UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21348
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: John M. Perlowski, 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: 04/30/2012
Date of reporting period: 10/31/2011
Item 1 – Report to Stockholders
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October 31, 2011 |
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Semi-Annual Report (Unaudited) |
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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 Quality Fund, Inc. (MUS) |
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BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
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BlackRock MuniVest Fund II, Inc. (MVT) |
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Not FDIC Insured § No Bank Guarantee § May Lose Value |
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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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5 |
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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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48 |
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49 |
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50 |
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52 |
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53 |
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60 |
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |
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68 |
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72 |
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73 |
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2 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
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One year ago, the global economy appeared to solidly be in recovery mode and investors were optimistic as the US Federal Reserve launched its second round of quantitative easing. Stock markets rallied despite ongoing sovereign debt problems in Europe and inflationary pressures looming over emerging markets. Fixed income markets, however, saw yields move sharply upward (pushing prices down), especially on the long end of the historically steep yield curve. While high yield bonds benefited from the risk rally, most fixed income sectors declined in the fourth quarter of 2010. The tax-exempt municipal market faced additional headwinds as it became evident that the Build America Bond program would not be extended and municipal finance troubles burgeoned.
Early 2011 saw spikes of volatility as political turmoil swept across the Middle East/North Africa region and prices of oil and other commodities soared. Natural disasters in Japan disrupted industrial supply chains and concerns mounted regarding US debt and deficit issues. Nevertheless, equities generally performed well early in the year as investors chose to focus on the continuing stream of strong corporate earnings and positive economic data. Credit markets were surprisingly resilient in this environment and yields regained relative stability in 2011. The tax-exempt market saw relief from its headwinds and steadily recovered from its fourth-quarter lows. Equities, commodities and high yield bonds outpaced higher-quality assets as investors increased their risk tolerance.
However, the environment changed dramatically in the middle of the second quarter. Markets dropped sharply in May when fears mounted over the possibility of Greece defaulting on its debt, rekindling fears about the broader sovereign debt crisis. Concurrently, economic data signaled that the recovery had slowed in the United States and other developed nations. Confidence was further shaken by the prolonged debt ceiling debate in Washington, DC. On August 5th, Standard & Poor’s downgraded the US government’s credit rating and turmoil erupted in financial markets around the world. Extraordinary levels of volatility persisted in the months that followed as Greece teetered on the brink of default. Financial problems intensified in Italy and Spain and both countries faced credit rating downgrades. Debt worries spread to the core European nations of France and Germany, and the entire euro-zone banking system came under intense pressure. Late in the summer, economic data out of the United States and Europe grew increasingly bleak while China and other emerging economies began to show signs of slowing growth. By the end of the third quarter, equity markets had fallen nearly 20% from their April peak while safe-haven assets such as US Treasuries, gold and the Swiss franc skyrocketed.
October brought enough positive economic data to assuage fears of a double-dip recession in the United States and corporate earnings continued to be strong. Additionally, European policymakers demonstrated an increased willingness to unite in their struggle to resolve the region’s debt and banking crisis. These encouraging developments brought many investors back from the sidelines and risk assets rallied through the month, albeit with large daily swings as investor reactions to news from Europe vacillated between faith and skepticism.
Overall, lower-risk investments including US Treasuries, municipal securities and investment grade credits posted gains for the 6- and 12-month periods ended October 31, 2011. Risk assets, including equities and high yield debt, broadly declined over the six months; however, US stocks and high yield bonds remained in positive territory on a 12-month basis. Continued low short-term interest rates kept yields on money market securities near their all-time lows. While markets remain volatile and uncertainties abound, BlackRock remains dedicated to finding opportunities and managing risk in this environment.
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Sincerely, |
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Rob Kapito |
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President, BlackRock Advisors, LLC |
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“While markets remain volatile and uncertainties abound, BlackRock remains dedicated to finding opportunities and managing risk in this environment.” |
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Rob Kapito |
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President, BlackRock Advisors, LLC |
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Total Returns as of October 31, 2011 |
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6-month |
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12-month |
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US large cap equities |
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(7.11 |
)% |
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8.09 |
% |
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(S&P 500® Index) |
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US small cap equities |
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(13.76 |
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6.71 |
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(Russell 2000® Index) |
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International equities |
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(14.90 |
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(4.08 |
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(MSCI Europe, Australasia, |
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Far East Index) |
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Emerging market |
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(15.91 |
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(7.72 |
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equities (MSCI Emerging |
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Markets Index) |
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3-month Treasury |
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0.04 |
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0.13 |
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bill (BofA Merrill Lynch |
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3-Month Treasury |
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Bill Index) |
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US Treasury securities |
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12.11 |
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7.79 |
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(BofA Merrill Lynch 10- |
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Year US Treasury Index) |
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US investment grade |
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4.98 |
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5.00 |
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bonds (Barclays |
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Capital US Aggregate |
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Bond Index) |
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Tax-exempt municipal |
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5.56 |
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3.78 |
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bonds (Barclays Capital |
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Municipal Bond Index) |
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US high yield bonds |
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(0.95 |
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5.16 |
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(Barclays Capital US |
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Corporate High Yield 2% |
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Issuer Capped Index) |
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Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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THIS PAGE NOT PART OF YOUR FUND REPORT |
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For the 12-Month Period Ended October 31, 2011 |
At the outset of the 12-month period, the municipal bond market was faced with a “perfect storm” of events that ultimately resulted in losses for the fourth quarter of 2010 at a level not seen since the Fed tightening cycle of 1994. US Treasury yields lost support due to concerns over the federal deficit and municipal valuations suffered a quick and severe setback, as it became evident the Build America Bond (“BAB”) program would expire at the end of 2010. The program had opened the taxable market to municipal issuers, successfully alleviating supply pressure in the traditional tax-exempt marketplace and bringing down yields in that space.
Towards the end of 2010, news about municipal finance troubles mounted and damaged confidence among retail investors. From mid-November through year end, weekly outflows from municipal mutual funds averaged over $2.5 billion. Political uncertainty surrounding the midterm elections and tax policies exacerbated the situation. These conditions combined with seasonal illiquidity sapped willful market participation from the trading community. December brought declining demand with no comparable reduction in supply as issuers rushed their deals to market before the BAB program was retired. This supply-demand imbalance led to wider quality spreads and higher yields.
Demand is usually strong at the beginning of a new year, but retail investors continued to move away from municipal mutual funds in 2011. From the middle of November 2010, outflows persisted for 29 consecutive weeks, totaling $35.1 billion before the trend finally broke in June. Weak demand has been counterbalanced by lower supply in 2011. According to Thomson Reuters, year-to-date through October, new issuance was down 34% compared to the same period last year. Higher interest rates during the first quarter, fiscal policy changes and a reduced need for municipal borrowing were among the factors that deterred issuers from bringing new deals to the market. In this positive technical environment, the S&P/Investortools Main Municipal Bond Index returned 8.05% for the first ten months of 2011, as municipal bonds outperformed most other fixed income asset classes year-to-date.
On August 5th, Standard & Poor’s (“S&P’s”) downgraded the US government credit rating from AAA to AA+, leading to the downgrade of approximately 11,000 municipal issues directly linked to the US debt rating. Nevertheless, the municipal market posted solid gains for the month of August, aided primarily by an exuberant Treasury market, severe volatility in US equities and continued supply constraint in the primary municipal market. Increased demand from both traditional and non-traditional buyers pushed long-term municipal bond yields lower, resulting in a curve-flattening trend that continued through period end.
Overall, the municipal yield curve flattened during the period from October 31, 2010 to October 31, 2011. As measured by Thomson Municipal Market Data, yields declined by 11 basis points (“bps”) to 3.75% on AAA quality-rated 30-year municipal bonds and by 12 bps to 2.39%, on 10-year bonds, while yields on 5-year issues rose 6 bps to 1.26%. With the exception of the 2- to 5-year range, the yield spreads between maturities decreased over the past year. The most significant decrease was seen in the 5- to 10-year range, where the spread tightened by 18 bps, while the overall slope between 2- and 30-year maturities decreased by 9 bps to 3.31%.
The fundamental picture for municipalities is improving. Austerity is the general theme across the country, while a small number of states continue to rely on the “kick the can” approach to close their shortfalls, using aggressive revenue projections and accounting gimmicks. It has been nearly a year since the first highly publicized interview about the fiscal problems plaguing state and local governments. Thus far, the prophecy of widespread defaults across the municipal market has not materialized. According to S&P’s, municipal defaults in 2011 are down 69% compared to the same period in 2010. Year-to-date monetary defaults in the S&P/Investortools Main Municipal Bond Index total roughly $750 million, representing less than 0.5% of the index. BlackRock maintains the view that municipal bond defaults will remain in the periphery and the overall market is fundamentally sound. We continue to recognize that careful credit research and security selection remain imperative amid uncertainty in this economic environment.
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
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4 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
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BlackRock MuniAssets Fund, Inc. |
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Fund Overview |
BlackRock MuniAssets Fund, Inc.’s (MUA) (the “Fund”) investment objective is to provide 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, is exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests at least 65% of its assets in municipal bonds that are rated in the medium to lower categories by nationally recognized rating services (for example, Baa or lower by Moody’s Investors Service, Inc. or BBB or lower by Standard & Poor’s Corporation) or non-rated securities which are of comparable quality. The Fund may invest directly in such securities or synthetically through the use of derivatives.
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No assurance can be given that the Fund’s investment objective will be achieved. |
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Performance |
For the six months ended October 31, 2011, the Fund returned 10.35% based on market price and 7.71% 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 9.74% based on market price and 9.48% based on NAV. 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 following discussion relates to performance based on NAV. The Fund performed well due to its yield-curve-flattening bias and sector allocation. The Fund has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. Concentrated holdings in health, transportation and essential service issues had a positive impact on Fund returns. Security selection in a few sectors detracted from performance, as did the Fund’s low exposure to the top-performing tobacco sector. Additionally, the distribution yield generated by the Fund’s holdings fell below the average of its Lipper category peers, causing a drag on the Fund’s total return for the period.
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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”) |
MUA |
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Initial Offering Date |
June 25, 1993 |
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Yield on Closing Market Price as of October 31, 2011 ($12.05)1 |
6.22% |
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Tax Equivalent Yield2 |
9.57% |
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Current Monthly Distribution per Common Share3 |
$0.0625 |
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Current Annualized Distribution per Common Share3 |
$0.7500 |
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Leverage as of October 31, 20114 |
7% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution rate is not constant and is subject to change. |
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4 |
Represents tender option bond trusts (“TOBs”) as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
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4/30/11 |
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Change |
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High |
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Low |
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Market Price |
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$ |
12.05 |
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$ |
11.27 |
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6.92 |
% |
$ |
12.17 |
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$ |
10.97 |
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Net Asset Value |
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$ |
12.67 |
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$ |
12.14 |
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4.37 |
% |
$ |
12.85 |
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$ |
12.14 |
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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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4/30/11 |
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Health |
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29 |
% |
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27 |
% |
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Corporate |
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19 |
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22 |
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Transportation |
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14 |
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15 |
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County/City/Special District/School District |
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13 |
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14 |
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Utilities |
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11 |
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8 |
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Education |
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6 |
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6 |
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State |
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5 |
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3 |
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Tobacco |
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3 |
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1 |
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Housing |
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— |
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4 |
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Credit Quality Allocations5 |
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4/30/11 |
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AAA/Aaa |
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1 |
% |
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3 |
% |
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AA/Aa |
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13 |
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8 |
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A |
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9 |
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12 |
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BBB/Baa |
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28 |
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28 |
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BB/Ba |
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8 |
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7 |
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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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5 |
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CC/Ca |
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1 |
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1 |
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Not Rated6 |
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29 |
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31 |
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5 |
Using the higher of 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, 2011 and April 30, 2011, the market value of these securities was $25,914,226, representing 5% and $25,268,218, representing 6%, respectively, of the Fund’s long-term investments. |
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SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
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Fund Summary as of October 31, 2011 |
BlackRock MuniEnhanced Fund, Inc. |
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Fund Overview |
BlackRock MuniEnhanced Fund, Inc.’s (MEN) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Fund invests primarily in long-term municipal bonds that are investment grade quality at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
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Performance |
For the six months ended October 31, 2011, the Fund returned 11.73% based on market price and 12.08% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General & Insured Municipal Debt Funds (Leveraged) category. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund’s performance was positively impacted by its longer duration holdings (those with higher sensitivity to interest rate movements) as yields fell during the period (bond prices rise when their yields fall.) The Fund also benefited from its yield curve positioning. The Fund favored longer-term securities, which outperformed those with short and intermediate maturities as rates fell more on the long end of the curve. Given the broad rally in the municipal market during the period, most sectors performed well. However, the Fund’s exposure to bonds with shorter maturities or shorter call dates detracted from performance as the yield curve flattened.
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 |
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Yield on Closing Market Price as of October 31, 2011 ($10.81)1 |
6.33% |
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Tax Equivalent Yield2 |
9.74% |
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Current Monthly Distribution per Common Share3 |
$0.0570 |
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Current Annualized Distribution per Common Share3 |
$0.6840 |
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Leverage as of October 31, 20114 |
39% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution rate is not constant and is subject to change. |
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4 |
Represents Variable Rate Demand Preferred Shares (“VRDP Shares”) and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
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10/31/11 |
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4/30/11 |
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Change |
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High |
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Low |
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Market Price |
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$ |
10.81 |
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$ |
9.99 |
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8.21 |
% |
$ |
11.20 |
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$ |
9.65 |
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Net Asset Value |
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$ |
11.18 |
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$ |
10.30 |
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8.54 |
% |
$ |
11.38 |
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$ |
10.30 |
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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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4/30/11 |
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County/City/Special District/School District |
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29 |
% |
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29 |
% |
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Transportation |
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23 |
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23 |
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State |
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18 |
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19 |
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Utilities |
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14 |
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14 |
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Health |
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8 |
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6 |
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Education |
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5 |
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5 |
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Corporate |
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2 |
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2 |
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Housing |
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1 |
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2 |
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Credit Quality Allocations5 |
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4/30/11 |
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AAA/Aaa |
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12 |
% |
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12 |
% |
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AA/Aa |
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58 |
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59 |
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A |
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25 |
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25 |
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BBB/Baa |
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4 |
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4 |
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B |
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1 |
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— |
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5 |
Using the higher of S&P’s or Moody’s ratings. |
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6 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
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Fund Summary as of October 31, 2011 |
BlackRock MuniHoldings Fund, Inc. |
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Fund Overview |
BlackRock MuniHoldings Fund, Inc.’s (MHD) (the “Fund”) investment objective is to provide shareholders with current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
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|
|
Performance |
For the six months ended October 31, 2011, the Fund returned 13.46% based on market price and 12.30% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General & Insured Municipal Debt Funds (Leveraged) category. 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 following discussion relates to performance based on NAV. The Fund performed well due to its yield-curve-flattening bias and duration positioning. The Fund has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, the Fund’s holdings generated a high distribution yield, which in the aggregate had a meaningful impact on returns. Sector concentrations in health and transportation had a positive impact on performance, as did the avoidance of pre-refunded and escrowed issues, which underperformed the broader market. Detracting from performance was the Fund’s long-standing focus on corporate-related debt, which modestly underperformed for the six-month period. Additionally, low exposure to the top-performing tobacco sector was a modest impediment to performance.
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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 |
MHD |
|
Initial Offering Date |
May 2, 1997 |
|
Yield on Closing Market Price as of October 31, 2011 ($15.90)1 |
6.83% |
|
Tax Equivalent Yield2 |
10.51% |
|
Current Monthly Distribution per Common Share3 |
$0.0905 |
|
Current Annualized Distribution per Common Share3 |
$1.0860 |
|
Leverage as of October 31, 20114 |
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. |
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|
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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|
|
|
|
|
3 |
The distribution rate is not constant and is subject to change. |
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|
|
|
|
|
4 |
Represents Auction Market Preferred Shares (“AMPS”) and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to AMPS 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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|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
15.90 |
|
$ |
14.51 |
|
|
9.58 |
% |
$ |
16.28 |
|
$ |
14.25 |
|
|
Net Asset Value |
|
$ |
15.91 |
|
$ |
14.67 |
|
|
8.45 |
% |
$ |
16.17 |
|
$ |
14.67 |
|
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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|
|
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|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
||
|
Health |
|
|
22 |
% |
|
23 |
% |
|
Transportation |
|
|
18 |
|
|
16 |
|
|
State |
|
|
15 |
|
|
12 |
|
|
Corporate |
|
|
11 |
|
|
12 |
|
|
Utilities |
|
|
11 |
|
|
11 |
|
|
County/City/Special District/School District |
|
|
10 |
|
|
10 |
|
|
Education |
|
|
9 |
|
|
9 |
|
|
Housing |
|
|
3 |
|
|
6 |
|
|
Tobacco |
|
|
1 |
|
|
1 |
|
|
|
|
|
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|
|
|
|
Credit Quality Allocations5 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
||
|
AAA/Aaa |
|
|
8 |
% |
|
12 |
% |
|
AA/Aa |
|
|
42 |
|
|
40 |
|
|
A |
|
|
23 |
|
|
22 |
|
|
BBB/Baa |
|
|
13 |
|
|
13 |
|
|
BB/Ba |
|
|
2 |
|
|
2 |
|
|
B |
|
|
3 |
|
|
2 |
|
|
CCC/Caa |
|
|
1 |
|
|
1 |
|
|
Not Rated |
|
|
8 |
|
|
8 |
6 |
|
|
|
|
|
|
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 April 30, 2011, the market value of these securities was $3,863,321, representing 1% of the Fund’s long-term investments. |
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|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
7 |
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|
|
|
|
Fund Summary as of October 31, 2011 |
BlackRock MuniHoldings Fund II, Inc. |
|
|
|
|
Fund Overview |
|
BlackRock MuniHoldings Fund II, Inc.’s (MUH) (the “Fund”) investment objective is to provide shareholders with current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
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|
|
Performance |
For the six months ended October 31, 2011, the Fund returned 16.61% based on market price and 12.25% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General & Insured Municipal Debt Funds (Leveraged) category. All returns reflect reinvestment of dividends. The Fund moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund performed well due to its yield-curve-flattening bias and duration positioning. The Fund has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, the Fund’s holdings generated a high distribution yield, which in the aggregate had a meaningful impact on returns. Sector concentrations in health and transportation had a positive impact on performance, as did the avoidance of pre-refunded and escrowed issues, which underperformed the broader market. Detracting from performance was the Fund’s long-standing focus on corporate-related debt, which modestly underperformed for the six-month period. Additionally, low exposure to the top-performing tobacco sector was a modest impediment to performance.
|
|
|
|
|
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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|
|
Fund Information |
|
|
|
|
Symbol on NYSE |
MUH |
|
Initial Offering Date |
February 27, 1998 |
|
Yield on Closing Market Price as of October 31, 2011 ($15.05)1 |
6.50% |
|
Tax Equivalent Yield2 |
10.00% |
|
Current Monthly Distribution per Common Share3 |
$0.0815 |
|
Current Annualized Distribution per Common Share3 |
$0.9780 |
|
Leverage as of October 31, 20114 |
35% |
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
|
|
|
3 |
The distribution rate is not constant and is subject to change. |
|
|
|
|
|
|
4 |
Represents AMPS and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to AMPS 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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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
15.05 |
|
$ |
13.35 |
|
|
12.73 |
% |
$ |
15.12 |
|
$ |
13.08 |
|
|
Net Asset Value |
|
$ |
14.91 |
|
$ |
13.74 |
|
|
8.52 |
% |
$ |
15.18 |
|
$ |
13.74 |
|
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
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|
|
|
|
|
|
|
Sector Allocations |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
||
|
Health |
|
|
21 |
% |
|
22 |
% |
|
Transportation |
|
|
16 |
|
|
14 |
|
|
State |
|
|
16 |
|
|
13 |
|
|
County/City/Special District/School District |
|
|
15 |
|
|
14 |
|
|
Corporate |
|
|
12 |
|
|
13 |
|
|
Education |
|
|
9 |
|
|
9 |
|
|
Utilities |
|
|
8 |
|
|
9 |
|
|
Housing |
|
|
2 |
|
|
5 |
|
|
Tobacco |
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
||
|
AAA/Aaa |
|
|
8 |
% |
|
13 |
% |
|
AA/Aa |
|
|
46 |
|
|
42 |
|
|
A |
|
|
19 |
|
|
20 |
|
|
BBB/Baa |
|
|
14 |
|
|
13 |
|
|
BB/Ba |
|
|
2 |
|
|
1 |
|
|
B |
|
|
2 |
|
|
1 |
|
|
CCC/Caa |
|
|
1 |
|
|
2 |
|
|
Not Rated6 |
|
|
8 |
|
|
8 |
|
|
|
|
|
|
|
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, 2011 and April 30, 2011, the market value of these securities was $6,182,594, representing 2% and $1,064,679, representing 0%, respectively, of the Fund’s long-term investments. |
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|
|
|
|
|
|
8 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
|
|
|
|
|
|
|
Fund Summary as of October 31, 2011 |
BlackRock MuniHoldings Quality Fund, Inc. |
|
|
|
|
Fund Overview |
|
BlackRock MuniHoldings Quality Fund, Inc.’s (MUS) (the “Fund”) investment objective is to provide shareholders with current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing primarily in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Fund invests at least 80% of its assets in investment grade municipal obligations with remaining maturities of one year or more at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
|
|
|
Performance |
For the six months ended October 31, 2011, the Fund returned 9.19% based on market price and 12.51% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General & Insured Municipal Debt Funds (Leveraged) category. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund’s exposure to bonds with longer-dated maturities had a positive impact on performance as the municipal yield curve flattened during the period (bond prices rise when their yields fall.) The Fund’s long-dated holdings in the transportation sector contributed most to the price appreciation in the Fund. Holdings of long-dated insured bonds also performed particularly well. Detracting from performance was the Fund’s exposure to the housing sector, which underperformed the broader municipal bond market for the period.
|
|
|
|
|
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
|
|
Fund Information |
|
|
|
|
Symbol on NYSE |
MUS |
|
Initial Offering Date |
May 1, 1998 |
|
Yield on Closing Market Price as of October 31, 2011 ($12.99)1 |
6.84% |
|
Tax Equivalent Yield2 |
10.52% |
|
Current Monthly Distribution per Common Share3 |
$0.0740 |
|
Current Annualized Distribution per Common Share3 |
$0.8880 |
|
Leverage as of October 31, 20114 |
40% |
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
|
|
|
3 |
The distribution rate is not constant and is subject to change. |
|
|
|
|
|
|
4 |
Represents AMPS and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to AMPS 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
12.99 |
|
$ |
12.31 |
|
|
5.52 |
% |
$ |
13.53 |
|
$ |
11.73 |
|
|
Net Asset Value |
|
$ |
13.57 |
|
$ |
12.48 |
|
|
8.73 |
% |
$ |
13.84 |
|
$ |
12.48 |
|
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Sector Allocations |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
||
|
County/City/Special District/School District |
|
|
27 |
% |
|
26 |
% |
|
Utilities |
|
|
23 |
|
|
24 |
|
|
Transportation |
|
|
23 |
|
|
21 |
|
|
State |
|
|
12 |
|
|
12 |
|
|
Health |
|
|
9 |
|
|
9 |
|
|
Education |
|
|
2 |
|
|
5 |
|
|
Housing |
|
|
2 |
|
|
2 |
|
|
Corporate |
|
|
1 |
|
|
1 |
|
|
Tobacco |
|
|
1 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
||
|
AAA/Aaa |
|
|
8 |
% |
|
9 |
% |
|
AA/Aa |
|
|
71 |
|
|
69 |
|
|
A |
|
|
19 |
|
|
18 |
|
|
BBB/Baa |
|
|
1 |
|
|
4 |
|
|
B |
|
|
1 |
|
|
— |
|
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
9 |
|
|
|
|
|
|
|
Fund Summary as of October 31, 2011 |
BlackRock Muni Intermediate Duration Fund, Inc. |
|
|
|
Fund Overview |
BlackRock Muni Intermediate Duration Fund, Inc.’s (MUI) (the “Fund”) investment objective is to provide common shareholders with high current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Fund invests at least 75% of its assets in municipal bonds rated investment grade and invests at least 80% of its assets in municipal bonds with a duration of three to ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
|
|
|
Performance |
For the six months ended October 31, 2011, the Fund returned 10.27% based on market price and 8.44% based on NAV. For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 7.85% based on market price and 6.69% based on NAV. 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 following discussion relates to performance based on NAV. As the municipal yield curve moved lower (interest rates declined) and flattened (rates on the longer end of the curve fell the most), the Fund benefited from its slightly long duration bias (preference for securities with a higher sensitivity to interest rate movements) and its positioning toward the longer end of the municipal yield curve (preference for bonds with longer-dated maturities), within its intermediate duration mandate. The Fund also benefited from its holdings in tax-backed, development district and health care bonds. Detracting from performance were the Fund’s exposures to the housing and corporate-related sectors, which underperformed the broader municipal bond market for the six-month period.
|
|
|
|
|
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
|
|
Fund Information |
|
|
|
|
|
|
|
Symbol on NYSE |
MUI |
|
Initial Offering Date |
August 1, 2003 |
|
Yield on Closing Market Price as of October 31, 2011 ($14.61)1 |
5.87% |
|
Tax Equivalent Yield2 |
9.03% |
|
Current Monthly Distribution per Common Share3 |
$0.0715 |
|
Current Annualized Distribution per Common Share3 |
$0.8580 |
|
Leverage as of October 31, 20114 |
38% |
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
|
|
|
3 |
The distribution rate is not constant and is subject to change. |
|
|
|
|
|
|
4 |
Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
14.61 |
|
$ |
13.65 |
|
|
7.03 |
% |
$ |
15.00 |
|
$ |
13.27 |
|
|
Net Asset Value |
|
$ |
15.21 |
|
$ |
14.45 |
|
|
5.26 |
% |
$ |
15.56 |
|
$ |
14.45 |
|
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
||
|
County/City/Special District/School District |
|
|
25 |
% |
|
21 |
% |
|
State |
|
|
17 |
|
|
22 |
|
|
Health |
|
|
13 |
|
|
15 |
|
|
Corporate |
|
|
11 |
|
|
11 |
|
|
Education |
|
|
11 |
|
|
8 |
|
|
Transportation |
|
|
9 |
|
|
8 |
|
|
Utilities |
|
|
7 |
|
|
5 |
|
|
Tobacco |
|
|
4 |
|
|
7 |
|
|
Housing |
|
|
3 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
||
|
AAA/Aaa |
|
|
11 |
% |
|
14 |
% |
|
AA/Aa |
|
|
47 |
|
|
39 |
|
|
A |
|
|
22 |
|
|
25 |
|
|
BBB/Baa |
|
|
9 |
|
|
11 |
|
|
BB/Ba |
|
|
2 |
|
|
1 |
|
|
B |
|
|
1 |
|
|
1 |
|
|
CCC/Caa |
|
|
1 |
|
|
1 |
|
|
Not Rated6 |
|
|
7 |
|
|
8 |
|
|
|
|
|
|
|
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, 2011 and April 30, 2011, the market value of these securities was $4,058,666, representing 0% and $21,293,420, representing 2%, respectively, of the Fund’s long-term investments. |
|
|
|
|
|
|
|
|
|
10 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
|
|
|
|
|
|
|
Fund Summary as of October 31, 2011 |
BlackRock MuniVest Fund II, Inc. |
|
|
|
Fund Overview |
BlackRock MuniVest Fund II, Inc.’s (MVT) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
|
|
|
Performance |
For the six months ended October 31, 2011, the Fund returned 14.65% based on market price and 12.39% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General & Insured Municipal Debt Funds (Leveraged) category. All returns reflect reinvestment of dividends. The Fund’s premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Fund performed well due to its yield-curve-flattening bias and duration positioning. The Fund has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, the Fund’s holdings generated a high distribution yield, which in the aggregate had a meaningful impact on returns. Sector concentrations in health and transportation had a positive impact on performance, as did holding only minimal exposure to pre-refunded and escrowed issues, which underperformed the broader market. Detracting from performance was the Fund’s long-standing focus on corporate-related debt, which modestly underperformed for the six-month period. Additionally, low exposure to the top-performing tobacco sector was a modest impediment to performance.
|
|
|
|
|
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
|
|
Fund Information |
|
|
|
|
Symbol on NYSE |
MVT |
|
Initial Offering Date |
March 29, 1993 |
|
Yield on Closing Market Price as of October 31, 2011 ($15.16)1 |
7.01% |
|
Tax Equivalent Yield2 |
10.78% |
|
Current Monthly Distribution per Common Share3 |
$0.0885 |
|
Current Annualized Distribution per Common Share3 |
$1.0620 |
|
Leverage as of October 31, 20114 |
41% |
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
|
|
|
3 |
The distribution rate is not constant and is subject to change. |
|
|
|
|
|
|
4 |
Represents AMPS and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to AMPS 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
15.16 |
|
$ |
13.72 |
|
|
10.50 |
% |
$ |
15.53 |
|
$ |
13.51 |
|
|
Net Asset Value |
|
$ |
14.59 |
|
$ |
13.47 |
|
|
8.31 |
% |
$ |
14.86 |
|
$ |
13.47 |
|
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
||
|
Health |
|
|
25 |
% |
|
25 |
% |
|
State |
|
|
16 |
|
|
14 |
|
|
Transportation |
|
|
15 |
|
|
15 |
|
|
Corporate |
|
|
14 |
|
|
16 |
|
|
Utilities |
|
|
10 |
|
|
10 |
|
|
County/City/Special District/School District |
|
|
9 |
|
|
9 |
|
|
Education |
|
|
6 |
|
|
7 |
|
|
Housing |
|
|
3 |
|
|
3 |
|
|
Tobacco |
|
|
2 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/11 |
|
4/30/11 |
|
||
|
AAA/Aaa |
|
|
8 |
% |
|
10 |
% |
|
AA/Aa |
|
|
47 |
|
|
45 |
|
|
A |
|
|
20 |
|
|
21 |
|
|
BBB/Baa |
|
|
10 |
|
|
10 |
|
|
BB/Ba |
|
|
2 |
|
|
2 |
|
|
B |
|
|
3 |
|
|
2 |
|
|
CCC/Caa |
|
|
— |
|
|
1 |
|
|
Not Rated6 |
|
|
10 |
|
|
9 |
|
|
|
|
|
|
|
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, 2011 and April 30, 2011, the market value of these securities was $8,365,669, representing 2% and $4,588,089, representing 1%, respectively, of the Fund’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
11 |
|
|
The Funds may utilize leverage to seek to enhance the yield and NAV of their common shares (“Common Shares”). However, these objectives cannot be achieved in all interest rate environments.
To leverage, the Funds, except MUA, issue AMPS or VRDP Shares (collectively, “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 financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally be lower than the income earned by each 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 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 Preferred Shares issuance earn income based on long-term interest rates. In this case, the dividends paid to holders of Preferred Shares (“Preferred Shareholders”) are significantly lower than the income earned on the 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 will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates, the yield curve has a negative slope. In this case, the Fund pays higher short-term interest rates whereas the Fund’s total portfolio earns income based on lower long-term interest rates.
Furthermore, the value of the Funds’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the 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’ NAVs 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 TOBs, 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’ NAVs, market prices and dividend rates than comparable portfolios without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the 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. Each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause 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 rating agencies that rate the 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 of 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% (45% for MEN and MUI) of its total managed assets at the time such leverage is incurred. As of October 31, 2011, the Funds had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:
|
|
|
|
|
|
|
|
|
Percent of |
|
|
|
MUA |
|
|
7 |
% |
|
MEN |
|
|
39 |
% |
|
MHD |
|
|
36 |
% |
|
MUH |
|
|
35 |
% |
|
MUS |
|
|
40 |
% |
|
MUI |
|
|
38 |
% |
|
MVT |
|
|
41 |
% |
|
|
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments, including financial futures contracts as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such derivative financial instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Derivative financial instruments involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial instrument. The Funds’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may require a Fund to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Fund can realize on an investment, may result in lower dividends paid to shareholders or may cause a Fund to hold an investment that it might otherwise sell. The Funds’ investments in these instruments are discussed in detail in the Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
12 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
|
|
|
|
|
|
|
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Alabama — 0.7% |
|
|
|
|
|
|
|
|
Alabama State Docks Department, Refunding |
|
$ |
2,165 |
|
$ |
2,323,954 |
|
|
County of Jefferson Alabama, RB, Series A, 5.25%, |
|
|
895 |
|
|
884,269 |
|
|
|
|
|
|
|
|
3,208,223 |
|
|
Alaska — 1.3% |
|
|
|
|
|
|
|
|
Northern Tobacco Securitization Corp., RB, Asset-Backed, |
|
|
|
|
|
|
|
|
4.63%, 6/01/23 |
|
|
1,890 |
|
|
1,738,951 |
|
|
5.00%, 6/01/46 |
|
|
6,885 |
|
|
4,343,196 |
|
|
|
|
|
|
|
|
6,082,147 |
|
|
Arizona — 3.5% |
|
|
|
|
|
|
|
|
Maricopa County IDA Arizona, RB, Arizona Charter |
|
|
2,120 |
|
|
1,655,444 |
|
|
Phoenix IDA Arizona, Refunding RB, America West |
|
|
7,750 |
|
|
6,622,375 |
|
|
Pima County IDA, RB, Arizona Charter Schools Project, |
|
|
2,255 |
|
|
2,256,330 |
|
|
Pima County IDA, Refunding RB, Charter Schools II, |
|
|
660 |
|
|
631,930 |
|
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
5.00%, 12/01/32 |
|
|
1,840 |
|
|
1,693,573 |
|
|
5.00%, 12/01/37 |
|
|
1,350 |
|
|
1,222,385 |
|
|
Show Low Improvement District, Special Assessment |
|
|
575 |
|
|
576,294 |
|
|
University Medical Center Corp. Arizona, RB: |
|
|
|
|
|
|
|
|
6.25%, 7/01/29 |
|
|
820 |
|
|
858,499 |
|
|
6.50%, 7/01/39 |
|
|
500 |
|
|
519,485 |
|
|
|
|
|
|
|
|
16,036,315 |
|
|
Arkansas — 0.4% |
|
|
|
|
|
|
|
|
County of Little River Arkansas, Refunding RB, |
|
|
1,740 |
|
|
1,726,028 |
|
|
California — 3.6% |
|
|
|
|
|
|
|
|
California Statewide Communities Development Authority, |
|
|
|
|
|
|
|
|
American Baptist Homes of the West, 6.25%, |
|
|
2,175 |
|
|
2,178,893 |
|
|
Senior Living, Southern California, 7.00%, |
|
|
1,000 |
|
|
1,082,200 |
|
|
Senior Living, Southern California, 7.25%, |
|
|
3,500 |
|
|
3,771,075 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
California (concluded) |
|
|
|
|
|
|
|
|
City of Fontana California, Special Tax Bonds, Refunding |
|
$ |
2,320 |
|
$ |
2,255,226 |
|
|
City of San Buenaventura California, RB, Community |
|
|
3,665 |
|
|
3,729,394 |
|
|
City of San Jose California, RB, Convention Center |
|
|
|
|
|
|
|
|
6.50%, 5/01/36 |
|
|
900 |
|
|
968,670 |
|
|
6.50%, 5/01/42 |
|
|
2,220 |
|
|
2,375,799 |
|
|
|
|
|
|
|
|
16,361,257 |
|
|
Colorado — 1.4% |
|
|
|
|
|
|
|
|
E-470 Public Highway Authority Colorado, Refunding RB, |
|
|
3,695 |
|
|
715,241 |
|
|
Plaza Metropolitan District No. 1 Colorado, Tax Allocation |
|
|
|
|
|
|
|
|
8.00%, 12/01/25 |
|
|
4,850 |
|
|
4,890,110 |
|
|
Subordinate, 8.13%, 12/01/25 |
|
|
1,025 |
|
|
957,842 |
|
|
|
|
|
|
|
|
6,563,193 |
|
|
Connecticut — 1.5% |
|
|
|
|
|
|
|
|
Connecticut State Development Authority, RB, AFCO |
|
|
3,450 |
|
|
2,304,497 |
|
|
Mohegan Tribe of Indians of Connecticut, RB, Public |
|
|
|
|
|
|
|
|
6.25%, 1/01/31 |
|
|
4,395 |
|
|
3,494,816 |
|
|
5.25%, 1/01/33 (b) |
|
|
1,500 |
|
|
1,028,085 |
|
|
|
|
|
|
|
|
6,827,398 |
|
|
Delaware — 1.1% |
|
|
|
|
|
|
|
|
County of Sussex Delaware, RB, NRG Energy, Inc., Indian |
|
|
1,000 |
|
|
1,005,850 |
|
|
Delaware State EDA, RB, Exempt Facilities, Indian River |
|
|
4,225 |
|
|
3,874,663 |
|
|
|
|
|
|
|
|
4,880,513 |
|
|
District of Columbia — 2.1% |
|
|
|
|
|
|
|
|
District of Columbia, RB, Methodist Home District of |
|
|
|
|
|
|
|
|
7.38%, 1/01/30 |
|
|
1,665 |
|
|
1,688,210 |
|
|
7.50%, 1/01/39 |
|
|
2,725 |
|
|
2,766,584 |
|
|
District of Columbia Tobacco Settlement Financing Corp., |
|
|
1,785 |
|
|
1,854,615 |
|
|
|
|
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 following list:
|
|
|
|
ACA |
American Capital Access Corp. |
|
AGC |
Assured Guaranty Corp. |
|
AGM |
Assured Guaranty Municipal Corp. |
|
AMBAC |
American Municipal Bond Assurance Corp. |
|
AMT |
Alternative Minimum Tax (subject to) |
|
ARB |
Airport Revenue Bonds |
|
BHAC |
Berkshire Hathaway Assurance Corp. |
|
CAB |
Capital Appreciation Bonds |
|
COP |
Certificates of Participation |
|
EDA |
Economic Development Authority |
|
EDC |
Economic Development Corp. |
|
ERB |
Education Revenue Bonds |
|
FGIC |
Financial Guaranty Insurance Co. |
|
FHA |
Federal Housing Administration |
|
FSA |
Financial Security Assurance, Inc. |
|
GARB |
General Airport Revenue Bonds |
|
FSA |
Financial Security Assurance, Inc. |
|
Ginnie Mae |
Government National Mortgage Association |
|
GO |
General Obligation Bonds |
|
HFA |
Housing Finance Agency |
|
HRB |
Housing Revenue Bonds |
|
HUD |
US Department of Housing and Urban Development |
|
IDA |
Industrial Development Authority |
|
IDB |
Industrial Development Board |
|
ISD |
Independent School District |
|
LRB |
Lease Revenue Bonds |
|
M/F |
Multi-Family |
|
MRB |
Mortgage Revenue Bonds |
|
NPFGC |
National Public Finance Guarantee Corp. |
|
Q-SBLF |
Qualified School Bond Loan |
|
RB |
Revenue Bonds |
|
S/F |
Single-Family |
|
SAN |
State Aid Notes |
|
Syncora |
Syncora Guarantee |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
13 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
District of Columbia (concluded) |
|
|
|
|
|
|
|
|
Metropolitan Washington Airports Authority, RB, CAB, |
|
|
|
|
|
|
|
|
5.96%, 10/01/30 |
|
$ |
7,000 |
|
$ |
2,296,280 |
|
|
6.44%, 10/01/39 |
|
|
5,000 |
|
|
921,650 |
|
|
|
|
|
|
|
|
9,527,339 |
|
|
Florida — 9.9% |
|
|
|
|
|
|
|
|
County of Miami-Dade Florida, Refunding RB, Miami |
|
|
1,065 |
|
|
1,094,948 |
|
|
Greater Orlando Aviation Authority Florida, RB, Special |
|
|
1,180 |
|
|
1,121,484 |
|
|
Harbor Bay Community Development District Florida, |
|
|
455 |
|
|
444,640 |
|
|
Hillsborough County IDA, RB, AMT, National Gypsum Co.: |
|
|
|
|
|
|
|
|
Series A, 7.13%, 4/01/30 |
|
|
4,500 |
|
|
4,010,400 |
|
|
Series B, 7.13%, 4/01/30 |
|
|
3,100 |
|
|
2,762,720 |
|
|
Jacksonville Economic Development Commission, RB, |
|
|
2,200 |
|
|
1,943,876 |
|
|
Jacksonville Economic Development Commission, |
|
|
1,365 |
|
|
1,432,513 |
|
|
Lakewood Ranch Stewardship District, Special |
|
|
1,485 |
|
|
1,500,711 |
|
|
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40 |
|
|
4,550 |
|
|
4,762,394 |
|
|
Midtown Miami Community Development District, |
|
|
|
|
|
|
|
|
6.00%, 5/01/24 |
|
|
1,305 |
|
|
1,306,201 |
|
|
6.25%, 5/01/37 |
|
|
4,605 |
|
|
4,541,497 |
|
|
Palm Beach County Health Facilities Authority, RB, Acts |
|
|
3,500 |
|
|
3,378,655 |
|
|
Santa Rosa Bay Bridge Authority, RB, 6.25%, |
|
|
5,180 |
|
|
1,812,948 |
|
|
Sarasota County Health Facilities Authority, Refunding |
|
|
|
|
|
|
|
|
5.50%, 1/01/27 |
|
|
955 |
|
|
940,455 |
|
|
Sarasota County Public Hospital District, RB, Sarasota |
|
|
615 |
|
|
626,248 |
|
|
Sumter Landing Community Development District |
|
|
3,885 |
|
|
3,137,565 |
|
|
Tampa Palms Open Space & Transportation Community |
|
|
1,715 |
|
|
1,715,497 |
|
|
Tolomato Community Development District, Special |
|
|
4,525 |
|
|
2,809,527 |
|
|
Village Community Development District No. 9, Special |
|
|
|
|
|
|
|
|
6.75%, 5/01/31 |
|
|
2,000 |
|
|
2,091,220 |
|
|
7.00%, 5/01/41 |
|
|
3,230 |
|
|
3,402,999 |
|
|
|
|
|
|
|
|
44,836,498 |
|
|
Georgia — 2.5% |
|
|
|
|
|
|
|
|
City of Atlanta Georgia, Tax Allocation Bonds, Princeton |
|
|
1,035 |
|
|
963,078 |
|
|
Clayton County Development Authority, RB, Delta Air |
|
|
3,365 |
|
|
3,890,378 |
|
|
County of Clayton Georgia, Tax Allocation Bonds, |
|
|
2,765 |
|
|
2,684,096 |
|
|
DeKalb County Hospital Authority Georgia, RB, DeKalb |
|
|
2,005 |
|
|
2,032,769 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Georgia (concluded) |
|
|
|
|
|
|
|
|
Gainesville & Hall County Development Authority, |
|
|
|
|
|
|
|
|
6.38%, 11/15/29 |
|
$ |
700 |
|
$ |
738,416 |
|
|
6.63%, 11/15/39 |
|
|
880 |
|
|
922,636 |
|
|
|
|
|
|
|
|
11,231,373 |
|
|
Guam — 0.9% |
|
|
|
|
|
|
|
|
Guam Government Waterworks Authority, Refunding RB, |
|
|
1,265 |
|
|
1,270,237 |
|
|
Territory of Guam, GO, Series A: |
|
|
|
|
|
|
|
|
6.00%, 11/15/19 |
|
|
615 |
|
|
625,953 |
|
|
6.75%, 11/15/29 |
|
|
1,075 |
|
|
1,108,250 |
|
|
7.00%, 11/15/39 |
|
|
1,115 |
|
|
1,155,363 |
|
|
|
|
|
|
|
|
4,159,803 |
|
|
Illinois — 5.4% |
|
|
|
|
|
|
|
|
City of Chicago Illinois, Refunding RB, American |
|
|
7,000 |
|
|
3,920,000 |
|
|
Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
|
Roosevelt University Project, 6.50%, 4/01/44 |
|
|
4,170 |
|
|
4,344,890 |
|
|
Rush University Medical Center Obligation Group, |
|
|
2,000 |
|
|
2,246,740 |
|
|
Rush University Medical Center Obligation Group, |
|
|
1,170 |
|
|
1,314,343 |
|
|
Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
CAB, Clare Water Tower, Series B, 8.00%, 5/15/50 (a) |
|
|
1,500 |
|
|
4,455 |
|
|
Clare Water Tower, Series A-7, 6.13%, 5/15/41 |
|
|
3,500 |
|
|
997,500 |
|
|
Friendship Village of Schaumburg, 7.25%, 2/15/45 |
|
|
4,000 |
|
|
3,999,360 |
|
|
Primary Health Care Centers Program, 6.60%, |
|
|
1,175 |
|
|
1,048,593 |
|
|
Metropolitan Pier & Exposition Authority, Refunding RB, |
|
|
9,860 |
|
|
1,186,651 |
|
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
5.50%, 6/01/23 |
|
|
1,400 |
|
|
1,477,812 |
|
|
6.00%, 6/01/28 |
|
|
710 |
|
|
738,272 |
|
|
Village of Lincolnshire Illinois, Special Tax Bonds, |
|
|
1,825 |
|
|
1,611,566 |
|
|
Village of Wheeling Illinois, Tax Allocation Bonds, North |
|
|
1,465 |
|
|
1,366,347 |
|
|
|
|
|
|
|
|
24,256,529 |
|
|
Indiana — 0.5% |
|
|
|
|
|
|
|
|
Vigo County Hospital Authority Indiana, RB, Union |
|
|
|
|
|
|
|
|
5.70%, 9/01/37 |
|
|
1,055 |
|
|
953,330 |
|
|
5.75%, 9/01/42 |
|
|
1,310 |
|
|
1,182,943 |
|
|
|
|
|
|
|
|
2,136,273 |
|
|
Kentucky — 1.1% |
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, RB, |
|
|
|
|
|
|
|
|
Series A, 6.38%, 6/01/40 |
|
|
1,580 |
|
|
1,650,421 |
|
|
Series A, 6.50%, 3/01/45 |
|
|
2,000 |
|
|
2,103,140 |
|
|
Kentucky Economic Development Finance Authority, |
|
|
1,135 |
|
|
1,185,587 |
|
|
|
|
|
|
|
|
4,939,148 |
|
|
Louisiana — 1.6% |
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & |
|
|
5,000 |
|
|
5,217,550 |
|
|
Louisiana Public Facilities Authority, RB, Belle Chasse |
|
|
1,855 |
|
|
1,949,846 |
|
|
|
|
|
|
|
|
7,167,396 |
|
|
|
|
|
|
See Notes to Financial Statements. |
||
|
|
|
|
|
14 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Maine — 0.7% |
|
|
|
|
|
|
|
|
Maine Health & Higher Educational Facilities Authority, |
|
$ |
2,955 |
|
$ |
3,041,227 |
|
|
Maryland — 2.6% |
|
|
|
|
|
|
|
|
Maryland EDC, RB, Transportation Facilities Project, |
|
|
3,615 |
|
|
3,576,609 |
|
|
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., |
|
|
4,785 |
|
|
4,803,948 |
|
|
Maryland Health & Higher Educational Facilities Authority, |
|
|
1,000 |
|
|
437,500 |
|
|
Maryland Health & Higher Educational Facilities Authority, |
|
|
3,110 |
|
|
2,801,550 |
|
|
|
|
|
|
|
|
11,619,607 |
|
|
Massachusetts — 1.1% |
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
|
Eastern Nazarene College, 5.63%, 4/01/19 |
|
|
40 |
|
|
39,652 |
|
|
Eastern Nazarene College, 5.63%, 4/01/29 |
|
|
80 |
|
|
71,762 |
|
|
Foxborough Regional Charter School, Series A, 7.00%, |
|
|
1,025 |
|
|
1,090,528 |
|
|
Tufts Medical Center, Series I, 6.75%, 1/01/36 |
|
|
1,490 |
|
|
1,579,609 |
|
|
Massachusetts Health & Educational Facilities Authority, |
|
|
2,000 |
|
|
1,985,160 |
|
|
|
|
|
|
|
|
4,766,711 |
|
|
Michigan — 2.8% |
|
|
|
|
|
|
|
|
Advanced Technology Academy, RB, 6.00%, 11/01/37 |
|
|
1,525 |
|
|
1,311,241 |
|
|
County of Wayne Michigan, GO, Building Improvement, |
|
|
900 |
|
|
962,874 |
|
|
Monroe County Hospital Finance Authority, Refunding |
|
|
3,000 |
|
|
2,727,570 |
|
|
Royal Oak Hospital Finance Authority Michigan, |
|
|
6,310 |
|
|
7,484,038 |
|
|
|
|
|
|
|
|
12,485,723 |
|
|
Minnesota — 0.4% |
|
|
|
|
|
|
|
|
City of Minneapolis Minnesota, Refunding RB, Fairview |
|
|
1,785 |
|
|
1,976,191 |
|
|
Missouri — 0.5% |
|
|
|
|
|
|
|
|
Kirkwood IDA Missouri, RB, Aberdeen Heights, Series A, |
|
|
2,315 |
|
|
2,403,734 |
|
|
Nevada — 0.2% |
|
|
|
|
|
|
|
|
County of Clark Nevada, Special Assessment Bonds, |
|
|
960 |
|
|
982,925 |
|
|
New Hampshire — 0.4% |
|
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
|
2,000 |
|
|
1,767,460 |
|
|
New Jersey — 7.4% |
|
|
|
|
|
|
|
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
Cigarette Tax, 5.75%, 6/15/29 |
|
|
3,180 |
|
|
3,097,384 |
|
|
Continental Airlines Inc. Project, AMT, 6.63%, |
|
|
4,050 |
|
|
4,089,487 |
|
|
Continental Airlines Inc. Project, AMT, 6.25%, |
|
|
2,000 |
|
|
1,959,040 |
|
|
Continental Airlines Inc. Project, AMT, 6.40%, |
|
|
2,000 |
|
|
1,952,800 |
|
|
Continental Airlines Inc. Project, AMT, 6.25%, |
|
|
4,330 |
|
|
4,093,885 |
|
|
Continental Airlines Inc. Project, AMT, 9.00%, |
|
|
1,250 |
|
|
1,282,975 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New Jersey (concluded) |
|
|
|
|
|
|
|
|
New Jersey EDA, Refunding RB, Newark Airport Marriott |
|
$ |
4,000 |
|
$ |
4,016,560 |
|
|
New Jersey Educational Facilities Authority, Refunding RB, |
|
|
|
|
|
|
|
|
7.13%, 12/01/23 |
|
|
670 |
|
|
798,278 |
|
|
7.50%, 12/01/32 |
|
|
3,575 |
|
|
4,155,187 |
|
|
New Jersey Health Care Facilities Financing Authority, RB, |
|
|
3,870 |
|
|
39 |
|
|
New Jersey Health Care Facilities Financing Authority, |
|
|
|
|
|
|
|
|
Barnabas Health, Series A, 5.63%, 7/01/37 (f) |
|
|
2,650 |
|
|
2,630,204 |
|
|
St. Joseph’s Healthcare System, 6.63%, 7/01/38 |
|
|
4,090 |
|
|
4,081,902 |
|
|
New Jersey Transportation Trust Fund Authority, RB, CAB, |
|
|
6,210 |
|
|
1,439,851 |
|
|
|
|
|
|
|
|
33,597,592 |
|
|
New York — 6.8% |
|
|
|
|
|
|
|
|
Chautauqua County Industrial Development Agency, RB, |
|
|
3,695 |
|
|
3,644,785 |
|
|
Dutchess County Industrial Development Agency New York, |
|
|
1,000 |
|
|
989,350 |
|
|
Dutchess County Industrial Development Agency New York, |
|
|
1,400 |
|
|
1,385,090 |
|
|
Hudson New York Yards Infrastructure Corp., RB, Series A, |
|
|
4,515 |
|
|
4,780,978 |
|
|
Metropolitan Transportation Authority, RB, Series 2008C, |
|
|
5,685 |
|
|
6,655,714 |
|
|
New York City Industrial Development Agency, RB: |
|
|
|
|
|
|
|
|
American Airlines Inc., JFK International Airport, AMT, |
|
|
1,765 |
|
|
1,632,678 |
|
|
British Airways Plc Project, 7.63%, 12/01/32 |
|
|
4,130 |
|
|
4,146,437 |
|
|
Series C, 6.80%, 6/01/28 |
|
|
860 |
|
|
886,987 |
|
|
Special Needs Facilities Pooled Program, Series C-1, |
|
|
610 |
|
|
579,872 |
|
|
Special Needs Facilities Pooled Program, Series C-1, |
|
|
1,100 |
|
|
1,010,383 |
|
|
New York Liberty Development Corp., Refunding RB, |
|
|
1,270 |
|
|
1,317,841 |
|
|
Port Authority of New York & New Jersey, RB, JFK |
|
|
1,340 |
|
|
1,387,329 |
|
|
Yonkers Industrial Development Agency New York, |
|
|
2,090 |
|
|
2,211,011 |
|
|
|
|
|
|
|
|
30,628,455 |
|
|
North Carolina — 1.6% |
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, RB: |
|
|
|
|
|
|
|
|
First Mortgage, Deerfield, Series A, 6.13%, 11/01/38 |
|
|
4,565 |
|
|
4,615,398 |
|
|
First Mortgage, Whitestone, Series A, 7.75%, 3/01/31 |
|
|
1,000 |
|
|
1,036,080 |
|
|
First Mortgage, Whitestone, Series A, 7.75%, 3/01/41 |
|
|
1,420 |
|
|
1,456,210 |
|
|
|
|
|
|
|
|
7,107,688 |
|
|
Ohio — 1.6% |
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, RB, |
|
|
3,350 |
|
|
2,572,398 |
|
|
State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, |
|
|
4,880 |
|
|
4,567,485 |
|
|
|
|
|
|
|
|
7,139,883 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
15 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Pennsylvania — 7.2% |
|
|
|
|
|
|
|
|
Allegheny County Hospital Development Authority, |
|
$ |
5,345 |
|
$ |
4,385,412 |
|
|
Bucks County IDA, RB, Ann’s Choice, Inc. Facility, Series A: |
|
|
|
|
|
|
|
|
6.13%, 1/01/25 |
|
|
1,360 |
|
|
1,311,693 |
|
|
6.25%, 1/01/35 |
|
|
1,550 |
|
|
1,420,792 |
|
|
Cumberland County Municipal Authority, RB, Diakon |
|
|
6,165 |
|
|
6,340,764 |
|
|
Lancaster County Hospital Authority, RB, Brethren Village |
|
|
|
|
|
|
|
|
6.25%, 7/01/26 |
|
|
1,160 |
|
|
1,165,081 |
|
|
6.50%, 7/01/40 |
|
|
1,665 |
|
|
1,665,583 |
|
|
Montgomery County IDA Pennsylvania, MRB, Whitemarsh |
|
|
2,330 |
|
|
2,033,601 |
|
|
Pennsylvania Economic Development Financing Authority, |
|
|
3,250 |
|
|
2,763,767 |
|
|
Philadelphia Authority for Industrial Development, RB, AMT: |
|
|
|
|
|
|
|
|
Commercial Development, 7.75%, 12/01/17 |
|
|
8,000 |
|
|
8,006,720 |
|
|
Subordinate, Air Cargo, Series A, 7.50%, 1/01/25 |
|
|
3,870 |
|
|
3,693,953 |
|
|
|
|
|
|
|
|
32,787,366 |
|
|
Puerto Rico — 0.8% |
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, CAB, First |
|
|
4,445 |
|
|
828,459 |
|
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, |
|
|
2,650 |
|
|
2,984,086 |
|
|
|
|
|
|
|
|
3,812,545 |
|
|
Rhode Island — 0.7% |
|
|
|
|
|
|
|
|
Central Falls Detention Facility Corp., Refunding RB, |
|
|
4,245 |
|
|
3,314,623 |
|
|
Tennessee — 0.4% |
|
|
|
|
|
|
|
|
Knox County Health Educational & Housing Facilities |
|
|
5,820 |
|
|
1,140,778 |
|
|
Shelby County Health Educational & Housing Facilities |
|
|
600 |
|
|
513,864 |
|
|
|
|
|
|
|
|
1,654,642 |
|
|
Texas — 12.6% |
|
|
|
|
|
|
|
|
Bexar County Health Facilities Development Corp., RB, |
|
|
5,040 |
|
|
5,137,524 |
|
|
Brazos River Authority, Refunding RB, Texas Utility Co., |
|
|
5,080 |
|
|
1,320,648 |
|
|
Central Texas Regional Mobility Authority, RB: |
|
|
|
|
|
|
|
|
CAB, 6.78%, 1/01/28 (a) |
|
|
1,000 |
|
|
369,160 |
|
|
CAB, 6.82%, 1/01/29 (a) |
|
|
2,000 |
|
|
682,740 |
|
|
CAB, 6.85%, 1/01/30 (a) |
|
|
1,170 |
|
|
370,562 |
|
|
CAB, 6.89%, 1/01/31 (a) |
|
|
2,000 |
|
|
590,200 |
|
|
CAB, 6.87%, 1/01/32 (a) |
|
|
3,500 |
|
|
967,225 |
|
|
CAB, 6.84%, 1/01/33 (a) |
|
|
3,690 |
|
|
954,788 |
|
|
CAB, 6.86%, 1/01/34 (a) |
|
|
4,000 |
|
|
968,880 |
|
|
Senior Lien, 5.75%, 1/01/25 |
|
|
675 |
|
|
698,942 |
|
|
Senior Lien, 6.25%, 1/01/46 |
|
|
2,210 |
|
|
2,247,526 |
|
|
City of Houston Texas, RB, Special Facilities, Continental |
|
|
4,550 |
|
|
4,467,372 |
|
|
Danbury Higher Education Authority Inc., RB, A.W. Brown |
|
|
1,000 |
|
|
1,154,020 |
|
|
Harris County Health Facilities Development Corp., |
|
|
|
|
|
|
|
|
7.13%, 12/01/31 |
|
|
1,500 |
|
|
1,685,235 |
|
|
7.25%, 12/01/35 |
|
|
1,110 |
|
|
1,245,420 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Texas (concluded) |
|
|
|
|
|
|
|
|
Houston Higher Education Finance Corp., RB, Cosmos |
|
$ |
595 |
|
$ |
637,287 |
|
|
La Vernia Higher Education Finance Corp., RB, KIPP Inc., |
|
|
860 |
|
|
911,531 |
|
|
Love Field Airport Modernization Corp., RB, Southwest |
|
|
2,975 |
|
|
2,822,472 |
|
|
Matagorda County Navigation District No. 1 Texas, |
|
|
2,090 |
|
|
2,246,311 |
|
|
North Texas Tollway Authority, RB: |
|
|
|
|
|
|
|
|
CAB, Special Projects System, Series B, 5.88%, |
|
|
2,110 |
|
|
416,345 |
|
|
Toll, Second Tier, Series F, 6.13%, 1/01/31 |
|
|
4,425 |
|
|
4,635,187 |
|
|
Sabine River Authority Texas, Refunding RB, TXU |
|
|
3,230 |
|
|
3,228,902 |
|
|
Tarrant County Cultural Education Facilities Finance Corp., |
|
|
|
|
|
|
|
|
CC Young Memorial Home, 8.00%, 2/15/38 |
|
|
1,745 |
|
|
1,772,065 |
|
|
Senior Living Center Project, 8.25%, 11/15/44 |
|
|
4,200 |
|
|
4,281,018 |
|
|
Texas State Private Activity Bond Surface Transportation |
|
|
|
|
|
|
|
|
LBJ Infrastructure Group LLC, LBJ Freeway Managed |
|
|
4,455 |
|
|
4,789,526 |
|
|
NTE Mobility Partners LLC, North Tarrant Express |
|
|
3,500 |
|
|
3,734,605 |
|
|
Texas Public Finance Authority, RB, Charter School |
|
|
1,000 |
|
|
931,370 |
|
|
Texas State Public Finance Authority, Refunding ERB, |
|
|
|
|
|
|
|
|
5.00%, 2/15/28 |
|
|
2,825 |
|
|
2,806,129 |
|
|
5.00%, 2/15/36 |
|
|
850 |
|
|
805,324 |
|
|
|
|
|
|
|
|
56,878,314 |
|
|
US Virgin Islands — 1.1% |
|
|
|
|
|
|
|
|
United States Virgin Islands, Refunding RB, Senior |
|
|
5,100 |
|
|
4,869,123 |
|
|
Utah — 0.4% |
|
|
|
|
|
|
|
|
County of Carbon Utah, Refunding RB, Laidlaw |
|
|
2,000 |
|
|
2,024,980 |
|
|
Vermont — 0.3% |
|
|
|
|
|
|
|
|
Vermont EDA, Refunding MRB, Wake Robin Corp. |
|
|
1,600 |
|
|
1,485,008 |
|
|
Virginia — 1.4% |
|
|
|
|
|
|
|
|
Dulles Town Center Community Development Authority, |
|
|
3,635 |
|
|
3,635,291 |
|
|
Lexington IDA, Refunding MRB, Kendal at Lexington, |
|
|
40 |
|
|
36,116 |
|
|
Mosaic District Community Development Authority, RB, |
|
|
|
|
|
|
|
|
6.63%, 3/01/26 |
|
|
1,485 |
|
|
1,545,054 |
|
|
6.88%, 3/01/36 |
|
|
1,300 |
|
|
1,361,334 |
|
|
|
|
|
|
|
|
6,577,795 |
|
|
Washington — 0.3% |
|
|
|
|
|
|
|
|
King County, Washington Public Hospital District No. 4, |
|
|
1,455 |
|
|
1,445,935 |
|
|
Wisconsin — 2.1% |
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
|
New Castle Place Project, Series A, 7.00%, 12/01/31 |
|
|
3,175 |
|
|
2,520,760 |
|
|
Wheaton Franciscan Healthcare, 5.25%, 8/15/34 |
|
|
6,235 |
|
|
5,693,677 |
|
|
|
|
|
|
See Notes to Financial Statements. |
||
|
|
|
|
|
16 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Wisconsin (concluded) |
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities
Authority, |
|
|
|
|
|
|
|
|
7.25%, 9/15/29 |
|
$ |
425 |
|
$ |
447,104 |
|
|
7.63%, 9/15/39 |
|
|
855 |
|
|
906,001 |
|
|
|
|
|
|
|
|
9,567,542 |
|
|
Total Municipal Bonds — 90.9% |
|
|
|
|
|
411,874,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
Bonds Transferred to |
|
|
|
|
|
|
|
|
District of Columbia — 1.7% |
|
|
|
|
|
|
|
|
District of Columbia Water & Sewer
Authority, RB, Series A, |
|
|
6,681 |
|
|
7,877,347 |
|
|
Florida — 3.3% |
|
|
|
|
|
|
|
|
County of Miami-Dade Florida, RB, Miami
International |
|
|
15,000 |
|
|
15,042,450 |
|
|
Illinois — 1.7% |
|
|
|
|
|
|
|
|
Illinois Finance Authority, RB, Carle
Foundation, Series A |
|
|
7,180 |
|
|
7,520,188 |
|
|
New York — 4.9% |
|
|
|
|
|
|
|
|
New York City Municipal Water & Sewer
Finance |
|
|
|
|
|
|
|
|
Second General Resolution, Series EE,
5.50%, |
|
|
7,605 |
|
|
8,463,224 |
|
|
Second General Resolution, Series HH, 5.00%, |
|
|
8,609 |
|
|
9,319,134 |
|
|
New York State Dormitory Authority, ERB,
Series F, 5.00%, |
|
|
4,004 |
|
|
4,144,736 |
|
|
|
|
|
|
|
|
21,927,094 |
|
|
Washington — 1.9% |
|
|
|
|
|
|
|
|
Bellingham, Washington Water & Sewer,
RB, 5.00%, |
|
|
7,966 |
|
|
8,484,575 |
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
60,851,654 |
|
|
Total Long-Term Investments |
|
|
|
|
|
472,726,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.01% (h)(i) |
|
|
3,791,874 |
|
|
3,791,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
|
|
|
|
Michigan Finance Authority, RB, SAN,
Detroit Schools, |
|
$ |
3,400 |
|
|
3,400,000 |
|
|
Total Short-Term Securities |
|
|
|
|
|
7,191,874 |
|
|
Total Investments (Cost — $481,902,213*) — 106.0% |
|
|
|
|
|
479,918,030 |
|
|
Other Assets Less Liabilities — 1.0% |
|
|
|
|
|
4,940,468 |
|
|
Liability for TOB Trust Certificates, Including |
|
|
|
|
|
(31,902,129 |
) |
|
Net Assets Applicable to Common Shares — 100.0% |
|
|
|
|
$ |
452,956,369 |
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
449,252,893 |
|
|
Gross unrealized appreciation |
|
$ |
25,688,505 |
|
|
Gross unrealized depreciation |
|
|
(26,914,177 |
) |
|
Net unrealized depreciation |
|
$ |
(1,225,672 |
) |
|
|
|
|
(a) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
|
|
(b) |
Security exempt from registration pursuant to Rule 144a under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|
|
|
|
(c) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
|
|
(d) |
Non-income producing security. |
|
|
|
|
(e) |
Variable rate security. Rate shown is as of report date. |
|
|
|
|
(f) |
When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Value |
|
Unrealized |
|
||
|
JPMorgan Securities |
|
$ |
2,630,204 |
|
$ |
24,566 |
|
|
|
|
|
(g) |
Securities represent bonds transferred to a TOB 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 TOBs. |
|
|
|
|
(h) |
Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares |
|
Net |
|
Shares |
|
Income |
|
||||
|
FFI Institutional Tax-Exempt Fund |
|
|
1,560,240 |
|
|
2,231,634 |
|
|
3,791,874 |
|
$ |
789 |
|
|
|
|
|
(i) |
Represents the current yield as of report date. |
|
|
|
|
• |
Financial futures contracts sold as of October 31, 2011 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
|
|
Issue |
|
|
Exchange |
|
|
Expiration |
|
Notional
|
|
Unrealized
|
|
||
|
57 |
|
|
10-Year
US |
|
|
Chicago
Board |
|
|
December 2011 |
|
$ |
7,356,563 |
|
$ |
58,220 |
|
|
|
|
|
|
• |
Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
|
|
|
|
|
|
• |
Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
|
• |
Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
|
• |
Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
17 |
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniAssets Fund, Inc. (MUA) |
The following tables summarize the inputs used as of October 31, 2011 in determining the fair valuation of the Fund’s investments and derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term |
|
|
— |
|
$ |
472,726,156 |
|
|
— |
|
$ |
472,726,156 |
|
|
Short-Term |
|
$ |
3,791,874 |
|
|
3,400,000 |
|
|
— |
|
|
7,191,874 |
|
|
Total |
|
$ |
3,791,874 |
|
$ |
476,126,156 |
|
|
— |
|
$ |
479,918,030 |
|
1 See above Schedule of Investments for values in each state or political subdivision.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Derivative Financial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
$ |
58,220 |
|
|
— |
|
|
— |
|
$ |
58,220 |
|
|
|
|
|
|
|
2 |
Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
|
|
|
|
|
See Notes to Financial Statements. |
||
|
|
|
|
|
18 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
|
|
|
|
|
|
|
Schedule of Investments October 31, 2011 (Unaudited) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Alabama — 1.4% |
|
|
|
|
|
|
|
|
County of Jefferson Alabama, RB, Series A: |
|
|
|
|
|
|
|
|
5.50%, 1/01/22 |
|
$ |
2,750 |
|
$ |
2,606,148 |
|
|
4.75%, 1/01/25 |
|
|
2,200 |
|
|
1,939,300 |
|
|
|
|
|
|
|
|
4,545,448 |
|
|
Alaska — 0.5% |
|
|
|
|
|
|
|
|
Alaska Housing Finance Corp., RB, General Housing, |
|
|
400 |
|
|
408,616 |
|
|
Borough of Matanuska-Susitna Alaska, RB, Goose Creek |
|
|
1,200 |
|
|
1,383,492 |
|
|
|
|
|
|
|
|
1,792,108 |
|
|
Arizona — 1.2% |
|
|
|
|
|
|
|
|
State of Arizona, COP, Department of Administration, |
|
|
|
|
|
|
|
|
5.00%, 10/01/27 |
|
|
3,250 |
|
|
3,477,663 |
|
|
5.00%, 10/01/29 |
|
|
400 |
|
|
415,612 |
|
|
|
|
|
|
|
|
3,893,275 |
|
|
California — 22.4% |
|
|
|
|
|
|
|
|
Alameda Corridor Transportation Authority, Refunding RB, |
|
|
|
|
|
|
|
|
5.45%, 10/01/24 |
|
|
10,185 |
|
|
9,140,223 |
|
|
5.45%, 10/01/25 |
|
|
6,000 |
|
|
5,341,560 |
|
|
Anaheim Public Financing Authority California, RB, |
|
|
5,000 |
|
|
5,776,300 |
|
|
Cabrillo Community College District, GO, CAB, Election |
|
|
2,400 |
|
|
470,976 |
|
|
California Health Facilities Financing Authority, |
|
|
|
|
|
|
|
|
St. Joseph Health System, Series A, 5.75%, 7/01/39 |
|
|
550 |
|
|
572,765 |
|
|
Sutter Health, Series B, 5.88%, 8/15/31 |
|
|
1,200 |
|
|
1,295,976 |
|
|
California State University, RB, Systemwide, Series A |
|
|
1,405 |
|
|
1,420,975 |
|
|
California State University, Refunding RB, Systemwide, |
|
|
2,000 |
|
|
2,043,360 |
|
|
Chino Valley Unified School District, GO, Election of 2002, |
|
|
850 |
|
|
885,700 |
|
|
City of Redding California, COP, Refunding, Series A |
|
|
1,420 |
|
|
1,484,695 |
|
|
City of San Jose California, RB, Series A-1, AMT, 5.75%, |
|
|
850 |
|
|
887,349 |
|
|
Los Angeles Community College District California, GO, |
|
|
1,300 |
|
|
1,364,064 |
|
|
Los Angeles Department of Water & Power, RB, Series C |
|
|
5,160 |
|
|
5,292,973 |
|
|
Metropolitan Water District of Southern California, RB, |
|
|
|
|
|
|
|
|
5.00%, 10/01/29 |
|
|
2,570 |
|
|
2,653,345 |
|
|
5.00%, 10/01/36 |
|
|
1,480 |
|
|
1,520,493 |
|
|
Norco Redevelopment Agency California, Tax Allocation |
|
|
3,800 |
|
|
3,679,046 |
|
|
Orange County Sanitation District, COP, Series B (AGM): |
|
|
|
|
|
|
|
|
5.00%, 2/01/30 |
|
|
1,500 |
|
|
1,585,590 |
|
|
5.00%, 2/01/31 |
|
|
900 |
|
|
947,844 |
|
|
Poway Redevelopment Agency California, Tax Allocation |
|
|
1,750 |
|
|
1,577,485 |
|
|
Poway Unified School District, GO, CAB, School Facilities |
|
|
3,750 |
|
|
817,537 |
|
|
Sacramento Unified School District California, GO, |
|
|
1,075 |
|
|
1,104,616 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
California (concluded) |
|
|
|
|
|
|
|
|
San Diego Unified School District California, GO, CAB, |
|
$ |
1,600 |
|
$ |
318,960 |
|
|
San Joaquin County Transportation Authority, RB, |
|
|
2,175 |
|
|
2,483,611 |
|
|
San Marcos Unified School District, GO, Election of |
|
|
|
|
|
|
|
|
5.00%, 8/01/34 |
|
|
700 |
|
|
728,455 |
|
|
5.00%, 8/01/38 |
|
|
600 |
|
|
621,984 |
|
|
San Mateo County Community College District, GO, |
|
|
12,740 |
|
|
4,637,105 |
|
|
State of California, GO: |
|
|
|
|
|
|
|
|
5.13%, 6/01/27 |
|
|
20 |
|
|
20,026 |
|
|
5.13%, 6/01/31 |
|
|
60 |
|
|
60,031 |
|
|
Stockton Public Financing Authority California, RB, |
|
|
6,145 |
|
|
6,211,489 |
|
|
Ventura County Community College District, GO, |
|
|
2,325 |
|
|
2,414,931 |
|
|
Walnut Valley Unified School District, GO, CAB, |
|
|
5,500 |
|
|
1,228,205 |
|
|
West Basin Municipal Water District California, COP, |
|
|
5,035 |
|
|
5,227,287 |
|
|
|
|
|
|
|
|
73,814,956 |
|
|
Colorado — 1.9% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Covenant |
|
|
|
|
|
|
|
|
5.50%, 12/01/27 |
|
|
1,200 |
|
|
1,125,636 |
|
|
5.50%, 12/01/33 |
|
|
675 |
|
|
625,408 |
|
|
Colorado Health Facilities Authority, Refunding RB, |
|
|
2,130 |
|
|
2,156,241 |
|
|
Colorado Housing & Finance Authority, Refunding RB, |
|
|
295 |
|
|
301,732 |
|
|
Regional Transportation District, COP, Series A, 5.38%, |
|
|
2,000 |
|
|
2,120,460 |
|
|
|
|
|
|
|
|
6,329,477 |
|
|
Connecticut — 0.2% |
|
|
|
|
|
|
|
|
Connecticut State Health & Educational Facilities |
|
|
675 |
|
|
678,551 |
|
|
District of Columbia — 1.6% |
|
|
|
|
|
|
|
|
District of Columbia, RB, Series B-1 (NPFGC), 5.00%, |
|
|
5,530 |
|
|
5,356,800 |
|
|
Florida — 14.9% |
|
|
|
|
|
|
|
|
Broward County School Board Florida, COP, Series A |
|
|
1,600 |
|
|
1,651,600 |
|
|
Collier County School Board, COP (AGM), 5.00%, |
|
|
3,000 |
|
|
3,215,910 |
|
|
County of Broward Florida, RB, Series A, 5.25%, |
|
|
850 |
|
|
912,560 |
|
|
County of Duval Florida, COP, Master Lease Program |
|
|
5,000 |
|
|
5,113,500 |
|
|
County of Lee Florida, Refunding RB, Series A, AMT: |
|
|
|
|
|
|
|
|
5.63%, 10/01/26 |
|
|
960 |
|
|
998,381 |
|
|
5.38%, 10/01/32 |
|
|
3,160 |
|
|
3,142,178 |
|
|
County of Miami-Dade Florida, GO, Building Better |
|
|
1,400 |
|
|
1,518,174 |
|
|
County of Miami-Dade Florida, RB, Water & Sewer |
|
|
4,625 |
|
|
4,806,901 |
|
|
County of Miami-Dade Florida, Refunding RB, Miami |
|
|
9,900 |
|
|
9,490,833 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
19 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Florida (concluded) |
|
|
|
|
|
|
|
|
Florida Ports Financing Commission, Refunding RB, |
|
|
|
|
|
|
|
|
5.13%, 6/01/27 |
|
$ |
2,000 |
|
$ |
2,115,520 |
|
|
5.38%, 10/01/29 |
|
|
1,050 |
|
|
1,110,742 |
|
|
Highlands County Health Facilities Authority, RB, Adventist |
|
|
1,450 |
|
|
1,565,884 |
|
|
Hillsborough County Aviation Authority Florida, RB, |
|
|
4,050 |
|
|
4,147,200 |
|
|
Miami-Dade County School Board, COP, Refunding, |
|
|
1,000 |
|
|
1,027,910 |
|
|
Orange County School Board, COP, Series A: |
|
|
|
|
|
|
|
|
(AGC), 5.50%, 8/01/34 |
|
|
3,550 |
|
|
3,763,177 |
|
|
(NPFGC), 5.00%, 8/01/31 |
|
|
2,000 |
|
|
2,030,240 |
|
|
Sarasota County Public Hospital District, RB, Sarasota |
|
|
275 |
|
|
280,030 |
|
|
South Florida Water Management District, COP (AGC), |
|
|
2,000 |
|
|
2,131,860 |
|
|
|
|
|
|
|
|
49,022,600 |
|
|
Georgia — 3.6% |
|
|
|
|
|
|
|
|
Burke County Development Authority, RB, Oglethorpe |
|
|
1,150 |
|
|
1,190,457 |
|
|
Gwinnett County Hospital Authority, Refunding RB, |
|
|
825 |
|
|
860,005 |
|
|
Municipal Electric Authority of Georgia, Refunding RB, |
|
|
7,475 |
|
|
9,806,676 |
|
|
|
|
|
|
|
|
11,857,138 |
|
|
Illinois — 20.5% |
|
|
|
|
|
|
|
|
City of Chicago Illinois, ARB, General, Third Lien, |
|
|
|
|
|
|
|
|
(AGM), 5.75%, 1/01/23 |
|
|
5,670 |
|
|
5,940,913 |
|
|
(Syncora), 6.00%, 1/01/29 |
|
|
2,500 |
|
|
2,595,775 |
|
|
City of Chicago Illinois, Board of Education, GO, |
|
|
|
|
|
|
|
|
(AGM), 5.50%, 12/01/31 |
|
|
3,000 |
|
|
3,248,340 |
|
|
Chicago School Reform Board, (NPFGC), 5.50%, |
|
|
1,000 |
|
|
1,073,470 |
|
|
City of Chicago Illinois, Board of Education, GO, Series A, |
|
|
2,375 |
|
|
2,516,312 |
|
|
City of Chicago Illinois, Park District, GO, Harbor Facilities, |
|
|
550 |
|
|
577,297 |
|
|
City of Chicago Illinois, Transit Authority, RB, Sales Tax |
|
|
595 |
|
|
615,218 |
|
|
City of Chicago Illinois, RB, Series A: |
|
|
|
|
|
|
|
|
(AGC), 5.00%, 1/01/38 |
|
|
2,000 |
|
|
2,035,960 |
|
|
General Third Lien, 5.75%, 1/01/39 |
|
|
5,110 |
|
|
5,577,105 |
|
|
City of Chicago Illinois, Refunding GARB, Third Lien, |
|
|
4,500 |
|
|
4,526,145 |
|
|
County of Cook Illinois, GO, Capital Improvement, |
|
|
2,460 |
|
|
2,591,536 |
|
|
Illinois Finance Authority, RB, Carle Foundation, Series A, |
|
|
650 |
|
|
654,771 |
|
|
Illinois Finance Authority, Refunding RB, Carle Foundation, |
|
|
1,000 |
|
|
1,023,670 |
|
|
Illinois Municipal Electric Agency, RB, Series A (NPFGC), |
|
|
1,000 |
|
|
1,034,650 |
|
|
Illinois Sports Facilities Authority, RB, State Tax Supported |
|
|
17,620 |
|
|
18,546,812 |
|
|
Metropolitan Pier & Exposition Authority, RB, CAB, |
|
|
9,950 |
|
|
2,690,579 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Illinois (concluded) |
|
|
|
|
|
|
|
|
Metropolitan Pier & Exposition Authority, Refunding |
|
|
|
|
|
|
|
|
5.83%, 6/15/27 |
|
$ |
1,300 |
|
$ |
550,225 |
|
|
6.25%, 6/15/44 |
|
|
3,450 |
|
|
476,721 |
|
|
Railsplitter Tobacco Settlement Authority, RB, 6.00%, |
|
|
675 |
|
|
701,879 |
|
|
Regional Transportation Authority, RB, Series A (AMBAC), |
|
|
8,800 |
|
|
10,485,288 |
|
|
|
|
|
|
|
|
67,462,666 |
|
|
Indiana — 1.3% |
|
|
|
|
|
|
|
|
Indiana Finance Authority, Wastewater Utility, RB, |
|
|
1,100 |
|
|
1,173,535 |
|
|
Indiana Municipal Power Agency, RB, Series B, 5.75%, |
|
|
400 |
|
|
410,848 |
|
|
Indianapolis Local Public Improvement Bond Bank, |
|
|
|
|
|
|
|
|
5.25%, 1/01/29 |
|
|
600 |
|
|
644,364 |
|
|
5.50%, 1/01/38 |
|
|
1,825 |
|
|
1,964,558 |
|
|
|
|
|
|
|
|
4,193,305 |
|
|
Iowa — 1.8% |
|
|
|
|
|
|
|
|
Iowa Finance Authority, RB, Series A (AGC), 5.63%, |
|
|
5,725 |
|
|
6,013,311 |
|
|
Louisiana — 0.6% |
|
|
|
|
|
|
|
|
Jefferson Parish Hospital Service District No. 1, |
|
|
420 |
|
|
439,849 |
|
|
Louisiana Public Facilities Authority, Refunding RB, |
|
|
1,250 |
|
|
1,401,600 |
|
|
|
|
|
|
|
|
1,841,449 |
|
|
Massachusetts — 1.9% |
|
|
|
|
|
|
|
|
Massachusetts HFA, RB, AMT (AGM), Rental Mortgage, |
|
|
1,700 |
|
|
1,701,190 |
|
|
Massachusetts HFA, Refunding RB, AMT: |
|
|
|
|
|
|
|
|
Rental Housing, Series A (AGM), 5.15%, 7/01/26 |
|
|
625 |
|
|
630,812 |
|
|
Series C, 5.35%, 12/01/42 |
|
|
1,150 |
|
|
1,158,602 |
|
|
Massachusetts Water Resources Authority, Refunding RB, |
|
|
2,700 |
|
|
2,838,726 |
|
|
|
|
|
|
|
|
6,329,330 |
|
|
Michigan — 7.1% |
|
|
|
|
|
|
|
|
City of Detroit Michigan, RB, Series B: |
|
|
|
|
|
|
|
|
Second Lien (AGM), 6.25%, 7/01/36 |
|
|
400 |
|
|
448,516 |
|
|
Second Lien (AGM), 7.00%, 7/01/36 |
|
|
200 |
|
|
235,650 |
|
|
Senior Lien (AGM), 7.50%, 7/01/33 |
|
|
700 |
|
|
829,843 |
|
|
System, Second Lien, Series B (NPFGC), 5.00%, |
|
|
2,600 |
|
|
2,570,750 |
|
|
City of Detroit Michigan, Refunding RB, Second Lien, |
|
|
2,500 |
|
|
2,679,575 |
|
|
Kalamazoo Hospital Finance Authority, RB, Bronson |
|
|
425 |
|
|
434,673 |
|
|
Lansing Board of Water & Light Utilities, RB, Series A, |
|
|
1,700 |
|
|
1,871,156 |
|
|
Michigan Higher Education Student Loan Authority, |
|
|
1,500 |
|
|
1,509,330 |
|
|
Michigan State Building Authority, Refunding RB, |
|
|
|
|
|
|
|
|
Series I-A, 5.38%, 10/15/36 |
|
|
145 |
|
|
155,932 |
|
|
Series I-A, 5.38%, 10/15/41 |
|
|
700 |
|
|
749,280 |
|
|
Series II-A (AGM), 5.25%, 10/15/36 |
|
|
900 |
|
|
958,869 |
|
|
|
|
|
|
See Notes to Financial Statements. |
||
|
|
|
|
|
20 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Michigan (concluded) |
|
|
|
|
|
|
|
|
Michigan State Finance Authority, Refunding RB, |
|
$ |
4,300 |
|
$ |
4,274,114 |
|
|
Michigan State Housing Development Authority, RB, |
|
|
1,100 |
|
|
1,120,273 |
|
|
Michigan Strategic Fund, Refunding RB, Detroit |
|
|
|
|
|
|
|
|
Series A, 5.50%, 6/01/30 |
|
|
1,300 |
|
|
1,302,457 |
|
|
Series C, 5.45%, 12/15/32 |
|
|
4,300 |
|
|
4,301,075 |
|
|
|
|
|
|
|
|
23,441,493 |
|
|
Minnesota — 0.9% |
|
|
|
|
|
|
|
|
City of Minneapolis Minnesota, Refunding RB, Fairview |
|
|
2,500 |
|
|
2,803,550 |
|
|
Nevada — 3.7% |
|
|
|
|
|
|
|
|
City of Carson City Nevada, RB, Carson-Tahoe Hospital |
|
|
2,750 |
|
|
2,583,625 |
|
|
City of Las Vegas Nevada, GO, Limited Tax, Performing |
|
|
850 |
|
|
947,750 |
|
|
County of Clark Nevada, RB: |
|
|
|
|
|
|
|
|
Las Vegas-McCarran International Airport, Series A |
|
|
3,800 |
|
|
3,961,082 |
|
|
Southwest Gas Corp. Project, Series A, AMT (FGIC), |
|
|
75 |
|
|
66,913 |
|
|
Subordinate Lien, Series A-2 (NPFGC), 5.00%, |
|
|
1,500 |
|
|
1,515,555 |
|
|
Subordinate Lien, Series A-2 (NPFGC), 5.00%, |
|
|
3,200 |
|
|
3,221,984 |
|
|
|
|
|
|
|
|
12,296,909 |
|
|
New Jersey — 8.7% |
|
|
|
|
|
|
|
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
Cigarette Tax (Radian), 5.50%, 6/15/31 |
|
|
600 |
|
|
557,148 |
|
|
Cigarette Tax (Radian), 5.75%, 6/15/34 |
|
|
305 |
|
|
287,694 |
|
|
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, |
|
|
5,025 |
|
|
5,277,607 |
|
|
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, |
|
|
7,800 |
|
|
8,076,666 |
|
|
School Facilities Construction, Series Z (AGC), |
|
|
2,000 |
|
|
2,202,720 |
|
|
New Jersey EDA, Refunding RB, School Facilities |
|
|
4,800 |
|
|
5,422,416 |
|
|
New Jersey Higher Education Student Assistance |
|
|
|
|
|
|
|
|
5.50%, 12/01/26 |
|
|
600 |
|
|
611,130 |
|
|
5.75%, 12/01/27 |
|
|
3,870 |
|
|
4,001,425 |
|
|
New Jersey Transportation Trust Fund Authority, RB, |
|
|
2,000 |
|
|
2,159,560 |
|
|
|
|
|
|
|
|
28,596,366 |
|
|
New York — 4.0% |
|
|
|
|
|
|
|
|
Erie County Industrial Development Agency, RB, City |
|
|
1,500 |
|
|
1,643,955 |
|
|
Hudson New York Yards Infrastructure Corp., RB, Series A, |
|
|
700 |
|
|
741,237 |
|
|
Metropolitan Transportation Authority, RB, Series 2008C, |
|
|
4,000 |
|
|
4,683,000 |
|
|
New York City Transitional Finance Authority, RB, |
|
|
|
|
|
|
|
|
5.50%, 1/15/33 |
|
|
1,600 |
|
|
1,723,936 |
|
|
5.50%, 1/15/34 |
|
|
2,750 |
|
|
2,996,867 |
|
|
New York State Dormitory Authority, ERB, Series B, |
|
|
1,200 |
|
|
1,356,576 |
|
|
|
|
|
|
|
|
13,145,571 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
North Carolina — 0.7% |
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, RB, Novant |
|
$ |
2,550 |
|
$ |
2,342,328 |
|
|
Ohio — 0.5% |
|
|
|
|
|
|
|
|
County of Lucas Ohio, Refunding RB, Promedica |
|
|
530 |
|
|
603,363 |
|
|
Ohio Higher Educational Facility Commission, |
|
|
1,025 |
|
|
1,034,881 |
|
|
|
|
|
|
|
|
1,638,244 |
|
|
Pennsylvania — 0.8% |
|
|
|
|
|
|
|
|
Pennsylvania HFA, Refunding RB, Series 99A, AMT, |
|
|
1,500 |
|
|
1,518,705 |
|
|
Pennsylvania Turnpike Commission, RB, Subordinate, |
|
|
575 |
|
|
663,263 |
|
|
Philadelphia School District, GO, Series E, 6.00%, |
|
|
400 |
|
|
434,688 |
|
|
|
|
|
|
|
|
2,616,656 |
|
|
Puerto Rico — 2.6% |
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
|
|
|
|
|
|
|
6.38%, 8/01/39 |
|
|
3,200 |
|
|
3,546,688 |
|
|
6.00%, 8/01/42 |
|
|
2,275 |
|
|
2,452,814 |
|
|
Puerto Rico Sales Tax Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
CAB, Series A (NPFGC), 5.68%, 8/01/41 (b) |
|
|
8,500 |
|
|
1,323,535 |
|
|
First Sub-Series C, 6.00%, 8/01/39 |
|
|
1,180 |
|
|
1,281,858 |
|
|
|
|
|
|
|
|
8,604,895 |
|
|
Rhode Island — 0.8% |
|
|
|
|
|
|
|
|
Rhode Island Health & Educational Building Corp., |
|
|
2,375 |
|
|
2,630,978 |
|
|
South Carolina — 1.3% |
|
|
|
|
|
|
|
|
South Carolina Jobs-EDA, Refunding RB, Palmetto |
|
|
115 |
|
|
125,849 |
|
|
South Carolina State Public Service Authority, RB, |
|
|
1,000 |
|
|
1,087,410 |
|
|
South Carolina Transportation Infrastructure Bank, RB, |
|
|
3,000 |
|
|
3,156,510 |
|
|
|
|
|
|
|
|
4,369,769 |
|
|
Tennessee — 2.1% |
|
|
|
|
|
|
|
|
Memphis Center City Revenue Finance Corp., RB, |
|
|
1,130 |
|
|
1,200,455 |
|
|
Metropolitan Government of Nashville & Davidson |
|
|
5,000 |
|
|
5,715,800 |
|
|
|
|
|
|
|
|
6,916,255 |
|
|
Texas — 10.7% |
|
|
|
|
|
|
|
|
City of Houston Texas, Refunding RB, Combined, |
|
|
|
|
|
|
|
|
6.00%, 11/15/35 |
|
|
2,100 |
|
|
2,397,402 |
|
|
5.38%, 11/15/38 |
|
|
1,350 |
|
|
1,463,360 |
|
|
Dallas-Fort Worth International Airport Facilities |
|
|
13,000 |
|
|
13,073,190 |
|
|
Mansfield ISD Texas, GO, School Building (PSF-GTD), |
|
|
1,725 |
|
|
1,840,265 |
|
|
North Texas Tollway Authority, RB (AGC), System, |
|
|
|
|
|
|
|
|
Series K-1, 5.75%, 1/01/38 |
|
|
3,800 |
|
|
4,095,222 |
|
|
Series K-2, 6.00%, 1/01/38 |
|
|
4,015 |
|
|
4,393,012 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
21 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Texas (concluded) |
|
|
|
|
|
|
|
|
North Texas Tollway Authority, Refunding RB, First Tier: |
|
|
|
|
|
|
|
|
Series A, 6.00%, 1/01/28 |
|
$ |
2,795 |
|
$ |
3,096,105 |
|
|
System (NPFGC), 5.75%, 1/01/40 |
|
|
1,600 |
|
|
1,667,184 |
|
|
Texas State Turnpike Authority, RB, First Tier, Series A |
|
|
3,150 |
|
|
3,140,802 |
|
|
|
|
|
|
|
|
35,166,542 |
|
|
Washington — 1.9% |
|
|
|
|
|
|
|
|
Central Puget Sound Regional Transit Authority, RB, |
|
|
1,600 |
|
|
1,681,120 |
|
|
Washington Health Care Facilities Authority, RB, |
|
|
|
|
|
|
|
|
5.00%, 10/01/39 |
|
|
900 |
|
|
904,257 |
|
|
5.25%, 10/01/39 |
|
|
625 |
|
|
640,781 |
|
|
Washington Health Care Facilities Authority, |
|
|
2,800 |
|
|
2,921,772 |
|
|
|
|
|
|
|
|
6,147,930 |
|
|
Wisconsin — 0.4% |
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, RB, |
|
|
1,375 |
|
|
1,420,925 |
|
|
Total Municipal Bonds — 120.0% |
|
|
|
|
|
395,268,825 |
|
|
|
|||||||
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
Arizona — 0.9% |
|
|
|
|
|
|
|
|
Phoenix Civic Improvement Corp., RB, Junior Lien, |
|
|
1,200 |
|
|
1,284,216 |
|
|
Salt River Project Agricultural Improvement & Power |
|
|
1,500 |
|
|
1,572,825 |
|
|
|
|
|
|
|
|
2,857,041 |
|
|
California — 4.9% |
|
|
|
|
|
|
|
|
Los Angeles Community College District California, GO, |
|
|
2,500 |
|
|
2,623,200 |
|
|
Orange County Sanitation District, COP (NPFGC), 5.00%, |
|
|
7,458 |
|
|
7,583,955 |
|
|
San Diego Community College District California, GO, |
|
|
404 |
|
|
439,952 |
|
|
San Diego County Water Authority, COP, Refunding, |
|
|
2,810 |
|
|
2,946,482 |
|
|
Tamalpais Union High School District California, GO, |
|
|
1,605 |
|
|
1,672,474 |
|
|
University of California, RB, Series O, 5.75%, 5/15/34 |
|
|
840 |
|
|
940,061 |
|
|
|
|
|
|
|
|
16,206,124 |
|
|
Colorado — 0.3% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Refunding RB, |
|
|
900 |
|
|
942,646 |
|
|
District of Columbia — 1.0% |
|
|
|
|
|
|
|
|
District of Columbia, RB, Series A, 5.50%, 12/01/30 |
|
|
1,005 |
|
|
1,138,615 |
|
|
District of Columbia Water & Sewer Authority, RB, |
|
|
1,770 |
|
|
2,087,261 |
|
|
|
|
|
|
|
|
3,225,876 |
|
|
Florida — 7.2% |
|
|
|
|
|
|
|
|
City of Tallahassee Florida Energy System, RB (NPFGC): |
|
|
|
|
|
|
|
|
5.00%, 10/01/32 |
|
|
4,000 |
|
|
4,127,880 |
|
|
5.00%, 10/01/37 |
|
|
7,500 |
|
|
7,763,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
Florida (concluded) |
|
|
|
|
|
|
|
|
Florida State Board of Education, GO, Series D, 5.00%, |
|
$ |
1,349 |
|
$ |
1,424,419 |
|
|
Miami-Dade County School Board, COP, Refunding, |
|
|
10,000 |
|
|
10,279,100 |
|
|
|
|
|
|
|
|
23,594,874 |
|
|
Georgia — 5.5% |
|
|
|
|
|
|
|
|
City of Atlanta Georgia, RB, General, Series B (AGM), |
|
|
17,356 |
|
|
17,963,711 |
|
|
Illinois — 2.0% |
|
|
|
|
|
|
|
|
Illinois State Toll Highway Authority, RB, Series B, 5.50%, |
|
|
1,880 |
|
|
1,982,923 |
|
|
State of Illinois, RB, Build Illinois, Series B, 5.25%, |
|
|
4,399 |
|
|
4,603,562 |
|
|
|
|
|
|
|
|
6,586,485 |
|
|
Louisiana — 1.7% |
|
|
|
|
|
|
|
|
State of Louisiana Gas & Fuels, RB, Series A (AGM), |
|
|
5,400 |
|
|
5,571,018 |
|
|
Massachusetts — 3.4% |
|
|
|
|
|
|
|
|
Massachusetts School Building Authority, RB, Series A |
|
|
10,600 |
|
|
11,308,035 |
|
|
Nevada — 3.4% |
|
|
|
|
|
|
|
|
City of Las Vegas Nevada, GO, Limited Tax, Performing |
|
|
3,778 |
|
|
4,189,510 |
|
|
Clark County Water Reclamation District, GO, Series B: |
|
|
|
|
|
|
|
|
5.50%, 7/01/29 |
|
|
4,499 |
|
|
4,984,084 |
|
|
5.75%, 7/01/34 |
|
|
1,829 |
|
|
2,053,020 |
|
|
|
|
|
|
|
|
11,226,614 |
|
|
New York — 0.9% |
|
|
|
|
|
|
|
|
New York City Municipal Water & Sewer Finance |
|
|
1,260 |
|
|
1,419,565 |
|
|
Triborough Bridge & Tunnel Authority, RB, General, |
|
|
1,300 |
|
|
1,424,683 |
|
|
|
|
|
|
|
|
2,844,248 |
|
|
Ohio — 0.2% |
|
|
|
|
|
|
|
|
State of Ohio, RB, Cleveland Clinic Health, Series B, |
|
|
580 |
|
|
608,275 |
|
|
South Carolina — 2.6% |
|
|
|
|
|
|
|
|
Charleston Educational Excellence Finance Corp., RB, |
|
|
|
|
|
|
|
|
5.25%, 12/01/28 |
|
|
3,120 |
|
|
3,307,699 |
|
|
5.25%, 12/01/29 |
|
|
2,765 |
|
|
2,919,508 |
|
|
5.25%, 12/01/30 |
|
|
1,010 |
|
|
1,063,702 |
|
|
South Carolina State Public Service Authority, RB, |
|
|
1,275 |
|
|
1,386,448 |
|
|
|
|
|
|
|
|
8,677,357 |
|
|
Texas — 1.2% |
|
|
|
|
|
|
|
|
Clear Creek ISD Texas, GO, Refunding, School Building |
|
|
2,200 |
|
|
2,420,506 |
|
|
North East ISD Texas, GO, School Building, Series A |
|
|
1,600 |
|
|
1,694,000 |
|
|
|
|
|
|
|
|
4,114,506 |
|
|
Utah — 1.6% |
|
|
|
|
|
|
|
|
Utah Transit Authority, RB, Series A (AGM), 5.00%, |
|
|
5,000 |
|
|
5,276,250 |
|
|
Virginia — 0.1% |
|
|
|
|
|
|
|
|
Fairfax County IDA Virginia, Refunding RB, Health Care, |
|
|
350 |
|
|
373,758 |
|
|
|
|
|
|
See Notes to Financial Statements. |
||
|
|
|
|
|
22 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
Washington — 1.3% |
|
|
|
|
|
|
|
|
Central Puget Sound Regional Transit Authority, RB, |
|
$ |
4,004 |
|
$ |
4,224,709 |
|
|
Wisconsin — 0.4% |
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, |
|
|
1,430 |
|
|
1,446,243 |
|
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
127,047,770 |
|
|
Total
Long-Term Investments |
|
|
|
|
|
522,316,595 |
|
|
|
|||||||
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.01% (g)(h) |
|
|
8,274,103 |
|
|
8,274,103 |
|
|
Total
Short-Term Securities |
|
|
|
|
|
8,274,103 |
|
|
Total Investments (Cost — $511,416,468*) — 161.1% |
|
|
|
|
|
530,590,698 |
|
|
Other Assets Less Liabilities — 1.6% |
|
|
|
|
|
5,292,563 |
|
|
Liability
for TOB Trust Certificates, Including |
|
|
|
|
|
(63,983,407 |
) |
|
VRDP Shares, at Liquidation Value — (43.3)% |
|
|
|
|
|
(142,500,000 |
) |
|
Net Assets Applicable to Common Shares — 100.0% |
|
|
|
|
$ |
329,399,854 |
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
447,973,710 |
|
|
Gross unrealized appreciation |
|
$ |
22,449,871 |
|
|
Gross unrealized depreciation |
|
|
(3,779,967 |
) |
|
Net unrealized appreciation |
|
$ |
18,669,904 |
|
|
|
|
|
(a) |
Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date. |
|
|
|
|
(b) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
|
|
(c) |
Variable rate security. Rate shown is as of report date. |
|
|
|
|
(d) |
When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
|
Value |
|
|
Unrealized |
|
|
Pershing LLC |
|
$ |
2,516,313 |
|
$ |
57,808 |
|
|
Wells Fargo Bank, Inc. |
|
$ |
615,218 |
|
$ |
2,410 |
|
|
|
|
|
(e) |
US governments 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. |
|
|
|
|
(f) |
Securities represent bonds transferred to a TOB 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 TOBs. |
|
|
|
|
(g) |
Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2 (a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares |
|
Net |
|
Shares |
|
Income |
|
||||
|
FFI Institutional Tax-Exempt Fund |
|
|
3,470,954 |
|
|
4,803,149 |
|
|
8,274,103 |
|
$ |
1,077 |
|
|
|
|
|
|
(h) |
Represents the current yield as of report date. |
|
|
|
|
|
|
• |
Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
|
|
|
|
|
|
• |
Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
|
• |
Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
|
• |
Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
|
|
|
|
|
|
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Fund’s perceived risk of 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, 2011 in determining the fair valuation of the Fund’s investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term |
|
|
— |
|
$ |
522,316,595 |
|
|
— |
|
$ |
522,316,595 |
|
|
Short-Term |
|
$ |
8,274,103 |
|
|
— |
|
|
— |
|
|
8,274,103 |
|
|
Total |
|
$ |
8,274,103 |
|
$ |
522,316,595 |
|
|
— |
|
$ |
530,590,698 |
|
|
|
|
|
|
|
1 |
See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
23 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments October 31, 2011 (Unaudited) |
BlackRock MuniHoldings Fund, Inc. (MHD) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Alabama — 1.9% |
|
|
|
|
|
|
|
|
County of Jefferson Alabama, RB, Series A, 5.00%, |
|
$ |
4,550 |
|
$ |
4,192,461 |
|
|
Alaska — 0.5% |
|
|
|
|
|
|
|
|
Northern Tobacco Securitization Corp., RB, Asset-Backed, |
|
|
1,660 |
|
|
1,047,161 |
|
|
Arizona — 4.2% |
|
|
|
|
|
|
|
|
Maricopa County IDA Arizona, RB, Arizona Charter |
|
|
2,200 |
|
|
1,476,486 |
|
|
Phoenix IDA Arizona, Refunding RB, America West |
|
|
2,215 |
|
|
1,892,717 |
|
|
Salt River Project Agricultural Improvement & Power |
|
|
1,690 |
|
|
1,772,050 |
|
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
5.00%, 12/01/32 |
|
|
2,000 |
|
|
1,840,840 |
|
|
5.00%, 12/01/37 |
|
|
2,360 |
|
|
2,136,909 |
|
|
Show Low Improvement District, Special Assessment |
|
|
260 |
|
|
260,585 |
|
|
|
|
|
|
|
|
9,379,587 |
|
|
Arkansas — 0.5% |
|
|
|
|
|
|
|
|
County of Little River Arkansas, Refunding RB, |
|
|
1,155 |
|
|
1,145,725 |
|
|
California — 14.1% |
|
|
|
|
|
|
|
|
Agua Caliente Band of Cahuilla Indians, RB, 5.60%, |
|
|
255 |
|
|
250,344 |
|
|
California Health Facilities Financing Authority, |
|
|
|
|
|
|
|
|
St. Joseph Health System, Series A, 5.75%, 7/01/39 |
|
|
1,530 |
|
|
1,593,327 |
|
|
Sutter Health, Series B, 6.00%, 8/15/42 |
|
|
2,200 |
|
|
2,398,836 |
|
|
California State Public Works Board, RB, Various Capital |
|
|
820 |
|
|
901,254 |
|
|
California Statewide Communities Development |
|
|
|
|
|
|
|
|
Health Facility, Memorial Health Services, Series A, |
|
|
2,500 |
|
|
2,607,800 |
|
|
John Muir Health, 5.13%, 7/01/39 |
|
|
1,510 |
|
|
1,482,503 |
|
|
Los Angeles Department of Airports, RB, Series A, |
|
|
555 |
|
|
592,312 |
|
|
Los Angeles Department of Airports, Refunding RB, |
|
|
4,115 |
|
|
4,330,996 |
|
|
Montebello Unified School District California, GO, |
|
|
|
|
|
|
|
|
5.64%, 8/01/22 |
|
|
2,405 |
|
|
1,320,297 |
|
|
5.63%, 8/01/23 |
|
|
2,455 |
|
|
1,252,394 |
|
|
San Diego Unified School District California, GO, CAB, |
|
|
3,475 |
|
|
1,278,661 |
|
|
State of California, GO, Various Purpose: |
|
|
|
|
|
|
|
|
5.00%, 10/01/41 |
|
|
2,115 |
|
|
2,108,401 |
|
|
6.50%, 4/01/33 |
|
|
8,370 |
|
|
9,759,504 |
|
|
University of California, RB, Limited Project, Series B, |
|
|
1,665 |
|
|
1,674,457 |
|
|
|
|
|
|
|
|
31,551,086 |
|
|
Colorado — 2.0% |
|
|
|
|
|
|
|
|
Colorado Educational & Cultural Facilities Authority, RB, |
|
|
1,455 |
|
|
1,363,422 |
|
|
Plaza Metropolitan District No. 1 Colorado, Tax Allocation |
|
|
1,000 |
|
|
934,480 |
|
|
Regional Transportation District, COP, Series A, 5.38%, |
|
|
710 |
|
|
752,763 |
|
|
University of Colorado, RB, Series A, 5.38%, 6/01/38 |
|
|
1,250 |
|
|
1,341,138 |
|
|
|
|
|
|
|
|
4,391,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Connecticut — 2.5% |
|
|
|
|
|
|
|
|
Connecticut State Development Authority, RB, AFCO, |
|
$ |
2,700 |
|
$ |
1,803,519 |
|
|
Connecticut State Health & Educational Facility |
|
|
|
|
|
|
|
|
Ascension Health Senior Credit, 5.00%, 11/15/40 |
|
|
955 |
|
|
981,053 |
|
|
Wesleyan University, 5.00%, 7/01/35 |
|
|
2,515 |
|
|
2,689,918 |
|
|
|
|
|
|
|
|
5,474,490 |
|
|
Delaware — 1.5% |
|
|
|
|
|
|
|
|
County of Sussex Delaware, RB, NRG Energy, Inc., |
|
|
790 |
|
|
794,622 |
|
|
Delaware State EDA, RB, Exempt Facilities, Indian River |
|
|
2,830 |
|
|
2,595,336 |
|
|
|
|
|
|
|
|
3,389,958 |
|
|
District of Columbia — 2.4% |
|
|
|
|
|
|
|
|
Metropolitan Washington Airports Authority, RB: |
|
|
|
|
|
|
|
|
CAB, Second Senior Lien, Series B (AGC), |
|
|
13,485 |
|
|
3,241,659 |
|
|
First Senior Lien, Series A, 5.00%, 10/01/39 |
|
|
505 |
|
|
523,003 |
|
|
First Senior Lien, Series A, 5.25%, 10/01/44 |
|
|
1,470 |
|
|
1,527,801 |
|
|
|
|
|
|
|
|
5,292,463 |
|
|
Florida — 9.0% |
|
|
|
|
|
|
|
|
City of Clearwater Florida, RB, Series A, 5.25%, |
|
|
2,375 |
|
|
2,556,141 |
|
|
County of Broward Florida, RB, Series A, 5.25%, |
|
|
750 |
|
|
805,200 |
|
|
County of Miami-Dade Florida, RB: |
|
|
|
|
|
|
|
|
CAB, Sub-Series A (NPFGC), 5.24%, 10/01/37 (b) |
|
|
2,340 |
|
|
412,355 |
|
|
Water & Sewer System, 5.00%, 10/01/34 |
|
|
3,935 |
|
|
4,110,383 |
|
|
County of Miami-Dade Florida, Refunding RB, Miami |
|
|
2,620 |
|
|
2,693,674 |
|
|
Greater Orlando Aviation Authority Florida, RB, Special |
|
|
2,095 |
|
|
1,969,656 |
|
|
Hillsborough County IDA, RB, National Gypsum Co., |
|
|
1,900 |
|
|
1,693,280 |
|
|
Mid-Bay Bridge Authority, RB, Series A, 7.25%, |
|
|
1,570 |
|
|
1,643,288 |
|
|
Midtown Miami Community Development District, |
|
|
2,400 |
|
|
2,407,656 |
|
|
Palm Coast Park Community Development District, |
|
|
665 |
|
|
406,475 |
|
|
Preserve at Wilderness Lake Community Development |
|
|
1,495 |
|
|
1,339,505 |
|
|
|
|
|
|
|
|
20,037,613 |
|
|
Georgia — 1.4% |
|
|
|
|
|
|
|
|
DeKalb Private Hospital Authority, Refunding RB, |
|
|
585 |
|
|
601,199 |
|
|
Metropolitan Atlanta Rapid Transit Authority, Sales Tax |
|
|
2,410 |
|
|
2,512,642 |
|
|
|
|
|
|
|
|
3,113,841 |
|
|
Guam — 0.7% |
|
|
|
|
|
|
|
|
Territory of Guam, GO, Series A: |
|
|
|
|
|
|
|
|
6.00%, 11/15/19 |
|
|
440 |
|
|
447,836 |
|
|
6.75%, 11/15/29 |
|
|
630 |
|
|
649,486 |
|
|
7.00%, 11/15/39 |
|
|
430 |
|
|
445,566 |
|
|
|
|
|
|
|
|
1,542,888 |
|
|
Hawaii — 0.4% |
|
|
|
|
|
|
|
|
State of Hawaii, Refunding RB, Series A, 5.25%, |
|
|
945 |
|
|
993,261 |
|
|
|
|
|
|
See Notes to Financial Statements. |
||
|
|
|
|
|
24 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniHoldings Fund, Inc. (MHD) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Illinois — 9.9% |
|
|
|
|
|
|
|
|
City of Chicago Illinois, Board of Education, GO, |
|
|
|
|
|
|
|
|
5.00%, 12/01/41 |
|
$ |
485 |
|
$ |
483,482 |
|
|
5.50%, 12/01/39 |
|
|
1,460 |
|
|
1,546,870 |
|
|
City of Chicago Illinois, RB, O’ Hare International Airport, |
|
|
2,000 |
|
|
2,182,820 |
|
|
City of Chicago Illinois, Refunding RB, General, Third |
|
|
4,055 |
|
|
4,664,953 |
|
|
City of Chicago Illinois, Special Assessment Bonds, |
|
|
1,200 |
|
|
1,228,968 |
|
|
City of Chicago Illinois, Transit Authority, RB, Sales Tax |
|
|
730 |
|
|
751,864 |
|
|
Illinois Finance Authority, Refunding RB, Central DuPage |
|
|
1,115 |
|
|
1,154,360 |
|
|
Illinois HDA, RB, Homeowner Mortgage, Sub-Series C2, |
|
|
2,580 |
|
|
2,589,185 |
|
|
Metropolitan Pier & Exposition Authority, Refunding RB, |
|
|
|
|
|
|
|
|
CAB, Series B, 6.25%, 6/15/47 (b) |
|
|
13,220 |
|
|
1,496,636 |
|
|
Series B, 5.00%, 6/15/50 |
|
|
2,190 |
|
|
2,135,031 |
|
|
Series B-2, 5.00%, 6/15/50 |
|
|
1,740 |
|
|
1,693,490 |
|
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
5.50%, 6/01/23 |
|
|
930 |
|
|
981,689 |
|
|
6.00%, 6/01/28 |
|
|
800 |
|
|
831,856 |
|
|
State of Illinois, RB, Build Illinois, Series B, 5.25%, |
|
|
440 |
|
|
460,495 |
|
|
|
|
|
|
|
|
22,201,699 |
|
|
Indiana — 2.2% |
|
|
|
|
|
|
|
|
Indiana Finance Authority, RB: |
|
|
|
|
|
|
|
|
Parkview Health System, Series A, 5.75%, 5/01/31 |
|
|
2,300 |
|
|
2,408,261 |
|
|
Sisters of St. Francis Health, 5.25%, 11/01/39 |
|
|
585 |
|
|
596,092 |
|
|
Wastewater Utility, First Lien, CWA Authority Project, |
|
|
1,090 |
|
|
1,162,866 |
|
|
Indiana Municipal Power Agency, RB, Series B, 6.00%, |
|
|
775 |
|
|
845,982 |
|
|
|
|
|
|
|
|
5,013,201 |
|
|
Kansas — 1.3% |
|
|
|
|
|
|
|
|
Kansas Development Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Adventist Health, 5.75%, 11/15/38 |
|
|
1,520 |
|
|
1,640,567 |
|
|
Sisters of Leavenworth, Series A, 5.00%, 1/01/40 |
|
|
1,155 |
|
|
1,167,266 |
|
|
|
|
|
|
|
|
2,807,833 |
|
|
Kentucky — 0.6% |
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, |
|
|
700 |
|
|
731,199 |
|
|
Louisville & Jefferson County Metropolitan Sewer |
|
|
700 |
|
|
708,442 |
|
|
|
|
|
|
|
|
1,439,641 |
|
|
Louisiana — 2.1% |
|
|
|
|
|
|
|
|
East Baton Rouge Sewerage Commission, RB, Series A, |
|
|
570 |
|
|
603,385 |
|
|
Louisiana Local Government Environmental Facilities & |
|
|
3,500 |
|
|
3,652,285 |
|
|
New Orleans Aviation Board, Refunding RB, Passenger |
|
|
430 |
|
|
438,260 |
|
|
|
|
|
|
|
|
4,693,930 |
|
|
Maine — 0.1% |
|
|
|
|
|
|
|
|
Maine Health & Higher Educational Facilities Authority, |
|
|
210 |
|
|
213,326 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Maryland — 1.1% |
|
|
|
|
|
|
|
|
Maryland EDC, RB, Transportation Facilities Project, |
|
$ |
300 |
|
$ |
296,814 |
|
|
Maryland EDC, Refunding RB, CNX Marine |
|
|
580 |
|
|
582,297 |
|
|
Maryland Health & Higher Educational Facilities |
|
|
1,520 |
|
|
1,579,994 |
|
|
|
|
|
|
|
|
2,459,105 |
|
|
Massachusetts — 3.9% |
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, |
|
|
1,165 |
|
|
1,222,749 |
|
|
Massachusetts Health & Educational Facilities |
|
|
1,255 |
|
|
1,280,539 |
|
|
Massachusetts HFA, RB, M/F Housing, Series A, AMT, |
|
|
2,900 |
|
|
2,742,414 |
|
|
Massachusetts State School Building Authority, RB, |
|
|
3,150 |
|
|
3,363,822 |
|
|
|
|
|
|
|
|
8,609,524 |
|
|
Michigan — 2.2% |
|
|
|
|
|
|
|
|
City of Detroit Michigan, RB, Senior Lien, Series B |
|
|
635 |
|
|
752,786 |
|
|
Flint Hospital Building Authority Michigan, Refunding |
|
|
1,150 |
|
|
1,150,069 |
|
|
Kalamazoo Hospital Finance Authority, Refunding RB, |
|
|
955 |
|
|
960,787 |
|
|
Michigan State Hospital Finance Authority, Refunding |
|
|
2,105 |
|
|
2,151,100 |
|
|
|
|
|
|
|
|
5,014,742 |
|
|
Minnesota — 1.1% |
|
|
|
|
|
|
|
|
City of Minneapolis Minnesota, Refunding RB, Fairview |
|
|
2,135 |
|
|
2,363,680 |
|
|
Mississippi — 0.7% |
|
|
|
|
|
|
|
|
Mississippi Development Bank Special Obligation, |
|
|
|
|
|
|
|
|
5.25%, 7/01/17 |
|
|
350 |
|
|
393,327 |
|
|
5.25%, 7/01/19 |
|
|
435 |
|
|
478,365 |
|
|
University of Southern Mississippi, RB, Campus |
|
|
675 |
|
|
726,502 |
|
|
|
|
|
|
|
|
1,598,194 |
|
|
New Hampshire — 1.5% |
|
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
|
3,035 |
|
|
3,280,349 |
|
|
New Jersey — 7.2% |
|
|
|
|
|
|
|
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
Cigarette Tax, 5.75%, 6/15/29 |
|
|
5,385 |
|
|
5,245,098 |
|
|
Continental Airlines Inc. Project, AMT, 6.63%, |
|
|
1,000 |
|
|
1,009,750 |
|
|
Continental Airlines Inc. Project, AMT, 6.25%, |
|
|
2,950 |
|
|
2,789,136 |
|
|
New Jersey State Turnpike Authority, RB, Series C |
|
|
3,500 |
|
|
3,648,925 |
|
|
New Jersey Transportation Trust Fund Authority, RB, |
|
|
1,575 |
|
|
1,700,654 |
|
|
Tobacco Settlement Financing Corp. New Jersey, |
|
|
1,740 |
|
|
1,579,781 |
|
|
|
|
|
|
|
|
15,973,344 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2011 |
25 |
|
|
|
|
|
|
|
|
|