UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10333
Name of Fund: BlackRock Municipal Income Investment Trust (BBF)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:
John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income
Investment Trust, 55 East 52nd Street, New York,
NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2015
Date of reporting period: 01/31/2015
Item 1 – Report to Stockholders
SEMI-ANNUAL REPORT (UNAUDITED) |
Not FDIC Insured May Lose Value No Bank Guarantee |
Table of Contents
Page | ||||||
The
Markets in Review |
3 | |||||
Semi-Annual Report: |
||||||
Municipal Market Overview |
4 | |||||
The
Benefits and Risks of Leveraging |
5 | |||||
Derivative Financial Instruments |
5 | |||||
Trust Summaries |
6 | |||||
Financial Statements: |
||||||
Schedules of Investments |
18 | |||||
Statements of Assets and Liabilities |
46 | |||||
Statements of Operations |
47 | |||||
Statements of Changes in Net Assets |
48 | |||||
Statements of Cash Flows |
50 | |||||
Financial Highlights |
51 | |||||
Notes to Financial Statements |
57 | |||||
Officers and Trustees |
68 | |||||
Additional Information |
69 |
2 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
The Markets in Review |
President, BlackRock Advisors,
LLC
Rob Kapito
President, BlackRock Advisors, LLC
Total Returns as of January 31, 2015
6-month | 12-month | |||||||||
U.S.
large cap equities (S&P 500® Index) |
4.37 | % | 14.22 | % | ||||||
U.S.
small cap equities (Russell 2000® Index) |
4.72 | 4.41 | ||||||||
International equities (MSCI Europe, Australasia, Far East Index) |
(6.97 | ) | (0.43 | ) | ||||||
Emerging market equities (MSCI Emerging Markets Index) |
(9.05 | ) | 5.23 | |||||||
3-month Treasury bill (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index) |
0.01 | 0.03 | ||||||||
U.S.
Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index) |
9.29 | 12.25 | ||||||||
U.S.
investment grade bonds (Barclays U.S. Aggregate Bond Index) |
4.36 | 6.61 | ||||||||
Tax-exempt municipal bonds (S&P Municipal Bond Index) |
4.51 | 8.81 | ||||||||
U.S.
high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index) |
(0.89 | ) | 2.41 |
THIS PAGE NOT PART OF YOUR FUND
REPORT |
3 |
Municipal Market Overview |
For the Reporting Period Ended January 31, 2015
From a historical perspective, total new issuance for the 12 months ended January 31, remained relatively strong at $342 billion (slightly higher than the $326 billion issued in the prior 12-month period). A noteworthy portion of new supply during this period was attributable to refinancing activity (roughly 45%) as issuers took advantage of lower interest rates to reduce their borrowing costs. |
S&P Municipal Bond Index Total Returns as of January 31, 2015 | |
6 months: | 4.51% | |
12 months: | 8.81% | |
4 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
The Benefits and Risks of Leveraging | |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 5 |
Trust Summary as of January 31, 2015 | BlackRock California
Municipal Income Trust |
Trust Overview
Performance
|
For the six-month period ended January 31, 2015, the Trust returned 12.85% based on market price and 6.75% based on NAV. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of 12.10% based on market price and 7.85% based on NAV. 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. The following discussion relates to performance based on NAV. |
|
Municipal bonds generally delivered strong performance during the six-month period, with yields declining as prices rose. California issues gained an additional boost from the states improving credit profile. Longer-term municipal bonds generally outperformed shorter-term issues. In this environment, the Trusts exposure to the long end of the yield curve had a positive impact on performance. Its positions in AA-rated issues, bonds issued by school districts, and the transportation, health care and utilities sectors also helped returns. Leverage on the Trusts assets amplified the positive effect of falling rates on performance. |
|
There were no detractors from performance on an absolute basis as all areas of the Trusts investment universe appreciated during the period. |
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) |
BFZ |
|||
Initial Offering Date |
July 27, 2001 |
|||
Yield on Closing Market Price as of January 31, 2015 ($15.80)1 |
5.48% |
|||
Tax
Equivalent Yield2 |
11.17% |
|||
Current Monthly Distribution per Common Share3 |
$0.0722 |
|||
Current Annualized Distribution per Common Share3 |
$0.8664 |
|||
Economic Leverage as of January 31, 20154 |
37% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal and state tax rate of 50.93%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
6 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
BlackRock California
Municipal Income Trust |
Market Price and Net Asset Value Per Share Summary
|
1/31/15 |
|
7/31/14 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 15.80 | $ | 14.41 | 9.65 | % | $ | 15.85 | $ | 14.37 | ||||||||||||
Net Asset Value |
$ | 16.42 | $ | 15.83 | 3.73 | % | $ | 16.42 | $ | 15.83 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
Sector Allocation |
|
1/31/15 |
|
7/31/14 |
||||||
County/City/Special District/School District |
35 | % | 33 | % | ||||||
Utilities |
26 | 31 | ||||||||
Health |
12 | 11 | ||||||||
Education |
11 | 8 | ||||||||
Transportation |
7 | 7 | ||||||||
State |
6 | 8 | ||||||||
Tobacco |
1 | | ||||||||
Housing |
1 | 1 | ||||||||
Corporate |
1 | 1 |
For Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2015 |
2 | % | ||||||
2016 |
2 | |||||||
2017 |
10 | |||||||
2018 |
18 | |||||||
2019 |
35 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
Credit Quality
Allocation1 |
|
1/31/15 |
|
7/31/14 |
||||||
AAA/Aaa |
8 | % | 11 | % | ||||||
AA/Aa |
73 | 71 | ||||||||
A |
18 | 18 | ||||||||
BBB/Baa |
| 2 | | 2 | ||||||
B |
1 | |
1 | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poors (S&P) or Moodys Investors Service (Moodys) if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | Representing less than 1% of the Trusts total investments. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 7 |
Trust Summary as of January 31, 2015 | BlackRock Florida
Municipal 2020 Term Trust |
Trust Overview
Performance
|
For the six-month period ended January 31, 2015, the Trust returned 1.84% based on market price and 2.76% based on NAV. For the same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of 8.27% based on market price and 7.81% based on NAV. All returns reflect reinvestment of dividends. The Trusts discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
|
The Trust is scheduled to mature on or about December 31, 2020, and it therefore holds securities that will mature close to that date. Given that rates declined more for bonds on the long end of the yield curve, the Trusts shorter maturity profile was a disadvantage in comparison to its Lipper category peers, which typically hold longer-dated issues. |
|
Municipal bonds generally delivered positive performance during the six-month period, with yields declining as prices rose. In this environment, the Trusts duration exposure (sensitivity to interest rate movements) contributed positively to performance. The Trusts positions in the health care sector provided the largest total returns for the period, with utilities and transportation making the second- and third-largest contributions. In addition, the Trusts exposure to zero-coupon bonds, which outperformed current-coupon bonds, benefited returns. The income generated from coupon payments on the Trusts portfolio of Florida tax-exempt bonds also contributed to performance. |
|
There were no detractors from performance on an absolute basis as all areas of the Trusts investment universe appreciated during the period. |
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 |
BFO |
|||
Initial Offering Date |
September 30, 2003 |
|||
Termination Date (on or about) |
December 31, 2020 |
|||
Yield on Closing Market Price as of January 31, 2015 ($15.23)1 |
2.73% |
|||
Tax
Equivalent Yield2 |
4.82% |
|||
Current Monthly Distribution per Common Share3 |
$0.0347 |
|||
Current Annualized Distribution per Common Share3 |
$0.4164 |
|||
Economic Leverage as of January 31, 20154 |
0% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Percentage is less than 1% which represents TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
8 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
BlackRock Florida
Municipal 2020 Term Trust |
Market Price and Net Asset Value Per Share Summary
|
1/31/15 |
|
7/31/14 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 15.23 | $ | 15.16 | 0.46 | % | $ | 15.33 | $ | 14.90 | ||||||||||||
Net Asset Value |
$ | 15.63 | $ | 15.42 | 1.36 | % | $ | 15.63 | $ | 15.37 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
Sector Allocation |
|
1/31/15 |
|
7/31/14 |
||||||
County/City/Special District/School District |
38 | % | 32 | % | ||||||
State |
17 | 14 | ||||||||
Health |
15 | 16 | ||||||||
Transportation |
11 | 20 | ||||||||
Utilities |
11 | 10 | ||||||||
Corporate |
4 | 4 | ||||||||
Education |
3 | 3 | ||||||||
Housing |
1 | 1 |
For Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2015 |
3 | % | ||||||
2016 |
| |||||||
2017 |
13 | |||||||
2018 |
12 | |||||||
2019 |
14 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
Credit Quality
Allocation1 |
|
1/31/15 |
|
7/31/14 |
||||||
AAA/Aaa |
2 | % | 2 | % | ||||||
AA/Aa |
52 | 47 | ||||||||
A |
25 | 32 | ||||||||
BBB/Baa |
12 | 9 | ||||||||
N/R2 |
9 | 10 |
1 | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of January 31, 2015 and July 31, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade was $2,690,710, representing 3%, and $1,703,400, representing 2%, respectively, of the Trusts total investments. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 9 |
Trust Summary as of January 31, 2015 | BlackRock Municipal
Income Investment Trust |
Trust Overview
Performance
|
For the six-month period ended January 31, 2015, the Trust returned 10.87% based on market price and 8.34% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.69% based on market price and 8.99% based on NAV. 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. The following discussion relates to performance based on NAV. |
|
Municipal bonds generally delivered strong performance during the six-month period, with yields declining as prices rose. Long-term bonds outperformed their short-term counterparts, leading to a flattening of the yield curve. In this environment, the Trusts duration positioning contributed positively to performance. The Trusts longer dated holdings in the transportation, health care, utilities, and tax backed sectors experienced the best price action on an absolute basis. The income generated from the Trusts holdings of tax-exempt municipal bonds contributed to performance as well. Leverage on the Trusts assets amplified the positive effect of falling rates on performance. |
|
There were no detractors from performance on an absolute basis as all areas of the Trusts investment universe appreciated during the period. |
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 |
BBF |
|||
Initial Offering Date |
July 27, 2001 |
|||
Yield on Closing Market Price as of January 31, 2015 ($14.49)1 |
5.99% |
|||
Tax
Equivalent Yield2 |
10.58% |
|||
Current Monthly Distribution per Common Share3 |
$0.072375 |
|||
Current Annualized Distribution per Common Share3 |
$0.868500 |
|||
Economic Leverage as of January 31, 20154 |
38% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
10 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
BlackRock Municipal
Income Investment Trust |
Market Price and Net Asset Value Per Share Summary
|
1/31/15 |
|
7/31/14 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 14.49 | $ | 13.48 | 7.49 | % | $ | 14.50 | $ | 13.36 | ||||||||||||
Net Asset Value |
$ | 15.85 | $ | 15.09 | 5.04 | % | $ | 15.85 | $ | 15.09 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
Sector Allocation |
|
1/31/15 |
|
7/31/14 |
||||||
County/City/Special District/School District |
26 | % | 26 | % | ||||||
Transportation |
20 | 21 | ||||||||
Utilities |
16 | 16 | ||||||||
Health |
15 | 15 | ||||||||
State |
12 | 11 | ||||||||
Education |
8 | 8 | ||||||||
Tobacco |
1 | 1 | ||||||||
Corporate |
1 | 1 | ||||||||
Housing |
1 | 1 |
For Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
Call/Maturity
Schedule4 |
||||||||
Calendar Year Ended December 31, |
||||||||
2015 |
| |||||||
2016 |
1 | % | ||||||
2017 |
1 | |||||||
2018 |
17 | |||||||
2019 |
34 |
4 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
Credit Quality
Allocation1 |
|
1/31/15 |
|
7/31/14 |
||||||
AAA/Aaa |
11 | % | 10 | % | ||||||
AA/Aa |
57 | 56 | ||||||||
A |
25 | 26 | ||||||||
BBB/Baa |
6 | 6 | ||||||||
BB/Ba |
1 | 1 | ||||||||
B |
| 2 | | 2 | ||||||
N/R3 |
| 2 | 1 |
1 | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | Representing less than 1% of the Trusts total investments. |
3 | The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 11 |
Trust Summary as of January 31, 2015 | BlackRock Municipal
Target Term Trust |
Trust Overview
Performance
|
For the six-month period ended January 31, 2015, the Trust returned 12.95% based on market price and 11.84% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.69% based on market price and 8.99% based on NAV. 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. The following discussion relates to performance based on NAV. |
|
Municipal bonds generally delivered positive performance during the six-month period, with yields declining as prices rose. In this environment, the Trusts duration exposure (sensitivity to interest rate movements) contributed positively to performance. The Trusts exposure to long-maturity bonds also benefited performance given that the yield curve flattened. In addition, the Trusts exposure to zero-coupon bonds, which outperformed current-coupon bonds, benefited returns. The income generated from coupon payments on the Trusts portfolio of tax-exempt bonds also contributed to performance. The Trusts positions in the transportation and health care sectors provided the largest total returns for the period. Leverage on the Trusts assets amplified the positive effect of falling rates on performance. |
|
There were no detractors from performance on an absolute basis as all areas of the Trusts investment universe appreciated during the period. |
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 |
BTT |
|||
Initial Offering Date |
August 30, 2012 |
|||
Termination Date (on or about) |
December 31, 2030 |
|||
Current Distribution Rate on Closing Market Price as of January 31, 2015 ($21.59)1 |
4.45% |
|||
Tax
Equivalent Rate2 |
7.86% |
|||
Current Monthly Distribution per Common Share3 |
$0.08 |
|||
Current Annualized Distribution per Common Share3 |
$0.96 |
|||
Economic Leverage as of January 31, 20154 |
36% |
1 | Current Distribution Rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. See the financial highlights for the actual sources and character of distributions. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain at fiscal year end. |
4 | Represents RVMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to RVMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
12 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
BlackRock Municipal
Target Term Trust |
Market Price and Net Asset Value Per Share Summary
|
1/31/15 |
|
7/31/14 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 21.59 | $ | 19.57 | 10.32 | % | $ | 21.63 | $ | 19.49 | ||||||||||||
Net Asset Value |
$ | 24.02 | $ | 21.99 | 9.23 | % | $ | 24.02 | $ | 21.99 |
Market Price and Net Asset Value History Since Inception
1 | Commencement of operations. |
Overview of the Trusts Total Investments*
Sector Allocation |
|
1/31/15 |
|
7/31/14 |
||||||
Transportation |
24 | % | 22 | % | ||||||
Health |
18 | 17 | ||||||||
County/City/Special District/School District |
15 | 13 | ||||||||
Education |
11 | 12 | ||||||||
Corporate |
9 | 11 | ||||||||
Housing |
8 | 9 | ||||||||
Utilities |
8 | 8 | ||||||||
State |
5 | 6 | ||||||||
Tobacco |
2 | 2 |
For Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
Call/Maturity
Schedule4 |
||||||||
Calendar Year Ended December 31, |
||||||||
2015 |
| |||||||
2016 |
1 | % | ||||||
2017 |
1 | |||||||
2018 |
1 | |||||||
2019 |
|
4 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
Credit Quality
Allocation2 |
|
1/31/15 |
|
7/31/14 |
||||||
AAA/Aaa |
3 | % | 4 | % | ||||||
AA/Aa |
31 | 31 | ||||||||
A |
43 | 42 | ||||||||
BBB/Baa |
13 | 12 | ||||||||
BB/Ba |
4 | 3 | ||||||||
B |
1 | 2 | ||||||||
N/R3 |
5 | 6 |
2 | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
3 | The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of January 31, 2015 and July 31, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade was $504,250, and $483,970, each representing less than 1%, respectively, of the Trusts total investments. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 13 |
Trust Summary as of January 31, 2015 | BlackRock New Jersey
Municipal Income Trust |
Trust Overview
Performance
|
For the six-month period ended January 31, 2015, the Trust returned 16.23% based on market price and 8.98% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of 8.91% based on market price and 7.86% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. |
|
Municipal bonds generally delivered strong performance during the six-month period, with yields declining as prices rose. Long-term bonds outperformed their short-term counterparts, leading to a flattening of the yield curve. In this environment, the Trusts duration positioning contributed positively to performance. The Trusts longer dated holdings in the tax-backed, transportation and education sectors experienced the best price action on an absolute basis. The income generated from the Trusts holdings of tax-exempt municipal bonds contributed to performance as well. Leverage on the Trusts assets amplified the positive effect of falling rates on performance. |
|
There were no detractors from performance on an absolute basis as all areas of the Trusts investment universe appreciated during the period. |
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 |
BNJ |
|||
Initial Offering Date |
July 27, 2001 |
|||
Yield on Closing Market Price as of January 31, 2015 ($16.55)1 |
5.45% |
|||
Tax
Equivalent Yield2 |
10.58% |
|||
Current Monthly Distribution per Common Share3 |
$0.0751 |
|||
Current Annualized Distribution per Common Share3 |
$0.9012 |
|||
Economic Leverage as of January 31, 20154 |
38% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal and state tax rate of 48.48%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
14 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
BlackRock New Jersey
Municipal Income Trust |
Market Price and Net Asset Value Per Share Summary
|
1/31/15 |
|
7/31/14 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 16.55 | $ | 14.68 | 12.74 | % | $ | 16.56 | $ | 14.12 | ||||||||||||
Net Asset Value |
$ | 16.50 | $ | 15.61 | 5.70 | % | $ | 16.50 | $ | 15.61 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
Sector Allocation |
|
1/31/15 |
|
7/31/14 |
||||||
Transportation |
34 | % | 33 | % | ||||||
State |
17 | 15 | ||||||||
Education |
16 | 17 | ||||||||
County/City/Special District/School District |
15 | 13 | ||||||||
Health |
7 | 8 | ||||||||
Corporate |
6 | 8 | ||||||||
Housing |
4 | 6 | ||||||||
Utilities |
1 | |
For Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2015 |
4 | % | ||||||
2016 |
1 | |||||||
2017 |
2 | |||||||
2018 |
12 | |||||||
2019 |
10 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
Credit Quality
Allocation1 |
|
1/31/15 |
|
7/31/14 |
||||||
AAA/Aaa |
2 | % | 2 | % | ||||||
AA/Aa |
40 | 40 | ||||||||
A |
39 | 35 | ||||||||
BBB/Baa |
9 | 9 | ||||||||
BB/Ba |
5 | 4 | ||||||||
B |
3 | 3 | ||||||||
N/R2 |
2 | 7 |
1 | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of January 31, 2015 and July 31, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade was $1,358,912, representing 1%, and $10,254,522, representing 5%, respectively, of the Trusts total investments. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 15 |
Trust Summary as of January 31, 2015 | BlackRock New York
Municipal Income Trust |
Trust Overview
Performance
|
For the six-month period ended January 31, 2015, the Trust returned 12.10% based on market price and 9.65% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of 9.11% based on market price and 7.97% based on NAV. 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. The following discussion relates to performance based on NAV. |
|
Municipal bonds generally delivered strong performance during the six-month period, with yields declining as prices rose. Longer-term municipal bonds generally outperformed shorter-term issues. In this environment, the Trusts duration positioning and allocation to longer-dated bonds provided positive returns. The Trusts exposure to the education, tax-backed (state and local) and transportation sectors were positive contributors to performance. Positions in lower-coupon bonds, which tend to have longer durations and more capital appreciation potential than bonds with higher coupons, helped performance as yields fell during the period. (Duration measures sensitivity to interest rate movements.) The Trusts positions in zero-coupon bonds also aided returns, as these securities generated strong price performance. The Trusts exposure to higher-yielding bonds in the lower Investment-grade quality category aided performance, as this market segment outperformed during the period. The Trust also benefited from income generated in the form of coupon payments from its portfolio of municipal bond holdings. In addition, leverage on the Trusts assets amplified the positive effect of falling rates on performance. |
|
There were no detractors from performance on an absolute basis as all areas of the Trusts investment universe appreciated during the period. |
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 |
BNY |
|||
Initial Offering Date |
July 27, 2001 |
|||
Yield on Closing Market Price as of January 31, 2015 ($15.02)1 |
5.51% |
|||
Tax
Equivalent Yield2 |
11.15% |
|||
Current Monthly Distribution per Common Share3 |
$0.069 |
|||
Current Annualized Distribution per Common Share3 |
$0.828 |
|||
Economic Leverage as of January 31, 20154 |
38% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal and state tax rate of 50.59%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
16 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
BlackRock New York
Municipal Income Trust |
Market Price and Net Asset Value Per Share Summary
|
1/31/15 |
|
7/31/14 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 15.02 | $ | 13.79 | 8.92 | % | $ | 15.05 | $ | 13.55 | ||||||||||||
Net Asset Value |
$ | 15.64 | $ | 14.68 | 6.54 | % | $ | 15.64 | $ | 14.68 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Total Investments*
Sector Allocation |
|
1/31/15 |
|
7/31/14 |
||||||
County/City/Special District/School District |
24 | % | 24 | % | ||||||
Education |
20 | 19 | ||||||||
Transportation |
14 | 14 | ||||||||
Utilities |
13 | 13 | ||||||||
Health |
10 | 10 | ||||||||
State |
9 | 9 | ||||||||
Corporate |
8 | 9 | ||||||||
Housing |
2 | 2 |
For Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2015 |
9 | % | ||||||
2016 |
3 | |||||||
2017 |
12 | |||||||
2018 |
3 | |||||||
2019 |
7 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* |
Excludes short-term securities. |
Credit Quality
Allocation1 |
|
1/31/15 |
|
7/31/14 |
||||||
AAA/Aaa |
17 | % | 16 | % | ||||||
AA/Aa |
39 | 39 | ||||||||
A |
30 | 29 | ||||||||
BBB/Baa |
5 | 6 | ||||||||
BB/Ba |
3 | 4 | ||||||||
N/R2 |
6 | 6 |
1 | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moodys if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of January 31, 2015 and July 31, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade was $2,158,957 and $2,704,682, each representing 1%, respectively, of the Trusts total investments. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 17 |
Schedule of Investments January 31, 2015 (Unaudited) | BlackRock California
Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
California
98.3% |
|||||||||||
Corporate 0.7% |
|||||||||||
City of Chula Vista California, Refunding RB, San Diego Gas & Electric: |
|||||||||||
Series A, 5.88%, 2/15/34 |
$ | 685 | $ | 822,322 | |||||||
Series D, 5.88%, 1/01/34 |
2,500 | 3,001,175 | |||||||||
3,823,497 | |||||||||||
County/City/Special District/School District 33.6%
| |||||||||||
Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/30 |
8,425 | 9,923,218 | |||||||||
Centinela Valley Union High School District, GO, Refunding, Election of 2008, Series B, 5.75%,
8/01/33 |
1,250 | 1,551,875 | |||||||||
Cerritos Community College District, GO, Election of 2004, Series C, 5.25%, 8/01/19 (a) |
3,000 | 3,594,120 | |||||||||
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: |
|||||||||||
6.13%, 5/01/31 |
500 | 608,395 | |||||||||
6.50%, 5/01/36 |
1,210 | 1,502,505 | |||||||||
6.50%, 5/01/42 |
2,225 | 2,739,576 | |||||||||
County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 8/01/35 |
2,000 | 2,354,740 | |||||||||
County of Orange California Water District, COP, Refunding, 5.25%, 8/15/34 |
2,000 | 2,346,160 | |||||||||
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure
K, Series A: |
|||||||||||
6.00%, 3/01/36 |
2,880 | 3,557,174 | |||||||||
5.50%, 3/01/41 |
5,265 | 6,282,145 | |||||||||
County of Santa Clara California Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/36 |
20,000 | 22,385,600 | |||||||||
Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 8/01/33 |
2,500 | 2,889,050 | |||||||||
Grossmont Healthcare District, GO, Election of 2006, Series B: |
|||||||||||
6.00%, 7/15/34 |
3,260 | 4,037,966 | |||||||||
6.13%, 7/15/40 |
2,000 | 2,492,340 | |||||||||
Long Beach Unified School District California, GO, Refunding, Election of 2008, Series A, 5.75%,
8/01/33 |
4,135 | 5,002,771 | |||||||||
Los Alamitos Unified School District California, GO, School Facilities Improvement District
No. 1, 5.50%, 8/01/33 |
6,315 | 7,344,787 | |||||||||
Los Angeles Community College District California, GO, Election of 2003, Series F-1, 5.00%,
8/01/18 (a) |
5,000 | 5,752,000 | |||||||||
Los Angeles Municipal Improvement Corp., Refunding RB, Real Property, Series B (AGC), 5.50%,
4/01/30 |
5,065 | 5,904,321 |
Municipal Bonds | Par (000) |
Value | |||||||||
California
(continued) |
|||||||||||
County/City/Special District/School District (concluded) |
|||||||||||
Modesto Irrigation District, COP, Capital Improvements, Series A, 5.75%, 10/01/29 |
$ | 3,015 | $ | 3,502,134 | |||||||
Oak Grove School District California, GO, Election of 2008, Series A, 5.50%, 8/01/33 |
6,000 | 7,059,840 | |||||||||
Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/39 |
2,000 | 2,353,920 | |||||||||
Pittsburg Unified School District, GO, Election of 2006, Series B (AGM), 5.50%, 8/01/34 |
2,000 | 2,280,520 | |||||||||
Sacramento Area Flood Control Agency, Special Assessment Bonds, Consolidated Capital Assessment
District, 5.25%, 10/01/32 |
4,865 | 5,807,156 | |||||||||
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |
1,500 | 1,752,960 | |||||||||
San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A,
5.38%, 2/01/36 |
5,520 | 6,393,319 | |||||||||
San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%,
6/01/32 |
3,375 | 4,000,657 | |||||||||
San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 8/01/41 |
3,060 | 3,675,672 | |||||||||
San Mateo County Community College District, GO, Election of 2005, Series B, 5.00%, 9/01/16
(a) |
8,630 | 9,270,260 | |||||||||
Santa Ana Unified School District, GO, Election of 2008, Series A: |
|||||||||||
5.50%, 8/01/30 |
6,455 | 7,422,540 | |||||||||
5.13%, 8/01/33 |
10,000 | 11,326,200 | |||||||||
Snowline Joint Unified School District, COP, Refunding, Refining Project (AGC), 5.75%, 9/01/38 |
2,250 | 2,659,073 | |||||||||
Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/33 |
4,000 | 4,816,760 | |||||||||
Tustin Unified School District, GO, Election of 2008, Series B, 5.25%, 8/01/31 |
3,445 | 4,089,870 | |||||||||
West Contra Costa California Unified School District, GO, Series A: |
|||||||||||
Election of 2010 (AGM), 5.25%, 8/01/32 |
4,945 | 5,893,550 | |||||||||
Election of 2012, 5.50%, 8/01/39 |
2,500 | 3,022,300 | |||||||||
175,595,474 | |||||||||||
Education 4.4% |
|||||||||||
California Educational Facilities Authority, RB, California Institute of Technology, 5.00%,
11/01/39 |
4,000 | 4,637,760 | |||||||||
California Educational Facilities Authority, Refunding RB, San Francisco University, 6.13%,
10/01/36 |
6,280 | 7,712,468 | |||||||||
California Municipal Finance Authority, RB, Emerson College, 5.75%, 1/01/33 |
2,500 | 2,955,750 | |||||||||
State of California, GO, Refunding, 5.00%, 10/01/44 |
6,000 | 7,127,940 | |||||||||
University of California, RB, Series O, 5.38%, 5/15/34 |
490 | 571,820 | |||||||||
23,005,738 |
Portfolio Abbreviations
ACA AGC AGM AMBAC AMT ARB BARB BHAC CAB CIFG |
American Capital Access Holding Ltd. Assured Guarantee Corp. Assured Guaranty Municipal Corp. American Municipal Bond Assurance Corp. Alternative Minimum Tax (subject to) Airport Revenue Bonds Building Aid Revenue Bonds Berkshire Hathaway Assurance Corp. Capital Appreciation Bonds CDC IXIS Financial Guaranty |
COP EDA EDC ERB FHA GARB GO HDA HFA IDA |
Certificates of Participation Economic Development Authority Economic Development Corp. Education Revenue Bonds Federal Housing Administration General Airport Revenue Bonds General Obligation Bonds Housing Development Authority Housing Finance Agency Industrial Development Authority |
IDB ISD LRB M/F MRB NPFGC PILOT RB S/F SONYMA |
Industrial Development Board Independent School District Lease Revenue Bonds Multi-Family Mortgage Revenue Bonds National Public Finance Guarantee Corp. Payment in Lieu of Taxes Revenue Bonds Single-Family State of New York Mortgage Agency |
18 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments (continued) | BlackRock California
Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
California
(continued) |
|||||||||||
Health 15.2% |
|||||||||||
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare: |
|||||||||||
Series A, 6.00%, 8/01/30 |
$ | 2,300 | $ | 2,837,717 | |||||||
Series B, 6.25%, 8/01/39 |
4,960 | 5,905,822 | |||||||||
California Health Facilities Financing Authority, RB: |
|||||||||||
Adventist Health System West, Series A, 5.75%, 9/01/39 |
6,700 | 7,849,050 | |||||||||
Catholic Healthcare West, Series J, 5.63%, 7/01/15 (a) |
9,750 | 9,975,030 | |||||||||
Childrens Hospital, Series A, 5.25%, 11/01/41 |
9,165 | 10,374,688 | |||||||||
St. Joseph Health System, Series A, 5.75%, 7/01/39 |
355 | 417,125 | |||||||||
Sutter Health, Series A, 5.25%, 11/15/46 |
5,195 | 5,586,132 | |||||||||
Sutter Health, Series B, 6.00%, 8/15/42 |
6,015 | 7,285,609 | |||||||||
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series
A: |
|||||||||||
6.00%, 7/01/34 |
4,475 | 5,320,283 | |||||||||
6.00%, 7/01/39 |
5,550 | 6,556,603 | |||||||||
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series B, 5.25%,
3/01/45 |
2,000 | 2,086,460 | |||||||||
California Statewide Communities Development Authority, Refunding RB: |
|||||||||||
Catholic Healthcare West, Series B, 5.50%, 7/01/30 |
2,920 | 3,265,407 | |||||||||
Catholic Healthcare West, Series E, 5.50%, 7/01/31 |
5,065 | 5,668,039 | |||||||||
Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41 |
4,000 | 4,520,000 | |||||||||
Washington Township Health Care District, GO, Series B, 5.50%, 8/01/38 |
1,625 | 2,014,886 | |||||||||
79,662,851 | |||||||||||
State 9.4% |
|||||||||||
State of California, GO, Various Purposes: |
|||||||||||
6.00%, 3/01/33 |
2,000 | 2,477,840 | |||||||||
6.00%, 4/01/38 |
15,875 | 19,187,795 | |||||||||
State of California Public Works Board, LRB: |
|||||||||||
Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33 |
3,335 | 4,005,402 | |||||||||
Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34 |
9,000 | 11,022,750 | |||||||||
Various Capital Projects, Series I, 5.50%, 11/01/33 |
4,940 | 6,111,966 | |||||||||
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34 |
5,025 | 6,248,989 | |||||||||
49,054,742 | |||||||||||
Tobacco 1.8% |
|||||||||||
Golden State Tobacco Securitization Corp., Refunding
RB, Asset-Backed, Senior, Series A-1, 5.75%, 6/01/47 |
10,875 | 9,605,561 | |||||||||
Transportation 11.5% |
|||||||||||
City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 5/01/39 |
6,750 | 8,089,470 | |||||||||
City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series
A, AMT, 5.25%, 5/01/33 |
1,440 | 1,693,656 | |||||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International
Airport: |
|||||||||||
Senior Series A, 5.00%, 5/15/34 |
6,650 | 7,704,956 | |||||||||
Senior Series A, 5.00%, 5/15/40 |
8,250 | 9,497,647 | |||||||||
Sub-Series C, 5.25%, 5/15/38 |
1,960 | 2,195,122 |
Municipal Bonds | Par (000) |
Value | |||||||||
California
(concluded) |
|||||||||||
Transportation (concluded) |
|||||||||||
City of San Jose California, Refunding ARB, Series A-1, AMT: |
|||||||||||
5.75%, 3/01/34 |
$ | 2,895 | $ | 3,355,710 | |||||||
6.25%, 3/01/34 |
2,650 | 3,161,530 | |||||||||
County of Orange California, ARB, Series B, 5.75%, 7/01/34 |
8,000 | 8,920,400 | |||||||||
County of Sacramento California, ARB: |
|||||||||||
PFC/Grant, Sub-Series D, 6.00%, 7/01/35 |
3,000 | 3,466,260 | |||||||||
Senior Series B, 5.75%, 7/01/39 |
1,850 | 2,122,117 | |||||||||
Senior Series B, AMT (AGM), 5.25%, 7/01/33 |
3,035 | 3,296,465 | |||||||||
Los Angeles Harbor Department, RB, Series B, 5.25%, 8/01/34 |
5,580 | 6,489,149 | |||||||||
59,992,482 | |||||||||||
Utilities 21.7% |
|||||||||||
Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A,
5.38%, 10/01/36 |
7,690 | 9,210,159 | |||||||||
California Infrastructure & Economic Development Bank, RB, California Independent System
Operator, Series A, 6.25%, 2/01/15 |
4,500 | 4,500,765 | |||||||||
City of Chula Vista California, Refunding RB, San Diego Gas & Electric: |
|||||||||||
Series B, 5.88%, 2/15/34 |
525 | 630,247 | |||||||||
Series D, 5.88%, 1/01/34 |
6,555 | 7,869,081 | |||||||||
City of Los Angeles California Department of Water & Power, Refunding RB, Series A, 5.25%,
7/01/39 |
4,000 | 4,627,880 | |||||||||
City of Los Angeles California Wastewater System, Refunding RB, Series A, 5.00%, 6/01/39 |
2,000 | 2,287,820 | |||||||||
City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36 |
5,625 | 6,888,037 | |||||||||
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series A: |
|||||||||||
5.00%, 11/01/35 |
10,625 | 12,303,219 | |||||||||
5.00%, 11/01/37 |
5,000 | 5,832,600 | |||||||||
County of San Diego California Water Authority, COP, Refunding, Series A (AGM), 5.00%, 5/01/33 |
4,250 | 4,742,490 | |||||||||
Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.25%, 9/01/31 |
4,270 | 5,170,159 | |||||||||
Dublin-San Ramon Services District, Refunding RB, 6.00%, 8/01/41 |
2,425 | 2,956,390 | |||||||||
East Bay California Municipal Utility District Water System Revenue, Refunding RB, Series A,
5.00%, 6/01/36 |
6,745 | 7,916,202 | |||||||||
El Dorado Irrigation
District / El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%, 3/01/39 |
10,000 | 12,078,100 | |||||||||
Los Angeles Department of Water & Power, RB: |
|||||||||||
Power System, Sub-Series A-1, 5.25%, 7/01/38 |
9,000 | 10,180,350 | |||||||||
Series A, 5.38%, 7/01/34 |
3,250 | 3,750,402 | |||||||||
San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%,
5/15/34 |
11,020 | 12,797,857 | |||||||||
113,741,758 | |||||||||||
Total Municipal Bonds in California |
514,482,103 | ||||||||||
Multi-State
0.8% |
|||||||||||
Housing 0.8% |
|||||||||||
Centerline Equity Issuer Trust (b)(c): |
|||||||||||
Series A-4-1, 5.75%, 5/15/15 |
500 | 505,935 | |||||||||
Series A-4-2, 6.00%, 5/15/19 |
1,000 | 1,155,290 | |||||||||
Series B-3-1, 6.00%, 5/15/15 |
1,500 | 1,517,880 | |||||||||
Series B-3-2, 6.30%, 5/15/19 |
1,000 | 1,166,110 | |||||||||
Total Municipal Bonds in Multi-State |
4,345,215 | ||||||||||
Total Municipal Bonds 99.1% |
518,827,318 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 19 |
Schedule of Investments (continued) | BlackRock California
Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred
to Tender Option Bond Trusts (d) |
Par (000) |
Value | |||||||||
California
59.2% |
|||||||||||
County/City/Special District/School District 22.6%
| |||||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 8/15/52 |
$ | 9,695 | $ | 11,021,135 | |||||||
Los Angeles Community College District California, GO, Series A: |
|||||||||||
Election of 2001, (AGM), 5.00%, 8/01/17 (a) |
8,000 | 8,886,800 | |||||||||
Election of 2008, Series C, 5.25%, 8/01/39 (e) |
12,900 | 15,238,706 | |||||||||
Los Angeles Community College District California, GO, Refunding, Election of 2008, 6.00%,
8/01/19 (a) |
20,131 | 24,805,149 | |||||||||
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 |
5,000 | 5,736,450 | |||||||||
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |
10,484 | 12,252,579 | |||||||||
San Joaquin California Delta Community College District, Series C, Election of 2004, 5.00%,
8/01/39 |
14,505 | 17,164,604 | |||||||||
San Jose Unified School District, Series C, 4.00%, 8/01/39 |
6,100 | 6,502,295 | |||||||||
San Jose Unified School District Santa Clara County California, GO, Election of 2002, Series
D, 5.00%, 8/01/32 |
14,625 | 16,502,099 | |||||||||
118,109,817 | |||||||||||
Education 12.7% |
|||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series
B, 5.25%, 10/01/39 (e) |
10,395 | 11,836,371 | |||||||||
Grossmont Union High School District, GO, Election of 2004, 5.00%, 8/01/33 |
13,095 | 14,589,640 | |||||||||
University of California, Refunding, Series AI, 5.00%, 5/15/38 |
14,225 | 16,721,296 | |||||||||
University of California, RB: |
|||||||||||
Series AM, 5.25%, 5/15/44 |
5,000 | 6,064,300 | |||||||||
Limited Project, Series D (AGM), 5.00%, 5/15/41 |
2,600 | 2,773,966 | |||||||||
Series O, 5.75%, 5/15/34 |
12,300 | 14,585,463 | |||||||||
66,571,036 | |||||||||||
Health 4.1% |
|||||||||||
California Statewide Communities Development Authority,
RB, Kaiser Permanente, Series A, 5.00%, 4/01/42 |
18,960 | 21,470,683 |
Municipal Bonds Transferred
to Tender Option Bond Trusts (d) |
Par (000) |
Value | |||||||||
California
(concluded) |
|||||||||||
Utilities 19.8% |
|||||||||||
County of Orange California Sanitation District, COP, Series B (AGM), 5.00%, 2/01/17 (a) |
$ | 14,700 | $ | 16,031,820 | |||||||
County of Orange California Water District, COP, Refunding, 5.00%, 8/15/39 |
10,480 | 12,133,639 | |||||||||
County of San Diego California Water Authority, COP, Refunding, Series A (AGM), 5.00%, 5/01/33 |
10,040 | 11,203,435 | |||||||||
Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/33 |
18,002 | 20,265,663 | |||||||||
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1 (AMBAC), 5.00%,
7/01/37 |
15,998 | 17,455,144 | |||||||||
Metropolitan Water District of Southern California, RB, Series A, 5.00%, 7/01/37 |
11,180 | 12,266,137 | |||||||||
San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%,
5/15/39 |
12,457 | 14,428,506 | |||||||||
103,784,344 | |||||||||||
Total
Municipal Bonds Transferred to Tender Option Bond Trusts 59.2% |
309,935,880 | ||||||||||
Total Long-Term Investments (Cost $738,532,086) 158.3% |
828,763,198 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
BIF California Municipal Money Fund, 0.00% (f)(g) |
1,101,477 | 1,101,477 | |||||||||
Par (000) |
|||||||||||
California School Cash Reserve Program Authority, RB,
Series G, 2.00%, 2/27/15 (g) |
$ | 1,665 | 1,666,749 | ||||||||
Total Short-Term Securities (Cost $2,768,296) 0.5% |
2,768,226 | ||||||||||
Total Investments (Cost $741,300,382) 158.8% |
831,531,424 | ||||||||||
Other Assets Less Liabilities 0.8% |
4,252,706 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(26.9%) |
(140,958,339 | ) | |||||||||
VMTP Shares, at Liquidation Value (32.7%) |
(171,300,000 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 523,525,791 |
Notes to Schedule of Investments
(a) | U.S.
government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated,
typically at a premium to par. |
|||
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in
transactions exempt from registration to qualified institutional investors. |
|||
(c) | Represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state
or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated
maturity. |
|||
(d) | Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as
collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||
(e) | All
or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a
shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a
shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from October 1, 2016
to August 1, 2018 is $14,013,480. |
|||
(f) | During the six months ended January 31, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of
the 1940 Act, as amended, were as follows: |
Affiliate |
|
Shares Held at July 31, 2014 |
|
Net Activity |
|
Shares Held at January 31, 2015 |
|
Income |
||||||||||
BIF California Municipal Money Fund |
540,673 |
560,804 |
1,101,477 |
|
(g) | Represents the current yield as of report date. |
20 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments (concluded) | BlackRock California
Municipal Income Trust (BFZ) |
| As of January 31, 2015, financial futures contracts outstanding were as follows: |
Contracts Short |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized Depreciation |
||||||||||||
(400) |
10-Year U.S. Treasury Note |
Chicago Board of Trade |
March 2015 |
$52,350,000 |
$ | (1,323,696 | ) |
| For Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications
used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not
apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
|||
| Fair Value Measurements Various inputs are used in determining the fair value of investments and derivative financial
instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement
purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair
value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is
significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial
instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the
risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows: |
|||
| Level 1 unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the
ability to access |
|||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Trusts own assumptions used in determining the fair value of investments and derivative financial
instruments) |
|||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. For information about the Trusts policy regarding valuation of investments and derivative financial
instruments, refer to Note 2 of the Notes to Financial Statements. |
||||
As of January 31, 2015, the following tables summarize the Trusts investments and derivative financial instruments categorized in the disclosure hierarchy: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 828,763,198 | | $ | 828,763,198 | ||||||||||||
Short-Term Securities |
$ | 1,101,477 | 1,666,749 | | 2,768,226 | |||||||||||||
Total |
$ | 1,101,477 | $ | 830,429,947 | | $ | 831,531,424 |
1 | See above Schedule of Investments for values in each sector. |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Derivative Financial Instruments2 |
||||||||||||||||||
Liabilities: |
||||||||||||||||||
Interest rate contracts |
$ | (1,323,696 | ) | | | $ | (1,323,696 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement
purposes. As of January 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Cash pledged for financial futures contracts |
$ | 543,000 | | | $ | 543,000 | ||||||||||||
Liabilities: |
||||||||||||||||||
TOB trust certificates |
| $ | (140,932,546 | ) | | (140,932,546 | ) | |||||||||||
VMTP Shares |
| (171,300,000 | ) | | (171,300,000 | ) | ||||||||||||
Total |
$ | 543,000 | $ | (312,232,546 | ) | | $ | (311,689,546 | ) |
During the six months ended January 31, 2015, there were no transfers between levels. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 21 |
Schedule of Investments January 31, 2015 (Unaudited) | BlackRock Florida
Municipal 2020 Term Trust (BFO) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
Florida
95.0% |
|||||||||||
Corporate 4.1% |
|||||||||||
County of Hillsborough Florida IDA, Refunding RB, Tampa Electric Co. Project, Series A, 5.65%,
5/15/18 |
$ | 1,000 | $ | 1,140,860 | |||||||
County of Palm Beach Florida Solid Waste Authority, Refunding RB, 5.00%, 10/01/20 |
2,000 | 2,391,660 | |||||||||
3,532,520 | |||||||||||
County/City/Special District/School District 37.6%
| |||||||||||
City of Jacksonville Florida, Refunding RB, Better Jacksonville Sales Tax, 5.00%, 10/01/20 |
4,000 | 4,783,320 | |||||||||
County of Broward Florida School Board, COP, Refunding, Series A, 5.00%, 7/01/20 |
2,000 | 2,387,200 | |||||||||
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/22 |
2,500 | 2,830,650 | |||||||||
County of Hillsborough Florida, RB (AMBAC), 5.00%, 11/01/20 |
5,545 | 6,194,153 | |||||||||
County of Miami-Dade Florida School Board, COP, Refunding, Series B (AGC), 5.25%, 5/01/21 |
4,000 | 4,509,000 | |||||||||
County of Northern Palm Beach Florida Improvement District, Refunding, Special Assessment Bonds,
Water Control & Improvement District No. 43, Series B (ACA), 4.50%, 8/01/22 |
1,000 | 1,018,960 | |||||||||
Florida State Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20 |
485 | 574,395 | |||||||||
Indian River County School Board, COP, Refunding, Series A, 5.00%, 7/01/20 |
1,000 | 1,178,390 | |||||||||
Miami-Dade County School Board Foundation Inc., COP, Refunding Series A, 5.00%, 5/01/20 |
1,250 | 1,477,125 | |||||||||
Palm Beach County School District, COP, Refunding, Series B, 5.00%, 8/01/20 |
3,000 | 3,575,610 | |||||||||
Sterling Hill Community Development District, Refunding, Special Assessment Bonds, Series A,
6.10%, 5/01/23 |
3,015 | 2,358,695 | |||||||||
Stevens Plantation Florida Imports Project Dependent Special District, RB, 6.38%, 5/01/49 (a)(b) |
2,425 | 1,809,826 | |||||||||
32,697,324 | |||||||||||
Education 2.9% |
|||||||||||
County of Orange Florida Educational Facilities Authority, RB, Rollins College Project (AMBAC),
5.25%, 12/01/22 |
725 | 813,762 | |||||||||
Florida State Board of Governors, Refunding RB, University of Central Florida, Series A, 5.00%,
7/01/18 |
500 | 563,645 | |||||||||
Florida State Higher Educational Facilities Financial Authority, Refunding RB, University of
Tampa Project, Series A, 5.00%, 4/01/20 |
1,000 | 1,145,960 | |||||||||
2,523,367 | |||||||||||
Health 14.8% |
|||||||||||
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 4/01/20 |
500 | 587,270 | |||||||||
County of Highlands Florida Health Facilities Authority, Refunding RB, Hospital, Adventist
Health, Series I, 5.00%, 11/15/20 |
2,155 | 2,537,125 | |||||||||
County of Marion Florida Hospital District, Refunding RB, Health System, Munroe Regional, 5.00%,
10/01/22 (c) |
1,500 | 1,671,750 | |||||||||
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center: |
|||||||||||
3.00%, 6/01/15 |
200 | 201,334 | |||||||||
3.00%, 6/01/16 |
140 | 142,395 | |||||||||
3.00%, 6/01/17 |
190 | 195,947 | |||||||||
3.25%, 6/01/18 |
195 | 203,874 | |||||||||
3.50%, 6/01/19 |
200 | 212,368 |
Municipal Bonds | Par (000) |
Value | |||||||||
Florida
(concluded) |
|||||||||||
Health (concluded) |
|||||||||||
County of Palm Beach Florida Health Facilities Authority, Refunding RB: |
|||||||||||
Acts Retirement-Life Communities, Inc., 5.00%, 11/15/22 |
$ | 4,735 | $ | 5,439,900 | |||||||
Bethesda Healthcare System Project, Series A (AGM), 5.00%, 7/01/20 |
1,285 | 1,516,788 | |||||||||
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/20 |
150 | 176,015 | |||||||||
12,884,766 | |||||||||||
Housing 0.9% |
|||||||||||
County of Manatee Florida Housing Finance Authority, RB, S/F Housing, Series A, AMT (Ginnie
Mae, Fannie Mae & Freddie Mac), 5.90%, 9/01/40 |
190 | 193,695 | |||||||||
Florida Housing Finance Corp., RB, Homeowner Mortgage, Series 2, AMT (Ginnie Mae, Fannie Mae
& Freddie Mac), 4.70%, 7/01/22 |
425 | 436,220 | |||||||||
Jacksonville Housing Finance Authority, Refunding RB, Series A-1, AMT (Ginnie Mae, Fannie Mae
& Freddie Mac), 5.63%, 10/01/39 |
125 | 126,159 | |||||||||
756,074 | |||||||||||
State 13.8% |
|||||||||||
Florida Municipal Loan Council, RB, Series D (AGM): |
|||||||||||
5.00%, 10/01/19 |
1,050 | 1,219,733 | |||||||||
4.00%, 10/01/20 |
1,105 | 1,236,075 | |||||||||
4.00%, 10/01/21 |
500 | 560,890 | |||||||||
Florida Municipal Loan Council, Refunding RB: |
|||||||||||
CAB, Series A (NPFGC), 0.00%, 4/01/20 (d) |
4,000 | 3,502,200 | |||||||||
Series B-2 (AGM), 4.00%, 10/01/20 |
655 | 731,288 | |||||||||
State of Florida Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20 |
1,000 | 1,202,960 | |||||||||
State of Florida Department of Environmental Protection, Refunding RB, Series A, 5.00%, 7/01/20 |
3,000 | 3,580,800 | |||||||||
12,033,946 | |||||||||||
Transportation 10.9% |
|||||||||||
County of Broward Florida Fuel System, RB, Lauderdale Fuel Facilities, Series A (AGM), AMT,
5.00%, 4/01/20 |
160 | 182,931 | |||||||||
County of Broward Florida Port Facilities, Refunding RB, Series B, AMT, 5.00%, 9/01/20 |
2,500 | 2,934,850 | |||||||||
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20 |
1,375 | 1,614,539 | |||||||||
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%,
7/01/20 |
1,500 | 1,790,400 | |||||||||
County of Miami-Dade Florida Transit System Sales Surtax, Refunding RB, 5.00%, 7/01/20 |
550 | 655,209 | |||||||||
Greater Orlando Aviation Authority, Refunding RB, Series C, 5.00%, 10/01/20 |
1,130 | 1,349,921 | |||||||||
Jacksonville Florida Port Authority, Refunding RB, AMT, 4.00%, 11/01/20 |
865 | 943,196 | |||||||||
9,471,046 | |||||||||||
Utilities 10.0% |
|||||||||||
City of North Miami Florida Beach Water Revenue, RB, 5.00%, 8/01/20 |
1,200 | 1,408,104 | |||||||||
County of Miami-Dade Florida Water & Sewer System, Refunding RB, Series B (AGM), 5.25%,
10/01/19 |
4,000 | 4,759,480 | |||||||||
Florida Governmental Utility Authority, RB, Golden Gate Utility System (AGM), 5.00%, 7/01/19 |
510 | 590,544 | |||||||||
Florida Governmental Utility Authority, Refunding RB: |
|||||||||||
4.00%, 10/01/20 |
500 | 565,140 | |||||||||
Lehigh Utility (AGM), 5.00%, 10/01/20 |
635 | 752,024 | |||||||||
Town of Davie Florida, Refunding RB, Nova Southeastern University Project, Series B, 5.00%,
4/01/20 |
530 | 607,359 | |||||||||
8,682,651 | |||||||||||
Total Municipal Bonds in Florida |
82,581,694 |
22 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments (continued) | BlackRock Florida
Municipal 2020 Term Trust (BFO) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | |||||||||
Guam
0.5% |
|||||||||||
Utilities 0.5% |
|||||||||||
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20 |
$ | 100 | $ | 116,251 | |||||||
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%,
10/01/20 |
310 | 369,356 | |||||||||
Total Municipal Bonds in Guam |
485,607 | ||||||||||
U.S.
Virgin Islands 3.1% |
|||||||||||
State 3.1% |
|||||||||||
Virgin Islands Public Finance Authority, RB, Series A: |
|||||||||||
5.00%, 10/01/18 |
590 | 656,174 | |||||||||
5.00%, 10/01/19 |
1,810 | 2,051,291 | |||||||||
Total Municipal Bonds in U.S. Virgin Islands |
2,707,465 | ||||||||||
Total Municipal Bonds 98.6% |
85,774,766 |
Municipal Bonds Transferred
to Tender Option Bond Trusts (e) |
Par (000) |
Value | |||||||||
Florida
0.3% |
|||||||||||
Housing 0.3% |
|||||||||||
County of Lee Florida Housing Finance Authority, RB,
S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40 |
$ | 250 | $ | 255,887 | |||||||
Total Long-Term Investments (Cost $81,243,432) 98.9% |
86,030,653 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.03% (f)(g) |
525,624 | 525,624 | |||||||||
Total Short-Term Securities (Cost $525,624) 0.6% |
525,624 | ||||||||||
Total Investments (Cost $81,769,056) 99.5% |
86,556,277 | ||||||||||
Other Assets Less Liabilities 0.7% |
560,541 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(0.2%) |
(164,708 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 86,952,110 |
Notes to Schedule of Investments
(a) | Non-income producing security. |
|||
(b) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
|||
(c) | U.S.
government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated,
typically at a premium to par. |
|||
(d) | Zero-coupon bond. |
|||
(e) | Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as
collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||
(f) | During the six months ended January 31, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of
the 1940 Act, as amended, were as follows: |
Affiliate |
|
Shares Held at July 31, 2014 |
|
Net Activity |
|
Shares Held at January 31, 2015 |
|
Income |
||||||||||
FFI Institutional Tax-Exempt Fund |
123,907 |
401,717 |
525,624 |
$229 |
(g) | Represents the current yield as of report date. |
|||
| For
Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications used by one or more
widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of
this report, which may combine such sector sub-classifications for reporting ease. |
|||
| Fair
Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized
into a disclosure hierarchy consisting of three broad levels for financial statement purposes. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3
measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs
used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy
classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a
value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated
with investing in those securities. The three levels of the fair value hierarchy are as follows: |
|||
| Level 1 unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the
ability to access |
|||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Trusts own assumptions used in determining the fair value of investments) |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 23 |
Schedule of Investments (concluded) | BlackRock Florida
Municipal 2020 Term Trust (BFO) |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. For information about the Trusts policy regarding valuation of investments and derivative financial
instruments, refer to Note 2 of the Notes to Financial Statements. |
||||
As of January 31, 2015, the following table summarizes the Trusts investments categorized in the disclosure hierarchy: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 86,030,653 | | $ | 86,030,653 | ||||||||||||
Short-Term Securities |
$ | 525,624 | | | 525,624 | |||||||||||||
Total |
$ | 525,624 | $ | 86,030,653 | | $ | 86,556,277 |
1 | See above Schedule of Investments for values in each sector. |
The Trust may hold liabilities which the fair value approximates the carrying amount for financial statement purposes. As of January
31, 2015, TOB Trust Certificates of $164,640 are categorized as Level 2 within the disclosure hierarchy. |
||||
During the six months ended January 31, 2015, there were no transfers between levels. |
24 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments January 31, 2015 (Unaudited) | BlackRock Municipal
Income Investment Trust (BBF) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value |
||||||
Alabama 0.3% |
||||||||||
City of Selma Alabama IDB, RB, Gulf Opportunity Zone,
International Paper Co. Project, Series A, 5.38%, 12/01/35 |
$ | 275 | $ | 310,731 | ||||||
Alaska 0.2% |
||||||||||
Northern Tobacco Securitization Corp., Refunding RB,
Tobacco Settlement, Asset-Backed, Series A, 5.00%, 6/01/46 |
330 | 270,547 | ||||||||
California 15.9% |
||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series
A, 5.25%, 10/01/38 |
1,315 | 1,502,414 | ||||||||
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series
A, 6.00%, 7/01/39 |
890 | 1,051,419 | ||||||||
Kern Community College District, GO, Safety, Repair & Improvement, Election of 2002, Series
C, 5.50%, 11/01/33 |
775 | 956,730 | ||||||||
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |
1,750 | 1,979,513 | ||||||||
San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A,
5.38%, 2/01/36 |
1,600 | 1,853,136 | ||||||||
State of California, GO, Refunding, Various Purposes, 5.00%, 11/01/43 |
1,000 | 1,174,780 | ||||||||
State of California, GO, Various Purposes, 6.00%, 3/01/33 |
1,275 | 1,579,623 | ||||||||
State of California Public Works Board, LRB, Various Capital Projects, Series I: |
||||||||||
5.50%, 11/01/31 |
1,600 | 1,983,696 | ||||||||
5.50%, 11/01/33 |
1,500 | 1,855,860 | ||||||||
State of California Public Works Board, RB, Department of Corrections & Rehabilitation,
Series F, 5.25%, 9/01/33 |
400 | 480,408 | ||||||||
Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%,
8/01/40 |
300 | 370,275 | ||||||||
University of California, Refunding RB, The Regents of Medical Center, Series J, 5.25%, 5/15/38 |
1,780 | 2,135,608 | ||||||||
16,923,462 | ||||||||||
Colorado 2.3% |
||||||||||
City & County of Denver Colorado Airport System, ARB, Sub-System, Series B, 5.25%, 11/15/32 |
1,000 | 1,184,580 | ||||||||
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%,
7/01/34 |
1,095 | 1,269,412 | ||||||||
2,453,992 | ||||||||||
Florida 5.4% |
||||||||||
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33 |
265 | 317,817 | ||||||||
County of Miami-Dade Florida, RB, Seaport, Series A, 6.00%, 10/01/38 |
3,800 | 4,716,864 | ||||||||
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32 |
570 | 681,116 | ||||||||
5,715,797 | ||||||||||
Georgia 1.7% |
||||||||||
Municipal Electric Authority of Georgia, Refunding RB,
Project One, Sub-Series D, 6.00%, 1/01/23 |
1,565 | 1,837,576 | ||||||||
Illinois 22.4% |
||||||||||
City of Chicago Illinois, GARB, OHare International Airport, 3rd Lien, Series C, 6.50%,
1/01/41 |
2,955 | 3,616,122 | ||||||||
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 |
500 | 563,155 | ||||||||
City of Chicago Illinois Transit Authority, RB: |
||||||||||
5.25%, 12/01/31 |
1,060 | 1,239,914 | ||||||||
Sales Tax Receipts, 5.25%, 12/01/36 |
1,000 | 1,160,200 | ||||||||
Sales Tax Receipts, 5.25%, 12/01/40 |
1,000 | 1,155,470 | ||||||||
Sales Tax Receipts, 5.00%, 12/01/44 |
1,085 | 1,270,622 |
Municipal Bonds |
|
Par (000) |
|
Value |
||||||
Illinois (concluded) |
||||||||||
County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |
||||||||||
5.50%, 12/01/38 |
$ | 1,000 | $ | 1,189,320 | ||||||
5.25%, 12/01/43 |
3,500 | 4,065,845 | ||||||||
Illinois Finance Authority, RB: |
||||||||||
Carle Foundation, Series A, 6.00%, 8/15/41 |
1,000 | 1,181,540 | ||||||||
Rush University Medical Center, Series B, 7.25%, 11/01/18 (a) |
1,600 | 1,975,376 | ||||||||
Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%,
8/15/39 |
1,900 | 2,251,956 | ||||||||
Railsplitter Tobacco Settlement Authority, RB: |
||||||||||
5.50%, 6/01/23 |
690 | 825,509 | ||||||||
6.00%, 6/01/28 |
195 | 233,534 | ||||||||
State of Illinois, GO: |
||||||||||
5.25%, 2/01/31 |
475 | 533,648 | ||||||||
5.25%, 2/01/32 |
1,000 | 1,118,580 | ||||||||
5.50%, 7/01/33 |
1,000 | 1,144,730 | ||||||||
5.50%, 7/01/38 |
210 | 238,915 | ||||||||
23,764,436 | ||||||||||
Indiana 2.4% |
||||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%,
1/01/39 |
2,210 | 2,555,180 | ||||||||
Kansas 1.8% |
||||||||||
Kansas Development Finance Authority, Refunding RB, Adventist
Health System/Sunbelt Obligated Group, Series C, 5.50%, 11/15/29 |
1,600 | 1,895,616 | ||||||||
Kentucky 0.6% |
||||||||||
County of Louisville & Jefferson Kentucky Metropolitan
Government Parking Authority, RB, Series A, 5.75%, 12/01/34 |
500 | 601,215 | ||||||||
Louisiana 2.4% |
||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority,
RB: |
||||||||||
5.00%, 10/01/37 |
900 | 1,065,843 | ||||||||
Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
715 | 866,902 | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29 |
600 | 663,492 | ||||||||
2,596,237 | ||||||||||
Maine 1.5% |
||||||||||
Maine Health & Higher Educational Facilities Authority,
RB, Maine General Medical Center, 7.50%, 7/01/32 |
1,270 | 1,557,299 | ||||||||
Maryland 0.2% |
||||||||||
Maryland Health & Higher Educational Facilities Authority,
Refunding RB, 5.00%, 7/01/45 (b) |
155 | 179,580 | ||||||||
Massachusetts 1.1% |
||||||||||
Massachusetts Health & Educational Facilities Authority,
RB, Tufts University, Series O, 5.38%, 8/15/38 |
1,000 | 1,148,150 | ||||||||
Michigan 3.3% |
||||||||||
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%,
7/01/41 |
915 | 1,099,391 | ||||||||
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38 |
1,000 | 1,166,170 | ||||||||
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series
V, 8.25%, 9/01/18 (a) |
995 | 1,256,516 | ||||||||
3,522,077 | ||||||||||
Mississippi 2.2% |
||||||||||
Mississippi Development Bank, RB, Special Obligation, Jackson Water & Sewer System Project
(AGM), 6.88%, 12/01/40 |
1,000 | 1,343,710 | ||||||||
Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University
Improvement Project, 5.25%, 8/01/38 |
800 | 950,720 | ||||||||
2,294,430 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 25 |
Schedule of Investments (continued) | BlackRock Municipal
Income Investment Trust (BBF) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
Nevada 4.9% |
||||||||||
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34 |
$ | 1,600 | $ | 1,883,920 | ||||||
County of Clark Nevada, GO, Limited Tax, 5.00%, 6/01/38 |
1,000 | 1,109,810 | ||||||||
County of Clark Nevada Airport System, ARB, Series B, 5.75%, 7/01/42 |
1,825 | 2,173,319 | ||||||||
5,167,049 | ||||||||||
New Jersey 4.4% |
||||||||||
New Jersey EDA, RB, School Facilities Construction, Series UU, 5.00%, 6/15/40 |
225 | 250,814 | ||||||||
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |
1,140 | 1,234,654 | ||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
||||||||||
Series A, 5.88%, 12/15/38 |
1,295 | 1,520,032 | ||||||||
Series AA, 5.50%, 6/15/39 |
1,485 | 1,731,763 | ||||||||
4,737,263 | ||||||||||
New York 5.9% |
||||||||||
City of New York New York Transitional Finance Authority, BARB, Fiscal 2015, Series S-1, 5.00%,
7/15/43 |
220 | 259,919 | ||||||||
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012, Series A, 5.75%, 2/15/47 |
1,000 | 1,175,710 | ||||||||
New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One
Bryant Park Project, Class 3, 6.38%, 7/15/49 |
980 | 1,119,670 | ||||||||
State of New York Dormitory Authority, ERB, Series B, 5.25%, 3/15/38 |
3,250 | 3,736,232 | ||||||||
6,291,531 | ||||||||||
Ohio 2.7% |
||||||||||
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series
A, 5.25%, 6/01/38 |
1,565 | 1,806,589 | ||||||||
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%,
2/15/31 |
885 | 1,060,575 | ||||||||
2,867,164 | ||||||||||
Pennsylvania 4.6% |
||||||||||
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%,
4/01/39 |
500 | 589,420 | ||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A: |
||||||||||
5.63%, 12/01/31 |
1,250 | 1,482,912 | ||||||||
6.00%, 12/01/41 |
1,500 | 1,622,625 | ||||||||
Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37 |
1,000 | 1,185,070 | ||||||||
4,880,027 | ||||||||||
South Carolina 1.3% |
||||||||||
County of Charleston South Carolina, RB, Special Source,
5.25%, 12/01/38 |
1,190 | 1,439,483 | ||||||||
Texas 13.1% |
||||||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 1/01/41 |
1,670 | 1,960,597 | ||||||||
Central Texas Turnpike System, Refunding RB, Series C (b): |
||||||||||
5.00%, 8/15/37 |
525 | 598,463 | ||||||||
5.00%, 8/15/42 |
245 | 278,423 | ||||||||
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37 |
745 | 885,134 | ||||||||
Conroe Texas ISD, GO, School Building, Series A, 5.75%, 2/15/35 |
890 | 1,018,249 | ||||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White
Healthcare, 6.00%, 8/15/45 |
1,905 | 2,290,781 | ||||||||
Lower Colorado River Authority, Refunding RB: |
||||||||||
5.50%, 5/15/19 (a) |
5 | 5,942 | ||||||||
5.50%, 5/15/19 (a) |
80 | 95,069 |
Municipal Bonds |
|
Par (000) |
|
Value | |||||||
Texas (concluded) |
|||||||||||
Lower Colorado River Authority, Refunding RB (concluded): |
|||||||||||
5.50%, 5/15/19 (a) |
$ | 5 | $ | 5,942 | |||||||
5.50%, 5/15/33 |
1,910 | 2,188,421 | |||||||||
North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 9/01/41 |
1,000 | 1,205,130 | |||||||||
North Texas Tollway Authority, Refunding RB, 1st Tier, Series K-1 (AGC), 5.75%, 1/01/38 |
1,000 | 1,155,800 | |||||||||
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38 |
340 | 405,049 | |||||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, NTE Mobility Partners
LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
1,505 | 1,805,488 | |||||||||
13,898,488 | |||||||||||
Virginia 1.4% |
|||||||||||
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43 |
280 | 321,345 | |||||||||
Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (a) |
1,000 | 1,214,890 | |||||||||
1,536,235 | |||||||||||
Wisconsin 1.8% |
|||||||||||
Wisconsin Health & Educational Facilities Authority,
Refunding RB, Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/39 |
1,675 | 1,872,450 | |||||||||
Total Municipal Bonds 103.8% |
110,316,015 | ||||||||||
Municipal
Bonds Transferred to Tender Option Bond Trusts (c) |
|||||||||||
California 19.0% |
|||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series
B, 5.25%, 10/01/39 (d) |
1,995 | 2,271,627 | |||||||||
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40 |
2,400 | 2,769,696 | |||||||||
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39
(d) |
2,630 | 3,106,806 | |||||||||
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series
C, 6.00%, 8/01/33 |
3,898 | 4,803,380 | |||||||||
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 |
400 | 458,916 | |||||||||
San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 8/01/39 |
4,214 | 4,972,086 | |||||||||
University of California, RB, Series O, 5.75%, 5/15/34 |
1,500 | 1,778,715 | |||||||||
20,161,226 | |||||||||||
District of Columbia 3.5% |
|||||||||||
District of Columbia, RB, Series A, 5.50%, 12/01/30 (d) |
1,395 | 1,661,328 | |||||||||
District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 5.50%,
10/01/39 |
1,799 | 2,048,909 | |||||||||
3,710,237 | |||||||||||
Illinois 3.1% |
|||||||||||
State of Illinois Finance Authority, RB, University of
Chicago, Series B, 6.25%, 7/01/38 |
2,800 | 3,320,996 | |||||||||
Nevada 5.0% |
|||||||||||
County of Clark Nevada Water Reclamation District, GO: |
|||||||||||
Limited Tax, 6.00%, 7/01/38 |
2,500 | 2,912,300 | |||||||||
Series B, 5.50%, 7/01/29 |
1,994 | 2,353,590 | |||||||||
5,265,890 | |||||||||||
New Hampshire 1.2% |
|||||||||||
New Hampshire Health & Education Facilities Authority,
RB, Dartmouth College, 5.25%, 6/01/39 (d) |
1,094 | 1,265,919 |
26 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments (continued) | BlackRock Municipal
Income Investment Trust (BBF) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred
to Tender Option Bond Trusts (c) |
|
Par (000) |
|
Value |
||||||
New Jersey 3.8% |
||||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
||||||||||
Series A (AMBAC), 5.00%, 12/15/32 |
$ | 2,000 | $ | 2,202,480 | ||||||
Series B, 5.25%, 6/15/36 (d) |
1,640 | 1,835,817 | ||||||||
4,038,297 | ||||||||||
New York 13.0% |
||||||||||
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System,
Fiscal 2009, Series A, 5.75%, 6/15/40 |
1,410 | 1,633,399 | ||||||||
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer
System, 2nd General Resolution: |
||||||||||
Series FF, 5.00%, 6/15/45 |
1,500 | 1,714,713 | ||||||||
Series FF-2, 5.50%, 6/15/40 |
1,995 | 2,338,585 | ||||||||
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%,
1/15/39 |
1,500 | 1,702,218 | ||||||||
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds,
5.25%, 12/15/43 |
2,205 | 2,594,910 | ||||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51
(d) |
1,300 | 1,551,602 | ||||||||
New York State Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 3/15/38 |
2,000 | 2,299,220 | ||||||||
13,834,647 |
Municipal Bonds Transferred
to Tender Option Bond Trusts (c) |
|
Par (000) |
|
Value |
|||||||
Texas 5.2% |
|||||||||||
City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 2/01/31 (d) |
$ | 2,025 | $ | 2,332,448 | |||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Childrens
Hospital Project, 5.50%, 10/01/39 |
2,750 | 3,212,412 | |||||||||
5,544,860 | |||||||||||
Virginia 1.0% |
|||||||||||
County of Fairfax Virginia IDA, Refunding RB, Health
Care, Inova Health System, Series A, 5.50%, 5/15/35 |
899 | 1,043,092 | |||||||||
Total
Municipal Bonds Transferred to Tender Option Bond Trusts 54.8% |
58,185,164 | ||||||||||
Total Long-Term Investments (Cost $146,355,481) 158.6% |
168,501,179 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.03% (e)(f) |
1,102,101 | 1,102,101 | |||||||||
Total Short-Term Securities (Cost $1,102,101) 1.0% |
1,102,101 | ||||||||||
Total Investments (Cost $147,457,582) 159.6% |
169,603,280 | ||||||||||
Other Assets Less Liabilities 0.5% |
554,834 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(27.9%) |
(29,686,624 | ) | |||||||||
VRDP Shares, at Redemption Value (32.2%) |
(34,200,000 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 106,271,490 |
Notes to Schedule of Investments
(a) | U.S.
government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated,
typically at a premium to par. |
|||
(b) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty |
|
Value |
|
Unrealized Appreciation |
||||||
Barclays Capital, Inc. |
$ | 876,886 | $ | 12,385 | ||||||
Morgan Stanley & Co. International PLC |
$ | 179,580 | $ | 1,400 |
(c) | Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds
serve as collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||
(d) | All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the
event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the
case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from
October 1, 2016 to November 15, 2019 is $7,891,024. |
|||
(e) | During the six months ended January 31, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of
Section 2(a)(3) of the 1940 Act, as amended, were as follows: |
Affiliate |
|
Shares Held at July 31, 2014 |
|
Net Activity |
|
Shares Held at January 31, 2015 |
|
Income |
||||||||||
FFI Institutional Tax-Exempt Fund |
1,298,709 |
(196,608) |
1,102,101 |
$148 |
(f) | Represents the current yield as of report date. |
|||
| As of January 31, 2015, financial futures contracts outstanding were as follows: |
Contracts Short |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized Depreciation |
||||||||||||
(148) |
10-Year U.S. Treasury Note |
Chicago Board of Trade |
March 2015 |
$19,369,500 |
$(531,417) |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 27 |
Schedule of Investments (concluded) | BlackRock Municipal
Income Investment Trust (BBF) |
| Fair Value Measurements Various inputs are used in determining the fair value of investments and derivative financial
instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement
purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair
value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is
significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial
instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the
risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows: |
|||
| Level 1 unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the
ability to access |
|||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Trusts own assumptions used in determining the fair value of investments and derivative financial
instruments) |
|||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. For information about the Trusts policy regarding valuation of investments and derivative financial
instruments, refer to Note 2 of the Notes to financial statements. |
||||
As of January 31, 2015, the following tables summarize the Trusts investments and derivative financial instruments categorized
in the disclosure hierarchy: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 168,501,179 | | $ | 168,501,179 | ||||||||||||
Short-Term Securities |
$ | 1,102,101 | | | 1,102,101 | |||||||||||||
Total |
$ | 1,102,101 | $ | 168,501,179 | | $ | 169,603,280 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Derivative Financial Instruments2 |
||||||||||||||||||
Liabilities: |
||||||||||||||||||
Interest rate contracts |
$ | (531,417 | ) | | | $ | (531,417 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement
purposes. As of January 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Cash pledged for financial futures contracts |
$ | 201,000 | | | $ | 201,000 | ||||||||||||
Liabilities: |
||||||||||||||||||
TOB trust certificates |
| $ | (29,682,276 | ) | | (29,682,276 | ) | |||||||||||
VRDP Shares |
| (34,200,000 | ) | | (34,200,000 | ) | ||||||||||||
Total |
$ | 201,000 | $ | (63,882,276 | ) | | $ | (63,681,276 | ) |
During the six months ended January 31, 2015, there were no transfers between levels. |
28 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments January 31, 2015 (Unaudited) | BlackRock Municipal
Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value |
||||||
Alabama 0.6% |
||||||||||
City of Phenix Alabama IDB, Refunding RB, Meadwestvaco Coated Board Project, Series A, 3.63%,
5/15/30 |
$ | 5,850 | $ | 5,859,652 | ||||||
County of Jefferson Alabama, RB, Limited Obligation School, Series A: |
||||||||||
5.25%, 1/01/19 |
1,000 | 1,012,500 | ||||||||
5.25%, 1/01/20 |
1,000 | 1,012,500 | ||||||||
5.50%, 1/01/21 |
1,200 | 1,215,000 | ||||||||
5.50%, 1/01/22 |
1,105 | 1,118,813 | ||||||||
10,218,465 | ||||||||||
Alaska 0.5% |
||||||||||
Northern Tobacco Securitization Corp., Refunding RB,
Tobacco Settlement, Asset-Backed, Series A, 4.63%, 6/01/23 |
8,155 | 8,157,120 | ||||||||
Arizona 1.1% |
||||||||||
Arizona Health Facilities Authority, Refunding RB, Phoenix Childrens Hospital: |
||||||||||
Series A, 5.00%, 2/01/34 |
6,340 | 7,067,705 | ||||||||
Series B, 5.00%, 2/01/33 |
1,810 | 2,039,780 | ||||||||
City of Phoenix Arizona IDA, RB, Facility: |
||||||||||
Candeo Schools, Inc. Project, 6.00%, 7/01/23 |
700 | 787,500 | ||||||||
Eagle College Preparatory Project, Series A, 4.50%, 7/01/22 |
735 | 752,677 | ||||||||
Eagle College Preparatory Project, Series A, 5.00%, 7/01/33 |
1,000 | 1,008,590 | ||||||||
Legacy Traditional Schools Project, Series A, 5.75%, 7/01/24 (a) |
750 | 832,245 | ||||||||
County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%,
9/01/29 |
6,000 | 6,282,780 | ||||||||
18,771,277 | ||||||||||
California 19.7% |
||||||||||
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Odd Fellows Home California, Series
A, |
||||||||||
5.00%, 4/01/32 |
4,500 | 5,264,865 | ||||||||
Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub Lien, Series A (AMBAC), |
||||||||||
0.00%, 10/01/30 (b) |
10,530 | 5,498,450 | ||||||||
Anaheim California Public Financing Authority, Refunding RB, Electric Distribution System,
Series A, |
||||||||||
4.00%, 10/01/31 |
17,080 | 18,302,416 | ||||||||
California Health Facilities Financing Authority, Refunding RB, Adventist Health System/West,
Series A: |
||||||||||
4.00%, 3/01/27 |
4,270 | 4,644,308 | ||||||||
4.00%, 3/01/28 |
8,490 | 9,177,775 | ||||||||
4.00%, 3/01/33 |
61,485 | 64,739,401 | ||||||||
California HFA, RB, S/F Housing, Home Mortgage, Series I, AMT, 4.70%, 8/01/26 |
10,000 | 10,104,500 | ||||||||
California Municipal Finance Authority, RB, Biola University: |
||||||||||
4.00%, 10/01/27 |
750 | 796,252 | ||||||||
5.00%, 10/01/29 |
660 | 754,123 | ||||||||
5.00%, 8/15/30 |
1,000 | 1,144,330 | ||||||||
5.00%, 10/01/30 |
500 | 568,050 | ||||||||
4.00%, 10/01/33 |
2,500 | 2,597,700 | ||||||||
California Pollution Control Financing Authority, RB, Poseidon Resources Desalination Project,
AMT, |
||||||||||
5.00%, 7/01/30 (a) |
13,845 | 15,595,839 | ||||||||
California State Public Works Board, RB: |
||||||||||
Judicial Council Projects, Series A, 5.00%, 3/01/31 |
5,000 | 5,873,900 | ||||||||
Judicial Council Projects, Series A, 5.00%, 3/01/32 |
5,000 | 5,854,050 | ||||||||
Judicial Council Projects, Series A, 5.00%, 3/01/33 |
5,220 | 6,078,533 | ||||||||
Series D, 5.00%, 9/01/30 |
2,620 | 3,117,826 | ||||||||
Series D, 5.00%, 9/01/31 |
2,905 | 3,448,090 | ||||||||
Series D, 5.00%, 9/01/32 |
6,060 | 7,155,951 | ||||||||
Series E, 5.00%, 9/01/31 |
2,600 | 3,086,070 |
Municipal Bonds |
|
Par (000) |
|
Value |
||||||
California (continued) |
||||||||||
California State Public Works Board, RB (concluded): |
||||||||||
Series E, 5.00%, 9/01/32 |
$ | 2,280 | $ | 2,692,338 | ||||||
California Statewide Communities Development Authority, RB, American Baptist Homes of the West,
Series A: |
||||||||||
5.00%, 10/01/23 |
1,500 | 1,711,005 | ||||||||
5.00%, 10/01/28 |
650 | 728,514 | ||||||||
5.00%, 10/01/33 |
2,275 | 2,541,607 | ||||||||
California Statewide Communities Development Authority, Refunding RB: |
||||||||||
Episcopal Communities & Services, 5.00%, 5/15/27 |
500 | 575,860 | ||||||||
Episcopal Communities & Services, 5.00%, 5/15/32 |
1,000 | 1,121,020 | ||||||||
Eskaton Properties, Inc., 5.25%, 11/15/34 |
2,500 | 2,776,175 | ||||||||
Loma Linda University Medical Center, 5.25%, 12/01/29 |
5,000 | 5,781,200 | ||||||||
City & County of San Francisco California Redevelopment Agency, Refunding, Special Tax
Bonds, No. 6 Mission Bay South Public Improvements, Series A: |
||||||||||
5.00%, 8/01/28 |
1,000 | 1,142,490 | ||||||||
5.00%, 8/01/29 |
1,300 | 1,480,154 | ||||||||
5.00%, 8/01/33 |
1,335 | 1,503,477 | ||||||||
County of Los Angeles California Public Works Financing Authority, Refunding RB, Multiple Capital
Projects II: |
||||||||||
5.00%, 8/01/30 |
2,500 | 2,921,425 | ||||||||
5.00%, 8/01/31 |
3,000 | 3,494,580 | ||||||||
5.00%, 8/01/32 |
3,000 | 3,483,480 | ||||||||
5.00%, 8/01/33 |
2,500 | 2,899,200 | ||||||||
County of Ventura California Public Financing Authority, Refunding RB, Series A: |
||||||||||
5.00%, 11/01/31 |
1,500 | 1,766,220 | ||||||||
5.00%, 11/01/32 |
1,500 | 1,760,430 | ||||||||
5.00%, 11/01/33 |
1,200 | 1,404,660 | ||||||||
El Camino Community
College District, GO, CAB, Election of 2002, Series C (b): |
||||||||||
0.00%, 8/01/30 |
9,090 | 5,556,717 | ||||||||
0.00%, 8/01/31 |
12,465 | 7,204,147 | ||||||||
0.00%, 8/01/32 |
17,435 | 9,647,134 | ||||||||
Escondido Union High School District, GO, CAB, Election of 2008, Series A (AGC), 0.00%, 8/01/33
(b) |
2,865 | 1,445,965 | ||||||||
Golden State Tobacco Securitization Corp., Refunding RB, Series A, 5.00%, 6/01/30 |
1,500 | 1,749,840 | ||||||||
Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFUEL Corp., Los Angeles International,
AMT: |
||||||||||
4.50%, 1/01/27 |
5,000 | 5,561,150 | ||||||||
5.00%, 1/01/32 |
4,110 | 4,628,271 | ||||||||
M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29 |
2,500 | 3,274,775 | ||||||||
Poway Unified School District, GO, CAB, Election of 2008, Series A (b): |
||||||||||
0.00%, 8/01/27 |
10,000 | 6,647,100 | ||||||||
0.00%, 8/01/30 |
10,000 | 5,795,400 | ||||||||
0.00%, 8/01/32 |
12,500 | 6,625,500 | ||||||||
Poway Unified School District Public Financing Authority, Refunding, Special Tax Bonds: |
||||||||||
5.00%, 9/15/26 |
935 | 1,104,235 | ||||||||
5.00%, 9/15/29 |
1,205 | 1,397,836 | ||||||||
5.00%, 9/15/32 |
995 | 1,137,892 | ||||||||
Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon
Merged Redevelopment Project, Series C (NPFGC), |
||||||||||
4.50%, 8/01/30 |
10,000 | 10,312,700 | ||||||||
San Bernardino Community College District, GO, Refunding, Series A: |
||||||||||
4.00%, 8/01/31 |
15,660 | 16,888,527 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 29 |
Schedule of Investments (continued) | BlackRock Municipal
Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
California (concluded) |
||||||||||
San Bernardino Community College District, GO, Refunding, Series A (concluded): |
||||||||||
4.00%, 8/01/32 |
$ | 17,010 | $ | 18,264,998 | ||||||
4.00%, 8/01/33 |
5,665 | 6,065,402 | ||||||||
San Diego Community College District, GO, Election of 2006, 0.00%, 8/01/30 (b) |
5,000 | 2,584,850 | ||||||||
Westlands California Water District, Refunding RB, Series A (AGM): |
||||||||||
5.00%, 9/01/30 |
1,000 | 1,170,250 | ||||||||
5.00%, 9/01/31 |
1,000 | 1,168,750 | ||||||||
5.00%, 9/01/32 |
1,000 | 1,162,750 | ||||||||
332,980,453 | ||||||||||
Colorado 5.4% |
||||||||||
Central Platte Valley Metropolitan District, GO, Series A: |
||||||||||
5.13%, 12/01/29 |
700 | 809,676 | ||||||||
5.50%, 12/01/29 |
750 | 890,715 | ||||||||
5.38%, 12/01/33 |
1,500 | 1,758,135 | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series B, 4.00%,
11/15/31 |
37,090 | 40,456,289 | ||||||||
City of Commerce Colorado-Northern Infrastructure General Improvement District, GO, Refunding,
Improvement (AGM): |
||||||||||
5.00%, 12/01/31 |
500 | 585,700 | ||||||||
5.00%, 12/01/32 |
800 | 934,872 | ||||||||
City of Lakewood Colorado Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds, |
||||||||||
4.00%, 12/01/23 |
1,000 | 1,021,570 | ||||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB, 5.00%, 8/15/30 |
1,000 | 1,144,330 | ||||||||
Colorado Health Facilities Authority, Refunding RB, Covenant Retirement Communities, Series
A: |
||||||||||
4.50%, 12/01/33 |
4,595 | 4,684,786 | ||||||||
5.00%, 12/01/33 |
3,000 | 3,273,720 | ||||||||
Denver West Metropolitan District, GO, Refunding, Series A (AGM), 4.00%, 12/01/32 |
6,250 | 6,678,875 | ||||||||
Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds: |
||||||||||
4.10%, 12/01/24 |
5,080 | 5,206,492 | ||||||||
4.20%, 12/01/25 |
5,280 | 5,428,949 | ||||||||
4.50%, 12/01/30 |
4,305 | 4,468,934 | ||||||||
State of Colorado, COP, Refunding, Fitzsimons Academic Projects, 4.00%, 11/01/30 |
12,675 | 13,755,797 | ||||||||
Tallyns Reach Metropolitan District No. 3, GO, Refunding, 5.00%, 12/01/33 |
505 | 525,453 | ||||||||
91,624,293 | ||||||||||
Connecticut 1.3% |
||||||||||
City of Hartford Connecticut, GO, Refunding, Series A: |
||||||||||
4.00%, 4/01/29 |
8,390 | 9,044,085 | ||||||||
4.00%, 4/01/32 |
1,500 | 1,598,955 | ||||||||
Connecticut HFA, Refunding RB, M/F Housing Mortgage Finance Program, Sub-Series F-1, 3.00%,
11/15/32 |
12,020 | 12,041,756 | ||||||||
22,684,796 | ||||||||||
District of Columbia 0.1% |
||||||||||
District of Columbia, Refunding RB, Kipp Charter School,
6.00%, 7/01/33 |
1,700 | 2,030,820 | ||||||||
Florida 10.4% |
||||||||||
City of North Miami Beach, Refunding RB: |
||||||||||
4.00%, 8/01/27 |
3,325 | 3,625,081 | ||||||||
5.00%, 8/01/29 |
3,650 | 4,251,739 | ||||||||
5.00%, 8/01/30 |
4,020 | 4,670,838 | ||||||||
5.00%, 8/01/31 |
4,235 | 4,905,019 | ||||||||
5.00%, 8/01/32 |
4,445 | 5,131,886 | ||||||||
City of Tampa Florida, Refunding RB, Series A: |
||||||||||
County of Hillsborough Florida Expressway Authority, 4.00%, 7/01/29 |
6,000 | 6,437,640 |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
Florida (continued) |
||||||||||
City of Tampa Florida, Refunding RB, Series A (concluded): |
||||||||||
County of Hillsborough Florida Expressway Authority, 4.00%, 7/01/30 |
$ | 6,395 | $ | 6,843,801 | ||||||
H Lee Moffitt Cancer Center Project, 4.00%, 9/01/33 |
10,000 | 10,583,200 | ||||||||
County of Alachua Florida Health Facilities Authority, RB, East Ridge Retirement Village, Inc.,
6.00%, 11/15/29 |
5,000 | 5,681,650 | ||||||||
County of Brevard Health Facilities Authority, Refunding RB, Health First, Inc., 5.00%, 4/01/33 |
3,760 | 4,335,957 | ||||||||
County of Broward Florida, RB, Fort Lauderdale Fuel System Revenue, AMT: |
||||||||||
5.00%, 4/01/30 |
600 | 668,856 | ||||||||
5.00%, 4/01/33 |
740 | 823,243 | ||||||||
County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%,
12/15/25 |
5,250 | 5,448,030 | ||||||||
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series
A: |
||||||||||
4.00%, 4/01/31 |
2,930 | 3,108,056 | ||||||||
4.00%, 4/01/32 |
1,000 | 1,057,810 | ||||||||
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Sub-Series B,
5.00%, 10/01/32 |
10,000 | 11,575,800 | ||||||||
County of Miami-Dade Florida Expressway Authority, Refunding RB, Series A: |
||||||||||
5.00%, 7/01/30 |
5,530 | 6,359,832 | ||||||||
5.00%, 7/01/31 |
5,000 | 5,735,850 | ||||||||
County of Miami-Dade Florida School Board, COP, Refunding, Series A, 5.00%, 5/01/32 |
10,000 | 11,452,100 | ||||||||
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B (b): |
||||||||||
0.00%, 6/01/26 |
2,655 | 1,974,656 | ||||||||
0.00%, 6/01/27 |
3,095 | 2,185,472 | ||||||||
0.00%, 6/01/28 |
3,795 | 2,569,405 | ||||||||
0.00%, 6/01/29 |
3,795 | 2,464,511 | ||||||||
0.00%, 6/01/30 |
2,000 | 1,215,080 | ||||||||
0.00%, 6/01/31 |
1,295 | 750,621 | ||||||||
0.00%, 6/01/32 |
2,495 | 1,376,566 | ||||||||
Double Branch Community Development District, Refunding, Special Assessment Bonds, Senior Lien,
Series A-1, 4.13%, 5/01/31 |
1,200 | 1,257,408 | ||||||||
Florida Development Finance Corp., RB, Miami Arts Charter School Project, Series A (a): |
||||||||||
5.00%, 6/15/24 |
165 | 169,340 | ||||||||
5.63%, 6/15/29 |
1,250 | 1,287,075 | ||||||||
Greater Orlando Aviation Authority, Refunding RB, Jet Blue Airways Corp. Project, AMT, 5.00%,
11/15/26 |
2,000 | 2,093,800 | ||||||||
Jacksonville Florida Port Authority, Refunding RB, AMT: |
||||||||||
4.50%, 11/01/29 |
4,685 | 4,993,929 | ||||||||
4.50%, 11/01/30 |
2,895 | 3,075,793 | ||||||||
4.50%, 11/01/31 |
3,200 | 3,384,288 | ||||||||
4.50%, 11/01/32 |
2,300 | 2,422,912 | ||||||||
4.50%, 11/01/33 |
2,080 | 2,188,285 | ||||||||
Lee County School Board, COP, Refunding Series A, 5.00%, 8/01/28 |
3,500 | 4,218,515 | ||||||||
Miami Beach Health Facilities Authority, Refunding RB, Mont Sinai Medical Center: |
||||||||||
5.00%, 11/15/25 |
500 | 590,740 | ||||||||
5.00%, 11/15/26 |
250 | 292,577 | ||||||||
5.00%, 11/15/27 |
375 | 437,216 | ||||||||
5.00%, 11/15/28 |
500 | 578,765 | ||||||||
5.00%, 11/15/30 |
1,000 | 1,150,240 | ||||||||
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/30 |
3,825 | 4,596,005 | ||||||||
Village Community Development District No. 10, Special Assessment Bonds, Sumter County: |
||||||||||
4.50%, 5/01/23 |
3,490 | 3,930,543 |
30 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments (continued) | BlackRock Municipal
Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
Florida (concluded) |
||||||||||
Village Community Development District No. 10, Special Assessment Bonds, Sumter County (concluded): |
||||||||||
5.00%, 5/01/32 |
$ | 5,920 | $ | 6,723,522 | ||||||
Village Community Development District No. 5, Refunding, Special Assessment Bonds: |
||||||||||
Phase I, 3.50%, 5/01/28 |
2,105 | 2,182,927 | ||||||||
Phase I, 3.50%, 5/01/28 |
3,960 | 4,106,599 | ||||||||
Phase II, 4.00%, 5/01/33 |
1,225 | 1,312,257 | ||||||||
Phase II, 4.00%, 5/01/34 |
2,530 | 2,704,089 | ||||||||
Village Community Development District No. 6, Refunding, Special Assessment Bonds, Sumter County,
4.00%, 5/01/29 |
6,325 | 6,392,235 | ||||||||
175,321,759 | ||||||||||
Georgia 0.7% |
||||||||||
Georgia Housing & Finance Authority, RB, S/F Housing,
Series A, 3.45%, 12/01/32 |
12,050 | 12,442,830 | ||||||||
Idaho 0.6% |
||||||||||
Idaho Housing & Finance Association, RB, Series A,
4.00%, 7/15/30 |
10,000 | 10,726,000 | ||||||||
Illinois 14.5% |
||||||||||
Chicago Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 1/01/33 |
5,000 | 5,685,100 | ||||||||
City of Chicago Illinois, GO: |
||||||||||
CAB (NPFGC), 0.00%, 1/01/27 (b) |
5,000 | 3,085,900 | ||||||||
Project, Series A, 5.00%, 1/01/33 |
10,000 | 10,555,600 | ||||||||
City of Chicago Illinois, Refunding RB, GO, Series A, 5.25%, 1/01/30 |
6,000 | 6,576,660 | ||||||||
City of Chicago Illinois, RB, Wastewater Transmission, 2nd Lien: |
||||||||||
4.00%, 1/01/31 |
10,375 | 10,846,959 | ||||||||
4.00%, 1/01/32 |
10,790 | 11,240,051 | ||||||||
4.00%, 1/01/33 |
11,220 | 11,659,824 | ||||||||
4.00%, 1/01/35 |
9,135 | 9,464,499 | ||||||||
City of Chicago Illinois, Refunding ARB, OHare International Airport Passenger Facility
Charge, Series B, AMT: |
||||||||||
4.00%, 1/01/27 |
5,000 | 5,312,050 | ||||||||
4.00%, 1/01/29 |
28,425 | 29,901,679 | ||||||||
City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB (AGM), 5.00%, 1/01/30 |
730 | 847,216 | ||||||||
City of St. Charles Illinois, GO, Refunding, Corporate Purpose: |
||||||||||
4.00%, 12/01/30 |
1,620 | 1,751,139 | ||||||||
4.00%, 12/01/31 |
1,715 | 1,843,848 | ||||||||
4.00%, 12/01/32 |
1,800 | 1,928,700 | ||||||||
County of Cook Illinois, GO, Refunding, Series C, 4.00%, 11/15/29 |
19,750 | 21,041,650 | ||||||||
County of Will Illinois Community High School District No. 210 Lincoln-Way, GO, CAB, Refunding,
Series B (b): |
||||||||||
0.00%, 1/01/29 |
6,920 | 4,053,252 | ||||||||
0.00%, 1/01/30 |
5,680 | 3,143,028 | ||||||||
0.00%, 1/01/31 |
13,330 | 7,003,582 | ||||||||
0.00%, 1/01/32 |
16,500 | 8,298,015 | ||||||||
County of Will Illinois Community High School District No. 210 Lincoln-Way, GO, Refunding,
Series A, Charter School Project-Noble Network, 5.00%, 1/01/31 |
16,300 | 18,956,574 | ||||||||
Illinois Finance Authority, RB, 6.00%, 9/01/32 |
1,620 | 1,854,689 | ||||||||
Illinois Finance Authority, Refunding RB: |
||||||||||
Lutheran Home & Services Obligated Group, 5.00%, 5/15/22 |
4,835 | 5,271,939 | ||||||||
Lutheran Home & Services Obligated Group, 5.50%, 5/15/27 |
4,350 | 4,750,243 | ||||||||
Lutheran Home & Services Obligated Group, 5.50%, 5/15/30 |
4,900 | 5,293,029 |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
Illinois (concluded) |
||||||||||
Illinois Finance Authority, Refunding RB (concluded): |
||||||||||
Northwestern Memorial Healthcare, 4.00%, 8/15/33 |
$ | 7,665 | $ | 8,178,862 | ||||||
Rush University Medical Center, Series A, 5.00%, 11/15/31 (c) |
8,415 | 9,952,673 | ||||||||
Rush University Medical Center, Series A, 5.00%, 11/15/32 (c) |
2,075 | 2,448,106 | ||||||||
Rush University Medical Center, Series A, 5.00%, 11/15/33 (c) |
2,125 | 2,496,769 | ||||||||
The Peoples Gas Light & Coke Company Project, 4.00%, 2/01/33 |
11,000 | 11,563,200 | ||||||||
Winnebago & Boone Counties School District No. 205 Rockford, GO: |
||||||||||
4.00%, 2/01/29 |
9,305 | 9,880,979 | ||||||||
4.00%, 2/01/30 |
9,835 | 10,436,607 | ||||||||
245,322,422 | ||||||||||
Indiana 3.4% |
||||||||||
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A, 4.00%, 8/01/33 |
8,500 | 9,215,870 | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 5.88%, 1/01/24 |
2,250 | 2,637,495 | ||||||||
Indiana Finance Authority, Refunding RB: |
||||||||||
Community Health Network Project, Series A, 4.00%, 5/01/35 |
23,565 | 24,096,391 | ||||||||
Earlham College Project, 5.00%, 10/01/32 |
11,255 | 12,410,100 | ||||||||
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/31 |
8,000 | 9,560,880 | ||||||||
57,920,736 | ||||||||||
Iowa 2.1% |
||||||||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |
||||||||||
5.50%, 12/01/22 |
18,500 | 19,679,745 | ||||||||
5.25%, 12/01/25 |
14,345 | 15,847,782 | ||||||||
35,527,527 | ||||||||||
Kentucky 0.1% |
||||||||||
Kentucky Public Transportation Infrastructure Authority, RB, Convertible CABS-1ST Tier-DownTown
Crossing Project, Series C, 0.00%, 7/01/33 (d) |
1,500 | 1,131,615 | ||||||||
Kentucky Public Transportation Infrastructure Authority, RB,CAB-1st Tier-DownTown Crossing
Project, Series B, 0.00%, 7/01/30 (b) |
1,230 | 565,960 | ||||||||
1,697,575 | ||||||||||
Louisiana 3.1% |
||||||||||
City of New Orleans Louisiana, Refunding RB: |
||||||||||
5.00%, 12/01/27 |
1,500 | 1,781,475 | ||||||||
5.00%, 12/01/29 |
1,000 | 1,173,880 | ||||||||
Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A: |
||||||||||
5.00%, 7/01/27 |
3,770 | 4,487,883 | ||||||||
5.00%, 7/01/28 |
4,420 | 5,235,799 | ||||||||
5.00%, 7/01/29 |
3,000 | 3,533,790 | ||||||||
5.00%, 7/01/30 |
5,000 | 5,873,150 | ||||||||
5.00%, 7/01/31 |
5,105 | 5,962,946 | ||||||||
5.00%, 7/01/32 |
3,000 | 3,472,440 | ||||||||
Port New Orleans Board of Commissioners, Refunding RB, Series B, AMT: |
||||||||||
5.00%, 4/01/31 |
300 | 336,702 | ||||||||
5.00%, 4/01/32 |
1,000 | 1,117,790 | ||||||||
5.00%, 4/01/33 |
1,575 | 1,756,928 | ||||||||
Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 7/01/29 |
1,925 | 2,217,254 | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
||||||||||
5.25%, 5/15/31 |
3,425 | 3,835,555 | ||||||||
5.25%, 5/15/32 |
4,375 | 4,958,538 | ||||||||
5.25%, 5/15/33 |
4,750 | 5,360,470 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 31 |
Schedule of Investments (continued) | BlackRock Municipal
Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
Louisiana (concluded) |
||||||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A (concluded): |
||||||||||
5.25%, 5/15/35 |
$ | 1,500 | $ | 1,692,600 | ||||||
52,797,200 | ||||||||||
Maine 1.4% |
||||||||||
Maine Health & Higher Educational Facilities Authority, RB, Eastern Maine Medical Center
Obligation: |
||||||||||
5.00%, 7/01/25 |
1,250 | 1,460,600 | ||||||||
5.00%, 7/01/26 |
1,000 | 1,154,660 | ||||||||
5.00%, 7/01/27 |
1,000 | 1,142,610 | ||||||||
3.75%, 7/01/28 |
1,000 | 1,038,050 | ||||||||
5.00%, 7/01/33 |
5,000 | 5,600,750 | ||||||||
Maine State Housing Authority, Refunding RB, S/F Housing, Series B, 3.45%, 11/15/32 |
12,000 | 12,338,640 | ||||||||
22,735,310 | ||||||||||
Maryland 0.8% |
||||||||||
Anne Arundel County Consolidated, Special Taxing District, Special Tax Bonds, Villages At Two
Rivers Project: |
||||||||||
4.20%, 7/01/24 |
700 | 724,220 | ||||||||
4.90%, 7/01/30 |
1,315 | 1,359,053 | ||||||||
Maryland EDC, Refunding RB: |
||||||||||
CNX Marine Terminals, Inc., 5.75%, 9/01/25 |
5,000 | 5,624,750 | ||||||||
Salisbury University Project, 5.00%, 6/01/34 |
500 | 550,760 | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Peninsula Regional
Medical Center (c): |
||||||||||
5.00%, 7/01/30 |
1,185 | 1,403,822 | ||||||||
5.00%, 7/01/31 |
2,200 | 2,602,248 | ||||||||
5.00%, 7/01/32 |
1,635 | 1,920,618 | ||||||||
14,185,471 | ||||||||||
Massachusetts 1.3% |
||||||||||
Massachusetts Educational Financing Authority, Refunding RB, Series K, AMT, 5.25%, 7/01/29 |
9,455 | 10,506,018 | ||||||||
Massachusetts HFA, Refunding RB, S/F Housing, Series 163, AMT, 4.00%, 12/01/33 |
10,950 | 11,421,178 | ||||||||
21,927,196 | ||||||||||
Michigan 1.1% |
||||||||||
Michigan Finance Authority, Refunding RB: |
||||||||||
Holland Community Hospital, Series A, 5.00%, 1/01/33 |
750 | 839,865 | ||||||||
Midmichigan Health, 5.00%, 6/01/33 |
2,750 | 3,209,470 | ||||||||
Oakwood Obligation Group, 5.00%, 8/15/30 |
4,105 | 4,807,201 | ||||||||
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series
C, 4.00%, 12/01/32 |
9,195 | 9,771,251 | ||||||||
18,627,787 | ||||||||||
Missouri 0.3% |
||||||||||
Missouri State Health & Educational Facilities Authority, Refunding RB: |
||||||||||
CoxHealth, Series A, 4.00%, 11/15/33 |
2,010 | 2,122,821 | ||||||||
St. Lewis College of Pharmacy Project, 5.00%, 5/01/30 |
3,000 | 3,347,310 | ||||||||
5,470,131 | ||||||||||
Nebraska 1.1% |
||||||||||
Central Plains Nebraska Energy Project, RB: |
||||||||||
Energy Project No. 3, 5.00%, 9/01/27 |
7,010 | 7,970,020 | ||||||||
Gas Project No. 3, 5.00%, 9/01/32 |
9,500 | 10,711,630 | ||||||||
18,681,650 | ||||||||||
New Hampshire 1.0% |
||||||||||
New Hampshire Health & Education Facilities Authority, Refunding RB, Concord Hospital,
Series A: |
||||||||||
5.00%, 10/01/26 |
1,075 | 1,241,786 | ||||||||
5.00%, 10/01/27 |
1,180 | 1,358,227 |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
New Hampshire (concluded) |
||||||||||
New Hampshire Health & Education Facilities Authority, Refunding RB, Concord Hospital,
Series A (concluded): |
||||||||||
4.00%, 10/01/33 |
$ | 3,500 | $ | 3,684,100 | ||||||
New Hampshire State Turnpike System, RB, Series C: |
||||||||||
4.00%, 8/01/33 |
4,350 | 4,707,179 | ||||||||
4.00%, 8/01/35 |
4,745 | 5,091,338 | ||||||||
16,082,630 | ||||||||||
New Jersey 11.6% |
||||||||||
County of Gloucester New Jersey Pollution Control Financing Authority, Refunding RB, AMT, 5.00%,
12/01/24 |
1,500 | 1,716,570 | ||||||||
New Jersey EDA, RB, AMT: |
||||||||||
Continental Airlines, Inc. Project, 5.25%, 9/15/29 |
12,230 | 13,250,471 | ||||||||
Continental Airlines, Inc. Project, Series A, 5.63%, 11/15/30 |
1,740 | 1,950,349 | ||||||||
Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30 |
1,315 | 1,458,111 | ||||||||
Private Activity Bond, The Goethals Bridge Replacement Project, 5.00%, 1/01/28 |
4,705 | 5,338,011 | ||||||||
New Jersey EDA, Refunding RB: |
||||||||||
4.25%, 6/15/27 |
16,500 | 17,566,890 | ||||||||
Cigarette Tax, 5.00%, 6/15/26 |
10,610 | 12,069,193 | ||||||||
Continental Airlines, Inc. Project, AMT, 5.75%, 9/15/27 |
6,200 | 6,911,016 | ||||||||
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%,
4/01/31 |
5,000 | 5,961,400 | ||||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Barnabas Health, Series
A, 4.00%, 7/01/26 |
3,000 | 3,249,060 | ||||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT: |
||||||||||
4.10%, 11/01/28 |
15,800 | 16,631,870 | ||||||||
4.35%, 11/01/33 |
7,315 | 7,718,422 | ||||||||
New Jersey Transportation Trust Fund Authority, RB: |
||||||||||
5.00%, 6/15/32 |
5,000 | 5,684,100 | ||||||||
5.25%, 6/15/32 |
10,000 | 11,677,500 | ||||||||
Transportation System, CAB, Series A, 0.00%, 12/15/28 (b) |
66,000 | 36,974,520 | ||||||||
Transportation System, CAB, Series A, 0.00%, 12/15/29 (b) |
18,000 | 9,545,580 | ||||||||
Transportation System, Series AA, 4.00%, 6/15/30 |
13,315 | 13,779,028 | ||||||||
Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 5.25%, 1/01/27 |
5,000 | 6,086,650 | ||||||||
South Jersey Transportation Authority LLC, Refunding RB, Series A: |
||||||||||
5.00%, 11/01/33 |
500 | 563,695 | ||||||||
5.00%, 11/01/34 |
500 | 563,255 | ||||||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A: |
||||||||||
4.50%, 6/01/23 |
4,450 | 4,470,114 | ||||||||
4.63%, 6/01/26 |
5,525 | 5,296,210 | ||||||||
Township of Irvington, GO, Refunding Series A (AGM): |
||||||||||
5.00%, 7/15/29 |
1,750 | 2,050,492 | ||||||||
5.00%, 7/15/30 |
2,000 | 2,339,820 | ||||||||
5.00%, 7/15/31 |
1,450 | 1,689,859 | ||||||||
5.00%, 7/15/32 |
835 | 968,642 | ||||||||
195,510,828 | ||||||||||
New Mexico 1.1% |
||||||||||
New Mexico Educational Assistance Foundation, RB, AMT: |
||||||||||
Education Loan Series A-1, 3.75%, 9/01/31 |
6,250 | 6,524,562 | ||||||||
Education Loan Series A-2, 3.80%, 11/01/32 |
5,850 | 6,118,457 | ||||||||
Education Loan Series A-2, 3.80%, 9/01/33 |
5,000 | 5,233,900 | ||||||||
17,876,919 |
32 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments (continued) | BlackRock Municipal
Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
New York 7.8% |
||||||||||
Build NYC Resource Corp., RB, Bronx Charter School for International Cultures & The Arts
Project, Series A, 5.00%, 4/15/33 |
$ | 3,530 | $ | 3,659,586 | ||||||
Build NYC Resource Corp., Refunding RB, AMT, 4.50%, 1/01/25 (a) |
900 | 984,330 | ||||||||
Housing Development Corp., RB, M/F Housing, Series K-1: |
||||||||||
3.40%, 11/01/30 |
8,070 | 8,268,119 | ||||||||
3.50%, 11/01/32 |
5,865 | 6,004,646 | ||||||||
Housing Development Corp., Refunding RB, M/F Housing: |
||||||||||
Series L-1, 3.40%, 11/01/30 |
1,580 | 1,618,789 | ||||||||
Series L-1, 3.50%, 11/01/32 |
1,160 | 1,187,620 | ||||||||
Series L-2-A, 3.60%, 11/01/33 |
11,000 | 11,314,820 | ||||||||
Metropolitan Transportation Authority, Refunding RB, Series F, 5.00%, 11/15/30 |
25,000 | 29,612,750 | ||||||||
New York Liberty Development Corp., RB, Goldman Sachs Headquarters, 5.25%, 10/01/35 |
8,110 | 10,116,657 | ||||||||
New York Mortgage Agency, Refunding RB, Series 48, 3.45%, 10/01/33 |
3,500 | 3,566,150 | ||||||||
New York State HFA, RB, M/F Affordable Housing, Series F (SONYMA): |
||||||||||
3.05%, 11/01/27 |
4,020 | 4,042,472 | ||||||||
3.45%, 11/01/32 |
5,235 | 5,346,191 | ||||||||
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy
Project, Series B, 4.00%, 11/01/24 (a) |
3,000 | 3,070,200 | ||||||||
Onondaga Civic Development Corp., Refunding RB, St. Josephs Hospital Health Center Project,
4.50%, 7/01/32 |
9,115 | 9,241,060 | ||||||||
Triborough Bridge & Tunnel Authority, Refunding RB, CAB, Series A (b): |
||||||||||
0.00%, 11/15/29 |
17,810 | 11,332,147 | ||||||||
0.00%, 11/15/30 |
25,215 | 15,292,393 | ||||||||
0.00%, 11/15/31 |
5,000 | 2,894,850 | ||||||||
TSASC, Inc., Refunding RB, 5.00%, 6/01/26 |
4,000 | 4,018,440 | ||||||||
131,571,220 | ||||||||||
North Carolina 0.2% |
||||||||||
North Carolina Medical Care Commission, RB, Mission Health Combined Group, 4.63%, 10/01/30 |
2,000 | 2,148,220 | ||||||||
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone
Project, Series A, 7.75%, 3/01/31 |
1,665 | 1,933,381 | ||||||||
4,081,601 | ||||||||||
Ohio 0.4% |
||||||||||
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities, Series A: |
||||||||||
5.25%, 7/01/28 |
500 | 530,060 | ||||||||
5.63%, 7/01/32 |
1,000 | 1,064,780 | ||||||||
Ohio State University, RB, General Receipts Special Purpose, Series A, 4.00%, 6/01/31 |
4,220 | 4,577,687 | ||||||||
6,172,527 | ||||||||||
Oklahoma 0.2% |
||||||||||
County of Oklahoma Oklahoma Finance Authority, Refunding RB, Epworth Villa Project, Series
A: |
||||||||||
5.00%, 4/01/23 |
1,050 | 883,260 | ||||||||
5.00%, 4/01/29 |
1,500 | 1,245,135 | ||||||||
5.00%, 4/01/33 |
1,050 | 860,685 | ||||||||
2,989,080 | ||||||||||
Pennsylvania 8.5% |
||||||||||
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A: |
||||||||||
5.00%, 5/01/27 |
6,750 | 7,732,598 | ||||||||
5.00%, 5/01/28 |
5,000 | 5,710,250 | ||||||||
5.00%, 5/01/29 |
3,745 | 4,269,038 | ||||||||
5.00%, 5/01/30 |
5,300 | 6,015,659 |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
Pennsylvania (concluded) |
||||||||||
County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project, Series
B, 3.50%, 12/01/35 (e) |
$ | 4,540 | $ | 4,771,177 | ||||||
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Asbury Pennsylvania Obligated
Group: |
||||||||||
5.00%, 1/01/22 |
750 | 820,515 | ||||||||
5.25%, 1/01/27 |
1,275 | 1,375,253 | ||||||||
5.25%, 1/01/32 |
3,350 | 3,560,246 | ||||||||
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 7/01/33 |
27,535 | 29,240,793 | ||||||||
County of Montgomery Pennsylvania Higher Education & Health Authority, Refunding RB, Abington
Memorial Hospital Obligated Group, 5.00%, 6/01/31 |
5,000 | 5,650,400 | ||||||||
County of Montgomery Pennsylvania IDA, Refunding RB, Acts Retirement-Life Communities, Inc.
Obligated Group, 5.00%, 11/15/26 |
2,500 | 2,781,675 | ||||||||
County of Northampton Pennsylvania General Purpose Authority, RB, St. Lukes Hospital
of Bethlehem, Series A, 5.00%, 8/15/33 |
13,250 | 14,685,637 | ||||||||
Pennsylvania HFA, RB, S/F Housing, Series 114, 3.30%, 10/01/32 |
20,500 | 20,757,070 | ||||||||
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services,
5.00%, 10/01/30 |
5,250 | 5,640,180 | ||||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, La Salle University, 4.00%,
5/01/32 |
3,000 | 3,079,860 | ||||||||
State Public School Building Authority, RB, School District of Philadelphia Project: |
||||||||||
5.00%, 4/01/27 |
4,130 | 4,720,714 | ||||||||
5.00%, 4/01/28 |
8,000 | 9,044,240 | ||||||||
5.00%, 4/01/29 |
6,000 | 6,715,320 | ||||||||
5.00%, 4/01/30 |
5,500 | 6,133,270 | ||||||||
Township of East Hempfield IDA, RB, Student Services Incorporate Student Housing, 5.00%, 7/01/30 |
1,280 | 1,402,304 | ||||||||
144,106,199 | ||||||||||
South Carolina 0.1% |
||||||||||
South Carolina Jobs EDA, Refunding RB, Bon Secours Health
System, Inc., 5.00%, 5/01/28 |
2,000 | 2,137,840 | ||||||||
South Dakota 0.1% |
||||||||||
Educational Enhancement Funding Corp., Refunding RB,
Series B, 5.00%, 6/01/27 |
650 | 755,905 | ||||||||
Tennessee 0.5% |
||||||||||
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives,
Series A, 5.00%, 1/01/33 |
1,500 | 1,697,610 | ||||||||
Chattanooga-Hamilton County Hospital Authority, Refunding RB, 5.00%, 10/01/31 |
6,210 | 7,088,653 | ||||||||
8,786,263 | ||||||||||
Texas 17.8% |
||||||||||
Central Texas Turnpike System, Refunding RB, Series C (c): |
||||||||||
5.00%, 8/15/32 |
12,500 | 14,404,000 | ||||||||
5.00%, 8/15/33 |
14,000 | 16,057,860 | ||||||||
City of Austin TX Airport System Revenue, RB, 5.00%, 11/15/33 |
3,765 | 4,410,095 | ||||||||
City of Brownsville Texas Utilities System Revenue, Refunding RB, Series A: |
||||||||||
4.00%, 9/01/30 |
11,170 | 12,088,956 | ||||||||
4.00%, 9/01/31 |
11,220 | 12,098,750 | ||||||||
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project,
AMT, 5.00%, 7/01/29 |
2,665 | 2,902,931 | ||||||||
City of San Antonio TX Water System Revenue, Refunding RB, Series B, 5.00%, 5/15/27 (c) |
1,845 | 2,309,571 | ||||||||
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 8/15/33 |
1,650 | 2,016,350 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 33 |
Schedule of Investments (continued) | BlackRock Municipal
Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
Texas (concluded) |
||||||||||
Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A: |
||||||||||
3.10%, 12/01/22 |
$ | 1,050 | $ | 1,039,154 | ||||||
3.95%, 12/01/32 |
1,800 | 1,777,212 | ||||||||
County of Harris Texas, Refunding RB, Toll Road Senior Lien, Series C, 4.00%, 8/15/33 |
12,325 | 13,040,220 | ||||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos
Presbyterian Homes, Inc. Project, Series B: |
||||||||||
5.75%, 1/01/28 |
500 | 572,005 | ||||||||
6.38%, 1/01/33 |
460 | 539,649 | ||||||||
County of Harris Texas Cultural Education Facilities Finance Corp., Refunding RB, Series A: |
||||||||||
Brazos Presbyterian Homes, Inc. Project, 5.00%, 1/01/33 |
1,090 | 1,140,718 | ||||||||
Memorial Hermann Health System, 4.00%, 12/01/31 |
20,000 | 20,973,200 | ||||||||
YMCA of the Greater Houston Area, 5.00%, 6/01/28 |
1,500 | 1,686,195 | ||||||||
YMCA of the Greater Houston Area, 5.00%, 6/01/33 |
3,000 | 3,306,810 | ||||||||
County of Matagorda Texas Navigation District No. 1, Refunding RB: |
||||||||||
Series A (AMBAC), 4.40%, 5/01/30 |
31,120 | 35,012,178 | ||||||||
Series B (AMBAC), AMT, 4.55%, 5/01/30 |
10,000 | 11,137,000 | ||||||||
Series B-2, 4.00%, 6/01/30 |
12,895 | 13,528,918 | ||||||||
County of Midland Texas Fresh Water Supply District No. 1, RB, City of Midland Project, Series
A: |
||||||||||
CAB, 0.00%, 9/15/31 (b) |
6,235 | 3,372,574 | ||||||||
CAB, 0.00%, 9/15/32 (b) |
15,135 | 7,722,180 | ||||||||
5.00%, 9/15/31 |
2,435 | 2,875,540 | ||||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care
System Project, Series A: |
||||||||||
4.00%, 11/15/31 |
5,500 | 5,789,300 | ||||||||
4.00%, 11/15/32 |
15,420 | 16,162,627 | ||||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Scott &
White Healthcare, 5.00%, 8/15/33 |
5,000 | 5,830,450 | ||||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/29 |
1,000 | 1,129,110 | ||||||||
Leander ISD, GO, Refunding, Series D (b): |
||||||||||
0.00%, 8/15/31 |
1,200 | 657,720 | ||||||||
0.00%, 8/15/32 |
2,000 | 1,032,160 | ||||||||
0.00%, 8/15/33 |
4,485 | 2,182,715 | ||||||||
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, AMT, 5.00%, 11/01/28 |
5,750 | 6,452,017 | ||||||||
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services: |
||||||||||
4.00%, 5/15/31 |
9,970 | 10,598,110 | ||||||||
4.00%, 5/15/32 |
10,635 | 11,247,895 | ||||||||
New Hope Cultural Education Facilities Corp., RB: |
||||||||||
5.00%, 4/01/29 |
2,290 | 2,576,456 | ||||||||
5.00%, 4/01/29 |
725 | 808,433 | ||||||||
Stephenville LLC Tarleton State University Project, Series A, 5.38%, 4/01/28 |
1,150 | 1,309,885 | ||||||||
New Hope Cultural Education Facilities Corp., Refunding RB, 1st Mortgage, Morningside Ministries
Project, 6.25%, 1/01/33 |
1,600 | 1,793,792 | ||||||||
Red River Health Facilities Development Corp., RB, Wichita Falls Retirement Foundation Project: |
||||||||||
4.70%, 1/01/22 |
850 | 909,160 | ||||||||
5.50%, 1/01/32 |
1,000 | 1,074,840 | ||||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB: |
||||||||||
5.00%, 12/15/31 |
25,000 | 28,072,750 | ||||||||
Natural Gas Utility Improvements, 5.00%, 12/15/30 |
18,000 | 20,305,800 | ||||||||
301,945,286 |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
U.S. Virgin Islands 1.3% |
||||||||||
Virgin Islands Public Finance Authority, Refunding RB: |
||||||||||
Gross Receipts Taxes Loan Note, Series A, 5.00%, 10/01/32 |
$ | 10,000 | $ | 11,229,600 | ||||||
Series C, 5.00%, 10/01/30 |
10,000 | 11,477,400 | ||||||||
22,707,000 | ||||||||||
Vermont 0.2% |
||||||||||
Vermont EDA, Refunding, MRB, Wake Robin Corp. Project,
5.40%, 5/01/33 |
2,400 | 2,548,080 | ||||||||
Virginia 2.9% |
||||||||||
County of Fairfax Virginia EDA, RB, Vinson Hall LLC, Series A: |
||||||||||
4.50%, 12/01/32 |
2,840 | 2,923,354 | ||||||||
5.00%, 12/01/32 |
2,000 | 2,138,320 | ||||||||
County of Fairfax Virginia IDA, Refunding RB, Inova Health System, Series D, 4.00%, 5/15/29 |
5,325 | 5,787,583 | ||||||||
County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A: |
||||||||||
4.50%, 7/01/30 |
3,000 | 3,081,810 | ||||||||
4.50%, 7/01/32 |
1,100 | 1,123,628 | ||||||||
County of Prince William Virginia IDA, Refunding RB, Novant Health Obligation Group, Series
B, 4.00%, 11/01/33 |
5,445 | 5,737,941 | ||||||||
Dulles Town Center Community Development Authority, Refunding, Special Assessment, Dulles Town
Center Project, 4.25%, 3/01/26 |
500 | 504,250 | ||||||||
Virginia HDA, RB, Remarketing, M/F Housing, Sub-Series C-2, 3.00%, 4/01/31 |
23,175 | 23,174,304 | ||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Express Lanes LLC, AMT, 5.00%,
7/01/34 |
3,940 | 4,292,709 | ||||||||
48,763,899 | ||||||||||
Washington 3.5% |
||||||||||
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A: |
||||||||||
3.50%, 9/01/18 |
1,025 | 1,058,866 | ||||||||
5.00%, 9/01/27 |
1,000 | 1,082,520 | ||||||||
5.25%, 9/01/32 |
1,850 | 1,970,065 | ||||||||
Port of Seattle Industrial Development Corp., Refunding RB, Special Facilities, Delta Airline,
Inc. Project, AMT, 5.00%, 4/01/30 |
5,000 | 5,213,800 | ||||||||
Spokane Public Facilities District, Refunding RB, Series B: |
||||||||||
4.50%, 12/01/30 |
5,370 | 5,885,305 | ||||||||
5.00%, 12/01/32 |
5,895 | 6,698,076 | ||||||||
5.00%, 9/01/33 |
4,665 | 5,285,911 | ||||||||
State of Washington, COP, State and Local Agency Real and Personal Property, Series B: |
||||||||||
4.00%, 7/01/29 |
3,605 | 3,900,466 | ||||||||
4.00%, 7/01/30 |
4,290 | 4,614,796 | ||||||||
4.00%, 7/01/31 |
4,470 | 4,783,705 | ||||||||
4.00%, 7/01/32 |
4,590 | 4,902,671 | ||||||||
State of Washington, GO, Series B, 5.00%, 2/01/25 (c) |
5,825 | 7,422,739 | ||||||||
Washington State Housing Finance Commission, Refunding RB: |
||||||||||
Emerald Heights Project, 5.00%, 7/01/28 |
1,000 | 1,117,820 | ||||||||
Emerald Heights Project, 5.00%, 7/01/33 |
1,100 | 1,227,897 | ||||||||
Series 1N (Ginnie Mae)(FannieMae)(Freddie Mac), 3.50%, 12/01/33 |
4,035 | 4,166,299 | ||||||||
59,330,936 | ||||||||||
Wisconsin 1.3% |
||||||||||
Public Finance Authority, Refunding RB, AMT: |
||||||||||
National Gypsum Co., 5.25%, 4/01/30 |
6,690 | 6,923,882 | ||||||||
Wisconsin Airport Facilities, Senior Obligated Group, Series B, 5.25%, 7/01/28 |
2,250 | 2,511,495 | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB: |
||||||||||
Aspirus, Inc., Obligated Group, 5.00%, 8/15/28 |
3,510 | 4,104,629 |
34 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments (continued) | BlackRock Municipal
Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value |
|||||||
Wisconsin (concluded) |
|||||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB (concluded): |
|||||||||||
Aspirus, Inc., Obligated Group, 5.00%, 8/15/29 |
$ | 3,685 | $ | 4,287,940 | |||||||
Marquette University, 4.00%, 10/01/32 |
4,520 | 4,856,333 | |||||||||
22,684,279 | |||||||||||
Wyoming 1.0% |
|||||||||||
Wyoming Community Development Authority, Refunding RB,
Series 2 & 3, 3.75%, 12/01/32 |
16,790 | 17,507,940 | |||||||||
Total Municipal Bonds 129.1% |
2,185,409,250 | ||||||||||
Municipal
Bonds Transferred to Tender Option Bond Trusts (f) |
|||||||||||
Colorado 5.0% |
|||||||||||
City & County of Denver Colorado, Refunding ARB, Department of Aviation, Series A, AMT
(g): |
|||||||||||
4.25%, 11/15/29 |
33,820 | 36,632,975 | |||||||||
4.25%, 11/15/30 |
35,210 | 38,037,085 | |||||||||
4.25%, 11/15/31 |
8,085 | 8,716,701 | |||||||||
4.25%, 11/15/32 |
2,230 | 2,366,149 | |||||||||
85,752,910 | |||||||||||
Florida 5.9% |
|||||||||||
County of Broward Florida, ARB, Series Q-1 (g): |
|||||||||||
4.00%, 10/01/29 |
17,200 | 18,335,354 | |||||||||
4.00%, 10/01/30 |
18,095 | 19,238,419 | |||||||||
4.00%, 10/01/31 |
18,820 | 19,943,190 | |||||||||
4.00%, 10/01/32 |
19,575 | 20,688,256 | |||||||||
4.00%, 10/01/33 |
20,355 | 21,455,834 | |||||||||
99,661,053 | |||||||||||
Iowa 2.7% |
|||||||||||
Iowa State Board of Regents, RB, University of Iowa Hospitals and Clinics: |
|||||||||||
4.00%, 9/01/28 |
3,375 | 3,736,559 | |||||||||
4.00%, 9/01/29 |
6,525 | 7,157,689 | |||||||||
4.00%, 9/01/30 |
6,325 | 6,892,750 | |||||||||
4.00%, 9/01/31 |
8,650 | 9,370,872 | |||||||||
4.00%, 9/01/32 |
7,750 | 8,346,382 | |||||||||
4.00%, 9/01/33 |
9,375 | 10,069,948 | |||||||||
45,574,200 |
Municipal Bonds Transferred
to Tender Option Bond Trusts (f) |
|
Par (000) |
|
Value |
|||||||
Texas 9.9% |
|||||||||||
City of San Antonio Texas Public Facilities Corp., Refunding LRB, Convention Center Refinancing
and Expansion Project: |
|||||||||||
4.00%, 9/15/30 |
$ | 15,000 | $ | 16,304,849 | |||||||
4.00%, 9/15/31 |
19,475 | 21,057,904 | |||||||||
4.00%, 9/15/32 |
18,075 | 19,467,194 | |||||||||
4.00%, 9/15/33 |
11,000 | 11,816,122 | |||||||||
4.00%, 9/15/34 |
11,885 | 12,724,855 | |||||||||
4.00%, 9/15/35 |
4,500 | 4,802,209 | |||||||||
Dallas/Fort Worth International Airport, Refunding RB, AMT (g): |
|||||||||||
Series E, 4.00%, 11/01/32 |
6,915 | 7,363,298 | |||||||||
Series E, 4.13%, 11/01/35 |
10,435 | 11,016,074 | |||||||||
Series F, 5.00%, 11/01/29 |
12,820 | 14,702,745 | |||||||||
Series F, 5.00%, 11/01/30 |
15,565 | 17,779,000 | |||||||||
Series F, 5.00%, 11/01/31 |
10,000 | 11,336,218 | |||||||||
Series F, 5.00%, 11/01/32 |
17,170 | 19,386,039 | |||||||||
167,756,507 | |||||||||||
Total
Municipal Bonds Transferred to Tender Option Bond Trusts 23.5% |
398,744,670 | ||||||||||
Total Long-Term Investments (Cost $2,470,000,089) 152.6% |
2,584,153,920 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.03% (h)(i) |
94,405,207 | 94,405,207 | |||||||||
Total Short-Term Securities (Cost $94,405,207) 5.6% |
94,405,207 | ||||||||||
Total Investments (Cost $2,564,405,296) 158.2% |
2,678,559,127 | ||||||||||
Liabilities in Excess of Other Assets (3.0)% |
(51,022,903 | ) | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(10.9%) |
(184,161,551 | ) | |||||||||
RVMTP Shares, at Liquidation Value (44.3%) |
(750,000,000 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 1,693,374,673 |
Notes to Schedule of Investments
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in
transactions exempt from registration to qualified institutional investors. |
|||
(b) | Zero-coupon bond. |
|||
(c) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty |
|
Value |
|
Unrealized Appreciation |
||||||
Barclays Capital, Inc. |
$ | 30,461,860 | $ | 480,910 | ||||||
Goldman Sachs & Co. |
$ | 14,897,548 | $ | 81,170 | ||||||
Morgan Stanley & Co. LLC |
$ | 13,349,427 | $ | 99,290 | ||||||
Wells Fargo Bank N.A. |
$ | 2,309,571 | $ | 27,583 |
(d) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate
shown is as of report date. |
|||
(e) | Variable rate security. Rate shown is as of report date. |
|||
(f) | Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as
collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||
(g) | All
or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a
shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a
shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from November 1,
2018 to November 15, 2020 is $128,606,860. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 35 |
Schedule of Investments (concluded) | BlackRock Municipal
Target Term Trust (BTT) |
(h) | During the six months ended January 31, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of
the 1940 Act, were as follows: |
Affiliate |
|
Shares Held at July 31, 2014 |
|
Net Activity |
|
Shares Held at January 31, 2015 |
|
Income |
||||||||||
FFI Institutional Tax-Exempt Fund |
5,417,254 |
88,987,953 |
94,405,207 |
$5,825 |
(i) | Represents the current yield as of report date. |
|||
| As
of January 31, 2015, financial futures contracts outstanding were as follows: |
Contracts Short |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized Depreciation |
||||||||||||
(2,291) |
10-Year U.S. Treasury Note |
Chicago Board of Trade |
March 2015 |
$299,834,625 |
$(7,621,908) |
| Fair
Value Measurements Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to
valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. The hierarchy gives
the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority
to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments
categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure
purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in
its entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the
investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The
three levels of the fair value hierarchy are as follows: |
|||
| Level 1 unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the
ability to access |
|||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Trusts own assumptions used in determining the fair value of investments and derivative financial
instruments) |
|||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Trusts policy regarding valuation of investments and derivative financial instruments, refer to Note 2 of the Notes to Financial Statements.
As of January 31, 2015, the following tables summarize the Trusts investments and derivative financial instruments categorized
in the disclosure hierarchy: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 2,584,153,920 | | $ | 2,584,153,920 | ||||||||||||
Short-Term Securities |
$ | 94,405,207 | | | 94,405,207 | |||||||||||||
Total |
$ | 94,405,207 | $ | 2,584,153,920 | | $ | 2,678,559,127 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Derivative Financial Instruments2 |
||||||||||||||||||
Liabilities: |
||||||||||||||||||
Interest rate contracts |
$ | (7,621,908 | ) | | | $ | (7,621,908 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement
purposes. As of January 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Cash pledged for financial futures contracts |
$ | 3,108,002 | | | $ | 3,108,002 | ||||||||||||
Liabilities: |
||||||||||||||||||
TOB trust certificates |
| $ | (184,119,974 | ) | | (184,119,974 | ) | |||||||||||
RVMTP Shares |
| (750,000,000 | ) | | (750,000,000 | ) | ||||||||||||
Total |
$ | 3,108,002 | $ | (934,119,974 | ) | | $ | (931,011,972 | ) |
36 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments January 31, 2015 (Unaudited) | BlackRock New Jersey
Municipal Income Trust (BNJ) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
New
Jersey 134.3% |
|||||||||||
Corporate 9.3% |
|||||||||||
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series
B, 6.25%, 1/01/37 (a)(b) |
$ | 1,790 | $ | 89,483 | |||||||
County of Salem New Jersey Pollution Control Financing Authority, Refunding RB, Atlantic City
Electric, Series A, 4.88%, 6/01/29 |
2,400 | 2,697,192 | |||||||||
New Jersey EDA, RB, Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30 |
5,160 | 5,721,563 | |||||||||
New Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, AMT: |
|||||||||||
Series A, 5.70%, 10/01/39 |
1,500 | 1,749,885 | |||||||||
Series B, 5.60%, 11/01/34 |
1,275 | 1,464,733 | |||||||||
11,722,856 | |||||||||||
County/City/Special District/School District 19.3%
| |||||||||||
Casino Reinvestment Development Authority, Refunding RB: |
|||||||||||
5.25%, 11/01/39 |
4,150 | 4,625,590 | |||||||||
5.25%, 11/01/44 |
1,000 | 1,112,020 | |||||||||
City of Margate New Jersey, GO, Refunding, Improvement, 5.00%, 1/15/28 |
1,085 | 1,230,965 | |||||||||
City of Perth Amboy New Jersey, GO, CAB, Refunding (AGM), 5.00%, 7/01/35 |
175 | 184,868 | |||||||||
County of Essex New Jersey Improvement Authority, Refunding RB, Project Consolidation (NPFGC): |
|||||||||||
5.50%, 10/01/28 |
1,440 | 1,940,515 | |||||||||
5.50%, 10/01/29 |
2,630 | 3,582,192 | |||||||||
County of Hudson New Jersey Improvement Authority, RB, Harrison Parking Facility Project, Series
C (AGC): |
|||||||||||
5.25%, 1/01/39 |
2,000 | 2,269,700 | |||||||||
5.38%, 1/01/44 |
2,400 | 2,742,840 | |||||||||
County of Union New Jersey Improvement Authority, LRB, Guaranteed Lease, Family Court Building
Project, 5.00%, 5/01/42 |
890 | 1,030,326 | |||||||||
County of Union New Jersey Utilities Authority, Refunding RB, Solid Waste System, County Deficiency
Agreement, Series A, 5.00%, 6/15/41 |
2,185 | 2,481,548 | |||||||||
New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 4/01/28 |
2,500 | 3,176,225 | |||||||||
24,376,789 | |||||||||||
Education 23.7% |
|||||||||||
New Jersey EDA, RB: |
|||||||||||
Leap Academy Charter School, Series A, 6.00%, 10/01/34 |
185 | 193,401 | |||||||||
Leap Academy Charter School, Series A, 6.20%, 10/01/44 |
140 | 145,981 | |||||||||
MSU Student Housing Project Provide, 5.88%, 6/01/42 |
1,500 | 1,691,010 | |||||||||
The Team Academy Charter School Project, 6.00%, 10/01/33 |
1,490 | 1,731,291 | |||||||||
New Jersey EDA, Refunding RB, Series A, Greater Brunswick Charter School, Inc. Project (c): |
|||||||||||
5.63%, 8/01/34 |
415 | 432,837 | |||||||||
5.88%, 8/01/44 |
290 | 302,873 | |||||||||
New Jersey Educational Facilities Authority, RB: |
|||||||||||
Higher Educational Capital Improvement Fund, Series A, 5.00%, 9/01/32 |
2,070 | 2,349,822 | |||||||||
Montclair State University, Series J, 5.25%, 7/01/38 |
580 | 648,631 | |||||||||
New Jersey Educational Facilities Authority, Refunding RB: |
|||||||||||
College of New Jersey, Series D (AGM), 5.00%, 7/01/35 |
3,230 | 3,599,157 | |||||||||
Georgian Court University, Series D, 5.00%, 7/01/33 |
250 | 267,995 | |||||||||
Kean University, Series A, 5.50%, 9/01/36 |
2,060 | 2,385,171 |
Municipal Bonds | Par (000) |
Value | |||||||||
New
Jersey (continued) |
|||||||||||
Education (concluded) |
|||||||||||
New Jersey Educational Facilities Authority, Refunding RB (concluded): |
|||||||||||
Montclaire State University, Series A, 5.00%, 7/01/44 |
$ | 4,570 | $ | 5,418,055 | |||||||
New Jersey Institute of Technology, Series H, 5.00%, 7/01/31 |
660 | 755,192 | |||||||||
Ramapo College, Series B, 5.00%, 7/01/42 |
265 | 299,638 | |||||||||
University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (d) |
1,450 | 1,853,912 | |||||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB: |
|||||||||||
Series 1, AMT, 5.75%, 12/01/29 |
2,055 | 2,336,514 | |||||||||
Series 1A, 5.00%, 12/01/25 |
430 | 454,678 | |||||||||
Series 1A, 5.00%, 12/01/26 |
280 | 295,520 | |||||||||
Series 1A, 5.25%, 12/01/32 |
500 | 553,835 | |||||||||
New Jersey Institute of Technology, RB, Series A, 5.00%, 7/01/42 |
500 | 575,030 | |||||||||
Rutgers The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43 |
3,145 | 3,651,565 | |||||||||
29,942,108 | |||||||||||
Health 11.6% |
|||||||||||
County of Camden New Jersey Improvement Authority, Refunding RB, Cooper Health System, 5.00%,
2/15/34 |
1,590 | 1,811,805 | |||||||||
New Jersey EDA, Refunding RB, Seabrook Village, Inc. Facility, 5.25%, 11/15/26 |
1,790 | 1,853,312 | |||||||||
New Jersey Health Care Facilities Financing Authority, RB: |
|||||||||||
Meridian Health System Obligated Group, Series I (AGC), 5.00%, 7/01/38 |
720 | 775,440 | |||||||||
Robert Wood Johnson University Hospital, Series A, 5.50%, 7/01/43 |
750 | 899,070 | |||||||||
Virtua Health, Series A (AGC), 5.50%, 7/01/38 |
1,250 | 1,422,788 | |||||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB: |
|||||||||||
AHS Hospital Corp., 6.00%, 7/01/37 |
900 | 1,094,661 | |||||||||
AHS Hospital Corp., 6.00%, 7/01/41 |
1,045 | 1,262,715 | |||||||||
Meridian Health System Obligated Group, 5.00%, 7/01/26 |
970 | 1,127,935 | |||||||||
St. Barnabas Health Care System, Series A, 5.00%, 7/01/29 |
1,745 | 1,837,154 | |||||||||
St. Barnabas Health Care System, Series A, 5.63%, 7/01/32 |
580 | 679,737 | |||||||||
St. Barnabas Health Care System, Series A, 5.63%, 7/01/37 |
1,605 | 1,861,495 | |||||||||
14,626,112 | |||||||||||
Housing 5.7% |
|||||||||||
County of Middlesex New Jersey Improvement Authority, RB, Administration Building Residential
Project, AMT (Fannie Mae), 5.35%, 7/01/34 |
1,400 | 1,401,344 | |||||||||
New Jersey Housing & Mortgage Finance Agency, RB: |
|||||||||||
M/F Housing, Series A, 4.75%, 11/01/29 |
1,185 | 1,266,410 | |||||||||
S/F Housing, Series AA, 6.38%, 10/01/28 |
535 | 556,582 | |||||||||
S/F Housing, Series AA, 6.50%, 10/01/38 |
575 | 597,862 | |||||||||
S/F Housing, Series CC, 5.00%, 10/01/34 |
960 | 1,025,750 | |||||||||
Newark Housing Authority, RB, M/F Housing, Series A, 5.00%, 12/01/30 |
2,000 | 2,332,020 | |||||||||
7,179,968 | |||||||||||
State 22.5% |
|||||||||||
Garden State Preservation Trust, RB, CAB, Series B (AGM), 0.00%, 11/01/26 (e) |
6,000 | 4,448,640 | |||||||||
New Jersey EDA, RB: |
|||||||||||
(AGC), School Facilities Construction, 5.50%, 12/15/18 (d) |
1,935 | 2,273,625 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 37 |
Schedule of Investments (continued) | BlackRock New Jersey
Municipal Income Trust (BNJ) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
New
Jersey (continued) |
|||||||||||
State (concluded) |
|||||||||||
New Jersey EDA, RB (concluded): |
|||||||||||
(AGC), School Facilities Construction, 5.50%, 12/15/34 |
$ | 1,065 | $ | 1,225,410 | |||||||
Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 4/01/31 |
5,000 | 6,207,350 | |||||||||
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/25 |
1,365 | 1,706,032 | |||||||||
School Facilities Construction, Series CC-2, 5.00%, 12/15/31 |
1,525 | 1,706,643 | |||||||||
School Facilities Construction, Series UU, 5.00%, 6/15/40 |
565 | 629,822 | |||||||||
New Jersey EDA, Refunding RB: |
|||||||||||
Cigarette Tax, 5.00%, 6/15/26 |
810 | 921,399 | |||||||||
Cigarette Tax (AGM), 5.00%, 6/15/22 |
2,940 | 3,512,006 | |||||||||
Lions Gate Project, 5.25%, 1/01/44 |
430 | 454,596 | |||||||||
School Facilities Construction, Series RR, 5.00%, 6/15/33 |
1,875 | 2,099,644 | |||||||||
New Jersey Health Care Facilities Financing Authority, RB, Hospital Asset Transformation Program,
Series A, 5.25%, 10/01/38 |
2,350 | 2,545,943 | |||||||||
State of New Jersey, COP, Equipment Lease Purchase, Series A, 5.25%, 6/15/28 |
600 | 679,938 | |||||||||
28,411,048 | |||||||||||
Transportation 41.4% |
|||||||||||
Delaware River Port Authority of Pennsylvania & New Jersey, RB: |
|||||||||||
5.00%, 1/01/40 |
1,380 | 1,611,012 | |||||||||
Series D, 5.00%, 1/01/40 |
800 | 908,280 | |||||||||
New Jersey EDA, RB, Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.38%,
1/01/43 |
4,500 | 5,057,145 | |||||||||
New Jersey State Turnpike Authority, RB: |
|||||||||||
Series A, 5.00%, 1/01/38 |
3,200 | 3,661,696 | |||||||||
Series A, 5.00%, 1/01/43 |
500 | 567,130 | |||||||||
Series E, 5.25%, 1/01/40 |
1,970 | 2,222,081 | |||||||||
New Jersey Transportation Trust Fund Authority, RB: |
|||||||||||
CAB, Transportation System, Series C (AGM), 0.00%, 12/15/32 (e) |
4,000 | 1,892,800 | |||||||||
Transportation Program, Series AA, 5.25%, 6/15/33 |
3,110 | 3,579,952 | |||||||||
Transportation Program, Series AA, 5.00%, 6/15/38 |
3,610 | 4,008,977 | |||||||||
Transportation Program, Series AA, 5.50%, 6/15/39 |
2,260 | 2,635,544 | |||||||||
Transportation System, 6.00%, 12/15/38 |
945 | 1,111,311 | |||||||||
Transportation System, Series A, 6.00%, 6/15/35 |
4,135 | 5,080,840 | |||||||||
Transportation System, Series A, 5.88%, 12/15/38 |
1,770 | 2,077,573 | |||||||||
Transportation System, Series A, 5.50%, 6/15/41 |
2,000 | 2,305,640 | |||||||||
Transportation System, Series A (AGC), 5.50%, 12/15/38 |
1,000 | 1,156,350 | |||||||||
Port Authority of New York & New Jersey, RB, JFK International Air Terminal, Special Project: |
|||||||||||
Series 6, AMT (NPFGC), 5.75%, 12/01/22 |
6,000 | 6,035,400 | |||||||||
Series 8, 6.00%, 12/01/42 |
1,430 | 1,700,170 | |||||||||
Port Authority of New York & New Jersey, Refunding ARB, Consolidated: |
|||||||||||
152nd Series, AMT, 5.75%, 11/01/30 |
1,750 | 1,982,855 | |||||||||
166th Series, 5.25%, 7/15/36 |
4,000 | 4,665,600 | |||||||||
52,260,356 |
Municipal Bonds | Par (000) |
Value | |||||||||
New
Jersey (concluded) |
|||||||||||
Utilities 0.8% |
|||||||||||
Rahway Valley Sewerage Authority, RB, CAB, Series A (NPFGC),
0.00%, 9/01/33 (e) |
$ | 2,000 | $ | 1,043,700 | |||||||
Total Municipal Bonds 134.3% |
169,562,937 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
|||||||||||
New
Jersey 24.8% |
|||||||||||
County/City/Special District/School District 5.1%
| |||||||||||
County of Union New Jersey Utilities Authority, Refunding
LRB, Resource Recovery Facility, Covanta Union, Inc., Series A, AMT, 5.25%, 12/01/31 |
5,710 | 6,442,079 | |||||||||
Education 1.3% |
|||||||||||
RutgersThe State University of New Jersey, RB,
Series F, 5.00%, 5/01/39 |
1,499 | 1,709,350 | |||||||||
State 5.3% |
|||||||||||
New Jersey EDA, RB, School Facilities Construction (AGC): |
|||||||||||
6.00%, 12/15/18 (d) |
987 | 1,179,935 | |||||||||
6.00%, 12/15/34 |
2,013 | 2,359,150 | |||||||||
New Jersey EDA, Refunding RB, 5.00%, 3/01/29 (g) |
2,787 | 3,129,362 | |||||||||
6,668,447 | |||||||||||
Transportation 13.1% |
|||||||||||
New Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/38 (g) |
4,700 | 5,378,116 | |||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|||||||||||
Series A (AMBAC), 5.00%, 12/15/32 |
2,000 | 2,202,480 | |||||||||
Series B, 5.25%, 6/15/36 (g) |
2,501 | 2,798,502 | |||||||||
Port Authority of New York & New Jersey, RB, Consolidated, 169th Series, AMT, 5.00%, 10/15/41 |
3,495 | 3,889,795 | |||||||||
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 152nd Series, AMT,
5.25%, 11/01/35 |
2,039 | 2,263,533 | |||||||||
16,532,426 | |||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 24.8% |
31,352,302 | ||||||||||
Total Long-Term Investments (Cost $181,477,460) 159.1% |
200,915,239 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
BIF New Jersey Municipal Money Fund, 0.00% (h)(i) |
765,949 | 765,949 | |||||||||
Total Short-Term Securities (Cost $765,949) 0.6% |
765,949 | ||||||||||
Total Investments (Cost $182,243,409) 159.7% |
201,681,188 | ||||||||||
Other Assets Less Liabilities 0.8% |
1,046,609 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(13.7%) |
(17,304,502 | ) | |||||||||
VMTP Shares, at Liquidation Value (46.8%) |
(59,100,000 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 126,323,295 |
Notes to Schedule of Investments
(a) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
|||
(b) | Non-income producing security. |
|||
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in
transactions exempt from registration to qualified institutional investors. |
|||
(d) | U.S.
government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated,
typically at a premium to par. |
38 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments (continued) | BlackRock New Jersey
Municipal Income Trust (BNJ) |
(e) | Zero-coupon bond. |
|||
(f) | Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as
collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||
(g) | All
or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a
shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a
shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from June 15, 2019
to September 1, 2020 is $7,519,842. |
|||
(h) | During the six months ended January 31, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of
the 1940 Act, as amended, were as follows: |
Affiliate |
|
Shares Held at July 31, 2014 |
|
Net Activity |
|
Shares Held at January 31, 2015 |
|
Income |
|
Gain |
||||||||||||
BIF New Jersey Municipal Money Fund |
1,307,069 |
(541,120) |
765,949 |
|
$51 |
(i) | Represents the current yield as of report date. |
|||
| As
of January 31, 2015, financial futures contracts outstanding were as follows: |
Contracts Short |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized Depreciation |
||||||||||||
(218) |
10-Year U.S. Treasury Note |
Chicago Board of Trade |
March 2015 |
$28,530,750 |
$(760,934) |
| For
Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications used by one or more
widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of
this report, which may combine such sector sub-classifications for reporting ease. |
|||
| Fair
Value Measurements Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to
valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. The hierarchy gives
the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority
to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments
categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure
purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in
its entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the
investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The
three levels of the fair value hierarchy are as follows: |
|||
| Level 1 unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the
ability to access |
|||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Trusts own assumptions used in determining the fair value of investments and derivative financial
instruments) |
|||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. For information about the Trusts policy regarding valuation of investments and derivative financial
instruments, refer to Note 2 of the Notes to Financial Statements. |
||||
As of January 31, 2015, the following tables summarize the Trusts investments and derivative financial instruments categorized
in the disclosure hierarchy. |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 200,915,239 | | $ | 200,915,239 | ||||||||||||
Short-Term Securities |
$ | 765,949 | | | 765,949 | |||||||||||||
Total |
$ | 765,949 | $ | 200,915,239 | | $ | 201,681,188 |
1 | See above Schedule of Investments for values in each sector. |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Derivative Financial Instruments2 |
||||||||||||||||||
Liabilities: |
||||||||||||||||||
Interest Rate contracts |
$ | (760,934 | ) | | | $ | (760,934 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 39 |
Schedule of Investments (concluded) | BlackRock New Jersey
Municipal Income Trust (BNJ) |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement
purposes. As of January 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Cash pledged for financial futures contracts |
$ | 296,000 | | | $ | 296,000 | ||||||||||||
Liabilities: |
||||||||||||||||||
TOB trust certificates |
| $ | (17,301,282 | ) | | (17,301,282 | ) | |||||||||||
VMTP Shares |
| (59,100,000 | ) | | (59,100,000 | ) | ||||||||||||
Total |
$ | 296,000 | $ | (76,401,282 | ) | | $ | (76,105,282 | ) |
40 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments January 31, 2015 (Unaudited) | BlackRock New York
Municipal Income Trust (BNY) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
New
York 131.1% |
|||||||||||
Corporate 12.8% |
|||||||||||
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK
International Airport, AMT (a): |
|||||||||||
7.63%, 8/01/25 |
$ | 3,200 | $ | 3,507,295 | |||||||
7.75%, 8/01/31 |
4,000 | 4,364,920 | |||||||||
City of New York New York Industrial Development Agency, Refunding RB, Transportation Infrastructure
Properties LLC, Series A, AMT, 5.00%, 7/01/28 |
795 | 885,773 | |||||||||
County of Chautauqua New York Industrial Development Agency, RB, NRG Dunkirk Power Project,
5.88%, 4/01/42 |
1,000 | 1,127,680 | |||||||||
County of Essex New York Industrial Development Agency, RB, International Paper Co. Project,
Series A, AMT, 6.63%, 9/01/32 |
550 | 630,806 | |||||||||
County of Suffolk New York Industrial Development Agency, RB, KeySpan Generation LLC, Port
Jefferson, AMT, 5.25%, 6/01/27 |
6,000 | 6,027,780 | |||||||||
New York Liberty Development Corp., RB, Goldman Sachs Headquarters, 5.25%, 10/01/35 |
4,880 | 6,087,459 | |||||||||
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy
Project, Series A, AMT, 5.25%, 11/01/42 (b) |
1,500 | 1,568,115 | |||||||||
Port Authority of New York & New Jersey, ARB, Continental Airlines, Inc. & Eastern
Air Lines, Inc. Project, LaGuardia, AMT, 9.13%, 12/01/15 |
1,715 | 1,742,697 | |||||||||
25,942,525 | |||||||||||
County/City/Special District/School District 32.0%
| |||||||||||
City of New York New York, GO, Fiscal 2014 Sub-Series D-1, 5.00%, 8/01/31 |
690 | 821,397 | |||||||||
City of New York New York, GO, Refunding: |
|||||||||||
Series E, 5.50%, 8/01/25 |
1,280 | 1,632,243 | |||||||||
Series E, 5.00%, 8/01/30 |
1,000 | 1,184,290 | |||||||||
Series I, 5.00%, 8/01/30 |
1,000 | 1,179,050 | |||||||||
City of New York New York, GO: |
|||||||||||
Series A-1, 5.00%, 8/01/35 |
1,000 | 1,165,140 | |||||||||
Series A-1, Fiscal 2009, 4.75%, 8/15/25 |
750 | 841,988 | |||||||||
Series D, 5.38%, 6/01/32 |
25 | 25,107 | |||||||||
Sub-Series G-1, 5.00%, 4/01/28 |
630 | 742,732 | |||||||||
Sub-Series G-1, 5.00%, 4/01/29 |
750 | 882,030 | |||||||||
Sub-Series G-1, 6.25%, 12/15/31 |
500 | 602,165 | |||||||||
Sub-Series I-1, 5.38%, 4/01/36 |
1,750 | 2,031,943 | |||||||||
City of New York New York Convention Center Development Corp., RB, Hotel Unit Fee Secured (AMBAC): |
|||||||||||
5.00%, 11/15/35 |
250 | 257,943 | |||||||||
5.00%, 11/15/44 |
6,495 | 6,708,685 | |||||||||
4.75%, 11/15/45 |
500 | 505,910 | |||||||||
City of New York New York Housing Development Corp., RB, Fund Grant Program, New York City
Housing Authority Program, Series B1: |
|||||||||||
5.25%, 7/01/32 |
1,140 | 1,352,872 | |||||||||
5.00%, 7/01/33 |
500 | 577,525 | |||||||||
City of New York New York Industrial Development Agency, RB, PILOT: |
|||||||||||
CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 3/01/42 (c) |
1,960 | 687,940 | |||||||||
CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 3/01/45 (c) |
1,500 | 463,425 | |||||||||
Queens Baseball Stadium (AGC), 6.38%, 1/01/39 |
150 | 176,105 | |||||||||
Queens Baseball Stadium (AMBAC), 5.00%, 1/01/39 |
3,000 | 3,114,450 | |||||||||
Yankee Stadium Project (NPFGC), 4.75%, 3/01/46 |
350 | 367,773 | |||||||||
City of New York New York Industrial Development Agency, Refunding ARB, Transportation Infrastructure
Properties LLC, Series A, AMT, 5.00%, 7/01/22 |
650 | 734,500 |
Municipal Bonds | Par (000) |
Value | |||||||||
New
York (continued) |
|||||||||||
County/City/Special District/School District (concluded) |
|||||||||||
City of New York New York Transitional Finance Authority, RB, Future Tax Secured Bonds, Fiscal
2012, Sub-Series E-1, 5.00%, 2/01/42 |
$ | 2,500 | $ | 2,885,325 | |||||||
Hudson Yards Infrastructure Corp., RB, Series A: |
|||||||||||
5.00%, 2/15/47 |
5,485 | 5,857,541 | |||||||||
(AGC), 5.00%, 2/15/47 |
1,000 | 1,069,590 | |||||||||
(AGM), 5.00%, 2/15/47 |
1,000 | 1,069,590 | |||||||||
(NPFGC), 4.50%, 2/15/47 |
4,500 | 4,760,640 | |||||||||
Senior, Fiscal 2012, 5.75%, 2/15/47 |
200 | 235,142 | |||||||||
Metropolitan Transportation Authority, Refunding RB, Transportation, Series D, 5.00%, 11/15/34 |
800 | 920,168 | |||||||||
New York Liberty Development Corp., Refunding RB: |
|||||||||||
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 2, 5.63%, 7/15/47 |
2,000 | 2,315,000 | |||||||||
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |
1,200 | 1,371,024 | |||||||||
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (b) |
480 | 541,723 | |||||||||
4 World Trade Center Project, 5.00%, 11/15/31 |
860 | 988,286 | |||||||||
4 World Trade Center Project, 5.00%, 11/15/44 |
7,655 | 8,674,569 | |||||||||
4 World Trade Center Project, 5.75%, 11/15/51 |
1,340 | 1,599,344 | |||||||||
7 World Trade Center Project, Class 1, 4.00%, 9/15/35 |
1,935 | 2,125,965 | |||||||||
7 World Trade Center Project, Class 2, 5.00%, 9/15/43 |
1,670 | 1,894,231 | |||||||||
7 World Trade Center Project, Class 3, 5.00%, 3/15/44 |
2,070 | 2,298,673 | |||||||||
64,662,024 | |||||||||||
Education 30.1% |
|||||||||||
Amherst Development Corp., Refunding RB, University at Buffalo Foundation Faculty-Student Housing
Corp., Series A (AGM), 4.63%, 10/01/40 |
1,100 | 1,194,908 | |||||||||
Build NYC Resource Corp., RB, Bronx Charter School for International Cultures & The Arts
Project, Series A, 5.00%, 4/15/33 |
900 | 933,039 | |||||||||
Build NYC Resource Corp., Refunding RB: |
|||||||||||
City University New York Queens, Series A, 5.00%, 6/01/38 |
250 | 294,453 | |||||||||
Pratt Paper, Inc. Project, AMT, 5.00%, 1/01/35 (b) |
280 | 302,733 | |||||||||
City of New York New York Trust for Cultural Resources, RB, Juilliard School, Series A, 5.00%,
1/01/39 |
750 | 846,495 | |||||||||
City of New York New York Trust for Cultural Resources, Refunding RB: |
|||||||||||
American Museum of National History, Series A, 5.00%, 7/01/37 |
225 | 269,438 | |||||||||
Carnegie Hall, Series A, 4.75%, 12/01/39 |
2,000 | 2,224,560 | |||||||||
Museum of Modern Art, Series 1A, 5.00%, 4/01/31 |
1,000 | 1,129,360 | |||||||||
City of Troy New York Capital Resource Corp., Refunding RB, Rensselaer Polytechnic Institute
Project, Series A, 5.13%, 9/01/40 |
3,135 | 3,565,561 | |||||||||
City of Yonkers New York Industrial Development Agency, RB, Sarah Lawrence College Project,
Series A, 6.00%, 6/01/41 |
625 | 709,381 | |||||||||
County of Cattaraugus New York, RB, St. Bonaventure University Project, 5.00%, 5/01/34 |
170 | 189,145 | |||||||||
County of Dutchess New York Industrial Development Agency, RB, Bard College Civic Facility,
Series A-2, 4.50%, 8/01/36 |
5,155 | 5,126,854 | |||||||||
County of Madison New York Capital Resource Corp., Refunding RB, Colgate University Project,
Series A, 4.50%, 7/01/39 |
135 | 152,213 | |||||||||
County of Madison New York Industrial Development Agency, RB, Commons II LLC, Student Housing,
Series A (CIFG), 5.00%, 6/01/33 |
275 | 290,177 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 41 |
Schedule of Investments (continued) | BlackRock New York
Municipal Income Trust (BNY) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
New
York (continued) |
|||||||||||
Education (continued) |
|||||||||||
County of Monroe New York Industrial Development Corp., RB, University of Rochester Project,
Series A, 5.00%, 7/01/31 |
$ | 1,900 | $ | 2,189,807 | |||||||
County of Monroe New York Industrial Development Corp., Refunding RB, University of Rochester
Project, Series A, 5.00%, 7/01/38 |
320 | 372,995 | |||||||||
County of Nassau New York Industrial Development Agency, Refunding RB, New York Institute of
Technology Project, Series A, 4.75%, 3/01/26 |
1,165 | 1,254,122 | |||||||||
County of Orange New York Funding Corp., Refunding RB, Mount St. Mary College Project, Series
A: |
|||||||||||
5.00%, 7/01/37 |
360 | 394,024 | |||||||||
5.00%, 7/01/42 |
220 | 238,550 | |||||||||
County of St. Lawrence New York Industrial Development Agency, RB, Clarkson University Project,
5.38%, 9/01/41 |
750 | 865,155 | |||||||||
County of Tompkins New York Development Corp., RB, Ithaca College Project (AGM), 5.50%, 7/01/33 |
700 | 809,032 | |||||||||
Geneva Development Corp., Refunding RB, Hobart and William Smith Colleges, 5.25%, 9/01/44 |
500 | 589,980 | |||||||||
State of New York Dormitory Authority, ERB, Series B, 5.75%, 3/15/36 |
600 | 705,144 | |||||||||
State of New York Dormitory Authority, RB: |
|||||||||||
Convent of the Sacred Heart (AGM), 5.25%, 11/01/24 |
155 | 185,892 | |||||||||
Convent of the Sacred Heart (AGM), 5.63%, 11/01/32 |
750 | 891,247 | |||||||||
Convent of the Sacred Heart (AGM), 5.75%, 11/01/40 |
210 | 249,230 | |||||||||
Mount Sinai School of Medicine, 5.13%, 7/01/39 |
2,000 | 2,267,640 | |||||||||
New York University, Series 1 (AMBAC), 5.50%, 7/01/40 |
1,440 | 1,978,618 | |||||||||
New York University, Series A (AMBAC), 5.00%, 7/01/37 |
1,000 | 1,093,870 | |||||||||
New York University, Series B, 5.00%, 7/01/37 |
1,250 | 1,454,887 | |||||||||
State University Dormitory Facilities, Series A, 5.00%, 7/01/39 |
750 | 848,452 | |||||||||
State University Dormitory Facilities, Series A, 5.00%, 7/01/41 |
2,000 | 2,324,320 | |||||||||
Teachers College, Series B, 5.00%, 7/01/42 |
3,225 | 3,671,791 | |||||||||
Touro College & University System, Series A, 5.25%, 1/01/34 |
800 | 925,392 | |||||||||
Touro College & University System, Series A, 5.50%, 1/01/39 |
2,000 | 2,320,300 | |||||||||
University of Rochester, Series A, 5.13%, 7/01/39 |
850 | 974,227 | |||||||||
University of Rochester, Series A, 5.75%, 7/01/39 |
650 | 759,213 | |||||||||
University of Rochester, Series B, 5.00%, 7/01/39 |
500 | 536,535 | |||||||||
State of New York Dormitory Authority, Refunding RB: |
|||||||||||
3rd General Resolution, State University Educational Facilities Issue, Series A, 5.00%, 5/15/29 |
2,000 | 2,384,820 | |||||||||
Brooklyn Law School, 5.75%, 7/01/33 |
475 | 542,630 | |||||||||
Cornell University, Series A, 5.00%, 7/01/40 |
1,000 | 1,162,560 | |||||||||
Culinary Institute of America, 5.00%, 7/01/42 |
300 | 328,146 | |||||||||
Fordham University, 4.00%, 7/01/30 |
555 | 595,099 | |||||||||
Fordham University, 5.00%, 7/01/44 |
850 | 989,332 | |||||||||
New York University, Series A, 5.00%, 7/01/37 |
1,790 | 2,083,399 | |||||||||
Rochester Institute of Technology, 5.00%, 7/01/42 |
1,790 | 2,037,987 | |||||||||
Rockefeller University, Series B, 4.00%, 7/01/38 |
775 | 841,774 | |||||||||
Skidmore College, Series A, 5.00%, 7/01/28 |
75 | 87,924 | |||||||||
Skidmore College, Series A, 5.25%, 7/01/29 |
85 | 100,693 | |||||||||
State University Dormitory Facilities, Series A, 5.25%, 7/01/30 |
2,355 | 2,877,928 | |||||||||
State University Dormitory Facilities, Series A, 5.25%, 7/01/32 |
445 | 541,156 | |||||||||
Teachers College, 5.50%, 3/01/39 |
450 | 509,054 |
Municipal Bonds | Par (000) |
Value | |||||||||
New
York (continued) |
|||||||||||
Education (concluded) |
|||||||||||
Town of Hempstead New York Local Development Corp., Refunding RB, Adelphi University Project,
5.00%, 10/01/35 |
$ | 415 | $ | 487,629 | |||||||
60,698,871 | |||||||||||
Health 16.0% |
|||||||||||
County of Dutchess New York Local Development Corp., Refunding RB, Health Quest System, Inc.,
Series A, 5.75%, 7/01/40 |
300 | 350,946 | |||||||||
County of Genesee New York Industrial Development Agency, Refunding RB, United Memorial Medical
Center Project, 5.00%, 12/01/27 |
500 | 500,520 | |||||||||
County of Monroe New York Industrial Development Corp., RB, Rochester General Hospital Project,
Series A, 5.00%, 12/01/32 |
240 | 272,393 | |||||||||
County of Monroe New York Industrial Development Corp., Refunding RB, Unity Hospital of Rochester
Project (FHA), 5.50%, 8/15/40 |
1,650 | 1,964,820 | |||||||||
County of Nassau New York Local Economic Assistance Corp., Refunding RB, Winthrop University
Hospital Association Project, 5.00%, 7/01/42 |
2,750 | 3,021,177 | |||||||||
County of Suffolk New York Economic Development Corp., RB, Catholic Health Services, Series
C, 5.00%, 7/01/32 |
230 | 267,292 | |||||||||
County of Suffolk New York Industrial Development Agency, Refunding RB, Jeffersons Ferry
Project, 5.00%, 11/01/28 |
1,175 | 1,221,119 | |||||||||
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien: |
|||||||||||
Remarketing, Series A, 5.00%, 11/01/30 |
3,500 | 3,945,760 | |||||||||
Series B, 6.00%, 11/01/30 |
500 | 592,075 | |||||||||
County of Westchester New York Local Development Corp., Refunding RB, Kendal On Hudson Project: |
|||||||||||
5.00%, 1/01/28 |
675 | 767,482 | |||||||||
5.00%, 1/01/34 |
1,250 | 1,391,475 | |||||||||
State of New York Dormitory Authority, RB: |
|||||||||||
Hudson Valley Hospital (BHAC) (FHA), 5.00%, 8/15/36 |
750 | 819,263 | |||||||||
Mental Health Services Facility, Series B (AMBAC), 5.00%, 2/15/15 (d) |
325 | 325,660 | |||||||||
New York State Association for Retarded Children, Inc., Series A, 6.00%, 7/01/32 |
500 | 598,700 | |||||||||
New York State Association for Retarded Children, Inc., Series B (AMBAC), 6.00%, 7/01/32 |
200 | 233,396 | |||||||||
New York University Hospitals Center, Series A, 6.00%, 7/01/40 |
500 | 585,405 | |||||||||
New York University Hospitals Center, Series B, 5.63%, 7/01/17 (d) |
530 | 594,830 | |||||||||
North Shore-Long Island Jewish Obligated Group, Series A, 5.50%, 5/01/37 |
1,775 | 2,027,014 | |||||||||
North Shore-Long Island Jewish Obligated Group, Series D, 4.25%, 5/01/39 |
1,000 | 1,069,450 | |||||||||
Series B (AMBAC), 5.00%, 2/15/35 |
1,675 | 1,678,400 | |||||||||
State of New York Dormitory Authority, Refunding RB: |
|||||||||||
Miriam Osborn Memorial Home Association, 5.00%, 7/01/29 |
290 | 316,341 | |||||||||
Mount Sinai Hospital, Series A, 5.00%, 7/01/26 |
1,385 | 1,605,090 | |||||||||
New York University Hospitals Center, Series A, 5.00%, 7/01/17 (d) |
3,390 | 3,747,713 | |||||||||
North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/32 |
1,750 | 1,981,157 | |||||||||
North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/41 |
1,000 | 1,119,870 | |||||||||
North Shore-Long Island Jewish Obligated Group, Series E, 5.50%, 5/01/33 |
1,100 | 1,264,417 | |||||||||
32,261,765 |
42 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments (continued) | BlackRock New York
Municipal Income Trust (BNY) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||||||
New
York (continued) |
|||||||||||
Housing 1.9% |
|||||||||||
City of New York New York Housing Development Corp., RB, M/F Housing, Class F, 4.50%, 2/15/48 |
$ | 925 | $ | 947,376 | |||||||
State of New York HFA, RB, M/F Housing, Highland Avenue Senior Apartments, Series A, AMT (SONYMA),
5.00%, 2/15/39 |
1,500 | 1,535,910 | |||||||||
State of New York Mortgage Agency, RB, S/F Housing, 49th Series, 4.00%, 10/01/43 |
1,000 | 1,041,540 | |||||||||
State of New York Mortgage Agency, Refunding RB, 48th Series, 3.70%, 10/01/38 |
360 | 372,143 | |||||||||
3,896,969 | |||||||||||
State 11.2% |
|||||||||||
City of New York New York Transitional Finance Authority, BARB: |
|||||||||||
Fiscal 2015, Series S-1, 5.00%, 7/15/43 |
1,190 | 1,405,926 | |||||||||
Series S-2 (NPFGC), 4.25%, 1/15/34 |
1,260 | 1,295,532 | |||||||||
City of New York New York Transitional Finance Authority, RB, Future Tax Secured, 5.00%, 2/01/32 |
5,000 | 5,975,400 | |||||||||
Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A, 4.00%, 10/15/32 |
1,000 | 1,128,560 | |||||||||
State of New York Dormitory Authority, RB: |
|||||||||||
General Purpose, Series B, 5.00%, 3/15/42 |
4,380 | 5,034,985 | |||||||||
General Purpose, Series C, 5.00%, 3/15/34 |
2,185 | 2,566,020 | |||||||||
State Supported Debt, Series A, 5.00%, 3/15/44 |
360 | 428,162 | |||||||||
State of New York Dormitory Authority, Refunding RB, School Districts Financing Program, Series
A (AGM), 5.00%, 10/01/35 |
395 | 443,230 | |||||||||
State of New York Thruway Authority, RB, Transportation, Series A, 5.00%, 3/15/32 |
320 | 378,742 | |||||||||
State of New York Thruway Authority, Refunding RB, 2nd General Highway & Bridge Trust,
Series A, 5.00%, 4/01/32 |
2,500 | 2,909,600 | |||||||||
State of New York Urban Development Corp., RB, State Personal Income Tax, Series C, 5.00%,
3/15/30 |
885 | 1,062,593 | |||||||||
22,628,750 | |||||||||||
Tobacco 0.3% |
|||||||||||
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 4.75%, 6/01/39 |
150 | 151,003 | |||||||||
Niagara Tobacco Asset Securitization Corp., Refunding RB: |
|||||||||||
5.25%, 5/15/34 |
250 | 290,900 | |||||||||
5.25%, 5/15/40 |
110 | 127,325 | |||||||||
569,228 | |||||||||||
Transportation 17.3% |
|||||||||||
Metropolitan Transportation Authority, RB: |
|||||||||||
Series A-1, 5.25%, 11/15/33 |
540 | 649,447 | |||||||||
Series C, 6.50%, 11/15/28 |
1,000 | 1,208,280 | |||||||||
Series D, 5.25%, 11/15/41 |
1,000 | 1,160,590 | |||||||||
Series E, 5.00%, 11/15/38 |
4,000 | 4,667,840 | |||||||||
Metropolitan Transportation Authority, Refunding RB: |
|||||||||||
Series D, 5.25%, 11/15/30 |
910 | 1,109,590 | |||||||||
Series F, 5.00%, 11/15/30 |
2,000 | 2,369,020 | |||||||||
Series F (AGM), 4.00%, 11/15/30 |
1,250 | 1,348,863 | |||||||||
Port Authority of New York & New Jersey, ARB: |
|||||||||||
Consolidated, 183rd Series, 4.00%, 6/15/44 |
500 | 531,745 | |||||||||
JFK International Air Terminal LLC, Special Project, Series 6, AMT (NPFGC), 5.75%, 12/01/22 |
6,000 | 6,035,400 | |||||||||
Special Project, JFK International Air Terminal LLC, Series 8, AMT (NPFGC), 6.00%, 12/01/42 |
1,000 | 1,188,930 | |||||||||
Port Authority of New York & New Jersey, Refunding ARB: |
|||||||||||
178th Series, AMT, 5.00%, 12/01/33 |
750 | 869,430 | |||||||||
179th Series, 5.00%, 12/01/38 |
575 | 680,311 | |||||||||
Consolidated, 146th Series, AMT (AGM), 4.50%, 12/01/34 |
500 | 513,015 | |||||||||
Consolidated, 147th Series, AMT, 4.75%, 4/15/37 |
1,330 | 1,395,024 |
Municipal Bonds | Par (000) |
Value | |||||||||
New
York (continued) |
|||||||||||
Transportation (concluded) |
|||||||||||
Port Authority of New York & New Jersey, Refunding ARB (concluded): |
|||||||||||
Consolidated, 177th Series, AMT, 4.00%, 1/15/43 |
$ | 1,970 | $ | 2,042,043 | |||||||
Consolidated, 178th Series, AMT, 5.00%, 12/01/43 |
500 | 570,425 | |||||||||
State of New York Thruway Authority, Refunding RB, General: |
|||||||||||
Series I, 5.00%, 1/01/27 |
1,000 | 1,185,840 | |||||||||
Series I, 5.00%, 1/01/37 |
2,920 | 3,359,139 | |||||||||
Series I, 5.00%, 1/01/42 |
280 | 317,934 | |||||||||
Series K, 5.00%, 1/01/32 |
1,500 | 1,788,360 | |||||||||
Triborough Bridge & Tunnel Authority, Refunding RB, CAB (c): |
|||||||||||
General, Series B, 0.00%, 11/15/32 |
2,500 | 1,435,650 | |||||||||
Sub-Series A, 0.00%, 11/15/32 |
845 | 467,767 | |||||||||
34,894,643 | |||||||||||
Utilities 9.5% |
|||||||||||
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System,
Series B, 5.00%, 6/15/36 |
750 | 795,472 | |||||||||
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer
System: |
|||||||||||
2nd General Resolution, Series BB, 5.00%, 6/15/31 |
1,000 | 1,159,430 | |||||||||
Series A, 4.75%, 6/15/30 |
1,500 | 1,632,120 | |||||||||
City of New York New York Water & Sewer System, Refunding RB, Series D, 5.00%, 6/15/39 |
5,000 | 5,089,950 | |||||||||
Long Island Power Authority, RB, General, Electric Systems: |
|||||||||||
Series A (AGM), 5.00%, 5/01/36 |
500 | 565,430 | |||||||||
Series C (CIFG), 5.25%, 9/01/29 |
2,000 | 2,555,720 | |||||||||
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39 |
4,000 | 4,601,480 | |||||||||
State of New York Environmental Facilities Corp., Refunding RB, Revolving Funds New York City
Municipal Water, 2nd General Resolution, Series B, 5.00%, 6/15/36 |
350 | 410,512 | |||||||||
Utility Debt Securitization Authority, Refunding RB, Restructuring, Series E, 5.00%, 12/15/41 |
2,000 | 2,386,920 | |||||||||
19,197,034 | |||||||||||
Total Municipal Bonds in New York |
264,751,809 | ||||||||||
Puerto
Rico 1.2% |
|||||||||||
Housing 1.2% |
|||||||||||
Puerto Rico Housing Finance Authority, Refunding RB,
M/F Housing, Subordinate, Capital Fund Modernization, 5.13%, 12/01/27 |
2,400 | 2,559,168 | |||||||||
Total Municipal Bonds 132.3% |
267,310,977 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (e) |
|||||||||||
New
York 26.9% |
|||||||||||
County/City/Special District/School District 5.4% |
|||||||||||
City of New York New York, GO: |
|||||||||||
Sub-Series G-1, 5.00%, 4/01/29 |
4,370 | 5,139,295 | |||||||||
Sub-Series I-1, 5.00%, 3/01/36 |
1,500 | 1,777,635 | |||||||||
City of New York New York Transitional Finance Authority, RB, Future Tax Secured, Sub-Series
D-1, 5.00%, 11/01/38 |
825 | 954,055 | |||||||||
New York Liberty Development Corp., Refunding RB, 7 World Trade Center Project, Class 1, 5.00%,
9/15/40 |
2,610 | 3,044,486 | |||||||||
10,915,471 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 43 |
Schedule of Investments (continued) | BlackRock New York
Municipal Income Trust (BNY) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred
to Tender Option Bond Trusts (e) |
Par (000) |
Value | |||||||||
New
York (continued) |
|||||||||||
Education 2.1% |
|||||||||||
City of New York New York Trust for Cultural Resources,
Refunding RB, Wildlife Conservation Society, Series A, 5.00%, 8/01/33 |
$ | 3,527 | $ | 4,178,107 | |||||||
State 2.4% |
|||||||||||
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%,
1/15/39 |
660 | 748,976 | |||||||||
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (f) |
1,250 | 1,469,522 | |||||||||
Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A, 5.00%, 10/15/31 |
750 | 931,170 | |||||||||
State of New York Dormitory Authority, RB, General Purpose, Series C, 5.00%, 3/15/41 |
1,500 | 1,736,325 | |||||||||
4,885,993 | |||||||||||
Transportation 5.3% |
|||||||||||
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds,
5.25%, 12/15/43 |
6,495 | 7,643,511 | |||||||||
Port Authority of New York & New Jersey, ARB, Consolidated, 169th Series, AMT, 5.00%, 10/15/26 |
1,500 | 1,725,705 | |||||||||
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series
A, 5.00%, 3/15/31 |
1,180 | 1,401,474 | |||||||||
10,770,690 | |||||||||||
Utilities 11.7% |
|||||||||||
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System,
Fiscal 2009, Series A, 5.75%, 6/15/40 |
1,200 | 1,390,126 |
Municipal Bonds Transferred
to Tender Option Bond Trusts (e) |
Par (000) |
Value | |||||||||
New
York (concluded) |
|||||||||||
Utilities (concluded) |
|||||||||||
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer
System: |
|||||||||||
2nd General Resolution, Fiscal 2011, Series HH, 5.00%, 6/15/32 |
$ | 5,310 | $ | 6,218,647 | |||||||
2nd General Resolution, Fiscal 2012, Series BB, 5.00%, 6/15/44 |
3,511 | 4,045,522 | |||||||||
2nd General Resolution, Series FF-2, 5.50%, 6/15/40 |
810 | 949,501 | |||||||||
Series A, 4.75%, 6/15/30 |
2,500 | 2,720,200 | |||||||||
Utility Debt Securitization Authority, Refunding RB, 5.00%, 12/15/41 |
6,868 | 8,196,586 | |||||||||
23,520,582 | |||||||||||
Total
Municipal Bonds Transferred to Tender Option Bond Trusts 26.9% |
54,270,843 | ||||||||||
Total Long-Term Investments (Cost $291,018,478) 159.2% |
321,581,820 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
BIF New York Municipal Money Fund, 0.00% (g)(h) |
1,228,125 | 1,228,125 | |||||||||
Total Short-Term Securities (Cost $1,228,125) 0.6% |
1,228,125 | ||||||||||
Total Investments (Cost $292,246,603) 159.8% |
322,809,945 | ||||||||||
Other Assets Less Liabilities 1.3% |
2,625,622 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(14.3%) |
(28,965,441 | ) | |||||||||
VMTP Shares, at Liquidation Value (46.8%) |
(94,500,000 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 201,970,126 |
Notes to Schedule of Investments
(a) | Variable rate security. Rate shown is as of report date. |
|||
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in
transactions exempt from registration to qualified institutional investors. |
|||
(c) | Zero-coupon bond. |
|||
(d) | U.S.
government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated,
typically at a premium to par. |
|||
(e) | Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as
collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to
TOBs. |
|||
(f) | All
or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a
shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a
shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expires on February 15, 2019
is $661,933. |
|||
(g) | During the six months ended January 31, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of
the Investment Company Act of 1940, as amended, were as follows: |
Affiliate |
|
Shares Held at July 31, 2014 |
|
Net Activity |
|
Shares Held at January 31, 2015 |
|
Income |
|
Gain |
||||||||||||
BIF New York Municipal Money Fund |
874,210 |
353,915 |
1,228,125 |
|
$125 |
(h) | Represents the current yield as of report date. |
|||
| As of January 31, 2015, financial futures contracts outstanding were as follows: |
Contracts Short |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional Value |
|
Unrealized Depreciation |
||||||||||||
(272) |
10-Year U.S. Treasury Note |
Chicago Board of Trade |
March 2015 |
$35,598,000 |
$ | (1,035,249 | ) |
| For Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications
used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not
apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
44 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Schedule of Investments (concluded) | BlackRock New York
Municipal Income Trust (BNY) |
| Fair Value Measurements Various inputs are used in determining the fair value of investments and derivative financial
instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement
purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair
value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is
significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial
instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the
risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows: |
|||
| Level 1 unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the
ability to access |
|||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Trusts own assumptions used in determining the fair value of investments and derivative financial
instruments) |
|||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In
accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of
the beginning of the reporting period. For information about the Trusts policy regarding valuation of investments and derivative financial
instruments, refer to Note 2 of the Notes to Financial Statements. |
||||
As of January 31, 2015, the following tables summarize the Trusts investments and derivative financial instruments categorized
in the disclosure hierarchy: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 321,581,820 | | $ | 321,581,820 | ||||||||||||
Short-Term Securities |
$ | 1,228,125 | | | 1,228,125 | |||||||||||||
Total |
$ | 1,228,125 | $ | 321,581,820 | | $ | 322,809,945 |
1 | See above Schedule of Investments for values in each sector. |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Derivative Financial Instruments2 |
||||||||||||||||||
Liabilities: |
||||||||||||||||||
Interest rate contracts |
$ | (1,035,249 | ) | | | $ | (1,035,249 | ) |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement
purposes. As of January 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Cash pledged for financial futures contracts |
$ | 370,000 | | | $ | 370,000 | ||||||||||||
Liabilities: |
||||||||||||||||||
TOB trust certificates |
| $ | (28,960,581 | ) | | (28,960,581 | ) | |||||||||||
VMTP Shares |
| (94,500,000 | ) | | (94,500,000 | ) | ||||||||||||
Total |
$ | 370,000 | $ | (123,460,581 | ) | | $ | (123,090,581 | ) |
During the six months ended January 31, 2015, there were no transfers between levels. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 45 |
Statements of Assets and Liabilities |
January 31, 2015
(Unaudited) |
BlackRock California Municipal Income Trust (BFZ) |
BlackRock Florida Municipal 2020 Term Trust (BFO) |
BlackRock Municipal Income Investment Trust (BBF) |
BlackRock Municipal Target Term Trust (BTT) |
BlackRock New Jersey Municipal Income Trust (BNJ) |
BlackRock New York Municipal Income Trust (BNY) |
|||||||||||||||||||||
Assets |
|||||||||||||||||||||||||||
Investments at value unaffiliated1 |
$ | 830,429,947 | $ | 86,030,653 | $ | 168,501,179 | $ | 2,584,153,920 | $ | 200,915,239 | $ | 321,581,820 | |||||||||||||||
Investments at value affiliated2 |
1,101,477 | 525,624 | 1,102,101 | 94,405,207 | 765,949 | 1,228,125 | |||||||||||||||||||||
Cash pledged for financial futures contracts |
543,000 | | 201,000 | 3,108,002 | 296,000 | 370,000 | |||||||||||||||||||||
Interest receivable |
11,441,018 | 816,900 | 1,957,491 | 24,039,258 | 1,642,055 | 3,583,643 | |||||||||||||||||||||
TOB trust receivable |
2,500,000 | | | | | | |||||||||||||||||||||
Investments sold receivable |
| 30,738 | 295,583 | | | | |||||||||||||||||||||
Deferred offering costs |
11,069 | | 123,496 | 791,055 | 6,821 | 8,071 | |||||||||||||||||||||
Prepaid expenses |
18,613 | 4,684 | 40,692 | 54,285 | 6,179 | 8,673 | |||||||||||||||||||||
Total assets |
846,045,124 | 87,408,599 | 172,221,542 | 2,706,551,727 | 203,632,243 | 326,780,332 | |||||||||||||||||||||
Accrued Liabilities |
|||||||||||||||||||||||||||
Investments purchased payable |
7,153,100 | | 1,337,614 | 70,572,003 | | | |||||||||||||||||||||
Income dividends payable Common Shares |
2,301,310 | 193,006 | 485,240 | 5,640,446 | 575,009 | 891,085 | |||||||||||||||||||||
Investment advisory fees payable |
401,424 | 36,752 | 86,236 | 775,088 | 102,753 | 164,869 | |||||||||||||||||||||
Variation margin payable on financial futures contracts |
275,000 | | 101,750 | 1,575,063 | 149,875 | 187,000 | |||||||||||||||||||||
Officers and Trustees fees payable |
72,846 | 9,500 | 17,739 | 13,209 | 20,574 | 31,939 | |||||||||||||||||||||
Interest expense and fees payable |
25,793 | 68 | 4,348 | 41,577 | 3,220 | 4,860 | |||||||||||||||||||||
Offering costs payable |
| | | 286,782 | | | |||||||||||||||||||||
Other accrued expenses payable |
57,314 | 52,523 | 34,849 | 152,912 | 56,235 | 69,872 | |||||||||||||||||||||
Total accrued liabilities |
10,286,787 | 291,849 | 2,067,776 | 79,057,080 | 907,666 | 1,349,625 | |||||||||||||||||||||
Other Liabilities |
|||||||||||||||||||||||||||
TOB Trust Certificates |
140,932,546 | 164,640 | 29,682,276 | 184,119,974 | 17,301,282 | 28,960,581 | |||||||||||||||||||||
RVMTP Shares, at liquidation value of $500,000,000 per share3,4 |
| | | 750,000,000 | | | |||||||||||||||||||||
VMTP Shares, at liquidation value of $100,000 per share3,4 |
171,300,000 | | | | 59,100,000 | 94,500,000 | |||||||||||||||||||||
VRDP Shares, at liquidation value of $100,000 per share3,4 |
| | 34,200,000 | | | | |||||||||||||||||||||
Total other liabilities |
312,232,546 | 164,640 | 63,882,276 | 934,119,974 | 76,401,282 | 123,460,581 | |||||||||||||||||||||
Total liabilities |
322,519,333 | 456,489 | 65,950,052 | 1,013,177,054 | 77,308,948 | 124,810,206 | |||||||||||||||||||||
Net Assets Applicable to Common Shareholders |
$ | 523,525,791 | $ | 86,952,110 | $ | 106,271,490 | $ | 1,693,374,673 | $ | 126,323,295 | $ | 201,970,126 | |||||||||||||||
Net Assets Applicable to Common Shareholders Consist
of |
|||||||||||||||||||||||||||
Paid-in capital5,6,7 |
$ | 446,571,010 | $ | 80,396,516 | $ | 95,045,973 | $ | 1,671,298,896 | $ | 108,747,909 | $ | 183,140,788 | |||||||||||||||
Undistributed net investment income |
3,299,444 | 2,236,065 | 667,683 | 1,521,432 | 1,405,614 | 2,800,513 | |||||||||||||||||||||
Accumulated net realized loss |
(15,252,009 | ) | (467,692 | ) | (11,056,447 | ) | (85,977,578 | ) | (2,507,073 | ) | (13,499,268 | ) | |||||||||||||||
Net unrealized appreciation/depreciation |
88,907,346 | 4,787,221 | 21,614,281 | 106,531,923 | 18,676,845 | 29,528,093 | |||||||||||||||||||||
Net Assets Applicable to Common Shareholders |
$ | 523,525,791 | $ | 86,952,110 | $ | 106,271,490 | $ | 1,693,374,673 | $ | 126,323,295 | $ | 201,970,126 | |||||||||||||||
Net asset value per Common Share |
$ | 16.42 | $ | 15.63 | $ | 15.85 | $ | 24.02 | $ | 16.50 | $ | 15.64 | |||||||||||||||
1 Investments at cost unaffiliated |
$ | 740,198,905 | $ | 81,243,432 | $ | 146,355,481 | $ | 2,470,000,089 | $ | 181,477,460 | $ | 291,018,478 | |||||||||||||||
2 Investments at cost affiliated |
$ | 1,101,477 | $ | 525,624 | $ | 1,102,101 | $ | 94,405,207 | $ | 765,949 | $ | 1,228,125 | |||||||||||||||
3 Preferred Shares outstanding, par value $0.001 per share |
1,713 | | 342 | 150 | 591 | 945 | |||||||||||||||||||||
4 Preferred Shares authorized |
unlimited | unlimited | unlimited | unlimited | unlimited | unlimited | |||||||||||||||||||||
5 Par value per Common Share |
$ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | |||||||||||||||
6 Common Shares outstanding |
31,874,095 | 5,562,128 | 6,704,527 | 70,505,571 | 7,656,577 | 12,914,274 | |||||||||||||||||||||
7 Common Shares authorized |
unlimited | unlimited | unlimited | unlimited | unlimited | unlimited |
46 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Statements of Operations |
Six Months Ended January 31, 2015
(Unaudited) |
BlackRock California Municipal Income Trust (BFZ) |
BlackRock Florida Municipal 2020 Term Trust (BFO) |
BlackRock Municipal Income Investment Trust (BBF) |
BlackRock Municipal Target Term Trust (BTT) |
BlackRock New Jersey Municipal Income Trust (BNJ) |
BlackRock New York Municipal Income Trust (BNY) |
|||||||||||||||||||||
Investment Income |
|||||||||||||||||||||||||||
Interest |
$ | 16,973,919 | $ | 1,390,616 | $ | 3,814,342 | $ | 47,252,309 | $ | 4,423,603 | $ | 6,848,884 | |||||||||||||||
Income affiliated |
| 229 | 148 | 5,825 | | | |||||||||||||||||||||
Total income |
16,973,919 | 1,390,845 | 3,814,490 | 47,258,134 | 4,423,603 | 6,848,884 | |||||||||||||||||||||
Expenses |
|||||||||||||||||||||||||||
Investment advisory |
2,334,109 | 218,241 | 506,358 | 5,145,086 | 602,056 | 963,996 | |||||||||||||||||||||
Professional |
49,474 | 26,679 | 27,295 | 90,744 | 27,972 | 33,101 | |||||||||||||||||||||
Officer and Trustees |
22,290 | 3,796 | 4,476 | 73,388 | 5,249 | 8,331 | |||||||||||||||||||||
Accounting services |
18,928 | 8,054 | 15,304 | 120,717 | 17,499 | 25,198 | |||||||||||||||||||||
Liquidity fees |
| | 157,715 | | | | |||||||||||||||||||||
Transfer agent |
18,260 | 12,356 | 9,539 | 48,379 | 10,640 | 12,905 | |||||||||||||||||||||
Custodian |
17,706 | 3,854 | 5,360 | 50,008 | 6,586 | 9,177 | |||||||||||||||||||||
Registration |
5,925 | 4,976 | 4,978 | 7,069 | 4,990 | 5,006 | |||||||||||||||||||||
Printing |
5,489 | 2,805 | 2,981 | 12,912 | 3,157 | 3,817 | |||||||||||||||||||||
Remarketing fees on Preferred Shares |
| 144 | 17,480 | | | | |||||||||||||||||||||
Miscellaneous |
39,240 | 15,418 | 31,448 | 77,042 | 28,654 | 36,200 | |||||||||||||||||||||
Total expenses excluding interest expense, fees and amortization of offering costs |
2,511,421 | 296,323 | 782,934 | 5,625,345 | 706,803 | 1,097,731 | |||||||||||||||||||||
Interest expense, fees and amortization of offering costs1 |
1,290,770 | 532 | 127,668 | 3,345,531 | 407,723 | 613,659 | |||||||||||||||||||||
Total expenses |
3,802,191 | 296,855 | 910,602 | 8,970,876 | 1,114,526 | 1,711,390 | |||||||||||||||||||||
Less fees waived by Manager |
(231 | ) | (56 | ) | (26 | ) | (644,651 | ) | (591 | ) | (265 | ) | |||||||||||||||
Total expenses after fees waived |
3,801,960 | 296,799 | 910,576 | 8,326,225 | 1,113,935 | 1,711,125 | |||||||||||||||||||||
Net investment income |
13,171,959 | 1,094,046 | 2,903,914 | 38,931,909 | 3,309,668 | 5,137,759 | |||||||||||||||||||||
Realized and Unrealized Gain (Loss) |
|||||||||||||||||||||||||||
Net realized gain (loss) from: |
|||||||||||||||||||||||||||
Investments |
4,356,905 | 281,516 | 188,841 | 6,902,980 | 208,234 | (961,263 | ) | ||||||||||||||||||||
Financial futures contracts |
(1,178,582 | ) | | (149,572 | ) | (5,390,056 | ) | (147,121 | ) | (411,206 | ) | ||||||||||||||||
Capital gain distributions received from affiliated investment companies |
| | | | 51 | 125 | |||||||||||||||||||||
3,178,323 | 281,516 | 39,269 | 1,512,924 | 61,164 | (1,372,344 | ) | |||||||||||||||||||||
Net change in unrealized appreciation/depreciation on: |
|||||||||||||||||||||||||||
Investments |
17,852,742 | 986,315 | 5,635,810 | 144,066,312 | 7,781,194 | 15,102,781 | |||||||||||||||||||||
Financial futures contracts |
(1,400,507 | ) | | (558,827 | ) | (7,669,413 | ) | (791,771 | ) | (1,099,471 | ) | ||||||||||||||||
16,452,235 | 986,315 | 5,076,983 | 136,396,899 | 6,989,423 | 14,003,310 | ||||||||||||||||||||||
Net realized and unrealized gain |
19,630,558 | 1,267,831 | 5,116,252 | 137,909,823 | 7,050,587 | 12,630,966 | |||||||||||||||||||||
Distributions to AMPS Shareholders From |
|||||||||||||||||||||||||||
Net investment income |
| (175 | ) | | | | | ||||||||||||||||||||
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations |
$ | 32,802,517 | $ | 2,361,702 | $ | 8,020,166 | $ | 176,841,732 | $ | 10,360,255 | $ | 17,768,725 |
1 | Related to TOBs, VMTP Shares, RVMTP Shares and/or VRDP Shares. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 47 |
Statements of Changes in Net Assets |
BlackRock California Municipal Income Trust (BFZ) |
|
|
BlackRock Florida Municipal 2020 Term Trust (BFO) |
|
|||||||||||||||||||
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
Six Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, 2014 |
Six Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, 2014 |
|||||||||||||||||||
Operations |
|||||||||||||||||||||||
Net investment income |
$ | 13,171,959 | $ | 27,717,696 | $ | 1,094,046 | $ | 2,597,875 | |||||||||||||||
Net realized gain (loss) |
3,178,323 | 2,256,752 | 281,516 | (12,643 | ) | ||||||||||||||||||
Net change in unrealized appreciation/depreciation |
16,452,235 | 41,827,362 | 986,315 | 1,450,413 | |||||||||||||||||||
Distributions to AMPS Shareholders from net investment income |
| | (175 | ) | (7,996 | ) | |||||||||||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations |
32,802,517 | 71,801,810 | 2,361,702 | 4,027,649 | |||||||||||||||||||
Distributions to Common Shareholders From1 |
|||||||||||||||||||||||
Net investment income |
(13,807,858 | ) | (29,544,099 | ) | (1,158,035 | ) | (3,417,928 | ) | |||||||||||||||
Net Assets Applicable to Common Shareholders |
|||||||||||||||||||||||
Total increase in net assets applicable to Common Shareholders |
18,994,659 | 42,257,711 | 1,203,667 | 609,721 | |||||||||||||||||||
Beginning of period |
504,531,132 | 462,273,421 | 85,748,443 | 85,138,722 | |||||||||||||||||||
End of period |
$ | 523,525,791 | $ | 504,531,132 | $ | 86,952,110 | $ | 85,748,443 | |||||||||||||||
Undistributed net investment income, end of period |
$ | 3,299,444 | $ | 3,935,343 | $ | 2,236,065 | $ | 2,300,229 |
BlackRock Municipal Income Investment Trust (BBF) |
|
BlackRock Municipal Target Term Trust (BTT) |
|
||||||||||||||||||||
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
Six Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, 2014 |
Six Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, 2014 |
|||||||||||||||||||
Operations |
|||||||||||||||||||||||
Net investment income |
$ | 2,903,914 | $ | 5,829,834 | $ | 38,931,909 | $ | 78,807,018 | |||||||||||||||
Net realized gain (loss) |
39,269 | (2,402,970 | ) | 1,512,924 | (34,054,206 | ) | |||||||||||||||||
Net change in unrealized appreciation/depreciation |
5,076,983 | 10,413,901 | 136,396,899 | 262,136,762 | |||||||||||||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations |
8,020,166 | 13,840,765 | 176,841,732 | 306,889,574 | |||||||||||||||||||
Distributions to Common Shareholders From1 |
|||||||||||||||||||||||
Net investment income |
(2,911,441 | ) | (5,822,882 | ) | (33,842,674 | ) | (76,622,483 | ) | |||||||||||||||
Return of capital |
| | | (1,726,833 | ) | ||||||||||||||||||
Decrease in net assets resulting from distributions to Common Shareholders |
(2,911,441 | ) | (5,822,882 | ) | (33,842,674 | ) | (78,349,316 | ) | |||||||||||||||
Net Assets Applicable to Common Shareholders |
|||||||||||||||||||||||
Total increase in net assets applicable to Common Shareholders |
5,108,725 | 8,017,883 | 142,999,058 | 228,540,258 | |||||||||||||||||||
Beginning of period |
101,162,765 | 93,144,882 | 1,550,375,615 | 1,321,835,357 | |||||||||||||||||||
End of period |
$ | 106,271,490 | $ | 101,162,765 | $ | 1,693,374,673 | $ | 1,550,375,615 | |||||||||||||||
Undistributed net investment income, end of period |
$ | 667,683 | $ | 675,210 | $ | 1,521,432 | $ | (3,567,803 | ) |
1 | Distributions for annual periods determined in accordance with federal income tax regulations. |
48 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Statements of Changes in Net Assets |
BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
BlackRock New York Municipal Income Term Trust (BNY) |
|
|||||||||||||||||||
Increase (Decrease) in Net Assets
Applicable to Common Shareholders: |
Six Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, 2014 |
Six Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, 2014 |
|||||||||||||||||||
Operations |
|||||||||||||||||||||||
Net investment income |
$ | 3,309,668 | $ | 6,739,790 | $ | 5,137,759 | $ | 10,512,672 | |||||||||||||||
Net realized gain (loss) |
61,164 | (1,263,047 | ) | (1,372,344 | ) | (5,927,653 | ) | ||||||||||||||||
Net change in unrealized appreciation/depreciation |
6,989,423 | 10,982,374 | 14,003,310 | 21,679,641 | |||||||||||||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations |
10,360,255 | 16,459,117 | 17,768,725 | 26,264,660 | |||||||||||||||||||
Distributions to Common Shareholders From1 |
|||||||||||||||||||||||
Net investment income |
(3,545,761 | ) | (6,900,107 | ) | (5,346,510 | ) | (10,693,021 | ) | |||||||||||||||
Net Assets Applicable to Common Shareholders |
|||||||||||||||||||||||
Total increase in net assets applicable to Common Shareholders |
6,814,494 | 9,559,010 | 12,422,215 | 15,571,639 | |||||||||||||||||||
Beginning of period |
119,508,801 | 109,949,791 | 189,547,911 | 173,976,272 | |||||||||||||||||||
End of period |
$ | 126,323,295 | $ | 119,508,801 | $ | 201,970,126 | $ | 189,547,911 | |||||||||||||||
Undistributed net investment income, end of period |
$ | 1,405,614 | $ | 1,641,707 | $ | 2,800,513 | $ | 3,009,264 |
1 | Distributions for annual periods determined in accordance with federal income tax regulations. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 49 |
Statements of Cash Flows |
Six Months Ended January 31, 2015
(Unaudited) |
BlackRock California Municipal Income Trust (BFZ) |
BlackRock Municipal Income Investment Trust (BBF) |
BlackRock Municipal Target Term Trust (BTT) |
BlackRock New Jersey Municipal Income Trust (BNJ) |
BlackRock New York Municipal Income Trust (BNY) |
||||||||||||||||||
Cash Provided by (Used for) Operating Activities |
|||||||||||||||||||||||
Net increase in net assets resulting from operations |
$ | 32,802,517 | $ | 8,020,166 | $ | 176,841,732 | $ | 10,360,255 | $ | 17,768,725 | |||||||||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: |
|||||||||||||||||||||||
(Increase) decrease in interest receivable |
(255,631 | ) | 24,103 | 1,207,962 | 43,553 | 60,532 | |||||||||||||||||
Decrease in variation margin receivable on financial futures contracts |
14,952 | 3,000 | 90,462 | 3,375 | 7,734 | ||||||||||||||||||
(Increase) decrease in prepaid expenses |
13,212 | 22,445 | (11,822 | ) | 19,570 | 18,314 | |||||||||||||||||
Increase in cash pledged for financial futures contracts |
(107,000 | ) | (113,000 | ) | (731,000 | ) | (197,000 | ) | (144,000 | ) | |||||||||||||
Increase in investment advisory fees payable |
17,126 | 2,314 | 38,299 | 3,257 | 6,092 | ||||||||||||||||||
Increase (decrease) in interest expense and fees payable |
1,120 | (1,737 | ) | (9,435 | ) | (550 | ) | (759 | ) | ||||||||||||||
Decrease in other accrued expenses payable |
(46,451 | ) | (9,171 | ) | (43,514 | ) | (13,546 | ) | (13,501 | ) | |||||||||||||
Increase in variation margin payable on financial futures contracts |
275,000 | 101,750 | 1,575,063 | 149,875 | 187,000 | ||||||||||||||||||
Decrease in Officers and Trustees fees payable |
(1,587 | ) | (353 | ) | (2,065 | ) | (475 | ) | (800 | ) | |||||||||||||
Net realized gain (loss) on investments |
(4,356,905 | ) | (188,841 | ) | (6,902,980 | ) | (208,235 | ) | 1,179,387 | ||||||||||||||
Net unrealized gain on investments |
(17,852,742 | ) | (5,635,810 | ) | (144,066,312 | ) | (7,781,194 | ) | (15,102,781 | ) | |||||||||||||
Amortization of premium and accretion of discount on investments |
1,635,787 | 203,965 | 927,215 | 127,300 | 457,411 | ||||||||||||||||||
Proceeds from sales of long-term investments |
171,578,996 | 4,297,288 | 203,978,302 | 14,238,265 | 11,602,489 | ||||||||||||||||||
Purchases of long-term investments |
(201,138,389 | ) | (4,021,740 | ) | (110,086,319 | ) | (13,764,930 | ) | (10,855,117 | ) | |||||||||||||
Net proceeds from sales (purchases) of short-term securities |
(547,865 | ) | 196,608 | (88,987,953 | ) | 541,120 | (353,915 | ) | |||||||||||||||
Net cash provided by (used for) operating activities |
(17,967,860 | ) | 2,900,987 | 33,817,635 | 3,520,640 | 4,816,811 | |||||||||||||||||
Cash Provided by (used for) Financing Activities |
|||||||||||||||||||||||
Proceeds from TOB trust certificates |
31,734,992 | | | | 500,000 | ||||||||||||||||||
Cash dividends paid to Common Shareholders |
(13,807,858 | ) | (2,911,441 | ) | (33,842,674 | ) | (3,545,761 | ) | (5,346,510 | ) | |||||||||||||
Amortization of deferred offering costs |
40,726 | 10,454 | 25,039 | 25,121 | 29,699 | ||||||||||||||||||
Net cash provided by (used for) financing activities |
17,967,860 | (2,900,987 | ) | (33,817,635 | ) | (3,520,640 | ) | (4,816,811 | ) | ||||||||||||||
Cash |
|||||||||||||||||||||||
Net increase in cash |
| | | | | ||||||||||||||||||
Cash at beginning of period |
| | | | | ||||||||||||||||||
Cash at end of period |
| | | | | ||||||||||||||||||
Supplemental Disclosure of Cash Flow Information |
|||||||||||||||||||||||
Cash paid during the period for interest and fees |
$ | 1,248,924 | $ | 118,951 | $ | 3,329,927 | $ | 383,152 | $ | 584,719 |
50 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Financial Highlights | BlackRock California
Municipal Income Trust (BFZ) |
Six
Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, |
||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.83 | $ | 14.50 | $ | 16.32 | $ | 13.88 | $ | 14.28 | $ | 12.71 | |||||||||||||||
Net investment income1 |
0.41 | 0.87 | 0.89 | 0.95 | 0.98 | 1.00 | |||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.61 | 1.39 | (1.78 | ) | 2.42 | (0.45 | ) | 1.50 | |||||||||||||||||||
Distributions to AMPS Shareholders from net investment income |
| | | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||||
Net increase (decrease) from investment operations |
1.02 | 2.26 | (0.89 | ) | 3.36 | 0.51 | 2.48 | ||||||||||||||||||||
Distributions to Common Shareholders from net investment income2 |
(0.43 | ) | (0.93 | ) | (0.93 | ) | (0.92 | ) | (0.91 | ) | (0.91 | ) | |||||||||||||||
Net asset value, end of period |
$ | 16.42 | $ | 15.83 | $ | 14.50 | $ | 16.32 | $ | 13.88 | $ | 14.28 | |||||||||||||||
Market price, end of period |
$ | 15.80 | $ | 14.41 | $ | 13.63 | $ | 16.64 | $ | 13.16 | $ | 14.21 | |||||||||||||||
Total Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||||||
Based on net asset value |
6.75% | 4 | 16.48% | (5.81)% | 24.98% | 4.05% | 20.15% | ||||||||||||||||||||
Based on market price |
12.85% | 4 | 12.80% | (13.17)% | 34.40% | (0.86)% | 22.55% | ||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||||||
Total expenses |
1.47% | 5 | 1.59% | 1.63% | 1.49% | 6 | 1.46% | 6 | 1.36% | 6 | |||||||||||||||||
Total expenses after fees waived and paid indirectly |
1.47% | 5 | 1.59% | 1.63% | 1.46% | 6 | 1.39% | 6 | 1.27% | 6 | |||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, and fees and amortization of offering costs7
|
0.97% | 5 | 1.03% | 1.01% | 1.07% | 6,8 | 1.12% | 6 | 1.04% | 6 | |||||||||||||||||
Net investment income |
5.09% | 5 | 5.78% | 5.49% | 6.28% | 6 | 7.19% | 6 | 6.94% | 6 | |||||||||||||||||
Distributions to AMPS Shareholders |
| | | 0.05% | 0.15% | 0.15% | |||||||||||||||||||||
Net investment income to Common Shareholders |
5.09% | 5 | 5.78% | 5.49% | 6.23% | 7.04% | 6.79% | ||||||||||||||||||||
Supplemental Data |
|||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 523,526 | $ | 504,531 | $ | 462,273 | $ | 519,578 | $ | 441,745 | $ | 454,299 | |||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) |
| | | | $ | 171,325 | $ | 171,325 | |||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period (000) |
| | | | $ | 89,460 | $ | 91,293 | |||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 171,300 | $ | 171,300 | $ | 171,300 | $ | 171,300 | | | |||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 405,619 | $ | 394,531 | $ | 369,862 | $ | 403,314 | | | |||||||||||||||||
Borrowings outstanding, end of period (000) |
$ | 140,933 | $ | 106,698 | $ | 158,655 | $ | 162,234 | $ | 143,713 | $ | 128,065 | |||||||||||||||
Asset coverage, end of period per $1,000 of borrowings |
$ | 4,715 | $ | 5,729 | $ | 3,914 | $ | 4,203 | $ | 4,074 | $ | 4,547 | |||||||||||||||
Portfolio turnover rate |
20% | 25% | 22% | 30% | 36% | 47% |
1 | Based on average Common Shares outstanding. |
2 | Distributions for annual periods determined in accordance with federal income tax regulations. |
3 | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
4 | Aggregate total return. |
5 | Annualized. |
6 | Does not reflect the effect of distributions to AMPS Shareholders. |
7 | Interest expense, fees and amortization of offering costs related to TOBs and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP Shares, respectively. |
8 | For the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.04%. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 51 |
Financial Highlights | BlackRock Florida
Municipal 2020 Term Trust (BFO) |
Six Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, |
|
|||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.42 | $ | 15.31 | $ | 16.05 | $ | 14.94 | $ | 14.91 | $ | 13.35 | |||||||||||||||
Net investment income1 |
0.20 | 0.47 | 0.68 | 0.85 | 0.92 | 0.95 | |||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.22 | 0.25 | (0.65 | ) | 0.98 | (0.19 | ) | 1.31 | |||||||||||||||||||
Distributions to AMPS Shareholders from net investment income |
(0.00 | )2 | (0.00 | )2 | (0.01 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | |||||||||||||||
Net increase from investment operations |
0.42 | 0.72 | 0.02 | 1.81 | 0.70 | 2.23 | |||||||||||||||||||||
Distributions to Common Shareholders from net investment income3 |
(0.21 | ) | (0.61 | ) | (0.76 | ) | (0.70 | ) | (0.67 | ) | (0.67 | ) | |||||||||||||||
Net asset value, end of period |
$ | 15.63 | $ | 15.42 | $ | 15.31 | $ | 16.05 | $ | 14.94 | $ | 14.91 | |||||||||||||||
Market price, end of period |
$ | 15.23 | $ | 15.16 | $ | 15.12 | $ | 15.60 | $ | 13.91 | $ | 14.30 | |||||||||||||||
Total Return Applicable to Common
Shareholders4 |
|||||||||||||||||||||||||||
Based on net asset value |
2.76% | 5 | 4.84% | 0.12% | 12.44% | 5.07% | 17.35% | ||||||||||||||||||||
Based on market price |
1.84% | 5 | 4.36% | 1.73% | 17.38% | 2.00% | 22.05% | ||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||||||
Total expenses6 |
0.68% | 7 | 0.74% | 0.92% | 1.06% | 1.13% | 1.14% | ||||||||||||||||||||
Total expenses after fees waived and paid indirectly6 |
0.68% | 7 | 0.74% | 0.92% | 1.06% | 1.13% | 1.13% | ||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees6,8 |
0.68% | 7,9 | 0.74% | 9 | 0.92% | 9 | 1.06% | 9 | 1.09% | 1.09% | |||||||||||||||||
Net investment income6 |
2.52% | 7 | 3.05% | 4.23% | 5.48% | 6.29% | 6.72% | ||||||||||||||||||||
Distributions to AMPS Shareholders |
0.00% | 7 | 0.01% | 0.09% | 0.12% | 0.19% | 0.22% | ||||||||||||||||||||
Net investment income to Common Shareholders |
2.52% | 7 | 3.04% | 4.14% | 5.36% | 6.10% | 6.50% | ||||||||||||||||||||
Supplemental Data |
|||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 86,952 | $ | 85,748 | $ | 85,139 | $ | 89,251 | $ | 83,111 | $ | 82,929 | |||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) |
| $ | 625 | $ | 19,100 | $ | 42,900 | $ | 42,900 | $ | 42,900 | ||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period |
| $ | 3,454,938 | $ | 136,438 | $ | 77,011 | $ | 73,433 | $ | 73,329 | ||||||||||||||||
Borrowings outstanding, end of period (000) |
$ | 165 | $ | 190 | $ | 280 | $ | 470 | $ | 500 | $ | 4,372 | |||||||||||||||
Asset coverage, end of period per $1,000 of borrowings |
$ | 529,135 | $ | 452,308 | $ | 305,067 | $ | 190,897 | $ | 167,223 | $ | 19,970 | |||||||||||||||
Portfolio turnover rate |
12% | 1% | 9% | 32% | 6% | 6% |
1 | Based on average Common Shares outstanding. |
2 | Amount is greater than $(0.005) per share. |
3 | Distributions for annual periods determined in accordance with federal income tax regulations. |
4 | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Does not reflect the effect of distributions to AMPS Shareholders. |
7 | Annualized. |
8 | Interest expense and fees relate to TOBs. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
9 | For the six months ended January 31, 2015 and years ended July 31, 2014, July 31, 2013 and July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest, expense, fees and remarketing fees was 0.68%, 0.73%, 0.87% and 0.97%, respectively. |
52 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Financial Highlights | BlackRock Municipal
Income Investment Trust (BBF) |
Six Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, |
|
|||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.09 | $ | 13.89 | $ | 15.91 | $ | 13.40 | $ | 13.91 | $ | 12.71 | |||||||||||||||
Net investment income1 |
0.43 | 0.87 | 0.85 | 0.86 | 0.97 | 0.92 | |||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.76 | 1.20 | (2.00 | ) | 2.55 | (0.56 | ) | 1.20 | |||||||||||||||||||
Distributions to AMPS Shareholders from net investment income |
| | | (0.00 | )2 | (0.02 | ) | (0.02 | ) | ||||||||||||||||||
Net increase (decrease) from investment operations |
1.19 | 2.07 | (1.15 | ) | 3.41 | 0.39 | 2.10 | ||||||||||||||||||||
Distributions to Common Shareholders from net investment income3 |
(0.43 | ) | (0.87 | ) | (0.87 | ) | (0.90 | ) | (0.90 | ) | (0.90 | ) | |||||||||||||||
Net asset value, end of period |
$ | 15.85 | $ | 15.09 | $ | 13.89 | $ | 15.91 | $ | 13.40 | $ | 13.91 | |||||||||||||||
Market price, end of period |
$ | 14.49 | $ | 13.48 | $ | 12.47 | $ | 16.25 | $ | 12.74 | $ | 13.90 | |||||||||||||||
Total Return Applicable to Common
Shareholders4 |
|||||||||||||||||||||||||||
Based on net asset value |
8.34% | 5 | 16.06% | (7.56)% | 26.21% | 3.15% | 17.04% | ||||||||||||||||||||
Based on market price |
10.87% | 5 | 15.49% | (18.75)% | 35.59% | (1.86)% | 19.01% | ||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||||||
Total expenses |
1.74% | 6 | 1.85% | 1.83% | 1.99% | 7 | 1.60% | 7 | 1.46% | 7 | |||||||||||||||||
Total expenses after fees waived |
1.74% | 6 | 1.85% | 1.83% | 1.99% | 7 | 1.60% | 7 | 1.37% | 7 | |||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees, and amortization of offering costs8
|
1.50% | 6,9 | 1.56% | 9 | 1.49% | 9 | 1.61% | 7,9 | 1.33% | 7 | 1.17% | 7 | |||||||||||||||
Net investment income |
5.56% | 6 | 6.09% | 5.41% | 5.89% | 7 | 7.35% | 7 | 6.84% | 7 | |||||||||||||||||
Distributions to AMPS Shareholders |
| | | 0.02% | 0.14% | 0.16% | |||||||||||||||||||||
Net investment income to Common Shareholders |
5.56% | 6 | 6.09% | 5.41% | 5.87% | 7.21% | 6.68% | ||||||||||||||||||||
Supplemental Data |
|||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 106,271 | $ | 101,163 | $ | 93,145 | $ | 106,627 | $ | 89,726 | $ | 93,073 | |||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) |
| | | | $ | 34,250 | $ | 34,250 | |||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period |
| | | | $ | 90,493 | $ | 92,938 | |||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
34,200 | 34,200 | 34,200 | 34,200 | | | |||||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 410,735 | $ | 395,798 | $ | 372,353 | $ | 411,775 | | | |||||||||||||||||
Borrowings outstanding, end of period (000) |
$ | 29,682 | $ | 29,682 | $ | 34,096 | $ | 33,466 | $ | 30,617 | $ | 26,262 | |||||||||||||||
Asset coverage, end of period per $1,000 of borrowings |
$ | 4,580 | $ | 4,408 | $ | 3,732 | $ | 4,186 | $ | 3,931 | $ | 4,544 | |||||||||||||||
Portfolio turnover rate |
3% | 22% | 33% | 39% | 24% | 46% |
1 | Based on average Common Shares outstanding. |
2 | Amount is greater than $(0.005) per share. |
3 | Distributions for annual periods determined in accordance with federal income tax regulations. |
4 | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Annualized. |
7 | Does not reflect the effect of distributions to AMPS Shareholders. |
8 | Interest expense, fees and amortization of offering costs related to TOBs and/or VRDP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
9 | For the six months ended January 31, 2015 and the years ended July 31, 2014, July 31, 2013 and July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.16%, 1.19%, 1.17% and 1.31%, respectively. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 53 |
Financial Highlights | BlackRock Municipal
Target Term Trust (BTT) |
Six Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, 2014 |
Period August 30, 20121 to July 31, 2013 |
|||||||||||||
Per Share Operating Performance |
|||||||||||||||
Net asset value, beginning of period |
$ | 21.99 | $ | 18.75 | $ | 23.88 | 2 | ||||||||
Net investment income3 |
0.55 | 1.12 | 0.80 | ||||||||||||
Net realized and unrealized gain (loss) |
1.96 | 3.23 | (4.95 | ) | |||||||||||
Net increase (decrease) from investment operations |
2.51 | 4.35 | (4.15 | ) | |||||||||||
Distributions from:4 |
|||||||||||||||
Net investment income |
(0.48 | ) | (1.09 | ) | (0.87 | ) | |||||||||
Return of capital |
| (0.02 | ) | (0.11 | ) | ||||||||||
Total distributions |
(0.48 | ) | (1.11 | ) | (0.98 | ) | |||||||||
Net asset value, end of period |
$ | 24.02 | $ | 21.99 | $ | 18.75 | |||||||||
Market price, end of period |
$ | 21.59 | $ | 19.57 | $ | 18.42 | |||||||||
Total Return Applicable to Common
Shareholders5 |
|||||||||||||||
Based on net asset value |
11.84% | 6 | 24.50% | (18.00)% | 6 | ||||||||||
Based on market price |
12.95% | 6 | 12.78% | (23.05)% | 6 | ||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||
Total expenses |
1.10% | 7 | 1.22% | 0.99% | 7 | ||||||||||
Total expenses after fees waived and paid indirectly |
1.02% | 7 | 1.21% | 0.99% | 7 | ||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs8
|
0.61% | 7 | 0.72% | 0.64% | 7 | ||||||||||
Net investment income to Common Shareholders |
4.77% | 7 | 5.61% | 3.78% | 7 | ||||||||||
Supplemental Data |
|||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 1,693,375 | $ | 1,550,376 | $ | 1,321,835 | |||||||||
RVMTP Shares outstanding at $5,000,000 liquidation value, end of period (000) |
$ | 750,000 | $ | 750,000 | $ | 750,000 | |||||||||
Asset coverage per RVMTP Shares at $5,000,000 liquidation value, end of period |
$ | 16,289,164 | $ | 15,335,837 | $ | 13,812,236 | |||||||||
Borrowings outstanding, end of period (000) |
$ | 184,120 | $ | 184,120 | $ | 238,705 | |||||||||
Asset coverage, end of period per $1,000 of borrowings |
$ | 10,197 | $ | 9,420 | $ | 6,538 | |||||||||
Portfolio turnover rate |
7% | 6% | 39% |
1 | Commencement of operations. |
2 | Net asset value, beginning of period, reflects a deduction of $1.125 per share sales charge from the initial offering price of $25.00 per share. |
3 | Based on average Common Shares outstanding. |
4 | Distributions for annual periods determined in accordance with federal income tax regulations. |
5 | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
6 | Aggregate total return. |
7 | Annualized. |
8 | Interest expense, fees and amortization of offering costs relate to TOBs and/or RVMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and RVMTP Shares, respectively. |
54 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Financial Highlights | BlackRock New Jersey
Municipal Income Trust (BNJ) |
Six Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, |
|
|||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.61 | $ | 14.36 | $ | 16.17 | $ | 14.07 | $ | 14.38 | $ | 12.78 | |||||||||||||||
Net investment income1 |
0.43 | 0.88 | 0.88 | 0.95 | 0.98 | 1.02 | |||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.92 | 1.27 | (1.75 | ) | 2.11 | (0.32 | ) | 1.54 | |||||||||||||||||||
Distributions to AMPS Shareholders from net investment income |
| | | (0.01 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||||||||
Net increase (decrease) from investment operations |
1.35 | 2.15 | (0.87 | ) | 3.05 | 0.63 | 2.53 | ||||||||||||||||||||
Distributions to Common Shareholders from net investment income2 |
(0.46 | ) | (0.90 | ) | (0.94 | ) | (0.95 | ) | (0.94 | ) | (0.93 | ) | |||||||||||||||
Net asset value, end of period |
$ | 16.50 | $ | 15.61 | $ | 14.36 | $ | 16.17 | $ | 14.07 | $ | 14.38 | |||||||||||||||
Market price, end of period |
$ | 16.55 | $ | 14.68 | $ | 13.67 | $ | 17.67 | $ | 14.10 | $ | 14.82 | |||||||||||||||
Total Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||||||
Based on net asset value |
8.98% | 4 | 16.01% | (5.82)% | 22.25% | 4.74% | 20.22% | ||||||||||||||||||||
Based on market price |
16.23% | 4 | 14.60% | (17.95)% | 33.30% | 1.85% | 13.11% | ||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||||||
Total expenses |
1.80% | 5 | 1.89% | 1.81% | 1.47% | 6 | 1.25% | 6 | 1.23% | 6 | |||||||||||||||||
Total expenses after fees waived and paid indirectly |
1.80% | 5 | 1.89% | 1.81% | 1.46% | 6 | 1.24% | 6 | 1.13% | 6 | |||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees, and amortization of offering costs7
|
1.14% | 5 | 1.18% | 1.13% | 1.18% | 6,8 | 1.22% | 6 | 1.12% | 6 | |||||||||||||||||
Net investment income |
5.35% | 5 | 5.96% | 5.51% | 6.28% | 6 | 7.09% | 6 | 7.42% | 6 | |||||||||||||||||
Distributions to AMPS Shareholders |
| | | 0.08% | 0.21% | 0.23% | |||||||||||||||||||||
Net investment income to Common Shareholders |
5.35% | 5 | 5.96% | 5.51% | 6.20% | 6.88% | 7.19% | ||||||||||||||||||||
Supplemental Data |
|||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 126,323 | $ | 119,509 | $ | 109,950 | $ | 123,497 | $ | 107,226 | $ | 109,257 | |||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) |
| | | | $ | 59,100 | $ | 59,100 | |||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period |
| | | | $ | 70,358 | $ | 71,218 | |||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 59,100 | $ | 59,100 | $ | 59,100 | $ | 59,100 | | | |||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 313,745 | $ | 302,215 | $ | 286,040 | $ | 308,962 | | | |||||||||||||||||
Borrowings outstanding, end of period (000) |
$ | 17,301 | $ | 17,301 | $ | 17,302 | $ | 10,634 | $ | 3,859 | $ | 2,359 | |||||||||||||||
Asset coverage, end of period per $1,000 of borrowings |
$ | 8,301 | $ | 7,908 | $ | 7,355 | $ | 12,614 | $ | 28,784 | $ | 47,309 | |||||||||||||||
Portfolio turnover rate |
7% | 20% | 9% | 20% | 20% | 11% |
1 | Based on average Common Shares outstanding. |
2 | Distributions for annual periods determined in accordance with federal income tax regulations. |
3 | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
4 | Aggregate total return. |
5 | Annualized. |
6 | Does not reflect the effect of distributions to AMPS Shareholders. |
7 | Interest expense, fees and amortization of offering costs related to TOBs and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP Shares, respectively. |
8 | For the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.14%. |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 55 |
Financial Highlights | BlackRock New York
Municipal Income Trust (BNY) |
Six Months Ended January 31, 2015 (Unaudited) |
Year Ended July 31, |
|
|||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.68 | $ | 13.47 | $ | 15.53 | $ | 13.87 | $ | 14.27 | $ | 12.71 | |||||||||||||||
Net investment income1 |
0.40 | 0.81 | 0.87 | 0.93 | 1.01 | 1.04 | |||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.97 | 1.23 | (2.06 | ) | 1.73 | (0.39 | ) | 1.54 | |||||||||||||||||||
Distributions to AMPS Shareholders from net investment income |
| | | (0.01 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||||||||
Net increase (decrease) from investment operations |
1.37 | 2.04 | (1.19 | ) | 2.65 | 0.59 | 2.55 | ||||||||||||||||||||
Distributions to Common Shareholders from net investment income2 |
(0.41 | ) | (0.83 | ) | (0.87 | ) | (0.99 | ) | (0.99 | ) | (0.99 | ) | |||||||||||||||
Net asset value, end of period |
$ | 15.64 | $ | 14.68 | $ | 13.47 | $ | 15.53 | $ | 13.87 | $ | 14.27 | |||||||||||||||
Market price, end of period |
$ | 15.02 | $ | 13.79 | $ | 13.16 | $ | 16.73 | $ | 14.20 | $ | 15.11 | |||||||||||||||
Total Return Applicable to Common
Shareholders3 |
|||||||||||||||||||||||||||
Based on net asset value |
9.65% | 4 | 15.98% | (8.18)% | 19.62% | 4.39% | 20.35% | ||||||||||||||||||||
Based on market price |
12.10% | 4 | 11.51% | (16.73)% | 25.87% | 0.94% | 16.11% | ||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||||||
Total expenses |
1.74% | 5 | 1.82% | 1.85% | 1.49% | 6 | 1.27% | 6 | 1.25% | 6 | |||||||||||||||||
Total expenses after fees waived and paid indirectly |
1.74% | 5 | 1.82% | 1.84% | 1.49% | 6 | 1.27% | 6 | 1.16% | 6 | |||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, and fees and amortization of offering costs7
|
1.11% | 5 | 1.13% | 1.14% | 1.18% | 6,8 | 1.22% | 6 | 1.11% | 6 | |||||||||||||||||
Net investment income |
5.21% | 5 | 5.89% | 5.71% | 6.34% | 6 | 7.35% | 6 | 7.50% | 6 | |||||||||||||||||
Distributions to AMPS Shareholders |
| | | 0.08% | 0.20% | 0.22% | |||||||||||||||||||||
Net investment income to Common Shareholders |
5.21% | 5 | 5.89% | 5.71% | 6.26% | 7.15% | 7.28% | ||||||||||||||||||||
Supplemental Data |
|||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 201,970 | $ | 189,548 | $ | 173,976 | $ | 200,020 | $ | 177,993 | $ | 182,372 | |||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) |
| | | | $ | 94,500 | $ | 94,500 | |||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period |
| | | | $ | 72,089 | $ | 73,248 | |||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 94,500 | $ | 94,500 | $ | 94,500 | $ | 94,500 | | | |||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 313,725 | $ | 300,580 | $ | 284,102 | $ | 311,661 | | | |||||||||||||||||
Borrowings outstanding, end of period (000) |
$ | 28,961 | $ | 28,461 | $ | 31,620 | $ | 32,847 | $ | 11,089 | $ | 13,410 | |||||||||||||||
Asset coverage, end of period per $1,000 of borrowings |
$ | 7,974 | $ | 7,660 | $ | 6,502 | $ | 7,090 | $ | 17,051 | $ | 14,600 | |||||||||||||||
Portfolio turnover rate |
3% | 26% | 23% | 24% | 17% | 16% |
1 | Based on average Common Shares outstanding. |
2 | Distributions for annual periods determined in accordance with federal income tax regulations. |
3 | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
4 | Aggregate total return. |
5 | Annualized. |
6 | Does not reflect the effect of distributions to AMPS Shareholders. |
7 | Interest expense, fees and amortization of offering costs related to TOBs and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP Shares, respectively. |
8 | For the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.13%. |
56 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Notes to Financial Statements (Unaudited) |
Trust Name |
|
Herein Referred To As |
|
Organized |
|
Diversification Classification |
||||||||
BlackRock California Municipal Income Trust |
BFZ |
Delaware |
Non-diversified |
|||||||||||
BlackRock Florida Municipal 2020 Term Trust |
BFO |
Delaware |
Non-diversified |
|||||||||||
BlackRock Municipal Income Investment Trust |
BBF |
Delaware |
Non-diversified |
|||||||||||
BlackRock Municipal Target Term Trust |
BTT |
Delaware |
Non-diversified |
|||||||||||
BlackRock New Jersey Municipal Income Trust |
BNJ |
Delaware |
Non-diversified |
|||||||||||
BlackRock New York Municipal Income Trust |
BNY |
Delaware |
Non-diversified |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 57 |
Notes to Financial Statements (continued) |
58 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Notes to Financial Statements (continued) |
TOB Trust agreements. TOTEs may include the bankruptcy or
default of the issuer of the municipal bond, a substantial downgrade in credit quality of the issuer of the municipal bond, failure of any scheduled
payment of principal or interest on the underlying bonds, and a judgment or ruling that interest on the municipal bond is subject to federal income
taxation. MTEs may include, among other things, a failed remarketing of the TOB Trust Certificates, the inability of the TOB Trust to obtain renewal of
the liquidity support agreement and a substantial decline in the market value of the municipal bond. Upon the occurrence of a TOTE or an MTE, the TOB
Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing agent and the
Liquidity Provider. In the case of an MTE, after the payment of fees, the TOB Trust Certificate holders would be paid senior to the Residual holders
(i.e., the Trusts). In contrast, in the case of a TOTE, after payment of fees, the TOB Trust Certificate holders and Residual holders would be paid
equally in proportion to the respective face values of their certificates. During the six months ended January 31, 2015, no TOB Trusts in which the
Trusts participated were terminated without the consent of the Trusts.
|
Underlying Municipal Bonds Transferred to TOBs |
|
Liability for TOB Trust Certificates |
|
Range of Interest Rates |
|||||||||
BFZ |
$ | 309,935,880 | $ | 140,932,546 | 0.02% - 0.17% |
|||||||||
BFO |
$ | 255,887 | $ | 164,640 | 0.08% |
|||||||||
BBF |
$ | 58,185,164 | $ | 29,682,276 | 0.02% - 0.27% |
|||||||||
BTT |
$ | 398,744,670 | $ | 184,119,974 | 0.02% - 0.11% |
|||||||||
BNJ |
$ | 31,352,302 | $ | 17,301,282 | 0.02% - 0.27% |
|||||||||
BNY |
$ | 54,270,843 | $ | 28,960,581 | 0.02% - 0.20% |
|
Average TOB Trust Certificates Outstanding |
|
Daily Weighted Average Interest Rate |
|||||||
BFZ |
$ | 115,177,363 | 0.61 | % | ||||||
BFO |
$ | 167,078 | 0.63 | % | ||||||
BBF |
$ | 29,682,276 | 0.63 | % | ||||||
BTT |
$ | 184,119,974 | 0.75 | % | ||||||
BNJ |
$ | 17,301,282 | 0.74 | % | ||||||
BNY |
$ | 28,677,972 | 0.61 | % |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 59 |
Notes to Financial Statements (continued) |
The following is a summary of the Trusts derivative financial instruments categorized by risk exposure:
Fair Values of Derivative
Financial Instruments as of January 31, 2015 |
||||||||||||||||||||||||||||
Value |
|
|||||||||||||||||||||||||||
Derivative Liabilities |
|
|||||||||||||||||||||||||||
|
Statements of Assets and Liabilities Location |
|
BFZ |
|
BBF |
|
BTT |
|
BNJ |
|
BNY |
|||||||||||||||||
Interest rate contracts |
Net unrealized depreciation1 |
$ | (1,323,696 | ) | $ | (531,417 | ) | $ | (7,621,908 | ) | $ | (760,934 | ) | $ | (1,035,249 | ) |
1 | Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedules of Investments. Only current days variation margin is reported within the Statements of Assets and Liabilities. |
The Effect of Derivative
Financial Instruments in the Statements of Operations Six Months Ended January 31, 2015 |
||||||||||||||||||||||||||||
Net Realized Loss From |
Net Change in Unrealized
Appreciation/ Depreciation On |
|
||||||||||||||||||||||||||
BFZ |
|
BBF |
|
BTT |
BFZ |
|
BBF |
|
BTT |
|||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||||
Financial futures contracts |
$ | (1,178,582 | ) | $ | (149,572 | ) | $ | (5,390,056 | ) | $ | (1,400,507 | ) | $ | (558,827 | ) | $ | (7,669,413 | ) | ||||||||||
BNJ |
|
BNY |
|
|
BNJ |
|
BNY |
|
||||||||||||||||||
Interest rate contracts: |
||||||||||||||||||||||||||
Financial futures contracts |
$ | (147,121 | ) | $ | (411,206 | ) | $ | (791,771 | ) | $ | (1,099,471 | ) |
For the six months ended January 31, 2015, the average quarterly balances of outstanding derivative financial instruments were as follows:
BFZ | BBF | BTT | BNJ | BNY | ||||||||||||||||||
Financial Futures Contracts: |
||||||||||||||||||||||
Average notional value of contracts short |
$ | 52,078,672 | $ | 16,192,258 | $ | 230,787,313 | $ | 23,173,711 | $ | 31,382,633 |
60 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Notes to Financial Statements (continued) |
|
BFZ |
|
BFO |
|
BBF |
|
BTT |
|
BNJ |
|
BNY |
|||||||||||||||
Investment advisory fee |
0.58 | % | 0.50 | % | 0.60 | % | 0.40 | % | 0.60 | % | 0.60 | % |
|
BFZ |
|
BFO |
|
BBF |
|
BTT |
|
BNJ |
|
BNY |
|||||||||||||||
Amounts waived |
$ | 231 | $ | 56 | $ | 26 | $ | 1,515 | $ | 591 | $ | 265 |
|
BFZ |
|
BFO |
|
BBF |
|
BTT |
|
BNJ |
|
BNY |
|||||||||||||||
Purchases |
$ | 188,266,522 | $ | 10,172,405 | $ | 5,359,354 | $ | 180,658,322 | $ | 13,764,930 | $ | 10,855,117 | ||||||||||||||
Sales |
$ | 157,056,722 | $ | 10,727,743 | $ | 4,572,615 | $ | 203,978,302 | $ | 14,238,265 | $ | 11,602,489 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 61 |
Notes to Financial Statements (continued) |
Expires July 31, |
|
BFZ |
|
BFO |
|
BBF |
|
BTT |
|
BNJ |
|
BNY |
||||||||||||||
2015 |
$ | 465,742 | | | | | | |||||||||||||||||||
2016 |
186,028 | | | | | | ||||||||||||||||||||
2017 |
3,782,470 | $ | 394,297 | | | | $ | 2,408,109 | ||||||||||||||||||
2018 |
12,894,572 | 62,100 | $ | 6,208,886 | | $ | 842,367 | 1,480,575 | ||||||||||||||||||
2019 |
| | 651,464 | | 27,464 | 1,982,931 | ||||||||||||||||||||
No
expiration date1 |
| 294,787 | 3,192,934 | $ | 65,058,716 | 976,953 | 4,921,533 | |||||||||||||||||||
Total |
$ | 17,328,812 | $ | 751,184 | $ | 10,053,284 | $ | 65,058,716 | $ | 1,846,784 | $ | 10,793,148 |
1 | Must be utilized prior to losses subject to expiration. |
|
BFZ |
|
BFO |
|
BBF |
|
BTT |
|
BNJ |
|
BNY |
|||||||||||||||
Tax
cost |
$ | 600,740,540 | $ | 81,600,891 | $ | 118,280,028 | $ | 2,391,197,864 | $ | 165,155,959 | $ | 263,992,796 | ||||||||||||||
Gross unrealized appreciation |
$ | 90,306,990 | $ | 6,066,077 | $ | 22,148,063 | $ | 117,046,393 | $ | 21,212,300 | $ | 30,647,891 | ||||||||||||||
Gross unrealized depreciation |
(448,652 | ) | (1,275,331 | ) | (507,087 | ) | (13,805,104 | ) | (1,988,353 | ) | (791,323 | ) | ||||||||||||||
Net
unrealized appreciation |
$ | 89,858,338 | $ | 4,790,746 | $ | 21,640,976 | $ | 103,241,289 | $ | 19,223,947 | $ | 29,856,568 |
62 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Notes to Financial Statements (continued) |
that previously belonged to the sponsor bank will be performed
by the Trusts. The Trusts may utilize the service providers in meeting these responsibilities. This structure remains untested. It is possible that
regulators could take positions that could limit the market for such newly structured TOB Trust transactions or the Trusts ability to hold
Residuals. Under the new TOB Trust structure, the Trusts will have certain additional duties and responsibilities, which may give rise to certain
additional risks including compliance, securities law and operational risks.
|
Issue Date |
|
Shares Issued |
|
Aggregate Principal |
|
Maturity Date |
|||||||||||
BBF |
9/15/11 | 342 | $ | 34,200,000 | 10/01/41 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 63 |
Notes to Financial Statements (continued) |
64 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Notes to Financial Statements (continued) |
|
Issue Date |
|
Shares Issued |
|
Aggregate Principal |
|
Term Date |
|||||||||||
BFZ
|
3/22/12 | 1,713 | $ | 171,300,000 | 3/20/16 | |||||||||||||
BNJ
|
3/22/12 | 591 | $ | 59,100,000 | 3/20/16 | |||||||||||||
BNY |
3/22/12 | 945 | $ | 94,500,000 | 3/20/16 |
|
BFZ |
|
BNJ |
|
BNY |
|||||||||
Rate |
1.04 | % | 1.07 | % | 1.04 | % |
|
Issue Date |
|
Shares Issued |
|
Aggregate Principal |
|
Term Date |
|||||||||||
BTT |
1/10/2013 | 50 | $ | 250,000,000 | 12/31/2030 | |||||||||||||
1/30/2013 | 50 | $ | 250,000,000 | 12/31/2030 | ||||||||||||||
2/20/2013 | 50 | $ | 250,000,000 | 12/31/2030 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 65 |
Notes to Financial Statements (continued) |
66 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Notes to Financial Statements (concluded) |
|
Series |
|
Redemption Date |
|
Shares Redeemed |
|
Aggregate Principal |
|||||||||||
BFO |
F-7 | 11/10/14 | 25 | $ | 625,000 |
|
Common Dividend Per Share |
|||||
BFZ
|
$ | 0.072200 | ||||
BFO |
$ | 0.034700 | ||||
BBF |
$ | 0.072375 | ||||
BTT
|
$ | 0.080000 | ||||
BNJ |
$ | 0.075100 | ||||
BNY |
$ | 0.069000 |
|
Preferred Shares |
|
Series |
Dividend Declared |
|
|||||||||
BFZ |
VMTP Shares | W-7 | $134,036 |
|||||||||||
BBF |
VRDP Shares | W-7 | $ 2,886 |
|||||||||||
BTT |
VMTP Shares | W-7 | $385,479 |
|||||||||||
BNJ |
VMTP Shares | W-7 | $ 46,244 |
|||||||||||
BNY |
VMTP Shares | W-7 | $ 81,943 |
SEMI-ANNUAL REPORT | JANUARY 31, 2015 | 67 |
Officers and Trustees |
Karen
P. Robards, Vice Chairperson of the Board, Chairperson
of the Audit Committee and Trustee
Michael J.
Castellano, Trustee and Member of the Audit Committee
Frank J. Fabozzi, Trustee and Member of the Audit Committee
Kathleen F. Feldstein,
Trustee
James T. Flynn, Trustee and Member of the Audit Committee
Jerrold B. Harris, Trustee
R. Glenn Hubbard, Trustee
W. Carl Kester,
Trustee and Member of the Audit Committee
Barbara G. Novick, Trustee
John M. Perlowski, Trustee, President and Chief Executive Officer
Robert W. Crothers, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Charles Park, Chief Compliance Officer
Janey Ahn, Secretary
Effective September 5, 2014, Brendan Kyne resigned as a Vice President of the Trusts. Effective December 31, 2014, Paul L. Audet and Henry Gabbay resigned as Trustees of the Trusts. Effective December 31, 2014, Barbara G. Novick and John M. Perlowski were appointed to serve as Trustees of the Trusts. |
Investment Advisor BlackRock Advisors, LLC Wilmington, DE 19809 Custodian State Street Bank and Trust Company Boston, MA 02110 |
Transfer Agent Common Shares: Computershare Trust Company, N.A. Canton, MA 02021 VRDP Tender and Paying Agent, RVMTP Tender and Paying Agent and VMTP Redemption and Paying Agent The Bank of New York Mellon New York, NY 10289 |
VRDP Liquidity Provider Barclays Bank PLC New York, NY 10019 VRDP Remarketing Agent Barclays Capital, Inc. New York, NY 10019 Accounting Agent State Street Bank and Trust Company Boston, MA 02110 |
Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116 Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP New York, NY 10036 Address of the Trusts 100 Bellevue Parkway Wilmington, DE 19809 |
68 | SEMI-ANNUAL REPORT | JANUARY 31, 2015 |
Additional Information |
Dividend Policy
Each Trusts dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The Trusts current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.
General Information
The Trusts do not make available copies of their Statements of Additional Information because the Trusts shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trusts offerings and the information contained in each Trusts Statement of Additional Information may have become outdated.
During the period, there were no material changes in the Trusts investment objectives or policies or to the Trusts charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts portfolios.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRocks website, which can be accessed at http://www.blackrock.com. This reference to BlackRocks website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRocks website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic
delivery program. Electronic copies of shareholder reports are available on BlackRocks website.
Shareholders Who Hold Accounts with Investment Advisors,
Banks or Brokerages: Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Householding The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with
multiple accounts at the same address. This practice is commonly called householding and is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise.
If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800)
882-0052. Availability of Quarterly Schedule of Investments The Trusts file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The
Trusts Forms N-Q are available on the SECs website at http://www.sec.gov and may also be reviewed and copied at the SECs Public
Reference Room in Washington, D.C. Information on how to access documents on the SECs website without charge may be obtained by calling (800)
SEC-0330. The Trusts Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052. Availability of Proxy Voting Policies and Procedures A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon
request and without charge (1) by calling (800) 882-0052; (2) at http://www.blackrock.com; and (3) on the SECs website at
http://www.sec.gov. Availability of Proxy Voting Record Information about how the Trusts voted proxies relating to securities held in the Trusts portfolios during the most recent 12-month period ended
June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 882-0052 and (2) on the SECs
website at http://www.sec.gov. General Information (concluded) Availability of Trust Updates BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the Closed-end Funds section
of http://www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised
to check the website for updated performance information and the release of other material information about the Trusts. This reference to
BlackRocks website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to,
incorporate BlackRocks website in this report. Shelf Offering Program From time-to-time, each Trust (except for BFO and BTT) may seek to raise additional equity capital through an equity shelf program (a Shelf
Offering). In a Shelf Offering, a Trust may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time
to time in varying amounts at a net price at or above the Trusts net asset value (NAV) per Common Share (calculated within 48 hours
of pricing). While any such Shelf Offering may allow a Trust to pursue additional investment opportunities without the need to sell existing portfolio
investments, it could also entail risks including that the issuance of additional Common Shares may limit the extent to which the Common Shares
are able to trade at a premium to NAV in the secondary market. The Trusts have not filed a registration statement with respect to any Shelf Offerings.
This report is not an offer to sell Trust Common Shares and is not a solicitation of an offer to buy Trust Common Shares. If a Trust files a
registration statement with respect to any Shelf Offering, the prospectus contained therein will contain more complete information about the Trust and
should be read carefully before investing. BlackRock Privacy Principles BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively,
Clients) and to safeguarding their non-public personal information. The following information is provided to help you understand what
personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties. If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different
privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations. BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we
receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions
with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites. BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its intended purpose. We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to
protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
SEMI-ANNUAL REPORT
JANUARY 31, 2015
69
Additional Information (concluded)
70
SEMI-ANNUAL REPORT
JANUARY 31, 2015
Item 2 – | Code of Ethics – Not Applicable to this semi-annual report | |
Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report | |
Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report | |
Item 5 – | Audit Committee of Listed Registrants – Not Applicable to this semi-annual report | |
Item 6 – | Investments (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form. (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing. | |
Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report | |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies | |
(a) | Not Applicable to this semi-annual report | |
(b) | As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR. | |
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable | |
Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. | |
Item 11 – | Controls and Procedures | |
(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. | ||
(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. | ||
Item 12 – | Exhibits attached hereto | |
(a)(1) – Code of Ethics – Not Applicable to this semi-annual report | ||
(a)(2) – Certifications – Attached hereto | ||
(a)(3) – Not Applicable | ||
(b) – Certifications – Attached hereto |
2 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||
BlackRock Municipal Income Investment Trust | ||
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Municipal Income Investment Trust | ||
Date: April 2, 2015 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Municipal Income Investment Trust | ||
Date: April 2, 2015 | ||
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock Municipal Income Investment Trust | ||
Date: April 2, 2015 |
3 |