshire Health & Education Facilities Authority, | (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. | |||||||
Refunding RB, Dartmouth College, 5.25%, 6/01/39 | 645 | 689,763 | These securities may be resold in transactions exempt from registration to qualified | |||||
New York 0.6% | institutional investors. | |||||||
New York City Municipal Water Finance Authority, RB, | (e) Issuer filed for bankruptcy and/or is in default of interest payments. | |||||||
Series FF-2, 5.50%, 6/15/40 | 510 | 552,673 | (f) Non-income producing security. | |||||
Tennessee 1.5% | (g) Security represents a beneficial interest in a trust. The collateral deposited into the | |||||||
Shelby County Health Educational & Housing Facilities | trust is federally tax-exempt revenue bonds issued by various state or local govern- | |||||||
Board, Refunding RB, Saint Judes Childrens Research | ments, or their respective agencies or authorities. The security is subject to remarket- | |||||||
Hospital, 5.00%, 7/01/31 | 1,280 | 1,299,482 | ing prior to its stated maturity and is subject to mandatory redemption at maturity. | |||||
Texas 2.5% | (h) Securities represent bonds transferred to a tender option bond trust in exchange for | |||||||
County of Harris Texas, RB, Senior Lien, Toll Road, | which the Trust acquired residual interest certificates. These securities serve as col- | |||||||
Series A, 5.00%, 8/15/38 | 2,140 | 2,201,632 | lateral in a financing transaction. See Note 1 of the Notes to Financial Statements | |||||
Virginia 3.4% | for details of municipal bonds transferred to tender option bond trusts. | |||||||
Virginia HDA, RB, Sub-Series H-1 (MBIA), 5.35%, 7/01/31 | 1,125 | 1,136,711 | (i) Investments in companies considered to be an affiliate of the Trust, for purposes of | |||||
University of Virginia, Refunding RB, 5.00%, 6/01/40 | 1,790 | 1,888,307 | Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | |||||
3,025,018 | ||||||||
Net | ||||||||
Washington 3.8% | Affiliate | Activity | Income | |||||
Central Puget Sound Regional Transportation Authority, | ||||||||
Washington, RB, Series A (FSA), 5.00%, 11/01/32 | 900 | 928,556 | FFI Institutional Tax-Exempt Fund | $5,498,900 | $ 5,284 | |||
State of Washington, GO, Various Purpose, Series E, | (j) Represents the current yield as of report date. | |||||||
5.00%, 2/01/34 | 2,400 | 2,498,592 | ||||||
Fair Value Measurements Various inputs are used in determining the fair value of | ||||||||
3,427,148 | investments, which are as follows: | |||||||
Total Municipal Bonds Transferred to | Level 1 price quotations in active markets/exchanges for identical assets | |||||||
Tender Option Bond Trusts 25.5% | 22,943,174 | and liabilities | ||||||
Total Long-Term Investments | Level 2 other observable inputs (including, but not limited to: quoted prices for | |||||||
(Cost $149,713,666) 158.8% | 142,985,731 | 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 | ||||||||
Short-Term Securities | Shares | rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and | ||||||
FFI Institutional Tax-Exempt Fund, 0.23% (i)(j) | 5,800,097 | 5,800,097 | default rates) or other market-corroborated inputs) | |||||
Total Short-Term Securities | Level 3 unobservable inputs based on the best information available in the | |||||||
(Cost $5,800,097) 6.4% | 5,800,097 | circumstances, to the extent observable inputs are not available (including the | ||||||
Trusts own assumptions used in determining the fair value of investments) | ||||||||
Total Investments (Cost $155,513,763*) 165.2% | 148,785,828 | |||||||
Liabilities in Excess of Other Assets (3.6)% | (3,239,095) | The inputs or methodology used for valuing securities are not necessarily an indica- | ||||||
Liability for Trust Certificates, Including Interest | tion of the risk associated with investing in those securities. For information about | |||||||
Expense and Fees Payable (13.9)% | (12,517,480) | the Trusts policy regarding valuation of investments and other significant accounting | ||||||
Preferred Shares, at Redemption Value (47.7)% | (42,977,011) | policies, please refer to Note 1 of the Notes to Financial Statements. | ||||||
Net Assets Applicable to Common Shares 100.0% | $ 90,052,242 | The following table summarizes the inputs used as of October 31, 2009 in deter- | ||||||
mining the fair valuation of the Trusts investments: | ||||||||
* The cost and unrealized appreciation (depreciation) of investments as of October 31, | ||||||||
2009, as computed for federal income tax purposes, were as follows: |