SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-21348
Name of Fund: BlackRock Muni Intermediate Duration Fund, Inc. (MUI)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Muni Intermediate Duration Fund, Inc., 55 East 52nd Street, New York, NY 10055.
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2010
Date of reporting period: 10/31/2009
Item 1 – Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS
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Semi-Annual Report |
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OCTOBER 31, 2009 | (UNAUDITED) |
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BlackRock Apex Municipal Fund, Inc. (APX) |
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BlackRock MuniAssets Fund, Inc. (MUA) |
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BlackRock MuniEnhanced Fund, Inc. (MEN) |
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BlackRock MuniHoldings Fund, Inc. (MHD) |
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BlackRock MuniHoldings Fund II, Inc. (MUH) |
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BlackRock MuniHoldings Insured Fund, Inc. (MUS) |
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BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
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BlackRock MuniVest Fund II, Inc. (MVT) |
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
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Table of Contents |
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Page |
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3 |
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Semi-Annual Report: |
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4 |
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12 |
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12 |
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Financial Statements: |
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13 |
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49 |
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51 |
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52 |
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56 |
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57 |
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65 |
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |
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72 |
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76 |
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77 |
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2 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
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Dear Shareholder |
Over the past 12 months, we have witnessed a seismic shift in market sentiment — from fear and pessimism during the worst economic decline and crisis of confidence in financial markets since The Great Depression to increasing optimism amid emerging signs of recovery. The period began in the midst of an intense deterioration in global economic activity and financial markets in the final months of 2008 and the early months of 2009. The collapse of confidence resulted in massive government policy intervention on a global scale in the financial system and the economy. The tide turned dramatically in March 2009, however, on the back of new US government initiatives, as well as better-than-expected economic data and upside surprises in corporate earnings.
Not surprisingly, global equity markets endured extreme volatility over the past 12 months, starting with steep declines and heightened risk aversion in the early part of the reporting period, which eventually gave way to an impressive rally that began in March. Although there have been fits and starts along the way and a few modest corrections, the new bull market has pushed all major US indices well into positive territory for 2009. The experience in international markets was similar to that in the United States. In particular, emerging markets (which were less affected by the global credit crunch and are experiencing faster economic growth rates when compared to the developed world) have posted impressive gains since the rally began.
In fixed income markets, the flight-to-safety premium in Treasury securities prevailed during the equity market downturn, which drove yields sharply lower, but concerns about deficit spending, debt issuance, inflation and dollar weakness have kept Treasury yields range bound in recent months. As economic and market conditions began to improve in early 2009, near-zero interest rates on risk-free assets prompted many investors to reallocate money from cash investments into higher-yielding and riskier non-Treasury assets. The high yield sector was the greatest beneficiary of this move, having decisively outpaced all other taxable asset classes since the start of 2009. Similarly, the municipal bond market is on pace for its best performance year ever in 2009, following one of its worst years in 2008. Investor demand remains strong for munis, helping to create a highly favorable technical backdrop. Municipal bond mutual funds are seeing record inflows, reflecting the renewed investor interest in the asset class.
As a result of the rebound in sentiment and global market conditions, most major benchmark indexes are now in positive territory for both the 6- and 12-month periods.
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Total Returns as of October 31, 2009 |
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6-month |
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12-month |
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US equities (S&P 500 Index) |
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20.04 |
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9.80 |
% |
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Small cap US equities (Russell 2000 Index) |
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16.21 |
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6.46 |
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International equities (MSCI Europe, Australasia, Far East Index) |
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31.18 |
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27.71 |
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US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index*) |
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(0.79 |
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8.12 |
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Taxable fixed income (Barclays Capital US Aggregate Bond Index) |
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5.61 |
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13.79 |
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Tax-exempt fixed income (Barclays Capital Municipal Bond Index) |
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4.99 |
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13.60 |
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High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index) |
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27.72 |
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48.65 |
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* |
Formerly a Merrill Lynch index. |
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Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index. |
The market environment has visibly improved since the beginning of the year, but a great deal of uncertainty and risk remain. Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit the most recent issue of our award-winning Shareholder® magazine at www.blackrock.com/shareholdermagazine. As always, we thank you for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
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Announcement to Shareholders |
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On December 1, 2009, BlackRock, Inc. and Barclays Global Investors, N.A. combined to form one of the world’s preeminent investment management firms. The new company, operating under the BlackRock name, manages $3.19 trillion in assets** and offers clients worldwide a full complement of active management, enhanced and index investment strategies and products, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares platform of exchange traded funds.
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** |
Data is as of September 30, 2009, is subject to change, and is based on a pro forma estimate of assets under management and other data at BlackRock, Inc. and Barclays Global Investors. |
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THIS PAGE NOT PART OF YOUR FUND REPORT |
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Fund Summary as of October 31, 2009 |
BlackRock Apex Municipal Fund, Inc. |
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Investment Objective |
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BlackRock Apex Municipal Fund, Inc. (APX) (the “Fund”) seeks to provide shareholders with high current income exempt from federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.
No assurance can be given that the Fund’s investment objective will be achieved.
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Performance |
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For the six months ended October 31, 2009, the Fund returned 12.25% based on market price and 18.38% based on net asset value (“NAV”). For the same period, the closed-end Lipper High Yield Municipal Debt Funds category posted an average return of 19.61% on a market price basis and 22.12% on a NAV basis. All returns reflect reinvestment of dividends. The Fund moved from a premium to a discount to NAV by period end, which accounts for the difference between performance based on price and performance based on NAV. Negative performance factors included a relatively short duration stance, yield curve positioning and an above-average credit profile. Low exposure to the tobacco, long-term care and development district sectors also proved detrimental. The Fund’s lower degree of leverage versus many of its Lipper peers further hindered relative performance. Positive factors included concentrations in transportation and corporate-related debt.
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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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Fund Information |
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Symbol on New York Stock Exchange (“NYSE”) |
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APX |
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Initial Offering Date |
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July 25, 1989 |
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Yield on Closing Market Price as of October 31, 2009 ($8.38)1 |
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6.66% |
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Tax Equivalent Yield2 |
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10.25% |
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Current Monthly Distribution per Common Share3 |
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$0.0465 |
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Current Annualized Distribution per Common Share3 |
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$0.5580 |
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Leverage as of October 31, 20094 |
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4% |
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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 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution is not constant and is subject to change. |
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4 |
Represents tender option bond trusts (“TOBs”) as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
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10/31/09 |
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4/30/09 |
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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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$8.38 |
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$7.72 |
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8.55 |
% |
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$8.90 |
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$7.46 |
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Net Asset Value |
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$8.78 |
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$7.67 |
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14.47 |
% |
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$9.06 |
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$7.67 |
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The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
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Sector Allocations |
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10/31/09 |
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4/30/09 |
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Corporate |
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25 |
% |
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24 |
% |
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Health |
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24 |
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22 |
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County/City/Special District/School District |
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19 |
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20 |
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Transportation |
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9 |
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11 |
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Education |
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5 |
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6 |
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State |
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5 |
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2 |
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Utilities |
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5 |
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6 |
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Housing |
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4 |
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6 |
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Tobacco |
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4 |
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3 |
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Credit Quality Allocations5 |
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10/31/09 |
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4/30/09 |
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AAA/Aaa |
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7 |
% |
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7 |
% |
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AA/Aa |
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3 |
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5 |
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A/A |
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13 |
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12 |
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BBB/Baa |
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28 |
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23 |
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BB/Ba |
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8 |
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10 |
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B/B |
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7 |
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5 |
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CCC/Caa |
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4 |
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3 |
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Not Rated6 |
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30 |
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35 |
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5 |
Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings. |
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6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $6,443,683 representing 4% and $8,923,111 representing 5%, respectively, of the Fund’s long-term investments. |
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4 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
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Fund Summary as of October 31, 2009 |
BlackRock MuniAssets Fund, Inc. |
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Investment Objective |
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BlackRock MuniAssets Fund, Inc. (MUA) (the “Fund”) seeks to provide shareholders with current income exempt from federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.
No assurance can be given that the Fund’s investment objective will be achieved.
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Performance |
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For the six months ended October 31, 2009, the Fund returned 9.95% based on market price and 18.35% based on NAV. For the same period, the closed-end Lipper High Yield Municipal Debt Funds category posted an average return of 19.61% on a market price basis and 22.12% on a NAV basis. All returns reflect reinvestment of dividends. The Fund moved from a premium to a discount to NAV by period end, which accounts for the difference between performance based on price and performance based on NAV. Negative performance factors included a relatively short duration stance, yield curve positioning and an above-average credit profile. Low exposure to the tobacco, long-term care and development district sectors also proved detrimental. The Fund’s lower degree of leverage versus many of its Lipper peers further hindered relative performance. Positive factors included concentrations in transportation, health and corporate-related debt.
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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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Fund Information |
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Symbol on NYSE |
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MUA |
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Initial Offering Date |
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June 25, 1993 |
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Yield on Closing Market Price as of October 31, 2009 ($11.58)1 |
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6.99% |
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Tax Equivalent Yield2 |
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10.75% |
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Current Monthly Distribution per Common Share3 |
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$0.0675 |
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Current Annualized Distribution per Common Share3 |
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$0.8100 |
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Leverage as of October 31, 20094 |
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4% |
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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 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution is not constant and is subject to change. |
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4 |
Represents TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
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10/31/09 |
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4/30/09 |
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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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$11.58 |
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$10.91 |
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6.14 |
% |
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$12.71 |
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$10.64 |
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Net Asset Value |
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$12.10 |
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$10.59 |
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14.26 |
% |
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$12.52 |
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$10.59 |
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The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
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Sector Allocations |
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10/31/09 |
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4/30/09 |
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Corporate |
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28 |
% |
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26 |
% |
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Health |
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25 |
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25 |
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County/City/Special District/School District |
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16 |
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18 |
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Transportation |
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9 |
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12 |
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Utilities |
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6 |
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7 |
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Education |
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5 |
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4 |
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State |
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4 |
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2 |
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Housing |
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4 |
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4 |
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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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10/31/09 |
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4/30/09 |
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AAA/Aaa |
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8 |
% |
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9 |
% |
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AA/Aa |
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3 |
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3 |
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A/A |
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17 |
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19 |
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BBB/Baa |
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25 |
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19 |
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BB/Ba |
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8 |
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9 |
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B/B |
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7 |
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5 |
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CCC/Caa |
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4 |
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3 |
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CC/Ca |
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— |
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1 |
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Not Rated6 |
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28 |
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32 |
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5 |
Using the higher of S&P’s or Moody’s ratings. |
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6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $11,551,977 representing 4% and $12,884,659 representing 5%, respectively, of the Fund’s long-term investments. |
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SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
5 |
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Fund Summary as of October 31, 2009 |
BlackRock MuniEnhanced Fund, Inc. |
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Investment Objective |
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BlackRock MuniEnhanced Fund, Inc. (MEN) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies by investing primarily in a portfolio of long-term, investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.
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No assurance can be given that the Fund’s investment objective will be achieved. |
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Performance |
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For the six months ended October 31, 2009, the Fund returned 13.82% based on market price and 11.79% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.62% on a market price basis and 9.56% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Among the factors that positively contributed to Fund performance during the reporting period were: exposure to the long end of the curve during a period of yield-curve flattening and a general tightening of credit spreads, which drove performance in the Fund’s holdings of insured bonds with weaker underlying credits; and the Fund’s concentration in the transportation and housing sectors, which outperformed during the period. Conversely, low exposure to the utilities and education sectors detracted from Fund performance as both segments performed well.
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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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Fund Information |
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Symbol on NYSE |
MEN |
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Initial Offering Date |
March 2, 1989 |
|
Yield on Closing Market Price as of October 31, 2009 ($9.80)1 |
6.49% |
|
Tax Equivalent Yield2 |
9.98% |
|
Current Monthly Distribution per Common Share3 |
$0.053 |
|
Current Annualized Distribution per Common Share3 |
$0.636 |
|
Leverage as of October 31, 20094 |
39% |
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
|
|
4 |
Represents Auction Market Preferred Shares (“Preferred Shares”) and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
10/31/09 |
|
4/30/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
||||||||||||||||
|
Market Price |
|
$ |
9.80 |
|
$ |
8.88 |
|
10.36 |
% |
|
$ |
10.80 |
|
$ |
8.59 |
|
|
Net Asset Value |
|
$ |
10.59 |
|
$ |
9.77 |
|
8.39 |
% |
|
$ |
11.16 |
|
$ |
9.62 |
|
|
|
||||||||||||||||
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
County/City/Special District/School District |
|
29 |
% |
|
29 |
% |
|
|
Transportation |
|
23 |
|
|
23 |
|
|
|
State |
|
18 |
|
|
21 |
|
|
|
Utilities |
|
13 |
|
|
12 |
|
|
|
Health |
|
5 |
|
|
4 |
|
|
|
Housing |
|
5 |
|
|
4 |
|
|
|
Corporate |
|
4 |
|
|
4 |
|
|
|
Education |
|
3 |
|
|
2 |
|
|
|
Tobacco |
|
— |
|
|
1 |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
||
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
AAA/Aaa |
|
42 |
% |
|
45 |
% |
|
|
AA/Aa |
|
23 |
|
|
33 |
|
|
|
A/A |
|
28 |
|
|
19 |
|
|
|
BBB/Baa |
|
5 |
|
|
3 |
|
|
|
Not Rated |
|
2 |
|
|
— |
|
|
|
|
|||||||
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
||
|
6 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
|
|
|
|
Fund Summary as of October 31, 2009 |
BlackRock MuniHoldings Fund, Inc. |
|
|
|
|
|
Investment Objective |
|
|
BlackRock MuniHoldings Fund, Inc. (MHD) (the “Fund”) seeks to provide shareholders with current income exempt from federal income taxes by investing primarily in a portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes.
|
|
|
|
|
No assurance can be given that the Fund’s investment objective will be achieved. |
|
|
|
|
|
Performance |
|
|
For the six months ended October 31, 2009, the Fund returned 26.84% based on market price and 17.38% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Positive performance factors included concentrations in health, housing and corporate-related debt. Renewed risk appetite was also beneficial, given the Fund’s focus on lower-rated credits. In addition, the Fund’s long duration stance and emphasis on longer-dated bonds were additive as yields on the long end of the curve fell substantially. Negative factors included less exposure to the tax-backed, essential services and tobacco sectors.
|
|
|
|
|
The 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. |
|
|
|
|
|
Fund Information |
|
|
|
|
|
|
Symbol on NYSE |
MHD |
|
Initial Offering Date |
May 2, 1997 |
|
Yield on Closing Market Price as of October 31, 2009 ($14.66)1 |
6.83% |
|
Tax Equivalent Yield2 |
10.51% |
|
Current Monthly Distribution per Common Share3 |
$0.0835 |
|
Current Annualized Distribution per Common Share3 |
$1.0020 |
|
Leverage as of October 31, 20094 |
37% |
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
|
|
4 |
Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
10/31/09 |
|
4/30/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
||||||||||||||||
|
Market Price |
|
$ |
14.66 |
|
$ |
11.97 |
|
22.47 |
% |
|
$ |
15.15 |
|
$ |
11.88 |
|
|
Net Asset Value |
|
$ |
15.04 |
|
$ |
13.27 |
|
13.34 |
% |
|
$ |
15.84 |
|
$ |
13.27 |
|
|
|
||||||||||||||||
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
Health |
|
25 |
% |
|
19 |
% |
|
|
Corporate |
|
13 |
|
15 |
|
||
|
County/City/Special District/School District |
|
13 |
|
|
13 |
|
|
|
Utilities |
|
11 |
|
|
10 |
|
|
|
State |
|
10 |
|
|
10 |
|
|
|
Education |
|
9 |
|
|
9 |
|
|
|
Transportation |
|
9 |
|
|
11 |
|
|
|
Housing |
|
8 |
|
|
9 |
|
|
|
Tobacco |
|
2 |
|
|
4 |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
AAA/Aaa |
|
21 |
% |
|
29 |
% |
|
|
AA/Aa |
|
28 |
|
|
21 |
|
|
|
A/A |
|
26 |
|
|
24 |
|
|
|
BBB/Baa |
|
10 |
|
|
10 |
|
|
|
BB/Ba |
|
2 |
|
|
2 |
|
|
|
B/B |
|
2 |
|
|
1 |
|
|
|
CCC/Caa |
|
2 |
|
|
2 |
|
|
|
Not Rated2 |
|
9 |
|
|
11 |
|
|
|
|
|||||||
|
|
|
|
5 |
Using the higher of S&P’s of Moody’s Ratings. |
|
|
|
|
6 |
The investments advisor has deemed certain of these securities to be of investments grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $6,553,517 representing 2% and $6,532,075 representing 2%, respectively, of the Fund’s long-term investments. |
|
|
|
|
|
|
||
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
7 |
|
|
|
|
|
|
|
|
|
|
Fund Summary as of October 31, 2009 |
BlackRock MuniHoldings Fund II, Inc. |
|
|
|
|
|
Investment Objective |
|
|
BlackRock MuniHoldings Fund II, Inc. (MUH) (the “Fund”) seeks to provide shareholders with current income exempt from federal income taxes by investing primarily in a portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.
|
|
|
|
|
No assurance can be given that the Fund’s investment objective will be achieved. |
|
|
|
|
|
Performance |
|
|
For the six months ended October 31, 2009, the Fund returned 21.15% based on market price and 16.22% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Positive performance factors included concentrations in health, housing and corporate-related debt. Renewed risk appetite was also beneficial, given the Fund’s focus on lower-rated credits. In addition, the Fund’s long duration stance and emphasis on longer-dated bonds were additive as yields on the long end of the curve fell substantially. Negative factors included less exposure to the tax-backed, essential services and tobacco sectors. During the period, cash reserves were at low levels, as returns on cash are minimal.
|
|
|
|
|
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. |
|
|
|
|
|
Fund Information |
|
|
|
|
|
|
Symbol on NYSE |
MUH |
|
Initial Offering Date |
February 27, 1998 |
|
Yield on Closing Market Price as of October 31, 2009 ($13.26)1 |
6.83% |
|
Tax Equivalent Yield2 |
10.51% |
|
Current Monthly Distribution per Common Share3 |
$0.0755 |
|
Current Annualized Distribution per Common Share3 |
$0.9060 |
|
Leverage as of October 31, 20094 |
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 is not constant and is subject to change. |
|
|
|
|
4 |
Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
10/31/09 |
|
4/30/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
||||||||||||||||
|
Market Price |
|
$ |
13.26 |
|
$ |
11.33 |
|
17.03 |
% |
|
$ |
14.20 |
|
$ |
11.25 |
|
|
Net Asset Value |
|
$ |
14.00 |
|
$ |
12.47 |
|
12.27 |
% |
|
$ |
14.72 |
|
$ |
12.46 |
|
|
|
||||||||||||||||
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
Health |
|
24 |
% |
|
18 |
% |
|
|
County/City/Special District/ School District |
|
17 |
|
|
16 |
|
|
|
Corporate |
|
13 |
|
|
11 |
|
|
|
State |
|
11 |
|
|
10 |
|
|
|
Education |
|
9 |
|
|
11 |
|
|
|
Utilities |
|
9 |
|
|
9 |
|
|
|
Transportation |
|
8 |
|
|
13 |
|
|
|
Housing |
|
8 |
|
|
8 |
|
|
|
Tobacco |
|
1 |
|
|
4 |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
AAA/Aaa |
|
18 |
% |
|
26 |
% |
|
|
AA/Aa |
|
34 |
|
|
26 |
|
|
|
A/A |
|
25 |
|
|
25 |
|
|
|
BBB/Baa |
|
10 |
|
|
10 |
|
|
|
BB/Ba |
|
1 |
|
|
1 |
|
|
|
B/B |
|
2 |
|
|
2 |
|
|
|
CCC/Caa |
|
2 |
|
|
1 |
|
|
|
Not Rated6 |
|
8 |
|
|
9 |
|
|
|
|
|||||||
|
|
|
|
5 |
Using the higher of S&P’s and Moody’s ratings. |
|
|
|
|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $6,984,569 representing 3% and $4,974,331 representing 2%, respectively, of the Fund’s long-term investments. |
|
|
|
|
|
|
||
|
8 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
|
|
|
|
Fund Summary as of October 31, 2009 |
BlackRock MuniHoldings Insured Fund, Inc. |
|
|
|
|
|
Investment Objective |
|
|
BlackRock MuniHoldings Insured Fund, Inc. (MUS) (the “Fund”) seeks to provide shareholders with current income exempt from federal income taxes by investing primarily in a portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes. Under normal circumstances, the Fund invests at least 80% of its total assets in municipal bonds that are covered by insurance.
|
|
|
|
|
No assurance can be given that the Fund’s investment objective will be achieved. |
|
|
|
|
|
Performance |
|
|
For the six months ended October 31, 2009, the Fund returned 17.26%, based on market price and 9.60% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.62% on a market price basis and 9.56% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Fund’s overweight in housing and health bonds contributed positively to results. In both sectors, the maturity range of the bonds held in the portfolio was 20 years and longer, which benefited performance as the municipal yield curve flattened. The performance of both sectors was also enhanced by the tightening in credit spreads. Conversely, the Fund’s overweight in pre-refunded holdings detracted from performance as lower-quality, longer-maturity assets outperformed the higher-quality, shorter-maturity issues in which the Fund was invested.
|
|
|
|
|
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. |
|
|
|
|
|
Fund Information |
|
|
|
|
|
|
Symbol on NYSE |
MUS |
|
Initial Offering Date |
May 1, 1998 |
|
Yield on Closing Market Price as of October 31, 2009 ($12.34)1 |
6.81% |
|
Tax Equivalent Yield2 |
10.48% |
|
Current Monthly Distribution per Common Share3 |
$0.07 |
|
Current Annualized Distribution per Common Share3 |
$0.84 |
|
Leverage as of October 31, 20094 |
42% |
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
|
|
4 |
Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
10/31/09 |
|
4/30/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
||||||||||||||||
|
Market Price |
|
$ |
12.34 |
|
$ |
10.87 |
|
13.52 |
% |
|
$ |
13.06 |
|
$ |
10.73 |
|
|
Net Asset Value |
|
$ |
13.02 |
|
$ |
12.27 |
|
6.11 |
% |
|
$ |
13.81 |
|
$ |
11.98 |
|
|
|
||||||||||||||||
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
County/City/Special District/ School District |
|
36 |
% |
|
39 |
% |
|
|
Utilities |
|
19 |
|
|
9 |
|
|
|
Transportation |
|
16 |
|
|
17 |
|
|
|
State |
|
13 |
|
|
17 |
|
|
|
Health |
|
9 |
|
|
6 |
|
|
|
Housing |
|
5 |
|
|
9 |
|
|
|
Corporate |
|
2 |
|
|
2 |
|
|
|
Education |
|
— |
|
|
1 |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
AAA/Aaa |
|
53 |
% |
|
83 |
% |
|
|
AA/Aa |
|
16 |
|
|
8 |
|
|
|
A/A |
|
26 |
|
|
8 |
|
|
|
BBB/Baa |
|
3 |
|
|
1 |
|
|
|
Not Rated6 |
|
2 |
|
|
— |
|
|
|
|
|||||||
|
|
|
|
5 |
Using the higher of S&P’s and Moody’s ratings. |
|
|
|
|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $5,883,162 representing 2% and $3,333,138 representing 1%, respectively, of the Fund’s long-term investments. |
|
|
|
|
|
|
||
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
9 |
|
|
|
|
|
|
|
|
|
|
Fund Summary as of October 31, 2009 |
BlackRock Muni Intermediate Duration Fund, Inc. |
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Investment Objective |
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BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (the “Fund”) seeks to provide shareholders with high current income exempt from federal income taxes by investing primarily in a portfolio of municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.
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No assurance can be given that the Fund’s investment objective will be achieved. |
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Performance |
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For the six months ended October 31, 2009, the Fund returned 13.36% based on market price and 12.11% based on NAV. For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 10.23% on a market price basis and 9.33% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Exposure to lower-rated and corporate-backed holdings contributed positively to Fund performance; these issues rebounded sharply as the municipal market rallied and credit spreads compressed. In addition, management was able to capitalize on opportunities in the new-issue market, adding discounted coupon bonds in higher-tax states, which tend to outperform as rates fall and secondary demand by the retail sector increases. The Fund also benefited from maintaining an above-average dividend to the shareholder. Despite adding both duration and positive convexity through the new-issue market, overall performance was hampered by the Fund’s neutral to slightly short duration bias relative to its Lipper peers. Lack of exposure to the utilities and transportation sectors, which outperformed during the period, also had a negative impact on results.
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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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Fund Information |
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Symbol on NYSE |
MUI |
|
Initial Offering Date |
August 1, 2003 |
|
Yield on Closing Market Price as of October 31, 2009 ($12.95)1 |
6.07% |
|
Tax Equivalent Yield2 |
9.34% |
|
Current Monthly Distribution per Common Share3 |
$0.0655 |
|
Current Annualized Distribution per Common Share3 |
$0.7860 |
|
Leverage as of October 31, 20094 |
39% |
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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 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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|
3 |
The distribution is not constant and is subject to change. |
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4 |
Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
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||||||||||||||||
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10/31/09 |
|
4/30/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
||||||||||||||||
|
Market Price |
|
$ |
12.95 |
|
$ |
11.77 |
|
10.03 |
% |
|
$ |
13.98 |
|
$ |
11.51 |
|
|
Net Asset Value |
|
$ |
14.20 |
|
$ |
13.05 |
|
8.81 |
% |
|
$ |
14.79 |
|
$ |
13.01 |
|
|
|
||||||||||||||||
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
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Sector Allocations |
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|
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|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
City/County/Special District/ School District |
|
24 |
% |
|
25 |
% |
|
|
State |
|
22 |
|
|
23 |
|
|
|
Transportation |
|
8 |
|
|
13 |
|
|
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Corporate |
|
14 |
|
|
11 |
|
|
|
Health |
|
10 |
|
|
10 |
|
|
|
Utilities |
|
9 |
|
|
7 |
|
|
|
Tobacco |
|
6 |
|
|
6 |
|
|
|
Housing |
|
3 |
|
|
3 |
|
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Education |
|
4 |
|
|
2 |
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|||||||
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|||||||
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Credit Quality Allocations5 |
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|
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|
|||||||
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|
|
|
|
|
|
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10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
AAA/Aaa |
|
30 |
% |
|
36 |
% |
|
|
AA/Aa |
|
23 |
|
|
30 |
|
|
|
A/A |
|
22 |
|
|
11 |
|
|
|
BBB/Baa |
|
14 |
|
|
12 |
|
|
|
BB/Ba |
|
1 |
|
|
— |
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B/B |
|
1 |
|
|
1 |
|
|
|
CCC/Caa |
|
2 |
|
|
1 |
|
|
|
Not Rated6 |
|
7 |
|
|
9 |
|
|
|
|
|||||||
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
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|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $18,183,479 representing 2% and $16,548,864 representing 2%, respectively, of the Fund’s long-term investments. |
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||
|
10 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
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Fund Summary as of October 31, 2009 |
BlackRock MuniVest Fund II, Inc. |
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Investment Objective |
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BlackRock MuniVest Fund II, Inc. (MVT) (the “Fund”) seeks 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 by investing primarily in a portfolio of long-term, investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes.
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No assurance can be given that the Fund’s investment objective will be achieved. |
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Performance |
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|
For the six months ended October 31, 2009, the Fund returned 24.21%, based on market price and 19.70% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a NAV basis. All returns reflect reinvestment of dividends. The Fund moved from a discount to a premium to NAV by period end, which accounts for the difference between performance based on price and performance based on NAV. Positive performance factors included concentrations in health, transportation and corporate-related debt. Renewed risk appetite was also beneficial, given the Fund’s focus on lower-rated credits. In addition, the Fund’s long duration stance and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative factors included less exposure to the tax-backed and essential services sectors.
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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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Fund Information |
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|
Symbol on NYSE |
MVT |
|
Initial Offering Date |
March 29, 1993 |
|
Yield on Closing Market Price as of October 31, 2009 ($13.94)1 |
7.19% |
|
Tax Equivalent Yield2 |
11.06% |
|
Current Monthly Distribution per Common Share3 |
$0.0835 |
|
Current Annualized Distribution per Common Share3 |
$1.0020 |
|
Leverage as of October 31, 20094 |
42% |
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
|
|
4 |
Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
10/31/09 |
|
4/30/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
||||||||||||||||
|
Market Price |
|
$ |
13.94 |
|
$ |
11.65 |
|
19.66 |
% |
|
$ |
14.81 |
|
$ |
11.54 |
|
|
Net Asset Value |
|
$ |
13.78 |
|
$ |
11.95 |
|
15.31 |
% |
|
$ |
14.55 |
|
$ |
11.94 |
|
|
|
||||||||||||||||
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
Health |
|
21 |
% |
|
18 |
% |
|
|
Corporate |
|
17 |
|
|
16 |
|
|
|
State |
|
13 |
|
|
14 |
|
|
|
Transportation |
|
13 |
|
|
13 |
|
|
|
County/City/Special District/ School District |
|
12 |
|
|
13 |
|
|
|
Utilities |
|
11 |
|
|
11 |
|
|
|
Education |
|
6 |
|
|
6 |
|
|
|
Housing |
|
5 |
|
|
5 |
|
|
|
Tobacco |
|
2 |
|
|
4 |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|
|||||||
|
AAA/Aaa |
|
20 |
% |
|
26 |
% |
|
|
AA/Aa |
|
34 |
|
|
28 |
|
|
|
A/A |
|
19 |
|
|
18 |
|
|
|
BBB/Baa |
|
13 |
|
|
12 |
|
|
|
BB/Ba |
|
1 |
|
|
1 |
|
|
|
B/B |
|
3 |
|
|
2 |
|
|
|
Not Rated6 |
|
10 |
|
|
13 |
|
|
|
|
|||||||
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $9,091,136 representing 2% and $10,825,769 representing 3%, respectively, of the Fund’s long-term investments. |
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||
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
11 |
|
|
|
|
|
|
The Funds may utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.
To leverage, all of the Funds, except APX and MUA, issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the cost of assets to be obtained from leverage will be based on short-term interest rates, which normally will be lower than the income earned by each Fund on its longer-term portfolio investments. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s Common Shareholders will benefit from the incremental net income.
To illustrate these concepts, assume a Fund’s 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 Fund 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 Fund with assets received from the Preferred Shares issuance earn the income based on long-term interest rates. In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the Fund’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental net income.
If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup on the Common Shares will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Fund pays dividends on the higher short-term interest rates whereas the Fund’s total portfolio earns income based on lower long-term interest rates.
Furthermore, the value of a Fund’s 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 Funds’ Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds’ NAV positively or negatively in addition to the impact on Fund performance from leverage from Preferred Shares discussed above.
The Funds may also leverage their assets through the use of tender option bond (“TOB”) programs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Funds with economic benefits in periods of declining short-term interest rates, but expose the Funds to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Funds, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect each Fund’s NAV per share.
The use of leverage may enhance opportunities for increased income to the Funds 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 Funds’ NAV, market price and dividend rate than a comparable portfolio without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Funds’ 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 Fund’s 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. The Funds 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 Fund to incur losses. The use of leverage may limit each Fund’s ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate preferred shares issued by the Funds. Each Fund will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.
Under the Investment Company Act of 1940, the Funds are permitted to issue Preferred Shares in an amount up to 50% of their total managed assets at the time of issuance. Under normal circumstances, each Fund anticipates that the total economic leverage from Preferred Shares and/or TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of October 31, 2009, the Funds had economic leverage from Preferred Shares and TOBs as a percentage of their total managed assets as follows:
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|
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|
|
|
|
|
|
|
|
|
Percent
of |
|
|
|
|
|
|
|
|
|
APX |
|
4 |
% |
|
|
MUA |
|
4 |
% |
|
|
MEN |
|
39 |
% |
|
|
MHD |
|
37 |
% |
|
|
MUH |
|
36 |
% |
|
|
MUS |
|
42 |
% |
|
|
MUI |
|
39 |
% |
|
|
MVT |
|
42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Funds may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset to the transaction and illiquidity of the derivative instrument. Each Fund’s ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require a Fund to sell or purchase portfolio securities at inopportune times or for distressed values, may limit the amount of appreciation a Fund can realize on an investment or may cause a Fund to hold a security that it might otherwise sell. The Funds’ investments in these instruments are discussed in detail in the Notes to Financial Statements.
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|
12 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
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|
|
|
|
|
|
|
BlackRock Apex Municipal Fund, Inc. (APX) |
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|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Alabama — 0.6% |
|
|
|
|
|
|
|
|
County of Jefferson, Alabama, RB, Series A, |
|
$ |
475 |
|
$ |
466,531 |
|
|
Tuscaloosa Special Care Facilities Financing Authority, |
|
|
1,255 |
|
|
502,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
968,531 |
|
|
|
|
|
|
|
|
|
|
|
Alaska — 1.0% |
|
|
|
|
|
|
|
|
Alaska Industrial Development & Export Authority, RB, |
|
|
2,000 |
|
|
1,731,560 |
|
|
|
|
|
|
|
|
|
|
|
Arizona — 4.5% |
|
|
|
|
|
|
|
|
Maricopa County IDA, Arizona, RB: |
|
|
|
|
|
|
|
|
Arizona Charter Schools Project 1, Series A, |
|
|
1,100 |
|
|
836,451 |
|
|
Sun King Apartments Project, Series A, |
|
|
10 |
|
|
9,881 |
|
|
Sun King Apartments Project, Series A, |
|
|
1,020 |
|
|
745,600 |
|
|
Phoenix IDA, Arizona, Refunding RB, America West |
|
|
2,950 |
|
|
1,949,124 |
|
|
Pima County IDA, RB, Arizona Charter School Project, |
|
|
960 |
|
|
896,064 |
|
|
Pima County IDA, Refunding RB, Tucson Electric Power Co., |
|
|
705 |
|
|
706,509 |
|
|
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/32 |
|
|
1,950 |
|
|
1,743,690 |
|
|
University Medical Center Corp., Arizona, RB, |
|
|
540 |
|
|
570,839 |
|
|
Yavapai County IDA, Arizona, RB, Yavapai Regional |
|
|
500 |
|
|
496,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,954,348 |
|
|
|
|
|
|
|
|
|
|
|
California — 2.9% |
|
|
|
|
|
|
|
|
California Health Facilities Financing Authority, RB, |
|
|
765 |
|
|
711,312 |
|
|
California State, GO, Refunding, 4.50%, 10/01/36 |
|
|
1,755 |
|
|
1,475,306 |
|
|
California Statewide Communities Development |
|
|
|
|
|
|
|
|
7.00%, 11/15/29 |
|
|
400 |
|
|
429,828 |
|
|
7.25%, 11/15/41 |
|
|
1,440 |
|
|
1,543,925 |
|
|
City of Fontana, California, Special Tax, Community |
|
|
1,000 |
|
|
855,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,016,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Colorado — 3.1% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Christian Living |
|
$ |
450 |
|
$ |
388,197 |
|
|
Elk Valley Public Improvement, RB, Public Improvement |
|
|
2,800 |
|
|
2,685,564 |
|
|
Plaza Metropolitan District No. 1, Colorado, TAN, |
|
|
|
|
|
|
|
|
Public Improvement Fee, 8.00%, 12/01/25 |
|
|
2,000 |
|
|
1,952,200 |
|
|
Subordinate Public Improvement Fee, |
|
|
500 |
|
|
464,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,490,276 |
|
|
|
|
|
|
|
|
|
|
|
Connecticut — 2.0% |
|
|
|
|
|
|
|
|
Mashantucket Western Pequot Tribe, RB, 2006 |
|
|
615 |
|
|
327,752 |
|
|
Mashantucket Western Pequot Tribe, Refunding RB, |
|
|
1,400 |
|
|
740,796 |
|
|
Mohegan Tribe of Indians of Connecticut, RB, Public |
|
|
|
|
|
|
|
|
6.25%, 1/01/31 |
|
|
1,785 |
|
|
1,383,304 |
|
|
5.25%, 1/01/33 (c) |
|
|
1,500 |
|
|
1,001,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,453,717 |
|
|
|
|
|
|
|
|
|
|
|
District of Columbia — 1.2% |
|
|
|
|
|
|
|
|
District of Columbia Tobacco Settlement Financing Corp., |
|
|
730 |
|
|
688,149 |
|
|
Metropolitan Washington Airports Authority, RB, CAB, |
|
|
9,770 |
|
|
1,496,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,184,718 |
|
|
|
|
|
|
|
|
|
|
|
Florida — 9.1% |
|
|
|
|
|
|
|
|
Capital Region Community Development District, Florida, |
|
|
645 |
|
|
591,974 |
|
|
Hillsborough County IDA, RB, National Gypsum, AMT: |
|
|
|
|
|
|
|
|
Series A, 7.13%, 4/01/30 |
|
|
2,500 |
|
|
1,723,925 |
|
|
Series B, 7.13%, 4/01/30 |
|
|
1,560 |
|
|
1,075,729 |
|
|
Jacksonville Economic Development Commission, RB, |
|
|
900 |
|
|
626,292 |
|
|
Jacksonville Economic Development Commission, |
|
|
840 |
|
|
849,324 |
|
|
Lee County IDA, Florida, RB, Series A, Lee Charter |
|
|
1,810 |
|
|
1,288,521 |
|
|
Main Street Community Development District, Special |
|
|
345 |
|
|
299,888 |
|
|
Midtown Miami Community Development District, |
|
|
|
|
|
|
|
|
6.00%, 5/01/24 |
|
|
1,430 |
|
|
1,196,796 |
|
|
6.25%, 5/01/37 |
|
|
1,350 |
|
|
1,086,318 |
|
|
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28 |
|
|
2,140 |
|
|
1,155,258 |
|
|
|
|
|
|
Portfolio Abbreviations |
|
|
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 list on the right.
|
|
|
|
ACA |
American Capital Access Corp. |
|
AGC |
Assured Guaranty 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 |
|
FGIC |
Financial Guaranty Insurance Co. |
|
FHA |
Federal Housing Administration |
|
FSA |
Financial Security Assurance Inc. |
|
GO |
General Obligation Bonds |
|
GNMA |
Government National Mortgage Association |
|
HDA |
Housing Development Authority |
|
HFA |
Housing Finance Agency |
|
IDA |
Industrial Development Authority |
|
IDRB |
Industrial Development Revenue Bonds |
|
M/F |
Multi-Family |
|
MBIA |
Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.) |
|
PSF-GTD |
Permanent School Fund Guaranteed |
|
RB |
Revenue Bonds |
|
S/F |
Single-Family |
|
TAN |
Tax Anticipation Notes |
|
VRDN |
Variable Rate Demand Note |
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
||
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
13 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Florida (concluded) |
|
|
|
|
|
|
|
|
Sarasota County Health Facilities Authority, Refunding |
|
|
|
|
|
|
|
|
5.50%, 1/01/27 |
|
$ |
590 |
|
$ |
494,025 |
|
|
5.50%, 1/01/32 |
|
|
550 |
|
|
405,994 |
|
|
Sarasota County Public Hospital District, RB, Sarasota |
|
|
470 |
|
|
476,787 |
|
|
Sumter Landing Community Development District, |
|
|
1,615 |
|
|
1,163,882 |
|
|
Tampa Palms Open Space & Transportation Community |
|
|
2,075 |
|
|
2,053,254 |
|
|
Tolomato Community Development District, Special |
|
|
1,850 |
|
|
1,408,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,896,964 |
|
|
|
|
|
|
|
|
|
|
|
Georgia — 2.2% |
|
|
|
|
|
|
|
|
City of Atlanta, Georgia, TAN, Princeton Lakes Project, |
|
|
395 |
|
|
330,042 |
|
|
County of Clayton, Georgia, TAN, Ellenwood Project, |
|
|
1,640 |
|
|
1,581,846 |
|
|
Gainesville & Hall County Development Authority, RB, |
|
|
645 |
|
|
676,540 |
|
|
Rockdale County Development Authority, RB, Visy Paper |
|
|
1,680 |
|
|
1,348,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,936,594 |
|
|
|
|
|
|
|
|
|
|
|
Guam — 3.3% |
|
|
|
|
|
|
|
|
Guam Government Waterworks Authority, RB, Water: |
|
|
|
|
|
|
|
|
6.00%, 7/01/25 |
|
|
515 |
|
|
515,927 |
|
|
5.88%, 7/01/35 |
|
|
1,600 |
|
|
1,521,664 |
|
|
Territory of Guam, GO, Series A: |
|
|
|
|
|
|
|
|
6.00%, 11/15/19 |
|
|
250 |
|
|
260,322 |
|
|
6.75%, 11/15/29 |
|
|
440 |
|
|
470,774 |
|
|
7.00%, 11/15/39 |
|
|
455 |
|
|
491,782 |
|
|
Territory of Guam, RB, Section 30, Series A: |
|
|
|
|
|
|
|
|
5.63%, 12/01/29 |
|
|
1,000 |
|
|
1,006,450 |
|
|
5.75%, 12/01/34 |
|
|
1,540 |
|
|
1,568,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,835,147 |
|
|
|
|
|
|
|
|
|
|
|
Illinois — 4.1% |
|
|
|
|
|
|
|
|
City of Chicago, Illinois, Refunding RB, American Airlines, |
|
|
2,860 |
|
|
1,857,713 |
|
|
Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
|
Clare at Water Tower Project, Series A, |
|
|
2,050 |
|
|
1,031,088 |
|
|
Monarch Landing Inc. Facilities, Series A, |
|
|
575 |
|
|
287,500 |
|
|
Primary Health Care Centers Program, |
|
|
490 |
|
|
426,893 |
|
|
Rush University Medical Center Obligation Group, |
|
|
2,000 |
|
|
2,259,560 |
|
|
Lincolnshire Special Service Area No. 1, Illinois, Special |
|
|
755 |
|
|
585,827 |
|
|
Village of Wheeling, Illinois, TAN, North Milwaukee, |
|
|
760 |
|
|
664,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,113,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Indiana — 2.6% |
|
|
|
|
|
|
|
|
Indiana Finance Authority, Refunding RB, Duke Energy, |
|
$ |
1,390 |
|
$ |
1,325,282 |
|
|
Indiana Health & Educational Facilities Financing |
|
|
1,770 |
|
|
1,676,615 |
|
|
Vanderburgh County Redevelopment Commission, |
|
|
820 |
|
|
771,907 |
|
|
Vigo County Hospital Authority, Indiana, RB, Union |
|
|
|
|
|
|
|
|
5.70%, 9/01/37 |
|
|
440 |
|
|
343,323 |
|
|
5.75%, 9/01/42 |
|
|
545 |
|
|
420,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,537,682 |
|
|
|
|
|
|
|
|
|
|
|
Louisiana — 1.1% |
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & |
|
|
2,000 |
|
|
1,916,840 |
|
|
|
|
|
|
|
|
|
|
|
Maryland — 1.0% |
|
|
|
|
|
|
|
|
Maryland Health & Higher Educational Facilities |
|
|
410 |
|
|
207,915 |
|
|
Maryland State Energy Financing Administration, IDRB, |
|
|
1,500 |
|
|
1,500,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,708,230 |
|
|
|
|
|
|
|
|
|
|
|
Massachusetts — 2.6% |
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
|
Eastern Nazarene College, 5.63%, 4/01/19 |
|
|
1,245 |
|
|
1,115,595 |
|
|
First Mortgage, Overlook Community, Series A, |
|
|
1,845 |
|
|
1,534,505 |
|
|
Massachusetts Health & Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
|
Jordan Hospital, Series E, 6.75%, 10/01/33 |
|
|
850 |
|
|
758,463 |
|
|
Milton Hospital, Series C, 5.50%, 7/01/16 |
|
|
500 |
|
|
432,325 |
|
|
Massachusetts Industrial Finance Agency, RB, Sewer |
|
|
200 |
|
|
201,362 |
|
|
Massachusetts State Port Authority Special Facilities, RB, |
|
|
650 |
|
|
588,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,630,714 |
|
|
|
|
|
|
|
|
|
|
|
Michigan — 2.6% |
|
|
|
|
|
|
|
|
Advanced Technology Academy, RB, 6.00%, 11/01/37 |
|
|
625 |
|
|
512,794 |
|
|
Monroe County Hospital Finance Authority, Refunding RB, |
|
|
1,260 |
|
|
966,836 |
|
|
Royal Oak Hospital Finance Authority, Michigan, RB, |
|
|
2,575 |
|
|
2,990,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,470,209 |
|
|
|
|
|
|
|
|
|
|
|
Missouri — 0.5% |
|
|
|
|
|
|
|
|
Kansas City IDA, Missouri, RB, First Mortgage, Bishop |
|
|
1,000 |
|
|
840,270 |
|
|
|
|
|
|
|
|
|
|
|
Multi-State — 0.4% |
|
|
|
|
|
|
|
|
MuniMae Tax-Exempt Bond Subsidiary LLC, 7.50%, |
|
|
700 |
|
|
649,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
14 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Nevada — 0.7% |
|
|
|
|
|
|
|
|
Clark County Improvement District, Nevada, Special |
|
$ |
390 |
|
$ |
367,333 |
|
|
County of Clark, Nevada, RB, Nevada Power Co. Project, |
|
|
955 |
|
|
900,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,267,344 |
|
|
|
|
|
|
|
|
|
|
|
New Hampshire — 0.4% |
|
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
|
835 |
|
|
695,572 |
|
|
|
|
|
|
|
|
|
|
|
New Jersey — 9.4% |
|
|
|
|
|
|
|
|
Camden County Pollution Control Financing Authority, RB, |
|
|
4,885 |
|
|
4,885,782 |
|
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
Cigarette Tax, 5.50%, 6/15/24 |
|
|
2,170 |
|
|
2,071,265 |
|
|
Continental Airlines Inc. Project, AMT, |
|
|
3,050 |
|
|
2,987,505 |
|
|
Continental Airlines Inc. Project, AMT, |
|
|
1,000 |
|
|
854,430 |
|
|
New Jersey EDA, Refunding RB, Newark Airport Marriott |
|
|
1,500 |
|
|
1,476,285 |
|
|
New Jersey Educational Facilities Authority, Refunding RB, |
|
|
|
|
|
|
|
|
7.13%, 12/01/23 |
|
|
670 |
|
|
754,494 |
|
|
7.50%, 12/01/32 |
|
|
1,065 |
|
|
1,199,137 |
|
|
New Jersey Health Care Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
Pascack Valley Hospital Association, 6.63%, |
|
|
1,870 |
|
|
187 |
|
|
Saint Josephs Healthcare System, 6.63%, 7/01/38 |
|
|
1,680 |
|
|
1,700,210 |
|
|
New Jersey Transportation Trust Fund Authority, New |
|
|
2,760 |
|
|
538,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,467,826 |
|
|
|
|
|
|
|
|
|
|
|
New Mexico — 2.9% |
|
|
|
|
|
|
|
|
Farmington, New Mexico, RB, Tucson Electric Power Co. |
|
|
5,000 |
|
|
5,003,750 |
|
|
|
|
|
|
|
|
|
|
|
New York — 4.4% |
|
|
|
|
|
|
|
|
Dutchess County Industrial Development Agency, New |
|
|
1,000 |
|
|
972,080 |
|
|
Metropolitan Transportation Authority, RB, Series 2008-C, |
|
|
2,000 |
|
|
2,267,380 |
|
|
New York City Industrial Development Agency, RB: |
|
|
|
|
|
|
|
|
American Airlines, JFK International Airport, AMT, |
|
|
720 |
|
|
721,786 |
|
|
British Airways Plc Project, AMT, 7.63%, 12/01/32 |
|
|
1,730 |
|
|
1,617,342 |
|
|
Series C, 6.80%, 6/01/28 |
|
|
350 |
|
|
364,077 |
|
|
Special Needs Facilities Pooled Program, Series C-1, |
|
|
830 |
|
|
762,322 |
|
|
New York Liberty Development Corp., RB, National Sports |
|
|
630 |
|
|
63 |
|
|
New York State Dormitory Authority, RB, North Shore L I |
|
|
1,000 |
|
|
1,010,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,715,370 |
|
|
|
|
|
|
|
|
|
|
|
North Carolina — 1.8% |
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, RB, First |
|
|
3,230 |
|
|
3,134,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Ohio — 3.7% |
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, RB, |
|
|
|
|
|
|
|
|
5.13%, 6/01/24 |
|
$ |
3,490 |
|
$ |
3,096,188 |
|
|
6.50%, 6/01/47 |
|
|
2,685 |
|
|
2,162,982 |
|
|
Ohio Air Quality Development Authority, RB, Ohio Valley |
|
|
1,215 |
|
|
1,211,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,470,549 |
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania — 7.6% |
|
|
|
|
|
|
|
|
Bucks County IDA, RB, Ann’s Choice Inc. Facilities, |
|
|
1,160 |
|
|
1,031,205 |
|
|
Lancaster County Hospital Authority, RB, Brethren Village |
|
|
|
|
|
|
|
|
6.25%, 7/01/26 |
|
|
475 |
|
|
445,084 |
|
|
6.50%, 7/01/40 |
|
|
410 |
|
|
365,900 |
|
|
Lycoming County Authority, Refunding RB, Susquehanna |
|
|
1,590 |
|
|
1,511,867 |
|
|
Montgomery County IDA, Pennsylvania, RB, Mortgage, |
|
|
1,700 |
|
|
1,193,366 |
|
|
Pennsylvania Higher Educational Facilities Authority, |
|
|
4,035 |
|
|
3,230,461 |
|
|
Philadelphia Authority for Industrial Development, RB: |
|
|
|
|
|
|
|
|
Air Cargo, Series A, AMT, 7.50%, 1/01/25 |
|
|
1,600 |
|
|
1,412,784 |
|
|
Commercial Development, AMT, 7.75%, 12/01/17 |
|
|
4,460 |
|
|
4,143,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,333,695 |
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico — 1.9% |
|
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority, Refunding RB, |
|
|
2,355 |
|
|
2,277,356 |
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
|
1,000 |
|
|
1,081,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,358,856 |
|
|
|
|
|
|
|
|
|
|
|
Rhode Island — 0.8% |
|
|
|
|
|
|
|
|
Central Falls Detention Facility Corp., Rhode Island, |
|
|
1,750 |
|
|
1,485,032 |
|
|
|
|
|
|
|
|
|
|
|
South Carolina — 0.7% |
|
|
|
|
|
|
|
|
Connector 2000 Association Inc., RB, CAB, Senior, |
|
|
1,075 |
|
|
321,049 |
|
|
South Carolina Jobs Economic Development Authority, |
|
|
|
|
|
|
|
|
5.50%, 8/01/26 |
|
|
670 |
|
|
662,000 |
|
|
5.75%, 8/01/39 |
|
|
270 |
|
|
262,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,245,897 |
|
|
|
|
|
|
|
|
|
|
|
South Dakota — 0.5% |
|
|
|
|
|
|
|
|
South Dakota Health & Educational Facilities Authority, |
|
|
810 |
|
|
823,081 |
|
|
|
|
|
|
|
|
|
|
|
Tennessee — 0.1% |
|
|
|
|
|
|
|
|
Shelby County, Health, Educational & Housing Facilities |
|
|
245 |
|
|
202,395 |
|
|
|
|
|
|
|
|
|
|
|
Texas — 7.3% |
|
|
|
|
|
|
|
|
Brazos River Authority, Refunding RB, AMT: |
|
|
|
|
|
|
|
|
TXU Electric Co. Project, Series C, |
|
|
1,475 |
|
|
1,328,459 |
|
|
Texas Utility Co., Series A, 7.70%, 4/01/33 |
|
|
2,530 |
|
|
1,470,183 |
|
|
City of Houston, Texas, RB, Special Facilities, Continental, |
|
|
1,865 |
|
|
1,731,261 |
|
|
Danbury Higher Education Authority Inc., RB, AW Brown |
|
|
1,000 |
|
|
787,470 |
|
|
Harris County Health Facilities Development Corp., |
|
|
1,110 |
|
|
1,240,647 |
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
||
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
15 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Texas (concluded) |
|
|
|
|
|
|
|
|
Matagorda County Navigation District No. 1, Texas, |
|
$ |
850 |
|
$ |
909,959 |
|
|
North Texas Tollway Authority, Refunding RB, Second Tier, |
|
|
1,650 |
|
|
1,713,657 |
|
|
Tarrant County Cultural Education Facilities Finance |
|
|
1,710 |
|
|
1,653,074 |
|
|
Texas State Public Finance Authority, RB, Kipp Inc. |
|
|
2,250 |
|
|
1,928,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,762,960 |
|
|
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands — 1.4% |
|
|
|
|
|
|
|
|
United States Virgin Islands, RB, Senior Secured, |
|
|
2,100 |
|
|
2,130,891 |
|
|
Virgin Islands Public Finance Authority, RB, Senior Lien, |
|
|
340 |
|
|
322,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,453,701 |
|
|
|
|
|
|
|
|
|
|
|
Utah — 1.3% |
|
|
|
|
|
|
|
|
County of Carbon, Utah, Refunding RB, Laidlaw |
|
|
2,240 |
|
|
2,242,957 |
|
|
|
|
|
|
|
|
|
|
|
Virginia — 1.7% |
|
|
|
|
|
|
|
|
Dulles Town Center Community Development Authority, |
|
|
2,385 |
|
|
2,212,231 |
|
|
Tobacco Settlement Financing Corp., Virginia, RB, Senior, |
|
|
1,250 |
|
|
851,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,063,769 |
|
|
|
|
|
|
|
|
|
|
|
Wisconsin — 1.0% |
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, RB: |
|
|
1,320 |
|
|
1,234,134 |
|
|
Saint Johns Communities, Inc., 7.25%, 9/15/29 |
|
|
175 |
|
|
175,775 |
|
|
Saint Johns Communities, Inc., 7.63%, 9/15/39 |
|
|
350 |
|
|
355,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,765,117 |
|
|
|
|
|
|
|
|
|
|
|
Wyoming — 1.9% |
|
|
|
|
|
|
|
|
County of Sweetwater, Wyoming, Refunding RB, FMC |
|
|
2,500 |
|
|
2,331,500 |
|
|
Wyoming Municipal Power Agency, Wyoming, RB, Series A, |
|
|
1,000 |
|
|
1,008,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,340,300 |
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds — 94.3% |
|
|
|
|
|
165,166,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia — 1.7% |
|
|
|
|
|
|
|
|
District of Columbia Water & Sewer Authority, RB, |
|
|
2,730 |
|
|
3,051,849 |
|
|
|
|
|
|
|
|
|
|
|
Florida — 3.4% |
|
|
|
|
|
|
|
|
County of Miami-Dade, Florida, RB, Miami International |
|
|
6,130 |
|
|
5,974,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Virginia — 3.3% |
|
|
|
|
|
|
|
|
Virginia HDA, RB, Sub-Series H-1 (MBIA), |
|
$ |
5,710 |
|
$ |
5,756,194 |
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
14,782,954 |
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments |
|
|
|
|
|
179,949,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi — 0.6% |
|
|
|
|
|
|
|
|
Mississippi Business Finance Corp., RB, VRDN, Waste |
|
|
1,000 |
|
|
1,010,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund — 0.0% |
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.23% (j)(k) |
|
|
100,308 |
|
|
100,308 |
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Securities |
|
|
|
|
|
1,110,878 |
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost — $192,095,163*) — 103.3% |
|
|
|
|
|
181,060,587 |
|
|
Other Assets Less Liabilities — 0.9% |
|
|
|
|
|
1,456,528 |
|
|
Liability for Trust Certificates, Including |
|
|
|
|
|
|
|
|
Interest Expense and Fees Payable — (4.2)% |
|
|
|
|
|
(7,291,471 |
) |
|
|
|
|
|
|
|
|
|
|
Net Assets — 100.0% |
|
|
|
|
$ |
175,225,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
184,247,406 |
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
7,403,691 |
|
|
Gross unrealized depreciation |
|
|
(17,875,956 |
) |
|
|
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(10,472,265 |
) |
|
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
|
|
|
(b) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
|
|
(c) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|
|
|
|
(d) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
|
|
(e) |
Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity and is subject to mandatory redemption. |
|
|
|
|
(f) |
Security is perpetual in nature and has no stated maturity date. |
|
|
|
|
(g) |
When-issued security. Unsettled when-issued security transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
|
|
|
|
|
||
|
B.C. Ziegler |
|
$ |
1,653,074 |
|
$ |
(9,320 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund 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 tender option bond trusts. |
|
|
|
|
(i) |
Security may have a maturity of more than one year at time of issuance but has variable rate and demand features that qualify it as a short-term security. Rate shown is as of report date and maturity shown is the date the principal owed can be covered through demand. |
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
16 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
|
|
(j) |
Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Affiliate |
|
Net |
|
Income |
|
||
|
|
|
|
|
|
|
||
|
FFI Institutional Tax-Exempt Fund |
|
$ |
302 |
|
$ |
1,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(k) |
Represents the current yield as of report date. |
|
|
|
|
|
|
• |
Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
|
• |
Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
|
• |
Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Fund’s investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments
in |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
||
|
Level 1 — Short-Term Securities |
|
$ |
100,308 |
|
|
Level 2 — Long-Term Investments1 |
|
|
180,960,279 |
|
|
Level 3 |
|
|
— |
|
|
|
|
|
|
|
|
Total |
|
$ |
181,060,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
||
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
17 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments October 31, 2009 (Unaudited) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Alabama — 0.5% |
|
|
|
|
|
|
|
|
County of Jefferson, Alabama, RB, Series A, |
|
$ |
685 |
|
$ |
672,786 |
|
|
Tuscaloosa Special Care Facilities Financing Authority, |
|
|
1,820 |
|
|
728,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,400,786 |
|
|
|
|
|
|
|
|
|
|
|
Alaska — 0.2% |
|
|
|
|
|
|
|
|
Alaska Industrial Development & Export Authority, RB, |
|
|
590 |
|
|
570,241 |
|
|
|
|
|
|
|
|
|
|
|
Arizona — 8.1% |
|
|
|
|
|
|
|
|
Coconino County Pollution Control Corp., Arizona, RB, |
|
|
|
|
|
|
|
|
Series A, AMT, 7.13%, 10/01/32 |
|
|
3,000 |
|
|
3,000,990 |
|
|
Series B, 7.00%, 10/01/32 |
|
|
2,500 |
|
|
2,502,075 |
|
|
Maricopa County IDA, Arizona, RB, Series A: |
|
|
|
|
|
|
|
|
Arizona Charter Schools Project 1, 6.63%, 7/01/20 |
|
|
1,625 |
|
|
1,235,666 |
|
|
Sun King Apartments Project, 6.75%, 5/01/31 |
|
|
1,615 |
|
|
1,180,533 |
|
|
Phoenix IDA, Arizona, Refunding RB, America West |
|
|
4,800 |
|
|
3,171,456 |
|
|
Pima County IDA, RB: |
|
|
|
|
|
|
|
|
Arizona Charter School Project, Series E, |
|
|
1,375 |
|
|
1,283,425 |
|
|
Arizona Charter Schools Project, Series O, |
|
|
500 |
|
|
361,485 |
|
|
Charter Schools, II, Series A, 6.75%, 7/01/11 (c) |
|
|
415 |
|
|
455,716 |
|
|
Charter Schools, II, Series A, 6.75%, 7/01/31 |
|
|
675 |
|
|
597,193 |
|
|
Pima County IDA, Refunding RB, Tucson Electric Power |
|
|
1,025 |
|
|
1,027,194 |
|
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
5.00%, 12/01/32 |
|
|
2,840 |
|
|
2,539,528 |
|
|
5.00%, 12/01/37 |
|
|
1,850 |
|
|
1,573,610 |
|
|
Show Low Improvement District, Arizona, Special |
|
|
865 |
|
|
854,265 |
|
|
University Medical Center Corp., Arizona, RB: |
|
|
|
|
|
|
|
|
6.25%, 7/01/29 |
|
|
280 |
|
|
295,991 |
|
|
6.50%, 7/01/39 |
|
|
500 |
|
|
527,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,606,597 |
|
|
|
|
|
|
|
|
|
|
|
California — 2.8% |
|
|
|
|
|
|
|
|
California Health Facilities Financing Authority, RB, |
|
|
1,115 |
|
|
1,036,749 |
|
|
California State, GO, Refunding, 4.50%, 10/01/36 |
|
|
2,555 |
|
|
2,147,810 |
|
|
California Statewide Communities Development |
|
|
|
|
|
|
|
|
7.00%, 11/15/29 |
|
|
600 |
|
|
644,742 |
|
|
7.25%, 11/15/41 |
|
|
2,060 |
|
|
2,208,670 |
|
|
City of Fontana, California, Special Tax, Community |
|
|
1,320 |
|
|
1,129,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,167,706 |
|
|
|
|
|
|
|
|
|
|
|
Colorado — 3.6% |
|
|
|
|
|
|
|
|
City & County of Denver, Colorado, RB, AMT (AMBAC), |
|
|
1,540 |
|
|
1,692,121 |
|
|
Colorado Health Facilities Authority, RB, Christian Living |
|
|
650 |
|
|
560,729 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Colorado (concluded) |
|
|
|
|
|
|
|
|
Elk Valley Public Improvement, RB, Public |
|
|
|
|
|
|
|
|
Series A, 7.10%, 9/01/14 |
|
$ |
1,395 |
|
$ |
1,424,267 |
|
|
Series A, 7.30%, 9/01/22 |
|
|
2,095 |
|
|
2,009,377 |
|
|
Series B, 7.45%, 9/01/31 |
|
|
200 |
|
|
182,450 |
|
|
Plaza Metropolitan District No. 1, Colorado, TAN: |
|
|
|
|
|
|
|
|
Public Improvement Fee, Tax Increment, |
|
|
2,850 |
|
|
2,781,885 |
|
|
Subordinate Public Improvement Fee, Tax Increment, |
|
|
525 |
|
|
487,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,138,360 |
|
|
|
|
|
|
|
|
|
|
|
Connecticut — 2.6% |
|
|
|
|
|
|
|
|
Connecticut State Development Authority, RB, AFCO |
|
|
3,490 |
|
|
3,184,136 |
|
|
Mashantucket Western Pequot Tribe, RB, 2006 |
|
|
885 |
|
|
471,643 |
|
|
Mashantucket Western Pequot Tribe, Refunding RB, |
|
|
1,600 |
|
|
846,624 |
|
|
Mohegan Tribe of Indians of Connecticut, RB, Public |
|
|
2,610 |
|
|
2,022,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,525,049 |
|
|
|
|
|
|
|
|
|
|
|
District of Columbia — 1.2% |
|
|
|
|
|
|
|
|
District of Columbia Tobacco Settlement Financing Corp., |
|
|
1,055 |
|
|
994,517 |
|
|
Metropolitan Washington Airports Authority, RB, CAB, |
|
|
7,000 |
|
|
1,957,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,952,347 |
|
|
|
|
|
|
|
|
|
|
|
Florida — 9.0% |
|
|
|
|
|
|
|
|
Capital Region Community Development District, Florida, |
|
|
945 |
|
|
867,311 |
|
|
Greater Orlando Aviation Authority, Florida, RB, Special |
|
|
1,180 |
|
|
1,003,413 |
|
|
Harbor Bay Community Development District, Florida, |
|
|
455 |
|
|
457,370 |
|
|
Hillsborough County IDA, RB: |
|
|
|
|
|
|
|
|
National Gypsum, Series A, AMT, 7.13%, 4/01/30 |
|
|
2,000 |
|
|
1,379,140 |
|
|
National Gypsum, Series B, AMT, 7.13%, 4/01/30 |
|
|
1,540 |
|
|
1,061,938 |
|
|
Tampa General Hospital Project, 5.00%, 10/01/36 |
|
|
4,170 |
|
|
3,775,810 |
|
|
Jacksonville Economic Development Commission, RB, |
|
|
1,300 |
|
|
904,644 |
|
|
Jacksonville Economic Development Commission, |
|
|
850 |
|
|
859,435 |
|
|
Lee County IDA, Florida, RB, Series A, Lee Charter |
|
|
2,620 |
|
|
1,865,152 |
|
|
Main Street Community Development District, Special |
|
|
500 |
|
|
434,620 |
|
|
Midtown Miami Community Development District, |
|
|
3,255 |
|
|
2,619,233 |
|
|
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28 |
|
|
3,040 |
|
|
1,641,114 |
|
|
Sarasota County Health Facilities Authority, Refunding RB, |
|
|
|
|
|
|
|
|
5.50%, 1/01/27 |
|
|
860 |
|
|
720,104 |
|
|
5.50%, 1/01/32 |
|
|
795 |
|
|
586,845 |
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
18 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Florida (concluded) |
|
|
|
|
|
|
|
|
Sarasota County Public Hospital District, RB, Sarasota |
|
$ |
1,025 |
|
$ |
1,039,801 |
|
|
Sumter Landing Community Development District, |
|
|
2,380 |
|
|
1,715,195 |
|
|
Tolomato Community Development District, Special |
|
|
2,680 |
|
|
2,041,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,972,267 |
|
|
|
|
|
|
|
|
|
|
|
Georgia — 2.3% |
|
|
|
|
|
|
|
|
City of Atlanta, Georgia, TAN, Princeton Lakes Project, |
|
|
640 |
|
|
534,752 |
|
|
County of Clayton, Georgia, TAN, Ellenwood Project, |
|
|
2,375 |
|
|
2,290,782 |
|
|
Gainesville & Hall County Development Authority, RB, |
|
|
|
|
|
|
|
|
6.38%, 11/15/29 |
|
|
700 |
|
|
736,274 |
|
|
6.63%, 11/15/39 |
|
|
235 |
|
|
246,491 |
|
|
Rockdale County Development Authority, RB, Visy Paper |
|
|
2,435 |
|
|
1,954,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,762,338 |
|
|
|
|
|
|
|
|
|
|
|
Guam — 3.3% |
|
|
|
|
|
|
|
|
Guam Government Waterworks Authority, RB, Water: |
|
|
|
|
|
|
|
|
6.00%, 7/01/25 |
|
|
750 |
|
|
751,350 |
|
|
5.88%, 7/01/35 |
|
|
2,305 |
|
|
2,192,147 |
|
|
Territory of Guam, GO, Series A: |
|
|
|
|
|
|
|
|
6.00%, 11/15/19 |
|
|
365 |
|
|
380,071 |
|
|
6.75%, 11/15/29 |
|
|
635 |
|
|
679,412 |
|
|
7.00%, 11/15/39 |
|
|
660 |
|
|
713,354 |
|
|
Territory of Guam, RB, Section 30, Series A: |
|
|
|
|
|
|
|
|
5.63%, 12/01/29 |
|
|
1,460 |
|
|
1,469,417 |
|
|
5.75%, 12/01/34 |
|
|
2,250 |
|
|
2,291,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,476,993 |
|
|
|
|
|
|
|
|
|
|
|
Illinois — 3.2% |
|
|
|
|
|
|
|
|
City of Chicago, Illinois, Refunding RB, American Airlines, |
|
|
4,140 |
|
|
2,689,137 |
|
|
Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
|
Clare at Water Tower Project, Series A, |
|
|
2,950 |
|
|
1,483,761 |
|
|
Monarch Landing Inc. Facilities, Series A, |
|
|
820 |
|
|
410,000 |
|
|
Primary Health Care Centers Program, |
|
|
685 |
|
|
596,779 |
|
|
Rush University Medical Center Obligation Group, |
|
|
1,170 |
|
|
1,321,843 |
|
|
Lincolnshire Special Service Area No. 1, Illinois, Special |
|
|
1,070 |
|
|
830,245 |
|
|
Village of Wheeling, Illinois, TAN, North Milwaukee, |
|
|
825 |
|
|
721,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,053,104 |
|
|
|
|
|
|
|
|
|
|
|
Indiana — 1.6% |
|
|
|
|
|
|
|
|
Indiana Finance Authority, RB, Refunding Duke Energy, |
|
|
2,025 |
|
|
1,930,716 |
|
|
Vanderburgh County Redevelopment Commission, |
|
|
1,200 |
|
|
1,129,620 |
|
|
Vigo County Hospital Authority, Indiana, RB, Union |
|
|
|
|
|
|
|
|
5.70%, 9/01/37 |
|
|
615 |
|
|
479,872 |
|
|
5.75%, 9/01/42 |
|
|
765 |
|
|
590,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,130,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Louisiana — 1.1% |
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & |
|
$ |
3,000 |
|
$ |
2,875,260 |
|
|
|
|
|
|
|
|
|
|
|
Maryland — 1.2% |
|
|
|
|
|
|
|
|
Maryland Economic Development Corp., RB, Health & |
|
|
1,765 |
|
|
1,780,002 |
|
|
Maryland Health & Higher Educational Facilities |
|
|
590 |
|
|
299,195 |
|
|
Maryland State Energy Financing Administration, IDRB, |
|
|
1,080 |
|
|
1,080,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,159,424 |
|
|
|
|
|
|
|
|
|
|
|
Massachusetts — 1.8% |
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, Refunding |
|
|
1,200 |
|
|
1,261,584 |
|
|
Massachusetts Health & Educational Facilities Authority, |
|
|
1,150 |
|
|
1,026,157 |
|
|
Massachusetts Port Authority, RB, Delta Air Lines Inc. |
|
|
2,400 |
|
|
1,937,568 |
|
|
Massachusetts State Development Finance Agency, |
|
|
500 |
|
|
393,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,618,654 |
|
|
|
|
|
|
|
|
|
|
|
Michigan — 2.5% |
|
|
|
|
|
|
|
|
Advanced Technology Academy, RB, 6.00%, 11/01/37 |
|
|
900 |
|
|
738,423 |
|
|
Monroe County Hospital Finance Authority, Refunding RB, |
|
|
1,740 |
|
|
1,335,154 |
|
|
Royal Oak Hospital Finance Authority, Michigan, RB, |
|
|
3,735 |
|
|
4,337,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,411,369 |
|
|
|
|
|
|
|
|
|
|
|
Minnesota — 0.8% |
|
|
|
|
|
|
|
|
City of Minneapolis, Minnesota, RB, Fairview Health |
|
|
1,785 |
|
|
1,993,434 |
|
|
|
|
|
|
|
|
|
|
|
Missouri — 0.3% |
|
|
|
|
|
|
|
|
Kansas City IDA, Missouri, RB, First Mortgage, Bishop |
|
|
1,000 |
|
|
840,270 |
|
|
|
|
|
|
|
|
|
|
|
Multi-State — 0.4% |
|
|
|
|
|
|
|
|
MuniMae Tax-Exempt Bond Subsidiary LLC, 7.50%, |
|
|
1,000 |
|
|
927,480 |
|
|
|
|
|
|
|
|
|
|
|
Nevada — 0.7% |
|
|
|
|
|
|
|
|
Clark County Improvement District, Nevada, Special |
|
|
615 |
|
|
579,256 |
|
|
County of Clark, Nevada, RB, Nevada Power Co. Project, |
|
|
1,380 |
|
|
1,300,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,879,796 |
|
|
|
|
|
|
|
|
|
|
|
New Hampshire — 0.4% |
|
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
|
1,165 |
|
|
970,468 |
|
|
|
|
|
|
|
|
|
|
|
New Jersey — 9.7% |
|
|
|
|
|
|
|
|
Camden County Pollution Control Financing Authority, |
|
|
|
|
|
|
|
|
Series A, 7.50%, 12/01/10 |
|
|
7,250 |
|
|
7,251,160 |
|
|
Series B, 7.50%, 12/01/09 |
|
|
125 |
|
|
124,969 |
|
|
New Jersey EDA, RB, AMT: |
|
|
|
|
|
|
|
|
Cigarette Tax, 5.50%, 6/15/24 |
|
|
3,065 |
|
|
2,925,543 |
|
|
Continental Airlines Inc. Project, 6.25%, 9/15/19 |
|
|
2,000 |
|
|
1,803,040 |
|
|
Continental Airlines Inc. Project, 6.25%, 9/15/29 |
|
|
3,330 |
|
|
2,845,252 |
|
|
Continental Airlines Inc. Project, 9.00%, 6/01/33 |
|
|
1,250 |
|
|
1,304,700 |
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
||
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
19 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
Par |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
New Jersey (concluded) |
|
|
|
|
|
|
|
|
New Jersey EDA, Refunding RB, Newark Airport Marriott |
|
$ |
2,500 |
|
$ |
2,460,475 |
|
|
New Jersey Educational Facilities Authority, Refunding |
|
|
2,510 |
|
|
2,826,135 |
|
|
New Jersey Health Care Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
Pascack Valley Hospital Association, |
|
|
2,000 |
|
|
200 |
|
|
Saint Josephs Healthcare System, 6.63%, 7/01/38 |
|
|
2,410 |
|
|
2,438,992 |
|
|
New Jersey Transportation Trust Fund Authority, |
|
|
3,450 |
|
|
673,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,653,630 |
|
|
|
|
|
|
|
|
|
|
|
New Mexico — 1.0% |
|
|
|
|
|
|
|
|
Farmington, New Mexico, RB, Tucson Electric Power Co. |
|
|
2,500 |
|
|
2,501,875 |
|
|
|
|
|
|
|
|
|
|
|
New York — 4.2% |
|
|
|
|
|
|
|
|
Dutchess County Industrial Development Agency, |
|
|
1,400 |
|
|
1,360,912 |
|
|
Metropolitan Transportation Authority, RB, Series 2008-C, |
|
|
3,685 |
|
|
4,177,648 |
|
|
New York City Industrial Development Agency, RB: |
|
|
|
|
|
|
|
|
American Airlines, JFK International Airport, AMT, |
|
|
1,045 |
|
|
1,047,592 |
|
|
British Airways Plc Project, AMT, 7.63%, 12/01/32 |
|
|
2,400 |
|
|
2,243,712 |
|
|
Series C, 6.80%, 6/01/28 |
|
|
510 |
|
|
530,512 |
|
|
Special Needs Facilities Pooled Program, Series C-1, |
|
|
1,515 |
|
|
1,341,381 |
|
|
New York Liberty Development Corp., RB, National Sports |
|
|
870 |
|
|
87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,701,844 |
|
|
|
|
|
|
|
|
|
|
|
North Carolina — 1.5% |
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, North Carolina, |
|
|
1,250 |
|
|
1,477,225 |
|
|
North Carolina Medical Care Commission, RB, First |
|
|
2,335 |
|
|
2,265,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,742,992 |
|
|
|
|
|
|
|
|
|
|
|
Ohio — 2.7% |
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, RB, |
|
|
|
|
|
|
|
|
Turbo, Series A-2, 5.13%, 6/01/24 |
|
|
2,270 |
|
|
2,013,853 |
|
|
Turbo, Series A-2, 6.50%, 6/01/47 |
|
|
3,935 |
|
|
3,169,957 |
|
|
Ohio Air Quality Development Authority, RB, Ohio Valley |
|
|
1,765 |
|
|
1,759,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,943,550 |
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania — 10.0% |
|
|
|
|
|
|
|
|
Allegheny County Hospital Development Authority, RB, |
|
|
3,015 |
|
|
2,317,630 |
|
|
Bucks County IDA, RB, Ann’s Choice Inc. Facilities, Series A: |
|
|
|
|
|
|
|
|
6.13%, 1/01/25 |
|
|
200 |
|
|
177,794 |
|
|
6.25%, 1/01/35 |
|
|
1,550 |
|
|
1,286,670 |
|
|
Lancaster County Hospital Authority, RB, Brethren Village |
|
|
|
|
|
|
|
|
6.25%, 7/01/26 |
|
|
685 |
|
|
641,859 |
|
|
6.50%, 7/01/40 |
|
|
590 |
|
|
526,540 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Pennsylvania (concluded) |
|
|
|
|
|
|
|
|
Lycoming County Authority, Refunding RB, Susquehanna |
|
$ |
2,310 |
|
$ |
2,196,487 |
|
|
Montgomery County IDA, Pennsylvania, RB, Mortgage, |
|
|
2,330 |
|
|
1,677,530 |
|
|
Pennsylvania Economic Development Financing |
|
|
|
|
|
|
|
|
National Gypsum Co., Series A, 6.25%, 11/01/27 |
|
|
3,250 |
|
|
2,057,900 |
|
|
Reliant Energy, Series B, 6.75%, 12/01/36 |
|
|
2,040 |
|
|
2,082,575 |
|
|
Pennsylvania Higher Educational Facilities Authority, RB, |
|
|
2,410 |
|
|
2,133,212 |
|
|
Pennsylvania Higher Educational Facilities Authority, |
|
|
3,035 |
|
|
2,429,851 |
|
|
Philadelphia Authority for Industrial Development, |
|
|
|
|
|
|
|
|
Air Cargo, Series A,7.50%, 1/01/25 |
|
|
2,270 |
|
|
2,004,387 |
|
|
Commercial Development, 7.75%, 12/01/17 |
|
|
6,440 |
|
|
5,982,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,514,744 |
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico — 2.0% |
|
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority, Refunding RB, |
|
|
3,425 |
|
|
3,312,078 |
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
|
1,650 |
|
|
1,784,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,096,553 |
|
|
|
|
|
|
|
|
|
|
|
Rhode Island — 0.8% |
|
|
|
|
|
|
|
|
Central Falls Detention Facility Corp., Rhode Island, |
|
|
2,495 |
|
|
2,117,232 |
|
|
|
|
|
|
|
|
|
|
|
South Carolina — 0.7% |
|
|
|
|
|
|
|
|
Connector 2000 Association Inc., RB, CAB, Senior, |
|
|
1,485 |
|
|
443,495 |
|
|
South Carolina Jobs Economic Development Authority, |
|
|
|
|
|
|
|
|
5.50%, 8/01/26 |
|
|
975 |
|
|
963,359 |
|
|
5.75%, 8/01/39 |
|
|
390 |
|
|
379,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,786,523 |
|
|
|
|
|
|
|
|
|
|
|
South Dakota — 0.5% |
|
|
|
|
|
|
|
|
South Dakota Health & Educational Facilities Authority, |
|
|
1,175 |
|
|
1,193,976 |
|
|
|
|
|
|
|
|
|
|
|
Tennessee — 0.5% |
|
|
|
|
|
|
|
|
Knox County Health Educational & Housing Facilities |
|
|
6,785 |
|
|
928,866 |
|
|
Shelby County, Health, Educational & Housing Facilities |
|
|
355 |
|
|
293,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,222,132 |
|
|
|
|
|
|
|
|
|
|
|
Texas — 6.5% |
|
|
|
|
|
|
|
|
Brazos River Authority, Refunding RB, AMT: |
|
|
|
|
|
|
|
|
TXU Electric Co. Project, Series C, 5.75%, 5/01/36 |
|
|
2,885 |
|
|
2,598,375 |
|
|
Texas Utility Co., Series A, 7.70%, 4/01/33 |
|
|
2,550 |
|
|
1,481,805 |
|
|
City of Houston, Texas, RB, Special Facilities, Continental, |
|
|
2,685 |
|
|
2,492,459 |
|
|
Harris County Health Facilities Development Corp., |
|
|
1,500 |
|
|
1,678,080 |
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
20 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Texas (concluded) |
|
|
|
|
|
|
|
|
La Vernia Higher Education Finance Corp., RB, KIPP Inc., |
|
$ |
860 |
|
$ |
852,174 |
|
|
Matagorda County Navigation District No. 1, Texas, |
|
|
1,240 |
|
|
1,327,470 |
|
|
North Texas Tollway Authority, Refunding RB, Second Tier, |
|
|
2,775 |
|
|
2,882,060 |
|
|
Tarrant County Cultural Education Facilities Finance Corp., |
|
|
2,490 |
|
|
2,407,108 |
|
|
Texas State Public Finance Authority, RB, Kipp Inc. |
|
|
1,000 |
|
|
857,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,576,531 |
|
|
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands — 1.4% |
|
|
|
|
|
|
|
|
United States Virgin Islands, RB, Senior Secured, |
|
|
3,000 |
|
|
3,044,130 |
|
|
Virgin Islands Public Finance Authority, RB, Senior Lien, |
|
|
500 |
|
|
474,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,518,850 |
|
|
|
|
|
|
|
|
|
|
|
Utah — 0.7% |
|
|
|
|
|
|
|
|
County of Carbon, Utah, Refunding RB, Laidlaw |
|
|
1,660 |
|
|
1,662,191 |
|
|
|
|
|
|
|
|
|
|
|
Virginia — 1.4% |
|
|
|
|
|
|
|
|
Dulles Town Center Community Development Authority, |
|
|
1,435 |
|
|
1,331,049 |
|
|
Fairfax County EDA, RB, Goodwin House Inc.: |
|
|
|
|
|
|
|
|
5.13%, 10/01/37 |
|
|
750 |
|
|
646,222 |
|
|
5.13%, 10/01/42 |
|
|
450 |
|
|
380,205 |
|
|
Lexington IDA, RB, Mortgage, Kendal at Lexington, |
|
|
540 |
|
|
431,725 |
|
|
Tobacco Settlement Financing Corp., Virginia, RB, Senior, |
|
|
1,320 |
|
|
899,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,688,425 |
|
|
|
|
|
|
|
|
|
|
|
Wisconsin — 1.0% |
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, |
|
|
|
|
|
|
|
|
New Castle Place Project, 7.00%, 12/01/31 |
|
|
1,855 |
|
|
1,734,332 |
|
|
Saint Johns Communities, Inc., 7.25%, 9/15/29 |
|
|
250 |
|
|
251,107 |
|
|
Saint Johns Communities, Inc., 7.63%, 9/15/39 |
|
|
505 |
|
|
512,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,497,953 |
|
|
|
|
|
|
|
|
|
|
|
Wyoming — 2.5% |
|
|
|
|
|
|
|
|
County of Sweetwater, Wyoming, Refunding RB, FMC |
|
|
3,600 |
|
|
3,357,360 |
|
|
Wyoming Municipal Power Agency, Wyoming, RB, |
|
|
3,030 |
|
|
3,056,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,414,024 |
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds — 94.7% |
|
|
|
|
|
241,265,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
District of Columbia — 1.7% |
|
|
|
|
|
|
|
|
District of Columbia Water & Sewer Authority, RB, |
|
$ |
3,951 |
|
$ |
4,415,680 |
|
|
|
|
|
|
|
|
|
|
|
Florida — 3.4% |
|
|
|
|
|
|
|
|
County of Miami-Dade, Florida, RB, Miami International |
|
|
8,870 |
|
|
8,645,589 |
|
|
|
|
|
|
|
|
|
|
|
Virginia — 3.5% |
|
|
|
|
|
|
|
|
Virginia HDA, RB, Sub-Series H-1 (MBIA), |
|
|
8,690 |
|
|
8,760,302 |
|
|
|
|
|
|
|
|
|
|
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
21,821,571 |
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
263,087,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.23% (i)(j) |
|
|
1,000,079 |
|
|
1,000,079 |
|
|
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
1,000,079 |
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost — $279,874,948*) — 103.7% |
|
|
|
|
|
264,087,146 |
|
|
Other Assets Less Liabilities — 0.5% |
|
|
|
|
|
1,393,402 |
|
|
Liability
for Trust Certificates, Including |
|
|
|
|
|
(10,764,690 |
) |
|
|
|
|
|
|
|
|
|
|
Net Assets — 100.0% |
|
|
|
|
$ |
254,715,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
268,655,317 |
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
10,759,278 |
|
|
Gross unrealized depreciation |
|
|
(26,083,095 |
) |
|
|
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(15,323,817 |
) |
|
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
|
|
|
(b) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
|
|
(c) |
US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
|
|
(d) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|
|
|
|
(e) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
|
|
(f) |
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 and is subject to mandatory redemption. |
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
||
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
21 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
|
|
(g) |
When-issued security. Unsettled when-issued security transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
|
|
|
|
|
|
|
|
B.G. Ziegler |
|
$ |
2,456,653 |
|
$ |
(13,846 |
) |
|
First Southwest |
|
$ |
99,090 |
|
$ |
(550 |
) |
|
RBC Capital |
|
$ |
703,539 |
|
$ |
(3,905 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund 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 tender option bond trusts. |
|
|
|
|
(i) |
Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Affiliate |
|
Net |
|
Income |
|
||
|
|
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund |
|
$ |
(1,001,455 |
) |
$ |
2,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(j) |
Represents the current yield as of report date. |
|
|
|
|
|
|
• |
Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
|
• |
Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
|
• |
Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Fund’s investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments
in |
||
|
|
|
|
|
|
|
|
|
Assets |
||
|
|
|
|
|
|
|
Level 1 — Short-Term Securities |
|
$ |
1,000,079 |
|
|
Level 2 — Long-Term Investments1 |
|
|
263,087,067 |
|
|
Level 3 |
|
|
— |
|
|
|
|
|
|
|
|
Total |
|
$ |
264,087,146 |
|
|
|
|
|
|
|
|
|
|
|
|
1 See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
22 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments October 31, 2009 (Unaudited) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Alabama — 1.6% |
|
|
|
|
|
|
|
|
Alabama Public School & College Authority, |
|
$ |
900 |
|
$ |
923,274 |
|
|
County of Jefferson, Alabama, RB, Series A: |
|
|
|
|
|
|
|
|
5.50%, 1/01/22 |
|
|
2,750 |
|
|
2,289,650 |
|
|
4.75%, 1/01/25 |
|
|
2,200 |
|
|
1,650,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,863,210 |
|
|
|
|
|
|
|
|
|
|
|
Alaska — 0.5% |
|
|
|
|
|
|
|
|
Borough of Matanuska-Susitna, Alaska, RB, Goose |
|
|
1,200 |
|
|
1,379,808 |
|
|
|
|
|
|
|
|
|
|
|
California — 23.7% |
|
|
|
|
|
|
|
|
Alameda Corridor Transportation Authority, Refunding |
|
|
|
|
|
|
|
|
5.55%, 10/01/24 |
|
|
10,185 |
|
|
7,774,618 |
|
|
5.49%, 10/01/25 |
|
|
6,000 |
|
|
4,541,820 |
|
|
Anaheim Public Financing Authority, California, RB, |
|
|
5,000 |
|
|
5,570,100 |
|
|
Antelope Valley Community College District, GO, |
|
|
600 |
|
|
618,828 |
|
|
Arcadia Unified School District, California, GO, CAB, |
|
|
1,600 |
|
|
246,032 |
|
|
Cabrillo Community College District, California, GO, |
|
|
2,400 |
|
|
413,832 |
|
|
California Health Facilities Financing Authority, RB, |
|
|
550 |
|
|
570,180 |
|
|
California State University, RB, Systemwide, Series A |
|
|
2,600 |
|
|
2,494,128 |
|
|
Chino Valley Unified School District COP, GO, Election of |
|
|
850 |
|
|
857,905 |
|
|
City of Redding, California, COP, Series A (FSA), |
|
|
1,720 |
|
|
1,746,316 |
|
|
Fresno Unified School District, California, GO, Election |
|
|
900 |
|
|
910,215 |
|
|
Los Angeles Department of Water & Power, RB, Series C |
|
|
5,160 |
|
|
5,289,103 |
|
|
Metropolitan Water District of Southern California, RB, |
|
|
|
|
|
|
|
|
5.00%, 10/01/29 |
|
|
2,965 |
|
|
3,047,634 |
|
|
5.00%, 10/01/36 |
|
|
1,655 |
|
|
1,678,435 |
|
|
Norco Redevelopment Agency, California, TAN, |
|
|
5,000 |
|
|
4,696,150 |
|
|
Orange County Sanitation District, COP: |
|
|
|
|
|
|
|
|
(MBIA), 5.00%, 2/01/33 |
|
|
7,455 |
|
|
7,548,486 |
|
|
Series B (FSA), 5.00%, 2/01/30 |
|
|
1,500 |
|
|
1,553,385 |
|
|
Series B (FSA), 5.00%, 2/01/31 |
|
|
900 |
|
|
927,522 |
|
|
Poway Redevelopment Agency, California, TAN, Paguay |
|
|
1,750 |
|
|
1,524,005 |
|
|
Sacramento City Unified School District, California, GO, |
|
|
4,150 |
|
|
4,168,011 |
|
|
San Mateo County Community College District, GO, |
|
|
12,740 |
|
|
4,008,004 |
|
|
State of California, GO: |
|
|
|
|
|
|
|
|
5.13%, 6/01/27 |
|
|
20 |
|
|
19,988 |
|
|
5.13%, 6/01/31 |
|
|
60 |
|
|
57,983 |
|
|
Stockton Public Financing Authority, California, RB, |
|
|
6,145 |
|
|
6,040,289 |
|
|
Ventura County Community College District, GO, |
|
|
2,325 |
|
|
2,386,752 |
|
|
West Basin Municipal Water District, California, COP, |
|
|
5,035 |
|
|
5,113,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73,802,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Colorado — 1.0% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Covenant |
|
|
|
|
|
|
|
|
5.50%, 12/01/27 |
|
$ |
1,200 |
|
$ |
1,102,020 |
|
|
5.50%, 12/01/33 |
|
|
675 |
|
|
592,616 |
|
|
Colorado Health Facilities Authority, Refunding RB, |
|
|
900 |
|
|
916,821 |
|
|
Colorado Housing & Finance Authority, Colorado, RB, |
|
|
415 |
|
|
443,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,055,412 |
|
|
|
|
|
|
|
|
|
|
|
District of Columbia — 2.8% |
|
|
|
|
|
|
|
|
District of Columbia, RB, Series B-1 (MBIA), |
|
|
9,600 |
|
|
8,711,424 |
|
|
|
|
|
|
|
|
|
|
|
Florida — 10.2% |
|
|
|
|
|
|
|
|
Broward County School Board, Florida, COP, Series A |
|
|
1,600 |
|
|
1,634,528 |
|
|
City of Miami, Florida, RB, Miami Revenues (MBIA), |
|
|
320 |
|
|
311,628 |
|
|
Collier County School Board, COP (FSA), |
|
|
3,000 |
|
|
3,065,520 |
|
|
County of Broward, Florida, RB, Series A, |
|
|
850 |
|
|
877,455 |
|
|
County of Duval, Florida, COP, Master Lease Program |
|
|
3,000 |
|
|
2,999,790 |
|
|
County of Miami-Dade, Florida: |
|
|
|
|
|
|
|
|
GO, Building Better Community Program, |
|
|
1,400 |
|
|
1,492,288 |
|
|
RB, Miami International Airport, AMT (Syncora), |
|
|
9,900 |
|
|
9,259,569 |
|
|
County of Orange, Florida, RB, Series B (MBIA), |
|
|
4,200 |
|
|
4,227,132 |
|
|
Hillsborough County Aviation Authority, Florida, RB, |
|
|
1,750 |
|
|
1,755,443 |
|
|
Miami-Dade County School Board, Florida, COP, |
|
|
|
|
|
|
|
|
5.25%, 5/01/31 |
|
|
1,800 |
|
|
1,848,420 |
|
|
5.00%, 5/01/33 |
|
|
2,000 |
|
|
2,004,120 |
|
|
Sarasota County Public Hospital District, RB, Sarasota |
|
|
275 |
|
|
278,971 |
|
|
South Florida Water Management District, COP (AGC), |
|
|
2,000 |
|
|
2,111,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,866,604 |
|
|
|
|
|
|
|
|
|
|
|
Georgia — 3.7% |
|
|
|
|
|
|
|
|
City of Augusta, Georgia, RB (FSA), 5.25%, 10/01/39 |
|
|
2,300 |
|
|
2,372,197 |
|
|
Municipal Electric Authority of Georgia, RB, Series EE, |
|
|
7,475 |
|
|
9,195,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,567,494 |
|
|
|
|
|
|
|
|
|
|
|
Illinois — 18.6% |
|
|
|
|
|
|
|
|
Chicago Board of Education, Illinois, GO, Chicago |
|
|
1,000 |
|
|
1,094,440 |
|
|
City of Chicago, Illinois: |
|
|
|
|
|
|
|
|
GO, Refunding, Series A (FSA), 5.00%, 1/01/25 |
|
|
1,500 |
|
|
1,565,370 |
|
|
RB, General Airport, Third Lien, Series B-2, AMT |
|
|
5,670 |
|
|
5,823,544 |
|
|
RB, General Airport, Third Lien, Series B-2, AMT |
|
|
2,300 |
|
|
2,355,016 |
|
|
RB, Project, Series A (AGC), 5.00%, 1/01/38 |
|
|
2,000 |
|
|
2,038,820 |
|
|
Refunding RB, General Airport, Third Lien, Series A, |
|
|
9,000 |
|
|
9,125,370 |
|
|
County of Cook, Illinois, GO, Capital Improvement, |
|
|
2,460 |
|
|
2,775,790 |
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
||
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
23 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Illinois (concluded) |
|
|
|
|
|
|
|
|
Illinois Municipal Electric Agency, RB, Series A (MBIA), |
|
$ |
1,000 |
|
$ |
1,018,020 |
|
|
Illinois Sports Facilities Authority, RB, State Tax |
|
20,120 |
|
|
19,648,588 |
|
|
|
Regional Transportation Authority, RB, Series A (AMBAC), |
|
10,115 |
|
|
12,361,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,806,499 |
|
|
|
|
|
|
|
|
|
|
|
Indiana — 0.1% |
|
|
|
|
|
|
|
|
Indiana Municipal Power Agency, Indiana, RB, Indiana |
|
400 |
|
|
410,680 |
|
|
|
|
|
|
|
|
|
|
|
|
Iowa — 1.3% |
|
|
|
|
|
|
|
|
Iowa Finance Authority, RB, Series A (AGC), |
|
3,850 |
|
|
3,962,073 |
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana — 1.8% |
|
|
|
|
|
|
|
|
Louisiana Public Facilities Authority, Refunding RB, |
|
1,250 |
|
|
1,387,425 |
|
|
|
Louisiana State Gas and Fuels Tax Revenue Bonds, |
|
1,740 |
|
|
1,735,024 |
|
|
|
Louisiana State Transportation Authority, RB, CAB, |
|
1,235 |
|
|
471,955 |
|
|
|
Rapides Finance Authority, Louisiana, RB, Cleco Power |
|
2,450 |
|
|
2,061,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,655,540 |
|
|
|
|
|
|
|
|
|
|
|
Maryland — 1.5% |
|
|
|
|
|
|
|
|
Maryland Community Development Administration, RB, |
|
4,430 |
|
|
4,551,781 |
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts — 7.4% |
|
|
|
|
|
|
|
|
Massachusetts HFA, Massachusetts, AMT, RB: |
|
|
|
|
|
|
|
|
Rental Housing, Series A (FSA), 5.15%, 7/01/26 |
|
|
3,000 |
|
|
3,026,700 |
|
|
Rental Mortgage, Series F (FSA), 5.25%, 1/01/46 |
|
|
5,300 |
|
|
5,116,673 |
|
|
Massachusetts Housing Finance Agency, |
|
1,600 |
|
|
1,545,504 |
|
|
|
Massachusetts Port Authority, RB, Delta Air Lines Inc. |
|
|
|
|
|
|
|
|
5.50%, 1/01/16 |
|
|
3,100 |
|
|
2,667,395 |
|
|
5.50%, 1/01/18 |
|
|
4,000 |
|
|
3,288,520 |
|
|
5.50%, 1/01/19 |
|
|
2,775 |
|
|
2,240,313 |
|
|
Massachusetts State Water Resource Authority, |
|
2,700 |
|
|
2,776,653 |
|
|
|
Massachusetts Water Resources Authority, Refunding |
|
2,000 |
|
|
2,273,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,935,098 |
|
|
|
|
|
|
|
|
|
|
|
Michigan — 5.0% |
|
|
|
|
|
|
|
|
City of Detroit, Michigan, RB, Second Lien: |
|
|
|
|
|
|
|
|
Series B (FSA), 7.50%, 7/01/33 |
|
|
700 |
|
|
864,360 |
|
|
Series B (FSA), 6.25%, 7/01/36 |
|
|
400 |
|
|
430,308 |
|
|
Series B (FSA), 7.00%, 7/01/36 |
|
|
200 |
|
|
234,718 |
|
|
Series E (FGIC), 5.75%, 7/01/31 |
|
|
2,500 |
|
|
2,686,825 |
|
|
City of Detroit, Michigan, RB, System, Second Lien, |
|
3,600 |
|
|
3,260,916 |
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Michigan (concluded) |
|
|
|
|
|
|
|
|
Michigan Higher Education Student Loan Authority, |
|
$ |
1,500 |
|
$ |
1,500,285 |
|
|
Michigan Strategic Fund, Refunding, AMT (Syncora), RB: |
|
|
|
|
|
|
|
|
Detroit Edison Co. Project, Series A, |
|
1,300 |
|
|
1,217,840 |
|
|
|
Detroit Edison Co. Project, Series C, |
|
4,300 |
|
|
3,980,682 |
|
|
|
Detroit Edison Poll, Series C, 5.65%, 9/01/29 |
|
|
1,410 |
|
|
1,378,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,554,576 |
|
|
|
|
|
|
|
|
|
|
|
Minnesota — 0.9% |
|
|
|
|
|
|
|
|
City of Minneapolis, Minnesota, RB, Fairview Health |
|
2,500 |
|
|
2,814,575 |
|
|
|
Dakota County Community Development Agency, RB, |
|
123 |
|
|
124,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,938,874 |
|
|
|
|
|
|
|
|
|
|
|
Nebraska — 0.5% |
|
|
|
|
|
|
|
|
County of Washington, Nebraska, RB, Cargill Inc. |
|
1,600 |
|
|
1,617,856 |
|
|
|
|
|
|
|
|
|
|
|
|
Nevada — 4.1% |
|
|
|
|
|
|
|
|
City of Carson City, Nevada, RB, Carson, Tahoe Hospital |
|
3,100 |
|
|
2,795,797 |
|
|
|
City of Las Vegas, Nevada, GO, Limited Tax, Performing |
|
850 |
|
|
927,197 |
|
|
|
County of Clark, Nevada, RB, Southwest Gas |
|
|
|
|
|
|
|
|
Series A (FGIC), 4.75%, 9/01/36 |
|
|
75 |
|
|
61,790 |
|
|
Series D (MBIA), 5.25%, 3/01/38 |
|
|
1,300 |
|
|
1,153,334 |
|
|
County of Clark, Nevada, RB, Subordinate Lien, |
|
|
|
|
|
|
|
|
5.00%, 7/01/30 |
|
|
1,500 |
|
|
1,508,580 |
|
|
5.00%, 7/01/36 |
|
|
3,200 |
|
|
3,135,136 |
|
|
County of Clark, Nevada, RB, System Subordinate Lien, |
|
1,475 |
|
|
1,508,969 |
|
|
|
Las Vegas Valley Water District, GO, Refunding, Series A |
|
1,600 |
|
|
1,655,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,745,843 |
|
|
|
|
|
|
|
|
|
|
|
New Jersey — 8.2% |
|
|
|
|
|
|
|
|
New Jersey EDA, RB, Cigarette Tax (Radian): |
|
|
|
|
|
|
|
|
5.50%, 6/15/31 |
|
|
600 |
|
|
556,350 |
|
|
5.75%, 6/15/34 |
|
|
305 |
|
|
289,973 |
|
|
New Jersey EDA, RB, Motor Vehicle Surcharge, |
|
|
|
|
|
|
|
|
5.25%, 7/01/31 |
|
|
9,325 |
|
|
9,439,697 |
|
|
5.25%, 7/01/33 |
|
|
7,800 |
|
|
7,870,044 |
|
|
New Jersey EDA, RB, School Facilities Construction: |
|
|
|
|
|
|
|
|
Series O, 5.13%, 3/01/28 |
|
|
3,960 |
|
|
4,089,294 |
|
|
Series Z (AGC), 6.00%, 12/15/34 |
|
|
2,000 |
|
|
2,234,260 |
|
|
New Jersey EDA, Refunding RB, School Facilities |
|
815 |
|
|
899,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,378,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
24 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
New York — 3.8% |
|
|
|
|
|
|
|
|
Erie County Industrial Development Agency, RB, City |
|
$ |
1,500 |
|
$ |
1,598,610 |
|
|
Metropolitan Transportation Authority, RB, Series |
|
4,000 |
|
|
4,534,760 |
|
|
|
New York City Transitional Finance Authority, RB, Fiscal |
|
2,750 |
|
|
2,938,155 |
|
|
|
New York State Dormitory Authority, RB, Education, |
|
1,200 |
|
|
1,325,232 |
|
|
|
Triborough Bridge & Tunnel Authority, New York, RB, |
|
1,300 |
|
|
1,373,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,770,480 |
|
|
|
|
|
|
|
|
|
|
|
Ohio — 0.5% |
|
|
|
|
|
|
|
|
County of Montgomery, Ohio, Refunding RB, Catholic |
|
1,550 |
|
|
1,465,572 |
|
|
|
|
|
|
|
|
|
|
|
|
Oregon — 0.5% |
|
|
|
|
|
|
|
|
Oregon State Housing & Community Services |
|
1,595 |
|
|
1,624,061 |
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania — 1.2% |
|
|
|
|
|
|
|
|
Pennsylvania HFA, RB, Series 99A, AMT, |
|
1,500 |
|
|
1,501,650 |
|
|
|
Pennsylvania Turnpike Commission, RB, CAB, |
|
3,000 |
|
|
1,865,970 |
|
|
|
Philadelphia School District, GO, Series E, |
|
400 |
|
|
432,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,799,732 |
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico — 1.5% |
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
3,200 |
|
|
3,451,456 |
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, CAB, |
|
8,500 |
|
|
1,302,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,753,741 |
|
|
|
|
|
|
|
|
|
|
|
Rhode Island — 2.6% |
|
|
|
|
|
|
|
|
Providence Public Building Authority, Rhode Island, RB, |
|
4,345 |
|
|
4,672,830 |
|
|
|
Rhode Island EDC, RB, Series B (FGIC), 6.50%, |
|
3,355 |
|
|
3,520,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,193,735 |
|
|
|
|
|
|
|
|
|
|
|
South Carolina — 1.2% |
|
|
|
|
|
|
|
|
Berkeley County School District, RB, Securing Assets |
|
3,800 |
|
|
3,859,584 |
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee — 1.9% |
|
|
|
|
|
|
|
|
Knox County Health Educational & Housing Facilities |
|
1,100 |
|
|
171,523 |
|
|
|
Metropolitan Government Nashville & Davidson County, |
|
5,000 |
|
|
5,613,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,784,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Texas — 14.7% |
|
|
|
|
|
|
|
|
City of Houston, Texas, Refunding RB: |
|
|
|
|
|
|
|
|
Combined, First Lien, Series A (AGC), |
|
$ |
2,100 |
|
$ |
2,387,196 |
|
|
First Lien, Series A (AGC), 5.38%, 11/15/38 |
|
|
1,350 |
|
|
1,426,842 |
|
|
Dallas-Fort Worth International Airport Facilities |
|
13,000 |
|
|
12,965,680 |
|
|
|
Lewisville ISD, Texas, GO, CAB, Refunding, School |
|
4,475 |
|
|
2,139,050 |
|
|
|
Mansfield ISD, Texas, GO, School Building, |
|
1,725 |
|
|
1,791,033 |
|
|
|
Matagorda County Navigation District No. 1, Texas, |
|
2,400 |
|
|
2,255,976 |
|
|
|
North Harris County Regional Water Authority, RB, |
|
2,895 |
|
|
2,926,642 |
|
|
|
North Texas Tollway Authority, Refunding RB, First Tier: |
|
|
|
|
|
|
|
|
(MBIA), 5.75%, 1/01/40 |
|
|
1,600 |
|
|
1,614,384 |
|
|
K-2 (AGC), 6.00%, 1/01/38 |
|
|
4,015 |
|
|
4,350,092 |
|
|
Series A, 6.00%, 1/01/28 |
|
|
2,795 |
|
|
2,941,626 |
|
|
Series K-1 (AGC), 5.75%, 1/01/38 |
|
|
3,800 |
|
|
4,024,466 |
|
|
Texas State Turnpike Authority, RB, First Tier, Series A |
|
7,150 |
|
|
7,040,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,863,163 |
|
|
|
|
|
|
|
|
|
|
|
Utah — 1.7% |
|
|
|
|
|
|
|
|
Utah Transit Authority, Utah, RB, Series A (FSA), |
|
5,000 |
|
|
5,155,200 |
|
|
|
|
|
|
|
|
|
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