BlackRock MuniHoldings Investment Quality Fund
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 811-08349
Name of Fund: BlackRock MuniHoldings Investment Quality Fund (MFL)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniHoldings Investment Quality Fund, 55 East 52nd Street, New York, NY 10055
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of
fiscal year end: 08/31/2012
Date of reporting period: 08/31/2012
Item 1 Report to Stockholders
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August 31, 2012 |
Annual Report
BlackRock Municipal Bond Investment Trust (BIE)
BlackRock Municipal
Bond Trust (BBK)
BlackRock Municipal Income Investment Quality Trust (BAF)
BlackRock Municipal Income Quality Trust (BYM)
BlackRock Municipal Income Trust II (BLE)
BlackRock MuniHoldings Investment Quality Fund (MFL)
BlackRock
MuniVest Fund, Inc. (MVF)
Not FDIC Insured No Bank Guarantee May Lose Value
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ANNUAL REPORT |
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AUGUST 31, 2012 |
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About this time one year ago, financial markets had been upended by sovereign debt
turmoil in the United States and Europe as well as growing concerns about the future of the global economy. Since then, asset prices have waxed and waned in broad strokes as investors reacted to developments in Europes financial situation,
mixed US economic news and global central bank policy action.
After confidence crumbled in the third quarter of 2011, October brought improving
economic data and more concerted efforts among European leaders toward stemming the regions debt crisis, gradually drawing investors back to the markets. Improving sentiment carried over into early 2012 as investors felt some relief from the
worlds financial woes. Volatility abated and risk assets (including stocks, commodities and high yield bonds) moved boldly higher through the first two months of 2012 while climbing Treasury yields pressured higher-quality fixed income assets.
Markets reversed course in the spring when Europes debt problems boiled over once again. High levels of volatility returned as political
instability in Greece threatened the countrys membership in the euro zone. Spain faced severe deficit issues while the nations banks clamored for liquidity. Yields on Spanish and Italian government debt rose to levels deemed
unsustainable. European leaders conferred and debated vehemently over the need for fiscal integration among the 17 nations comprising the euro currency bloc as a means to resolve the crisis for the long term.
Alongside the drama in Europe, investors were discouraged by gloomy economic reports from various parts of the world. A slowdown in China, a key powerhouse for
global growth, became particularly worrisome. In the United States, disappointing jobs reports dealt a crushing blow to sentiment. Risk assets sold off in the second quarter as investors again retreated to safe haven assets.
Despite the continuation of heightened market volatility, most asset classes enjoyed a robust summer rally. Global economic data continued to be mixed, but the
spate of downside surprises seen in the second quarter began to recede and, outside of Europe, the risk of recession largely subsided. Central bank policy action has been a major driver of market sentiment in 2012. Investors anticipation for
economic stimulus drove asset prices higher over the summer as the European Central Bank stepped up its efforts to support the regions troubled nations and the US Federal Reserve reiterated its readiness to take action if economic conditions
warrant.
On the whole, most asset classes advanced during the reporting period. US large cap stocks delivered strong returns for the 12 months ended
August 31, 2012, while small cap stocks and high yield bonds also performed well. Despite the risk-asset rally in recent months, higher-quality investments including tax-exempt municipal bonds and US Treasury bonds posted exceptional gains by
historical standards and outperformed investment-grade corporate bonds. International and emerging equities, however, lagged other asset classes amid ongoing global uncertainty. Near-zero short term interest rates kept yields on money market
securities near their all-time lows.
We know that investors continue to face a world of uncertainty and volatile markets, but we also believe these
challenging times present many opportunities. We remain committed to working with you and your financial professional to identify actionable ideas for your portfolio. We encourage you to visit www.blackrock.com/newworld for more information.
Sincerely,
Rob Kapito
President, BlackRock
Advisors, LLC
We know that investors continue to
face a world of uncertainty and volatile markets, but we also believe these challenging times present many opportunities.
Rob Kapito
President, BlackRock Advisors, LLC
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Total Returns as of August 31, 2012 |
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6-month |
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12-month |
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US large cap equities
(S&P 500® Index) |
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4.14 |
% |
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18.00 |
% |
US small cap equities
(Russell 2000® Index) |
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0.89 |
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13.40 |
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International equities
(MSCI Europe, Australasia, Far East Index) |
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(4.00 |
) |
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(0.04 |
) |
Emerging market equities (MSCI Emerging Markets Index) |
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(10.51 |
) |
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(5.80 |
) |
3-month Treasury bill
(BofA Merrill Lynch 3-Month US Treasury Bill Index) |
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0.06 |
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0.06 |
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US Treasury securities
(BofA Merrill Lynch 10-Year US Treasury Index) |
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5.25 |
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9.14 |
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US investment grade bonds (Barclays US Aggregate Bond Index) |
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2.97 |
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5.78 |
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Tax-exempt municipal bonds (S&P Municipal Bond Index) |
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3.24 |
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9.37 |
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US high yield bonds
(Barclays US Corporate High
Yield 2% Issuer Capped Index) |
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4.80 |
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13.84 |
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Past performance is no guarantee of future results. Index performance is shown for
illustrative purposes only. You cannot invest directly in an index. |
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THIS PAGE NOT PART OF YOUR FUND REPORT |
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Municipal Market Overview |
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For the 12-Month Period Ended August 31, 2012 |
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Municipal bonds
delivered exceptional performance during the reporting period, with the S&P Municipal Bond Index gaining 9.37% for the 12 months ended August 31, 2012. In the later part of 2011, heightened volatility in equity markets led to increased
demand for municipal bonds as investors flocked to more stable asset classes. The municipal market benefited from an exuberant Treasury market amid global uncertainty in addition to muted new issuance. Supply was constrained while demand from both
traditional and non-traditional buyers was strong, pushing long-term municipal bond yields lower and sparking a curve-flattening trend that continued through year end. Ultimately, 2011 was one of the strongest performance years in municipal market
history and municipal bonds outperformed most fixed income asset classes for the year.
Market conditions remained favorable even though supply picked up considerably in 2012. As the fiscal situation for
municipalities continued to improve, the rate of new issuance came back in line with historical averages. Total new issuance for the first eight months of 2012 was $253 billion as compared to $288 billion for the entire year of 2011. It is important
to note that refunding activity has accounted for a large portion of supply in 2012 as issuers refinanced their debt at lower interest rates. Refunding issues are easily absorbed by the market because when seasoned bonds are refinanced, issuers
re-enter the market via cheaper and predominantly shorter-maturity financing. Investors, in turn, support these new issues with the proceeds from bond maturities or coupon payments.
Increased supply was met with the continuation of strong demand in 2012 as investors remained starved for yield in a low-rate environment. Investors poured into municipal bond mutual funds, particularly those with
long-duration and high-yield investment mandates as they tend to provide higher levels of income. Year-to-date through August 2012, flows into municipal funds have totaled $38.812 billion (according to the Investment Company Institute). Following an
extensive period of significant outflows from late 2010 through mid-2011, these robust 2012 inflows are telling of the complete turnaround in confidence. Municipal market supply-and-demand technicals typically strengthen considerably upon the
conclusion of tax season as net negative supply takes hold (i.e., more bonds are being called and maturing than being issued) and this theme remained intact for 2012. In the spring, a resurgence of concerns about Europes financial crisis and
weakening US economic data drove municipal bond yields lower and prices higher. In addition to income and capital preservation, investors were drawn to the asset class for its relatively low volatility. As global sentiment improved over the summer,
municipal bonds outperformed the more volatile US Treasury market. Given these positive market factors, the S&P Municipal Bond Index has gained 5.99% year-to-date through August 31, 2012.
Overall, the municipal yield curve flattened during the period from August 31, 2011 to August 31, 2012. As measured by Thomson Municipal Market Data,
yields declined by 100 basis points (bps) to 2.89% on AAA-rated 30-year municipal bonds and by 51 bps to 1.74% on 10-year bonds, while yields on 5-year issues fell 20 bps to 0.69%. While the entire municipal curve flattened over the
12-month time period, the spread between 2- and 30-year maturities tightened by 99 bps, and in the 2- to 10-year range, the spread tightened by 50 bps.
The fundamental picture for municipalities continues to improve. Austerity has been the general theme across the country as states set their budgets, although a
small number of states continue to rely on a kick-the-can approach to close their budget gaps, using aggressive revenue projections and accounting gimmicks. It has been more than a year and a half since the fiscal problems plaguing state
and local governments first became highly publicized and the prophecy of widespread defaults across the municipal market has not materialized. Year-to-date through August 2012, total outstanding municipal bonds entering into debt service
cash-payment default for the first time had an aggregate par value of $1.16 billion. This amount represents only 0.5% of total issuance for the same period and 0.031% of total municipal bonds outstanding. This compares favorably to data for the full
year 2011 when first-time defaults totaled 0.84% of issuance and 0.065% of outstanding. (Data provided by Bank of America Merrill Lynch.) BlackRock maintains the view that municipal bond defaults will remain in the periphery and the overall market
is fundamentally sound. We continue to recognize that careful credit research and security selection remain imperative amid uncertainty in this economic environment.
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
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4 |
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ANNUAL REPORT |
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AUGUST 31, 2012 |
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Trust Summary as of August 31, 2012 |
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BlackRock Municipal Bond Investment Trust |
BlackRock Municipal
Bond Investment Trusts (BIE) (the Trust) investment objective is to provide current income exempt from regular federal income tax and Florida intangible personal property tax. The Trust seeks to achieve its investment objective by
investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Trust invests at least 80% of its assets in municipal bonds
that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trusts investment objective will be achieved.
For the 12 months
ended August 31, 2012, the Trust returned 24.21% based on market price and 22.36% based on net asset value (NAV). For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted
an average return of 22.25% based on market price and 18.93% 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. The Trusts long duration posture (greater sensitivity to interest rates) contributed positively to performance as the municipal yield curve
flattened (i.e., longer-term interest rates fell more than shorter rates) and bond prices moved higher on the long end of the curve. The Trusts longer-dated holdings in the health, transportation and utilities sectors experienced the strongest
price appreciation. The Trusts small position in US Treasury futures as a strategy for hedging interest rate risk was a slight detractor from performance as rates generally declined 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.
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Symbol on New York Stock Exchange (NYSE) |
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BIE |
Initial Offering Date |
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April 30, 2002 |
Yield on Closing Market Price as of August 31, 2012 ($16.61)1 |
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5.85% |
Tax Equivalent
Yield2 |
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9.00% |
Current Monthly Distribution per Common Share3 |
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$0.081 |
Current Annualized Distribution per Common Share3 |
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$0.972 |
Economic Leverage as of August 31, 20124 |
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39% |
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1 |
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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. |
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2 |
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Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
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The Monthly Distribution per Common Share, declared on October 1, 2012, was decreased to $0.078 per share. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |
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4 |
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Represents Variable Rate Demand Preferred Shares (VRDP Shares) and tender option bond trusts (TOBs) as a percentage of total managed
assets, which is the total assets of the Trust, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of
Leveraging on page 12. |
The table below summarizes the changes in the Trusts market price and NAV per share:
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8/31/12 |
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8/31/11 |
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Change |
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High |
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Low |
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Market Price |
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$ |
16.61 |
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$ |
14.22 |
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16.81 |
% |
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$ |
17.20 |
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$ |
14.18 |
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Net Asset Value |
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$ |
16.88 |
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$ |
14.67 |
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15.06 |
% |
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$ |
16.93 |
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$ |
14.67 |
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The following charts show the sector and credit quality allocations of the Trusts long-term investments:
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Sector Allocations |
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8/31/12 |
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8/31/11 |
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County/City/Special District/School District |
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19 |
% |
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17 |
% |
Transportation |
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18 |
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21 |
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Health |
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17 |
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23 |
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Utilities |
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16 |
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19 |
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Education |
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12 |
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7 |
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State |
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12 |
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6 |
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Housing |
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4 |
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5 |
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Corporate |
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1 |
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1 |
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Tobacco |
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1 |
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1 |
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Credit Quality
Allocations5 |
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8/31/12 |
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8/31/11 |
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AAA/Aaa |
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15 |
% |
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10 |
% |
AA/Aa |
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60 |
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62 |
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A |
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20 |
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21 |
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BBB/Baa |
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5 |
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6 |
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BB/Ba |
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1 |
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5 |
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Using the higher of Standard & Poors (S&Ps) or Moodys Investors Service (Moodys) ratings.
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ANNUAL REPORT |
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AUGUST 31, 2012 |
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5 |
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Trust Summary as of August 31, 2012 |
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BlackRock Municipal Bond Trust |
BlackRock Municipal
Bond Trusts (BBK) (the Trust) investment objective is to provide current income exempt from regular federal income tax. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from
regular federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its assets in municipal bonds that are investment grade quality. The
Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the
Trusts investment objective will be achieved.
For the 12 months
ended August 31, 2012, the Trust returned 23.45% based on market price and 23.96% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 22.25%
based on market price and 18.93% based on NAV. All returns reflect reinvestment of dividends. The Trusts premium 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. The Trusts neutral-to-long average duration (greater sensitivity to interest rates) contributed positively to performance as interest rates generally declined over the one-year
period. A preference for longer-dated maturities enhanced returns as the municipal yield curve flattened (long-term interest rates fell more than short and intermediate rates). The Trust benefited from a tightening of credit spreads during the
period, with particularly strong performance from its allocations to the health sector. Narrowing spreads also bode well for the Trusts holdings of lower-coupon bonds, which tend to offer higher yield and duration relative to their stated
maturity. However, the Trust held limited exposure to tobacco, which was the strongest performing sector during the period. The Trusts small position in US Treasury futures as a strategy for hedging interest rate risk was a slight detractor
from performance as rates generally declined 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.
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Symbol on NYSE |
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BBK |
Initial Offering Date |
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April 30, 2002 |
Yield on Closing Market Price as of August 31, 2012 ($17.16)1 |
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5.84% |
Tax Equivalent
Yield2 |
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8.98% |
Current Monthly Distribution per Common Share3 |
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$0.0835 |
Current Annualized Distribution per Common Share3 |
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$1.0020 |
Economic Leverage as of August 31, 20124 |
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35% |
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1 |
|
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not
guarantee future results. |
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2 |
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Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
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The distribution rate is not constant and is subject to change. |
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4 |
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Represents Variable Rate Muni Term Preferred Shares (VMTP Shares) and TOBs as a percentage of total managed assets, which is the total assets of the
Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 12.
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The table below summarizes the changes in the Trusts market price and NAV per share:
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8/31/12 |
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8/31/11 |
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Change |
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High |
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Low |
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Market Price |
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$ |
17.16 |
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$ |
14.86 |
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15.48 |
% |
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$ |
17.91 |
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$ |
14.80 |
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Net Asset Value. |
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$ |
16.79 |
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$ |
14.48 |
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15.95 |
% |
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$ |
16.79 |
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$ |
14.48 |
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The following charts show the sector and credit quality allocations of the Trusts long-term investments:
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Sector Allocations |
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8/31/12 |
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8/31/11 |
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Health |
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25 |
% |
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21 |
% |
State |
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14 |
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14 |
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County/City/Special District/School District |
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13 |
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12 |
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Transportation |
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13 |
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10 |
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Education |
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11 |
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10 |
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Utilities |
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8 |
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7 |
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Housing |
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8 |
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14 |
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Corporate |
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5 |
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10 |
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Tobacco |
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3 |
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2 |
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Credit Quality
Allocations5 |
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8/31/12 |
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8/31/11 |
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AAA/Aaa |
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9 |
% |
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11 |
% |
AA/Aa |
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35 |
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35 |
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A |
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26 |
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18 |
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BBB/Baa |
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18 |
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22 |
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BB/Ba |
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4 |
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1 |
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B |
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2 |
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6 |
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CCC/Caa |
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1 |
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Not Rated6 |
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6 |
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6 |
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5 |
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Using the higher of S&Ps or Moodys ratings. |
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6 |
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The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2012 and August 31, 2011, the market
value of these securities was $3,199,110, representing 1%, and $4,464,558, representing 2%, respectively, of the Trusts long-term investments.
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6 |
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ANNUAL REPORT |
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AUGUST 31, 2012 |
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Trust Summary as of August 31, 2012 |
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BlackRock Municipal Income Investment Quality Trust |
BlackRock Municipal Income Investment Quality Trusts (BAF) (the Trust) investment objective is to provide current income exempt from federal income tax, including the alternative minimum tax and
Florida intangible property tax. The Trust seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets in municipal bonds exempt from federal income taxes, including the alternative minimum tax. The
Trust also invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trusts investment objective will be achieved.
For the 12 months ended August 31, 2012, the Trust returned 23.59% based on market price and 20.76% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds
(Leveraged) category posted an average return of 22.25% based on market price and 18.93% 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. The Trusts long duration posture (greater sensitivity to interest rates) contributed positively to performance as
the municipal yield curve flattened (i.e., longer-term interest rates fell more than shorter rates) and bond prices moved higher on the long end of the curve. The Trusts longer-dated holdings in the health, transportation and utilities sectors
experienced the strongest price appreciation. The Trusts small position in US Treasury futures as a strategy for hedging interest rate risk was a slight detractor from performance as rates generally declined 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.
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Symbol on NYSE |
|
BAF |
Initial Offering Date |
|
October 31, 2002 |
Yield on Closing Market Price as of August 31, 2012 ($16.24)1 |
|
5.36% |
Tax Equivalent
Yield2 |
|
8.25% |
Current Monthly Distribution per Common Share3 |
|
$0.0725 |
Current Annualized Distribution per Common Share3 |
|
$0.8700 |
Economic Leverage as of August 31, 20124 |
|
35% |
|
1 |
|
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not
guarantee future results. |
|
2 |
|
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
|
The Monthly Distribution per Common Share, declared on October 1, 2012, was decreased to $0.0685 per share. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |
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4 |
|
Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares
and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Trusts market price and NAV per share:
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8/31/12 |
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8/31/11 |
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Change |
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High |
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Low |
|
Market Price |
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$ |
16.24 |
|
|
$ |
13.92 |
|
|
|
16.67 |
% |
|
$ |
16.92 |
|
|
$ |
13.76 |
|
Net Asset Value |
|
$ |
16.53 |
|
|
$ |
14.50 |
|
|
|
14.00 |
% |
|
$ |
16.61 |
|
|
$ |
14.50 |
|
The following charts show the sector and credit quality allocations of the Trusts long-term investments:
|
|
|
|
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
County/City/Special District/School District |
|
|
29 |
% |
|
|
34 |
% |
Utilities |
|
|
20 |
|
|
|
22 |
|
Transportation |
|
|
19 |
|
|
|
16 |
|
Health |
|
|
12 |
|
|
|
9 |
|
Education |
|
|
10 |
|
|
|
9 |
|
State |
|
|
8 |
|
|
|
8 |
|
Housing |
|
|
1 |
|
|
|
1 |
|
Tobacco |
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
Credit Quality
Allocations5 |
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
AAA/Aaa |
|
|
11 |
% |
|
|
14 |
% |
AA/Aa |
|
|
74 |
|
|
|
70 |
|
A |
|
|
14 |
|
|
|
12 |
|
BBB/Baa |
|
|
1 |
|
|
|
4 |
|
|
5 |
|
Using the higher of S&Ps or Moodys ratings.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
7 |
|
|
|
|
|
Trust Summary as of August 31, 2012 |
|
BlackRock Municipal Income Quality Trust |
BlackRock Municipal Income Quality Trusts (BYM) (the Trust) investment objective is to provide current income exempt from federal income taxes, including the alternative minimum tax. The Trust
seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets in municipal bonds exempt from federal income taxes, including the alternative minimum tax. The Trust also invests at least 80% of its
assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trusts investment objective will be achieved.
For the 12 months ended August 31, 2012, the Trust returned 28.40% based on market price and 21.54% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds
(Leveraged) category posted an average return of 22.25% based on market price and 18.93% 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. Over the one-year period, the Trust benefited from the declining interest rate environment (bond prices rise
when interest rates fall), the flattening of the yield curve (long-term rates fell more than short and intermediate rates) and the tightening of credit spreads. The Trusts exposure to zero-coupon bonds and the health sector had a positive
impact on performance as these types of bonds derived the greatest benefit from the decline in interest rates and spread tightening. The Trusts small position in US Treasury futures as its strategy for hedging interest rate risk was a modest
detractor from performance as rates generally declined 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.
|
|
|
Symbol on NYSE |
|
BYM |
Initial Offering Date |
|
October 31, 2002 |
Yield on Closing Market Price as of August 31, 2012 ($16.73)1 |
|
5.59% |
Tax Equivalent
Yield2 |
|
8.60% |
Current Monthly Distribution per Common Share3 |
|
$0.078 |
Current Annualized Distribution per Common Share3 |
|
$0.936 |
Economic Leverage as of August 31, 20124 |
|
36% |
|
1 |
|
Yield on closing market price is calculated by dividing the current annualized
distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
|
Tax equivalent yield assumes the maximum federal tax rate of 35%.
|
|
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 12.
|
The table below summarizes the changes in the Trusts market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
16.73 |
|
|
$ |
13.85 |
|
|
|
20.79 |
% |
|
$ |
17.02 |
|
|
$ |
13.76 |
|
Net Asset Value |
|
$ |
16.11 |
|
|
$ |
14.09 |
|
|
|
14.34 |
% |
|
$ |
16.15 |
|
|
$ |
14.09 |
|
The following charts show the sector and credit quality allocations of the Trusts long-term investments:
|
|
|
|
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
Transportation |
|
|
21 |
% |
|
|
24 |
% |
County/City/Special District/School District |
|
|
19 |
|
|
|
18 |
|
Utilities |
|
|
19 |
|
|
|
21 |
|
State |
|
|
17 |
|
|
|
14 |
|
Health |
|
|
9 |
|
|
|
8 |
|
Education |
|
|
6 |
|
|
|
6 |
|
Tobacco |
|
|
5 |
|
|
|
6 |
|
Corporate |
|
|
3 |
|
|
|
2 |
|
Housing |
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
Credit Quality
Allocations5 |
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
AAA/Aaa |
|
|
17 |
% |
|
|
21 |
% |
AA/Aa |
|
|
55 |
|
|
|
58 |
|
A |
|
|
19 |
|
|
|
13 |
|
B |
|
|
1 |
|
|
|
|
|
BBB/Baa |
|
|
7 |
|
|
|
8 |
|
Not Rated |
|
|
1 |
6 |
|
|
|
|
|
5 |
|
Using the higher of S&Ps or Moodys ratings. |
|
6 |
|
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2012, the market value of these
securities was $8,360,761, representing 1% of the Trusts long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
|
|
|
|
Trust Summary as of August 31, 2012 |
|
BlackRock Municipal Income Trust II |
BlackRock Municipal Income Trust IIs (BLE) (the Trust) investment objective is to provide current income exempt from regular federal income tax. The Trust seeks to achieve its investment objective
by investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its assets in municipal
bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trusts investment objective will be achieved.
For the 12 months ended August 31, 2012, the Trust returned 26.61% based on market price and 23.25% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds
(Leveraged) category posted an average return of 22.25% based on market price and 18.93% based on NAV. All returns reflect reinvestment of dividends. The Trusts premium 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 Trusts long duration (greater sensitivity to interest rates) contributed positively to performance as interest
rates generally declined over the one-year period. A preference for longer-dated maturities enhanced returns as the municipal yield curve flattened (long-term interest rates fell more than short and intermediate rates). The Trusts heavier
concentrations in the strong-performing health and transportation sectors had a positive impact, as did exposure to lower-quality issues as credit spreads tightened during the period. However, the Trust held limited exposure to tobacco, which
outperformed the broader market. The Trusts small position in US Treasury futures as a strategy for hedging interest rate risk was a slight detractor from performance as rates generally declined 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.
|
|
|
Symbol on NYSE Amex |
|
BLE |
Initial Offering Date |
|
July 30, 2002 |
Yield on Closing Market Price as of August 31, 2012 ($16.74)1 |
|
6.09% |
Tax Equivalent
Yield2 |
|
9.37% |
Current Monthly Distribution per Common Share3 |
|
$0.085 |
Current Annualized Distribution per Common Share3 |
|
$1.020 |
Economic Leverage as of August 31, 20124 |
|
39% |
|
1 |
|
Yield on closing market price is calculated by dividing the current annualized
distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
|
Tax equivalent yield assumes the maximum federal tax rate of 35%.
|
|
3 |
|
The distribution 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 12.
|
The table below summarizes the changes in the Trusts market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
16.74 |
|
|
$ |
14.13 |
|
|
|
18.47 |
% |
|
$ |
17.05 |
|
|
$ |
13.85 |
|
Net Asset Value |
|
$ |
16.10 |
|
|
$ |
13.96 |
|
|
|
15.33 |
% |
|
$ |
16.11 |
|
|
$ |
13.96 |
|
The following charts show the sector and credit quality allocations of the Trusts long-term investments:
|
|
|
|
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
Health |
|
|
18 |
% |
|
|
21 |
% |
Transportation |
|
|
17 |
|
|
|
13 |
|
State |
|
|
16 |
|
|
|
16 |
|
Utilities |
|
|
15 |
|
|
|
13 |
|
County/City/Special District/School District |
|
|
11 |
|
|
|
10 |
|
Education |
|
|
9 |
|
|
|
8 |
|
Corporate |
|
|
7 |
|
|
|
10 |
|
Tobacco |
|
|
4 |
|
|
|
4 |
|
Housing |
|
|
3 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
Credit Quality
Allocations5 |
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
AAA/Aaa |
|
|
13 |
% |
|
|
10 |
% |
AA/Aa |
|
|
36 |
|
|
|
32 |
|
A |
|
|
25 |
|
|
|
26 |
|
BBB/Baa |
|
|
17 |
|
|
|
16 |
|
BB/Ba |
|
|
2 |
|
|
|
5 |
|
B |
|
|
1 |
|
|
|
4 |
|
Not Rated6 |
|
|
6 |
|
|
|
7 |
|
|
5 |
|
Using the higher of S&Ps or Moodys ratings. |
|
6 |
|
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2012 and August 31, 2011, the market
value of these securities was $12,361,560 and $11,677,703, each representing 2%, respectively, of the Trusts long-term investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
9 |
|
|
|
|
|
Trust Summary as of August 31, 2012 |
|
BlackRock MuniHoldings Investment Quality Fund |
BlackRock MuniHoldings Investment Quality Funds (MFL) (the Trust) investment objective is to provide shareholders with current income exempt from federal income tax and to provide shareholders
with the opportunity to own shares the value of which is exempt from Florida intangible personal property tax. The Trust seeks to achieve its investment objective by investing primarily in long-term, investment grade municipal obligations exempt
from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Trust invests at least 80% of its assets in municipal obligations with remaining maturities of one year
or more at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No
assurance can be given that the Trusts investment objective will be achieved.
For the 12 months ended August 31, 2012, the Trust returned 23.93% based on market price and 21.22% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds
(Leveraged) category posted an average return of 22.25% based on market price and 18.93% based on NAV. All returns reflect reinvestment of dividends. The Fund 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. The Trusts long duration posture (greater sensitivity to interest rates) contributed positively to performance as
the municipal yield curve flattened (i.e., longer-term interest rates fell more than shorter rates) and bond prices moved higher on the long end of the curve. The Trusts longer-dated holdings in the health, transportation and utilities sectors
experienced the strongest price appreciation. The Trusts small position in US Treasury futures as a strategy for hedging interest rate risk was a slight detractor from performance as rates generally declined 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.
|
|
|
Symbol on NYSE |
|
MFL |
Initial Offering Date |
|
September 26, 1997 |
Yield on Closing Market Price as of August 31, 2012 ($16.13)1 |
|
5.69% |
Tax Equivalent
Yield2 |
|
8.75% |
Current Monthly Distribution per Common Share3 |
|
$0.0765 |
Current Annualized Distribution per Common Share3 |
|
$0.9180 |
Economic Leverage as of August 31, 20124 |
|
40% |
|
1 |
|
Yield on closing market price is calculated by dividing the current annualized
distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
|
Tax equivalent yield assumes the maximum federal tax rate of 35%.
|
|
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 12.
|
The table below summarizes the changes in the Trusts market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
16.13 |
|
|
$ |
13.84 |
|
|
|
16.55 |
% |
|
$ |
16.35 |
|
|
$ |
13.20 |
|
Net Asset Value |
|
$ |
15.96 |
|
|
$ |
14.00 |
|
|
|
14.00 |
% |
|
$ |
16.03 |
|
|
$ |
14.00 |
|
The following charts show the sector and credit quality allocations of the Trusts long-term investments:
|
|
|
|
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
Transportation |
|
|
21 |
% |
|
|
25 |
% |
Utilities |
|
|
18 |
|
|
|
25 |
|
County/City/Special District/School District |
|
|
16 |
|
|
|
18 |
|
State |
|
|
16 |
|
|
|
10 |
|
Health |
|
|
14 |
|
|
|
11 |
|
Education |
|
|
11 |
|
|
|
6 |
|
Housing |
|
|
3 |
|
|
|
4 |
|
Tobacco |
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
Credit Quality
Allocations5 |
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
AAA/Aaa |
|
|
14 |
% |
|
|
12 |
% |
AA/Aa |
|
|
66 |
|
|
|
72 |
|
A |
|
|
18 |
|
|
|
12 |
|
BBB/Baa |
|
|
1 |
|
|
|
2 |
|
Not Rated6 |
|
|
1 |
|
|
|
2 |
|
|
5 |
|
Using the higher of S&Ps or Moodys ratings. |
|
6 |
|
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2012 and August 31, 2011, the market
value of these securities was $4,206,588 and $3,979,631, each representing less than 1%, respectively, of the Trusts long-term investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
|
|
|
|
Trust Summary as of August 31, 2012 |
|
BlackRock MuniVest Fund, Inc. |
BlackRock MuniVest Fund, Inc.s (MVF) (the Trust) investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its
investment policies and prudent investment management. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to
the federal alternative minimum tax). The Trust invests, under normal market conditions, primarily in long term municipal obligations rated investment grade at the time of investment and invests primarily in long term municipal obligations with
maturities of more than ten years at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trusts investment objective will be achieved.
For the 12 months ended August 31, 2012, the Trust returned 24.24% based on market price and 19.85% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds
(Leveraged) category posted an average return of 22.25% based on market price and 18.93% based on NAV. All returns reflect reinvestment of dividends. The Trusts premium 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. During the period, municipal bond prices generally rose as the yield curve flattened (longer-term interest rates fell more
than shorter-term rates) and credit spreads tightened. Given these market conditions, the Trusts exposure to longer-maturity bonds and lower-quality investment grade bonds had a significant positive impact on performance. Exposure to the
health sector and zero-coupon bonds also boosted returns as these bonds particularly benefited from the decline in interest rates and spread tightening during the period. The Trusts income component was negatively impacted by the recent high
level of refunding activity in the market as issuers were enticed to refinance their outstanding debt at significantly lower interest rates. The Trusts small position in US Treasury futures as a strategy for hedging interest rate risk was a
slight detractor from performance as rates generally declined 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.
|
|
|
Symbol on NYSE Amex |
|
MVF |
Initial Offering Date |
|
September 29, 1988 |
Yield on Closing Market Price as of August 31, 2012 ($11.28)1 |
|
6.28% |
Tax Equivalent
Yield2 |
|
9.66% |
Current Monthly Distribution per Common Share3 |
|
$0.059 |
Current Annualized Distribution per Common Share3 |
|
$0.708 |
Economic Leverage as of August 31, 20124 |
|
39% |
|
1 |
|
Yield on closing market price is calculated by dividing the current annualized
distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
|
Tax equivalent yield assumes the maximum federal tax rate of 35%.
|
|
3 |
|
The distribution 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 12.
|
The table below summarizes the changes in the Trusts market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
|
Change |
|
|
High |
|
|
Low |
|
Market Price |
|
$ |
11.28 |
|
|
$ |
9.73 |
|
|
|
15.93 |
% |
|
$ |
11.39 |
|
|
$ |
9.63 |
|
Net Asset Value |
|
$ |
10.68 |
|
|
$ |
9.55 |
|
|
|
11.83 |
% |
|
$ |
10.71 |
|
|
$ |
9.55 |
|
The following charts show the sector and credit quality allocations of the Trusts long-term investments:
|
|
|
|
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
Health |
|
|
28 |
% |
|
|
23 |
% |
Transportation |
|
|
17 |
|
|
|
17 |
|
Education |
|
|
10 |
|
|
|
9 |
|
Corporate |
|
|
10 |
|
|
|
13 |
|
Housing |
|
|
9 |
|
|
|
7 |
|
County/City/Special District/School District |
|
|
8 |
|
|
|
9 |
|
Utilities |
|
|
6 |
|
|
|
12 |
|
State |
|
|
6 |
|
|
|
8 |
|
Tobacco |
|
|
6 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
Credit Quality
Allocations5 |
|
|
|
|
|
|
|
|
8/31/12 |
|
|
8/31/11 |
|
AAA/Aaa |
|
|
12 |
% |
|
|
12 |
% |
AA/Aa |
|
|
46 |
|
|
|
46 |
|
A |
|
|
25 |
|
|
|
22 |
|
BBB/Baa |
|
|
12 |
|
|
|
15 |
|
BB/Ba |
|
|
2 |
|
|
|
1 |
|
B |
|
|
|
|
|
|
1 |
|
Not Rated6 |
|
|
3 |
|
|
|
3 |
|
|
5 |
|
Using the higher of S&Ps or Moodys ratings. |
|
6 |
|
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2012 and August 31, 2011, the market
value of these securities was $30,422,382, representing 3%, and $22,724,541, representing 2%, respectively, of the Trusts long-term investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
11 |
|
|
|
|
|
The Benefits and Risks of Leveraging |
|
|
The Trusts may utilize leverage to seek to enhance the yield and NAV of their common shares (Common
Shares). However, these objectives cannot be achieved in all interest rate environments.
To obtain leverage, the Trusts issue Variable Rate Demand
Preferred Shares (VRDP Shares) or Variable Rate Muni Term Preferred Shares (VMTP Shares) and previously issued and had outstanding Auction Market Preferred Shares (AMPS) (VRDP Shares and VMTP Shares are
collectively referred to as Preferred Shares). Preferred Shares pay dividends at prevailing short-term interest rates, and the Trusts invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the
premise that the financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent that the
total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trusts shareholders will benefit from the incremental net income.
The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio
holdings is reflected in the per share NAV. However, in order to benefit shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. If the yield curve becomes negatively
sloped, meaning short-term interest rates exceed long-term interest rates, income to shareholders will be lower than if the Trusts had not used leverage.
To illustrate these concepts, assume a Trusts Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million,
creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust
pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with assets received from Preferred Shares issuance earn income based on long-term interest
rates. In this case, the dividends paid to holders of Preferred Shares (Preferred Shareholders) are significantly lower than the income earned on the Trusts long-term investments, and therefore the holders of Common Shares
(Common Shareholders) are the beneficiaries of the incremental net income.
If short-term interest rates rise, narrowing the differential
between short-term and long-term interest rates, the incremental net income pickup will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates, the yield curve has a negative
slope. In this case, the Trust pays higher short-term interest rates whereas the Trusts total portfolio earns income based on lower long-term interest rates.
Furthermore, the value of the Trusts portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments.
In contrast, the redemption value of the Trusts Preferred Shares and/or debt securities does not fluctuate in relation to interest rates. As a result, changes in
interest rates can influence the Trusts NAVs positively or negatively in addition to the impact on Trust performance from leverage from Preferred Shares and borrowings discussed above.
The Trusts may also leverage their assets through the use of TOBs, as described in Note 1 of the Notes to Financial Statements. TOB investments
generally will provide the Trusts with economic benefits in periods of declining short-term interest rates, but expose the Trusts to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by
the Trusts, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect each Trusts NAV per share.
The use of leverage may enhance opportunities for increased income to the Trusts and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also
will generally cause greater changes in the Trusts NAVs, market prices and dividend rates than comparable portfolios without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of
leverage, the Trusts net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, each Trusts net income will be less than if
leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced. Each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with
regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Trust to incur losses. The use of leverage may limit each Trusts ability to invest in certain types of securities
or use certain types of hedging strategies, such as in the case of certain restrictions imposed by rating agencies that rate the Preferred Shares issued by the Trusts. Each Trust will incur expenses in connection with the use of leverage, all of
which are borne by Common Shareholders and may reduce income to the Common Shares.
Under the Investment Company Act of 1940, as amended (the 1940
Act), the Trusts are permitted to issue senior securities in the form of equity securities (e.g., Preferred Shares) up to 50% of their total managed assets (each Trusts total assets less the sum of its accrued liabilities). In addition,
each Trust with VRDP or VMTP Shares limits its economic leverage to 45% of its total managed assets. As of August 31, 2012, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as
follows:
|
|
|
|
|
|
|
Percent of Economic Leverage |
|
BIE |
|
|
39 |
% |
BBK |
|
|
35 |
% |
BAF |
|
|
35 |
% |
BYM |
|
|
36 |
% |
BLE |
|
|
39 |
% |
MFL |
|
|
40 |
% |
MVF |
|
|
39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
|
|
|
|
|
|
Derivative Financial Instruments |
|
|
The Trusts may invest in various derivative financial instruments, including financial futures contracts, as
specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such derivative financial instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to
hedge market and/or interest rate risks. Derivative financial instruments involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the
transaction or illiquidity of the derivative financial instrument. The Trusts ability to use a derivative financial instrument
successfully depends on the investment advisors ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in
losses greater than if they had not been used, may require a Trust to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Trust can realize on an investment, may result in
lower dividends paid to shareholders or may cause a Trust to hold an investment that it might otherwise sell. The Trusts investments in these instruments are discussed in detail in the Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
13 |
|
|
|
Schedule of Investments August 31,
2012 |
|
BlackRock Municipal Bond Investment Trust (BIE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Alabama 0.3% |
|
|
|
|
|
|
|
|
Selma IDB, RB, International Paper Co. Project, Series A, 5.38%, 12/01/35 |
|
$ |
145 |
|
|
$ |
158,112 |
|
Alaska 0.2% |
|
|
|
|
|
|
|
|
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement Revenue,
Asset-Backed, Series A, 5.00%, 6/01/46 |
|
|
180 |
|
|
|
145,013 |
|
Arizona 2.6% |
|
|
|
|
|
|
|
|
Arizona Board of Regents, Refunding COP, University of Arizona, Series C, 5.00%, 6/01/29 |
|
|
655 |
|
|
|
753,643 |
|
Arizona Board of Regents, Refunding RB, University of Arizona, Series A: |
|
|
|
|
|
|
|
|
5.00%, 6/01/42 |
|
|
250 |
|
|
|
285,622 |
|
Tax Exempt, 5.00%, 7/01/30 |
|
|
365 |
|
|
|
433,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,472,513 |
|
California 11.3% |
|
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38 |
|
|
700 |
|
|
|
821,961 |
|
California Health Facilities Financing Authority, RB, Stanford Hospital & Clinics, 5.00%, 8/15/42 |
|
|
430 |
|
|
|
475,438 |
|
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
|
|
120 |
|
|
|
141,438 |
|
Grossmont Union High School District, GO, Election of 2008, Series B, 4.75%, 8/01/45 |
|
|
825 |
|
|
|
888,063 |
|
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |
|
|
1,660 |
|
|
|
1,937,187 |
|
San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%,
2/01/36 |
|
|
850 |
|
|
|
958,553 |
|
State of California, GO, Various Purpose, 6.00%, 3/01/33 |
|
|
685 |
|
|
|
842,249 |
|
University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37 |
|
|
250 |
|
|
|
288,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,353,522 |
|
Colorado 3.0% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Refunding RB, Catholic Healthcare, Series A, 5.50%, 7/01/34 |
|
|
580 |
|
|
|
661,652 |
|
University of Colorado, Refunding RB, Enterprise System, Series A-2: |
|
|
|
|
|
|
|
|
5.00%, 6/01/32 |
|
|
460 |
|
|
|
546,669 |
|
5.00%, 6/01/33 |
|
|
400 |
|
|
|
473,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,681,437 |
|
Florida 0.6% |
|
|
|
|
|
|
|
|
City of Jacksonville Florida, Refunding RB, Better Jacksonville Sales Tax, Series A, 5.00%,
10/01/30 |
|
|
295 |
|
|
|
339,899 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Georgia 1.2% |
|
|
|
|
|
|
|
|
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%,
1/01/23 |
|
$ |
555 |
|
|
$ |
660,805 |
|
Illinois 12.9% |
|
|
|
|
|
|
|
|
Chicago Board of Education Illinois, GO, Series A: |
|
|
|
|
|
|
|
|
5.50%, 12/01/39 |
|
|
500 |
|
|
|
583,140 |
|
5.00%, 12/01/42 |
|
|
740 |
|
|
|
806,230 |
|
Chicago Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/36 |
|
|
165 |
|
|
|
188,762 |
|
City of Chicago Illinois, GARB, OHare International Airport, Third Lien, Series C, 6.50%, 1/01/41 |
|
|
1,590 |
|
|
|
1,968,436 |
|
City of Chicago Illinois, Refunding RB, Sales Tax Revenue, Series A, 5.25%, 1/01/38 |
|
|
205 |
|
|
|
234,573 |
|
Cook County Forest Preserve District, GO, Series C, 5.00%, 12/15/32 |
|
|
150 |
|
|
|
171,717 |
|
Cook County Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/32 |
|
|
70 |
|
|
|
80,134 |
|
Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 8/15/41 |
|
|
750 |
|
|
|
879,840 |
|
Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, 6.00%, 8/15/39 |
|
|
1,000 |
|
|
|
1,173,350 |
|
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Project, Series B, 5.00%, 12/15/28 |
|
|
530 |
|
|
|
618,828 |
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
5.50%, 6/01/23 |
|
|
365 |
|
|
|
425,729 |
|
6.00%, 6/01/28 |
|
|
105 |
|
|
|
123,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,253,815 |
|
Indiana 2.4% |
|
|
|
|
|
|
|
|
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 |
|
|
1,190 |
|
|
|
1,389,991 |
|
Kansas 3.9% |
|
|
|
|
|
|
|
|
Kansas Development Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Adventist Health, 5.50%, 11/15/29 |
|
|
900 |
|
|
|
1,054,323 |
|
Adventist Health System Sunbelt Obligated Group, 5.00%, 11/15/32 |
|
|
1,000 |
|
|
|
1,148,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,202,533 |
|
Kentucky 2.5% |
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40 |
|
|
350 |
|
|
|
414,113 |
|
Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34 |
|
|
800 |
|
|
|
984,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,398,825 |
|
To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of
the securities have been abbreviated according to the following list:
|
|
|
ACA |
|
American Capital Access Corp. |
AGC |
|
Assured Guaranty Corp. |
AGM |
|
Assured Guaranty Municipal Corp. |
AMBAC |
|
American Municipal Bond Assurance Corp. |
AMT |
|
Alternative Minimum Tax (subject to) |
ARB |
|
Airport Revenue Bonds |
BHAC |
|
Berkshire Hathaway Assurance Corp. |
CAB |
|
Capital Appreciation Bonds |
|
|
|
CIFG |
|
CDC IXIS Financial Guaranty |
COP |
|
Certificates of Participation |
EDA |
|
Economic Development Authority |
ERB |
|
Education Revenue Bonds |
FHA |
|
Federal Housing Administration |
FSA |
|
Financial Security Assurance, Inc. |
GARB |
|
General Airport Revenue Bonds |
GO |
|
General Obligation Bonds |
HFA |
|
Housing Finance Agency |
HRB |
|
Housing Revenue Bonds |
IDA |
|
Industrial Development Authority |
IDB |
|
Industrial Development Board |
|
|
|
IDRB |
|
Industrial Development Revenue Bonds |
ISD |
|
Independent School District |
MRB |
|
Mortgage Revenue Bonds |
NPFGC |
|
National Public Finance Guarantee Corp. |
PSF-GTD |
|
Permanent School Fund Guaranteed |
Q-SBLF |
|
Qualified School Bond Loan Fund |
RB |
|
Revenue Bonds |
S/F |
|
Single-Family |
SBPA |
|
Stand-by Purchase Agreement |
VRDN |
|
Variable Rate Demand Notes |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Investment Trust (BIE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Louisiana 0.8% |
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & Community Development Authority, RB,
Westlake Chemical Corp., Series A-1, 6.50%, 11/01/35 |
|
$ |
380 |
|
|
$ |
441,579 |
|
Maine 1.5% |
|
|
|
|
|
|
|
|
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical
Center, 7.50%, 7/01/32 |
|
|
675 |
|
|
|
838,485 |
|
Massachusetts 0.8% |
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, Refunding RB, Trustees of Deerfield Academy, 5.00%,
10/01/40 |
|
|
375 |
|
|
|
433,714 |
|
Michigan 3.2% |
|
|
|
|
|
|
|
|
Lansing Board of Water & Light Utilities, RB, Series A, 5.50%, 7/01/41 |
|
|
485 |
|
|
|
574,322 |
|
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38 |
|
|
500 |
|
|
|
577,560 |
|
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 |
|
|
530 |
|
|
|
681,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,833,632 |
|
Mississippi 1.6% |
|
|
|
|
|
|
|
|
Mississippi Development Bank, Refunding RB, Jackson Mississippi Water & Sewer (AGM),
5.00%, 9/01/30 |
|
|
785 |
|
|
|
912,406 |
|
Multi-State 5.9% |
|
|
|
|
|
|
|
|
Centerline Equity Issuer Trust, 7.20%, 11/15/52 (a)(b) |
|
|
3,000 |
|
|
|
3,320,520 |
|
Nevada 4.1% |
|
|
|
|
|
|
|
|
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34 |
|
|
1,000 |
|
|
|
1,177,980 |
|
County of Clark Nevada, RB, Series B, 5.75%, 7/01/42 |
|
|
1,000 |
|
|
|
1,147,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,325,130 |
|
New Jersey 7.0% |
|
|
|
|
|
|
|
|
New Jersey EDA, Refunding RB, School Facilities Construction, Series AA, 5.50%, 12/15/29 |
|
|
750 |
|
|
|
879,435 |
|
New Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |
|
|
610 |
|
|
|
673,019 |
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
Series A, 5.88%, 12/15/38 |
|
|
695 |
|
|
|
808,278 |
|
Series A, 5.50%, 6/15/41 |
|
|
500 |
|
|
|
584,135 |
|
Series B, 5.25%, 6/15/36 |
|
|
850 |
|
|
|
980,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,925,291 |
|
New York 2.0% |
|
|
|
|
|
|
|
|
Hudson New York Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47 |
|
|
145 |
|
|
|
170,088 |
|
Metropolitan Transportation Authority, RB, Series E, 5.00%, 11/15/42 |
|
|
125 |
|
|
|
139,716 |
|
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%,
7/15/49 |
|
|
325 |
|
|
|
372,616 |
|
New York State Dormitory Authority, RB, Series B, 5.00%, 3/15/42 |
|
|
390 |
|
|
|
445,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,127,663 |
|
North Carolina 1.1% |
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%,
6/01/32 |
|
|
530 |
|
|
|
614,148 |
|
Pennsylvania 7.5% |
|
|
|
|
|
|
|
|
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39 |
|
|
300 |
|
|
|
350,901 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series A: |
|
|
|
|
|
|
|
|
5.63%, 12/01/31 |
|
|
750 |
|
|
|
882,113 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Pennsylvania (concluded) |
|
|
|
|
|
|
|
|
Pennsylvania Turnpike Commission, RB, Sub-Series A: (concluded) |
|
|
|
|
|
|
|
|
6.00%, 12/01/41 |
|
$ |
1,500 |
|
|
$ |
1,707,375 |
|
Pennsylvania Turnpike Commission, Refunding RB, Sub-Series C (AGC), 6.25%, 6/01/38 |
|
|
500 |
|
|
|
609,395 |
|
Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB, Childrens Hospital of Philadelphia, Series D,
5.00%, 7/01/32 |
|
|
575 |
|
|
|
664,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,214,386 |
|
South Carolina 0.7% |
|
|
|
|
|
|
|
|
City of North Charleston South Carolina, RB, 5.00%, 6/01/35 |
|
|
355 |
|
|
|
401,154 |
|
Texas 11.6% |
|
|
|
|
|
|
|
|
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 1/01/41 |
|
|
890 |
|
|
|
1,034,901 |
|
Conroe ISD Texas, GO, School Building, Series A, 5.75%, 2/15/35 |
|
|
470 |
|
|
|
573,428 |
|
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.13%,
12/01/31 |
|
|
250 |
|
|
|
310,452 |
|
Katy ISD, GO, Refunding, Unlimited Tax School Building, Series A (PSF-GTD), 5.00%, 2/15/42 |
|
|
295 |
|
|
|
343,522 |
|
Lamar Texas Consolidated ISD, GO, Refunding, School House Improvements, Series A, 5.00%, 2/15/45 |
|
|
500 |
|
|
|
578,670 |
|
North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 9/01/41 |
|
|
500 |
|
|
|
593,615 |
|
North Texas Tollway Authority, Refunding RB, System, First Tier, Series K-1 (AGC), 5.75%, 1/01/38 |
|
|
250 |
|
|
|
285,350 |
|
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 |
|
|
1,020 |
|
|
|
1,204,263 |
|
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 |
|
|
500 |
|
|
|
600,045 |
|
Texas State Turnpike Authority, RB, First Tier, Series A (AMBAC), 5.00%, 8/15/42 |
|
|
290 |
|
|
|
290,081 |
|
University of Texas System, Refunding RB, Financing System Bonds, Series B, 5.00%, 8/15/43 |
|
|
615 |
|
|
|
718,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,532,770 |
|
Virginia 3.6% |
|
|
|
|
|
|
|
|
Fairfax County IDA, RB, Health Care, Inova Health System, Series A, 5.00%, 5/15/40 |
|
|
275 |
|
|
|
306,048 |
|
Norfolk Economic Development Authority, Refunding RB, Sentara Heatlhcare, Series B, 5.00%, 11/01/36 |
|
|
500 |
|
|
|
564,130 |
|
Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/35 |
|
|
500 |
|
|
|
622,305 |
|
Virginia Resources Authority, RB, Series A-1, 5.00%, 11/01/42 |
|
|
485 |
|
|
|
563,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,056,378 |
|
Washington 2.1% |
|
|
|
|
|
|
|
|
Port of Seattle, Refunding RB, Intermediate Lien, Series A, 5.00%, 8/01/32 |
|
|
1,000 |
|
|
|
1,169,500 |
|
Wisconsin 2.7% |
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Alliance, Series D, 5.00%, 11/15/41 |
|
|
485 |
|
|
|
537,778 |
|
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, 5.25%,
4/01/39 |
|
|
890 |
|
|
|
985,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,523,586 |
|
Total Municipal Bonds 97.1% |
|
|
|
|
|
|
54,726,807 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
15 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Investment Trust (BIE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender Option Bond Trusts (c) |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
California 18.8% |
|
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/39 |
|
$ |
1,005 |
|
|
$ |
1,177,187 |
|
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40 |
|
|
1,300 |
|
|
|
1,448,044 |
|
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 |
|
|
1,410 |
|
|
|
1,638,554 |
|
Los Angeles Community College District California, GO, Refunding, Series A, 6.00%, 8/01/33 |
|
|
2,079 |
|
|
|
2,528,274 |
|
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 |
|
|
200 |
|
|
|
225,594 |
|
San Diego Public Facilities Financing Authority, Refunding RB, Series B, 5.50%, 8/01/39 |
|
|
2,234 |
|
|
|
2,611,173 |
|
University of California, RB, Series O, 5.75%, 5/15/34 |
|
|
810 |
|
|
|
971,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,600,424 |
|
District of Columbia 3.5% |
|
District of Columbia, RB, Series A, 5.50%, 12/01/30 |
|
|
735 |
|
|
|
920,668 |
|
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 5.50%, 10/01/39 |
|
|
899 |
|
|
|
1,050,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,971,223 |
|
Florida 0.5% |
|
|
|
|
|
|
|
|
County of Miami-Dade Florida, RB, Transit System Sales Surtax, 5.00%, 7/01/42 |
|
|
260 |
|
|
|
292,659 |
|
Illinois 8.0% |
|
|
|
|
|
|
|
|
City of Chicago Illinois, Refunding RB, Second Lien Water, 5.00%, 11/01/42 |
|
|
400 |
|
|
|
455,150 |
|
Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38 |
|
|
1,500 |
|
|
|
1,845,585 |
|
Illinois State Toll Highway Authority, RB, Series B, 5.50%, 1/01/33 |
|
|
2,000 |
|
|
|
2,218,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,519,008 |
|
Massachusetts 1.6% |
|
|
|
|
|
|
|
|
Massachusetts School Building Authority, RB, Senior Lien, Series B, 5.00%, 10/15/41 |
|
|
790 |
|
|
|
911,162 |
|
Nevada 3.3% |
|
|
|
|
|
|
|
|
Clark County Water Reclamation District, GO, Limited Tax, 6.00%, 7/01/38 |
|
|
1,500 |
|
|
|
1,845,465 |
|
New Hampshire 1.2% |
|
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%,
6/01/39 |
|
|
585 |
|
|
|
694,383 |
|
New Jersey 2.1% |
|
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A
(AGM), 5.00%, 12/15/32 |
|
|
1,000 |
|
|
|
1,145,250 |
|
New York 14.5% |
|
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40 |
|
|
750 |
|
|
|
903,532 |
|
New York City Municipal Water Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 6/15/45 |
|
|
1,000 |
|
|
|
1,142,612 |
|
Series FF-2, 5.50%, 6/15/40 |
|
|
990 |
|
|
|
1,162,589 |
|
New York City Transitional Finance Authority, RB: |
|
|
|
|
|
|
|
|
Building Aid, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |
|
|
1,000 |
|
|
|
1,125,645 |
|
Future Tax Secured, Fiscal 2012, Series E, 5.00%, 2/01/42 |
|
|
460 |
|
|
|
527,146 |
|
New York Liberty Development Corp., RB, 1 World Trade Center Project, 5.25%, 12/15/43 |
|
|
1,170 |
|
|
|
1,340,106 |
|
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 |
|
|
680 |
|
|
|
804,773 |
|
New York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38 |
|
|
1,000 |
|
|
|
1,168,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,175,113 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender Option Bond Trusts (c) |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Ohio 1.7% |
|
|
|
|
|
|
|
|
County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%,
6/01/38 |
|
$ |
840 |
|
|
$ |
926,982 |
|
Puerto Rico 0.9% |
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax Revenue, Series C, 5.25%,
8/01/40 |
|
|
460 |
|
|
|
511,513 |
|
Texas 7.3% |
|
|
|
|
|
|
|
|
City of San Antonio Texas, Refunding RB, Series A, 5.25%, 2/01/31 |
|
|
1,050 |
|
|
|
1,222,612 |
|
Harris County Cultural Education Facilities Finance Corp., RB, Hospital, Texas Childrens Hospital Project, 5.50%,
10/01/39 |
|
|
1,450 |
|
|
|
1,713,769 |
|
Waco Educational Finance Corp., Refunding RB, Baylor University, 5.00%, 3/01/43 |
|
|
1,005 |
|
|
|
1,148,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,085,026 |
|
Virginia 0.9% |
|
|
|
|
|
|
|
|
Fairfax County IDA Virginia, Refunding RB, Health Care, Inova Health System, Series A, 5.50%,
5/15/35 |
|
|
460 |
|
|
|
524,509 |
|
Washington 1.5% |
|
|
|
|
|
|
|
|
University of Washington, Refunding RB, Series A, 5.00%, 7/01/41 |
|
|
735 |
|
|
|
853,737 |
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts 65.8% |
|
|
|
37,056,454 |
|
Total Long-Term Investments (Cost $81,671,960) 162.9% |
|
|
|
91,783,261 |
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.01% (d)(e) |
|
|
159,677 |
|
|
|
159,677 |
|
Total Short-Term Securities (Cost $159,677) 0.3% |
|
|
|
159,677 |
|
Total Investments (Cost $81,831,637) 163.2% |
|
|
|
91,942,938 |
|
Other Assets Less Liabilities 1.4% |
|
|
|
779,902 |
|
Liability for TOB Trust Certificates, Including Interest Expense and Fees
Payable (33.0)% |
|
|
|
(18,592,156 |
) |
VRDP Shares, at Liquidation Value (31.6)% |
|
|
|
(17,800,000 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
$ |
56,330,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
|
Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments,
or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity. |
(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) |
|
Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing
transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
(d) |
|
Investments in issuers considered to be an affiliate of the Trust during the year ended August 31, 2012, for purposes of Section 2(a)(3) of the 1940 Act, were as
follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares Held at August 31, 2011 |
|
|
Net Activity |
|
|
Shares Held at August 31, 2012 |
|
|
Income |
|
FFI Institutional Tax-Exempt Fund |
|
|
2,198,525 |
|
|
|
(2,038,848 |
) |
|
|
159,677 |
|
|
$ |
403 |
|
(e) |
|
Represents the current yield as of report date.
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
|
BlackRock Municipal Bond Investment Trust (BIE) |
|
|
Fair Value MeasurementsVarious inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a
disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
|
Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities |
|
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices
for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities,
credit risks and default rates) or other market-corroborated inputs) |
|
|
Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the
Trusts own assumptions used in determining the fair value of investments) |
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. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about
the Trusts policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the Trusts investments categorized in the disclosure hierarchy as of August 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
|
|
|
|
$ |
91,783,261 |
|
|
|
|
|
|
$ |
91,783,261 |
|
Short-Term Securities |
|
$ |
159,677 |
|
|
|
|
|
|
|
|
|
|
|
159,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
159,677 |
|
|
$ |
91,783,261 |
|
|
|
|
|
|
$ |
91,942,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
See above Schedule of Investments for values in each state or political subdivision.
|
Certain of the Trusts assets and liabilities are held at carrying amount, which approximates fair value for financial statement
purposes. As of August 31, 2012, such assets and liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
569,822 |
|
|
|
|
|
|
|
|
|
|
$ |
569,822 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOB trust certificates |
|
|
|
|
|
$ |
(18,585,072 |
) |
|
|
|
|
|
|
(18,585,072 |
) |
VRDP Shares |
|
|
|
|
|
|
(17,800,000 |
) |
|
|
|
|
|
|
(17,800,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
569,822 |
|
|
$ |
(36,385,072 |
) |
|
|
|
|
|
$ |
(35,815,250 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no transfers between levels during the year ended August 31, 2012.
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
17 |
|
|
|
Schedule of Investments August 31, 2012 |
|
BlackRock Municipal Bond Trust (BBK) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Alabama 4.0% |
|
|
|
|
|
|
|
|
Birmingham Special Care Facilities Financing Authority, RB, Childrens Hospital (AGC): |
|
|
|
|
|
|
|
|
6.00%, 6/01/34 |
|
$ |
1,150 |
|
|
$ |
1,369,742 |
|
6.00%, 6/01/39 |
|
|
450 |
|
|
|
531,589 |
|
Birmingham Water Works Board, RB, 4.75%, 1/01/36 |
|
|
2,100 |
|
|
|
2,281,902 |
|
Hoover City Board of Education, GO, Refunding, 4.25%, 2/15/40 |
|
|
2,750 |
|
|
|
2,926,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,110,223 |
|
Arizona 9.4% |
|
|
|
|
|
|
|
|
Arizona Health Facilities Authority, Refunding RB, Phoenix Childrens Hospital, Series A, 5.00%, 2/01/42 (a) |
|
|
2,200 |
|
|
|
2,309,450 |
|
Arizona Sports & Tourism Authority, RB, Multipurpose Stadium Facilities, Series A (NPFGC),
5.00%, 7/01/13 (b) |
|
|
1,500 |
|
|
|
1,559,145 |
|
Arizona State University, RB, Series D, 5.50%, 7/01/26 |
|
|
200 |
|
|
|
243,152 |
|
County of Pinal Arizona Election District No. 3, Refunding RB, 4.75%, 7/01/31 |
|
|
3,750 |
|
|
|
4,088,475 |
|
Pima County IDA, Refunding IDRB, Tucson Electric Power, 5.75%, 9/01/29 |
|
|
900 |
|
|
|
960,606 |
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
5.00%, 12/01/32 |
|
|
1,500 |
|
|
|
1,598,880 |
|
5.00%, 12/01/37 |
|
|
2,065 |
|
|
|
2,203,499 |
|
San Luis Facility Development Corp., RB, Senior Lien, Regional Detention Center Project: |
|
|
|
|
|
|
|
|
6.25%, 5/01/15 |
|
|
185 |
|
|
|
183,994 |
|
7.00%, 5/01/20 |
|
|
300 |
|
|
|
305,412 |
|
7.25%, 5/01/27 |
|
|
600 |
|
|
|
574,902 |
|
State of Arizona, COP, Department of Administration, Series A (AGM), 5.00%, 10/01/29 |
|
|
750 |
|
|
|
835,440 |
|
University Medical Center Corp. Arizona, RB: |
|
|
|
|
|
|
|
|
6.00%, 7/01/39 |
|
|
900 |
|
|
|
1,037,853 |
|
6.50%, 7/01/39 |
|
|
500 |
|
|
|
578,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,479,723 |
|
Arkansas 0.3% |
|
|
|
|
|
|
|
|
City of Conway Arkansas, RB, Wastewater Revenue Improvement, Series A, 4.20%,
10/01/37 |
|
|
500 |
|
|
|
517,715 |
|
California 17.8% |
|
|
|
|
|
|
|
|
California County Tobacco Securitization Agency, RB, CAB, Stanislaus, Sub-Series C, 11.02%, 6/01/55 (c) |
|
|
4,500 |
|
|
|
45,945 |
|
California Educational Facilities Authority, RB, Santa Clara University, 5.00%, 2/01/40 |
|
|
1,000 |
|
|
|
1,112,400 |
|
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 8/15/31 |
|
|
1,900 |
|
|
|
2,289,994 |
|
California HFA, RB, Home Mortgage, Series G, AMT, 5.05%, 2/01/29 |
|
|
2,285 |
|
|
|
2,269,531 |
|
Carlsbad Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34 (d) |
|
|
1,000 |
|
|
|
801,350 |
|
City of San Jose California, Refunding ARB, San Jose Airport, Series A1, AMT, 5.75%, 3/01/34 |
|
|
2,000 |
|
|
|
2,302,980 |
|
Dinuba Unified School District, GO, Election of 2006 (AGM): |
|
|
|
|
|
|
|
|
5.63%, 8/01/31 |
|
|
250 |
|
|
|
288,683 |
|
5.75%, 8/01/33 |
|
|
500 |
|
|
|
581,230 |
|
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 8/01/34 (d) |
|
|
1,650 |
|
|
|
1,212,271 |
|
Norwalk-La Mirada Unified School District California, GO, CAB, Election of 2002, Series E (AGC), 5.18%, 8/01/38 (c) |
|
|
8,000 |
|
|
|
2,125,600 |
|
Palomar Community College District, GO, CAB, Election of 2006, Series B: |
|
|
|
|
|
|
|
|
4.72%, 8/01/30 (c) |
|
|
1,500 |
|
|
|
650,265 |
|
6.00%, 8/01/33 (c) |
|
|
4,000 |
|
|
|
1,160,600 |
|
0.00%, 8/01/39 (d) |
|
|
2,000 |
|
|
|
1,188,720 |
|
San Diego Community College District California, GO, CAB, Election of 2002, 0.00%, 8/01/19 (d) |
|
|
2,800 |
|
|
|
2,272,648 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
California (concluded) |
|
|
|
|
|
|
|
|
San Jose Evergreen Community College District, GO, Election of 2010, Series B, 3.50%, 8/01/32 |
|
$ |
1,200 |
|
|
$ |
1,224,216 |
|
State of California, GO, Refunding: |
|
|
|
|
|
|
|
|
(NPFGC), 4.50%, 8/01/28 |
|
|
500 |
|
|
|
532,715 |
|
Veterans, AMT, 5.05%, 12/01/36 |
|
|
1,000 |
|
|
|
1,022,580 |
|
State of California, GO, Various Purpose: |
|
|
|
|
|
|
|
|
5.75%, 4/01/31 |
|
|
2,000 |
|
|
|
2,359,000 |
|
6.00%, 3/01/33 |
|
|
1,000 |
|
|
|
1,229,560 |
|
6.50%, 4/01/33 |
|
|
1,950 |
|
|
|
2,430,090 |
|
5.50%, 3/01/40 |
|
|
2,350 |
|
|
|
2,692,700 |
|
Val Verde Unified School District California, Special Tax Bonds, Refunding, Junior Lien, 6.25%, 10/01/28 |
|
|
1,585 |
|
|
|
1,634,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,427,657 |
|
Colorado 1.2% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33 |
|
|
1,070 |
|
|
|
1,266,591 |
|
Park Creek Metropolitan District, Refunding RB, Limited Property Tax (AGM), 6.00%, 12/01/38 |
|
|
750 |
|
|
|
873,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,139,959 |
|
Connecticut 1.7% |
|
|
|
|
|
|
|
|
Connecticut State Health & Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Hartford Healthcare, Series A, 5.00%, 7/01/32 |
|
|
1,390 |
|
|
|
1,536,061 |
|
Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36 |
|
|
550 |
|
|
|
603,433 |
|
Pomfret School, Series B, 4.00%, 7/01/37 |
|
|
490 |
|
|
|
498,085 |
|
Sacred Heart University, Series G, 5.38%, 7/01/31 |
|
|
400 |
|
|
|
443,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,081,287 |
|
Delaware 0.8% |
|
|
|
|
|
|
|
|
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%,
10/01/40 |
|
|
1,200 |
|
|
|
1,370,304 |
|
District of Columbia 1.4% |
|
|
|
|
|
|
|
|
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%,
5/15/40 |
|
|
2,500 |
|
|
|
2,550,225 |
|
Florida 5.7% |
|
|
|
|
|
|
|
|
County of Lee Florida, Refunding RB, Lee Airport, Series A, AMT (AGM), 5.00%, 10/01/28 |
|
|
2,000 |
|
|
|
2,199,840 |
|
Orange County Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/36 |
|
|
125 |
|
|
|
128,650 |
|
Palm Beach County Housing Finance Authority, HRB, Indian Trace Apartments, Series A, AMT (AGM), 5.63%, 1/01/44 |
|
|
7,050 |
|
|
|
7,057,261 |
|
Stevens Plantation Community Development District, Special Assessment Bonds, Series A, 7.10%, 5/01/35 |
|
|
910 |
|
|
|
682,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,068,388 |
|
Georgia 1.1% |
|
|
|
|
|
|
|
|
Chatham County Hospital Authority, Refunding RB, Memorial Health University Medical Center, Inc.,
Series A, 4.00%, 1/01/34 |
|
|
2,000 |
|
|
|
2,026,380 |
|
Hawaii 0.2% |
|
|
|
|
|
|
|
|
Hawaii State Department of Budget & Finance Senior Living, Refunding RB, Special Purpose,
Kahala Nui, 5.25%, 11/15/37 |
|
|
400 |
|
|
|
419,296 |
|
Idaho 1.2% |
|
|
|
|
|
|
|
|
Idaho Health Facilities Authority, Refunding RB, Trinity Health Group, Series B, 6.25%,
12/01/33 |
|
|
1,750 |
|
|
|
2,094,995 |
|
Illinois 10.9% |
|
|
|
|
|
|
|
|
Chicago Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/40 |
|
|
665 |
|
|
|
758,506 |
|
City of Chicago, Refunding RB, OHare International Airport, Passenger Facility Charge, Series B, AMT,
4.00%, 1/01/29 (a) |
|
|
4,000 |
|
|
|
3,961,000 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust (BBK) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Illinois (concluded) |
|
|
|
|
|
|
|
|
Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
|
MJH Education Assistance IV LLC, Sub-Series B, 5.38%, 6/01/35 (e)(f) |
|
$ |
425 |
|
|
$ |
42,479 |
|
Navistar International, Recovery Zone, 6.50%, 10/15/40 |
|
|
560 |
|
|
|
581,353 |
|
Roosevelt University Project, 6.50%, 4/01/44 |
|
|
1,000 |
|
|
|
1,123,340 |
|
Rush University Medical Center, Series C, 6.63%, 11/01/39 |
|
|
650 |
|
|
|
801,236 |
|
Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
OSF Healthcare System, 6.00%, 5/15/39 |
|
|
1,025 |
|
|
|
1,178,032 |
|
Series A, Friendship Village Schaumburg, 5.63%, 2/15/37 |
|
|
210 |
|
|
|
210,995 |
|
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Project, Series B, 4.25%, 6/15/42 |
|
|
3,000 |
|
|
|
3,089,310 |
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
6.25%, 6/01/24 |
|
|
1,000 |
|
|
|
1,125,100 |
|
6.00%, 6/01/28 |
|
|
1,150 |
|
|
|
1,347,972 |
|
Village of Bolingbrook Illinois, GO, Refunding, Series B (NPFGC), 6.23%, 1/01/36 (c) |
|
|
21,065 |
|
|
|
5,022,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,242,062 |
|
Indiana 0.6% |
|
|
|
|
|
|
|
|
Indiana Finance Authority, Refunding RB, Improvement, U.S. Steel Corp., 6.00%,
12/01/26 |
|
|
1,000 |
|
|
|
1,040,640 |
|
Iowa 1.5% |
|
|
|
|
|
|
|
|
Iowa Higher Education Loan Authority, RB, Private College Facility, Buena Vista University Project, 5.00%, 4/01/31 |
|
|
875 |
|
|
|
976,369 |
|
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility: |
|
|
|
|
|
|
|
|
5.75%, 9/01/30 |
|
|
500 |
|
|
|
554,710 |
|
6.00%, 9/01/39 |
|
|
1,000 |
|
|
|
1,106,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,637,499 |
|
Louisiana 1.0% |
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp, Series A-1,
6.50%, 11/01/35 |
|
|
1,050 |
|
|
|
1,220,152 |
|
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 5/01/31 |
|
|
400 |
|
|
|
455,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,675,780 |
|
Maryland 1.9% |
|
|
|
|
|
|
|
|
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |
|
|
250 |
|
|
|
270,800 |
|
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Doctors Community Hospital,
5.63%, 7/01/30 |
|
|
2,900 |
|
|
|
3,119,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,389,924 |
|
Michigan 4.1% |
|
|
|
|
|
|
|
|
Board of Control of Michigan Technological University, Refunding RB, General, Series A, 4.00%, 10/01/30 |
|
|
1,290 |
|
|
|
1,345,509 |
|
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38 |
|
|
1,250 |
|
|
|
1,461,525 |
|
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 |
|
|
1,950 |
|
|
|
2,508,324 |
|
Wayne County Airport Authority, Refunding RB, Airport Revenue, Series A (AGM), 4.00%, 12/01/20 |
|
|
1,750 |
|
|
|
1,867,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,183,238 |
|
Minnesota 3.8% |
|
|
|
|
|
|
|
|
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38 |
|
|
4,600 |
|
|
|
5,493,688 |
|
Minnesota Higher Education Facilities Authority, Refunding RB, Saint Catherine University, Series 7-Q, 5.00%, 10/01/32
(a) |
|
|
275 |
|
|
|
310,035 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Minnesota (concluded) |
|
|
|
|
|
|
|
|
Tobacco Securitization Authority Minnesota, Refunding RB, Tobacco Settlement, Series B, 5.25%, 3/01/31 |
|
$ |
800 |
|
|
$ |
902,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,706,387 |
|
Mississippi 3.3% |
|
|
|
|
|
|
|
|
Mississippi Development Bank, RB, Hinds Community College District, CAB (AGM), 5.00%, 4/01/36 |
|
|
845 |
|
|
|
938,246 |
|
Mississippi Development Bank Special Obligation, RB, Jackson County Limited Tax Note (AGC), 5.50%, 7/01/32 |
|
|
1,750 |
|
|
|
1,997,520 |
|
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36 |
|
|
2,100 |
|
|
|
2,387,238 |
|
Warren County Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Company Project, Series A, AMT, 5.38%,
12/01/35 |
|
|
400 |
|
|
|
435,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,758,376 |
|
Missouri 1.2% |
|
|
|
|
|
|
|
|
Missouri State Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41 |
|
|
900 |
|
|
|
966,303 |
|
Missouri State Development Finance Board, RB, St. Joseph Sewage System Improvements, 5.25%, 5/01/31 |
|
|
580 |
|
|
|
623,071 |
|
Missouri State Health & Educational Facilities Authority, RB, A.T. Still University Health Sciences,
5.25%, 10/01/31 |
|
|
500 |
|
|
|
566,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,155,694 |
|
Montana 0.8% |
|
|
|
|
|
|
|
|
Montana Facility Finance Authority, Refunding RB, Sisters of Leavenworth, Series A, 4.75%,
1/01/40 |
|
|
1,350 |
|
|
|
1,464,615 |
|
Multi-State 6.6% |
|
|
|
|
|
|
|
|
Centerline Equity Issuer Trust, 7.20%, 11/15/52 (g)(h) |
|
|
10,500 |
|
|
|
11,621,820 |
|
Nebraska 2.2% |
|
|
|
|
|
|
|
|
Central Plains Energy Project Nebraska, RB, Gas Project No. 3: |
|
|
|
|
|
|
|
|
5.25%, 9/01/37 |
|
|
510 |
|
|
|
543,507 |
|
5.00%, 9/01/42 |
|
|
600 |
|
|
|
622,482 |
|
Nebraska Investment Finance Authority, Refunding RB, Series A, 6.05%, 9/01/41 |
|
|
700 |
|
|
|
713,545 |
|
Omaha Nebraska Sanitation Sewer Revenue, RB, System, 4.25%, 11/15/38 |
|
|
1,890 |
|
|
|
2,014,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,893,990 |
|
Nevada 1.1% |
|
|
|
|
|
|
|
|
City of Las Vegas Nevada, Special Assessment Bonds, Summerlin Area, 5.65%, 6/01/23 |
|
|
1,285 |
|
|
|
1,257,565 |
|
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29 |
|
|
575 |
|
|
|
603,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,860,838 |
|
New Jersey 11.5% |
|
|
|
|
|
|
|
|
Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (e)(f) |
|
|
915 |
|
|
|
68,442 |
|
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 7.20%, 11/15/30 (i) |
|
|
3,000 |
|
|
|
3,011,490 |
|
New Jersey EDA, Refunding RB, First Mortgage, Winchester, Series A, 5.80%, 11/01/31 |
|
|
1,500 |
|
|
|
1,537,980 |
|
New Jersey EDA, Refunding Special Assignment, Kapkowski Road Landfill Project, 6.50%, 4/01/28 |
|
|
7,500 |
|
|
|
8,965,500 |
|
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B: |
|
|
|
|
|
|
|
|
7.13%, 12/01/23 |
|
|
630 |
|
|
|
786,902 |
|
7.50%, 12/01/32 |
|
|
800 |
|
|
|
1,002,872 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
19 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust (BBK) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
New Jersey (concluded) |
|
|
|
|
|
|
|
|
New Jersey Health Care Facilities Financing Authority, Refunding RB Barnabas Health, Series A: |
|
|
|
|
|
|
|
|
4.63%, 7/01/23 |
|
$ |
510 |
|
|
$ |
531,185 |
|
5.63%, 7/01/37 |
|
|
1,700 |
|
|
|
1,881,101 |
|
New Jersey State Housing & Mortgage Finance Agency, RB, Series AA, 6.50%, 10/01/38 |
|
|
565 |
|
|
|
601,855 |
|
New Jersey Transportation Trust Fund Authority, RB, Series B, 5.25%, 6/15/36 |
|
|
1,400 |
|
|
|
1,614,816 |
|
Union County Utilities Authority, Refunding RB, County Deficiency Agreement, Series A, 4.00%, 6/15/32 |
|
|
250 |
|
|
|
269,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,271,483 |
|
New York 5.1% |
|
|
|
|
|
|
|
|
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 (e)(f) |
|
|
455 |
|
|
|
102,361 |
|
Hudson New York Yards Infrastructure Corp., RB, Series A (NPFGC): |
|
|
|
|
|
|
|
|
4.50%, 2/15/47 |
|
|
750 |
|
|
|
773,490 |
|
5.00%, 2/15/47 |
|
|
1,000 |
|
|
|
1,058,410 |
|
New York City Industrial Development Agency, RB, American Airlines Inc., JFK International Airport, 7.75%, 8/01/31
(e)(i) |
|
|
3,165 |
|
|
|
3,324,041 |
|
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%,
7/15/49 |
|
|
800 |
|
|
|
917,208 |
|
New York State Dormitory Authority, RB, Rochester Institute of Technology, Series A, 6.00%, 7/01/33 |
|
|
1,000 |
|
|
|
1,179,330 |
|
Westchester County Healthcare Corp. New York, Refunding RB, Senior Lien, Series A, Remarketing, 5.00%, 11/01/30 |
|
|
1,500 |
|
|
|
1,647,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,002,740 |
|
North Carolina 5.8% |
|
|
|
|
|
|
|
|
City of Charlotte North Carolina, Refunding RB, Series A, 5.50%, 7/01/34 |
|
|
225 |
|
|
|
261,610 |
|
Gaston County Industrial Facilities & Pollution Control Financing Authority North Carolina, RB, Exempt Facilities, National Gypsum
Co. Project, AMT, 5.75%, 8/01/35 |
|
|
2,945 |
|
|
|
2,667,257 |
|
North Carolina Capital Facilities Finance Agency, RB, Duke Energy Carolinas, Series B, 4.38%, 10/01/31 |
|
|
1,000 |
|
|
|
1,078,650 |
|
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke Energy Carolinas, Series B, 4.63%, 11/01/40 |
|
|
5,000 |
|
|
|
5,355,950 |
|
North Carolina Medical Care Commission, Refunding RB, University Health System, Series D, 6.25%, 12/01/33 |
|
|
800 |
|
|
|
937,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,301,139 |
|
North Dakota 1.4% |
|
|
|
|
|
|
|
|
City of Fargo North Dakota, Refunding RB, University Facilities Development Foundation Project: |
|
|
|
|
|
|
|
|
3.00%, 12/01/30 |
|
|
400 |
|
|
|
389,536 |
|
4.00%, 12/01/36 |
|
|
600 |
|
|
|
628,878 |
|
City of Grand Forks North Dakota, Refunding RB, Healthcare Systems, 5.00%, 12/01/32 |
|
|
1,415 |
|
|
|
1,533,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,552,090 |
|
Ohio 0.8% |
|
|
|
|
|
|
|
|
City of Marion, GO, Various Purpose Improvement, 4.00%, 12/01/33 |
|
|
480 |
|
|
|
485,611 |
|
Kent State University, RB, General Receipts, Series A, 5.00%, 5/01/42 |
|
|
800 |
|
|
|
901,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,387,467 |
|
Oregon 3.5% |
|
|
|
|
|
|
|
|
City of Tigard Washington County Oregon, Refunding RB, Water System, 5.00%, 8/01/42 |
|
|
930 |
|
|
|
1,076,401 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Oregon (concluded) |
|
|
|
|
|
|
|
|
Oregon Health & Science University, RB, Series A, 5.75%, 7/01/39 |
|
$ |
750 |
|
|
$ |
865,523 |
|
Oregon Health & Science University, Refunding RB, Series A, 3.00%, 7/01/24 |
|
|
2,000 |
|
|
|
2,015,760 |
|
Oregon State Facilities Authority, RB, Student Housing, CHF- Ashland LLC, Southern Oregon University Project (AGM), 5.00%,
7/01/44 |
|
|
600 |
|
|
|
644,814 |
|
Oregon State Facilities Authority, Refunding RB, Limited College Project, Series A: |
|
|
|
|
|
|
|
|
5.00%, 10/01/34 |
|
|
850 |
|
|
|
934,668 |
|
5.25%, 10/01/40 |
|
|
500 |
|
|
|
553,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,090,871 |
|
Pennsylvania 3.6% |
|
|
|
|
|
|
|
|
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27 |
|
|
1,695 |
|
|
|
1,848,177 |
|
Delaware River Port Authority, RB, Series D (AGM), 5.00%, 1/01/40 |
|
|
2,600 |
|
|
|
2,860,806 |
|
Pennsylvania Higher Educational Facilities Authority, RB, University Sciences Philadelphia (a): |
|
|
|
|
|
|
|
|
4.00%, 11/01/39 |
|
|
560 |
|
|
|
553,930 |
|
5.00%, 11/01/42 |
|
|
1,000 |
|
|
|
1,090,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,353,583 |
|
Puerto Rico 1.4% |
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB: |
|
|
|
|
|
|
|
|
CAB, Series A, 5.64%, 8/01/35 (c) |
|
|
1,000 |
|
|
|
279,600 |
|
First Sub-Series A, 5.75%, 8/01/37 |
|
|
1,000 |
|
|
|
1,115,020 |
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, Series A (NPFGC), 5.57%, 8/01/41 (c) |
|
|
5,000 |
|
|
|
1,020,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,414,770 |
|
Rhode Island 2.6% |
|
|
|
|
|
|
|
|
Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation, Series A (AGC), 7.00%,
5/15/39 |
|
|
1,000 |
|
|
|
1,209,900 |
|
Rhode Island Health & Educational Building Corp., Refunding RB, Rhode Island School of Design, 3.50%, 6/01/29 |
|
|
2,405 |
|
|
|
2,400,671 |
|
State of Rhode Island, COP, Series C, School for the Deaf (AGC), 5.38%, 4/01/28 |
|
|
900 |
|
|
|
1,024,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,635,077 |
|
Tennessee 1.4% |
|
|
|
|
|
|
|
|
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, 5.00%, 8/15/42 (a) |
|
|
800 |
|
|
|
839,656 |
|
Memphis-Shelby County Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A, 5.38%, 11/01/28 |
|
|
275 |
|
|
|
310,392 |
|
Shelby County Health Educational & Housing Facilities Board, RB, Methodist Le Bonheur Healthcare,
5.00%, 5/01/42 |
|
|
1,200 |
|
|
|
1,300,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,450,416 |
|
Texas 13.1% |
|
|
|
|
|
|
|
|
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B: |
|
|
|
|
|
|
|
|
7.13%, 12/01/31 |
|
|
500 |
|
|
|
620,905 |
|
7.25%, 12/01/35 |
|
|
1,750 |
|
|
|
2,185,592 |
|
Harris County Metropolitan Transit Authority Sales and Use Tax, RB, Series A, 5.00%, 11/01/36 |
|
|
400 |
|
|
|
459,880 |
|
Harris County-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series G (NPFGC), 6.11%, 11/15/41 (c) |
|
|
11,690 |
|
|
|
2,014,304 |
|
Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%,
11/01/29 |
|
|
1,500 |
|
|
|
1,741,005 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust (BBK) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Texas (concluded) |
|
|
|
|
|
|
|
|
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project,
7.00%, 6/30/40 |
|
$ |
2,000 |
|
|
$ |
2,440,580 |
|
Texas State Turnpike Authority, RB (AMBAC): |
|
|
|
|
|
|
|
|
CAB, 6.03%, 8/15/35 (c) |
|
|
50,000 |
|
|
|
12,796,000 |
|
First Tier, Series A, 5.00%, 8/15/42 |
|
|
750 |
|
|
|
750,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,008,476 |
|
Vermont 2.7% |
|
|
|
|
|
|
|
|
University of Vermont & State Agricultural College, Refunding RB, Series A, 4.00%, 10/01/38 |
|
|
2,000 |
|
|
|
2,053,800 |
|
Vermont Educational & Health Buildings Financing Agency, RB, Hospital, Fletcher Allen Health, Series A, 4.75%,
12/01/36 |
|
|
1,600 |
|
|
|
1,636,960 |
|
Vermont Educational & Health Buildings Financing Agency, Refunding RB, St. Michaels College, 5.00%, 10/01/42 |
|
|
900 |
|
|
|
992,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,683,667 |
|
Virginia 0.6% |
|
|
|
|
|
|
|
|
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC
Project, AMT, 5.50%, 1/01/42 |
|
|
940 |
|
|
|
1,036,754 |
|
Washington 1.2% |
|
|
|
|
|
|
|
|
City of Lynnwood, GO (AGM), 4.00%, 12/01/37 |
|
|
400 |
|
|
|
415,336 |
|
Washington Healthcare Facilities Authority, RB, MultiCare Health System, Series B (AGC), 6.00%, 8/15/39 |
|
|
1,400 |
|
|
|
1,636,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,051,754 |
|
West Virginia 0.7% |
|
|
|
|
|
|
|
|
West Virginia State University, RB, West Virginia University Projects, Series B, 5.00%,
10/01/36 |
|
|
1,100 |
|
|
|
1,275,659 |
|
Wisconsin 1.8% |
|
|
|
|
|
|
|
|
Public Finance Authority Wisconsin, Refunding RB, Senior Obligated Group, Series B, AMT, 5.00%, 7/01/42 (a) |
|
|
950 |
|
|
|
953,230 |
|
Wisconsin Health & Educational Facilities Authority, RB, Gunderson Lutheran, 5.00%, 11/15/44 (a) |
|
|
800 |
|
|
|
867,144 |
|
Wisconsin State Health & Educational Facilities Authority, Refunding RB, Ministry HealthCare, Series C,
5.00%, 8/15/32 |
|
|
1,200 |
|
|
|
1,328,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,149,278 |
|
Wyoming 0.8% |
|
|
|
|
|
|
|
|
County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, 5.25%, 7/15/26 |
|
|
1,200 |
|
|
|
1,367,507 |
|
Total Municipal Bonds 141.8% |
|
|
|
|
|
|
249,949,746 |
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (j) |
|
Colorado 2.3% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%,
9/01/36 |
|
|
3,750 |
|
|
|
4,008,825 |
|
Massachusetts 0.9% |
|
|
|
|
|
|
|
|
Massachusetts Water Resources Authority, Refunding RB, General, Series A, 5.00%,
8/01/41 |
|
|
1,450 |
|
|
|
1,634,136 |
|
Michigan 2.4% |
|
|
|
|
|
|
|
|
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C,
4.00%, 12/01/32 |
|
|
4,000 |
|
|
|
4,150,440 |
|
New York 8.2% |
|
|
|
|
|
|
|
|
Hudson New York Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47 |
|
|
2,500 |
|
|
|
2,932,301 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (j) |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
New York (concluded) |
|
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40 |
|
$ |
450 |
|
|
$ |
542,119 |
|
New York City Municipal Water Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Series A, 4.75%, 6/15/30 |
|
|
3,000 |
|
|
|
3,372,990 |
|
Series FF-2, 5.50%, 6/15/40 |
|
|
405 |
|
|
|
475,605 |
|
New York Liberty Development Corp., RB, 5.25%, 12/15/43 |
|
|
2,505 |
|
|
|
2,869,202 |
|
New York State Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/38 |
|
|
2,199 |
|
|
|
2,422,013 |
|
New York State Thruway Authority, Refunding RB, Transportation, Series A, 5.00%, 3/15/31 |
|
|
1,560 |
|
|
|
1,835,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,449,336 |
|
Ohio 2.0% |
|
|
|
|
|
|
|
|
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 10/01/41 |
|
|
1,260 |
|
|
|
1,338,901 |
|
Ohio Higher Educational Facility Commission, Refunding RB, Hospital, Cleveland Clinic Health, Series A, 5.25%, 1/01/33 |
|
|
2,000 |
|
|
|
2,208,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,547,661 |
|
Total Municipal Bonds Transferred
to Tender Option Bond Trusts 15.8% |
|
|
|
27,790,398 |
|
Total Long-Term Investments
(Cost $254,337,180) 157.6% |
|
|
|
277,740,144 |
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.01%(k)(l) |
|
|
583,607 |
|
|
|
583,607 |
|
Total Short-Term Securities (Cost $583,607) 0.3% |
|
|
|
|
|
|
583,607 |
|
Total Investments (Cost $254,920,787) 157.9% |
|
|
|
278,323,751 |
|
Liabilities in Excess of Other Assets (4.4)% |
|
|
|
(7,713,969 |
) |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (8.2)% |
|
|
|
(14,494,197 |
) |
VMTP Shares, at Liquidation Value (45.3)% |
|
|
|
(79,900,000 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
$ |
176,215,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
|
When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
|
Counterparty |
|
Value |
|
|
Unrealized Appreciation |
|
Goldman Sachs Group, Inc. |
|
$ |
953,230 |
|
|
$ |
24,900 |
|
JPMorgan Chase & Co. |
|
$ |
2,309,450 |
|
|
$ |
24,954 |
|
Merrill Lynch |
|
$ |
3,351,400 |
|
|
$ |
28,190 |
|
Stifel, Nicolaus & Co. |
|
$ |
3,961,000 |
|
|
$ |
8,440 |
|
Wells Fargo & Co. |
|
$ |
310,035 |
|
|
$ |
932 |
|
(b) |
|
US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
|
(c) |
|
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
(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) |
|
Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
(f) |
|
Non-income producing security. |
(g) |
|
Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments,
or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
21 |
|
|
|
Schedule of Investments (concluded) |
|
BlackRock Municipal Bond Trust (BBK) |
(h) |
|
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. |
(i) |
|
Variable rate security. Rate shown is as of report date. |
(j) |
|
Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing
transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
(k) |
|
Investments in issuers considered to be an affiliate of the Trust during the year ended August 31, 2012, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares Held at August 31, 2011 |
|
|
Net Activity |
|
|
Shares Held at August 31, 2012 |
|
|
Income |
|
FFI Institutional Tax-Exempt Fund |
|
|
2,247,948 |
|
|
|
(1,664,341 |
) |
|
|
583,607 |
|
|
$ |
606 |
|
(l) |
|
Represents the current yield as of report date. |
|
|
Fair Value MeasurementsVarious inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a
disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
|
Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities |
|
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices
for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities,
credit risks and default rates) or other market-corroborated inputs) |
|
|
Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the
Trusts own assumptions used in determining the fair value of investments) |
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. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about
the Trusts policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the Trusts investments categorized in the disclosure hierarchy as of August 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
|
|
|
|
$ |
277,740,144 |
|
|
|
|
|
|
$ |
277,740,144 |
|
Short-Term Securities |
|
$ |
583,607 |
|
|
|
|
|
|
|
|
|
|
|
583,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
583,607 |
|
|
$ |
277,740,144 |
|
|
|
|
|
|
$ |
278,323,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
See above Schedule of Investments for values in each state or political subdivision. |
Certain of the Trusts liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of August 31, 2012, such liabilities are categorized within the
disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOB trust certificates |
|
|
|
|
|
$ |
(14,488,936 |
) |
|
|
|
|
|
$ |
(14,488,936 |
) |
VMTP Shares |
|
|
|
|
|
|
(79,900,000 |
) |
|
|
|
|
|
|
(79,900,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
$ |
(94,388,936 |
) |
|
|
|
|
|
$ |
(94,388,936 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no transfers between levels during the year ended August 31, 2012.
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
|
|
|
|
Schedule of Investments August 31, 2012 |
|
BlackRock Municipal Income Investment Quality Trust (BAF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Alabama 1.9% |
|
Birmingham Special Care Facilities Financing Authority, RB, Childrens Hospital (AGC): |
|
|
|
|
|
|
|
|
6.13%, 6/01/34 |
|
$ |
1,000 |
|
|
$ |
1,191,190 |
|
6.00%, 6/01/39 |
|
|
1,000 |
|
|
|
1,181,310 |
|
Selma IDB Alabama, RB, International Paper Co. Project, Series A, 5.38%, 12/01/35 |
|
|
335 |
|
|
|
365,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,737,794 |
|
Arizona 2.5% |
|
|
|
|
|
|
|
|
Arizona Board of Regents, Refunding COP, University of Arizona, Series C: |
|
|
|
|
|
|
|
|
5.00%, 6/01/28 |
|
|
250 |
|
|
|
289,010 |
|
5.00%, 6/01/29 |
|
|
1,400 |
|
|
|
1,610,840 |
|
Arizona Board of Regents, Refunding RB, University of Arizona, Series A: |
|
|
|
|
|
|
|
|
5.00%, 6/01/42 |
|
|
500 |
|
|
|
571,245 |
|
Tax Exempt, 5.00%, 7/01/30 |
|
|
925 |
|
|
|
1,097,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,569,051 |
|
California 15.0% |
|
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38 |
|
|
2,155 |
|
|
|
2,530,466 |
|
California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
Stanford Hospital & Clinics, Series A, 5.00%, 8/15/42 |
|
|
1,095 |
|
|
|
1,210,709 |
|
Sutter Health, Series B, 6.00%, 8/15/42 |
|
|
1,120 |
|
|
|
1,342,186 |
|
County of Sacramento California, RB, Senior Series A (AGC), 5.50%, 7/01/41 |
|
|
1,400 |
|
|
|
1,572,424 |
|
Los Angeles Community College District California, GO: |
|
|
|
|
|
|
|
|
Election of 2001, Series A (NPFGC), 5.00%, 8/01/32 |
|
|
1,000 |
|
|
|
1,128,980 |
|
Election of 2008, Series C, 5.25%, 8/01/39 |
|
|
500 |
|
|
|
581,035 |
|
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |
|
|
1,175 |
|
|
|
1,371,201 |
|
Los Angeles Municipal Improvement Corp., Refunding RB, Real Property, Series B (AGC), 5.50%, 4/01/39 |
|
|
3,210 |
|
|
|
3,610,576 |
|
Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 8/01/34 |
|
|
1,000 |
|
|
|
1,188,270 |
|
San Bernardino Community College District, GO, Election of 2002, Series A, 6.25%, 8/01/33 |
|
|
925 |
|
|
|
1,107,900 |
|
San Diego Public Facilities Financing Authority, Refunding RB, Series B (AGC), 5.38%, 8/01/34 |
|
|
1,125 |
|
|
|
1,319,107 |
|
State of California, GO, Refunding, Various Purpose, 5.00%, 9/01/41 |
|
|
3,270 |
|
|
|
3,585,032 |
|
University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37 |
|
|
1,000 |
|
|
|
1,154,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,702,416 |
|
Colorado 3.0% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Hospital, NCMC Inc. Project, Series B (AGM), 6.00%, 5/15/26 |
|
|
1,425 |
|
|
|
1,695,807 |
|
University of Colorado, Refunding RB, Enterprise System, Series A-2: |
|
|
|
|
|
|
|
|
5.00%, 6/01/32 |
|
|
1,165 |
|
|
|
1,384,498 |
|
5.00%, 6/01/33 |
|
|
1,010 |
|
|
|
1,194,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,274,923 |
|
Florida 6.7% |
|
|
|
|
|
|
|
|
City of Jacksonville Florida, RB, Series A, 5.25%, 10/01/31 |
|
|
4,525 |
|
|
|
5,313,436 |
|
City of Jacksonville Florida, Refunding RB, Better Jacksonville, Series A, 5.00%, 10/01/30 |
|
|
745 |
|
|
|
858,389 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Florida (concluded) |
|
|
|
|
|
|
|
|
Orange County Health Facilities Authority, RB, The Nemours Foundation Project, Series A, 5.00%, 1/01/29 |
|
$ |
1,070 |
|
|
$ |
1,216,718 |
|
Palm Beach County Florida School Board, Refunding COP, Series A, 5.00%, 8/01/28 |
|
|
2,000 |
|
|
|
2,309,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,697,843 |
|
Georgia 2.1% |
|
|
|
|
|
|
|
|
City of Atlanta Georgia, Refunding RB, General, Series C, 6.00%, 1/01/30 |
|
|
2,500 |
|
|
|
3,090,825 |
|
Illinois 13.0% |
|
|
|
|
|
|
|
|
Chicago Board of Education Illinois, GO, Series A: |
|
|
|
|
|
|
|
|
5.50%, 12/01/39 |
|
|
1,500 |
|
|
|
1,749,420 |
|
5.00%, 12/01/42 |
|
|
1,865 |
|
|
|
2,031,918 |
|
Chicago Transit Authority, RB: |
|
|
|
|
|
|
|
|
Federal Transit Administration Section 5309, Series A (AGC), 6.00%, 6/01/26 |
|
|
1,300 |
|
|
|
1,535,547 |
|
Sales Tax Receipts Revenue, 5.25%, 12/01/36 |
|
|
415 |
|
|
|
474,764 |
|
Sales Tax Receipts Revenue, 5.25%, 12/01/40 |
|
|
1,325 |
|
|
|
1,511,308 |
|
City of Chicago Illinois, Refunding RB, Sales Tax Revenue, Series A, 5.25%, 1/01/38 |
|
|
515 |
|
|
|
589,294 |
|
City of Chicago Illinois OHare International Airport, RB, General, Third Lien: |
|
|
|
|
|
|
|
|
Series A, 5.75%, 1/01/39 |
|
|
825 |
|
|
|
971,174 |
|
Series C, 6.50%, 1/01/41 |
|
|
3,740 |
|
|
|
4,630,157 |
|
City of Chicago Illinois OHare International Airport, Refunding RB, General, Third Lien, Series C (AGC), 5.25%,
1/01/30 |
|
|
1,000 |
|
|
|
1,133,710 |
|
Cook County Forest Preserve District, GO, Series C, 5.00%, 12/15/32 |
|
|
380 |
|
|
|
435,016 |
|
Cook County Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/32 |
|
|
180 |
|
|
|
206,060 |
|
Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 8/15/41 |
|
|
1,885 |
|
|
|
2,211,331 |
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
5.50%, 6/01/23 |
|
|
915 |
|
|
|
1,067,238 |
|
6.00%, 6/01/28 |
|
|
260 |
|
|
|
304,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,851,696 |
|
Indiana 3.1% |
|
|
|
|
|
|
|
|
Indiana Finance Authority Waste Water Utility, RB, First Lien CWA Authority Project, Series A, 5.00%, 10/01/41 |
|
|
1,500 |
|
|
|
1,678,695 |
|
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC), 5.50%, 1/01/38 |
|
|
2,415 |
|
|
|
2,738,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,417,136 |
|
Kansas 2.4% |
|
|
|
|
|
|
|
|
Kansas Development Finance Authority, Refunding RB, Adventist Health Sunbelt Obligation,
Series A, 5.00%, 11/15/32 |
|
|
3,000 |
|
|
|
3,444,630 |
|
Louisiana 0.4% |
|
|
|
|
|
|
|
|
New Orleans Aviation Board Louisiana, Refunding RB, GARB, Restructuring (AGC): |
|
|
|
|
|
|
|
|
Series A-1, 6.00%, 1/01/23 |
|
|
375 |
|
|
|
448,268 |
|
Series A-2, 6.00%, 1/01/23 |
|
|
150 |
|
|
|
179,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
627,575 |
|
Michigan 6.6% |
|
|
|
|
|
|
|
|
City of Detroit Michigan, RB, Second Lien, Series B (AGM), 6.25%, 7/01/36 |
|
|
1,700 |
|
|
|
1,980,721 |
|
City of Detroit Michigan, Refunding RB, Senior Lien, Series C-1 (AGM), 7.00%, 7/01/27 |
|
|
1,800 |
|
|
|
2,155,644 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
23 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust (BAF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Michigan (concluded) |
|
|
|
|
|
|
|
|
City of Detroit Michigan, RB, Sewage Disposal System, Senior Lien, Series B (AGM), 7.50%, 7/01/33 |
|
$ |
580 |
|
|
$ |
729,518 |
|
Lansing Board of Water & Light Utilities, RB, Series A, 5.00%, 7/01/37 |
|
|
2,765 |
|
|
|
3,149,777 |
|
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 |
|
|
1,205 |
|
|
|
1,550,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,565,676 |
|
Minnesota 3.0% |
|
|
|
|
|
|
|
|
City of Minneapolis Minnesota, Refunding RB,
Fairview Health Services, Series B (AGC), 6.50%, 11/15/38 |
|
|
3,680 |
|
|
|
4,394,950 |
|
Mississippi 1.6% |
|
|
|
|
|
|
|
|
Mississippi Development Bank, Refunding RB,
Jackson Mississippi Water & Sewer (AGM), 5.00%, 9/01/30 |
|
|
2,000 |
|
|
|
2,324,600 |
|
Nevada 1.7% |
|
|
|
|
|
|
|
|
Clark County Water Reclamation District, GO, Series A, 5.25%, 7/01/34 |
|
|
2,000 |
|
|
|
2,424,200 |
|
New Jersey 4.5% |
|
|
|
|
|
|
|
|
New Jersey Health Care Facilities Financing Authority, RB, Virtua Health (AGC), 5.50%, 7/01/38 |
|
|
1,300 |
|
|
|
1,445,886 |
|
New Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |
|
|
1,540 |
|
|
|
1,699,097 |
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
Series A (AGC), 5.50%, 12/15/38 |
|
|
2,000 |
|
|
|
2,273,480 |
|
Series B, 5.25%, 6/15/36 |
|
|
1,000 |
|
|
|
1,153,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,571,903 |
|
New York 6.7% |
|
|
|
|
|
|
|
|
Metropolitan Transportation Authority, RB, Series E, 5.00%, 11/15/42 |
|
|
320 |
|
|
|
357,674 |
|
Metropolitan Transportation Authority, Refunding RB, Transportation, Series C, 5.00%, 11/15/28 |
|
|
1,300 |
|
|
|
1,530,815 |
|
New York City Transitional Finance Authority, RB: |
|
|
|
|
|
|
|
|
Future Tax Secured, Sub-Series E-1, 5.00%, 2/01/42 |
|
|
2,000 |
|
|
|
2,292,400 |
|
Series S-4 (AGC), 5.50%, 1/15/29 |
|
|
2,465 |
|
|
|
2,949,372 |
|
Sub-Future Tax Secured, Series C, 5.00%, 11/01/39 |
|
|
1,175 |
|
|
|
1,353,236 |
|
New York State Dormitory Authority, RB, Series B, 5.00%, 3/15/42 |
|
|
1,000 |
|
|
|
1,141,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,625,147 |
|
North Carolina 1.1% |
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%,
6/01/32 |
|
|
1,340 |
|
|
|
1,552,752 |
|
Pennsylvania 0.5% |
|
|
|
|
|
|
|
|
Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB,
Childrens Hospital Philadelphia, Series D, 5.00%, 7/01/32 |
|
|
580 |
|
|
|
670,381 |
|
Puerto Rico 1.1% |
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.38%, 8/01/39 |
|
|
1,350 |
|
|
|
1,592,906 |
|
South Carolina 0.7% |
|
|
|
|
|
|
|
|
City of North Charleston South Carolina, RB, 5.00%, 6/01/35 |
|
|
895 |
|
|
|
1,011,359 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
Texas 18.0% |
|
|
|
|
|
|
|
|
Austin Community College District, RB, Educational Facilities Project, Round Rock Campus, 5.25%, 8/01/33 |
|
$ |
2,000 |
|
|
$ |
2,230,760 |
|
City of Houston Texas, Refunding RB, Combined, First Lien, Series A (AGC): |
|
|
|
|
|
|
|
|
6.00%, 11/15/35 |
|
|
2,600 |
|
|
|
3,160,274 |
|
6.00%, 11/15/36 |
|
|
2,215 |
|
|
|
2,683,162 |
|
5.38%, 11/15/38 |
|
|
1,000 |
|
|
|
1,155,730 |
|
Frisco ISD Texas, GO, School Building (AGC), 5.50%, 8/15/41 |
|
|
3,365 |
|
|
|
4,165,769 |
|
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.13%,
12/01/31 |
|
|
500 |
|
|
|
620,905 |
|
Katy ISD, GO, Refunding, School Building, Series A (PSF-GTD), 5.00%, 2/15/42 |
|
|
745 |
|
|
|
867,538 |
|
Lamar Texas Consolidated ISD, GO, Refunding, School House, Series A (PSF-GTD), 5.00%, 2/15/45 |
|
|
1,000 |
|
|
|
1,157,340 |
|
North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 9/01/41 |
|
|
1,000 |
|
|
|
1,187,230 |
|
North Texas Tollway Authority, Refunding RB, System, First Tier: |
|
|
|
|
|
|
|
|
(AGM), 6.00%, 1/01/43 |
|
|
1,000 |
|
|
|
1,196,870 |
|
Series K-1 (AGC), 5.75%, 1/01/38 |
|
|
1,500 |
|
|
|
1,712,100 |
|
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Christus Health, Series A (AGC), 6.50%,
7/01/37 |
|
|
1,000 |
|
|
|
1,174,000 |
|
Texas State Turnpike Authority, RB, First Tier, Series A (AMBAC), 5.00%, 8/15/42 |
|
|
1,395 |
|
|
|
1,395,391 |
|
Texas Tech University, Refunding RB, Refunding & Improvement, 14th Series A, 5.00%, 8/15/31 |
|
|
1,000 |
|
|
|
1,175,780 |
|
University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43 |
|
|
1,805 |
|
|
|
2,108,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,991,450 |
|
Virginia 2.4% |
|
|
|
|
|
|
|
|
Fairfax County IDA, RB, Health Care, Inova Health System, Series A, 5.00%, 5/15/40 |
|
|
685 |
|
|
|
762,336 |
|
Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/35 |
|
|
1,000 |
|
|
|
1,244,610 |
|
Virginia Resources Authority, RB, 5.00%, 11/01/42 |
|
|
1,225 |
|
|
|
1,424,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,431,217 |
|
Washington 3.9% |
|
|
|
|
|
|
|
|
City of Seattle Washington, Refunding RB, Series A, 5.25%, 2/01/36 |
|
|
1,025 |
|
|
|
1,194,566 |
|
Port of Seattle, Refunding RB, Intermediate, Series A, 5.00%, 8/01/32 |
|
|
3,000 |
|
|
|
3,508,500 |
|
State of Washington, GO, Various Purpose, Series B, 5.25%, 2/01/36 |
|
|
795 |
|
|
|
931,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,634,090 |
|
Wisconsin 0.9% |
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, RB, Ascension Health, Series
D, 5.00%, 11/15/41 |
|
|
1,230 |
|
|
|
1,363,849 |
|
Total Municipal Bonds 102.8% |
|
|
|
148,568,369 |
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (a) |
|
|
|
|
|
|
Alabama 1.1% |
|
|
|
|
|
|
|
|
Mobile Board of Water & Sewer Commissioners, RB (NPFGC), 5.00%,
1/01/31 |
|
|
1,500 |
|
|
|
1,591,980 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
ANNUAL REPORT |
|
AUGUST 31, 2012 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust (BAF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (a) |
|
Par (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
California 8.7% |
|
|
|
|
|
|
|
|
San Marcos Unified School District, GO, Election of 2010, Series A, 5.25%,
8/01/31 |
|
$ |
10,680 |
|
|
$ |
12,498,377 |
|
District of Columbia 0.6% |
|
|
|
|
|
|
|
|
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 6.00%,
10/01/35 |
|
|
760 |
|
|
|
924,094 |
|
Florida 0.5% |
|
|
|
|
|
|
|
|
County of Miami-Dade Florida, RB, Transit System Sales Surtax, 5.00%, 7/01/42 |
|
|
650 |
|
|
|
731,647 |
|
Illinois 5.4% |
|
|
|
|
|
|
|
|
Chicago Transit Authority, Refunding RB, Federal Transit Administration Section 5309 (AGM), 5.00%, 6/01/28 |
|
|
2,999 |
|
|
|
3,306,273 |
|
City of Chicago Illinois, Refunding RB, 5.00%, 11/01/42 |
|
|
1,020 |
|
|
|
1,160,631 |
|
Illinois State Toll Highway Authority, RB, Series B, 5.50%, 1/01/33 |
|
|
2,999 |
|
|
|
3,327,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,794,314 |
|
Kentucky 0.7% |
|
|
|
|
|
|
|
|
|