UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number:811-02688
Name of Fund: BlackRock Municipal Bond Fund, Inc.
BlackRock High Yield Municipal Fund
BlackRock National Municipal Fund
BlackRock Short-Term Municipal Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Bond Fund, Inc., 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800)441-7762
Date of fiscal year end: 06/30/2019
Date of reporting period: 12/31/2018
Item 1 – Report to Stockholders
DECEMBER 31, 2018
SEMI-ANNUAL REPORT (UNAUDITED) |
BlackRock Municipal Bond Fund, Inc.
Ø | BlackRock High Yield Municipal Fund |
Ø | BlackRock National Municipal Fund |
Ø | BlackRock Short-Term Municipal Fund |
BlackRock Multi-State Municipal Series Trust
Ø | BlackRock New York Municipal Opportunities Fund |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call1-800-441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at www.blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Dear Shareholder,
In the 12 months ended December 31, 2018, concerns about a variety of political risks and a modest slowdown in global growth worked against the equity market despite solid corporate earnings, while rising interest rates constrained bond returns. Though the market’s appetite for risk remained healthy for most of the reporting period, risk-taking declined sharply later in the reporting period. As a result, bonds held their value better than stocks, which posted negative returns across the globe. Shorter-term, higher-quality securities led the bond market, and U.S. equities outperformed most international stock markets.
Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities.
In fixed income markets, short-term U.S. Treasury interest rates rose the fastest, while longer-term rates slightly increased. This led to a negative return for long-term U.S. Treasuries and a substantial flattening of the yield curve. Many investors are concerned with the flattening yield curve as a harbinger of recession. However, given the extraordinary monetary measures in the last decade, we believe a more accurate barometer for the economy is the returns along the risk spectrums in stock and bond markets. Although the fundamentals in credit markets remained relatively solid, investment-grade bonds posted flat returns, and high-yield bonds declined slightly. Recent sell-offs in risk assets have flattened asset returns along the risk spectrum somewhat, which bears further scrutiny in the months ahead.
In response to rising growth and inflation, the U.S. Federal Reserve (the “Fed”) increased short-term interest rates four times during the reporting period. The Fed also continued to reduce its balance sheet, gradually reversing the unprecedented stimulus measures it enacted after the financial crisis. By our estimation, the Fed’s neutral interest rate, or the theoretical rate that is neither stimulative nor restrictive to the economy, is approximately 3.0%. With that perspective, the Fed’s current policy is still mildly stimulative to the U.S. economy, which leaves room for further Fed rate hikes to arrive at monetary policy that is a neutral factor for economic growth.
Volatility in the U.S. equity market spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. This was accompanied by a broad based risk-off in December — which was the worst December performance on record since 1931. Although fears of recession drove equity volatility higher at the end of 2018, we continue to believe the probability of recession in 2019 remains relatively low.
Economic growth and global earnings are likely to slow somewhat in 2019 — the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019. Trade frictions look more baked into asset prices than a year ago, but markets may be overlooking European political risks. Consequently, we are cautious on European equities, as European unity remains tenuous with a history of flare-ups. We continue to prefer to take risk in U.S. and emerging market equities. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/reward trade-off. Going into 2019, we also favor short-term bonds over long-term bonds because they offer nearly equivalent yields with far lower volatility.
In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visitblackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC
Total Returns as of December 31, 2018 | ||||
6-month | 12-month | |||
U.S. large cap equities | (6.85)% | (4.38)% | ||
U.S. small cap equities | (17.35) | (11.01) | ||
International equities | (11.35) | (13.79) | ||
Emerging market equities | (8.48) | (14.57) | ||
3-month Treasury bills | 1.06 | 1.87 | ||
U.S. Treasury securities | 2.72 | (0.03) | ||
U.S. investment grade bonds | 1.65 | 0.01 | ||
Tax-exempt municipal bonds | 1.38 | 1.36 | ||
U.S. high yield bonds | (2.24) | (2.08) | ||
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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Fund Summary as of December 31, 2018 | BlackRock High Yield Municipal Fund |
Investment Objective
BlackRock High Yield Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended December 31, 2018, the Fund underperformed its primary benchmark, the S&P® Municipal Bond Index. For the same period, the Fund’s Institutional and Class K Shares performed in line with its secondary benchmark, the Custom High Yield Index, while the Investor A and Investor C Shares underperformed. The following discussion of relative performance pertains to the Custom High Yield Index.
What factors influenced performance?
The municipal bond market posted a narrow gain in the second half of 2018. After performing poorly through the first week of November, tax-exempt securities rallied late in the year in response to a sharp drop in U.S. Treasury yields. (Prices and yields move in opposite directions.) High yield municipal bonds, after outperforming for much of the year, finished slightly behind their higher-rated counterparts due to the “flight to quality” that occurred in the fourth quarter.
The Fund’s preference for higher-quality securities contributed to performance during 2018. However, an underweight in BB rated issues was a minor detractor.
Security selection in the tobacco sector added to performance. While the Fund’s weighting in tobacco was slightly higher than the secondary benchmark, a zero weighting in tobacco capital appreciation bonds (“CABs”) — which experienced significant price declines — was a notable positive.
Yield curve exposure also helped results, highlighted by a modest overweight to bonds with maturities of 25 years and above. Again, the absence of CABs — which tend to be longer-dated — was the key factor. However, some of the benefit was offset by an underweight in five- to nine-year issues due to the outperformance for this portion of the yield curve.
The lack of a position in certain outperforming bonds in the utilities sector was a further detractor.
The Fund sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields fell, this aspect of the Fund’s positioning detracted from returns. However, it’s also important to note that the risk-management program added value when Treasury yields were rising in the first nine months of the year.
Describe recent portfolio activity.
The investment adviser deployed cash reserves during the fourth quarter, as indiscriminate selling provided an opportunity to purchase securities at attractive prices. The investment adviser also used holdings it had bought at relatively low yields as a source of cash for these new investments. When adding new securities, the investment adviser focused on the housing, public power and health care sectors. A small increase was made in the Fund’s allocation to Puerto Rico. Conversely, the Fund looked to sell investments that exhibited signs of credit stress — a potentially negative attribute if the U.S. economy slows in 2019.
Describe portfolio positioning at period end.
The Fund kept duration (a measure of interest-rate sensitivity) below that of the benchmark, although it reduced the extent of the underweight as the period progressed. The Fund also maintained a bias toward higher-quality securities, with an underweight position in unrated bonds. The Fund’s sector allocations did not change in a material way, aside from an increased weighting in school districts and the addition to Puerto Rico. The investment adviser maintained a modest degree of leverage in the portfolio.
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.
4 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of December 31, 2018 (continued) | BlackRock High Yield Municipal Fund |
Performance Summary for the Period Ended December 31, 2018
Average Annual Total Returns (a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||||||||||||||||||||||
Standardized 30-Day Yields | Unsubsidized 30-Day Yields | 6-Month Total Returns | w/o sales charge | w/sales charge | w/o sales charge | w/sales charge | w/o sales charge | w/sales charge | ||||||||||||||||||||||||||||||||||||||||
Institutional | 3.71 | % | 3.67 | % | 0.80 | % | 2.15 | % | N/A | 6.95 | % | N/A | 9.35 | % | N/A | |||||||||||||||||||||||||||||||||
Investor A | 3.30 | 3.26 | 0.77 | 1.99 | (2.35 | )% | 6.68 | 5.76 | % | 9.06 | 8.59 | % | ||||||||||||||||||||||||||||||||||||
Investor C | 2.69 | 2.65 | 0.28 | 1.12 | 0.14 | 5.88 | 5.88 | 8.24 | 8.24 | |||||||||||||||||||||||||||||||||||||||
Class K | 3.81 | 3.76 | 0.81 | 2.18 | N/A | 6.96 | N/A | 9.35 | N/A | |||||||||||||||||||||||||||||||||||||||
S&P® Municipal Bond Index(c) | — | — | 1.38 | 1.36 | N/A | 3.88 | N/A | 5.11 | N/A | |||||||||||||||||||||||||||||||||||||||
Custom High Yield Index(d) | — | — | 0.83 | 4.64 | N/A | 7.21 | N/A | 9.65 | N/A |
(a) | Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 16 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. |
(b) | Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund will usually invest in municipal bonds that have a maturity of five years or longer. |
(c) | The S&P® Municipal Bond Index is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the S&P® Municipal Bond Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month. |
(d) | The Custom High Yield Index is a customized benchmark that reflects the returns of the S&P® Customized High Yield Municipal Bond Index for periods prior to January 1, 2013, and the returns of only those bonds in the S&P® Customized High Yield Municipal Bond Index that have maturities greater than five years for periods subsequent to January 1, 2013. |
N/A — Not applicable as share class and index do not have a sales charge.
Past performance is not indicative of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
Actual | Hypothetical (c) | |||||||||||||||||||||||||||||||||||||||
Expenses Paid During the Period | Including Interest Expense and Fees | Excluding Interest Expense and Fees | ||||||||||||||||||||||||||||||||||||||
Beginning Account Value (07/01/18) | Ending Account Value (12/31/18) | Including and Fees (a) | Excluding Interest Expense and Fees (b) | Beginning Account Value (07/01/18) | Ending Account Value (12/31/18) | Expenses Paid During the Period (a) | Ending Account Value (12/31/18) | Expenses Paid During the Period (b) | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,008.00 | $ | 2.99 | $ | 2.63 | $ | 1,000.00 | $ | 1,022.23 | $ | 3.01 | $ | 1,022.58 | $ | 2.65 | ||||||||||||||||||||||
Investor A | 1,000.00 | 1,007.70 | 7.29 | 4.00 | 1,000.00 | 1,017.95 | 7.32 | 1,021.22 | 4.02 | |||||||||||||||||||||||||||||||
Investor C | 1,000.00 | 1,002.80 | 13.38 | 7.77 | 1,000.00 | 1,011.85 | 13.44 | 1,017.44 | 7.83 | |||||||||||||||||||||||||||||||
Class K | 1,000.00 | 1,008.10 | 1.27 | 2.48 | 1,000.00 | 1,023.95 | 1.28 | 1,022.74 | 2.50 |
(a) | For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.68% for Institutional, 0.95% for Investor A, 1.70% for Investor C and 0.65% for Class K), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
(b) | For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.52% for Institutional, 0.79% for Investor A, 1.54% for Investor C and 0.49% for Class K), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
(c) | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
See “Disclosure of Expenses” on page 17 for further information on how expenses were calculated.
FUND SUMMARY | 5 |
Fund Summary as of December 31, 2018 (continued) | BlackRock High Yield Municipal Fund |
Overview of the Fund’s Total Investments*
SECTOR ALLOCATION
Sector | 12/31/18 | |||
Health | 21 | % | ||
Transportation | 16 | |||
County/City/Special District/School District | 16 | |||
Tobacco | 13 | |||
Utilities | 10 | |||
Education | 9 | |||
State | 7 | |||
Corporate | 4 | |||
Financing & Development | 3 | |||
Housing | 1 |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
Percent of Total Investments | ||||
Calendar Year Ended December 31, | ||||
2019 | 14 | % | ||
2020 | 7 | |||
2021 | 10 | |||
2022 | 12 | |||
2023 | 10 |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* | Excludes short-term securities. |
CREDIT QUALITY ALLOCATION (a)
Credit Rating | 12/31/18 | |||
AA/Aa | 10 | % | ||
A | 12 | |||
BBB/Baa | 24 | |||
BB/Ba | 11 | |||
B/B | 6 | |||
N/R | 37 |
(a) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”) or Moody’s Investors Service (“Moody’s”) if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2% of the Fund’s total investments. |
6 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of December 31, 2018 | BlackRock National Municipal Fund |
Investment Objective
BlackRock National Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended December 31, 2018, the Fund underperformed its primary benchmark, the S&P® Municipal Bond Index, as well as its secondary benchmark, the Custom National Index. The following discussion of relative performance pertains to the Fund’s secondary benchmark, the Custom National Index.
What factors influenced performance?
The municipal bond market posted a modest gain in the second half of 2018. After performing poorly through the first week of November, prices on tax-exempt securities moved higher late in the year in response to a sharp drop in U.S. Treasury yields. (Prices and yields move in opposite directions.)
The Fund sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields fell, this aspect of the Fund’s positioning detracted from returns. The effect was especially pronounced in November and December during the rally in U.S. Treasuries. However, it is also important to note that the risk-management program added value when Treasury yields were rising in the first nine months of the year.
The Fund’s position in longer-dated bonds, while producing positive absolute returns, detracted from relative performance.
The Fund’s use of leverage helped results by increasing the contribution from income and augmenting the effect of rising bond prices in the final two months of the year.
Describe recent portfolio activity.
Strong inflows into the Fund, in combination with the investment adviser’s defensive posture, led to the build-up of significant cash reserves early in the period. The investment adviser used these reserves to capitalize on higher yields by purchasing longer-maturity, AA rated securities in both the new and secondary markets. As the period progressed, the investment adviser adjusted the portfolio’s positioning to take advantage of market volatility as the 10-year U.S. Treasury yield traded in a range between 2.75% and 3.25%.
The Fund moved its duration (a measure of interest-rate sensitivity) above that of the benchmark. The portfolio’s duration stood at 6.8 years on December 31, 2018, up from 6.0 years on June 30, 2018. This shift reflected the investment adviser’s effort to put cash to work and increase the Fund’s interest-rate sensitivity once yields reached what the investment adviser believed was the top end of the range early in the fourth quarter.
The Fund maintained overweight positions in the pre-refunded, transportation and utilities sectors. The last two are essential-revenue sectors that benefit from strong market liquidity. This represents a contrast to general obligations, which have become less popular with investors.
The Fund decreased leverage to zero early in the period. Although this move lowered the portfolio’s sensitivity to market volatility, it also reduced income. The Fund added back to the position late in the period, and closed the year with the portfolio 3% leveraged.
Describe portfolio positioning at period end.
The Fund had an average credit quality of A+, and its cash weighting stood at about 1.0%. The Fund’s exposure to bonds subject to the alternative minimum tax was 7.9%. The portfolio was overweight in pre-refunded securities due in part to increased refunding activity. The Fund was also overweight in the transportation and utilities sectors.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
FUND SUMMARY | 7 |
Fund Summary as of December 31, 2018 (continued) | BlackRock National Municipal Fund |
Performance Summary for the Period Ended December 31, 2018
Average Annual Total Returns (a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||||||||||||||||||||||
Standardized 30-Day Yields | Unsubsidized 30-Day Yields | 6-Month Total Returns | w/o sales charge | w/sales charge | w/o sales charge | w/sales charge | w/o sales charge | w/sales charge | ||||||||||||||||||||||||||||||||||||||||
Institutional | 2.79 | % | 2.75 | % | 0.46 | % | 0.61 | % | N/A | 3.96 | % | N/A | 5.77 | % | N/A | |||||||||||||||||||||||||||||||||
Service | 2.55 | 2.52 | 0.43 | 0.46 | N/A | 3.76 | N/A | 5.50 | N/A | |||||||||||||||||||||||||||||||||||||||
Investor A | 2.43 | 2.35 | 0.33 | 0.36 | (3.91 | )% | 3.75 | 2.85 | % | 5.57 | 5.11 | % | ||||||||||||||||||||||||||||||||||||
Investor C | 1.79 | 1.76 | (0.05 | ) | (0.39 | ) | (1.36 | ) | 2.98 | 2.98 | 4.79 | 4.79 | ||||||||||||||||||||||||||||||||||||
Investor C1 | 1.99 | 1.86 | 0.15 | (0.19 | ) | N/A | 3.18 | N/A | 4.99 | N/A | ||||||||||||||||||||||||||||||||||||||
Class K | 2.83 | 2.80 | 0.58 | 0.66 | N/A | 4.06 | N/A | 5.85 | N/A | |||||||||||||||||||||||||||||||||||||||
S&P® Municipal Bond Index(c) | — | — | 1.38 | 1.36 | N/A | 3.88 | N/A | 5.11 | N/A | |||||||||||||||||||||||||||||||||||||||
Custom National Index(d) | — | — | 1.51 | 1.20 | N/A | 4.83 | N/A | 5.47 | N/A |
(a) | Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 16 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. |
(b) | Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund will usually invest in municipal bonds that have a maturity of five years or longer. |
(c) | The S&P® Municipal Bond Index is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the S&P® Municipal Bond Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month. |
(d) | The Custom National Index is a customized benchmark that reflects the returns of the S&P® Municipal Bond Index for periods prior to January 1, 2013, and the returns of only those bonds in the S&P® Municipal Bond Index that have maturities greater than five years for periods subsequent to January 1, 2013. |
N/A — Not applicable as share class and index do not have a sales charge.
Past performance is not indicative of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
Actual | Hypothetical (c) | |||||||||||||||||||||||||||||||||||||||||||
Expenses Paid During the Period | Including Interest Expense and Fees | Excluding Interest Expense and Fees | ||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value (07/01/18) | Ending Account Value (12/31/18) | Including Interest Expense and Fees (a) | Excluding Interest Expense and Fees (b) | Beginning Account Value (07/01/18) | Ending Account Value (12/31/18) | Expenses Paid During the Period (a) | Ending Account Value (12/31/18) | Expenses Paid During the Period (b) | ||||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,004.60 | $ | 2.37 | $ | 2.17 | $ | 1,000.00 | $ | 1,022.84 | $ | 2.40 | $ | 1,023.04 | $ | 2.19 | ||||||||||||||||||||||||||
Service | 1,000.00 | 1,004.30 | 3.59 | 3.44 | 1,000.00 | 1,021.63 | 3.62 | 1,021.78 | 3.47 | |||||||||||||||||||||||||||||||||||
Investor A | 1,000.00 | 1,003.30 | 3.64 | 3.43 | 1,000.00 | 1,021.58 | 3.67 | 1,021.78 | 3.47 | |||||||||||||||||||||||||||||||||||
Investor C | 1,000.00 | 999.50 | 7.36 | 7.21 | 1,000.00 | 1,017.85 | 7.43 | 1,018.00 | 7.27 | |||||||||||||||||||||||||||||||||||
Investor C1 | 1,000.00 | 1,001.50 | 6.41 | 6.21 | 1,000.00 | 1,018.80 | 6.46 | 1,019.00 | 6.26 | |||||||||||||||||||||||||||||||||||
Class K | 1,000.00 | 1,005.80 | 2.12 | 1.92 | 1,000.00 | 1,023.09 | 2.14 | 1,023.09 | 2.14 |
(a) | For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.46% for Institutional, 0.71% for Service, 0.71% for Investor A, 1.46% for Investor C, 1.26% for Investor C1, and 0.41% for Class K), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
(b) | For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.44% for Institutional, 0.68% for Service, 0.69% for Investor A, 1.43% for Investor C and 1.23% for Investor C1 and 0.38% for Class K), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
(c) | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
See “Disclosure of Expenses” on page 17 for further information on how expenses were calculated.
8 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of December 31, 2018 (continued) | BlackRock National Municipal Fund |
Overview of the Fund’s Total Investments*
SECTOR ALLOCATION
Sector | 12/31/18 | |||
Transportation | 27 | % | ||
State | 22 | |||
Utilities | 14 | |||
Health | 12 | |||
County/City/Special District/School District | 10 | |||
Corporate | 7 | |||
Education | 6 | |||
Tobacco | 2 |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
Percent of Total Investments | ||||
Calendar Year Ended December 31, |
| |||
2019 | 9 | % | ||
2020 | 4 | |||
2021 | 6 | |||
2022 | 2 | |||
2023 | 5 |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* | Excludes short-term securities. |
CREDIT QUALITY ALLOCATION (a)
Credit Rating | 12/31/18 | |||
AAA/Aaa | 9 | % | ||
AA/Aa | 45 | |||
A | 24 | |||
BBB/Baa | 8 | |||
BB/Ba | 2 | |||
B/B | 3 | |||
N/R | 9 |
(a) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Fund’s total investments. |
FUND SUMMARY | 9 |
Fund Summary as of December 31, 2018 | BlackRock Short-Term Municipal Fund |
Investment Objective
BlackRock Short-Term Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended December 31, 2018, the Fund underperformed its primary benchmark, the S&P® Municipal Bond Index, and its secondary benchmark, the S&P® Limited Maturity Municipal Bond Index. The following discussion of relative performance pertains to the Fund’s secondary benchmark, the S&P® Limited Maturity Municipal Bond Index.
What factors influenced performance?
The municipal bond market posted a modest gain in the second half of 2018. After performing poorly through the first week of November, tax-exempt securities staged a rally late in the year in response to a sharp drop in U.S. Treasury yields. (Prices and yields move in opposite directions.)
Underweight positions in AAA and AA rated bonds, including pre-refunded issues, detracted from returns given that higher-quality securities outperformed. An underweight position in bonds with three- to four-year maturities also detracted.
On the plus side, the Fund’s below-benchmark duration helped results given that yields on short-term bonds generally rose. (Duration is a measure of interest-rate sensitivity). An underweight position in the zero- to one-year portion of the yield curve made a positive contribution, as well.
The Fund’s position in variable rate demand notes (“VRDNs”) aided performance, as their floating-rate features helped offset the impact of the Fed’s interest rate increases. Since VRDNs reset weekly, their yields move higher as short-term rates climb. In addition, their seven-day maturities limit the effect these securities have on overall portfolio duration. The Fund’s overweight allocations to the state tax-backed, transportation, health care and corporate municipal sectors further contributed.
Describe recent portfolio activity.
With the Fed raising interest rates, the investment adviser pursued a defensive strategy while tactically repositioning the portfolio. The Fund’s position in lower-yielding, fixed-rate holdings was reduced, as the investment adviser believed they would underperform the broader market as rates rose. In addition, the Fund increased its weighting in floating-rate securities.
As municipalities issued annual operating financing notes, the Fund raised its exposure to non-rated issues with attractive yields and equivalent underlying ratings of A and AA. The Fund also invested in A and BBB rated bonds with two- and three-year maturities that offered favorable yield spreads over AAA rated debt.
Describe portfolio positioning at period end.
The Fund was overweight in short-term bonds, contributing to a duration that was lower than that of the benchmark. The Fund continued to add to its weightings in A and BBB rated issues. The portfolio’s largest overweight was in New Jersey, while California and New York were its most significant underweights. The Fund increased its position in New York, while decreasing its allocation to California.
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.
10 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of December 31, 2018 (continued) | BlackRock Short-Term Municipal Fund |
Performance Summary for the Period Ended December 31, 2018
Average Annual Total Returns (a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||||||||||||||||||||||
Standardized 30-Day Yields | Unsubsidized 30-Day Yields | 6-Month Total Returns | w/o sales charge | w/sales charge | w/o sales charge | w/sales charge | w/o sales charge | w/sales charge | ||||||||||||||||||||||||||||||||||||||||
Institutional | 1.75 | % | 1.66 | % | 0.80 | % | 1.54 | % | N/A | 0.60 | % | N/A | 1.02 | % | N/A | |||||||||||||||||||||||||||||||||
Investor A | 1.47 | 1.41 | 0.68 | 1.30 | (1.74 | )% | 0.34 | (0.27 | )% | 0.76 | 0.45 | % | ||||||||||||||||||||||||||||||||||||
Investor A1 | 1.63 | 1.56 | 0.75 | 1.34 | N/A | 0.47 | N/A | 0.90 | N/A | |||||||||||||||||||||||||||||||||||||||
Investor C | 0.76 | 0.68 | 0.30 | 0.54 | (0.46 | ) | (0.44 | ) | (0.44 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||||||
Class K | 1.82 | 1.76 | 0.83 | 1.59 | N/A | 0.62 | N/A | 1.02 | N/A | |||||||||||||||||||||||||||||||||||||||
S&P® Municipal Bond Index(c) | — | — | 1.38 | 1.36 | N/A | 3.88 | N/A | 5.11 | N/A | |||||||||||||||||||||||||||||||||||||||
S&P® Limited Maturity Municipal Bond Index(d) | — | — | 0.94 | 1.76 | N/A | 1.00 | N/A | 1.59 | N/A |
(a) | Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 16 for a detailed description of share classes, including any related sales charges and fees. |
(b) | Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and invests primarily in investment grade municipal bonds or municipal notes, including variable rate demand obligations. The Fund will maintain a dollar-weighted maturity of no more than two years. |
(c) | The S&P® Municipal Bond Index is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the S&P® Municipal Bond Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month. |
(d) | The S&P® Limited Maturity Municipal Bond Index includes all bonds in the S&P® Municipal Bond Index with a remaining maturity of less than four years. |
N/A — Not applicable as share class and index do not have a sales charge.
Past performance is not indicative of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
Actual | Hypothetical (b) | |||||||||||||||||||||||||||||||
Beginning Account Value (07/01/18) | Ending Account Value (12/31/18) | Expenses the Period (a) | Beginning Account Value (07/01/18) | Ending Account Value (12/31/18) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,008.00 | $ | 1.82 | $ | 1,000.00 | $ | 1,023.39 | $ | 1.84 | 0.36 | % | ||||||||||||||||||
Investor A | 1,000.00 | 1,006.80 | 3.03 | 1,000.00 | 1,022.18 | 3.06 | 0.60 | |||||||||||||||||||||||||
Investor A1 | 1,000.00 | 1,007.50 | 2.33 | 1,000.00 | 1,022.89 | 2.35 | 0.46 | |||||||||||||||||||||||||
Investor C | 1,000.00 | 1,003.00 | 6.86 | 1,000.00 | 1,018.35 | 6.92 | 1.36 | |||||||||||||||||||||||||
Class K | 1,000.00 | 1,008.30 | 1.57 | 1,000.00 | 1,023.64 | 1.58 | 0.31 |
(a) | For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
(b) | Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
See “Disclosure of Expenses” on page 17 for further information on how expenses were calculated.
FUND SUMMARY | 11 |
Fund Summary as of December 31, 2018 (continued) | BlackRock Short-Term Municipal Fund |
Overview of the Fund’s Total Investments*
SECTOR ALLOCATION
Sector | 12/31/18 | |||
County/City/Special District/School District | 27 | % | ||
Education | 19 | |||
State | 19 | |||
Health | 12 | |||
Utilities | 11 | |||
Transportation | 10 | |||
Tobacco | 1 | |||
Housing | 1 |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
Percent of Total Investments | ||||
Calendar Year Ended December 31, | ||||
2019 | 53 | % | ||
2020 | 17 | |||
2021 | 19 | |||
2022 | 10 |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* | Excludes short-term securities. |
CREDIT QUALITY ALLOCATION (a)
Credit Rating | 12/31/18 | |||
AAA/Aaa | 6 | % | ||
AA/Aa | 35 | |||
A | 30 | |||
BBB/Baa | 12 | |||
N/R | 17 |
(a) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Fund’s total investments. |
12 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of December 31, 2018 | BlackRock New York Municipal Opportunities Fund |
Investment Objective
BlackRock New York Municipal Opportunities Fund’s (the “Fund”) investment objective is to provide shareholders with income exempt from Federal income tax and New York State and New York City personal income taxes.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended December 31, 2018, the Fund underperformed its primary benchmark, the S&P® Municipal Bond Index, and its secondary benchmark, the S&P® New York Municipal Bond Index, The following discussion of relative performance pertains to the Fund’s secondary benchmark, the S&P® New York Municipal Bond Index.
What factors influenced performance?
The U.S. municipal bond market posted a narrow gain in the second half of 2018. After a stretch of weak returns that lasted until the first week of November, prices on tax-exempt securities moved higher late in the year in response to a sharp drop in U.S. Treasury yields. (Prices and yields move in opposite directions.) New York municipal bonds underperformed slightly due to above-average, new-issue supply relative to the national market.
The Fund’s yield curve positioning was the largest detractor from performance. The Fund was overweight in long-term bonds, which lagged, and was underweight in shorter-term issues, which outperformed.
The Fund sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields fell, this aspect of the Fund’s positioning was a modest detractor.
An overweight position in the underperforming tobacco sector had an adverse impact on performance, as did security selection in the transportation sector.
The use of leverage contributed to performance by augmenting income and amplifying the effect of rising municipal bond prices in the final two months of the year.
Describe recent portfolio activity.
Portfolio activity was largely driven by two themes: new issuance and interest-rate volatility. Yields increased markedly from September to early November, which created opportunities to purchase municipal securities at attractive yield levels and adjust the Fund’s risk-management strategies. The decline in rates from November onward also presented the chance to modify the risk-management strategy and sell certain securities at higher prices.
New York new municipal bond issuance continued its relatively robust pace when compared to national municipal issuance. The higher amount of New York municipal supply provided several opportunities to add securities to the Fund, but it reduced the number of attractive selling options.
Describe portfolio positioning at period end.
The Fund’s duration (measure of interest-rate sensitivity) was below that of the S&P® New York Municipal Bond Index. The Fund maintained overweight positions in both longer-term bonds and lower-rated issues.
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 SUMMARY | 13 |
Fund Summary as of December 31, 2018 (continued) | BlackRock New York Municipal Opportunities Fund |
Performance Summary for the Period Ended December 31, 2018
Average Annual Total Returns (a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||||||||||||||||||||||
Standardized 30-Day Yields | Unsubsidized 30-Day Yields | 6-Month Total Returns | w/o sales charge | w/sales charge | w/o sales charge | w/sales charge | w/o sales charge | w/sales charge | ||||||||||||||||||||||||||||||||||||||||
Institutional | 2.93 | % | 2.87 | % | 0.15 | % | 0.98 | % | N/A | 5.39 | % | N/A | 6.12 | % | N/A | |||||||||||||||||||||||||||||||||
Investor A | 2.56 | 2.48 | 0.11 | 0.82 | (3.46 | )% | 5.15 | 4.24 | % | 5.85 | 5.39 | % | ||||||||||||||||||||||||||||||||||||
Investor A1 | 2.71 | 2.65 | 0.19 | 0.97 | N/A | 5.28 | N/A | 6.01 | N/A | |||||||||||||||||||||||||||||||||||||||
Investor C | 1.92 | 1.85 | (0.27 | ) | 0.07 | (0.90 | ) | 4.36 | 4.36 | 5.07 | 5.07 | |||||||||||||||||||||||||||||||||||||
Investor C1 | 2.32 | 2.00 | (0.06 | ) | 0.47 | N/A | 4.77 | N/A | 5.49 | N/A | ||||||||||||||||||||||||||||||||||||||
Class K | 2.97 | 2.89 | 0.17 | 1.03 | N/A | 5.39 | N/A | 6.12 | N/A | |||||||||||||||||||||||||||||||||||||||
S&P® Municipal Bond Index(c) | — | — | 1.38 | 1.36 | N/A | 3.88 | N/A | 5.11 | N/A | |||||||||||||||||||||||||||||||||||||||
S&P® New York Municipal Bond Index(d) | — | — | 1.19 | 0.92 | N/A | 3.69 | N/A | 4.85 | N/A |
(a) | Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 16 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. |
(b) | Under normal circumstances, the Fund will invest at least 80% of its assets in investment grade New York municipal bonds. The Fund’s returns prior to February 18, 2015 are the returns of the Fund when it followed different investment strategies under the name BlackRock New York Municipal Bond Fund. |
(c) | The S&P® Municipal Bond Index is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the S&P® Municipal Bond Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month. |
(d) | The S&P® New York Municipal Bond Index includes all New York bonds in the S&P® Municipal Bond Index. |
N/A — Not applicable as share class and index do not have a sales charge.
Past performance is not indicative of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles
Expense Example
Actual | Hypothetical (c) | |||||||||||||||||||||||||||||||||||||||
Expenses Paid During the Period | Including Interest Expense and Fees | Excluding Interest Expense and Fees | ||||||||||||||||||||||||||||||||||||||
Beginning Account Value (07/01/18) | Ending Account Value (12/31/18) | Including Interest Expense and Fees (a) | Excluding Interest Expense and Fees (b) | Beginning Account Value (07/01/18) | Ending Account Value (12/31/18) | Expenses Paid During the Period (a) | Ending Account Value (12/31/18) | Expenses Paid During the Period (b) | ||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,001.50 | $ | 3.23 | $ | 2.47 | $ | 1,000.00 | $ | 1,021.98 | $ | 3.26 | $ | 1,022.74 | $ | 2.50 | ||||||||||||||||||||||
Investor A | 1,000.00 | 1,001.10 | 4.54 | 3.78 | 1,000.00 | 1,020.67 | 4.58 | 1,021.42 | 3.82 | |||||||||||||||||||||||||||||||
Investor A1 | 1,000.00 | 1,001.90 | 3.78 | 3.03 | 1,000.00 | 1,021.42 | 3.82 | 1,022.18 | 3.06 | |||||||||||||||||||||||||||||||
Investor C | 1,000.00 | 997.30 | 8.31 | 7.55 | 1,000.00 | 1,016.89 | 8.39 | 1,017.64 | 7.63 | |||||||||||||||||||||||||||||||
Investor C1 | 1,000.00 | 999.40 | 6.30 | 5.54 | 1,000.00 | 1,018.90 | 6.36 | 1,019.66 | 5.60 | |||||||||||||||||||||||||||||||
Class K | 1,000.00 | 1,001.70 | 3.03 | 2.27 | 1,000.00 | 1,022.18 | 3.06 | 1,022.94 | 2.29 |
(a) | For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.65% for Institutional, 0.90% for Investor A, 0.75% for Investor A1, 1.65% for Investor C, 1.25% for Investor C1 and 0.60% for Class K), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
(b) | For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.50% for Institutional, 0.75% for Investor A, 0.60% for Investor A1, 1.50% for Investor C and 1.10% for Investor C1 and 0.45% for Class K), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
(c) | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
See “Disclosure of Expenses” on page 17 for further information on how expenses were calculated.
14 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of December 31, 2018 (continued) | BlackRock New York Municipal Opportunities Fund |
Overview of the Fund’s Total Investments*
SECTOR ALLOCATION
Sector | 12/31/18 | |||
Transportation | 25 | % | ||
State | 20 | |||
County/City/Special District/School District | 15 | |||
Utilities | 12 | |||
Education | 10 | |||
Health | 5 | |||
Housing | 5 | |||
Tobacco | 4 | |||
Corporate | 3 | |||
Health Care Providers & Services | 1 |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
CALL/MATURITY SCHEDULE (c)
Percent of Total Investments | ||||
Calendar Year Ended December 31, | ||||
2019 | 8 | % | ||
2020 | 3 | |||
2021 | 7 | |||
2022 | 4 | |||
2023 | 5 |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
* | Excludes short-term securities. |
CREDIT QUALITY ALLOCATION (a)
Credit Rating | 12/31/18 | |||
AAA/Aaa | 9 | % | ||
AA/Aa | 50 | |||
A | 23 | |||
BBB/Baa | 7 | |||
BB/Ba | 1 | |||
B/B | 3 | |||
CC | 1 | |||
N/R | 6 |
(a) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1% of the Fund’s total investments. |
FUND SUMMARY | 15 |
Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. BlackRock High Yield Municipal Fund and BlackRock New York Municipal Opportunities Fund Class K Share performance shown prior to the January 25, 2018 inception date is that of the respective Fund’s Institutional Shares. BlackRock National Municipal Fund Class K Share performance shown prior to the July 18, 2011 inception date is that of Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares. On the close of business on August 15, 2016, all of the issued and outstanding BlackRock Shares of BlackRock National Municipal Fund were redesignated as Class K Shares.
Service Shares (available only in BlackRock National Municipal Fund) are not subject to any sales charge (front-end load) or deferred sales charge. These shares are subject to a service fee of 0.25% per year (but no distribution fee) and are only available to certain eligible investors. Prior to July 18, 2011, Service Share performance results are those of the Institutional Shares restated to reflect Service Share fees.
Investor A Shares are subject to a maximum initial sales charge (front-end load) of 4.25% for all Funds except BlackRock Short-Term Municipal Fund, which incurs a 3.00% maximum initial sales charge, and all Funds incur a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries. On December 27, 2017, BlackRock National Municipal Fund’s issued and outstanding Investor B Shares converted into Investor A Shares with the same relative aggregate net asset value (“NAV”).
Investor A1 Shares (available only in BlackRock Short-Term Municipal Fund and BlackRock New York Municipal Opportunities Fund) are subject to a maximum initial sales charge (front-end load) of 1.00% for BlackRock Short-Term Municipal Fund and 4.00% for BlackRock New York Municipal Opportunities Fund; and a service fee of 0.10% per year (but no distribution fee). The maximum initial sales charge does not apply to current eligible investors of Investor A1 Shares of the Funds. Certain redemptions of these shares may be subject to a CDSC where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders.
Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. Effective November 8, 2018, the Funds adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares and, thereafter, investors will be subject to lower ongoing fees.
Investor C1 Shares (available only in BlackRock National Municipal Fund and BlackRock New York Municipal Opportunities Fund) are subject to a 1.00% CDSC if redeemed within one year of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans and, for BlackRock National Municipal Fund only, fee based programs previously approved by the Fund, or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders. In addition, these shares are subject to a distribution and service fees per year as follows:
Distribution Fee | Service Fee | |||||||
BlackRock National Municipal Fund | 0.55 | % | 0.25 | % | ||||
BlackRock New York Municipal Opportunities Fund | 0.35 | % | 0.25 | % |
Investor A1 and Investor C1 Shares of their respective Funds are only available for dividend and capital gain reinvestments by existing shareholders, and for purchase by certain employer-sponsored retirement plans and, for BlackRock National Municipal Fund only, fee based programs previously approved by the Fund. Effective November 8, 2018, the Funds adopted an automatic conversion feature whereby Investor C1 Shares held for approximately ten years will be automatically converted into Investor A Shares and, thereafter, investors will be subject to lower ongoing fees.
Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer towww.blackrock.com to obtain performance data current to the most recent month end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in each of the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date/payable date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.
BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver and/or reimbursement, each Fund’s performance would have been lower. The Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.
The standardized30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.
16 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Disclosure of Expenses |
Shareholders of these Funds may incur the following charges: (a) transactional expenses such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees including 12b-1 fees, acquired fund fees and expenses and other fund expenses. The expense examples on the previous pages (which are based on a hypothetical investment of $1,000 invested on July 1, 2018 and held through December 31, 2018) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.
The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the headings entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
The Benefits and Risks of Leveraging
The Funds may utilize leverage to seek to enhance returns and NAV. However, there is no guarantee that these objectives can be achieved in all interest rate environments.
BlackRock High Yield Fund and BlackRock New York Municipal Opportunities Fund may leverage its assets through the use of proceeds received in tender option bond (“TOB”) transactions, as described in the Notes to Financial Statements. In a TOB Trust transaction, the Funds transfer municipal bonds or other municipal securities into a special purpose entity (a “TOB Trust”). TOB investments generally 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. Additionally, fluctuations in the market value of municipal bonds deposited into a TOB Trust may adversely affect the Funds’ NAV per share.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Funds (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Funds’ shareholders benefit from the incremental net income.
The interest earned on securities purchased with the proceeds from leverage is distributed to the Funds’ shareholders, and the value of these portfolio holdings is reflected in the Funds’ per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other ongoing costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Funds had not used leverage.
Furthermore, the value of each Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence each Fund’s NAV positively or negatively in addition to the impact on each Fund’s performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that a Fund’s leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Fund’s NAV and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of a Fund’s shares than if the Fund were not leveraged. In addition, 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 the leverage instruments, which may cause the Funds to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by each Fund’s shareholders and may reduce income.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and 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 instrument. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
DISCLOSURE OF EXPENSES / THE BENEFITSAND RISKSOF LEVERAGING / DERIVATIVE FINANCIAL INSTRUMENTS | 17 |
Schedule of Investments (unaudited) December 31, 2018 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies — 0.2% | ||||||||
VanEck Vectors High-Yield Municipal Index ETF | 25,000 | $ | 1,526,000 | |||||
|
| |||||||
Total Investment Companies — 0.2% |
| 1,526,000 | ||||||
|
| |||||||
Par (000) | ||||||||
Municipal Bonds — 89.9% | ||||||||
Alabama — 1.6% |
| |||||||
Alabama Special Care Facilities Financing Authority-Birmingham, RB, Methodist Home For The Aging: | ||||||||
5.75%, 06/01/35 | $ | 200 | 215,206 | |||||
5.75%, 06/01/45 | 355 | 379,456 | ||||||
6.00%, 06/01/50 | 450 | 486,526 | ||||||
Black Belt Energy Gas District, RB, Series A, 4.00%, 12/01/48(a) | 4,585 | 4,786,419 | ||||||
Chelsea Park Cooperative District, Special Assessment Bonds, 5.00%, 05/01/48 | 970 | 939,484 | ||||||
County of Jefferson Alabama Sewer, Refunding RB: | ||||||||
Senior Lien, Series A (AGM), 5.00%, 10/01/44 | 365 | 395,583 | ||||||
Sub-Lien, Series D, 7.00%, 10/01/51 | 2,355 | 2,810,999 | ||||||
Sub-Lien, Series D, 6.50%, 10/01/53 | 3,465 | 4,057,446 | ||||||
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(b) | 710 | 760,964 | ||||||
|
| |||||||
14,832,083 | ||||||||
Alaska — 0.5% | ||||||||
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A: | ||||||||
4.63%, 06/01/23 | 155 | 155,018 | ||||||
5.00%, 06/01/32 | 1,510 | 1,479,604 | ||||||
5.00%, 06/01/46 | 2,990 | 2,840,291 | ||||||
|
| |||||||
4,474,913 | ||||||||
Arizona — 2.2% | ||||||||
Arizona IDA, Refunding RB, Odyssey Preparatory Academy Project, Series A, 5.50%, 07/01/52 | 2,290 | 2,182,553 | ||||||
Arizona Industrial Development Authority, RB, Academies of Math & Science Project, Series B, 5.25%, 07/01/51 | 570 | 548,534 | ||||||
Arizona Industrial Development Authority, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/26 | 760 | 800,242 | ||||||
City of Phoenix Arizona IDA, ERB, Eagle College Prep Project, Series A, 5.00%, 07/01/43 | 1,445 | 1,395,523 | ||||||
City of Phoenix Arizona IDA, RB: | ||||||||
Great Hearts Academies — Veritas Project, 6.40%, 07/01/21(b) | 415 | 459,965 | ||||||
Legacy Traditional Schools Project, Series A, 6.50%, 07/01/34 | 465 | 506,287 | ||||||
Legacy Traditional Schools Projects, Series A, 6.75%, 07/01/44 | 810 | 881,418 | ||||||
City of Phoenix Arizona IDA, Refunding RB: | ||||||||
Basis Schools, Inc. Projects, 5.00%, 07/01/35 | 300 | 304,650 | ||||||
Basis Schools, Inc. Projects, 5.00%, 07/01/45 | 895 | 895,492 | ||||||
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/35 | 295 | 299,573 | ||||||
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/46 | 325 | 325,000 | ||||||
Legacy Traditional School Projects, 5.00%, 07/01/35 | 315 | 320,235 | ||||||
Legacy Traditional School Projects, 5.00%, 07/01/45 | 250 | 251,513 | ||||||
City of Phoenix Industrial Development Authority, RB, Series A: | ||||||||
Legacy Traditional Schools Projects, 5.00%, 07/01/36 | 1,225 | 1,257,487 | ||||||
Legacy Traditional Schools Projects, 5.00%, 07/01/41 | 1,685 | 1,706,534 |
Security | Par (000) | Value | ||||||
Arizona (continued) | ||||||||
Leman Academy of Excellence — ORO Valley Project, 5.25%, 07/01/48(c) | $ | 1,690 | $ | 1,679,961 | ||||
County of La Paz IDA, RB, Imagine Schools Desert West Middle Project, 5.88%, 06/15/48 | 1,340 | 1,306,982 | ||||||
State of Arizona IDA, RB, Academies of Math & Science Project, Series B, 5.13%, 07/01/47(c) | 420 | 400,949 | ||||||
State of Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.25%, 07/01/47(c) | 3,235 | 3,283,008 | ||||||
Town of Florence, Inc. Arizona, IDA, ERB, Legacy Traditional School Project, Queen Creek and Casa Grande Campuses, 6.00%, 07/01/43 | 1,375 | 1,430,289 | ||||||
|
| |||||||
20,236,195 | ||||||||
Arkansas — 0.1% | ||||||||
County of Benton Arkansas Public Facilities Board, RB, BCCSO Project, Series A, 6.00%, 06/01/20(b) | 750 | 792,705 | ||||||
|
| |||||||
California — 5.5% | ||||||||
California Health Facilities Financing Authority, RB: | ||||||||
St. Joseph Health System, Series A, 5.75%, 07/01/39(c) | 1,000 | 1,019,810 | ||||||
Sutter Health, Series B, 6.00%, 08/15/20(b)(c) | 1,000 | 1,069,590 | ||||||
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 07/01/19(b)(c) | 265 | 270,825 | ||||||
California Municipal Finance Authority, ARB, Senior Lien-Linxs APM Project, AMT, 4.00%, 12/31/47(c) | 2,560 | 2,516,813 | ||||||
California Municipal Finance Authority, RB, Urban Discovery Academy Project(c): | ||||||||
5.50%, 08/01/34 | 310 | 308,552 | ||||||
6.00%, 08/01/44 | 655 | 659,578 | ||||||
6.13%, 08/01/49 | 570 | 575,985 | ||||||
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, | 345 | 377,068 | ||||||
California School Finance Authority, RB, Value Schools(c): | ||||||||
6.65%, 07/01/33 | 295 | 323,562 | ||||||
6.90%, 07/01/43 | 650 | 710,080 | ||||||
California Statewide Communities Development Authority, RB: | ||||||||
Loma Linda University Medical Center, | 1,420 | 1,525,733 | ||||||
Loma Linda University Medical Center, | 1,000 | 1,056,200 | ||||||
Loma Linda University Medical Center, Series A, 5.00%, 12/01/46(c) | 970 | 1,003,950 | ||||||
Loma Linda University Medical Center, Series A, 5.25%, 12/01/56(c) | 875 | 915,372 | ||||||
Sutter Health, Series A, 6.00%, 08/15/20(b) | 400 | 427,504 | ||||||
California Statewide Communities Development Authority, Refunding RB, American Baptist Homes of the West, 6.25%, 10/01/39(c) | 2,575 | 2,651,091 | ||||||
California Statewide Financing Authority, RB, Asset-Backed, Tobacco Settlement: | ||||||||
Series A, 6.00%, 05/01/43 | 2,500 | 2,513,550 | ||||||
Series B, 6.00%, 05/01/43 | 3,485 | 3,503,889 | ||||||
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D: | ||||||||
3.00%, 08/01/21 | 675 | 678,827 | ||||||
0.00%, 08/01/23(d) | 1,000 | 814,960 | ||||||
0.00%, 08/01/26(d)(c) | 580 | 406,690 | ||||||
0.00%, 08/01/31(d)(c) | 1,155 | 624,428 | ||||||
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 02/15/34(c) | 500 | 506,280 |
18 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: | ||||||||
6.50%, 05/01/36 | $ | 310 | $ | 341,189 | ||||
6.50%, 05/01/42 | 760 | 836,464 | ||||||
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40 | 240 | 280,838 | ||||||
County of California Tobacco Securitization Agency, RB, 5.45%, 06/01/28(e)(c) | 500 | 500,635 | ||||||
County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series A, 5.00%, 06/01/36(c) | 1,665 | 1,627,088 | ||||||
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.(e)(c): | ||||||||
5.70%, 06/01/46 | 4,260 | 4,261,193 | ||||||
5.60%, 06/01/36 | 1,385 | 1,385,748 | ||||||
County of Riverside California Transportation Commission, RB, Senior Lien, Series A, 5.75%, 06/01/48 | 2,115 | 2,299,766 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, SeriesA-1: | ||||||||
5.00%, 06/01/47 | 475 | 456,665 | ||||||
5.25%, 06/01/47 | 1,730 | 1,720,987 | ||||||
Successor Agency to the San Francisco City & County Redevelopment Agency, Special Tax Bonds, Community Facilities District No. 6 (Mission Bay South Public Improvements), Series C, CAB, 0.00%, 08/01/43(d) | 3,000 | 784,650 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior SeriesA-1(c): | ||||||||
4.75%, 06/01/25 | 560 | 559,983 | ||||||
5.00%, 06/01/37 | 7,410 | 7,409,852 | ||||||
5.13%, 06/01/46 | 3,590 | 3,589,928 | ||||||
|
| |||||||
50,515,323 | ||||||||
Colorado — 2.5% | ||||||||
9th Avenue Metropolitan District No. 2, GOL, 5.00%, 12/01/48(c) | 1,565 | 1,568,991 | ||||||
Bromley Park Metropolitan District No. 2, GO, RefundingSub-Series B, 6.38%, 12/15/47 | 1,000 | 976,180 | ||||||
Castle Oaks Metropolitan District No. 3, GO, 6.25%, 12/01/20(b) | 535 | 593,406 | ||||||
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47 | 820 | 814,998 | ||||||
Colorado Educational & Cultural Facilities Authority, RB, Littleton Preparatory Charter School Project: | ||||||||
5.00%, 12/01/33 | 450 | 454,113 | ||||||
5.00%, 12/01/42 | 545 | 527,260 | ||||||
Colorado Health Facilities Authority, Catholic Health Initiatives, Series A, 5.25%, 01/01/40 | 1,250 | 1,336,175 | ||||||
Colorado High Performance Transportation Enterprise, RB,C-470 Express Lanes, 5.00%, 12/31/56 | 2,500 | 2,632,075 | ||||||
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.75%, 12/01/45 | 780 | 811,005 | ||||||
Copperleaf Metropolitan District No. 3, GO, Limited Tax, Series A: | ||||||||
5.00%, 12/01/37 | 500 | 489,800 | ||||||
5.13%, 12/01/47 | 1,200 | 1,157,028 | ||||||
Green Gables Metropolitan District No. 1, GO, Series A, 5.30%, 12/01/46 | 1,000 | 1,001,710 | ||||||
Leyden Rock Metropolitan District No. 10, GO, Series A, 5.00%, 12/01/45 | 1,250 | 1,250,575 | ||||||
North Holly Metropolitan District, GOL, Series A, 5.50%, 12/01/48 | 760 | 729,836 |
Security | Par (000) | Value | ||||||
Colorado (continued) | ||||||||
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 | $ | 1,240 | $ | 1,205,330 | ||||
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project: | ||||||||
6.00%, 01/15/34 | 1,500 | 1,514,880 | ||||||
6.00%, 01/15/41 | 1,000 | 1,017,220 | ||||||
Southlands Metropolitan District No. 1, GO, RefundingSeries A-1: | ||||||||
5.00%, 12/01/37 | 1,115 | 1,171,385 | ||||||
5.00%, 12/01/47 | 2,585 | 2,690,468 | ||||||
Tallyns Reach Metropolitan District No. 3, GO, 6.75%, 11/01/38(c) | 1,113 | 1,086,744 | ||||||
|
| |||||||
23,029,179 | ||||||||
Connecticut — 1.3% | ||||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45 | 1,485 | 1,506,889 | ||||||
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45 | 979 | 1,042,128 | ||||||
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 02/01/30 | 2,045 | 2,223,631 | ||||||
State of Connecticut, GO: | ||||||||
Series C, 5.00%, 06/15/33 | 1,775 | 1,978,557 | ||||||
Series C, 5.00%, 06/15/34 | 1,375 | 1,526,855 | ||||||
Series E, 5.00%, 09/15/34 | 3,000 | 3,338,550 | ||||||
|
| |||||||
11,616,610 | ||||||||
Delaware — 1.2% | ||||||||
Delaware State Economic Development Authority, RB: | ||||||||
5.00%, 06/01/46 | 1,000 | 963,840 | ||||||
5.00%, 11/15/48 | 4,000 | 4,309,760 | ||||||
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 | 5,930 | 6,069,711 | ||||||
|
| |||||||
11,343,311 | ||||||||
District of Columbia — 0.9% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 05/15/40 | 385 | 397,863 | ||||||
Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Project, AMT, Series A, 5.00%, 10/01/53 | 3,830 | 3,954,628 | ||||||
Metropolitan Washington Airports Authority, Refunding RB: | ||||||||
CAB, 2nd Senior Lien, Series B (AGC), | 3,005 | 1,958,178 | ||||||
Dulles Toll Road, 1st Senior Lien, Series A, 5.00%, 10/01/39 | 185 | 188,508 | ||||||
Dulles Toll Road, 1st Senior Lien, Series A, 5.25%, 10/01/44 | 1,610 | 1,640,348 | ||||||
|
| |||||||
8,139,525 | ||||||||
Florida — 6.8% | ||||||||
Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 05/01/43 | 1,335 | 1,325,989 | ||||||
Capital Region Community Development District, Refunding, Special Assessment, Capital Improvement Revenue Bond, SeriesA-1, 5.13%, 05/01/39 | 2,290 | 2,227,827 | ||||||
Capital Trust Agency, Inc., RB, Series A: | ||||||||
1st Mortgage, Silver Creek St. Augustine Project, 8.25%, 01/01/44(f)(g)(c) | 445 | 311,500 | ||||||
1st Mortgage, Silver Creek St. Augustine Project, 8.25%, 01/01/49(f)(g)(c) | 950 | 665,000 | ||||||
Silver Creek St. Augustine Project, 5.75%, 01/01/50(f)(g) | 570 | 541,500 | ||||||
University Bridge LLC Student Housing Project, 5.25%, 12/01/58 | 3,155 | 3,082,687 |
SCHEDULES OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Celebration Pointe Community Development District, Special Assessment Bonds: | ||||||||
4.75%, 05/01/24 | $ | 490 | $ | 496,414 | ||||
5.00%, 05/01/34 | 1,250 | 1,251,650 | ||||||
Alachua County, 4.00%, 05/01/22 | 310 | 313,295 | ||||||
City of Tallahassee Florida, RB, Tallahassee Memorial HealthCare, Inc. Project, Series A, 5.00%, 12/01/55 | 2,600 | 2,758,782 | ||||||
County of Alachua Florida Health Facilities Authority, RB, Shands Teaching Hospital and Clinics, Series A, 5.00%, 12/01/44 | 1,720 | 1,844,287 | ||||||
County of Collier Florida IDA, Refunding RB, Arlington of Naples Project, Series A, 8.13%, 05/15/44 | 370 | 358,175 | ||||||
County of Collier Health Facilities Authority, RB, Moorings, Inc., Series A, 5.00%, 05/01/48 | 2,090 | 2,259,729 | ||||||
County of Martin Florida Health Facilities Authority, RB, 5.50%, 11/15/42 | 1,000 | 1,068,710 | ||||||
County of Miami-Dade Florida IDA, RB, Doral Academy Project, 5.00%, 01/15/48 | 1,405 | 1,454,540 | ||||||
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Sinai Residences Boca Raton Project, 7.50%, 06/01/49 | 1,000 | 1,124,910 | ||||||
Florida Development Finance Corp., RB: | ||||||||
Renaissance Charter School, Series A, 5.75%, 06/15/29 | 695 | 735,526 | ||||||
Renaissance Charter School, Series A, 6.00%, 06/15/34 | 835 | 881,710 | ||||||
Renaissance Charter School, Series A, 6.13%, 06/15/44 | 3,185 | 3,326,223 | ||||||
Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 08/01/29(a) | 2,240 | 2,295,149 | ||||||
Florida Higher Educational Facilities Financial Authority, RB, Jacksonville University Project, SeriesA-1, 5.00%, 06/01/48 | 1,730 | 1,784,962 | ||||||
Greater Orlando Aviation Authority Florida, Refunding RB, Special Purpose, Jetblue Airways Corp. Project, AMT, 5.00%, 11/15/36(c) | 2,000 | 2,100,580 | ||||||
Greeneway Improvement District, RB, Special Assessment Bonds, 5.13%, 05/01/43 | 1,340 | 1,333,447 | ||||||
Lakewood Ranch Stewardship District, Special Assessment Bonds: | ||||||||
3.90%, 05/01/23 | 355 | 351,084 | ||||||
4.25%, 05/01/28(c) | 535 | 519,319 | ||||||
5.00%, 05/01/38(c) | 1,175 | 1,133,981 | ||||||
5.10%, 05/01/48 | 2,545 | 2,436,659 | ||||||
5.65%, 05/01/48 | 1,125 | 1,130,141 | ||||||
Lakewood Centre & NW Sector Projects, 4.95%, 05/01/29 | 715 | 717,417 | ||||||
Lakewood Centre & NW Sector Projects, 5.50%, 05/01/39 | 715 | 718,296 | ||||||
Northeast Sector Project — Phase 1B, 5.30%, 05/01/39 | 1,090 | 1,094,218 | ||||||
Northeast Sector Project — Phase 1B, 4.75%, 05/01/29 | 955 | 958,257 | ||||||
Northeast Sector Project — Phase 1B, 5.45%, 05/01/48 | 1,935 | 1,942,430 | ||||||
Lakewood Ranch Stewardship District Special Assessment Bonds: | ||||||||
4.25%, 05/01/25 | 135 | 135,653 | ||||||
4.88%, 05/01/35 | 280 | 279,513 | ||||||
4.88%, 05/01/45(c) | 580 | 561,167 | ||||||
Village of Lakewood Ranch Sector Projects, 4.00%, 05/01/21(c) | 130 | 130,644 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Lakewood Ranch Stewardship District Special Assessment Bonds, Refunding, Lakewood Center & New Sector Projects, 8.00%, 05/01/40 | $ | 515 | $ | 574,416 | ||||
Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector Projects: | ||||||||
4.25%, 05/01/26 | 185 | 184,414 | ||||||
5.13%, 05/01/46 | 1,060 | 1,048,393 | ||||||
Miami Health Facilities Authority, Refunding RB, Miami Jewish Health Systems, Inc. Project, 5.13%, 07/01/46 | 2,000 | 2,142,840 | ||||||
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(b)(c) | 1,450 | 1,652,667 | ||||||
Midtown Miami Community Development District, Refunding, Special Assessment Bonds, Series A: | ||||||||
5.00%, 05/01/29(c) | 1,745 | 1,816,440 | ||||||
5.00%, 05/01/37 | 890 | 917,857 | ||||||
Pine Island Community Development District, RB, 0.00%, 11/01/24(d)(c) | 1,150 | 821,790 | ||||||
Santa Rosa Bay Bridge Authority, RB: | ||||||||
6.25%, 07/01/28(f)(g)(c) | 372 | 284,823 | ||||||
(ACA), 6.25%, 07/01/28 | 63 | 60,488 | ||||||
Tolomato Community Development District, Refunding, Special Assessment Bonds: | ||||||||
Convertible CAB, Series A3, 6.61%, 05/01/40(e)(c) | 90 | 88,250 | ||||||
Convertible CAB, Series A4, 6.61%, 05/01/40(e)(c) | 50 | 40,675 | ||||||
Series2015-2, 6.61%, 05/01/40 | 125 | 81,461 | ||||||
Tolomato Community Development District: | ||||||||
Series 1, 6.61%, 05/01/40(g) | 205 | 163,022 | ||||||
Series 1, 6.65%, 05/01/40(f)(g) | 5 | 4,615 | ||||||
Series 3, 6.61%, 05/01/40(f)(g) | 135 | 1 | ||||||
Series 3, 6.65%, 05/01/40(f)(g) | 105 | 1 | ||||||
Trout Creek Community Development District, Special Assessment Bonds: | ||||||||
5.38%, 05/01/38 | 670 | 658,878 | ||||||
5.50%, 05/01/49 | 1,700 | 1,687,454 | ||||||
Viera East Community Development District, Refunding, Special Assessment Bonds, 5.00%, 05/01/26 | 640 | 688,429 | ||||||
Village Community Development District No. 9, Special Assessment Bonds: | ||||||||
7.00%, 05/01/41 | 1,305 | 1,445,066 | ||||||
5.50%, 05/01/42 | 495 | 520,255 | ||||||
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 | 1,580 | 1,699,543 | ||||||
|
| |||||||
62,233,149 | ||||||||
Georgia — 0.5% | ||||||||
County of Clayton Georgia Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 06/01/29 | 635 | 689,388 | ||||||
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48 | 3,135 | 3,194,941 | ||||||
County of Gainesville & Hall Georgia Development Authority, Refunding RB, Acts Retirement Life Community,Series A-2, 6.63%, 11/15/19(b) | 225 | 234,070 | ||||||
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 | 555 | 630,330 | ||||||
|
| |||||||
4,748,729 | ||||||||
Guam — 0.2% | ||||||||
Territory of Guam, GO, Series A: | ||||||||
6.00%, 11/15/19 | 20 | 20,584 | ||||||
6.75%, 11/15/19(b) | 1,650 | 1,721,197 | ||||||
|
| |||||||
1,741,781 |
20 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Idaho — 0.5% | ||||||||
County of Power Idaho Industrial Development Corp., RB, FMC Corp. Project, AMT, 6.45%, 08/01/32 | $ | 265 | $ | 265,970 | ||||
Idaho Health Facilities Authority, Refunding RB, Madison Hospital Memorial Project: | ||||||||
3.50%, 09/01/33 | 375 | 327,345 | ||||||
5.00%, 09/01/37 | 1,000 | 1,059,280 | ||||||
Idaho Housing & Finance Association, RB: | ||||||||
Compass Public Charter School, Inc. Project, Series A, 6.00%, 07/01/39 | 370 | 390,254 | ||||||
Compass Public Charter School, Inc. Project, Series A, 6.00%, 07/01/49 | 595 | 621,245 | ||||||
Compass Public Charter School, Inc. Project, Series A, 6.00%, 07/01/54 | 570 | 590,856 | ||||||
Idaho Arts Charter School, Inc., 5.00%, 12/01/46 | 1,000 | 1,025,200 | ||||||
|
| |||||||
4,280,150 | ||||||||
Illinois — 7.0% | ||||||||
Chicago Board of Education, GO, Dedicated Revenues, Series H, 5.00%, 12/01/46 | 725 | 719,570 | ||||||
Chicago Board of Education, GO, Refunding: | ||||||||
Dedicated Revenues, Series C, 5.00%, 12/01/30 | 1,370 | 1,419,772 | ||||||
Dedicated Revenues, Series F, 5.00%, 12/01/22 | 1,030 | 1,072,209 | ||||||
Series B, 4.00%, 12/01/35 | 1,155 | 1,029,671 | ||||||
Series C, 5.00%, 12/01/25 | 1,220 | 1,283,208 | ||||||
Chicago Board of Education, GO: | ||||||||
Series A, 5.00%, 12/01/42 | 1,570 | 1,569,937 | ||||||
Series C, 5.25%, 12/01/39 | 2,250 | 2,285,280 | ||||||
Series D, 5.00%, 12/01/46 | 1,010 | 1,002,435 | ||||||
Series D, 5.00%, 12/01/46 | 2,610 | 2,590,451 | ||||||
Refunding Dedicated Revenues, Series D, 5.00%, 12/01/31 | 1,500 | 1,547,835 | ||||||
Refunding Dedicated Revenues, Series G, 5.00%, 12/01/44 | 3,700 | 3,683,868 | ||||||
Chicago O’Hare International Airport, RB, AMT, 5.00%, 07/01/48 | 2,000 | 2,174,820 | ||||||
City of Chicago Illinois, GO, Refunding, Series A, 6.00%, 01/01/38(c) | 1,850 | 2,058,217 | ||||||
City of Chicago Illinois O’Hare International Airport, Refunding RB, Series C, AMT, 5.00%, 01/01/46(c) | 3,000 | 3,216,270 | ||||||
Illinois Finance Authority, RB, Lake Forest College, Series A, 6.00%, 10/01/48(c) | 1,700 | 1,788,383 | ||||||
Illinois Finance Authority, Refunding RB: | ||||||||
Central Dupage Health, Series B, 5.50%, 11/01/19(b)(c) | 1,400 | 1,441,748 | ||||||
Friendship Village of Schaumburg, 7.13%, 02/15/20(b) | 1,000 | 1,056,740 | ||||||
Lutheran Home & Services Obligated Group, 5.63%, 05/15/42 | 2,805 | 2,854,172 | ||||||
Presence Health Network, Series C, 5.00%, 02/15/36 | 1,805 | 2,028,712 | ||||||
Presence Health Network, Series C, 5.00%, 02/15/41 | 3,000 | 3,326,640 | ||||||
Rogers Park Montessori School Project, Series 2014, 6.00%, 02/01/34 | 335 | 346,809 | ||||||
Rogers Park Montessori School Project, Series 2014, 6.13%, 02/01/45 | 790 | 814,751 | ||||||
Swedish Covenant, Series A, 6.00%, 02/15/20(b) | 1,000 | 1,044,950 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, McCormick Place Expansion Project: | ||||||||
Bonds, 0.00%, 12/15/56(d) | 7,645 | 1,152,560 | ||||||
Bonds, 5.00%, 06/15/57 | 2,085 | 2,133,289 | ||||||
5.50%, 06/15/53 | 3,925 | 4,161,717 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project, Series B(d): | ||||||||
CAB (AGM), 0.00%, 06/15/44 | 3,455 | 1,091,296 | ||||||
Bonds, 0.00%, 12/15/54 | 9,660 | 1,609,646 | ||||||
Quad Cities Regional EDA, Refunding RB, Augustana College, 4.75%, 10/01/32 | 675 | 701,932 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b) | $ | 390 | $ | 427,210 | ||||
State of Illinois, GO: | ||||||||
5.00%, 03/01/35 | 1,095 | 1,112,509 | ||||||
5.00%, 02/01/39 | 510 | 519,124 | ||||||
Series A, 5.00%, 04/01/35 | 1,460 | 1,493,478 | ||||||
Series A, 5.00%, 04/01/38 | 2,190 | 2,226,661 | ||||||
Series D, 5.00%, 11/01/28 | 5,000 | 5,337,850 | ||||||
Refunding Series B, 5.00%, 10/01/29 | 1,430 | 1,525,338 | ||||||
|
| |||||||
63,849,058 | ||||||||
Indiana — 1.6% | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: | ||||||||
6.75%, 01/01/34 | 525 | 599,466 | ||||||
7.00%, 01/01/44 | 1,270 | 1,457,020 | ||||||
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 01/01/29 | 2,950 | 3,000,769 | ||||||
County of Allen Indiana, RB, StoryPoint Fort Wayne Project,Series A-1: | ||||||||
6.63%, 01/15/34 | 430 | 451,109 | ||||||
6.75%, 01/15/43 | 1,220 | 1,277,621 | ||||||
6.88%, 01/15/52 | 1,270 | 1,332,560 | ||||||
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT: | ||||||||
5.00%, 07/01/44 | 370 | 390,061 | ||||||
5.00%, 07/01/48 | 1,230 | 1,293,566 | ||||||
5.25%, 01/01/51 | 2,500 | 2,650,600 | ||||||
Indiana Finance Authority, Refunding RB, Marquette Project, 5.00%, 03/01/39 | 725 | 743,473 | ||||||
Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, SeriesA-1, 6.38%, 01/15/51 | 1,745 | 1,777,283 | ||||||
|
| |||||||
14,973,528 | ||||||||
Iowa — 2.1% | ||||||||
Iowa Finance Authority, Refunding RB: | ||||||||
Iowa Fertilizer Co. Project, 5.25%, 12/01/50(a) | 595 | 622,519 | ||||||
Iowa Fertilizer Co. Project, Series B, 5.25%, 12/01/50(a) | 6,105 | 6,489,371 | ||||||
Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.50%, 12/01/22 | 20 | 20,020 | ||||||
Sunrise Retirement Community Project, 5.50%, 09/01/37 | 890 | 896,372 | ||||||
Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Senior SeriesA-1, 5.00%, 12/01/21 | 1,075 | 1,113,453 | ||||||
Iowa Tobacco Settlement Authority, Refunding RB, Series C: | ||||||||
Asset-Backed, 5.50%, 06/01/42 | 2,000 | 1,999,860 | ||||||
5.38%, 06/01/38 | 3,075 | 3,075,154 | ||||||
State of Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/48(c) | 4,860 | 5,003,710 | ||||||
|
| |||||||
19,220,459 | ||||||||
Kentucky — 0.4% | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/24(d)(c) | 250 | 209,150 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, 6.00%, 07/01/53(c) | 3,000 | 3,252,930 | ||||||
|
| |||||||
3,462,080 | ||||||||
Louisiana — 1.1% | ||||||||
Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 09/15/44(c) | 3,145 | 3,181,356 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp.,Series A-2, 6.50%, 11/01/35 | 1,630 | 1,738,754 |
SCHEDULES OF INVESTMENTS | 21 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Louisiana (continued) | ||||||||
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 05/01/41 | $ | 645 | $ | 675,812 | ||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 05/15/35 | 3,910 | 4,152,146 | ||||||
|
| |||||||
9,748,068 | ||||||||
Maine — 0.1% | ||||||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 07/01/41 | 1,075 | 1,145,832 | ||||||
|
| |||||||
Maryland — 1.3% | ||||||||
City of Baltimore Maryland, Refunding RB, East Baltimore Research Park Project, 4.00%, 09/01/27(c) | 325 | 330,606 | ||||||
City of Baltimore Maryland, Tax Allocation Bonds, Center/West Development, Series A, 5.50%, 06/01/43 | 1,200 | 1,204,284 | ||||||
City of Gaithersburg Maryland, Refunding RB, Asbury Maryland Obligation, Series B, 6.00%, 01/01/23 | 750 | 776,752 | ||||||
County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 07/01/43 | 2,895 | 3,068,295 | ||||||
Maryland EDC, RB: | ||||||||
Purple Line Light Rail Project, AMT, 5.00%, 03/31/51 | 3,135 | 3,278,019 | ||||||
Term Project, Series B, 5.75%, 06/01/20(b) | 1,500 | 1,582,380 | ||||||
Transportation Facilities Project, Series A, 5.75%, 06/01/20(b) | 265 | 279,554 | ||||||
Maryland EDC, Refunding RB, University of Maryland Project, 5.00%, 07/01/39 | 950 | 1,001,642 | ||||||
|
| |||||||
11,521,532 | ||||||||
Massachusetts — 1.4% | ||||||||
Massachusetts Development Finance Agency, RB: | ||||||||
Boston Medical Center, Series D, 4.00%, 07/01/45 | 715 | 694,501 | ||||||
Boston Medical Center, Series D, 5.00%, 07/01/44 | 3,865 | 4,109,113 | ||||||
Foxborough Regional Charter School, Series A, 7.00%, 07/01/20(b) | 350 | 376,446 | ||||||
Linden Ponds, Inc. Facility, Series B, | 94 | 16,726 | ||||||
North Hill Communities Issue, Series A, | 2,480 | 2,977,141 | ||||||
UMass Boston Student Housing Project, 5.00%, 10/01/41 | 2,500 | 2,627,525 | ||||||
Massachusetts Development Finance Agency, Refunding RB: | ||||||||
New Bridge Charles, Inc., 4.00%, 10/01/32 | 355 | 334,843 | ||||||
New Bridge Charles, Inc., 4.13%, 10/01/42 | 855 | 749,476 | ||||||
New Bridge Charles, Inc., 5.00%, 10/01/57 | 570 | 575,586 | ||||||
Tufts Medical Center, Series I, 6.75%, 01/01/21(b) | 305 | 333,438 | ||||||
Tufts Medical Center, Series I, 6.75%, 01/01/36 | 205 | 223,524 | ||||||
|
| |||||||
13,018,319 | ||||||||
Michigan — 0.9% | ||||||||
City of Detroit Michigan, GO: | ||||||||
5.00%, 04/01/34(c) | 485 | 508,377 | ||||||
5.00%, 04/01/35 | 485 | 506,874 | ||||||
5.00%, 04/01/36 | 340 | 353,763 | ||||||
5.00%, 04/01/37 | 545 | 564,969 | ||||||
5.00%, 04/01/38 | 240 | 248,244 | ||||||
Kentwood EDC, Refunding RB, Limited Obligation, Holland Home, 5.63%, 11/15/41 | 1,000 | 1,054,200 | ||||||
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014C-2, AMT, 5.00%, 07/01/44 | 350 | 370,671 | ||||||
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, SeriesC-1, 5.00%, 07/01/44 | 800 | 854,352 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.75%, 11/15/19(b) | 1,710 | 1,767,028 |
Security | Par (000) | Value | ||||||
Michigan (continued) | ||||||||
State of Michigan Strategic Fund, RB,I-75 Improvement Projects, AMT, 5.00%, 06/30/48(c) | $ | 2,030 | $ | 2,188,949 | ||||
|
| |||||||
8,417,427 | ||||||||
Minnesota — 1.0% | ||||||||
City of Cologne Minnesota Charter School, LRB, Cologne Academy Project, Series A, 5.00%, 07/01/45 | 2,065 | 2,005,962 | ||||||
City of Deephaven Minnesota, Refunding RB, Eagle Ridge Academy Project, Series A, 5.25%, 07/01/40(c) | 500 | 516,935 | ||||||
Duluth EDA, Refunding RB, Essentia Health Obligated Group, Series A(c): | ||||||||
4.25%, 02/15/48 | 1,925 | 1,918,532 | ||||||
5.25%, 02/15/53 | 3,850 | 4,242,276 | ||||||
St. Paul Housing & Redevelopment Authority, RB, Nova Classical Academy, Series A, 6.63%, 09/01/21(b) | 500 | 559,620 | ||||||
|
| |||||||
9,243,325 | ||||||||
Missouri — 1.5% | ||||||||
City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A: | ||||||||
4.38%, 11/15/35 | 1,020 | 1,027,721 | ||||||
4.75%, 11/15/47 | 1,135 | 1,146,066 | ||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, St. Lukes Health Syatem, Series A, 4.00%, 11/15/48 | 3,650 | 3,712,707 | ||||||
Kansas City Land Clearance Redevelopment Authority, Tax Allocation Bonds: | ||||||||
4.38%, 02/01/31 | 830 | 830,282 | ||||||
5.00%, 02/01/40 | 1,240 | 1,262,184 | ||||||
Kansas City Missouri IDA, Refunding RB, Kansas City United Methodist Church: | ||||||||
5.75%, 11/15/36 | 1,350 | 1,148,810 | ||||||
6.00%, 11/15/51 | 110 | 89,494 | ||||||
Kirkwood Missouri IDA, RB, Aberdeen Heights, Series A, 8.25%, 05/15/20(b) | 435 | 471,209 | ||||||
Lees Summit Missouri IDA, RB, John Knox Obligated Group, 5.25%, 08/15/39 | 1,860 | 1,888,793 | ||||||
Poplar Bluff Regional Transportation Development District, RB, 4.75%, 12/01/42 | 2,200 | 2,247,124 | ||||||
|
| |||||||
13,824,390 | ||||||||
Nebraska — 0.9% | ||||||||
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42 | 780 | 833,399 | ||||||
Central Plains Nebraska Energy Project, Refunding RB, Gas Project No. 3, Series A, 5.00%, 09/01/42 | 6,090 | 6,904,781 | ||||||
|
| |||||||
7,738,180 | ||||||||
Nevada — 0.1% | ||||||||
County of Clark Nevada, Refunding, Special Assessment, Special Improvement District No. 142, Mountain’s Edge: | ||||||||
4.00%, 08/01/22 | 640 | 662,867 | ||||||
4.00%, 08/01/23 | 395 | 408,300 | ||||||
|
| |||||||
1,071,167 | ||||||||
New Hampshire — 0.8% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project: | ||||||||
Series B, 4.63%, 11/01/42 | 4,650 | 4,439,634 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 2,515 | 2,454,237 | ||||||
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, | 435 | 445,449 | ||||||
|
| |||||||
7,339,320 |
22 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New Jersey — 5.4% | ||||||||
Casino Reinvestment Development Authority, Refunding RB, 5.25%, 11/01/44 | $ | 5,750 | $ | 6,061,938 | ||||
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45 | 1,155 | 1,158,777 | ||||||
County of Gloucester New Jersey Pollution Control Financing Authority, Refunding RB, Keystone Urban Renewal Project, Series A, AMT, 5.00%, 12/01/24(c) | 1,500 | 1,586,310 | ||||||
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23(c) | 1,965 | 2,110,882 | ||||||
New Jersey EDA, RB: | ||||||||
Continental Airlines, Inc. Project, AMT, | 230 | 233,452 | ||||||
Continental Airlines, Inc. Project, AMT, | 840 | 907,838 | ||||||
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 | 1,360 | 1,456,601 | ||||||
Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 04/01/31 | 3,000 | 3,345,330 | ||||||
Provident Group-Kean Properties, Series A, 5.00%, 07/01/32 | 235 | 252,942 | ||||||
Provident Group-Kean Properties, Series A, 5.00%, 07/01/37 | 375 | 398,070 | ||||||
Series EEE, 5.00%, 06/15/48 | 6,970 | 7,349,865 | ||||||
State House Project, Series B, 5.00%, 06/15/43 | 3,755 | 3,959,648 | ||||||
Team Academy Charter School Project, 6.00%, 10/01/43 | 970 | 1,057,387 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB, Princeton HealthCare System(c): | ||||||||
5.00%, 07/01/32 | 1,140 | 1,297,753 | ||||||
5.00%, 07/01/33 | 1,450 | 1,643,343 | ||||||
New Jersey Transportation Trust Fund Authority, RB: | ||||||||
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/28 | 7,050 | 7,855,462 | ||||||
Transportation Program, Series AA, 5.25%, 06/15/41 | 1,265 | 1,348,907 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/44(c) | 1,860 | 1,937,413 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/44 | 1,005 | 1,049,753 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/36 | 1,195 | 1,286,179 | ||||||
South Jersey Port Corp., RB,Sub-Marine Terminal, Series B, AMT, 5.00%, 01/01/36 | 575 | 625,778 | ||||||
Tobacco Settlement Financing Corp., Refunding RB: | ||||||||
Series A, 5.25%, 06/01/46 | 900 | 959,463 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 1,275 | 1,284,843 | ||||||
|
| |||||||
49,167,934 | ||||||||
New Mexico — 0.2% | ||||||||
New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 07/01/42 | 2,030 | 2,167,269 | ||||||
|
| |||||||
New York — 10.3% | ||||||||
Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 5.00%, 01/01/35 | 1,215 | 1,281,837 | ||||||
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/48 | 4,475 | 4,420,450 | ||||||
Counties of New York Tobacco Trust II, RB, Settlement Pass-Through, 5.75%, 06/01/43 | 485 | 492,037 | ||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A: | ||||||||
6.25%, 06/01/41 | 8,100 | 8,295,777 | ||||||
5.00%, 06/01/42 | 4,520 | 4,275,423 | ||||||
5.00%, 06/01/45 | 1,695 | 1,588,791 | ||||||
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through: | ||||||||
SeriesA-2B, 5.00%, 06/01/51 | 6,865 | 7,070,263 | ||||||
Series B, 5.00%, 06/01/45 | 4,010 | 4,214,711 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility,Series A-1, 5.00%, 08/01/46 | $ | 4,755 | $ | 4,570,554 | ||||
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 | 1,375 | 1,463,515 | ||||||
County of Westchester New York Local Development Corp., Refunding RB, Westchester Medical Center Obligation, 5.00%, 11/01/46 | 4,495 | 4,769,285 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 | 3,210 | 3,096,141 | ||||||
Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A: | ||||||||
5.00%, 11/15/56 | 6,425 | 6,825,984 | ||||||
5.00%, 11/15/51 | 3,135 | 3,307,644 | ||||||
New York Liberty Development Corp., Refunding RB: | ||||||||
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 | 375 | 388,635 | ||||||
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 | 7,365 | 7,556,416 | ||||||
3 World Trade Center Project, Class 2, | 450 | 473,913 | ||||||
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 | 1,070 | 1,122,237 | ||||||
3 World Trade Center Project, Class 3, 7.25%, 11/15/44 | 3,115 | 3,623,617 | ||||||
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50(c) | 3,000 | 3,187,890 | ||||||
New York Transportation Development Corp., RB, AMT, 4.00%, 01/01/36 | 5,000 | 4,993,850 | ||||||
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT: | ||||||||
5.00%, 08/01/26 | 3,130 | 3,265,905 | ||||||
5.00%, 08/01/31 | 6,995 | 7,242,553 | ||||||
Niagara Area Development Corp., Refunding RB, Covanta Project, Series A, AMT, 4.75%, 11/01/42 | 530 | 511,636 | ||||||
Rockland Tobacco Asset Securitization Corp., RB, Asset-Backed, 5.75%, 08/15/43 | 690 | 708,009 | ||||||
State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center: | ||||||||
5.00%, 12/01/33 | 590 | 651,272 | ||||||
5.00%, 12/01/35 | 785 | 858,759 | ||||||
TSASC, Inc., Refunding RB, Tobacco Settlement Bonds, Subordinate, Series B, 5.00%, 06/01/48 | 1,450 | 1,393,827 | ||||||
Westchester New York Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds,Sub-Series C: | ||||||||
4.00%, 06/01/42 | 970 | 898,889 | ||||||
5.13%, 06/01/51 | 2,000 | 2,026,500 | ||||||
|
| |||||||
94,576,320 | ||||||||
North Carolina — 0.5% | ||||||||
North Carolina Department of Transportation, RB, AMT,I-77 Hot Lanes Project, 5.00%, 06/30/54 | 1,385 | 1,440,995 | ||||||
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(b)(c) | 3,055 | 3,421,142 | ||||||
|
| |||||||
4,862,137 | ||||||||
North Dakota — 0.7% | ||||||||
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58(c) | 1,785 | 1,928,478 | ||||||
County of Ward North Dakota, RB, Trinity Obligated Group, Series C, 5.00%, 06/01/53(c) | 4,000 | 4,148,800 | ||||||
|
| |||||||
6,077,278 |
SCHEDULES OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Ohio — 2.8% | ||||||||
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, SeriesA-2: | ||||||||
Senior Turbo Term, 5.88%, 06/01/47(c) | $ | 8,045 | $ | 7,632,613 | ||||
6.00%, 06/01/42 | 10,000 | 9,695,200 | ||||||
County of Butler Port Authority, RB, SeriesA-1: | ||||||||
Storypoint Fairfield Project, 6.25%, 01/15/34 | 1,575 | 1,614,879 | ||||||
StoryPoint Fairfield Project, 6.38%, 01/15/43 | 840 | 859,824 | ||||||
County of Gallia Ohio, Refunding RB, Holzer Health System Obligated Group, 8.00%, 07/01/42 | 1,245 | 1,344,563 | ||||||
County of Hamilton Ohio, Refunding RB, Improvement-Life Enriching Communities, 5.00%, 01/01/46(c) | 1,435 | 1,459,553 | ||||||
Port of Greater Cincinnati Development Authority, RB,AHA-Colonial Village Athens Garden, 5.25%, 12/01/50 | 740 | 566,440 | ||||||
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53(c) | 2,410 | 2,521,342 | ||||||
|
| |||||||
25,694,414 | ||||||||
Oklahoma — 1.5% | ||||||||
County of Tulsa Oklahoma Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/37(c) | 1,050 | 1,135,502 | ||||||
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B: | ||||||||
5.00%, 08/15/38 | 4,585 | 4,913,790 | ||||||
5.25%, 08/15/43 | 4,130 | 4,480,224 | ||||||
Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42 | 3,340 | 3,429,746 | ||||||
|
| |||||||
13,959,262 | ||||||||
Oregon — 0.2% | ||||||||
Polk County Hospital Facility Authority, RB, Dallas Retirement Village Project, Series A: | ||||||||
5.13%, 07/01/35 | 620 | 632,165 | ||||||
5.38%, 07/01/45 | 1,445 | 1,485,214 | ||||||
|
| |||||||
2,117,379 | ||||||||
Pennsylvania — 3.2% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A: | ||||||||
5.00%, 05/01/35 | 1,185 | 1,222,636 | ||||||
5.00%, 05/01/42 | 2,730 | 2,792,763 | ||||||
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/36 | 3,000 | 3,204,930 | ||||||
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment: | ||||||||
5.00%, 06/01/33 | 170 | 192,037 | ||||||
5.00%, 06/01/34(c) | 225 | 253,008 | ||||||
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran: | ||||||||
6.38%, 01/01/19(c) | 2,415 | 2,415,000 | ||||||
6.38%, 01/01/39 | 265 | 265,000 | ||||||
County of Lehigh Pennsylvania General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 07/01/32 | 745 | 747,712 | ||||||
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A: | ||||||||
4.00%, 09/01/49 | 880 | 883,467 | ||||||
5.00%, 09/01/43 | 2,095 | 2,312,650 | ||||||
County of Montgomery Pennsylvania IDA, RB, Foulkeways Gwynedd Project, 5.00%, 12/01/46 | 1,470 | 1,517,702 | ||||||
County of Montgomery Pennsylvania IDA, Refunding RB, Whitemarsh Continuing Care Retirement Community Project, 5.38%, 01/01/50 | 1,865 | 1,841,426 | ||||||
County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bonds, 7.00%, 07/01/32 | 1,240 | 1,384,088 |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
East Hempfield Township Pennsylvania IDA, RB: | ||||||||
5.00%, 07/01/34 | $ | 1,000 | $ | 1,046,880 | ||||
5.00%, 07/01/46 | 1,750 | 1,811,967 | ||||||
Pennsylvania Economic Development Financing Authority, RB: | ||||||||
AMT, 5.00%, 06/30/42 | 895 | 951,850 | ||||||
U.S. Airways Group, Series A, 7.50%, 05/01/20 | 1,200 | 1,272,936 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 | 5,390 | 5,573,907 | ||||||
|
| |||||||
29,689,959 | ||||||||
Puerto Rico — 2.9% | ||||||||
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: | ||||||||
5.50%, 05/15/39 | 1,205 | 1,216,809 | ||||||
5.63%, 05/15/43 | 1,960 | 1,979,208 | ||||||
Commonwealth of Puerto Rico, GO, Refunding, Series A(f)(g): | ||||||||
Public Improvement, 5.50%, 07/01/39 | 1,080 | 577,800 | ||||||
8.00%, 07/01/35 | 13,260 | 7,127,250 | ||||||
Commonwealth of Puerto Rico, GO(f)(g): | ||||||||
6.00%, 07/01/38 | 1,210 | 659,450 | ||||||
Refunding Series C, 6.50%, 07/01/40 | 400 | 215,000 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: | ||||||||
5.75%, 07/01/37 | 5,575 | 5,226,562 | ||||||
6.00%, 07/01/44 | 3,275 | 3,127,625 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 07/01/38 | 3,470 | 3,313,850 | ||||||
Puerto Rico Electric Power Authority, RB(f)(g): | ||||||||
Series A, 5.00%, 07/01/29 | 1,040 | 644,800 | ||||||
Series A, 7.25%, 07/01/30 | 250 | 159,375 | ||||||
Series A, 7.00%, 07/01/33 | 340 | 216,750 | ||||||
Series A, 5.00%, 07/01/42 | 1,030 | 638,600 | ||||||
Series A, 7.00%, 07/01/43 | 320 | 204,000 | ||||||
Series TT, 5.00%, 07/01/25 | 165 | 102,300 | ||||||
Series XX, 5.25%, 07/01/40 | 720 | 446,400 | ||||||
Puerto Rico Electric Power Authority, Refunding RB, Series ZZ, 5.25%, 07/01/21(f)(g) | 90 | 55,800 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Refunding RB, Series C(f)(g): | ||||||||
First Subordinate, 5.75%, 08/01/57 | 425 | 329,375 | ||||||
Senior Lien, 5.00%, 08/01/40 | 715 | 554,125 | ||||||
|
| |||||||
26,795,079 | ||||||||
Rhode Island — 1.7% | ||||||||
Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34 | 1,945 | 1,955,659 | ||||||
Tobacco Settlement Financing Corp., Refunding RB: | ||||||||
Series A, 5.00%, 06/01/35 | 1,005 | 1,056,657 | ||||||
Series A, 5.00%, 06/01/40 | 1,000 | 1,038,260 | ||||||
Series B, 4.50%, 06/01/45 | 6,350 | 5,887,085 | ||||||
Series B, 5.00%, 06/01/50 | 5,650 | 5,658,983 | ||||||
|
| |||||||
15,596,644 | ||||||||
South Carolina — 3.0% | ||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB: | ||||||||
Prisma Health Obligated Group, Series A, 5.00%, 05/01/48 | 5,825 | 6,326,475 | ||||||
The Lutheran Homes of South Carolina, Inc., Series B, 5.00%, 05/01/37 | 620 | 621,215 | ||||||
The Woodlands at Furman, 4.00%, 11/15/27 | 825 | 812,856 | ||||||
State of South Carolina Ports Authority, RB, AMT, 5.00%, 07/01/45 | 1,975 | 2,135,034 | ||||||
State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 | 3,475 | 3,700,423 |
24 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
South Carolina (continued) | ||||||||
State of South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/50 | $ | 13,005 | $ | 13,621,177 | ||||
|
| |||||||
27,217,180 | ||||||||
Tennessee — 0.6% | ||||||||
County of Knox Health Educational & Housing Facility Board, Refunding RB, University Health System, Inc., 5.00%, 04/01/36 | 560 | 594,518 | ||||||
County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax Increment, Graceland Project, Series A: | ||||||||
5.50%, 07/01/37 | 1,650 | 1,734,496 | ||||||
5.63%, 01/01/46 | 1,875 | 1,953,975 | ||||||
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 | 925 | 998,057 | ||||||
Nashville Metropolitan Development & Housing Agency, Tax Allocation Bonds, Tax Increment Development Revenue Fifth+Broadway Development Project, 5.13%, 06/01/36 | 500 | 516,760 | ||||||
|
| |||||||
5,797,806 | ||||||||
Texas — 7.0% | ||||||||
Arlington Higher Education Finance Corp., RB, Series A, 5.88%, 03/01/24 | 500 | 502,270 | ||||||
Central Texas Regional Mobility Authority, Refunding RB: | ||||||||
CAB, 0.00%, 01/01/28(d) | 3,000 | 2,229,030 | ||||||
CAB, 0.00%, 01/01/29(d) | 500 | 356,620 | ||||||
CAB, 0.00%, 01/01/30(d) | 1,330 | 909,175 | ||||||
CAB, 0.00%, 01/01/31(d) | 4,000 | 2,610,440 | ||||||
Senior Lien, 6.25%, 01/01/21(b) | 765 | 828,258 | ||||||
City of Austin Texas Airport System Revenue, RB, Series B, AMT, 5.00%, 11/15/46 | 3,500 | 3,825,430 | ||||||
City of Houston Texas Airport System, Refunding ARB, AMT: | ||||||||
Special Facilities, Continental Airlines, Inc., Series A, 6.63%, 07/15/38 | 1,110 | 1,191,707 | ||||||
United Airlines, Inc. Terminal E Project, 5.00%, 07/01/29 | 1,000 | 1,083,220 | ||||||
United Airlines, Inc., Airport Improvement Projects, Series C, 5.00%, 07/15/20 | 825 | 851,548 | ||||||
Clifton Higher Education Finance Corp., ERB, Idea Public Schools(b): | ||||||||
5.50%, 08/15/21 | 255 | 277,364 | ||||||
5.75%, 08/15/21 | 280 | 306,331 | ||||||
County of Bexar Texas Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 07/01/20(b) | 1,320 | 1,401,220 | ||||||
County of Fort Bend Texas Industrial Development Corp., RB, NRG Energy Inc. Project, Series B, 4.75%, 11/01/42 | 3,380 | 3,435,364 | ||||||
County of Harris Texas Cultural Education Facilities Finance Corp., Refunding, MRB, Brazos Presbyterian Homes, Inc. Project, Series A: | ||||||||
5.00%, 01/01/38 | 510 | 517,925 | ||||||
5.00%, 01/01/43(c) | 520 | 526,188 | ||||||
5.13%, 01/01/48 | 1,535 | 1,557,380 | ||||||
County of Harris Texas Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series G (NPFGC), 0.00%, 11/15/41(d) | 350 | 113,505 | ||||||
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29 | 290 | 301,435 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB: | ||||||||
Christus Health, Series B, 5.00%, 07/01/48 | 8,560 | 9,325,778 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Senior Living Center Project, Series A, 8.25%, 11/15/44 | $ | 800 | $ | 720,000 | ||||
County of Travis Texas Health Facilities Development Corp., Refunding RB, 7.13%, 01/01/21(b) | 1,920 | 2,111,443 | ||||||
Houston Higher Education Finance Corp., RB, Cosmos Foundation, Inc., 6.50%, 05/15/21(b) | 535 | 589,319 | ||||||
Mesquite Health Facility Development Corp., Refunding RB, 5.13%, 02/15/42 | 355 | 355,692 | ||||||
Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31 | 1,500 | 1,525,800 | ||||||
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project: | ||||||||
5.88%, 04/01/36 | 890 | 966,059 | ||||||
6.00%, 04/01/45 | 1,355 | 1,467,980 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Jubilee Academic, Series A: | ||||||||
5.00%, 08/15/36 | 2,520 | 2,522,318 | ||||||
5.00%, 08/15/46 | 695 | 673,712 | ||||||
Newark Higher Education Finance Corp., RB: | ||||||||
Austin Achieve Public School, Inc., 5.00%, 06/15/48 | 1,500 | 1,504,605 | ||||||
Series A, 5.50%, 08/15/35 | 375 | 391,005 | ||||||
Series A, 5.75%, 08/15/45 | 645 | 673,773 | ||||||
North Texas Tollway Authority, Refunding RB, 2nd Tier-Series B, 5.00%, 01/01/43 | 5,145 | 5,694,229 | ||||||
Red River Health Facilities Development Corp., First MRB, Project: | ||||||||
Eden Home, Inc., 7.25%, 12/15/42(f)(g) | 1,330 | 827,925 | ||||||
Wichita Falls Retirement Foundation, 5.13%, 01/01/41 | 600 | 609,054 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: | ||||||||
AMT, Blueridge Transportation Group, 5.00%, 12/31/50 | 3,480 | 3,660,125 | ||||||
LBJ Infrastructure Group LLC, 7.00%, 06/30/40 | 1,000 | 1,062,000 | ||||||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 | 4,740 | 4,931,449 | ||||||
Town of Flower Mound Texas, Special Assessment Bonds, 6.50%, 09/01/36 | 1,500 | 1,513,890 | ||||||
|
| |||||||
63,950,566 | ||||||||
Utah — 0.6% | ||||||||
State of Utah Charter School Finance Authority, RB: | ||||||||
Navigator Pointe Academy, Series A, 5.63%, 07/15/40 | 1,000 | 1,009,680 | ||||||
Spectrum Academy Project, 6.00%, 04/15/45(c) | 2,000 | 2,034,600 | ||||||
State of Utah Charter School Finance Authority, Refunding RB, 6.75%, 10/15/43 | 2,050 | 2,051,743 | ||||||
|
| |||||||
5,096,023 | ||||||||
Virginia — 2.7% | ||||||||
County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A: | ||||||||
5.00%, 07/01/42 | 2,000 | 2,020,400 | ||||||
Residential Care Facility, 5.00%, 07/01/47(c) | 1,015 | 1,023,729 | ||||||
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57(c) | 1,925 | 2,267,034 | ||||||
Lower Magnolia Green Community Development Authority, Special Assessment Bonds: | ||||||||
5.00%, 03/01/35 | 490 | 490,225 | ||||||
5.00%, 03/01/45(c) | 505 | 496,996 | ||||||
Mosaic District Community Development Authority, Special Assessment, Series A: | ||||||||
6.63%, 03/01/26(c) | 515 | 546,971 | ||||||
6.88%, 03/01/36 | 450 | 479,093 |
SCHEDULES OF INVESTMENTS | 25 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Virginia (continued) | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Senior SeriesB-1, 5.00%, 06/01/47 | $ | 7,120 | $ | 6,790,842 | ||||
Virginia Beach Development Authority, Refunding RB, Westminster-Canterbury on Chesapeake Bay, 4.00%, 09/01/48 | 2,885 | 2,884,856 | ||||||
Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 07/01/45 | 535 | 547,198 | ||||||
Virginia Small Business Financing Authority, RB, Senior Lien, AMT: | ||||||||
Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37 | 3,360 | 3,635,184 | ||||||
Express Lanes LLC, 5.00%, 07/01/34 | 3,300 | 3,438,600 | ||||||
|
| |||||||
24,621,128 | ||||||||
Washington — 0.6% | ||||||||
County of King Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital, 7.00%, 12/01/40 | 545 | 559,323 | ||||||
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 09/01/42 | 1,005 | 1,016,527 | ||||||
Washington State Housing Finance Commission, Refunding RB: | ||||||||
5.75%, 01/01/35(c) | 355 | 350,981 | ||||||
6.00%, 01/01/45 | 940 | 935,093 | ||||||
Horizon House Project, 5.00%, 01/01/48 | 2,410 | 2,494,712 | ||||||
|
| |||||||
5,356,636 | ||||||||
Wisconsin — 2.0% | ||||||||
Public Finance Authority, 5.25%, 10/01/48 | 1,790 | 1,887,609 | ||||||
Public Finance Authority, RB: | ||||||||
Alabama Proton Therapy Center, Series A, 6.25%, 10/01/31 | 910 | 949,558 | ||||||
Alabama Proton Therapy Center, Series A, 7.00%, 10/01/47(c) | 910 | 953,452 | ||||||
American Preparatory Academy—Las Vegas Project, Series A, 5.38%, 07/15/47(c) | 1,595 | 1,609,626 | ||||||
Delray Beach Radiation Therapy, 6.85%, 11/01/46 | 1,325 | 1,391,859 | ||||||
Delray Beach Radiation Therapy, 7.00%, 11/01/46 | 805 | 853,067 | ||||||
Series A, 5.00%, 12/01/45 | 1,910 | 1,923,217 | ||||||
Series A, 5.15%, 12/01/50 | 1,315 | 1,327,874 | ||||||
Voyager Foundation, Inc. Project, Series A, 5.13%, 10/01/45(c) | 1,850 | 1,887,388 | ||||||
Public Finance Authority, Refunding RB: | ||||||||
Celanese Project, Series D, 4.05%, 11/01/30 | 525 | 522,050 | ||||||
Senior Obligated Group, Series B, AMT, 5.00%, 07/01/42 | 2,150 | 2,256,661 | ||||||
White Stone Retirement Facilities, 5.00%, 03/01/52 | 1,300 | 1,347,294 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB: | ||||||||
Benevolent Corporation Cedar Community, 5.00%, 06/01/41 | 350 | 355,236 | ||||||
St. Johns Communities, Inc., Series A, 7.25%, 09/15/19(b)(c) | 75 | 77,790 | ||||||
St. Johns Communities, Inc., Series A, 7.63%, 09/15/19(b)(c) | 145 | 150,771 | ||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housning, WHPC Madison Pool Project, Series A, 4.70%, 07/01/47(c) | 740 | 765,671 | ||||||
|
| |||||||
18,259,123 | ||||||||
|
| |||||||
Total Municipal Bonds — 89.9% |
| 823,558,475 | ||||||
|
|
Security | Par (000) | Value | ||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(h) | ||||||||
California — 0.2% |
| |||||||
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, SeriesF-1, 5.63%, 04/01/19(b) | $ | 480 | $ | 484,895 | ||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 05/15/40(c) | 1,679 | 1,741,823 | ||||||
|
| |||||||
2,226,718 | ||||||||
Colorado — 0.6% | ||||||||
Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth Health System, Series A, | 5,592 | 5,730,365 | ||||||
|
| |||||||
Florida — 0.4% | ||||||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(b)(c) | 3,499 | 3,690,778 | ||||||
|
| |||||||
Illinois — 1.6% | ||||||||
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41(c) | 2,480 | 2,690,601 | ||||||
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 4.00%, 02/15/41(c) | 6,510 | 6,558,608 | ||||||
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 | 5,011 | 5,555,838 | ||||||
|
| |||||||
14,805,047 | ||||||||
Massachusetts — 0.4% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45 | 3,464 | 3,543,569 | ||||||
|
| |||||||
New York — 6.3% | ||||||||
City of New York New York Housing Development Corp., RB, M/F, SeriesC-1A: | ||||||||
4.15%, 11/01/39 | 3,107 | 3,172,357 | ||||||
4.20%, 11/01/44(c) | 5,695 | 5,814,820 | ||||||
4.30%, 11/01/47 | 4,660 | 4,758,467 | ||||||
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31(i)(c) | 3,015 | 3,214,000 | ||||||
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012: | ||||||||
5.75%, 02/15/21(b) | 1,065 | 1,146,632 | ||||||
5.75%, 02/15/47 | 655 | 705,373 | ||||||
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 | 7,725 | 8,346,775 | ||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(i) | 2,520 | 2,755,896 | ||||||
New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/36 | 21,670 | 24,425,882 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 | 2,925 | 3,299,244 | ||||||
|
| |||||||
57,639,446 | ||||||||
North Carolina — 0.4% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55 | 2,930 | 3,252,256 | ||||||
|
| |||||||
Ohio — 0.2% | ||||||||
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 01/01/19 | 2,010 | 2,009,691 | ||||||
|
| |||||||
Pennsylvania — 0.5% | ||||||||
Pennsylvania Turnpike Commission, RB,Sub-Series A, 5.50%, 12/01/42 | 3,677 | 4,208,473 | ||||||
|
|
26 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Rhode Island — 0.3% | ||||||||
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43 | $ | 2,641 | $ | 2,679,070 | ||||
|
| |||||||
Texas — 0.4% | ||||||||
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43 | 3,480 | 3,504,963 | ||||||
|
| |||||||
Virginia — 0.3% | ||||||||
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 | 2,501 | 2,595,364 | ||||||
|
| |||||||
Washington — 1.4% | ||||||||
City of Bellingham Washington Water & Sewer Revenue, RB, Water & Sewer, 5.00%, 08/01/40 | 2,998 | 3,196,857 | ||||||
County of Snohomish Public Utility District No. 1, 5.00%, 12/01/45 | 8,664 | 9,613,579 | ||||||
|
| |||||||
12,810,436 | ||||||||
Wisconsin — 0.4% | ||||||||
State of Wisconsin Health & Educational Facilities Authority, Refunding RB: | ||||||||
Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 04/01/19(b) | 2,179 | 2,197,795 | ||||||
The Medical College of Wisconsin, Inc., 4.00%, 12/01/46 | 1,774 | 1,790,073 | ||||||
|
| |||||||
3,987,868 | ||||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 13.4% |
| 122,684,044 | ||||||
|
| |||||||
Total Long-Term Investments — 103.5% |
| 947,768,519 | ||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities — 2.5% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.56%(j)(k) | 23,048,355 | $ | 23,050,660 | |||||
|
| |||||||
Total Short-Term Securities — 2.5% |
| 23,050,660 | ||||||
|
| |||||||
Total Investments — 106.0% |
| 970,819,179 | ||||||
Other Assets Less Liabilities — 1.6% |
| 14,473,568 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (7.6)% |
| (69,566,515 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 915,726,232 | |||||
|
|
(a) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(b) | U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Zero-coupon bond. |
(e) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
(f) | Non-income producing security. |
(g) | Issuer filed for bankruptcy and/or is in default. |
(h) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(i) | All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expires between February 15, 2019 to April 1, 2019, is $5,480,997. See Note 4 of the Notes to Financial Statements for details. |
(j) | Annualized7-day yield as of period end. |
(k) | During the period ended December 31, 2018, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares Held at 06/30/18 | Net Activity | Shares Held at 12/31/18 | Value at 12/31/18 | Income | Net Realized Gain (Loss) (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | 37,605,441 | (14,557,086 | ) | 23,048,355 | $ | 23,050,660 | $ | 299,095 | $ | 1,104 | $ | (1,147 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes net capital gain distributions, if applicable. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts: |
| |||||||||||||||
10-Year U.S. Treasury Note | 84 | 03/20/19 | $ | 10,249 | $ | (237,089 | ) | |||||||||
Long U.S. Treasury Bond | 245 | 03/20/19 | 35,770 | (1,639,210 | ) | |||||||||||
5-Year U.S. Treasury Note | 27 | 03/29/19 | 3,097 | (47,741 | ) | |||||||||||
|
| |||||||||||||||
$ | (1,924,040 | ) | ||||||||||||||
|
|
SCHEDULES OF INVESTMENTS | 27 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock High Yield Municipal Fund |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contract | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
| |||||||||||||||||||||||||||
Futures Contracts | ||||||||||||||||||||||||||||
Net unrealized depreciation(a) | $ | — | $ | — | $ | — | $ | — | $ | (1,924,040 | ) | $ | — | $ | (1,924,040 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Includes cumulative depreciation on futures contracts if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
For the period ended December 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contract | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain from: | ||||||||||||||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | — | $ | 536,120 | $ | — | $ | 536,120 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Depreciation on: | ||||||||||||||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | — | $ | (1,425,313 | ) | $ | — | $ | (1,425,313 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures Contracts: |
| |||
Average notional value of contracts — short | $ | 36,757,738 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
| |||||||||||||||
Investments: |
| |||||||||||||||
Long-Term Investments(a) | $ | 1,526,000 | $ | 946,242,519 | $ | — | $ | 947,768,519 | ||||||||
Short-Term Securities | 23,050,660 | — | — | 23,050,660 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 24,576,660 | $ | 946,242,519 | $ | — | $ | 970,819,179 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(b) |
| |||||||||||||||
Liabilities: |
| |||||||||||||||
Interest rate contracts | $ | (1,924,040 | ) | $ | — | $ | — | $ | (1,924,040 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each industry, state or political subdivision. |
(b) | Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end TOB Trust
Certificates of $ 69,299,680 are categorized as Level 2 within the disclosure hierarchy
During the period ended December 31, 2018, there were no transfers between levels.
See notes to financial statements.
28 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) December 31, 2018 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds — 93.8% | ||||||||
Alabama — 4.3% |
| |||||||
Alabama Federal Aid Highway Finance Authority, RB, Series A, 5.00%, 06/01/37 | $ | 43,695 | $ | 50,531,957 | ||||
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 06/01/19(a) | 15,955 | 16,225,916 | ||||||
City of Homewood, GO, Refunding, 5.25%, 09/01/46 | 27,625 | 31,707,422 | ||||||
Prattville Alabama IDB, RB, Recovery Zone Facility, Series C, 6.25%, 11/01/33 | 3,380 | 3,485,591 | ||||||
Southeast Alabama Gas Supply District, RB, Project #2, Series A, 4.00%, 06/01/49(b) | 231,985 | 242,542,637 | ||||||
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(a) | 16,315 | 17,486,091 | ||||||
UAB Medicine Finance Authority, Refunding RB,Series B-2: | ||||||||
5.00%, 09/01/37 | 5,000 | 5,558,200 | ||||||
5.00%, 09/01/41 | 12,850 | 14,102,233 | ||||||
Water Works Board of the City of Birmingham, Refunding RB,Sub-Series B, 5.00%, 01/01/43 | 16,715 | 18,685,030 | ||||||
|
| |||||||
400,325,077 | ||||||||
Alaska — 0.1% | ||||||||
Borough of Matanuska-Susitna Alaska, RB, Goose Creek Correctional Center (AGC)(a): | ||||||||
6.00%, 09/01/19 | 5,980 | 6,145,347 | ||||||
6.00%, 09/01/19 | 1,270 | 1,304,696 | ||||||
|
| |||||||
7,450,043 | ||||||||
Arizona — 1.4% | ||||||||
Arizona State University, Refunding RB, Series B, 5.00%, 07/01/42 | 3,200 | 3,638,208 | ||||||
City of Mesa Arizona Utility System, RB, Utility System, 5.00%, 07/01/35 | 30,000 | 32,020,500 | ||||||
City of Phoenix Arizona IDA, RB: | ||||||||
Candeo School, Inc. Project, 6.88%, 07/01/44 | 3,440 | 3,728,375 | ||||||
Legacy Traditional Schools Project, Series A, 6.50%, 07/01/34(c) | 2,000 | 2,177,580 | ||||||
Legacy Traditional Schools Projects, Series A, 6.75%, 07/01/44(c) | 3,500 | 3,808,595 | ||||||
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 07/01/45(c) | 2,280 | 2,281,254 | ||||||
City of Phoenix Civic Improvement Corp., ARB, AMT, Series A, 5.00%, 07/01/42 | 3,750 | 4,177,725 | ||||||
County of Maricopa Arizona IDA, Refunding RB, Banner Health Obligation Group, 5.00%, 01/01/38 | 32,385 | 36,274,115 | ||||||
County of Maricopa Industrial Development Authority, Refunding RB, HonorHealth, Series A(d): | ||||||||
4.13%, 09/01/42 | 4,000 | 4,023,600 | ||||||
5.00%, 09/01/42 | 2,565 | 2,827,092 | ||||||
County of Pinal Arizona IDA, RB, San Manuel Facility Project, AMT, 6.25%, 06/01/26 | 495 | 502,816 | ||||||
Salt River Project Agricultural Improvement & Power District, Refunding RB, Salt River Project Electric System, Series A: | ||||||||
5.00%, 01/01/37 | 19,330 | 22,540,133 | ||||||
5.00%, 01/01/39 | 8,000 | 9,239,440 | ||||||
|
| |||||||
127,239,433 | ||||||||
California — 12.7% | ||||||||
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare, Series B, 6.25%, 08/01/19(a) | 11,525 | 11,836,521 | ||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(a) | 21,340 | 22,825,051 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
California Health Facilities Financing Authority, Refunding RB, Series A: | ||||||||
Catholic Healthcare West, 6.00%, 07/01/19(a) | $ | 26,655 | $ | 27,240,877 | ||||
Stanford Health Care, 4.00%, 11/15/40 | 5,000 | 5,139,000 | ||||||
California Statewide Communities Development Authority, RB: | ||||||||
Loma Linda University Medical Center, 5.25%, 12/01/48(c) | 2,000 | 2,112,400 | ||||||
Sutter Health, Series A, 6.00%, 08/15/20(a) | 11,600 | 12,397,616 | ||||||
City & County of San Francisco California Airports Commission, ARB, Second Series E: | ||||||||
6.00%, 05/01/19(a) | 4,625 | 4,692,803 | ||||||
6.00%, 05/01/39 | 55,175 | 55,924,828 | ||||||
City & County of San Francisco California Airports Commission, Refunding ARB, San Francisco International Airport, Series A, AMT, 5.00%, 05/01/41 | 20,000 | 22,004,800 | ||||||
City of Los Angeles California Department of Water & Power, Refunding RB, Water System, Series A, 5.25%, 07/01/39 | 40,000 | 42,505,200 | ||||||
City of Los Angeles California Municipal Improvement Corp., RB, Real Property, Series E(a): | ||||||||
6.00%, 09/01/19 | 14,365 | 14,783,452 | ||||||
City of Los Angeles California Wastewater System Revenue, Refunding RB, Green Bond,Sub-Series A, 5.25%, 06/01/47 | 27,620 | 32,320,648 | ||||||
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC,Series A-1, AMT: | ||||||||
5.75%, 03/01/34 | 7,010 | 7,475,464 | ||||||
6.25%, 03/01/34 | 5,250 | 5,670,683 | ||||||
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: | ||||||||
6.50%, 05/01/36 | 1,510 | 1,661,921 | ||||||
6.50%, 05/01/42 | 5,130 | 5,646,129 | ||||||
City of San Juan California Water District, COP, Series A, 6.00%, 02/01/19(a) | 10,000 | 10,035,100 | ||||||
County of Alameda & City of Oakland California, GO, Election of 2012, 6.63%, 08/01/21(a) | 3,750 | 4,222,950 | ||||||
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(a) | 12,830 | 13,992,526 | ||||||
Gilroy Public Facilities Financing Authority, Refunding RB, 6.00%, 11/01/33 | 6,535 | 7,676,076 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB: | ||||||||
SeriesA-1, 5.25%, 06/01/47 | 17,490 | 17,398,877 | ||||||
SeriesA-2, 5.00%, 06/01/47 | 28,080 | 26,996,112 | ||||||
Los Angeles California Unified School District, GO, Election of 2008, SeriesB-1, 5.25%, 07/01/42 | 80,950 | 95,494,286 | ||||||
Los Angeles Department of Water, Refunding RB, Series A, 5.25%, 07/01/44 | 19,000 | 21,960,200 | ||||||
Los Angeles Department of Water & Power, Refunding RB, Power System, Series B: | ||||||||
5.25%, 07/01/37 | 13,500 | 15,843,870 | ||||||
5.25%, 07/01/38 | 15,000 | 17,545,800 | ||||||
5.25%, 07/01/39 | 7,000 | 8,166,270 | ||||||
Los Angeles Unified School District, GO, Election 2005, SeriesM-1, 5.25%, 07/01/42 | 24,635 | 29,061,170 | ||||||
Modesto Irrigation District, COP(a): | ||||||||
6.00%, 04/01/19 | 3,450 | 3,486,501 | ||||||
Series A, 6.00%, 04/01/19 | 8,305 | 8,393,863 | ||||||
Municipal Improvement Corp. of Los Angeles, Refunding RB, Real Property, Series B, 5.00%, 11/01/36 | 10,000 | 11,453,300 | ||||||
Palomar Community College District, GO, Election of 2006, Series D, 5.25%, 08/01/45 | 24,540 | 28,607,260 |
SCHEDULES OF INVESTMENTS | 29 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
Port of Oakland California, Refunding RB, Senior Lien, Series P, AMT, 5.00%, 05/01/31 | $ | 13,010 | $ | 14,024,650 | ||||
San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/41 | 40,000 | 45,284,000 | ||||||
San Diego Public Facilities Financing Authority, Refunding RB, Series A, 5.00%, 05/15/39 | 10,000 | 11,469,300 | ||||||
State of California, GO, Refunding: | ||||||||
Various Purpose, 5.25%, 10/01/39 | 20,100 | 23,094,699 | ||||||
Various Purposes, 5.00%, 08/01/36 | 50,000 | 58,770,500 | ||||||
State of California, GO, Various Purposes: | ||||||||
6.00%, 04/01/19(a) | 33,235 | 33,603,244 | ||||||
6.50%, 04/01/19(a) | 47,155 | 47,733,592 | ||||||
6.50%, 04/01/33 | 39,915 | 40,371,628 | ||||||
6.00%, 04/01/38 | 60,720 | 61,304,734 | ||||||
6.00%, 11/01/39 | 64,190 | 66,258,202 | ||||||
State of California Public Works Board, LRB, Various Capital Projects(a): | ||||||||
Sub-SeriesA-1, 6.00%, 03/01/20 | 14,125 | 14,846,929 | ||||||
Sub-SeriesI-1, 6.13%, 11/01/19 | 10,015 | 10,391,864 | ||||||
Sub-SeriesI-1, 6.38%, 11/01/19 | 11,680 | 12,143,346 | ||||||
State of California University, Refunding RB, Systemwide, Series A, 5.00%, 11/01/41 | 13,075 | 14,737,355 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior SeriesA-1, 5.00%, 06/01/37 | 6,895 | 6,894,862 | ||||||
Tuolumne Wind Project Authority, RB, Tuolumne Co. Project, Series A, 5.88%, 01/01/19(a) | 19,355 | 19,355,000 | ||||||
University of California, RB, Series AV, 5.25%, 05/15/42 | 52,075 | 60,643,941 | ||||||
University of California, Refunding RB, General, Series AZ, 5.00%, 05/15/43 | 29,055 | 33,359,208 | ||||||
|
| |||||||
1,168,858,608 | ||||||||
Colorado — 1.8% | ||||||||
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(c) | 6,930 | 6,887,727 | ||||||
City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43 | 14,450 | 16,549,585 | ||||||
City & County of Denver Colorado, RB, SeriesA-1, 5.00%, 08/01/41 | 8,000 | 8,996,320 | ||||||
City & County of Denver Colorado, Refunding RB, United Airlines, Inc. Project, AMT, 5.00%, 10/01/32 | 40,475 | 42,563,105 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT: | ||||||||
5.00%, 12/01/37 | 27,180 | 30,738,949 | ||||||
5.25%, 12/01/43 | 10,120 | 11,537,509 | ||||||
Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33 | 4,655 | 4,672,875 | ||||||
Colorado Health Facilities Authority, Refunding RB, Frasier Meadows Retirement Community Project, Series A, 5.25%, 05/15/47 | 2,500 | 2,652,650 | ||||||
County of Larimer Colorado School District No.R-1 Poudre, GO, 5.00%, 12/15/40 | 5,500 | 6,398,975 | ||||||
State of Colorado, COP, Series J, 5.25%, 03/15/42 | 30,000 | 34,380,000 | ||||||
|
| |||||||
165,377,695 | ||||||||
Delaware — 0.4% | ||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 | 31,500 | 32,810,715 | ||||||
|
| |||||||
District of Columbia — 3.5% | ||||||||
District of Columbia, GO: | ||||||||
Series A, 5.00%, 06/01/41 | 20,000 | 22,540,800 | ||||||
Series D, 5.00%, 06/01/41 | 5,000 | 5,661,850 | ||||||
Series D, 5.00%, 06/01/42 | 36,295 | 41,164,337 | ||||||
District of Columbia, RB, Series A, 5.50%, 12/01/30 | 20,530 | 21,177,105 |
Security | Par (000) | Value | ||||||
District of Columbia (continued) | ||||||||
District of Columbia Water & Sewer Authority, Refunding RB, Series B: | ||||||||
5.25%, 10/01/40 | $ | 48,060 | $ | 55,248,815 | ||||
5.25%, 10/01/44 | 63,075 | 72,176,092 | ||||||
Metropolitan Washington Airports Authority, Refunding ARB, AMT, Series A: | ||||||||
5.00%, 10/01/35 | 6,530 | 7,465,880 | ||||||
5.00%, 10/01/36 | 12,000 | 13,655,400 | ||||||
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A, 5.25%, 10/01/44 | 5,765 | 5,873,670 | ||||||
Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/42 | 65,000 | 73,590,400 | ||||||
|
| |||||||
318,554,349 | ||||||||
Florida — 4.8% | ||||||||
Capital Trust Agency, Inc., RB, University Bridge LLC Student Housing Project, Series A, 5.25%, 12/01/58(c) | 21,500 | 21,007,220 | ||||||
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/43 | 12,865 | 14,534,491 | ||||||
City of Tampa Florida, Special Assessment Bonds, Green Bonds, Central and Lower Basis Stormwater Improvements: | ||||||||
5.25%, 05/01/43 | 13,220 | 15,297,655 | ||||||
5.25%, 05/01/46 | 15,430 | 17,814,706 | ||||||
County of Broward Florida Airport System Revenue, ARB, AMT, 5.00%, 10/01/42 | 5,560 | 6,156,810 | ||||||
County of Escambia Florida, RB, International Paper Co. Projects, Series B, 6.25%, 11/01/33 | 7,500 | 7,734,300 | ||||||
County of Highlands Florida Health Facilities Authority, RB, Adventist Health System/Sunbelt Obligated Group, 6.00%, 11/15/37 | 4,980 | 5,153,254 | ||||||
County of Hillsborough Florida District Port Authority, ARB, Series A, 5.25%, 06/01/48 | 8,375 | 9,548,505 | ||||||
County of Miami-Dade Florida, RB, Seaport Department: | ||||||||
Series A, 6.00%, 10/01/38 | 6,325 | 7,196,965 | ||||||
Series A, 5.50%, 10/01/42 | 5,375 | 5,947,330 | ||||||
Series B, AMT, 6.25%, 10/01/38 | 5,000 | 5,708,600 | ||||||
Series B, AMT, 6.00%, 10/01/42 | 2,350 | 2,662,809 | ||||||
County of Miami-Dade Florida, Refunding RB, 5.00%, 10/01/41 | 10,825 | 12,049,632 | ||||||
County of Miami-Dade Florida Aviation, Refunding RB, Series B, AMT, 5.00%, 10/01/40 | 117,130 | 129,795,267 | ||||||
County of Miami-Dade Florida Transit System, RB, 4.00%, 07/01/44 | 10,000 | 10,190,100 | ||||||
Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT, 5.13%, 06/01/27 | 10,010 | 10,708,298 | ||||||
Greater Orlando Aviation Authority, ARB, PrioritySub-Series A, AMT, 5.00%, 10/01/42 | 44,175 | 48,951,643 | ||||||
Harbor Bay Community Development District Florida, Special Assessment Bonds, Series A, 7.00%, 05/01/33 | 835 | 837,747 | ||||||
Lakewood Ranch Stewardship District, Special Assessment Bonds: | ||||||||
Del Webb Project, 5.00%, 05/01/37(c) | 1,655 | 1,659,353 | ||||||
Del Webb Project, 5.13%, 05/01/47(c) | 1,990 | 1,976,607 | ||||||
Lakewood National & Polo Run Projects, 4.63%, 05/01/27 | 1,745 | 1,769,622 | ||||||
Lakewood National & Polo Run Projects, 5.25%, 05/01/37 | 2,760 | 2,823,314 | ||||||
Lakewood National & Polo Run Projects, 5.38%, 05/01/47 | 4,785 | 4,866,536 |
30 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(a) | $ | 11,125 | $ | 12,679,941 | ||||
South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/42 | 29,095 | 32,522,682 | ||||||
State of Florida, GO, Board of Education, Series E, 5.00%, 06/01/37 | 29,730 | 30,888,281 | ||||||
Sterling Hill Community Development District, Refunding, Special Assessment Bonds, Series B, 5.50%, 11/01/10(e)(f) | 147 | 94,270 | ||||||
Town of Davie Florida, Refunding RB, Nova Southeastern University Project, 5.00%, 04/01/48 | 19,000 | 20,808,800 | ||||||
|
| |||||||
441,384,738 | ||||||||
Georgia — 0.7% | ||||||||
City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%, 01/01/30 | 30,000 | 32,316,300 | ||||||
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 | 4,950 | 5,621,864 | ||||||
County of Richmond Georgia Development Authority, RB, Recovery Zone Facility, International Paper Co., Series B, 6.25%, 11/01/33 | 3,625 | 3,738,245 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Series EE (AMBAC), 7.00%, 01/01/25 | 20,000 | 24,705,400 | ||||||
|
| |||||||
66,381,809 | ||||||||
Hawaii — 0.5% | ||||||||
State of Hawaii, GO, Series FT, 5.00%, 01/01/38 | 28,555 | 32,930,483 | ||||||
State of Hawaii Airports System Revenue, ARB, Series A,AMT, 5.00%, 07/01/43 | 12,615 | 14,024,600 | ||||||
|
| |||||||
46,955,083 | ||||||||
Illinois — 10.1% | ||||||||
Bolingbrook Special Service Area No. 1, Special Tax Bonds, Forest City Project, 5.90%, 03/01/27(g) | 1,000 | 1,000,670 | ||||||
Chicago Board of Education, GO, Refunding Dedicated Revenues, Series D, Dedicated Revenues, Series H: | ||||||||
5.00%, 12/01/36 | 4,620 | 4,686,158 | ||||||
5.00%, 12/01/46 | 4,475 | 4,441,482 | ||||||
Chicago Board of Education, GO, Refunding: | ||||||||
Dedicated Revenues, Series G, 5.00%, 12/01/34 | 5,000 | 5,107,950 | ||||||
Series B, 4.00%, 12/01/35 | 11,640 | 10,376,944 | ||||||
Series C, 5.00%, 12/01/23 | 4,310 | 4,504,209 | ||||||
Series C, 5.00%, 12/01/24 | 4,445 | 4,667,250 | ||||||
Series C, 5.00%, 12/01/26 | 3,060 | 3,225,332 | ||||||
Chicago Board of Education, GO: | ||||||||
Series A, 5.00%, 12/01/42 | 15,895 | 15,894,364 | ||||||
Series C, 5.25%, 12/01/39 | 7,275 | 7,389,072 | ||||||
Series C, 5.00%, 12/01/25 | 12,760 | 13,421,096 | ||||||
Series F, 5.00%, 12/01/24 | 9,585 | 10,064,250 | ||||||
5.00%, 12/01/46 | 35,155 | 34,891,689 | ||||||
City of Chicago Illinois, Refunding ARB, Senior Lien, Series B, 5.00%, 01/01/41 | 5,420 | 5,927,583 | ||||||
City of Chicago Illinois O’Hare International Airport, ARB, Senior Lien, Series D, 5.25%, 01/01/35 | 5,000 | 5,717,950 | ||||||
City of Chicago Illinois O’Hare International Airport, GARB: | ||||||||
3rd Lien, Series C, 6.50%, 01/01/21(a) | 29,835 | 32,563,709 | ||||||
Senior Lien, Series D, 5.25%, 01/01/42 | 49,415 | 55,473,279 | ||||||
City of Chicago Illinois O’Hare International Airport, Refunding ARB, Senior Lien, Series B, 4.00%, 01/01/44 | 110,000 | 109,139,800 | ||||||
City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien, Series C, AMT, 5.50%, 01/01/34 | 5,380 | 5,872,162 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
City of Chicago Illinois O’Hare International Airport, Refunding RB, Senior Lien, Series B: | ||||||||
5.00%, 01/01/38 | $ | 31,410 | $ | 34,902,164 | ||||
5.00%, 01/01/39 | 59,885 | 66,366,354 | ||||||
City of Chicago O’Hare International Airport, ARB, Senior Lien, Series D, 5.25%, 01/01/33 | 7,340 | 8,444,230 | ||||||
Illinois Finance Authority, RB: | ||||||||
Carle Foundation, Series A, 6.00%, 08/15/41 | 6,500 | 7,058,805 | ||||||
Carle Foundation, Series A (AGM), 6.00%, 08/15/41 | 19,285 | 20,942,931 | ||||||
DePaul University, Series A, 6.13%, 04/01/21(a) | 11,935 | 13,020,846 | ||||||
Memorial Health System, Series A, 5.25%, 07/01/44 | 8,370 | 9,039,349 | ||||||
Rush University Medical Center, Series C, 6.38%, 05/01/19(a) | 2,860 | 2,903,300 | ||||||
Illinois Finance Authority, Refunding RB: | ||||||||
Central Dupage Health, Series B, 5.50%, 11/01/19(a) | 4,220 | 4,345,840 | ||||||
Central Dupage Health, Series B, 5.75%, 11/01/19(a) | 6,000 | 6,191,160 | ||||||
Northwestern Memorial Healthcare, Series A, 5.00%, 07/15/42 | 23,695 | 26,291,498 | ||||||
Northwestern Memorial Hospital, Series A, 6.00%, 08/15/19(a) | 40,655 | 41,696,581 | ||||||
OSF Healthcare System, 6.00%, 05/15/20(a) | 7,875 | 8,303,951 | ||||||
OSF Healthcare System, 6.00%, 05/15/39 | 2,470 | 2,563,465 | ||||||
Presence Health Network, Series C, 5.00%, 02/15/41 | 28,920 | 32,068,810 | ||||||
Railsplitter Tobacco Settlement Authority, RB: | ||||||||
6.00%, 06/01/21(a) | 13,865 | 15,187,860 | ||||||
5.00%, 06/01/26 | 15,000 | 17,172,750 | ||||||
State of Illinois, GO: | ||||||||
Series C, 5.00%, 11/01/29 | 10,000 | 10,614,800 | ||||||
Series D, 5.00%, 11/01/26 | 38,855 | 41,658,000 | ||||||
Series D, 5.00%, 11/01/27 | 19,810 | 21,270,195 | ||||||
Series D, 5.00%, 11/01/28 | 97,015 | 103,570,303 | ||||||
State of Illinois Toll Highway Authority, RB: | ||||||||
Series A, 5.00%, 01/01/42 | 56,795 | 63,366,749 | ||||||
Series B, 5.00%, 01/01/40 | 23,520 | 25,922,098 | ||||||
Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23 | 8,565 | 8,575,107 | ||||||
|
| |||||||
925,842,095 | ||||||||
Indiana — 1.0% | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: | ||||||||
6.75%, 01/01/34 | 3,870 | 4,418,921 | ||||||
7.00%, 01/01/44 | 7,330 | 8,409,416 | ||||||
Indiana Finance Authority, RB, 1st Lien, Series A, 5.00%, 10/01/40 | 10,000 | 11,042,100 | ||||||
Indiana Finance Authority, Refunding RB, Series A: | ||||||||
Parkview Health System, 5.75%, 05/01/31 | 290 | 293,657 | ||||||
Trinity Health, 5.63%, 12/01/19(a) | 7,000 | 7,236,880 | ||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19(a) | 19,620 | 19,620,000 | ||||||
Indiana Municipal Power Agency, Refunding RB, Series A: | ||||||||
5.00%, 01/01/42 | 12,450 | 13,888,846 | ||||||
5.00%, 01/01/42 | 12,500 | 14,100,625 | ||||||
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A: | ||||||||
5.75%, 01/01/19(a) | 2,550 | 2,550,000 | ||||||
5.75%, 01/01/38 | 10,505 | 10,505,000 | ||||||
|
| |||||||
92,065,445 | ||||||||
Iowa — 1.1% | ||||||||
Iowa Finance Authority, RB, Iowa Health Care Facilities: | ||||||||
Genesis Health System, 5.50%, 07/01/33 | 18,750 | 21,127,313 | ||||||
Series A (AGC), 5.63%, 08/15/19(a) | 5,240 | 5,362,249 |
SCHEDULES OF INVESTMENTS | 31 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Iowa (continued) | ||||||||
Iowa Finance Authority, Refunding RB: | ||||||||
Iowa Fertilizer Co. Project, Series B, 5.25%, 12/01/50(b) | $ | 47,270 | $ | 50,246,119 | ||||
Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.50%, 12/01/22 | 120 | 120,121 | ||||||
Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.25%, 12/01/25 | 2,500 | 2,648,275 | ||||||
State Revolving Fund, Green Bonds, 5.00%, 08/01/42 | 10,000 | 11,413,200 | ||||||
Iowa Student Loan Liquidity Corp., RB, SeniorSeries A-2, AMT: | ||||||||
5.40%, 12/01/24 | 3,220 | 3,339,784 | ||||||
5.50%, 12/01/25 | 2,140 | 2,219,993 | ||||||
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 06/01/46 | 4,810 | 4,809,615 | ||||||
|
| |||||||
101,286,669 | ||||||||
Kansas — 0.4% | ||||||||
County of Leavenworth Unified School District No. 458, GO, Refunding, 5.00%, 09/01/39 | 2,500 | 2,817,800 | ||||||
County of Riley Unified School District No. 383 Manhattan-Ogden, GO, Series A, 4.00%, 09/01/39 | 3,515 | 3,655,881 | ||||||
County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/47 | 30,210 | 35,501,886 | ||||||
|
| |||||||
41,975,567 | ||||||||
Kentucky — 1.1% | ||||||||
Kentucky Public Energy Authority, RB, Gas Supply,Series C-1, 4.00%, 12/01/49(b) | 100,000 | 104,876,000 | ||||||
|
| |||||||
Louisiana — 0.6% | ||||||||
City of New Orleans Louisiana Aviation Board, Refunding GARB, Restructuring, SeriesA-2 (AGC), 6.00%, 01/01/19(a) | 1,370 | 1,370,000 | ||||||
East Baton Rouge Sewerage Commission, Refunding RB, Series B, 5.00%, 02/01/39 | 5,000 | 5,507,900 | ||||||
Jefferson Sales Tax District, RB, Special Sales Tax, Series B (AGM), 5.00%, 12/01/42 | 12,160 | 13,814,733 | ||||||
Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 09/15/44(c) | 2,500 | 2,528,900 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, SeriesA-1, 6.50%, 11/01/35 | 17,185 | 18,331,583 | ||||||
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, 1st Lien, Series A, 5.00%, 05/01/41 | 14,555 | 16,256,334 | ||||||
|
| |||||||
57,809,450 | ||||||||
Maine — 0.1% | ||||||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 07/01/32 | 5,365 | 5,886,800 | ||||||
|
| |||||||
Maryland — 0.2% | ||||||||
City of Baltimore Maryland, Refunding RB, East Baltimore Research Park, Series A: | ||||||||
4.50%, 09/01/33 | 2,735 | 2,783,984 | ||||||
5.00%, 09/01/38 | 1,400 | 1,462,944 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, University of Maryland Medical System, Series B (NPFGC), 7.00%, 07/01/22(h) | 2,700 | 3,040,443 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21(a) | 11,000 | 11,920,810 | ||||||
|
| |||||||
19,208,181 | ||||||||
Massachusetts — 3.6% | ||||||||
Commonwealth of Massachusetts, GO, Consolidated Loan, Series A: | ||||||||
5.25%, 04/01/42 | 42,000 | 48,556,200 | ||||||
5.25%, 04/01/47 | 91,000 | 104,633,620 |
Security | Par (000) | Value | ||||||
Massachusetts (continued) | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement & Accelerated Bridge Programs, Series A, 5.00%, 06/01/42 | $ | 10,000 | $ | 11,333,700 | ||||
Massachusetts Development Finance Agency, RB, Series A: | ||||||||
Emerson College Issue, 5.25%, 01/01/42 | 9,655 | 10,522,116 | ||||||
Foxborough Regional Charter School, 7.00%, 07/01/20(a) | 1,375 | 1,478,895 | ||||||
Massachusetts Development Finance Agency, Refunding RB: | ||||||||
Emerson College, Series A, 5.00%, 01/01/40 | 3,735 | 4,044,146 | ||||||
Newbridge on the Charles, Inc., 5.00%, 10/01/37(c) | 1,000 | 1,035,750 | ||||||
Newbridge on the Charles, Inc., 5.00%, 10/01/47(c) | 1,250 | 1,274,750 | ||||||
Partners Healthcare System, 5.00%, 07/01/33 | 5,310 | 6,132,678 | ||||||
Massachusetts Port Authority, Refunding ARB, AMT: | ||||||||
Series A, 5.00%, 07/01/35 | 1,000 | 1,133,750 | ||||||
Series B, 5.00%, 07/01/43 | 10,000 | 11,022,900 | ||||||
Massachusetts School Building Authority, RB, Series B: | ||||||||
Senior, 5.00%, 11/15/36 | 5,000 | 5,733,650 | ||||||
Senior, 5.00%, 11/15/39 | 12,525 | 14,315,449 | ||||||
Sub, 4.00%, 02/15/41 | 13,620 | 13,802,099 | ||||||
Sub, 4.00%, 02/15/42 | 10,000 | 10,110,400 | ||||||
University of Massachusetts Building Authority, Refunding RB, Senior Series A: | ||||||||
5.25%, 11/01/42 | 58,840 | 68,888,695 | ||||||
5.25%, 11/01/47 | 14,425 | 16,827,772 | ||||||
|
| |||||||
330,846,570 | ||||||||
Michigan — 2.3% | ||||||||
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41 | 6,485 | 7,001,660 | ||||||
Great Lakes Water Authority Water Supply System Revenue, Refunding RB, Senior Lien, Series C: | ||||||||
5.25%, 07/01/34 | 17,775 | 20,557,676 | ||||||
5.25%, 07/01/35 | 30,730 | 35,451,357 | ||||||
Michigan Finance Authority, RB, Beaumont Health Credit Group, Series A, 5.00%, 11/01/44 | 5,010 | 5,434,147 | ||||||
Michigan Finance Authority, Refunding RB: | ||||||||
Henry Ford Health System, 5.00%, 11/15/41 | 39,560 | 42,620,757 | ||||||
Trinity Health Credit Group, Series A, 5.00%, 12/01/37 | 33,905 | 38,350,624 | ||||||
Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/46 | 6,000 | 6,629,760 | ||||||
Michigan Strategic Fund, RB,1-75 Improvement Project, AMT, 5.00%, 12/31/43 | 16,470 | 17,801,764 | ||||||
Oakland University, RB, 5.00%, 03/01/41 | 3,000 | 3,292,680 | ||||||
Royal Oak Hospital Finance Authority Michigan, Refunding RB: | ||||||||
Beaumont Health Credit Group, Series D, 5.00%, 09/01/39 | 10,010 | 10,811,000 | ||||||
William Beaumont Hospital, Series W, 6.00%, 08/01/19(a) | 5,145 | 5,267,040 | ||||||
State of Michigan Building Authority, Refunding RB, Series I, 5.00%, 04/15/41 | 16,000 | 17,794,880 | ||||||
|
| |||||||
211,013,345 | ||||||||
Minnesota — 0.1% | ||||||||
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 4.00%, 11/15/37 | 6,905 | 7,057,462 | ||||||
Western Minnesota Municipal Power Agency, RB, Red Rock Hydroelectric Project, Series A, 5.00%, 01/01/49 | 6,210 | 7,069,899 | ||||||
|
| |||||||
14,127,361 |
32 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mississippi — 0.3% | ||||||||
State of Mississippi, GO, Series A, 4.00%, 11/01/38 | $ | 25,000 | $ | 25,744,750 | ||||
|
| |||||||
Missouri — 0.1% | ||||||||
City of St. Louis Missouri, RB,Lambert-St. Louis International Airport, SeriesA-1, 6.25%, 07/01/29 | 1,175 | 1,198,970 | ||||||
Metropolitan State Louis Sewer District, Refunding RB, Wastewater System Improvement, Series A, 5.00%, 05/01/42 | 5,635 | 6,419,730 | ||||||
|
| |||||||
7,618,700 | ||||||||
Montana — 0.0% | ||||||||
City of Kalispell Montana, Refunding RB, Immanuel Lutheran Corporation Project, Series A: | ||||||||
5.25%, 05/15/37 | 405 | 416,008 | ||||||
5.25%, 05/15/47 | 1,500 | 1,530,435 | ||||||
5.25%, 05/15/52 | 1,500 | 1,525,290 | ||||||
|
| |||||||
3,471,733 | ||||||||
Nebraska — 0.4% | ||||||||
Omaha Public Power District, Seperate Electric System, Refunding RB, Series A: | ||||||||
5.25%, 02/01/42 | 14,265 | 16,171,375 | ||||||
5.25%, 02/01/46 | 14,670 | 16,604,239 | ||||||
|
| |||||||
32,775,614 | ||||||||
Nevada — 1.9% | ||||||||
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 04/01/19(a) | 12,925 | 13,059,420 | ||||||
County of Clark Nevada Airport System, ARB, Series B, 5.75%, 07/01/42 | 57,700 | 59,611,024 | ||||||
Las Vegas Convention & Visitors Authority, RB, Series B, 5.00%, 07/01/43 | 85,000 | 95,078,450 | ||||||
Nevada Department of Business & Industry, RB, Series A(c): | ||||||||
5.00%, 07/15/37 | 875 | 883,724 | ||||||
5.00%, 07/15/47 | 1,400 | 1,401,512 | ||||||
State of Nevada Department of Business & Industry, RB, Somerset Academy, Series A(c): | ||||||||
4.50%, 12/15/29 | 400 | 400,464 | ||||||
5.00%, 12/15/38 | 685 | 690,179 | ||||||
5.00%, 12/15/48 | 810 | 810,445 | ||||||
|
| |||||||
171,935,218 | ||||||||
New Hampshire — 0.4% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(c): | ||||||||
Series B, 4.63%, 11/01/42 | 9,085 | 8,673,995 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 3,700 | 3,610,608 | ||||||
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, | 15,605 | 15,979,832 | ||||||
New Hampshire Health and Education Facilities Authority Act, Refunding RB, Dartmouth-Hitchcock Obligated Group Issue, Series A: | ||||||||
5.00%, 08/01/36 | 4,000 | 4,486,200 | ||||||
5.00%, 08/01/37 | 3,250 | 3,626,252 | ||||||
|
| |||||||
36,376,887 | ||||||||
New Jersey — 5.8% | ||||||||
County of Cape May New Jersey Industrial Pollution Control Financing Authority, Refunding RB, Atlantic City Electric Co., Series A (NPFGC), 6.80%, 03/01/21 | 5,000 | 5,418,500 | ||||||
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(c) | 5,180 | 5,196,939 | ||||||
New Jersey Economic Development Authority, Refunding RB, School Facilities Construction, Series PP, 5.00%, 06/15/26 | 8,380 | 9,124,395 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 | $ | 5,340 | $ | 5,736,442 | ||||
New Jersey EDA, RB, Series WW, 5.25%, 06/15/40 | 14,965 | 15,931,440 | ||||||
New Jersey EDA, Refunding RB: | ||||||||
New Jersey American Water Co., Inc. Project, Series B, AMT, 5.60%, 11/01/34 | 8,280 | 8,595,220 | ||||||
Provident Group-Monteclair Properites LLC (AGM), 5.00%, 06/01/37 | 5,800 | 6,393,456 | ||||||
Series B, 5.50%, 06/15/30 | 45,895 | 51,943,961 | ||||||
New Jersey Educational Facilities Authority, Refunding RB: | ||||||||
New Jersey City University, Series A, 5.00%, 07/01/45 | 7,635 | 8,304,437 | ||||||
Stevens Institute of Technology, Series A, 5.00%, 07/01/42 | 3,000 | 3,332,850 | ||||||
University of Medicine & Dentistry, Series B, 7.13%, 06/01/19(a) | 2,870 | 2,933,083 | ||||||
University of Medicine & Dentistry, Series B, 7.50%, 06/01/19(a) | 9,200 | 9,416,292 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB: | ||||||||
AHS Hospital Corp., 6.00%, 07/01/21(a) | 34,385 | 37,830,377 | ||||||
Hackensack Meridian Health Obligated Group Issue, Series A, 5.00%, 07/01/35 | 7,375 | 8,449,980 | ||||||
Hackensack Meridian Health Obligated Group Issue, Series A, 5.00%, 07/01/38 | 11,950 | 13,491,430 | ||||||
Hackensack Meridian Health Obligated Group Issue, Series A, 5.00%, 07/01/39 | 22,245 | 25,008,941 | ||||||
RWJ Barnabas Health Obligated Group, Series A, 5.00%, 07/01/43 | 17,110 | 19,159,949 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, AMT: | ||||||||
Series 1, 5.75%, 12/01/27 | 250 | 266,215 | ||||||
Series 1, 5.75%, 12/01/28 | 205 | 218,063 | ||||||
Student Loan, Series 1B, 2.95%, 12/01/28 | 16,000 | 16,224,160 | ||||||
New Jersey State Turnpike Authority, Refunding RB, Series G, 5.00%, 01/01/36 | 34,850 | 39,953,782 | ||||||
New Jersey Transportation Trust Fund Authority, RB: | ||||||||
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/30 | 2,025 | 2,235,215 | ||||||
Transportation System, Series A, 6.00%, 06/15/35 | 2,155 | 2,306,583 | ||||||
Transportation System, Series A, 5.00%, 06/15/42 | 5,715 | 5,906,624 | ||||||
Transportation System, Series AA, 5.50%, 06/15/39 | 39,890 | 42,912,066 | ||||||
Transportation System, Series C, 5.25%, 06/15/32 | 19,810 | 21,425,109 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A: | ||||||||
Federal Highway Reimbursement Revenue Notes, 5.00%, 06/15/30 | 9,660 | 10,662,805 | ||||||
Transportation System, 5.00%, 12/15/36 | 10,610 | 11,419,543 | ||||||
Transportation System, 5.00%, 12/15/33 | 43,625 | 47,550,377 | ||||||
Transportation System, 5.00%, 12/15/34 | 34,980 | 37,947,004 | ||||||
Transportation System, 5.00%, 12/15/35 | 6,000 | 6,488,400 | ||||||
New Jersey Turnpike Authority, Refunding RB, Series G, 5.00%, 01/01/37 | 27,230 | 31,080,322 | ||||||
State of New Jersey, GO, 4.00%, 06/01/30 | 10,000 | 10,309,800 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46 | 10,350 | 11,033,824 | ||||||
|
| |||||||
534,207,584 | ||||||||
New Mexico — 0.0% | ||||||||
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27 | 250 | 289,028 | ||||||
|
|
SCHEDULES OF INVESTMENTS | 33 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York — 13.4% | ||||||||
City of New York, GO: | ||||||||
Sub-SeriesD-1, 5.00%, 12/01/44 | $ | 17,915 | $ | 20,520,199 | ||||
Sub-SeriesF-1, 5.00%, 04/01/43 | 72,410 | 82,454,715 | ||||||
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Fiscal 2017, Series EE, 5.25%, 06/15/37 | 7,525 | 8,774,225 | ||||||
City of New York New York Municipal Water Finance Authority, Refunding RB, 2nd General Resolution Subseries, 5.25%, 06/15/37 | 45,000 | 52,182,450 | ||||||
City of New York Transitional Finance Authority Building Aid Revenue, RB, SeriesS-3, 5.25%, 07/15/45 | 31,165 | 36,211,548 | ||||||
City of New York Transitional Finance Authority Building Aid Revenue, Refunding RB, SeriesS-3, 4.00%, 07/15/38 | 8,045 | 8,315,795 | ||||||
City of New York Transitional Finance Authority Future Tax Secured, RB, Future Tax Secured Subordinate Bond, SeriesC-3, 5.00%, 05/01/41 | 13,100 | 14,976,706 | ||||||
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB: | ||||||||
Future Tax Secured, Sub SeriesA-1, 5.00%, 05/01/40 | 19,970 | 22,356,016 | ||||||
Sub SeriesA-3, 5.00%, 08/01/41 | 3,950 | 4,476,377 | ||||||
Subordinate, SeriesC-3, 5.00%, 05/01/40 | 30,000 | 34,350,000 | ||||||
City of New York Water & Sewer System, Refunding RB: | ||||||||
2nd Generation Resolution, Fiscal 2018, Series FF, 5.00%, 06/15/40 | 20,000 | 22,933,000 | ||||||
Series EE, 5.00%, 06/15/40 | 39,240 | 44,731,246 | ||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A: | ||||||||
6.25%, 06/01/41(c) | 8,100 | 8,295,777 | ||||||
5.00%, 06/01/45 | 16,695 | 15,648,891 | ||||||
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, SeriesA-2B, 5.00%, 06/01/51 | 4,325 | 4,454,318 | ||||||
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012, 5.75%, 02/15/47 | 3,435 | 3,681,324 | ||||||
Hudson Yards Infrastructure Corp., Refunding RB, Series A: | ||||||||
5.00%, 02/15/37 | 11,045 | 12,565,896 | ||||||
5.00%, 02/15/42 | 25,000 | 28,136,500 | ||||||
Long Island Power Authority, RB, General, Electric Systems, 5.00%, 09/01/42 | 9,000 | 10,100,790 | ||||||
Long Island Power Authority, Refunding RB, Electric System, Series A, 6.00%, 05/01/19(a) | 56,950 | 57,754,703 | ||||||
Metropolitan Transportation Authority, RB: | ||||||||
SeriesA-1, 5.25%, 11/15/39 | 30,000 | 32,820,900 | ||||||
Sub-SeriesD-1, 5.25%, 11/15/44 | 37,840 | 42,409,180 | ||||||
Metropolitan Transportation Authority, Refunding RB: | ||||||||
Series B, 5.00%, 11/15/37 | 31,075 | 34,616,618 | ||||||
Series D, 5.00%, 11/15/35 | 10,000 | 11,351,200 | ||||||
SubSeriesC-1, 5.25%, 11/15/31 | 13,550 | 15,392,800 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB: | ||||||||
SeriesA-1, 5.00%, 08/01/42 | 10,500 | 12,029,640 | ||||||
Subordinate, SeriesC-3, 5.00%, 05/01/39 | 25,000 | 28,712,000 | ||||||
New York City Water & Sewer System, Refunding RB: | ||||||||
2nd General Resolution Series CC, 5.25%, 06/15/46 | 65,965 | 75,004,844 | ||||||
2nd General Resolution Sub Series CC1, 5.00%, 06/15/37 | 25,000 | 28,493,750 | ||||||
SeriesDD-2, Block 5, 5.00%, 06/15/40 | 43,865 | 50,003,468 | ||||||
Series EE, 5.25%, 06/15/36 | 15,500 | 18,148,950 | ||||||
New York State Dormitory Authority, RB, Bid Group 3, Series A, 5.00%, 03/15/41 | 14,310 | 16,348,030 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York State Dormitory Authority, Refunding RB, Bid Group 4: | ||||||||
Series C, 5.00%, 03/15/43 | $ | 6,185 | $ | 7,055,291 | ||||
Series E, 5.00%, 03/15/44 | 10,000 | 11,463,400 | ||||||
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.00%, 07/01/41 | 5,115 | 5,390,852 | ||||||
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT: | ||||||||
5.00%, 08/01/26 | 6,000 | 6,260,520 | ||||||
5.00%, 08/01/31 | 48,265 | 49,973,098 | ||||||
Niagara Area Development Corp., Refunding RB, Covanta Project, Series A, AMT, 4.75%, 11/01/42(c) | 5,190 | 5,010,167 | ||||||
Port Authority of New York & New Jersey, Refunding ARB: | ||||||||
194th Series, 5.00%, 10/15/34 | 5,000 | 5,681,700 | ||||||
194th Series, 5.00%, 10/15/41 | 11,275 | 12,597,896 | ||||||
194th Series, 5.25%, 10/15/55 | 37,020 | 41,781,142 | ||||||
Consolidated, 198th Series, 5.25%, 11/15/56 | 53,240 | 60,300,689 | ||||||
Consolidated, 205th Series, 5.25%, 11/15/39 | 10,580 | 12,375,955 | ||||||
Consolidated,Series 198, 5.00%, 11/15/41 | 10,165 | 11,420,682 | ||||||
State of New York Dormitory Authority, RB: | ||||||||
Sales Tax, SeriesA-Group C, 5.00%, 03/15/43 | 19,020 | 21,442,007 | ||||||
Sales Tax, SeriesA-Group C, 5.00%, 03/15/44 | 4,000 | 4,506,280 | ||||||
Series A, 5.00%, 02/15/42 | 10,000 | 11,207,800 | ||||||
State of New York Dormitory Authority, Refunding RB, Group 3, Series E, 5.00%, 03/15/40 | 37,000 | 42,614,380 | ||||||
Triborough Bridge & Tunnel Authority, RB, General, MTA Bridges & Tunnels, Series A, 5.00%, 11/15/46 | 18,755 | 21,402,643 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, General, Series A, 5.25%, 11/15/45 | 7,805 | 8,947,028 | ||||||
TSASC, Inc., Refunding RB, Tobacco Settlement Bonds, Subordinate, Series B, 5.00%, 06/01/48 | 3,365 | 3,234,640 | ||||||
Utility Debt Securitization Authority, Refunding RB, Restructuring, Series TE, 5.00%, 12/15/41 | 30,000 | 32,885,100 | ||||||
Westchester New York Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds,Sub-Series C, 5.13%, 06/01/51 | 2,500 | 2,533,125 | ||||||
|
| |||||||
1,236,336,251 | ||||||||
North Carolina — 0.0% | ||||||||
County of Columbus North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, International Paper Co. Projects, Series B, 6.25%, 11/01/33 | 3,000 | 3,093,720 | ||||||
|
| |||||||
North Dakota — 0.0% | ||||||||
University of North Dakota, COP, Green Bond, Infrastructure Energy Improvement Project, Series A, 5.00%, 04/01/48 | 2,500 | 2,764,725 | ||||||
|
| |||||||
Ohio — 1.2% | ||||||||
Buckeye Tobacco Settlement Financing Authority, RB: | ||||||||
6.25%, 06/01/37(g) | 15,450 | 15,338,914 | ||||||
Asset-Backed, Senior Turbo Term, SeriesA-2, 5.75%, 06/01/34 | 2,500 | 2,377,550 | ||||||
Asset-Backed, Senior Turbo Term, SeriesA-2, 5.88%, 06/01/47 | 19,870 | 18,851,464 | ||||||
Asset-Backed, Senior Turbo Term, SeriesA-2, 6.50%, 06/01/47 | 7,980 | 7,960,130 | ||||||
County of Butler Port Authority, RB, StoryPoint Fairfield Project, SeriesA-1(c): | ||||||||
6.38%, 01/15/43 | 1,500 | 1,535,400 | ||||||
6.50%, 01/15/52 | 3,335 | 3,420,743 |
34 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Ohio (continued) | ||||||||
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A(a): | ||||||||
5.75%, 11/15/21 | $ | 500 | $ | 552,855 | ||||
6.00%, 11/15/21 | 4,415 | 4,912,350 | ||||||
6.50%, 11/15/21 | 12,690 | 14,291,859 | ||||||
County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.50%, 05/01/34 | 6,900 | 6,977,970 | ||||||
Indian Creek Local School District, GO: | ||||||||
Series A, 5.00%, 11/01/45 | 2,000 | 2,251,100 | ||||||
Series B (BAM), 5.00%, 11/01/45 | 3,110 | 3,486,714 | ||||||
State of Ohio, GO, Series A, 5.00%, 02/01/38 | 20,690 | 23,380,941 | ||||||
State of Ohio Turnpike Commission, RB, Junior Lien, Series A, 5.25%, 02/15/39 | 7,500 | 8,261,700 | ||||||
|
| |||||||
113,599,690 | ||||||||
Oklahoma — 0.2% | ||||||||
Oklahoma City Airport Trust, RB, Junior Lien, AMT, 5.00%, 07/01/43 | 5,000 | 5,537,500 | ||||||
Oklahoma Turnpike Authority, RB: | ||||||||
2nd Series C, 4.00%, 01/01/42 | 9,790 | 10,053,057 | ||||||
Series A, 5.00%, 01/01/43 | 4,085 | 4,612,333 | ||||||
|
| |||||||
20,202,890 | ||||||||
Pennsylvania — 3.3% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project(c): | ||||||||
5.00%, 05/01/27 | 3,250 | 3,461,510 | ||||||
5.00%, 05/01/32 | 3,750 | 3,966,862 | ||||||
5.00%, 05/01/42 | 6,305 | 6,557,074 | ||||||
City of Philadelphia Pennsylvania Gas Works, RB, 12th Series B (NPFGC), 7.00%, 05/15/20(h) | 1,170 | 1,218,192 | ||||||
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran: | ||||||||
6.38%, 01/01/19(a) | 9,520 | 9,520,000 | ||||||
6.38%, 01/01/39 | 1,055 | 1,055,000 | ||||||
County of Dauphin General Authority, Refunding RB, Pinnacle Health System Project: | ||||||||
6.00%, 06/01/29 | 6,670 | 6,773,252 | ||||||
6.00%, 06/01/19(a) | 6,090 | 6,195,905 | ||||||
County of Dauphin Pennsylvania General Authority, Refunding RB, Pinnacle Health System Project: | ||||||||
6.00%, 06/01/19(a) | 3,295 | 3,352,300 | ||||||
6.00%, 06/01/36 | 595 | 603,443 | ||||||
County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bonds, 7.00%, 07/01/32 | 2,265 | 2,528,193 | ||||||
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 04/01/39 | 3,475 | 3,508,847 | ||||||
Pennsylvania Turnpike Commission, RB: | ||||||||
Series A, 5.25%, 12/01/44 | 30,000 | 34,663,200 | ||||||
Series B, 5.25%, 12/01/39 | 3,560 | 3,905,890 | ||||||
Series B (BAM), 5.25%, 12/01/44 | 8,000 | 8,795,280 | ||||||
Sub-Series A, 5.50%, 12/01/46 | 46,430 | 53,038,382 | ||||||
Sub-SeriesB-1, 5.25%, 06/01/47 | 74,500 | 81,874,755 | ||||||
Subordinate, Special Motor License Fund, 6.00%, 12/01/20(a) | 1,195 | 1,287,672 | ||||||
Pennsylvania Turnpike Commission, Refunding RB,Sub-SeriesA-1, 5.25%, 12/01/45 | 22,000 | 24,104,080 | ||||||
Philadelphia Authority for Industrial Development, RB, University of the Sciences, 5.00%, 11/01/47 | 30,000 | 33,042,900 | ||||||
Philadelphia Gas Works Co, Refunding RB, 1988 General Ordinance, Series Fifteenth, 5.00%, 08/01/42 | 15,000 | 16,491,000 | ||||||
|
| |||||||
305,943,737 |
Security | Par (000) | Value | ||||||
Rhode Island — 0.1% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B, 5.00%, 06/01/50 | $ | 10,000 | $ | 10,015,900 | ||||
|
| |||||||
South Carolina — 2.4% | ||||||||
Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(b) | 155,440 | 164,208,370 | ||||||
South Carolina Jobs EDA, Refunding RB, Series A: | ||||||||
Palmetto Health (AGM), 6.50%, 08/01/21(a) | 4,455 | 4,968,082 | ||||||
Palmetto Health (AGM), 6.25%, 08/01/21(a) | 1,525 | 1,691,500 | ||||||
Prisma Health Obligated Group, 5.00%, 05/01/43 | 12,000 | 13,082,040 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, the Woodlands at Furman, 5.25%, 11/15/37 | 6,005 | 6,348,966 | ||||||
South CarolinaJobs-EDA, Refunding RB, The Lutheran Homes of South Carolina, Inc., 5.00%, 05/01/42 | 250 | 246,595 | ||||||
South Carolina Ports Authority, ARB, AMT: | ||||||||
5.00%, 07/01/35 | 6,250 | 7,093,625 | ||||||
5.00%, 07/01/36 | 6,380 | 7,207,933 | ||||||
5.00%, 07/01/37 | 3,750 | 4,217,175 | ||||||
5.00%, 07/01/43 | 9,950 | 10,985,994 | ||||||
|
| |||||||
220,050,280 | ||||||||
South Dakota — 0.2% | ||||||||
City of Rapid City South Dakota, RB: | ||||||||
4.00%, 12/01/37 | 1,000 | 1,026,610 | ||||||
4.00%, 12/01/43 | 15,840 | 16,032,614 | ||||||
|
| |||||||
17,059,224 | ||||||||
Texas — 8.0% | ||||||||
Aldine Independent School District, GO,(PSF-GTD), 5.00%, 02/15/43 | 20,000 | 22,877,600 | ||||||
Bexar County Texas, GOL, Certificates of Obligation, 5.00%, 06/15/42 | 5,120 | 5,781,350 | ||||||
City of Arlington Texas, Special Tax Bonds, Series A (AGM), 5.00%, 02/15/43 | 12,500 | 14,087,375 | ||||||
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc., Airport Improvement Projects, Series C, AMT, 5.00%, 07/15/20 | 6,535 | 6,745,296 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB,Sub-Series D: | ||||||||
5.00%, 07/01/38 | 6,765 | 7,737,401 | ||||||
5.00%, 07/01/39 | 10,200 | 11,630,244 | ||||||
City of Houston Texas Combined Utility System, Refunding RB, Combined 1st Lien, Series A (AGC)(a): | ||||||||
6.00%, 05/15/19 | 30,645 | 31,120,304 | ||||||
6.00%, 05/15/19 | 1,705 | 1,731,752 | ||||||
City of Houston Texas Combined Utility System Revenue, Refunding RB, Subordinate First Lien, Series D, 5.00%, 11/15/43 | 10,000 | 11,430,400 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB: | ||||||||
5.00%, 02/01/41 | 4,125 | 4,687,980 | ||||||
Series A, 5.00%, 02/01/44 | 5,000 | 5,751,350 | ||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B: | ||||||||
7.00%, 01/01/23(a) | 3,700 | 4,388,052 | ||||||
6.38%, 01/01/33 | 465 | 510,617 | ||||||
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29 | 9,775 | 10,160,428 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB: | ||||||||
Christus Health, Series B, 5.00%, 07/01/43 | 50,000 | 55,082,000 | ||||||
Scott & White Healthcare, 6.00%, 08/15/20(a) | 50,000 | 53,247,500 |
SCHEDULES OF INVESTMENTS | 35 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Grand Parkway Transportation Corp., RB, Series B, 5.25%, 10/01/51 | $ | 18,100 | $ | 19,845,745 | ||||
Killeen Independent School District, GO,(PSF-GTD), 4.00%, 02/15/42 | 9,200 | 9,418,776 | ||||||
Little Elm Independent School District, GO, School Building(PSF-GTD), 5.00%, 08/15/46 | 32,495 | 37,142,435 | ||||||
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/30 | 6,085 | 6,886,699 | ||||||
Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31(c) | 14,625 | 14,876,550 | ||||||
New Hope Cultural Education Facilities Corp., RB, Jubilee Academic Center Project, Series A, | 2,000 | 1,997,480 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A, 5.13%, 08/15/47(c) | 2,085 | 2,055,622 | ||||||
North Texas Tollway Authority, RB, Special Projects System, Series A, 6.00%, 09/01/21(a) | 4,815 | 5,319,468 | ||||||
North Texas Tollway Authority, Refunding RB: | ||||||||
6.00%, 01/01/19(a) | 10,265 | 10,265,000 | ||||||
6.00%, 01/01/25 | 2,365 | 2,372,190 | ||||||
1st Tier System, 6.00%, 01/01/21(a) | 11,490 | 12,407,706 | ||||||
1st Tier System, SeriesK-2 (AGC), | 2,245 | 2,245,000 | ||||||
1st Tier-Series A, 5.00%, 01/01/43 | 48,975 | 54,923,014 | ||||||
Northwest Independent School District, GO, School Building(PSF-GTD), 5.00%, 02/15/45 | 10,000 | 11,056,800 | ||||||
Port of Corpus Christi Authority of Nueces County, ARB, Series A, 5.00%, 12/01/43 | 9,240 | 10,334,570 | ||||||
San Antonio Water System, Refunding RB, Junior Lien: | ||||||||
Series A, 5.00%, 05/15/43 | 6,000 | 6,836,640 | ||||||
System, Series C, 5.00%, 05/15/41 | 8,765 | 9,828,370 | ||||||
State of Texas, GO, Transportation Commission Highway Improvement, 5.00%, 04/01/39 | 20,000 | 22,008,400 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: | ||||||||
LBJ Infrastructure Group LLC, 7.00%, 06/30/40 | 48,215 | 51,204,330 | ||||||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 | 33,065 | 34,400,495 | ||||||
Texas Water Development Board, RB: | ||||||||
Series A, 5.00%, 10/15/42 | 10,000 | 11,409,400 | ||||||
State Water Implementation Fund, Series A, 5.00%, 10/15/43 | 45,050 | 51,555,220 | ||||||
State Water Implementation Fund, Series B, 4.00%, 10/15/43 | 25,000 | 25,796,500 | ||||||
State Water Implementation Revenue, 5.25%, 10/15/46 | 64,170 | 73,642,775 | ||||||
|
| |||||||
734,798,834 | ||||||||
Utah — 2.1% | ||||||||
County of Utah Utah, RB, IHC Health Services, Inc.: | ||||||||
5.00%, 05/15/43 | 70,000 | 74,277,700 | ||||||
Series B, 5.00%, 05/15/46 | 22,500 | 25,122,825 | ||||||
County of Utah, Utah, RB, IHC Health Services, Inc., Series A, 5.00%, 05/15/41 | 44,970 | 50,337,170 | ||||||
Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT: | ||||||||
5.00%, 07/01/43 | 21,280 | 23,675,915 | ||||||
5.25%, 07/01/48 | 7,500 | 8,494,200 | ||||||
Utah State Charter School Finance Authority, Refunding RB, The Freedom Academy Foundation Project(c): | ||||||||
5.25%, 06/15/37 | 3,795 | 3,755,115 | ||||||
5.38%, 06/15/48 | 4,740 | 4,633,634 | ||||||
|
| |||||||
190,296,559 |
Security | Par (000) | Value | ||||||
Virginia — 0.3% | ||||||||
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.50%, 03/01/46 | $ | 1,815 | $ | 1,862,390 | ||||
County of Hanover Virginia EDA, Refunding RB, Covenant Woods: | ||||||||
5.00%, 07/01/38 | 125 | 128,306 | ||||||
5.00%, 07/01/48 | 370 | 376,660 | ||||||
5.00%, 07/01/51 | 430 | 436,841 | ||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 01/01/37 | 25,515 | 27,604,679 | ||||||
|
| |||||||
30,408,876 | ||||||||
Washington — 2.1% | ||||||||
Port of Seattle Washington, ARB, Intermediate Lien, Series C, AMT, 5.25%, 05/01/42 | 48,500 | 54,397,115 | ||||||
University of Washington, Refunding RB, Series A, 5.25%, 12/01/46 | 24,385 | 28,055,918 | ||||||
Washington Health Care Facilities Authority, RB: | ||||||||
Catholic Health Initiatives, Series A, 5.75%, 01/01/45 | 21,355 | 23,356,604 | ||||||
MultiCare Health System, Series B (AGC), 6.00%, 08/15/19(a) | 2,000 | 2,050,620 | ||||||
Swedish Health Services, Series A, | 16,000 | 17,775,200 | ||||||
Washington Health Care Facilities Authority, Refunding RB: | ||||||||
Catholic Health Initiatives, Series D, 6.38%, 10/01/36 | 10,090 | 10,123,095 | ||||||
Multicare Health System, Series B, 5.00%, 08/15/37 | 10,680 | 12,018,418 | ||||||
Washington State Convention Center Public Facilities District, RB: | ||||||||
5.00%, 07/01/37 | 9,150 | 10,361,186 | ||||||
5.00%, 07/01/43 | 30,970 | 34,456,912 | ||||||
|
| |||||||
192,595,068 | ||||||||
West Virginia — 0.1% | ||||||||
West Virginia Parkways Authority, RB, Senior Lien Turnpike Toll Revenue, 5.00%, 06/01/43 | 5,000 | 5,717,500 | ||||||
|
| |||||||
Wisconsin — 0.7% | ||||||||
Public Finance Authority, RB(c): | ||||||||
Alabama Proton Therapy Center, Series A, 6.25%, 10/01/31 | 1,715 | 1,789,551 | ||||||
Alabama Proton Therapy Center, Series A, 7.00%, 10/01/47 | 1,715 | 1,796,891 | ||||||
American Preparatory AcAdemy, 5.38%, 07/15/52 | 6,760 | 6,775,886 | ||||||
Delray Beach Radiation Therapy, 7.00%, 11/01/46 | 6,385 | 6,766,248 | ||||||
Public Finance Authority, Refunding RB: | ||||||||
AMT, National Gypsum Co., 5.25%, 04/01/30 | 5,900 | 6,173,465 | ||||||
WhiteStone, Retirement Facilities First Mortgage Revenue, 5.00%, 03/01/37(c) | 760 | 797,544 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB: | ||||||||
Ascension Health Credit Group, Series A, 5.00%, 11/15/36 | 4,820 | 5,368,468 | ||||||
Ascension Health Credit Group, Series A, 5.00%, 11/15/39 | 5,000 | 5,520,700 | ||||||
Milwaukee Regional Medical Center Thermal Service, 4.00%, 04/01/39 | 17,000 | 17,135,830 | ||||||
Milwaukee Regional Medical Center Thermal Service, 5.00%, 04/01/44 | 9,800 | 11,030,194 | ||||||
|
| |||||||
63,154,777 | ||||||||
|
| |||||||
Total Municipal Bonds — 93.8% |
| 8,638,732,578 | ||||||
|
|
36 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
| |||||||
Alabama — 0.9% | ||||||||
City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB, Ascension Senior Credit Group, Series C, 5.00%, 11/15/46 | $ | 73,875 | $ | 81,263,094 | ||||
|
| |||||||
California — 1.2% | ||||||||
University of California, RB, Limited Project, Series M, 5.00%, 05/15/42 | 100,000 | 113,508,000 | ||||||
|
| |||||||
Colorado — 0.4% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB,Sub-System, Series A, AMT, 5.25%, 12/01/43(j) | 35,000 | 39,899,300 | ||||||
|
| |||||||
Massachusetts — 1.9% | ||||||||
Commonwealth of Massachusetts, GO, Consolidated Loan, Series E, 5.25%, 09/01/43 | 75,000 | 88,162,125 | ||||||
Massachusetts School Building Authority, RB, Series B, 5.25%, 02/15/48(j) | 72,785 | 84,311,518 | ||||||
|
| |||||||
172,473,643 | ||||||||
Nevada — 0.9% | ||||||||
County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/43 | 74,740 | 85,437,163 | ||||||
|
| |||||||
New York — 1.0% | ||||||||
Triborough Bridge & Tunnel Authority, Refunding RB, MTA Bridges & Tunnels, SeriesC-2, 5.00%, 11/15/42 | 78,250 | 89,099,362 | ||||||
|
| |||||||
Texas — 1.0% | ||||||||
Grand Parkway Transportation Corp., RB, Subordinate Tire Tela Supported, Series A, 5.00%, 10/01/43(j) | 79,060 | 89,529,916 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 7.3% |
| 671,210,478 | ||||||
|
| |||||||
Total Long-Term Investments — 101.1% |
| 9,309,943,056 | ||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities — 0.9% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.56%(k)(l) | 78,019,698 | $ | 78,027,500 | |||||
|
| |||||||
Total Short-Term Securities — 0.9% |
| 78,027,500 | ||||||
|
| |||||||
Total Investments — 102.0% |
| 9,387,970,556 | ||||||
Other Assets Less Liabilities — 1.2% |
| 113,183,963 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (3.2)% |
| (295,150,308 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 9,206,004,211 | |||||
|
|
(a) | U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(b) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | When-issued security. |
(e) | Non-income producing security. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
(h) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(i) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(j) | All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement(s), which expires between February 15, 2026 to June 1, 2026, is $98,364,352. See Note 4 of the Notes to Financial Statements for details. |
(k) | Annualized7-day yield as of period end. |
(l) | During the period ended December 31, 2018, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares Held at 06/30/18 | Net Activity | Shares Held at 12/31/18 | Value at 12/31/18 | Income | Net Realized Gain (Loss) (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | 91,132,514 | (13,112,816 | ) | 78,019,698 | $ | 78,027,500 | $ | 1,787,256 | $ | 9,049 | $ | (855 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes net capital gain distributions, if applicable. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts: | ||||||||||||||||
10-Year U.S. Treasury Note | 5,211 | 03/20/19 | $ | 635,823 | $ | (13,629,711 | ) | |||||||||
Long U.S. Treasury Bond | 3,881 | 03/20/19 | 566,626 | (22,506,575 | ) | |||||||||||
5-Year U.S. Treasury Note | 1,123 | 03/29/19 | 128,794 | (2,109,967 | ) | |||||||||||
|
| |||||||||||||||
$ | (38,246,253 | ) | ||||||||||||||
|
|
SCHEDULES OF INVESTMENTS | 37 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock National Municipal Fund |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
| |||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Net unrealized depreciation(a) | $ | — | $ | — | $ | — | $ | — | $ | 38,246,253 | $ | — | $ | 38,246,253 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Includes cumulative appreciation (depreciation) on futures contracts if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
For the six months ended June 30, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | 1,292,078 | $ | — | $ | 1,292,078 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
| |||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | (35,392,061) | $ | — | $ | (35,392,061) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
| |||
Average notional value of contracts — short | $ | 831,195,770 |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
| |||||||||||||||
Investments: |
| |||||||||||||||
Long-Term Investments(a) | $ | — | $ | 9,309,943,056 | $ | — | $ | 9,309,943,056 | ||||||||
Short-Term Securities | 78,027,500 | — | — | 78,027,500 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
78,027,500 | 9,309,943,056 | 9,387,970,556 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(b) |
| |||||||||||||||
Liabilities: |
| |||||||||||||||
Interest rate contracts | $ | (38,246,253 | ) | $ | — | $ | — | $ | (38,246,253 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each state. |
(b) | Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end TOB Trust Certificates of $294,359,972 are categorized as Level 2 within the disclosure hierarchy.
During the period ended December 31, 2018, there were no transfers between levels.
See notes to financial statements.
38 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) December 31, 2018 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds — 98.7% | ||||||||
Alabama — 1.4% |
| |||||||
Bessemer Governmental Utility Services Corp., Refunding RB, (BAM), 5.00%, 06/01/21 | $ | 470 | $ | 500,160 | ||||
Black Belt Energy Gas District, RB, Series A: | ||||||||
5.00%, 12/01/20 | 730 | 763,135 | ||||||
5.00%, 12/01/21 | 1,950 | 2,080,923 | ||||||
Southeast Alabama Gas Supply District, RB, Project No. 2, Series A, 4.00%, 06/01/22 | 1,760 | 1,847,542 | ||||||
State of Alabama Docks Department, Refunding RB, Docks Facilities Revenue, Series B: | ||||||||
5.00%, 10/01/19 | 1,000 | 1,020,230 | ||||||
5.00%, 10/01/20 | 1,750 | 1,833,037 | ||||||
|
| |||||||
8,045,027 | ||||||||
Arizona — 2.3% | ||||||||
Arizona Health Facilities Authority, RB, Banner Health, Series C (Bank of America NA LOC), VRDN, 1.75%, 01/01/46(a) | 1,600 | 1,600,000 | ||||||
County of Maricopa Industrial Development Authority, RB, Honorhealth, Series A(b): | ||||||||
5.00%, 09/01/21 | 770 | 828,928 | ||||||
5.00%, 09/01/22 | 750 | 823,740 | ||||||
County of Yavapai Industrial Development Authority, RB, VRDN, Skanon Investments, Inc. (Drake Cement Project), (Citi Bank NA LOC), Series A, 1.78%, 09/01/35(a) | 10,000 | 10,000,000 | ||||||
|
| |||||||
13,252,668 | ||||||||
California — 1.1% | ||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/21 | 1,305 | 1,425,347 | ||||||
California Municipal Finance Authority, Refunding RB: | ||||||||
Biola University, 5.00%, 10/01/20 | 305 | 321,031 | ||||||
Community Medical Centers, Series A, 5.00%, 02/01/19 | 1,000 | 1,002,470 | ||||||
City of Los Angeles Department of Airports, RB, Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/20 | 1,100 | 1,146,222 | ||||||
Fresno Joint Powers Financing Authority, Refunding RB, Master Lease Project, Series A, 5.00%, 04/01/21 | 1,250 | 1,332,725 | ||||||
Palmdale Financing Authority, Refunding RB, (AGM): | ||||||||
4.00%, 11/01/19 | 325 | 331,464 | ||||||
4.00%, 11/01/20 | 340 | 354,573 | ||||||
Semitropic Improvement District, Refunding RB, Series A, 5.25%, 12/01/19(c) | 500 | 516,250 | ||||||
|
| |||||||
6,430,082 | ||||||||
Colorado — 0.2% | ||||||||
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding, Series A, 5.00%, 12/01/20 | 355 | 376,243 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series A, 5.00%, 11/15/19 | 500 | 513,860 | ||||||
|
| |||||||
890,103 | ||||||||
Connecticut — 7.7% | ||||||||
State of Connecticut, GO: | ||||||||
Series A, 5.00%, 04/15/20 | 8,800 | 9,129,120 | ||||||
Series A, 5.00%, 04/15/21 | 11,000 | 11,656,590 | ||||||
Series B, 5.00%, 04/15/21 | 685 | 725,888 | ||||||
Series E, 4.00%, 09/15/21 | 770 | 803,849 | ||||||
Refunding Series B, 5.00%, 05/15/22 | 3,875 | 4,192,324 | ||||||
State of Connecticut Health & Educational Facilities Authority, Refunding RB: | ||||||||
Fairfileld University, Series S, 5.00%, 07/01/21 | 1,030 | 1,104,036 | ||||||
Sacred Heart University, SeriesI-1, 5.00%, 07/01/21 | 700 | 750,316 | ||||||
State of Connecticut Special Tax Revenue, RB: | ||||||||
Series B, 5.00%, 10/01/22 | 3,400 | 3,724,870 | ||||||
Transportation Infrastructure Purposes, Series A, 5.00%, 01/01/20 | 1,500 | 1,544,385 |
Security | Par (000) | Value | ||||||
Connecticut (continued) | ||||||||
Transportation Infrastructure Purposes, Series A, 5.00%, 09/01/21 | $ | 1,500 | $ | 1,606,335 | ||||
Transportation Infrastructure Purposes, Series A, 5.00%, 08/01/22 | 900 | 982,665 | ||||||
University of Connecticut, RB, Series A: | ||||||||
5.00%, 04/15/20 | 800 | 831,064 | ||||||
5.00%, 03/15/22 | 1,550 | 1,680,851 | ||||||
5.00%, 04/15/22 | 4,000 | 4,346,120 | ||||||
University of Connecticut, Refunding RB, Series A, 5.00%, 02/15/22 | 720 | 779,486 | ||||||
|
| |||||||
43,857,899 | ||||||||
District of Columbia — 0.3% | ||||||||
District of Columbia, RB, National Child RESH CTR, VRDN, SunTrust Bank LOC, 1.75%, 04/01/38(a) | 1,335 | 1,335,000 | ||||||
District of Columbia, Refunding RB, The Catholic University of America Issue: | ||||||||
5.00%, 10/01/21 | 250 | 268,813 | ||||||
5.00%, 10/01/22 | 325 | 356,421 | ||||||
|
| |||||||
1,960,234 | ||||||||
Florida — 3.1% | ||||||||
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/22 | 1,550 | 1,707,836 | ||||||
County of Escambia Health Facilities Authority, Refunding RB, VRDN (TD Bank NA SBPA), Azalea Trace, Inc, Series B (AGC), 1.75%, 11/15/29(a) | 1,400 | 1,400,000 | ||||||
County of Monroe School District, RB, Florida Sales Tax (AGM), 5.00%, 10/01/20 | 500 | 526,105 | ||||||
County of Orange Health Facilities Authority, Refunding RB, VRDN, Lakeside Behavioral Healthcare, Inc. Project, (SunTrust Bank LOC), 1.75%, 07/01/27(a) | 1,855 | 1,855,000 | ||||||
Orlando Utilities Commission, Refunding RB, Series A, 5.00%, 10/01/20(a) | 5,000 | 5,249,550 | ||||||
South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/21 | 2,500 | 2,681,600 | ||||||
State of Sunshine Governmental Financing Commission, RB, VRDN, Miami-Dade County Program, Series A, (MUFG Union Bank NA LOC), 1.72%, 09/01/35(a) | 4,000 | 4,000,000 | ||||||
|
| |||||||
17,420,091 | ||||||||
Georgia — 2.4% | ||||||||
City of Atlanta Georgia, Refunding, Tax Allocation Bonds, Atlantic Station Project: | ||||||||
5.00%, 12/01/20 | 2,000 | 2,102,660 | ||||||
5.00%, 12/01/21 | 1,150 | 1,237,595 | ||||||
County of Cobb Kennestone Hospital Authority, Refunding RB, Revenue Anticipation Certificates: | ||||||||
5.00%, 04/01/20 | 110 | 114,157 | ||||||
5.00%, 04/01/21 | 200 | 212,780 | ||||||
County of Fulton Development Authority, RB, Revenue Anticipation Certificates, Series A, 5.00%, 04/01/21 | 125 | 132,988 | ||||||
Municipal Electric Authority of Georgia, RB, VRDN, Project 1 Subordinated Bonds, Series B (Bank of Tokyo-Mitsubishi UFJ LOC), 1.83%, 01/01/48(a) | 10,050 | 10,050,000 | ||||||
|
| |||||||
13,850,180 | ||||||||
Illinois — 2.9% | ||||||||
Chicago Housing Authority, RB, Series A, 5.00%, 01/01/22 | 1,400 | 1,512,574 | ||||||
Chicago Transit Authority, Refunding RB, Section 5337, State of Good Repair Formula Funds: | ||||||||
5.00%, 06/01/20 | 1,000 | 1,036,970 | ||||||
5.00%, 06/01/21 | 2,000 | 2,120,100 | ||||||
Illinois Finance Authority, Refunding RB: | ||||||||
Southern Illinois Healthcare, 5.00%, 03/01/21 | 265 | 279,935 | ||||||
VRDN, Advocate Health Care Network,Sub-SeriesC-1, (JPMorgan Chase Bank NA SBPA), 1.80%, 11/01/38(a) | 1,400 | 1,400,000 |
SCHEDULES OF INVESTMENTS | 39 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
VRDN, Northwestern Memorial Hospital, SeriesA-3 (JPMorgan Chase Bank SBPA), 1.75%, 08/15/42(a) | $ | 6,300 | $ | 6,300,000 | ||||
State of Illinois Sales Tax, Refunding RB, Build Illinois Bonds, 5.00%, 06/15/19 | 3,715 | 3,760,100 | ||||||
|
| |||||||
16,409,679 | ||||||||
Iowa — 5.2% | ||||||||
Iowa Finance Authority, RB, VRDN(a): | ||||||||
CJ BIO America, Inc. Project (Korea Development Bank LOC), 2.07%, 04/01/22 | 22,500 | 22,500,000 | ||||||
Mortgage Backed Security Program (Ginnie Mae, Fannie Mae & Federal Home Loan Bank SBPA), 1.70%, 07/01/46 | 2,000 | 2,000,000 | ||||||
Iowa Finance Authority, Refunding RB, VRDN, Unity Point Health, (Union Bank NA LOC), 1.69%, 07/01/41(a) | 3,700 | 3,700,000 | ||||||
Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Series A: | ||||||||
5.00%, 12/01/20 | 650 | 679,504 | ||||||
5.00%, 12/01/21 | 750 | 799,267 | ||||||
|
| |||||||
29,678,771 | ||||||||
Kansas — 2.7% | ||||||||
City of Burlington Kansas, Refunding RB, Environment Improvement Revenue, City Power & Light, VRDN(a): | ||||||||
Series B, 2.00%, 09/01/35 | 6,000 | 6,000,000 | ||||||
Series A, 2.00%, 09/01/35 | 6,000 | 6,000,000 | ||||||
County of Geary Unified School District No. 475, GO, Refunding Series B: | ||||||||
5.00%, 09/01/20 | 750 | 788,580 | ||||||
5.00%, 09/01/21 | 2,215 | 2,383,318 | ||||||
County of Johnson Unified School District No. 233 Olathe, GO, Refunding Series B, 3.00%, 09/01/21 | 500 | 514,330 | ||||||
|
| |||||||
15,686,228 | ||||||||
Kentucky — 2.7% | ||||||||
Kentucky Public Energy Authority, RB: | ||||||||
Gas Supply, SeriesC-1, 4.00%, 12/01/21 | 1,500 | 1,560,195 | ||||||
Gas Supply, SeriesC-1, 4.00%, 06/01/22 | 1,750 | 1,827,700 | ||||||
Gas Supply, SeriesC-1, 4.00%, 12/01/22 | 2,500 | 2,621,700 | ||||||
Series A, 4.00%, 04/01/20 | 785 | 799,994 | ||||||
Series A, 4.00%, 04/01/21 | 775 | 799,854 | ||||||
Kentucky State Property & Building Commission, Refunding RB, Project No.117, Series D: | ||||||||
5.00%, 05/01/20 | 3,000 | 3,111,240 | ||||||
5.00%, 05/01/21 | 4,400 | 4,672,800 | ||||||
|
| |||||||
15,393,483 | ||||||||
Louisiana — 1.8% | ||||||||
Louisiana Public Facilities Authority, RB, VRDN, Air Products & Chemicals Project, 1.77%, 08/01/50(a) | 5,000 | 5,000,000 | ||||||
Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/20 | 225 | 233,802 | ||||||
State of Parish Charles Louisiana, Refunding RB, VRDN, Shell Oil Co. Project, Series B, 1.75%, 10/01/22(a) | 4,000 | 4,000,000 | ||||||
State Tammany Parish Wide School District No. 12, GO, Series A, 4.00%, 03/01/21 | 300 | 312,492 | ||||||
West Baton Rouge Parish School District No. 3, GO, (AGM): | ||||||||
3.00%, 03/01/21 | 300 | 306,117 | ||||||
5.00%, 03/01/21 | 225 | 239,053 | ||||||
|
| |||||||
10,091,464 | ||||||||
Maryland — 0.0% | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, LifeBridge Health Issue, 5.00%, 07/01/21 | 235 | 252,249 | ||||||
|
| |||||||
Massachusetts — 0.9% | ||||||||
Massachusetts Development Finance Agency, Refunding RB: | ||||||||
Harvard University, SeriesB-1, 5.00%, 10/15/20(c) | 765 | 807,756 |
Security | Par (000) | Value | ||||||
Massachusetts (continued) | ||||||||
Partners HealthCare System Issue, 5.00%, 07/01/21 | $ | 3,485 | $ | 3,741,670 | ||||
Massachusetts State Educational Financing Authority, Refunding RB, Issue K, Senior Series A, AMT, 4.00%, 07/01/20 | 375 | 384,424 | ||||||
|
| |||||||
4,933,850 | ||||||||
Michigan — 1.6% | ||||||||
City of Battle Creek Michigan, Refunding, GOL, Downtown Development Bonds: | ||||||||
5.00%, 05/01/20 | 360 | 374,990 | ||||||
5.00%, 05/01/21 | 565 | 602,284 | ||||||
Grand Rapids Public Schools, GO, Refunding, (AGM): | ||||||||
5.00%, 05/01/19 | 220 | 222,284 | ||||||
5.00%, 05/01/20 | 475 | 494,461 | ||||||
Grand Valley State University, Refunding RB, 5.00%, 12/01/20 | 630 | 665,986 | ||||||
Karegnondi Water Authority, Refunding RB: | ||||||||
4.00%, 11/01/19 | 500 | 508,530 | ||||||
5.00%, 11/01/21 | 450 | 484,992 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C: | ||||||||
5.00%, 12/01/20 | 1,000 | 1,058,480 | ||||||
5.00%, 12/01/21 | 1,000 | 1,082,940 | ||||||
Michigan State Housing Development Authority, Refunding RB, (IND & Comm BK of China BA SBPA), Series D, VRDN, 1.78%, 06/01/30(a) | 3,795 | 3,795,000 | ||||||
|
| |||||||
9,289,947 | ||||||||
Mississippi — 1.2% | ||||||||
Mississippi Business Finance Corp., RB, VRDN, Chevron USA, Inc. Project, Series F, 1.70%, 12/01/30(a) | 6,000 | 6,000,000 | ||||||
Mississippi Development Bank, RB, Special Obligation, Hinds County Bond Project: | ||||||||
3.00%, 11/01/20 | 460 | 466,882 | ||||||
5.00%, 11/01/21 | 500 | 538,590 | ||||||
|
| |||||||
7,005,472 | ||||||||
Nebraska — 1.6% | ||||||||
Central Plains Energy Project, Refunding RB, 5.00%, 08/01/39(a) | 9,000 | 9,220,950 | ||||||
|
| |||||||
Nevada — 0.9% | ||||||||
County of Clark School District, GO, Refunding Series C: | ||||||||
5.00%, 06/15/20 | 2,500 | 2,610,300 | ||||||
5.00%, 06/15/21 | 2,500 | 2,668,525 | ||||||
|
| |||||||
5,278,825 | ||||||||
New Jersey — 21.3% | ||||||||
Belleville Board of Education, GO, (BAM), 3.00%, 09/01/21 | 1,245 | 1,276,436 | ||||||
Borough of North Plainfield, GO, Refunding, 3.00%, 12/11/19 | 5,714 | 5,752,529 | ||||||
County of Camden Improvement Authority, Refunding RB, Camden County College Project, 4.00%, 01/15/20 | 1,230 | 1,257,318 | ||||||
Gloucester County Improvement Authority, Refunding RB, Rowan University Project, Series A, 5.00%, 11/01/20 | 520 | 548,714 | ||||||
Hasbrouck Heights Board of Education, GO, Promissory Notes, 2.75%, 07/12/19 | 5,000 | 5,014,600 | ||||||
New Jersey Building Authority, Refunding RB, Series A: | ||||||||
5.00%, 06/15/21 | 2,325 | 2,457,153 | ||||||
5.00%, 06/15/22 | 3,005 | 3,229,113 | ||||||
New Jersey EDA, RB, Series DDD: | ||||||||
5.00%, 06/15/20 | 1,560 | 1,618,578 | ||||||
5.00%, 06/15/21 | 3,000 | 3,170,520 | ||||||
New Jersey EDA, Refunding RB: | ||||||||
Cigarette Tax, 5.00%, 06/15/21 | 2,500 | 2,646,375 | ||||||
School Facilities Construction, 5.25%, 09/01/19 | 1,350 | 1,376,473 | ||||||
School Facilities Construction, 5.00%, 03/01/20 | 1,700 | 1,751,646 | ||||||
School Facilities Construction, 5.50%, 09/01/21 | 2,395 | 2,541,502 | ||||||
School Facilities Construction, Series II, 5.00%, 03/01/22 | 1,310 | 1,400,246 |
40 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
School Facilities Construction, Series K (AMBAC), 5.25%, 12/15/20 | $ | 700 | $ | 738,185 | ||||
School Facilities Construction, Series NN, 5.00%, 03/01/21 | 555 | 583,039 | ||||||
School Facilities Construction, Series NN, 5.00%, 03/01/22 | 4,505 | 4,815,349 | ||||||
School Facilities Construction, Series PP, 5.00%, 06/15/19 | 4,500 | 4,555,845 | ||||||
School Facilities Construction, Series PP, 5.00%, 06/15/20 | 4,200 | 4,357,710 | ||||||
Series A, 5.00%, 06/15/19 | 475 | 480,895 | ||||||
Series XX, 5.00%, 06/15/21 | 2,390 | 2,525,848 | ||||||
Transit Corp. Projects, Series B, 5.00%, 11/01/19 | 4,500 | 4,599,675 | ||||||
New Jersey Educational Facilities Authority, RB, Higher Education Capital Improvement Fund, Series A: | ||||||||
5.00%, 09/01/19 | 2,840 | 2,891,063 | ||||||
5.00%, 09/01/20 | 1,650 | 1,720,504 | ||||||
New Jersey Educational Facilities Authority, Refunding RB, Ramapo College, Series B, 5.00%, 07/01/21 | 890 | 952,184 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, Inspira Health Obligated Group, 5.00%, 07/01/21 | 100 | 107,037 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB, Hospital Asset Transformation Program: | ||||||||
5.00%, 10/01/20 | 600 | 626,682 | ||||||
5.00%, 10/01/21 | 2,500 | 2,657,150 | ||||||
New Jersey Sports & Exposition Authority, Refunding RB, Series A, 5.00%, 09/01/21 | 1,235 | 1,310,693 | ||||||
New Jersey Transportation Trust Fund Authority, RB: | ||||||||
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/19 | 1,000 | 1,012,810 | ||||||
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/20 | 11,500 | 11,946,890 | ||||||
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/21 | 1,320 | 1,397,616 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/20 | 500 | 518,775 | ||||||
Transportation System, Series A, 5.75%, 06/15/20 | 1,855 | 1,914,750 | ||||||
Transportation System, Series B, 5.00%, 06/15/21 | 3,235 | 3,422,048 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.50%, 12/15/21 | 4,695 | 5,081,962 | ||||||
New Jersey Turnpike Authority, Refunding RB, Series B, 5.00%, 01/01/20 | 3,190 | 3,289,209 | ||||||
State of Garden Preservation Trust, Refunding RB, Series A, 5.00%, 11/01/21 | 2,195 | 2,348,804 | ||||||
State of New Jersey, GO, Refunding Series Q, 5.00%, 08/15/20 | 1,720 | 1,803,609 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/21 | 2,000 | 2,124,940 | ||||||
Township of Branchburg, GO, Refunding, 3.00%, 10/04/19 | 4,274 | 4,305,032 | ||||||
Township of Pennsauken, GO, Series A, 3.00%, 06/18/19 | 2,600 | 2,608,996 | ||||||
Township of South Orange Village, GO, 3.00%, 07/10/19 | 8,198 | 8,232,109 | ||||||
Township of West Orange, GO, 3.00%, 09/06/19 | 5,000 | 5,033,400 | ||||||
|
| |||||||
122,004,012 | ||||||||
New Mexico — 0.3% | ||||||||
Albuquerque Municipal School District No 12, GO, 5.00%, 08/01/21 | 1,675 | 1,805,885 | ||||||
|
| |||||||
New York — 18.7% | ||||||||
Churchville-Chili Central School District, GO, 3.00%, 06/28/19 | 4,400 | 4,420,636 | ||||||
City of New York New York, GO, VRDN(a): | ||||||||
Sub-SeriesA-3, 1.80%, 10/01/40 | 7,000 | 7,000,000 | ||||||
Sub-SeriesD-3 (JPMorgan Chase Bank NA SBPA), 1.72%, 08/01/38 | 3,100 | 3,100,000 | ||||||
City of New York Water & Sewer System, Refunding RB, VRDN, 2nd General Resolution, (BK Tokyo-Mitsubishi UFJ SBPA), Series2008-BB-1, 1.67%, 06/15/36(a) | 1,800 | 1,800,000 | ||||||
City of Yonkers, GO, Series A (AGM), 4.00%, 11/15/19 | 600 | 611,136 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
County of Nassau New York, GO, Series C: | ||||||||
5.00%, 10/01/21 | $ | 4,500 | $ | 4,856,130 | ||||
Refunding, 4.00%, 12/10/19 | 10,000 | 10,182,200 | ||||||
Enlarged City School District of the City of Troy, GO, Refunding, 3.50%, 06/12/19 | 6,400 | 6,440,448 | ||||||
Evans-Brant Central School District, GO, Series B, 3.00%, 06/27/19 | 6,160 | 6,190,245 | ||||||
Gates Chili Central School District, GO, 3.00%, 06/27/19 | 4,800 | 4,822,416 | ||||||
Jamesville-Dewitt Central School District, GO, 3.00%, 09/27/19 | 7,700 | 7,753,592 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB: | ||||||||
Future Tax Secured, Fiscal 2015,Sub-SeriesE-1, 5.00%, 02/01/19(d) | 1,660 | 1,664,333 | ||||||
Future Tax Secured, Fiscal 2015,Sub-SeriesE-1, 5.00%, 02/01/19 | 3,340 | 3,348,617 | ||||||
VRDN, (Mizuho Bank LTD SBPA), 1.80%, 02/01/44(a) | 2,535 | 2,535,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, VRDN, New York City Recovery, Series 3,Sub-Series 3G (Bank of New York Mellon SBPA), 1.75%, 11/01/22(a) | 2,785 | 2,785,000 | ||||||
New York City Water & Sewer System, Refunding RB, VRDN(a): | ||||||||
2nd General Resolution, Series AA (JPMorgan Chase Bank NA SBPA), 1.72%, 06/15/50 | 3,255 | 3,255,000 | ||||||
SeriesF-1, (Mizuho Bank Ltd. SBPA) 1.80%, 06/15/33 | 600 | 600,000 | ||||||
North Shore Central School District, GO, 3.00%, 06/26/19 | 4,000 | 4,018,920 | ||||||
Port Authority of New York & New Jersey, Refunding RB, 167th Series, 5.00%, 09/15/19 | 5,000 | 5,106,100 | ||||||
Somers Central School District, GO, 3.00%, 09/13/19 | 4,400 | 4,431,152 | ||||||
Spackenkill Union Free School District, GO, 3.00%, 06/26/19 | 5,200 | 5,220,592 | ||||||
Springs Union Free School District, GO, 3.00%, 06/27/19 | 4,000 | 4,018,680 | ||||||
Town of Carmel, GO, Series B, 3.25%, 10/04/19 | 5,100 | 5,150,133 | ||||||
Town of Southold, Refunding, GOL, 3.00%, 09/25/19 | 6,580 | 6,629,284 | ||||||
TSASC, Inc., Refunding RB, Senior, Series A, 5.00%, 06/01/20 | 770 | 799,014 | ||||||
|
| |||||||
106,738,628 | ||||||||
North Carolina — 1.6% | ||||||||
City of Charlotte North Carolina, COP, Refunding, VRDN, 2003 Governmental Facilities Project (Wells Fargo Bank NA Liquidity Agreement), 1.69%, 06/01/33(a) | 6,200 | 6,200,000 | ||||||
City of Raleigh North Carolina, COP, VRDN, Downtown Improvement Project, Series A (Wells Fargo Bank NA SBPA), 1.68%, 06/01/34(a) | 2,800 | 2,800,000 | ||||||
|
| |||||||
9,000,000 | ||||||||
Ohio — 0.9% | ||||||||
American Municipal Power Inc, RB, Ohio Electric System Improvement, Jackson Center Project, 3.00%, 08/15/19 | 745 | 749,969 | ||||||
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A: | ||||||||
5.00%, 08/01/20 | 605 | 631,789 | ||||||
5.00%, 08/01/21 | 1,840 | 1,962,673 | ||||||
County of Allen Ohio Hospital Facility, Refunding RB, VRDN, Catholic Healthcare Partners, Series C (Union Bank NA, LOC), 1.71%, 06/01/34(a) | 1,100 | 1,100,000 | ||||||
County of Butler Ohio, Refunding RB, 5.00%, 11/15/21 | 750 | 809,535 | ||||||
|
| |||||||
5,253,966 | ||||||||
Oklahoma — 0.2% | ||||||||
Norman Regional Hospital Authority, Refunding RB, 5.00%, 09/01/20 | 1,000 | 1,044,730 | ||||||
|
|
SCHEDULES OF INVESTMENTS | 41 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pennsylvania — 5.6% | ||||||||
Boyertown Area School District, Refunding, GOL (BAM), 4.00%, 11/01/21 | $ | 910 | $ | 957,211 | ||||
City of Philadelphia PA Water & Wastewater Revenue, RB, Series A, 5.00%, 10/01/22 | 1,000 | 1,105,780 | ||||||
City of Philadelphia Pennsylvania Gas Works Co., Refunding RB, VRDN, 8th Series D (Royal Bank of Canada LOC), 1.70%, 08/01/31(a) | 1,850 | 1,850,000 | ||||||
City of Williamsport Pennsylvania, GO, Refunding (AGM), 5.00%, 07/01/21 | 365 | 390,776 | ||||||
Commonwealth Financing Authority, RB, Tobacco Master Settlement payment: | ||||||||
5.00%, 06/01/20 | 635 | 660,101 | ||||||
5.00%, 06/01/22 | 1,000 | 1,087,730 | ||||||
Commonwealth of Pennsylvania, GO, 2nd Series, 1st Series: | ||||||||
5.00%, 06/01/20 | 2,740 | 2,857,272 | ||||||
5.00%, 06/01/22 | 5,000 | 5,476,550 | ||||||
Commonwealth of Pennsylvania, GO, Refunding, , 5.00%, 01/15/22 | 1,000 | 1,085,710 | ||||||
Commonwealth of Pennsylvania, GO, Refunding, 5.00%, 07/01/20 | 5,160 | 5,393,800 | ||||||
County of Avon Grove School District Chester, GOL, 4.00%, 11/15/22 | 425 | 454,015 | ||||||
County of Bucks Pennsylvania IDA, Refunding RB, Grand View Hospital, VRDN, Series A, (TD Bank LOC), 1.67%, 07/01/34(a) | 7,400 | 7,400,000 | ||||||
County of Centre Hospital Authority, Refunding RB, Mount Nittany Medical Centre Project, Series A, 5.00%, 11/15/21 | 400 | 430,940 | ||||||
East Penn School District, Refunding, GOL, 4.00%, 08/01/21 | 1,030 | 1,081,232 | ||||||
Philadelphia Municipal Authority, Refunding RB, Juvenile Justice Services Center, 5.00%, 04/01/20 | 700 | 725,137 | ||||||
Pittsburgh Public Parking Authority, Refunding RB, System-Series A, 5.00%, 12/01/22 | 1,010 | 1,112,222 | ||||||
|
| |||||||
32,068,476 | ||||||||
South Carolina — 0.3% | ||||||||
Lexington County Health Services District, Inc., Refunding RB, Lexmed Obligated Group: | ||||||||
5.00%, 11/01/20 | 500 | 525,025 | ||||||
5.00%, 11/01/21 | 250 | 268,725 | ||||||
South Carolina Jobs-Economic Development Authority, RB, VRDN, Brashier Charter LLC Project (SunTrust Bank LOC), 1.75%, 12/01/38(a) | 1,070 | 1,070,000 | ||||||
|
| |||||||
1,863,750 | ||||||||
Tennessee — 0.3% | ||||||||
Jackson Energy Authority, Refunding RB, 5.00%, 12/01/20 | 1,000 | 1,057,120 | ||||||
Shelby County Health Educational & Housing Facilities Board, RB, Methodist Le Bonheur Healthcare, Series A, 5.00%, 05/01/20 | 690 | 717,710 | ||||||
|
| |||||||
1,774,830 | ||||||||
Texas — 4.1% | ||||||||
City of Denton Texas ISD, GO, VRDN, School Building, Series B (Bank of Tokyo-Mitsubishi SBPA)(PSF-GTD), 1.80%, 08/01/35(a) | 4,500 | 4,500,000 | ||||||
City of Houston Texas, GO, Refunding Series A: | ||||||||
5.00%, 03/01/20 | 2,000 | 2,073,160 | ||||||
5.00%, 03/01/21 | 3,500 | 3,730,125 | ||||||
County of Harris Texas Cultural Education Facilities Finance Corp., Refunding RB: | ||||||||
Methodist Hospital,Sub-SeriesC-1, 1.72%, 12/01/24(a) | 4,965 | 4,965,000 | ||||||
Teco Project, 5.00%, 11/15/20 | 800 | 844,800 | ||||||
Teco Project, 5.00%, 11/15/21 | 725 | 784,863 | ||||||
County of Harris Texas Health Facilities Development Corp., Refunding RB, VRDN, Methodist Hospital System,Series A-1, 1.72%, 12/01/41(a) | 200 | 200,000 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
County of Tarrant Cultural Education Facilities Finance Corp., Refunding RB, Christus Health, Series A, 5.00%, 07/01/22 | $ | 1,815 | $ | 1,985,665 | ||||
State of Texas, GO, VRDN, Veterans Bonds, (Federal Home Loan Bank Liq Agreement), 1.72%, 12/01/49(a) | 2,995 | 2,995,000 | ||||||
Texas A&M University, Refunding RB, Financing System, Series E, 5.00%, 05/15/21 | 1,200 | 1,286,532 | ||||||
|
| |||||||
23,365,145 | ||||||||
Utah — 2.0% | ||||||||
Central Utah Water Conservancy District, Refunding RB, Series B: |
| |||||||
5.00%, 10/01/20 | 1,850 | 1,951,158 | ||||||
5.00%, 10/01/21 | 1,875 | 2,030,719 | ||||||
County of Emery Utah, Refunding RB, VRDN, Pacificorp Projects, 1.68%, 11/01/24(a) | 7,160 | 7,160,000 | ||||||
|
| |||||||
11,141,877 | ||||||||
Virginia — 0.2% | ||||||||
Lynchburg EDA, Refunding RB, Cental Health, Series A: | ||||||||
5.00%, 01/01/20 | 500 | 514,795 | ||||||
5.00%, 01/01/21 | 500 | 528,780 | ||||||
|
| |||||||
1,043,575 | ||||||||
Washington — 2.5% | ||||||||
Grant County Public Utility District No. 2, Refunding RB, Electric System Revenue, 2.00%, 12/02/20(a) | 9,000 | 8,974,710 | ||||||
Tobacco Settlement Authority, Refunding RB, 5.00%, 06/01/22 | 2,500 | 2,682,750 | ||||||
Washington Health Care Facilities Authority, Refunding RB, MultiCare Health System, Series B, 5.00%, 08/15/21 | 625 | 673,550 | ||||||
Washington State Housing Finance Commission, Refunding RB, VRDN, Panorama Project, (Wells Fargo Bank NA LOC), 1.70%, 04/01/43(a) | 1,800 | 1,800,000 | ||||||
|
| |||||||
14,131,010 | ||||||||
Wisconsin — 0.7% | ||||||||
Public Finance Authority, Refunding RB, Retirement Housing Foundation: | ||||||||
5.00%, 11/15/19 | 440 | 449,702 | ||||||
5.00%, 11/15/20 | 425 | 443,454 | ||||||
University of Wisconsin Hospitals & Clinics, Refunding RB, VRDN, University of Wisconsin Hospitals & Clinics, (JP Morgan Chase Bank NA SBPA), 1.72%, 04/01/48(a) | 3,000 | 3,000,000 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Ascension Health Alliance, 4.00%, 11/15/21 | 350 | 369,502 | ||||||
|
| |||||||
4,262,658 | ||||||||
|
| |||||||
Total Long-Term Investments — 98.7% |
| 564,445,744 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities — 0.0% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.56% (e)(f) | 33,209 | 33,213 | ||||||
|
| |||||||
Total Short-Term Securities — 0.0% |
| 33,213 | ||||||
|
| |||||||
Total Investments — 98.7% |
| 564,478,957 | ||||||
Other Assets Less Liabilities — 1.3% |
| 7,849,975 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 572,328,932 | |||||
|
|
(a) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(b) | When-issued security. |
42 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock Short-Term Municipal Fund |
(c) | U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(e) | Annualized7-day yield as of period end. |
(f) | During the period ended December 31, 2018, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares Held at 06/30/18 | Net Activity | Shares Held at 12/31/18 | Value at 12/31/18 | Income | Net Realized Gain (Loss) (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | 22,770 | 10,439 | 33,209 | $ | 33,213 | $ | 1,456 | $ | 2 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes net capital gain distributions, if applicable. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.
The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
| |||||||||||||||
Investments: |
| |||||||||||||||
Long-Term Investments(a) | $ | — | $ | 564,445,744 | $ | — | $ | 564,445,744 | ||||||||
Short-Term Securities | 33,213 | — | — | 33,213 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 33,213 | $ | 564,445,744 | $ | — | $ | 564,478,957 | |||||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each state or political subdivision. |
During the period ended December 31, 2018, there were no transfers between levels.
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 43 |
Schedule of Investments (unaudited) December 31, 2018 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds — 1.8% | ||||||||
New York — 1.8% |
| |||||||
Automobiles — 0.2% | ||||||||
General Motors Co., 5.95%, 04/01/49 | $ | 2,889 | $ | 2,605,052 | ||||
|
| |||||||
Consumer Finance — 0.1% | ||||||||
Capital One Financial Corp., 3.80%, 01/31/28 | 1,690 | 1,561,836 | ||||||
|
| |||||||
Containers & Packaging — 0.3% | ||||||||
Westrock Co., 4.90%, 03/15/29(a) | 3,080 | 3,165,717 | ||||||
|
| |||||||
Education — 0.5% | ||||||||
American Museum of Natural History, 4.37%, 07/15/45 | 1,000 | 1,005,872 | ||||||
New York Public Library Astor Lenox & Tilden Foundations, 4.31%, 07/01/45 | 1,000 | 996,642 | ||||||
Rensselaer Polytechnic Institute, Series 2018, 5.25%, 09/01/48 | 3,100 | 3,165,531 | ||||||
|
| |||||||
5,168,045 | ||||||||
Health Care Providers & Services — 0.6% | ||||||||
Montefiore Obligated Group, Series18-C, 5.25%, 11/01/48 | 3,038 | 2,941,310 | ||||||
Northwell Healthcare, Inc., 3.98%, 11/01/46 | 4,000 | 3,643,852 | ||||||
|
| |||||||
6,585,162 | ||||||||
Pharmaceuticals — 0.1% | ||||||||
AbbVie, Inc., 4.88%, 11/14/48 | 1,255 | 1,170,909 | ||||||
|
| |||||||
Total Corporate Bonds — 1.8% |
| 20,256,721 | ||||||
|
| |||||||
Municipal Bonds — 88.0% | ||||||||
New York — 86.7% |
| |||||||
Corporate — 2.9% | ||||||||
Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 5.00%, 01/01/35(a) | 280 | 295,403 | ||||||
City of New York Industrial Development Agency, Refunding RB, Transportation Infrastructure Properties LLC, Series A, AMT: | ||||||||
5.00%, 07/01/22 | 500 | 543,325 | ||||||
5.00%, 07/01/28 | 1,520 | 1,617,022 | ||||||
County of Onondaga New York Industrial Development Agency, RB, Bristol-Meyers Squibb Co. Project, AMT, 5.75%, 03/01/24 | 750 | 858,315 | ||||||
New York Liberty Development Corp., RB, Goldman Sachs Headquarters, 5.50%, 10/01/37 | 780 | 996,824 | ||||||
New York Liberty Development Corp., Refunding RB, Goldman Sachs Headquarters, 5.25%, 10/01/35 | 11,865 | 14,377,295 | ||||||
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/26 | 2,870 | 2,994,615 | ||||||
Niagara Area Development Corp., Refunding RB, Covanta Project, Series A, AMT, 4.75%, 11/01/42(a) | 10,410 | 10,049,294 | ||||||
Southold Local Development Corp., RB, Peconic Landing Inc., Project, 4.00%, 12/01/45 | 1,900 | 1,674,242 | ||||||
|
| |||||||
33,406,335 | ||||||||
County/City/Special District/School District — 13.1% | ||||||||
City of New York, GO, Future Tax Secured Subordinate,Sub-SeriesE-1, 5.00%, 03/01/41 | 2,695 | 3,068,257 | ||||||
City of New York, GO, Refunding: | ||||||||
Series A, 5.00%, 08/01/30 | 2,250 | 2,575,980 | ||||||
Series B, 5.00%, 08/01/31 | 1,250 | 1,425,413 | ||||||
Series C, 5.00%, 08/01/34 | 500 | 560,480 | ||||||
City of New York, GO: | ||||||||
SeriesA-1, 5.00%, 08/01/35 | 400 | 425,116 | ||||||
SeriesB-1, 5.00%, 12/01/37 | 4,765 | 5,406,464 | ||||||
SeriesB-1, 5.00%, 10/01/39 | 8,045 | 9,148,130 |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
Series D,Sub-SeriesD-1, 5.00%, 12/01/42 | $ | 7,500 | $ | 8,604,300 | ||||
SeriesE-1, 5.00%, 03/01/44 | 2,140 | 2,430,954 | ||||||
Sub-SeriesD-1, Fiscal 2014, 5.00%, 08/01/31 | 690 | 765,424 | ||||||
Sub-SeriesF-1, 5.00%, 04/01/39 | 3,000 | 3,431,640 | ||||||
Sub-SeriesI-1, 5.38%, 04/01/19(b) | 705 | 711,458 | ||||||
Sub-SeriesI-1, 5.38%, 04/01/36 | 100 | 100,832 | ||||||
City of New York Convention Center Development Corp., RB, CAB, Sub Lien, Hotel Unit Fee, Series B (AGM), 0.00%, 11/15/55(c) | 5,000 | 1,064,650 | ||||||
City of New York Convention Center Development Corp., Refunding RB, Hotel Unit Fee Secured: | ||||||||
5.00%, 11/15/35 | 3,500 | 3,947,545 | ||||||
5.00%, 11/15/40 | 8,435 | 9,402,494 | ||||||
5.00%, 11/15/45 | 8,490 | 9,430,607 | ||||||
City of New York Industrial Development Agency, RB, PILOT: | ||||||||
CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 03/01/42(c) | 5,000 | 1,926,700 | ||||||
CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 03/01/45(c) | 1,500 | 497,925 | ||||||
(AMBAC), 5.00%, 01/01/39 | 1,850 | 1,874,142 | ||||||
Queens Baseball Stadium (AGC), 6.38%, 01/01/39 | 1,455 | 1,459,860 | ||||||
Queens Baseball Stadium (AGC), 6.50%, 01/01/46 | 700 | 702,436 | ||||||
Queens Baseball Stadium (AMBAC), 5.00%, 01/01/46 | 790 | 801,052 | ||||||
Yankee Stadium Project (NPFGC), 4.75%, 03/01/46 | 250 | 250,163 | ||||||
Yankee Stadium Project (NPFGC), 5.00%, 03/01/46 | 1,000 | 1,005,450 | ||||||
City of Poughkeepsie New York, GO, Refunding Bond Anticipation Notes, Series A, 4.00%, 05/03/19 | 1,820 | 1,825,806 | ||||||
City of Syracuse New York, GO, Airport Terminal Security & Access, Series A, AMT (AGM), 4.75%, 11/01/31 | 500 | 521,460 | ||||||
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: | ||||||||
5.75%, 02/15/21(b) | 60 | 64,951 | ||||||
5.75%, 02/15/47 | 40 | 42,868 | ||||||
Hudson Yards Infrastructure Corp., Refunding RB, Series A: | ||||||||
5.00%, 02/15/36 | 2,000 | 2,283,100 | ||||||
5.00%, 02/15/39 | 2,500 | 2,826,975 | ||||||
5.00%, 02/15/42 | 19,995 | 22,503,573 | ||||||
Monroe County Industrial Development Agency, RB, Rochesters Schools Modernization Project: | ||||||||
5.00%, 05/01/33 | 2,885 | 3,407,964 | ||||||
5.00%, 05/01/34 | 2,375 | 2,788,440 | ||||||
Nassau County, GOL, Series B: | ||||||||
5.00%, 04/01/35 | 3,600 | 4,077,288 | ||||||
General Improvement Bonds (AGM), 5.00%, 07/01/37 | 1,145 | 1,305,552 | ||||||
General Improvement Bonds (AGM), 5.00%, 07/01/45 | 4,960 | 5,552,373 | ||||||
New York Liberty Development Corp., Refunding RB: | ||||||||
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 2, 5.63%, 07/15/47 | 9,305 | 9,619,044 | ||||||
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 | 1,200 | 1,243,632 | ||||||
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a) | 12,015 | 12,327,270 | ||||||
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a) | 400 | 419,528 | ||||||
4 World Trade Center Project, 5.00%, 11/15/31 | 860 | 922,548 |
44 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
4 World Trade Center Project, 5.00%, 11/15/44 | $ | 1,500 | $ | 1,594,935 | ||||
7 World Trade Center Project, Class 1, 4.00%, 09/15/35 | 425 | 441,286 | ||||||
7 World Trade Center Project, Class 2, 5.00%, 09/15/43 | 3,085 | 3,301,999 | ||||||
7 World Trade Center Project, Class 3, 5.00%, 03/15/44 | 1,720 | 1,836,616 | ||||||
World Trade Center Project, 5.75%, 11/15/51 | 1,250 | 1,369,300 | ||||||
|
| |||||||
151,293,980 | ||||||||
Education — 8.9% | ||||||||
Amherst Development Corp., Refunding RB: | ||||||||
Daemen College Project, 5.00%, 10/01/43 | 1,280 | 1,350,630 | ||||||
Daemen College Project, 5.00%, 10/01/48 | 975 | 1,024,832 | ||||||
University at Buffalo Foundation Faculty-Student Housing Corp., Series A (AGM), 4.63%, 10/01/20(b) | 305 | 319,887 | ||||||
Build NYC Resource Corp., RB, Inwood Academy for Leadership Charter School Project, Series A(a): | ||||||||
5.13%, 05/01/38 | 140 | 140,350 | ||||||
5.50%, 05/01/48 | 2,025 | 2,066,290 | ||||||
Build NYC Resource Corp., Refunding RB: | ||||||||
City University Queens College, Series A, 5.00%, 06/01/43 | 325 | 358,771 | ||||||
Manhattan College Project, 5.00%, 08/01/47 | 1,860 | 2,065,139 | ||||||
The Chapin School Ltd. Project, 5.00%, 11/01/47 | 2,900 | 3,612,356 | ||||||
City of New York Trust for Cultural Resources, RB, Juilliard School, Series A, 5.00%, 01/01/39 | 500 | 500,000 | ||||||
City of New York Trust for Cultural Resources, Refunding RB, Series A: | ||||||||
American Museum of Natural History, 5.00%, 07/01/37 | 885 | 991,651 | ||||||
Carnegie Hall, 4.75%, 12/01/39 | 1,550 | 1,581,759 | ||||||
City of New York Trust for Cultural Resources, Refunding RB, Carnegie Hall, Series A, 5.00%, 12/01/39 | 1,325 | 1,358,257 | ||||||
City of Troy New York Capital Resource Corp., Refunding RB, Rensselaer Polytechnic Institute Project: | ||||||||
5.00%, 08/01/28 | 2,690 | 3,078,678 | ||||||
Series A, 5.13%, 09/01/40 | 7,730 | 8,046,312 | ||||||
Series B, 4.00%, 08/01/35 | 1,000 | 1,035,530 | ||||||
City of Yonkers New York Industrial Development Agency, RB, Sarah Lawrence College Project, Series A, 6.00%, 06/01/19(b) | 1,000 | 1,017,430 | ||||||
Counties of Buffalo & Erie New York Industrial Land Development Corp., Refunding RB, Series A: | ||||||||
Buffalo State College Foundation Housing Corp. Project, 5.38%, 10/01/41 | 620 | 662,154 | ||||||
The Charter School for Applied Technologies Project, 5.00%, 06/01/35 | 600 | 640,092 | ||||||
County of Cattaraugus New York, RB, St. Bonaventure University Project: | ||||||||
5.00%, 05/01/34 | 130 | 140,316 | ||||||
5.00%, 05/01/39 | 165 | 176,514 | ||||||
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, SeriesA-1, 5.00%, 08/01/46 | 2,475 | 2,378,995 | ||||||
County of Dutchess New York Local Development Corp., RB, Marist College Project: | ||||||||
5.00%, 07/01/43 | 900 | 1,023,057 | ||||||
5.00%, 07/01/48 | 1,355 | 1,534,361 | ||||||
County of Dutchess New York Local Development Corp., Refunding RB, Vassar College Project, 5.00%, 07/01/42 | 1,980 | 2,243,261 |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
County of Monroe New York Industrial Development Corp., Refunding RB, University of Rochester Project: | ||||||||
Series A, 5.00%, 07/01/23(b) | $ | 240 | $ | 272,237 | ||||
Series A, 5.00%, 07/01/32 | 300 | 350,823 | ||||||
Series A, 5.00%, 07/01/33 | 350 | 407,277 | ||||||
Series A, 5.00%, 07/01/34 | 350 | 405,559 | ||||||
Series A, 5.00%, 07/01/35 | 800 | 924,384 | ||||||
Series A, 5.00%, 07/01/36 | 1,000 | 1,150,610 | ||||||
Series A, 5.00%, 07/01/37 | 500 | 573,285 | ||||||
Series C, 5.05%, 07/01/28 | 1,000 | 1,112,130 | ||||||
County of Nassau New York Industrial Development Agency, Refunding RB, New York Institute of Technology Project, Series A, 4.75%, 03/01/20(b) | 1,000 | 1,032,670 | ||||||
County of Orange New York Funding Corp., Refunding RB, Mount St. Mary College Project, Series A: | ||||||||
5.00%, 07/01/37 | 360 | 375,689 | ||||||
5.00%, 07/01/42 | 220 | 228,345 | ||||||
County of St. Lawrence New York Industrial Development Agency, RB, Clarkson University Project, 5.38%, 09/01/41 | 500 | 533,305 | ||||||
County of St. Lawrence New York Industrial Development Agency, Refunding RB, St. Lawrence University Project, Series B, 4.43%, 07/01/56 | 1,500 | 1,482,240 | ||||||
County of Tompkins New York Development Corp., RB, Ithaca College Project (AGM), 5.50%, 01/01/21(b) | 450 | 482,382 | ||||||
Dobbs Ferry Local Development Corp., RB, Mercy College Project: | ||||||||
5.00%, 07/01/39 | 1,000 | 1,091,610 | ||||||
5.00%, 07/01/44 | 2,000 | 2,171,680 | ||||||
Dutchess County Local Development Corp., Refunding RB, Culinary Institute of America Project: | ||||||||
5.00%, 07/01/30 | 200 | 224,102 | ||||||
5.00%, 07/01/31 | 200 | 223,114 | ||||||
5.00%, 07/01/32 | 440 | 488,690 | ||||||
5.00%, 07/01/35 | 155 | 170,746 | ||||||
5.00%, 07/01/36 | 100 | 109,744 | ||||||
5.00%, 07/01/41 | 215 | 232,710 | ||||||
5.00%, 07/01/46 | 300 | 323,490 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 07/01/41 | 500 | 557,085 | ||||||
State of New York Dormitory Authority, RB: | ||||||||
Icahn School of Medicine at Mount Sinai, Series A, 5.00%, 07/01/40 | 2,500 | 2,755,825 | ||||||
New School (AGM), 5.50%, 07/01/20(b) | 1,000 | 1,054,770 | ||||||
New York University, Series 1 (AMBAC), 5.50%, 07/01/40 | 500 | 645,100 | ||||||
New York University, Series 1 (AMBAC) (BHAC), 5.50%, 07/01/31 | 230 | 280,220 | ||||||
State University Dormitory Facilities, Series A, 5.00%, 07/01/19(b) | 750 | 762,210 | ||||||
State University Dormitory Facilities, Series A, 5.25%, 07/01/19(b) | 5 | 5,089 | ||||||
State University Of New York Dormitory Facilities, Series A, 5.00%, 07/01/43 | 4,940 | 5,628,389 | ||||||
Touro College & University System Obligation Group, Series A, 4.13%, 01/01/30 | 600 | 602,196 | ||||||
Touro College & University System, Series A, 5.50%, 01/01/44 | 2,000 | 2,146,660 | ||||||
Touro College and University System, 5.00%, 01/01/42 | 5,000 | 5,266,400 | ||||||
University of Rochester, Series A, 5.75%, 07/01/19(b) | 865 | 882,265 | ||||||
University of Rochester, Series A, 5.75%, 07/01/39 | 135 | 137,587 |
SCHEDULES OF INVESTMENTS | 45 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
State of New York Dormitory Authority, Refunding RB: | ||||||||
Barnard College, Series A, 5.00%, 07/01/33 | $ | 470 | $ | 534,597 | ||||
Barnard College, Series A, 5.00%, 07/01/43 | 1,000 | 1,115,970 | ||||||
Bid Group 4, Series C, 4.00%, 03/15/44 | 4,690 | 4,820,804 | ||||||
Brooklyn Law School, 5.75%, 07/01/33 | 475 | 482,301 | ||||||
Columbia University, Series B, 5.00%, 10/01/38 | 2,415 | 2,829,969 | ||||||
Culinary Institute of America, 5.00%, 07/01/42 | 300 | 316,701 | ||||||
Fordham University, 5.00%, 07/01/44 | 850 | 925,633 | ||||||
Icahn School of Medicine at Mount Sinai, Series A, 5.00%, 07/01/35 | 800 | 892,776 | ||||||
New York University, Series A, 5.00%, 07/01/42 | 1,000 | 1,085,950 | ||||||
Pratt Institute, Series A, 5.00%, 07/01/44 | 1,000 | 1,091,610 | ||||||
Skidmore College, Series A, 5.25%, 07/01/29 | 135 | 145,248 | ||||||
St. John’s University, Series A, 5.00%, 07/01/37 | 350 | 390,810 | ||||||
State University Dormitory Facilities, Series A, 5.25%, 07/01/30 | 2,095 | 2,357,462 | ||||||
State University Dormitory Facilities, Series A, 5.25%, 07/01/32 | 2,095 | 2,353,649 | ||||||
State University Dormitory Facilities, Series A, 5.00%, 07/01/36 | 1,850 | 2,119,656 | ||||||
State University Dormitory Facilities, Series A, 5.00%, 07/01/42 | 895 | 965,687 | ||||||
State University Dormitory Facilities, Series A, 5.00%, 07/01/42 | 2,000 | 2,253,240 | ||||||
State University of New York Dormitory Facilities, Series A, 5.00%, 07/01/38 | 1,655 | 1,885,608 | ||||||
Teachers College, 5.50%, 03/01/19(b) | 850 | 855,261 | ||||||
Town of Hempstead New York Local Development Corp., Refunding RB: | ||||||||
Adelphi University Project, 5.00%, 10/01/34 | 465 | 518,917 | ||||||
Adelphi University Project, 5.00%, 10/01/35 | 265 | 295,279 | ||||||
Hofstra University Project, 5.00%, 07/01/47 | 2,065 | 2,306,997 | ||||||
|
| |||||||
102,981,365 | ||||||||
Health — 5.2% | ||||||||
Build NYC Resource Corp., Refunding RB, New York Methodist Hospital Project, 5.00%, 07/01/30 | 600 | 661,968 | ||||||
City of New York Health & Hospital Corp., Refunding RB, Health System, Series A, 5.00%, 02/15/30 | 1,000 | 1,029,240 | ||||||
City of New York Industrial Development Agency, Refunding RB, Special Needs FAS Pool, SeriesA-1 (ACA), 4.38%, 07/01/20 | 225 | 223,040 | ||||||
Counties of Buffalo & Erie New York Industrial Land Development Corp., RB, Catholic Health System Obligation, 5.25%, 07/01/35 | 500 | 548,005 | ||||||
County of Dutchess New York Local Development Corp., RB, Health Quest Systems, Inc.: | ||||||||
Series A, 5.00%, 07/01/34 | 750 | 825,465 | ||||||
Series B, 4.00%, 07/01/41 | 12,950 | 13,075,356 | ||||||
County of Dutchess New York Local Development Corp., Refunding RB, Health Quest System, Inc., Series A, 5.75%, 07/01/40 | 300 | 318,129 | ||||||
County of Erie New York Industrial Development Agency, RB, Episcopal Church Home, Series A, 6.00%, 02/01/28 | 25 | 25,063 | ||||||
County of Genesee New York Industrial Development Agency, Refunding RB, United Memorial Medical Center Project: | ||||||||
5.00%, 12/01/27 | 395 | 395,134 | ||||||
5.00%, 12/01/32 | 580 | 580,017 | ||||||
County of Monroe New York Industrial Development Corp., RB, Rochester General Hospital Project, 5.00%, 12/01/46 | 4,800 | 5,245,104 |
Security | Par (000) | Value | ||||||
Health (continued) | ||||||||
County of Monroe New York Industrial Development Corp., Refunding RB, Unity Hospital of Rochester Project (FHA), 5.50%, 08/15/40 | $ | 1,050 | $ | 1,123,059 | ||||
County of Nassau New York Industrial Development Agency, Refunding RB, Special Needs Facility Pooled Program (ACA), 4.90%, 07/01/21 | 210 | 208,446 | ||||||
County of Orange New York Industrial Development Agency, RB, Special Needs Facilities Pooled Program, SeriesG-1 (ACA), 4.90%, 07/01/21 | 625 | 620,231 | ||||||
County of Suffolk New York EDC, RB, Catholic Health Services, Series C, 5.00%, 07/01/32 | 305 | 330,382 | ||||||
County of Sullivan New York Industrial Development Agency, RB, Special Needs Facilities Pooled Program, SeriesH-1 (ACA), 4.90%, 07/01/21 | 235 | 233,207 | ||||||
County of Tompkins New York Development Corp., Refunding RB, Kendal at Ithaca, Inc. Project, Series A: | ||||||||
4.25%, 07/01/44 | 1,595 | 1,565,748 | ||||||
5.00%, 07/01/44 | 1,145 | 1,199,823 | ||||||
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien: | ||||||||
Remarketing, Series A, 5.00%, 11/01/30 | 3,645 | 3,828,963 | ||||||
Series B, 6.00%, 11/01/20(b) | 325 | 349,303 | ||||||
Series B, 6.00%, 11/01/30 | 50 | 53,208 | ||||||
County of Westchester New York Local Development Corp., Refunding RB: | ||||||||
Kendal On Hudson Project, 5.00%, 01/01/28 | 930 | 987,279 | ||||||
Kendal On Hudson Project, 5.00%, 01/01/34 | 875 | 915,224 | ||||||
Westchester Medical Center Obligation, 5.00%, 11/01/46 | 1,610 | 1,708,242 | ||||||
New York State Dormitory Authority, RB, Montefiore Obligated Group, Series B (AGM), 4.95%, 08/01/48 | 5,600 | 5,707,576 | ||||||
State of New York Dormitory Authority, RB: | ||||||||
Healthcare, Series A, 5.00%, 03/15/19(b) | 250 | 251,698 | ||||||
New York State Association for Retarded Children, Inc., Series B (AMBAC), 6.00%, 07/01/19(b) | 700 | 714,651 | ||||||
New York University Hospitals Center, Series A, 5.75%, 07/01/20(b) | 1,055 | 1,116,654 | ||||||
North Shore-Long Island Jewish Obligated Group, Series A, 5.50%, 05/01/19(b) | 1,675 | 1,696,222 | ||||||
North Shore-Long Island Jewish Obligated Group, Series A, 5.75%, 05/01/19(b) | 1,725 | 1,748,253 | ||||||
Orange Regional Medical Center, 5.00%, 12/01/40(a) | 1,300 | 1,394,094 | ||||||
Orange Regional Medical Center, 5.00%, 12/01/45(a) | 1,700 | 1,815,056 | ||||||
State of New York Dormitory Authority, Refunding RB: | ||||||||
Memorial Sloan-Kettering Cancer Center, Series 1, 5.00%, 07/01/42 | 2,200 | 2,480,302 | ||||||
Miriam Osborn Memorial Home Association, 5.00%, 07/01/29 | 290 | 293,741 | ||||||
Mount Sinai Hospital, Series A, 5.00%, 07/01/26 | 1,635 | 1,704,896 | ||||||
North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 05/01/21(b) | 2,500 | 2,682,700 | ||||||
North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 05/01/43 | 1,570 | 1,709,997 | ||||||
North Shore-Long Island Jewish Obligated Group, Series E, 5.50%, 05/01/33 | 1,000 | 1,010,310 | ||||||
|
| |||||||
60,375,786 | ||||||||
Housing — 4.9% | ||||||||
City of New York Housing Development Corp., RB: | ||||||||
M/F Housing, Fund Grant Program, New York City Housing Authority Program, Series B1, 5.25%, 07/01/32 | 2,020 | 2,209,779 |
46 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Housing (continued) | ||||||||
M/F Housing, Fund Grant Program, New York City Housing Authority Program, Series B1, 5.00%, 07/01/33 | $ | 400 | $ | 432,004 | ||||
M/F Housing, Taxable, Series I, 5.63%, 11/01/24 | 3,250 | 3,281,298 | ||||||
SeriesC-2A, 2.35%, 07/01/22 | 12,000 | 12,019,920 | ||||||
City of New York Housing Development Corp., Refunding RB: | ||||||||
M/F Housing, 8 Spruce Street, Class F, 4.50%, 02/15/48 | 770 | 797,273 | ||||||
Series D, 4.10%, 11/01/38 | 5,000 | 4,960,100 | ||||||
City of New York Housing Development Corp., RB: | ||||||||
M/F Housing, Sustainable Neighbourhood, Series G, 2.00%, 11/01/57(d) | 8,000 | 7,956,160 | ||||||
Sustainable Neighborhood Bonds, 4.15%, 11/01/46 | 2,805 | 2,841,521 | ||||||
City of Yonkers New York Industrial Development Agency, RB, Series A, AMT (SONYMA): | ||||||||
Monastery Manor Associates LP Project, 5.25%, 04/01/37 | 585 | 586,527 | ||||||
Sacred Heart Association Project, 5.00%, 10/01/37 | 1,640 | 1,642,739 | ||||||
New York City Housing Development Corp., RB, M/F Housing, Sustainable Neighborhood Bonds: | ||||||||
Series A, 4.38%, 11/01/33 | 5,000 | 5,092,500 | ||||||
Series L, 2.75%, 05/01/50(d) | 6,500 | 6,514,300 | ||||||
State of New York HFA, RB, M/F Housing, Series A, AMT: | ||||||||
Division Street (SONYMA), 5.10%, 02/15/38 | 875 | 875,849 | ||||||
Highland Avenue Senior Apartments (SONYMA), 5.00%, 02/15/39 | 1,920 | 1,926,758 | ||||||
Kensico Terrace Apartments (SONYMA), 4.90%, 02/15/38 | 645 | 645,522 | ||||||
Watergate II, 4.75%, 02/15/34 | 580 | 580,476 | ||||||
State of New York Mortgage Agency, Refunding RB, S/F Housing, Series 213, 4.10%, 10/01/38 | 4,300 | 4,424,055 | ||||||
|
| |||||||
56,786,781 | ||||||||
State — 15.6% | ||||||||
City of New York Transitional Finance Authority, BARB, Build America Bonds, SeriesS-3, Fiscal 2014,Sub-SeriesB-1, Future Tax Secured, Subordinate: | ||||||||
Fiscal 2011,Sub-SeriesS-1B, 6.83%, 07/15/40 | 1,500 | 1,968,540 | ||||||
5.25%, 07/15/36 | 2,080 | 2,463,614 | ||||||
City of New York Transitional Finance Authority Building Aid Revenue, RB: | ||||||||
SeriesS-1, 5.00%, 07/15/37 | 2,430 | 2,718,101 | ||||||
5.25%, 07/15/45 | 5,000 | 5,809,650 | ||||||
City of New York Transitional Finance Authority Building Aid Revenue, Refunding RB, Series4-A: | ||||||||
5.25%, 07/15/35 | 9,165 | 10,905,525 | ||||||
5.25%, 07/15/36 | 5,000 | 5,922,150 | ||||||
City of New York Transitional Finance Authority Future Tax Secured, RB: | ||||||||
Sub-SeriesA-1, 5.00%, 11/01/38 | 1,000 | 1,097,240 | ||||||
5.00%, 11/01/36 | 680 | 753,896 | ||||||
Fiscal 2015,Sub-SeriesE-1, 5.00%, 02/01/41 | 3,000 | 3,299,520 | ||||||
Fiscal 2016, 5.00%, 11/01/38 | 5,000 | 5,596,650 | ||||||
Bonds, SubSeriesA-1, 5.00%, 08/01/40 | 13,360 | 15,341,822 | ||||||
Fiscal 2017, Series A,Sub-SeriesE-1, 5.00%, 02/01/36 | 3,500 | 3,993,360 | ||||||
Sub-SeriesE-1, 5.00%, 02/01/39 | 5,000 | 5,589,350 | ||||||
Sub-SeriesC-3, 4.00%, 05/01/42 | 5,090 | 5,225,496 | ||||||
Future Tax Secured Subordinate Bond, SeriesC-3, 5.00%, 05/01/41 | 5,000 | 5,716,300 | ||||||
SeriesA-2, 5.00%, 08/01/38 | 490 | 559,247 |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB: | ||||||||
5.51%, 08/01/37 | $ | 3,000 | $ | 3,522,660 | ||||
Fiscal 2012,Sub-SeriesE-1, 5.00%, 02/01/42 | 650 | 694,454 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB: | ||||||||
SeriesS-1, 5.00%, 07/15/38 | 2,250 | �� | 2,582,482 | |||||
SeriesS-1, 5.00%, 07/15/43 | 6,865 | 7,592,141 | ||||||
SeriesS-3, 5.00%, 07/15/37 | 3,015 | 3,473,913 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, Refunding RB, SeriesS-3,Sub-SeriesS-3A, 5.00%, 07/15/37 | 7,000 | 8,065,470 | ||||||
New York State Urban Development Corp., Refunding RB, Personal Income Tax, Series C, 5.00%, 03/15/39 | 5,000 | 5,694,800 | ||||||
State of New York, GO, Series A, 5.00%, 02/15/39 | 750 | 752,700 | ||||||
State of New York Dormitory Authority, RB: | ||||||||
Bid Group 3, Series A, 5.00%, 03/15/39 | 1,630 | 1,870,555 | ||||||
Income Tax, Series A, 5.00%, 02/15/36 | 9,000 | 10,223,820 | ||||||
Personal Income Tax, Series G, 5.00%, 08/15/32 | 1,975 | 2,110,663 | ||||||
Series A, 3.74%, 12/01/23 | 4,000 | 4,160,640 | ||||||
Series A, 5.00%, 03/15/36 | 5,000 | 5,693,850 | ||||||
Series A, 5.00%, 02/15/38 | 5,000 | 5,643,550 | ||||||
Series A, 5.00%, 02/15/42 | 4,390 | 4,920,224 | ||||||
Series B, 5.00%, 03/15/37 | 1,500 | 1,688,550 | ||||||
State of New York Dormitory Authority, Refunding RB: | ||||||||
Group 3, Series E, 5.00%, 03/15/40 | 5,645 | 6,501,572 | ||||||
Group 3, Series E, 5.00%, 03/15/41 | 3,615 | 4,153,780 | ||||||
Series A, 5.25%, 03/15/39 | 7,250 | 8,540,210 | ||||||
State of New York State Dormitory Authority, RB, Series C, 5.00%, 10/01/42 | 1,695 | 1,856,652 | ||||||
State of New York Thruway Authority, Refunding RB, SeriesA-1, 5.00%, 04/01/19(b) | 1,000 | 1,008,250 | ||||||
State of New York Urban Development Corp., RB, State Personal Income Tax: | ||||||||
General Purpose, Series A, 5.00%, 03/15/38 | 5,000 | 5,675,250 | ||||||
Series C, 5.00%, 03/15/32 | 4,000 | 4,409,640 | ||||||
State of New York Urban Development Corp., Refunding RB: | ||||||||
Clarkson Center Advance Materials, 5.50%, 01/01/20 | 375 | 381,930 | ||||||
University Facilities Grants, 5.50%, 01/01/19 | 945 | 945,000 | ||||||
|
| |||||||
179,123,217 | ||||||||
Tobacco — 4.1% | ||||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A: | ||||||||
6.25%, 06/01/41(a) | 3,600 | 3,687,012 | ||||||
5.00%, 06/01/42 | 3,775 | 3,570,735 | ||||||
5.00%, 06/01/45 | 895 | 838,919 | ||||||
Counties of New York Tobacco Trust VI, Refunding RB: | ||||||||
Settlement Pass-Through Turbo, Series C, 4.00%, 06/01/51 | 3,655 | 3,160,515 | ||||||
Tobacco Settlement Pass-Through, SeriesA-2B, 5.00%, 06/01/51 | 3,615 | 3,723,088 | ||||||
Tobacco Settlement Pass-Through, Series B, 5.00%, 06/01/45 | 5,000 | 5,255,250 | ||||||
County of Chautauqua New York Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, 4.75%, 06/01/39 | 750 | 730,838 | ||||||
County of Niagara New York Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed: | ||||||||
5.25%, 05/15/34 | 1,750 | 1,843,398 | ||||||
5.25%, 05/15/40 | 1,080 | 1,129,172 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 | 4,595 | 4,432,015 |
SCHEDULES OF INVESTMENTS | 47 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Tobacco (continued) | ||||||||
TSASC, Inc., Refunding RB, Tobacco Settlement Bonds, Series B: | ||||||||
5.00%, 06/01/45 | $ | 4,375 | $ | 4,226,119 | ||||
Subordinate, 5.00%, 06/01/48 | 6,715 | 6,454,861 | ||||||
Westchester New York Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds,Sub-Series C: | ||||||||
4.00%, 06/01/42 | 5,945 | 5,509,172 | ||||||
5.13%, 06/01/51 | 2,175 | 2,203,819 | ||||||
|
| |||||||
46,764,913 | ||||||||
Transportation — 23.7% | ||||||||
Buffalo & Fort Erie Public Bridge Authority, RB: | ||||||||
5.00%, 01/01/47 | 320 | 355,341 | ||||||
Toll Bridge System, 5.00%, 01/01/42 | 955 | 1,065,427 | ||||||
Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56 | 9,985 | 10,608,164 | ||||||
Metropolitan Transportation Authority, RB: | ||||||||
Green Bonds, Series A, 5.00%, 11/15/35 | 2,500 | 2,885,450 | ||||||
Green Bonds, Series A, 5.00%, 11/15/42 | 5,000 | 5,659,800 | ||||||
SeriesA-1, 5.25%, 11/15/23(b) | 540 | 624,515 | ||||||
Series B, 5.25%, 11/15/39 | 5,795 | 6,427,582 | ||||||
Series B, 5.25%, 11/15/44 | 2,125 | 2,359,196 | ||||||
Series E, 5.00%, 11/15/38 | 2,350 | 2,528,177 | ||||||
Metropolitan Transportation Authority, Refunding RB: | ||||||||
Green Bond,Sub-SeriesB-1, 5.00%, 11/15/36 | 13,500 | 15,368,940 | ||||||
Green Bonds, SeriesA-1, 5.25%, 11/15/56 | 1,560 | 1,716,718 | ||||||
Green Bonds, SeriesA-1, 5.25%, 11/15/57 | 5,410 | 5,996,119 | ||||||
Series A, 5.25%, 11/15/35 | 10,000 | 11,711,000 | ||||||
Series B, 5.00%, 11/15/35 | 1,750 | 1,963,605 | ||||||
Series B, 5.00%, 11/15/37 | 350 | 389,890 | ||||||
Series D, 5.00%, 11/15/30 | 1,000 | 1,076,640 | ||||||
Series D, 5.00%, 11/15/35 | 2,500 | 2,837,800 | ||||||
Series F, 5.00%, 11/15/30 | 1,000 | 1,076,640 | ||||||
Series F, 5.00%, 11/15/35 | 1,500 | 1,657,425 | ||||||
MTA Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/46 | 19,870 | 20,249,716 | ||||||
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project: | ||||||||
Series A, AMT, 4.00%, 07/01/31 | 4,850 | 4,977,555 | ||||||
Series A, AMT, 5.00%, 07/01/34 | 250 | 268,210 | ||||||
Series A, AMT, 5.00%, 07/01/41 | 750 | 790,448 | ||||||
Series A, AMT, 5.00%, 07/01/46 | 17,145 | 18,026,253 | ||||||
Series A, AMT, 5.25%, 01/01/50 | 9,975 | 10,599,734 | ||||||
Series B, 3.02%, 07/01/24 | 4,150 | 4,039,776 | ||||||
Series B, 3.22%, 07/01/25 | 1,000 | 975,050 | ||||||
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31 | 6,130 | 6,346,941 | ||||||
Niagara Falls Bridge Commission, RB, Toll Bridge System (AGM), 4.16%, 10/01/33 | 1,650 | 1,688,511 | ||||||
Port Authority of New York & New Jersey, ARB: | ||||||||
192nd Series, 4.81%, 10/15/65 | 2,000 | 2,171,760 | ||||||
Consolidated, 169th Series, 5.00%, 10/15/41 | 1,000 | 1,065,390 | ||||||
Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42 | 2,000 | 2,127,080 | ||||||
Port Authority of New York & New Jersey, RB: | ||||||||
Taxable Consolidated 164th Series, 5.65%, 11/01/40 | 1,745 | 2,125,201 | ||||||
AMT, 5.00%, 10/15/29 | 4,000 | 4,529,520 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Consolidated: | ||||||||
178th Series, AMT, 5.00%, 12/01/43 | 285 | 308,270 | ||||||
186th Series, AMT, 5.00%, 10/15/44 | 1,000 | 1,081,130 | ||||||
193rd Series, AMT, 5.00%, 10/15/34 | 3,445 | 3,831,357 | ||||||
195th Series, AMT, 5.00%, 04/01/36 | 4,430 | 4,956,816 |
Security | Par (000) | Value | ||||||
Transportation (continued) | ||||||||
197th Series, AMT, 5.00%, 11/15/41 | $ | 1,250 | $ | 1,381,537 | ||||
202th Series, AMT, 5.00%, 04/15/37 | 5,000 | 5,596,050 | ||||||
206th Series, AMT, 5.00%, 11/15/37 | 1,525 | 1,717,836 | ||||||
211th Series, 5.00%, 09/01/48 | 4,760 | 5,441,489 | ||||||
Port Authority of New York & New Jersey, Refunding RB, AMT: | ||||||||
178th Series, 5.00%, 12/01/32 | 1,000 | 1,100,750 | ||||||
Consolidated, 197th Series, 5.00%, 11/15/36 | 3,000 | 3,361,740 | ||||||
State of New York Thruway Authority, RB, Junior Lien, Series A: | ||||||||
5.00%, 01/01/41 | 7,440 | 8,238,907 | ||||||
5.25%, 01/01/56 | 13,935 | 15,418,102 | ||||||
State of New York Thruway Authority, Refunding RB: | ||||||||
General, Series I, 5.00%, 01/01/42 | 280 | 299,071 | ||||||
General, Series J, 5.00%, 01/01/41 | 5,750 | 6,260,255 | ||||||
General, Series K, 5.00%, 01/01/29 | 5,000 | 5,676,950 | ||||||
General, Series K, 5.00%, 01/01/31 | 2,500 | 2,816,275 | ||||||
General, Series K, 5.00%, 01/01/32 | 1,500 | 1,688,880 | ||||||
Series L, 5.00%, 01/01/33 | 2,065 | 2,399,055 | ||||||
Series L, 5.00%, 01/01/34 | 910 | 1,052,542 | ||||||
Series L, 5.00%, 01/01/35 | 1,050 | 1,210,891 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB: | ||||||||
General, Series A, 5.00%, 11/15/41 | 3,775 | 4,254,614 | ||||||
General, Series A, 5.00%, 11/15/50 | 1,000 | 1,114,480 | ||||||
General, Series B, 5.00%, 11/15/37 | 10,070 | 11,534,077 | ||||||
MTA Bridge and Tunnels, Series C, 5.00%, 11/15/37 | 6,000 | 7,006,920 | ||||||
MTA Bridges & Tunnels, Series A, 5.00%, 11/15/43 | 16,095 | 18,423,142 | ||||||
|
| |||||||
272,460,710 | ||||||||
Utilities — 8.3% | ||||||||
City of New York Municipal Water Finance Authority, RB, Water & Sewer System, 2nd General Resolution, Fiscal 2017, Series DD, 5.25%, 06/15/47 | 2,455 | 2,809,477 | ||||||
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Fiscal 2015, Series HH, 5.00%, 06/15/39 | 1,000 | 1,114,620 | ||||||
City of New York Municipal Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2013, Series BB, 5.00%, 06/15/47 | 2,000 | 2,194,820 | ||||||
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Fiscal 2017, Series EE: | ||||||||
5.00%, 06/15/37 | 2,735 | 3,127,390 | ||||||
5.25%, 06/15/37 | 1,075 | 1,253,461 | ||||||
City of New York Water & Sewer System, Refunding RB: | ||||||||
2nd General Resolution, SeriesFF-2, 5.50%, 06/15/40 | 800 | 812,976 | ||||||
2nd Generation Resolution, Fiscal 2018, Series FF, 5.00%, 06/15/40 | 10,500 | 12,039,825 | ||||||
Series EE, 5.00%, 06/15/40 | 8,355 | 9,524,199 | ||||||
Long Island Power Authority, RB: | ||||||||
5.00%, 09/01/38 | 4,200 | 4,790,100 | ||||||
5.00%, 09/01/39 | 8,000 | 9,095,600 | ||||||
General, 5.00%, 09/01/36 | 1,000 | 1,138,430 | ||||||
General, Electric Systems, Series A (AGM), 5.00%, 05/01/21(b) | 500 | 536,540 | ||||||
General, Electric Systems, Series C (CIFG), 5.25%, 09/01/29 | 3,000 | 3,596,580 | ||||||
Long Island Power Authority, Refunding RB, Electric System: | ||||||||
Series A, 5.50%, 04/01/19(b) | 875 | 883,173 | ||||||
Series A, 5.75%, 04/01/19(b) | 300 | 302,985 | ||||||
Series A, 6.00%, 05/01/19(b) | 2,450 | 2,484,619 | ||||||
Series B, 5.00%, 09/01/46 | 2,000 | 2,217,000 |
48 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
New York City Water & Sewer System, Refunding RB, SeriesDD-2, Block 5, 5.00%, 06/15/40 | $ | 4,850 | $ | 5,528,709 | ||||
State of New York Environmental Facilities Corp., RB, Series D, 3.26%, 01/15/30 | 500 | 493,330 | ||||||
State of New York Environmental Facilities Corp., Refunding RB, Revolving Funds, New York City Municipal Water, Series B, 5.00%, 06/15/36 | 1,000 | 1,065,680 | ||||||
Upper Mohawk Valley Regional Water Finance Authority, Refunding RB: | ||||||||
5.00%, 04/01/28 | 100 | 116,109 | ||||||
5.00%, 04/01/29 | 375 | 433,530 | ||||||
4.00%, 04/01/32 | 100 | 106,531 | ||||||
Utility Debt Securitization Authority, Refunding RB, Restructuring: | ||||||||
5.00%, 12/15/37 | 5,000 | 5,659,900 | ||||||
Bonds, 5.00%, 12/15/33 | 10,000 | 11,455,300 | ||||||
Series TE, 5.00%, 12/15/41 | 11,725 | 12,852,593 | ||||||
|
| |||||||
95,633,477 | ||||||||
Puerto Rico — 1.3% |
| |||||||
State — 0.3% | ||||||||
Commonwealth of Puerto Rico, GO, Refunding, Series A(e)(f): | ||||||||
Public Improvement, 5.50%, 07/01/39 | 800 | 428,000 | ||||||
8.00%, 07/01/35 | 2,030 | 1,091,125 | ||||||
Commonwealth of Puerto Rico, GO, , 6.00%, 07/01/38(e)(f) | 885 | 482,325 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Refunding RB, Series C(e)(f): | ||||||||
First Subordinate, 5.75%, 08/01/57 | 540 | 418,500 | ||||||
Senior Lien, 5.00%, 08/01/40 | 905 | 701,375 | ||||||
|
| |||||||
3,121,325 | ||||||||
Utilities — 1.0% | ||||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: | ||||||||
5.75%, 07/01/37 | 1,325 | 1,242,187 | ||||||
6.00%, 07/01/44 | 2,695 | 2,573,725 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 07/01/38 | 5,355 | 5,114,025 | ||||||
Puerto Rico Electric Power Authority, RB(e)(f): | ||||||||
Series A, 5.00%, 07/01/29 | 1,280 | 793,600 | ||||||
Series A, 7.00%, 07/01/33 | 415 | 264,563 | ||||||
Series A, 5.00%, 07/01/42 | 1,260 | 781,200 | ||||||
Series A, 7.00%, 07/01/43 | 410 | 261,375 | ||||||
Series TT, 5.00%, 07/01/25 | 210 | 130,200 | ||||||
Series XX, 5.25%, 07/01/40 | 875 | 542,500 | ||||||
Puerto Rico Electric Power Authority, Refunding RB, Series ZZ, 5.25%, 07/01/21(e)(f) | 110 | 68,200 | ||||||
|
| |||||||
11,771,575 | ||||||||
|
| |||||||
Total Municipal Bonds in Puerto Rico |
| 14,892,900 | ||||||
|
| |||||||
Total Municipal Bonds — 88.0% |
| 1,013,719,464 | ||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(g) | ||||||||
New York — 14.8% | ||||||||
County/City/Special District/School District — 1.6% | ||||||||
City of New York, GO: | ||||||||
Sub-SeriesG-1, 5.00%, 04/01/29 | 750 | 810,589 | ||||||
Sub-SeriesI-1, 5.00%, 03/01/36 | 1,500 | 1,669,335 |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
City of New York Transitional Finance Authority, RB, Future Tax Secured,Sub-SeriesD-1, 5.00%, 11/01/38 | $ | 1,650 | $ | 1,764,763 | ||||
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012: | ||||||||
5.75%, 02/15/47(b) | 1,393 | 1,499,954 | ||||||
5.75%, 02/15/47 | 857 | 922,727 | ||||||
New York Ny, 5.00%, 04/01/39 | 10,000 | 11,435,548 | ||||||
|
| |||||||
18,102,916 | ||||||||
Education — 0.1% | ||||||||
State of New York Dormitory Authority, RB, State University Dormitory Facilities, New York University, Series A, 5.25%, 07/01/29 | 1,350 | 1,373,733 | ||||||
|
| |||||||
State — 6.0% | ||||||||
City of New York Transitional Finance Authority, BARB, Fiscal 2009, SeriesS-3, 5.25%, 01/15/39 | 2,100 | 2,102,110 | ||||||
City of New York Transitional Finance Authority, RB, Future Tax Secured,Sub-SeriesF-1, 5.00%, 05/01/38 | 3,448 | 3,922,838 | ||||||
Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A, 4.00%, 10/15/32 | 1,440 | 1,542,758 | ||||||
State of New York Dormitory Authority, RB: | ||||||||
Bid Group 2, Series A, 5.00%, 03/15/32 | 5,000 | 5,908,775 | ||||||
General Purpose, Series C, 5.00%, 03/15/41 | 1,000 | 1,054,105 | ||||||
Group B, State Sales Tax, Series A, 5.00%, 03/15/39 | 15,393 | 17,448,161 | ||||||
State Personal Income Tax, Series A, 5.00%, 02/15/34 | 10,000 | 11,432,980 | ||||||
State of New York Dormitory Authority, Refunding RB, Bid Group 4, Series C, 5.00%, 03/15/39 | 9,000 | 10,327,725 | ||||||
State of New York Urban Development Corp., Refunding RB, State Personal Income Tax, Series A: | ||||||||
4.00%, 03/15/37 | 8,740 | 9,032,528 | ||||||
5.00%, 03/15/45 | 6,004 | 6,673,260 | ||||||
|
| |||||||
69,445,240 | ||||||||
Transportation — 4.3% | ||||||||
Metropolitan Transportation Authority, RB,Sub-Series D-1, 5.00%, 11/15/39 | 4,260 | 4,638,501 | ||||||
Metropolitan Transportation Authority, Refunding RB, Green Bonds,Sub-SeriesB-1, 5.00%, 11/15/51 | 10,000 | 11,170,282 | ||||||
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 | 6,495 | 7,017,774 | ||||||
Port Authority of New York & New Jersey, Refunding ARB: | ||||||||
194th Series, 5.25%, 10/15/55 | 1,950 | 2,199,496 | ||||||
Consolidated, Series 169th, 5.00%, 10/15/26 | 1,500 | 1,607,648 | ||||||
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 03/15/31 | 1,560 | 1,672,550 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB: | ||||||||
Series A, 5.00%, 11/15/41 | 10,000 | 11,270,500 | ||||||
Series B, 5.00%, 11/15/38 | 9,000 | 10,271,970 | ||||||
|
| |||||||
49,848,721 | ||||||||
Utilities — 2.8% | ||||||||
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution: | ||||||||
Fiscal 2011, Series HH, 5.00%, 06/15/32 | 2,790 | 2,972,159 | ||||||
Fiscal 2012, Series BB, 5.00%, 06/15/44 | 3,751 | 4,012,601 | ||||||
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2018, 5.00%, 06/15/38(h) | 7,504 | 8,549,910 | ||||||
Utility Debt Securitization Authority, Refunding RB, Restructuring: | ||||||||
5.00%, 12/15/41 | 7,800 | 8,984,326 |
SCHEDULES OF INVESTMENTS | 49 |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
Series A, 5.00%, 12/15/34 | $ | 5,000 | $ | 5,748,175 | ||||
Series B, 4.00%, 12/15/35 | 1,300 | 1,374,997 | ||||||
|
| |||||||
31,642,168 | ||||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 14.8% |
| 170,412,778 | ||||||
|
| |||||||
Total Long-Term Investments — 104.6% |
| 1,204,388,963 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities — 1.9% | ||||||||
BlackRock Liquidity Funds New York Money Fund Portfolio, | 22,090,058 | $ | 22,090,058 | |||||
|
| |||||||
Total Short-Term Securities — 1.9% |
| 22,090,058 | ||||||
|
| |||||||
Total Investments — 106.5% |
| 1,226,479,021 | ||||||
Other Assets Less Liabilities — 1.3% |
| 15,899,968 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (7.8)% |
| (90,396,119 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 1,151,982,870 | |||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(c) | Zero-coupon bond. |
(d) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(e) | Non-income producing security. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(h) | All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires between February 15, 2019 to June 15, 2025 is $5,134,282.83. See Note 4 of the Notes to Financial Statements for details. |
(i) | Annualized7-day yield as of period end. |
(j) | During the period ended December 31, 2018, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares Held at 06/30/18 | Net Activity | Shares Held at 12/31/18 | Value at 12/31/18 | Income | Net Realized | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Liquidity Funds New York Money Fund Portfolio | — | 22,090,058 | 22,090,058 | $ | 22,090,058 | $ | 90,897 | $ | — | $ | — | |||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | 37,673,273 | (37,673,273 | ) | — | — | 176,664 | 2,471 | (2,941 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 22,090,058 | $ | 267,561 | $ | 2,471 | $ | (2,941 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes net capital gain distributions, if applicable. |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sectorsub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sectorsub-classifications for reporting ease.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts: | ||||||||||||||||
10-Year U.S. Treasury Note | 1,673 | 03/20/19 | $ | 204,132 | $ | (3,775,684 | ) | |||||||||
Long U.S. Treasury Bond | 1,954 | 03/20/19 | 285,284 | (12,286,494 | ) | |||||||||||
5-Year U.S. Treasury Note | 156 | 03/29/19 | 17,891 | (292,776 | ) | |||||||||||
|
| |||||||||||||||
$ | (16,354,954 | ) | ||||||||||||||
|
|
50 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2018 | BlackRock New York Municipal Opportunities Fund |
Derivative Financial Instruments Categorized by Risk Exposure
As of period ended, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Net unrealized appreciation(a) | $ | — | $ | — | $ | — | $ | — | $ | 16,354,954 | $ | — | $ | 16,354,954 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
For the period ended December 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | 4,149,718 | $ | — | $ | 4,149,718 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | (13,500,597 | ) | $ | — | $ | (13,500,597 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — short | $ | 373,270,758 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
| |||||||||||||||
Investments: |
| |||||||||||||||
Long-Term Investments(a) | $ | — | $ | 1,204,388,963 | $ | — | $ | 1,204,388,963 | ||||||||
Short-Term Securities | 22,090,058 | — | — | 22,090,058 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 22,090,058 | $ | 1,204,388,963 | $ | — | $ | 1,226,479,021 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(b) |
| |||||||||||||||
Liabilities: |
| |||||||||||||||
Interest rate contracts | $ | (16,354,954 | ) | $ | — | $ | — | $ | (16,354,954 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See above Schedule of Investments for values in each sector or political subdivision. |
(b) | Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end TOB Trust Certificates of $90,104,063 are categorized as Level 2 within the disclosure hierarchy.
During the period ended December 31, 2018, there were no transfers between levels.
See notes to financial statements
SCHEDULES OF INVESTMENTS | 51 |
Statements of Assets and Liabilities (unaudited)
December 31, 2018
BlackRock High Yield Municipal Fund | BlackRock National Municipal Fund | BlackRock Short-Term Municipal Fund | BlackRock New York Municipal Opportunities Fund | |||||||||||||
ASSETS |
| |||||||||||||||
Investments at value — unaffiliated(a) | $ | 947,768,519 | $ | 9,309,943,056 | $ | 564,445,744 | $ | 1,204,388,963 | ||||||||
Investments at value — affiliated(b) | 23,050,660 | 78,027,500 | 33,213 | 22,090,058 | ||||||||||||
Cash pledged for futures contracts | 2,508,473 | 50,387,338 | — | 21,606,169 | ||||||||||||
Receivables: |
| |||||||||||||||
Interest — unaffiliated | 10,753,942 | 107,621,461 | 3,813,065 | 13,784,386 | ||||||||||||
Capital shares sold | 8,197,612 | 69,792,708 | 10,981,690 | 11,235,335 | ||||||||||||
Investments sold | 195,000 | 55,281 | — | 515,000 | ||||||||||||
Dividends — unaffiliated | 37,443 | 209,861 | — | — | ||||||||||||
Dividends — affiliated | — | — | 358 | 17,613 | ||||||||||||
Receivable from Manager | — | — | — | 16,303 | ||||||||||||
Offering costs | 2,742 | — | — | 2,742 | ||||||||||||
Prepaid expenses | 67,768 | 238,788 | 71,124 | 53,499 | ||||||||||||
Other assets | 1,062 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 992,583,221 | 9,616,275,993 | 579,345,194 | 1,273,710,068 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES |
| |||||||||||||||
Bank overdraft | 16,090 | — | — | 15 | ||||||||||||
Payables: |
| |||||||||||||||
Investments purchased | — | 6,756,335 | 3,495,464 | 28,185 | ||||||||||||
Capital shares redeemed | 3,241,620 | 58,719,595 | 2,829,980 | 13,087,667 | ||||||||||||
Income dividend distributions | 1,327,337 | 5,647,124 | 311,668 | 791,672 | ||||||||||||
Other accrued expenses | 324,807 | 1,897,363 | 221,279 | 429,320 | ||||||||||||
Investment advisory fees | 332,816 | 2,776,837 | 102,834 | 390,773 | ||||||||||||
Interest expense and fees | 266,835 | 790,336 | — | 292,056 | ||||||||||||
Service and distribution fees | 98,523 | 779,671 | 38,112 | 179,278 | ||||||||||||
Offering costs | 5,918 | — | — | 238 | ||||||||||||
Directors’ and Officer’s fees | 5,675 | 31,418 | 4,599 | 5,846 | ||||||||||||
Variation margin on futures contracts | 1,923,402 | 38,228,885 | — | 16,348,655 | ||||||||||||
Board realignment and consolidation | 12,188 | 263,036 | 11,117 | 16,303 | ||||||||||||
Other affiliates | 2,098 | 21,210 | 1,209 | 1,804 | ||||||||||||
Recoupment of past waived fees | — | — | — | 51,323 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total accrued liabilities | 7,557,309 | 115,911,810 | 7,016,262 | 31,623,135 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
OTHER LIABILITIES |
| |||||||||||||||
TOB Trust Certificates | 69,213,624 | 294,359,972 | — | 90,104,063 | ||||||||||||
Loan for TOB Trust Certificates | 86,056 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total other liabilities | 69,299,680 | 294,359,972 | — | 90,104,063 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 76,856,989 | 410,271,782 | 7,016,262 | 121,727,198 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 915,726,232 | $ | 9,206,004,211 | $ | 572,328,932 | $ | 1,151,982,870 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF |
| |||||||||||||||
Paid-in capital | $ | 900,101,355 | $ | 9,134,283,379 | $ | 573,729,025 | $ | 1,156,972,017 | ||||||||
Accumulated earnings (loss) | 15,624,877 | 71,720,832 | (1,400,093 | ) | (4,989,147 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 915,726,232 | $ | 9,206,004,211 | $ | 572,328,932 | $ | 1,151,982,870 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Investments at cost — unaffiliated | $ | 924,036,618 | $ | 9,197,132,209 | $ | 564,708,272 | $ | 1,190,041,323 | ||||||||
(b) Investments at cost — affiliated | $ | 23,049,184 | $ | 78,019,698 | $ | 33,213 | $ | 22,090,058 |
See notes to financial statements.
52 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited) (continued)
December 31, 2018
BlackRock High Yield Municipal Fund | BlackRock National Municipal Fund | BlackRock Short-Term Municipal Fund | BlackRock New York Municipal Opportunities Fund | |||||||||||||
Institutional | ||||||||||||||||
Net assets | $ | 598,861,991 | $ | 3,340,520,672 | $ | 401,405,915 | $ | 533,123,454 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value | 63,252,458 | 312,967,567 | 39,795,582 | 48,364,109 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 9.47 | $ | 10.67 | $ | 10.09 | $ | 11.02 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 100 million | 800 Million | 150 million | Unlimited | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Service | ||||||||||||||||
Net assets | $ | — | $ | 2,735,393 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value | — | 256,459 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | — | $ | 10.67 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | — | 375 Million | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A | ||||||||||||||||
Net assets | $ | 234,889,423 | $ | 2,539,320,364 | $ | 127,027,961 | $ | 412,926,411 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value | 24,867,387 | 237,737,479 | 12,586,324 | 37,436,988 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 9.45 | $ | 10.68 | $ | 10.09 | $ | 11.03 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 100 million | 800 Million | 150 Million | Unlimited | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A1 | ||||||||||||||||
Net assets | $ | — | $ | — | $ | 16,210,081 | $ | 102,129,151 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | — | — | 1,605,880 | 9,259,922 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | — | $ | — | $ | 10.09 | $ | 11.03 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | — | — | 150 Million | Unlimited | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor C | ||||||||||||||||
Net assets | $ | 58,980,508 | $ | 284,476,080 | $ | 19,442,562 | $ | 100,340,370 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value | 6,226,582 | 26,630,134 | 1,978,733 | 9,100,654 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 9.47 | $ | 10.68 | $ | 9.83 | $ | 11.03 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 100 million | 375 Million | 150 Million | Unlimited | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor C1 | ||||||||||||||||
Net assets | $ | — | $ | 952,633 | $ | — | $ | 43,353 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value | — | 89,213 | — | 3,932 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | — | $ | 10.68 | $ | — | $ | 11.03 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | — | 375 Million | — | Unlimited | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class K | ||||||||||||||||
Net assets | $ | 22,994,310 | $ | 3,037,999,069 | $ | 8,242,413 | $ | 3,420,131 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, $0.10 par value | 2,428,442 | 284,506,044 | 817,209 | 310,242 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 9.47 | $ | 10.68 | $ | 10.09 | $ | 11.02 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 2 Billion | 550 million | 150 million | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 53 |
Statements of Operations (unaudited)
Six Months Ended December 31, 2018
BlackRock High Yield Municipal Fund | BlackRock National Municipal Fund | BlackRock Short-Term Municipal Fund | BlackRock New York Municipal Opportunities Fund | |||||||||||||
INVESTMENT INCOME |
| |||||||||||||||
Interest — unaffiliated | $ | 20,891,226 | $ | 164,091,684 | $ | 4,455,283 | $ | 20,038,785 | ||||||||
Dividends — affiliated | 299,095 | 1,787,256 | 1,456 | 267,561 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 21,190,321 | 165,878,940 | 4,456,739 | 20,306,346 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES |
| |||||||||||||||
Investment advisory | 2,095,608 | 17,868,283 | 699,563 | 2,603,462 | ||||||||||||
Service and distribution — class specific | 590,213 | 4,876,513 | 177,259 | 1,047,431 | ||||||||||||
Transfer agent — class specific | 162,375 | 2,650,253 | 178,160 | 268,591 | ||||||||||||
Accounting services | 80,806 | 518,219 | 49,009 | 91,970 | ||||||||||||
Registration | 58,103 | 254,801 | 72,077 | 42,003 | ||||||||||||
Professional | 49,736 | 111,250 | 39,035 | 60,094 | ||||||||||||
Offering cost | 20,190 | — | — | 20,190 | ||||||||||||
Directors and Officer | 11,546 | 59,302 | 9,300 | 12,524 | ||||||||||||
Custodian | 10,278 | 65,329 | 7,777 | 12,212 | ||||||||||||
Printing | 9,472 | 38,845 | 8,253 | 24,155 | ||||||||||||
Board realignment and consolidation | 8,180 | 173,046 | 7,344 | 10,948 | ||||||||||||
Miscellaneous | 26,262 | 82,966 | 31,484 | 29,705 | ||||||||||||
Recoupment of past waived and/or reimbursed fees — class specific | — | — | — | 49,807 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses excluding interest expense and fees | 3,122,769 | 26,698,807 | 1,279,261 | 4,273,092 | ||||||||||||
Interest expense and fees(a) | 717,752 | 1,557,139 | — | 836,538 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 3,840,521 | 28,255,946 | 1,279,261 | 5,109,630 | ||||||||||||
Less: |
| |||||||||||||||
Fees waived and/or reimbursed by the Manager | (177,162 | ) | (1,392,153 | ) | (176,427 | ) | (397,245 | ) | ||||||||
Transfer agent fees waived and/or — reimbursed | (3,091 | ) | (1,115,463 | ) | (64,859 | ) | (48,911 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses after fees waived and/or reimbursed | 3,660,268 | 25,748,330 | 1,037,975 | 4,663,474 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 17,530,053 | 140,130,610 | 3,418,764 | 15,642,872 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
| |||||||||||||||
Net realized gain (loss) from: |
| |||||||||||||||
Investments — unaffiliated | (10,764 | ) | (7,119,113 | ) | (268,055 | ) | (3,429,147 | ) | ||||||||
Investments — affiliated | 1,104 | 2,284 | 2 | 2,471 | ||||||||||||
Futures contracts | 536,120 | 1,292,078 | — | 4,149,718 | ||||||||||||
Capital gain distributions from investment companies — affiliated | 1,062 | 6,764 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
527,522 | (5,817,987 | ) | (268,053 | ) | 723,042 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated | (10,274,157 | ) | (61,322,092 | ) | 615,128 | (1,572,931 | ) | |||||||||
Investments — affiliated | (1,147 | ) | (855 | ) | — | (2,941 | ) | |||||||||
Futures contracts | (1,425,313 | ) | (35,392,061 | ) | — | (13,500,597 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(11,700,617 | ) | (96,715,008 | ) | 615,128 | (15,076,469 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (11,173,095 | ) | (102,532,995 | ) | 347,075 | (14,353,427 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,356,958 | $ | 37,597,615 | $ | 3,765,839 | $ | 1,289,445 | ||||||||
|
|
|
|
|
|
|
|
(a) | Related to TOB Trusts. |
See notes to financial statements.
54 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
BlackRock High Yield Municipal Fund | ||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended 06/30/18 | |||||||
INCREASE (DECREASE) IN NET ASSETS |
| |||||||
OPERATIONS |
| |||||||
Net investment income | $ | 17,530,053 | $ | 32,540,061 | ||||
Net realized gain | 527,522 | 4,002,800 | ||||||
Net change in unrealized appreciation (depreciation) | (11,700,617 | ) | (593,896 | ) | ||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 6,356,958 | 35,948,965 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a)(b) |
| |||||||
Class K | (320,986 | ) | (139,812 | ) | ||||
Institutional | (11,898,955 | ) | (22,269,205 | ) | ||||
Investor A | (4,454,885 | ) | (8,349,393 | ) | ||||
Investor C | (912,187 | ) | (1,953,705 | ) | ||||
|
|
|
| |||||
Decrease in net assets resulting from distributions to shareholders | (17,587,013 | ) | (32,712,115 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS |
| |||||||
Net increase in net assets derived from capital share transactions | 84,970,676 | 57,975,788 | ||||||
|
|
|
| |||||
NET ASSETS(b) |
| |||||||
Total increase in net assets | 73,740,621 | 61,212,638 | ||||||
Beginning of period | 841,985,611 | 780,772,973 | ||||||
|
|
|
| |||||
End of period | $ | 915,726,232 | $ | 841,985,611 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 11 for this prior year information. |
See notes to financial statements.
FINANCIAL STATEMENTS | 55 |
Statements of Changes in Net Assets (continued)
BlackRock National Municipal Fund | ||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended 06/30/18 | |||||||
INCREASE (DECREASE) IN NET ASSETS |
| |||||||
OPERATIONS |
| |||||||
Net investment income | $ | 140,130,610 | $ | 249,064,464 | ||||
Net realized gain (loss) | (5,817,987 | ) | 40,972,546 | |||||
Net change in unrealized appreciation (depreciation) | (96,715,008 | ) | (112,160,435 | ) | ||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 37,597,615 | 177,876,575 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a)(b) |
| |||||||
Institutional | (50,101,561 | ) | (102,169,525 | ) | ||||
Service | (37,875 | ) | (79,545 | ) | ||||
Investor A | (37,809,172 | ) | (70,549,749 | ) | ||||
Investor B | — | (7,152 | ) | |||||
Investor C | (3,290,417 | ) | (7,327,250 | ) | ||||
Investor C1 | (81,025 | ) | (252,996 | ) | ||||
Class K | (49,363,816 | ) | (69,394,304 | ) | ||||
|
|
|
| |||||
Decrease in net assets resulting from distributions to shareholders | (140,683,866 | ) | (249,780,521 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS |
| |||||||
Net increase in net assets derived from capital share transactions | 197,545,831 | 1,369,051,416 | ||||||
|
|
|
| |||||
NET ASSETS(b) |
| |||||||
Total increase in net assets | 94,459,580 | 1,297,147,470 | ||||||
Beginning of period | 9,111,544,631 | 7,814,397,161 | ||||||
|
|
|
| |||||
End of period | $ | 9,206,004,211 | $ | 9,111,544,631 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 11 for this prior year information. |
See notes to financial statements.
56 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
BlackRock Short-Term Municipal Fund | ||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended 06/30/18 | |||||||
INCREASE (DECREASE) IN NET ASSETS |
| |||||||
OPERATIONS |
| |||||||
Net investment income | $ | 3,418,764 | $ | 4,699,665 | ||||
Net realized loss | (268,053 | ) | (703,032 | ) | ||||
Net change in unrealized appreciation (depreciation) | 615,128 | (1,245,104 | ) | |||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 3,765,839 | 2,751,529 | ||||||
|
|
|
| |||||
DISTRIBUTIONS(a)(b) |
| |||||||
Class K | (50,908 | ) | (47,113 | ) | ||||
Institutional | (2,562,598 | ) | (3,917,346 | ) | ||||
Investor A | (401,914 | ) | (542,423 | ) | ||||
Investor A1 | (109,420 | ) | (184,330 | ) | ||||
Investor C | (32,110 | ) | (26,247 | ) | ||||
|
|
|
| |||||
Decrease in net assets resulting from distributions to shareholders | (3,156,950 | ) | (4,717,459 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS |
| |||||||
Net increase (decrease) in net assets derived from capital share transactions | 108,799,591 | (5,554,353 | ) | |||||
|
|
|
| |||||
NET ASSETS(b) |
| |||||||
Total increase (decrease) in net assets | 109,408,480 | (7,520,283 | ) | |||||
Beginning of period | 462,920,452 | 470,440,735 | ||||||
|
|
|
| |||||
End of period | $ | 572,328,932 | $ | 462,920,452 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 11 for this prior year information. |
See notes to financial statements.
FINANCIAL STATEMENTS | 57 |
Statements of Changes in Net Assets (continued)
BlackRock New York Municipal Opportunities Fund | ||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended 06/30/18 | |||||||
INCREASE (DECREASE) IN NET ASSETS |
| |||||||
OPERATIONS |
| |||||||
Net investment income | $ | 15,642,872 | $ | 23,773,493 | ||||
Net realized gain | 723,042 | 16,246,419 | ||||||
Net change in unrealized appreciation (depreciation) | (15,076,469 | ) | (9,613,944 | ) | ||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 1,289,445 | 30,405,968 | ||||||
|
|
|
| |||||
DISTRIBUTIONS(a)(b) |
| |||||||
Institutional | (14,072,720 | ) | (10,312,712 | ) | ||||
Investor A | (10,525,238 | ) | (8,484,778 | ) | ||||
Investor A1 | (2,799,279 | ) | (3,200,212 | ) | ||||
Investor C | (2,209,330 | ) | (1,801,015 | ) | ||||
Investor C1 | (6,820 | ) | (18,602 | ) | ||||
Class K | (92,336 | ) | (17,062 | ) | ||||
|
|
|
| |||||
Decrease in net assets resulting from distributions to shareholders | (29,705,723 | ) | (23,834,381 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS |
| |||||||
Net increase in net assets derived from capital share transactions | 152,446,616 | 293,293,175 | ||||||
|
|
|
| |||||
NET ASSETS(b) |
| |||||||
Total increase in net assets | 124,030,338 | 299,864,762 | ||||||
Beginning of period | 1,027,952,532 | 728,087,770 | ||||||
|
|
|
| |||||
End of period | $ | 1,151,982,870 | $ | 1,027,952,532 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 11 for this prior year information. |
See notes to financial statements.
58 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
(For a share outstanding throughout each period)
BlackRock High Yield Municipal Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.59 | $ | 9.54 | $ | 9.99 | $ | 9.28 | $ | 9.12 | $ | 8.86 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.21 | 0.40 | 0.41 | 0.40 | 0.41 | 0.44 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.14 | ) | 0.05 | (0.46 | ) | 0.72 | 0.16 | 0.26 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.07 | 0.45 | (0.05 | ) | 1.12 | 0.57 | 0.70 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.19 | ) | (0.40 | ) | (0.40 | ) | (0.41 | ) | (0.41 | ) | (0.44 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 9.47 | $ | 9.59 | $ | 9.54 | $ | 9.99 | $ | 9.28 | $ | 9.12 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.80 | %(d) | 4.78 | % | (0.38 | )% | 12.32 | % | 6.27 | % | 8.31 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.72 | %(e) | 0.70 | %(f) | 0.71 | %(f) | 0.71 | %(f) | 0.70 | % | 0.76 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.68 | %(e) | 0.68 | %(f) | 0.66 | %(f) | 0.71 | %(f) | 0.70 | % | 0.76 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees(g) | 0.52 | %(e) | 0.54 | %(f) | 0.57 | %(f) | 0.65 | %(f) | 0.66 | % | 0.69 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 4.07 | %(e) | 4.14 | %(f) | 4.24 | %(f) | 4.23 | %(f) | 4.37 | % | 5.02 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 598,862 | $ | 549,217 | $ | 516,247 | $ | 554,336 | $ | 327,422 | $ | 242,949 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of year (000) | $ | 69,214 | $ | 61,022 | $ | 60,043 | $ | 46,657 | $ | 26,216 | $ | 28,976 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 9 | % | 25 | % | 36 | % | 19 | % | 41 | % | 40 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
(f) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 59 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock High Yield Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor A | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.56 | $ | 9.52 | $ | 9.97 | $ | 9.26 | $ | 9.10 | $ | 8.84 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.20 | 0.37 | 0.38 | 0.38 | 0.38 | 0.41 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.13 | ) | 0.04 | (0.45 | ) | 0.71 | 0.16 | 0.26 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.07 | 0.41 | (0.07 | ) | 1.09 | 0.54 | 0.67 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.18 | ) | (0.37 | ) | (0.38 | ) | (0.38 | ) | (0.38 | ) | (0.41 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 9.45 | $ | 9.56 | $ | 9.52 | $ | 9.97 | $ | 9.26 | $ | 9.10 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.77 | %(d) | 4.40 | % | (0.63 | )% | 12.05 | % | 6.00 | % | 8.05 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.99 | %(e) | 0.96 | %(f) | 0.94 | %(f) | 0.96 | %(f) | 0.97 | % | 1.01 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.95 | %(e) | 0.94 | %(f) | 0.91 | %(f) | 0.96 | %(f) | 0.97 | % | 1.01 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees(g) | 0.79 | %(e) | 0.80 | %(f) | 0.82 | %(f) | 0.90 | %(f) | 0.93 | % | 0.94 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 3.80 | %(e) | 3.88 | %(f) | 4.00 | %(f) | 3.99 | %(f) | 4.11 | % | 4.80 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 234,889 | $ | 220,992 | $ | 201,212 | $ | 228,140 | $ | 156,348 | $ | 161,218 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of year (000) | $ | 69,214 | $ | 61,022 | $ | 60,043 | $ | 46,657 | $ | 26,216 | $ | 28,976 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 9 | % | 25 | % | 36 | % | 19 | % | 41 | % | 40 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
(f) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOBs. See Note 4 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
See notes to financial statements.
60 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock High Yield Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor C | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.59 | $ | 9.55 | $ | 9.99 | $ | 9.28 | $ | 9.12 | $ | 8.87 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.14 | 0.30 | 0.31 | 0.31 | 0.31 | 0.35 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.11 | ) | 0.04 | (0.44 | ) | 0.71 | 0.16 | 0.25 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.03 | 0.34 | (0.13 | ) | 1.02 | 0.47 | 0.60 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.15 | ) | (0.30 | ) | (0.31 | ) | (0.31 | ) | (0.31 | ) | (0.35 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 9.47 | $ | 9.59 | $ | 9.55 | $ | 9.99 | $ | 9.28 | $ | 9.12 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.28 | %(d) | 3.62 | % | (1.26 | )% | 11.20 | % | 5.20 | % | 7.11 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 1.75 | %(e)(f) | 1.73 | %(f) | 1.70 | %(f) | 1.72 | %(f) | 1.72 | % | 1.78 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and paid indirectly | 1.70 | %(e)(f) | 1.69 | %(f) | 1.66 | %(f) | 1.72 | %(f) | 1.72 | % | 1.78 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees(g) | 1.54 | %(e)(f) | 1.56 | %(f) | 1.57 | %(f) | 1.66 | %(f) | 1.68 | % | 1.70 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 3.04 | %(e)(f) | 3.13 | %(f) | 3.25 | %(f) | 3.23 | %(f) | 3.36 | % | 4.08 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 58,981 | $ | 60,065 | $ | 63,314 | $ | 71,527 | $ | 54,239 | $ | 51,858 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of year (000) | $ | 69,214 | $ | 61,022 | $ | 60,043 | $ | 46,657 | $ | 26,216 | $ | 28,976 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 9 | % | 25 | % | 36 | % | 19 | % | 41 | % | 40 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
(f) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOBs. See Note 4 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 61 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock High Yield Municipal Fund (continued) | ||||||||||||
Class K | ||||||||||||
Six Months Ended 12/31/18 (unaudited) | Period from 01/25/18 (a) to 06/30/18 | |||||||||||
Net asset value, beginning of period | $ | 9.59 | $ | 9.62 | ||||||||
|
|
|
| |||||||||
Net investment income(b) | 0.39 | 0.18 | ||||||||||
Net realized and unrealized gain (loss) | (0.31 | ) | (0.04 | ) | ||||||||
|
|
|
| |||||||||
Net increase (decrease) from investment operations | 0.08 | 0.14 | ||||||||||
|
|
|
| |||||||||
Distributions from net investment income(c) | (0.20 | ) | (0.17 | ) | ||||||||
|
|
|
| |||||||||
Net asset value, end of period | $ | 9.47 | $ | 9.59 | ||||||||
|
|
|
| |||||||||
Total Return(d) |
| |||||||||||
Based on net asset value | 0.81 | %(e) | 1.50 | %(e) | ||||||||
|
|
|
| |||||||||
Ratios to Average Net Assets |
| |||||||||||
Total expenses(g) | 0.70 | %(f)(g) | 0.67 | %(h) | ||||||||
|
|
|
| |||||||||
Total expenses after fees waived and paid indirectly | 0.65 | %(f)g) | 0.62 | % | ||||||||
|
|
|
| |||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, and amortization of offering costs(i) | 0.49 | %(f)(g) | 0.49 | % | ||||||||
|
|
|
| |||||||||
Net investment income | 4.12 | %(f)(g) | 4.48 | % | ||||||||
|
|
|
| |||||||||
Supplemental Data |
| |||||||||||
Net assets, end of period (000) | $ | 22,994 | $ | 11,712 | ||||||||
|
|
|
| |||||||||
Borrowings outstanding, end of period (000) | $ | 69,214 | $ | 61,022 | ||||||||
|
|
|
| |||||||||
Portfolio turnover rate | 9 | % | 25 | % | ||||||||
|
|
|
|
(a) | Commencement of operations. |
(b) | Based on average Common Shares outstanding. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
(g) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(h) | Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.68%. |
(i) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
62 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock National Municipal Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.79 | $ | 10.88 | $ | 11.22 | $ | 10.86 | $ | 10.88 | $ | 10.56 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.17 | 0.33 | 0.34 | 0.34 | 0.38 | 0.42 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.12 | ) | (0.09 | ) | (0.34 | ) | 0.36 | (0.02 | ) | 0.32 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.05 | 0.24 | 0.00 | 0.70 | 0.36 | 0.74 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.17 | ) | (0.33 | ) | (0.34 | ) | (0.34 | ) | (0.38 | ) | (0.42 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.67 | $ | 10.79 | $ | 10.88 | $ | 11.22 | $ | 10.86 | $ | 10.88 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.46 | %(d) | 2.23 | % | 0.09 | % | 6.68 | % | 3.33 | % | 7.19 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.52 | %(e)(f) | 0.52 | %(f) | 0.57 | %(f) | 0.60 | % | 0.64 | % | 0.68 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.47 | %(e)(f) | 0.44 | %(f) | 0.49 | %(f) | 0.58 | % | 0.59 | % | 0.63 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly and excluding interest expense, fees, and reorganization costs | 0.43 | %(e)(f) | 0.44 | %(f) | 0.48 | %(f) | 0.57 | % | 0.55 | %(g) | 0.57 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 3.12 | %(e)(f) | 3.04 | %(f) | 3.15 | %(f) | 3.10 | % | 3.47 | % | 3.98 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,340,521 | $ | 3,028,849 | $ | 3,225,595 | $ | 3,326,972 | $ | 2,088,580 | $ | 1,796,660 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 294,360 | $ | — | $ | — | $ | — | $ | 275,550 | $ | 286,095 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 58 | % | 51 | % | 83 | % | 83 | % | 28 | % | 35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
(f) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 63 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock National Municipal Fund (continued) | ||||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.78 | $ | 10.87 | $ | 11.21 | $ | 10.85 | $ | 10.86 | $ | 10.55 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.17 | 0.31 | 0.33 | 0.34 | 0.38 | 0.43 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.13 | ) | (0.10 | ) | (0.35 | ) | 0.34 | (0.03 | ) | 0.27 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.04 | 0.21 | (0.02 | ) | 0.68 | 0.35 | 0.70 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.15 | ) | (0.30 | ) | (0.32 | ) | (0.32 | ) | (0.36 | ) | (0.39 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.67 | $ | 10.78 | $ | 10.87 | $ | 11.21 | $ | 10.85 | $ | 10.86 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.43 | %(d) | 1.99 | % | (0.14 | )% | 6.47 | % | 3.23 | % | 6.85 | % | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.74 | %(e)(f) | 0.71 | %(f) | 0.76 | %(f) | 0.80 | % | 0.82 | % | 0.90 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.71 | %(e)(f) | 0.67 | %(f) | 0.71 | %(f) | 0.78 | % | 0.77 | % | 0.85 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly and excluding interest expense, fees, and reorganization costs | 0.68 | %(e)(f) | 0.67 | %(f) | 0.71 | %(f) | 0.77 | % | 0.74 | %(g) | 0.79 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 3.10 | %(e)(f) | 2.90 | %(f) | 3.04 | %(f) | 3.06 | % | 3.52 | % | 4.04 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,735 | $ | 2,407 | $ | 3,150 | $ | 2,505 | $ | 1,739 | $ | 1,089 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 294,360 | $ | — | $ | — | $ | — | $ | 275,550 | $ | 286,095 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 58 | % | 51 | % | 83 | % | 83 | % | 28 | % | 35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
(f) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
64 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock National Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor A | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.80 | $ | 10.88 | $ | 11.23 | $ | 10.87 | $ | 10.88 | $ | 10.57 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.15 | 0.30 | 0.32 | 0.33 | 0.36 | 0.40 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.12 | ) | (0.08 | ) | (0.35 | ) | 0.36 | (0.01 | ) | 0.31 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.03 | 0.22 | (0.03 | ) | 0.69 | 0.35 | 0.71 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.15 | ) | (0.30 | ) | (0.32 | ) | (0.33 | ) | (0.36 | ) | (0.40 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.68 | $ | 10.80 | $ | 10.88 | $ | 11.23 | $ | 10.87 | $ | 10.88 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.33 | %(d) | 2.07 | % | (0.22 | )% | 6.42 | % | 3.26 | % | 6.93 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.80 | %(e)(f) | 0.77 | %(f) | 0.81 | %(f) | 0.85 | % | 0.90 | % | 0.90 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.72 | %(e)(f) | 0.69 | %(f) | 0.70 | %(f) | 0.74 | % | 0.75 | % | 0.78 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly and excluding interest expense, fees, and reorganization costs | 0.68 | %(e)(f) | 0.69 | %(f) | 0.70 | %(f) | 0.72 | % | 0.72 | %(g) | 0.72 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 2.86 | %(e)(f) | 2.79 | %(f) | 2.93 | %(f) | 2.97 | % | 3.30 | % | 3.81 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,539,320 | $ | 2,730,622 | $ | 2,342,752 | $ | 2,669,101 | $ | 2,388,743 | $ | 1,990,729 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 294,360 | $ | — | $ | — | $ | — | $ | 275,550 | $ | 286,095 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 58 | % | 51 | % | 83 | % | 83 | % | 28 | % | 35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
(f) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 65 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock National Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor C | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.80 | $ | 10.88 | $ | 11.23 | $ | 10.87 | $ | 10.88 | $ | 10.57 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.11 | 0.22 | 0.24 | 0.24 | 0.28 | 0.32 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.12 | ) | (0.08 | ) | (0.35 | ) | 0.36 | (0.01 | ) | 0.31 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | (0.01 | ) | 0.14 | (0.11 | ) | 0.60 | 0.27 | 0.63 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.11 | ) | (0.22 | ) | (0.24 | ) | (0.24 | ) | (0.28 | ) | (0.32 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.68 | $ | 10.80 | $ | 10.88 | $ | 11.23 | $ | 10.87 | $ | 10.88 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | (0.05 | )%(d) | 1.31 | % | (0.96 | )% | 5.63 | % | 2.49 | % | 6.13 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 1.50 | %(e)(f) | 1.47 | %(f) | 1.51 | %(f) | 1.54 | % | 1.59 | % | 1.62 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 1.46 | %(e)(f) | 1.43 | %(f) | 1.45 | %(f) | 1.49 | % | 1.50 | % | 1.53 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly and excluding interest expense, fees, and reorganization costs | 1.43 | %(e)(f) | 1.43 | %(f) | 1.44 | %(f) | 1.47 | % | 1.47 | %(g) | 1.47 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 2.11 | %(e)(f) | 2.04 | %(f) | 2.19 | %(f) | 2.22 | % | 2.55 | % | 3.08 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 284,476 | $ | 327,384 | $ | 382,703 | $ | 467,928 | $ | 397,945 | $ | 389,612 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 294,360 | $ | — | $ | — | $ | — | $ | 275,550 | $ | 286,095 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 58 | % | 51 | % | 83 | % | 83 | % | 28 | % | 35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
(f) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
66 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock National Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor C1 | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.79 | $ | 10.88 | $ | 11.22 | $ | 10.87 | $ | 10.88 | $ | 10.56 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.13 | 0.25 | 0.26 | 0.27 | 0.30 | 0.34 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.12 | ) | (0.10 | ) | (0.34 | ) | 0.35 | (0.01 | ) | 0.32 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.01 | 0.15 | (0.08 | ) | 0.62 | 0.29 | 0.66 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.12 | ) | (0.24 | ) | (0.26 | ) | (0.27 | ) | (0.30 | ) | (0.34 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.68 | $ | 10.79 | $ | 10.88 | $ | 11.22 | $ | 10.87 | $ | 10.88 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.15 | %(d) | 1.42 | % | (0.68 | )% | 5.83 | % | 2.68 | % | 6.43 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 1.31 | %(e)(f) | 1.28 | %(f) | 1.31 | %(f) | 1.34 | % | 1.39 | % | 1.42 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 1.27 | %(e)(f) | 1.24 | %(f) | 1.25 | %(f) | 1.30 | % | 1.31 | % | 1.34 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly and excluding interest expense, fees, and reorganization costs | 1.23 | %(e)(f) | 1.24 | %(f) | 1.25 | %(f) | 1.28 | % | 1.28 | %(g) | 1.28 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 2.38 | %(e)(f) | 2.24 | %(f) | 2.40 | %(f) | 2.42 | % | 2.74 | % | 3.27 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 953 | $ | 9,788 | $ | 12,072 | $ | 61,362 | $ | 64,049 | $ | 71,147 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 294,360 | $ | — | $ | — | $ | — | $ | 275,550 | $ | 286,095 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 58 | % | 51 | % | 83 | % | 83 | % | 28 | % | 35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
(f) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 67 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock National Municipal Fund (continued) | ||||||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.79 | $ | 10.88 | $ | 11.22 | $ | 10.87 | $ | 10.88 | $ | 10.56 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.17 | 0.33 | 0.35 | 0.36 | 0.39 | 0.43 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.11 | ) | (0.09 | ) | (0.34 | ) | 0.35 | (0.01 | ) | 0.32 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.06 | 0.24 | 0.01 | 0.71 | 0.38 | 0.75 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.17 | ) | (0.33 | ) | (0.35 | ) | (0.36 | ) | (0.39 | ) | (0.43 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.68 | $ | 10.79 | $ | 10.88 | $ | 11.22 | $ | 10.87 | $ | 10.88 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.58 | %(d) | 2.28 | % | 0.15 | % | 6.70 | % | 3.53 | % | 7.30 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.45 | %(e)(f) | 0.44 | %(f) | 0.48 | %(f) | 0.53 | % | 0.58 | % | 0.61 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly | 0.42 | %(e)(f) | 0.39 | %(f) | 0.41 | %(f) | 0.48 | % | 0.49 | % | 0.52 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly and excluding interest expense, fees, and reorganization costs | 0.38 | %(e)(f) | 0.39 | %(f) | 0.40 | %(f) | 0.46 | % | 0.46 | %(g) | 0.46 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 3.16 | %(e)(f) | 3.09 | %(f) | 3.24 | %(f) | 3.24 | % | 3.56 | % | 4.09 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,037,999 | $ | 3,012,495 | $ | 1,847,397 | $ | 332,000 | $ | 341,071 | $ | 366,179 | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 294,360 | $ | — | $ | — | $ | — | $ | 275,550 | $ | 286,095 | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 58 | % | 51 | % | 83 | % | 83 | % | 28 | % | 35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
(f) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
68 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Short-Term Municipal Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.08 | $ | 10.12 | $ | 10.18 | $ | 10.11 | $ | 10.16 | $ | 10.12 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.08 | 0.11 | 0.07 | 0.05 | 0.04 | 0.05 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | — | (0.04 | ) | (0.06 | ) | 0.07 | (0.05 | ) | 0.04 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.08 | 0.07 | 0.01 | 0.12 | (0.01 | ) | 0.09 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.07 | ) | (0.11 | ) | (0.07 | ) | (0.05 | ) | (0.04 | ) | (0.05 | ) | ||||||||||||||||
From net realized gain | — | — | (0.00 | )(c) | (0.00 | )(c) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.07 | ) | (0.11 | ) | (0.07 | ) | (0.05 | ) | (0.04 | ) | (0.05 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.09 | $ | 10.08 | $ | 10.12 | $ | 10.18 | $ | 10.11 | $ | 10.16 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.80 | %(e) | 0.71 | % | 0.10 | % | 1.15 | % | (0.11 | )% | 0.90 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.47 | %(f) | 0.49 | % | 0.52 | % | 0.52 | % | 0.51 | % | 0.51 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.36 | %(f) | 0.36 | % | 0.37 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.42 | %(f) | 1.12 | % | 0.66 | % | 0.48 | % | 0.42 | % | 0.54 | % | ||||||||||||||||
|
|
|
|
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|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 401,219 | $ | 360,543 | $ | 357,427 | $ | 454,165 | $ | 492,702 | $ | 619,700 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 68 | % | 153 | % | 88 | % | 67 | % | 72 | % | 56 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 69 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Short-Term Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor A | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.08 | $ | 10.13 | $ | 10.18 | $ | 10.12 | $ | 10.16 | $ | 10.12 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.06 | 0.09 | 0.04 | 0.02 | 0.01 | 0.03 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.01 | (0.05 | ) | (0.05 | ) | 0.06 | (0.04 | ) | 0.03 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.07 | 0.04 | (0.01 | ) | 0.08 | (0.03 | ) | 0.06 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.06 | ) | (0.09 | ) | (0.04 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||||
From net realized gain | — | — | (0.00 | )(c) | (0.00 | )(c) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.06 | ) | (0.09 | ) | (0.04 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.09 | $ | 10.08 | $ | 10.13 | $ | 10.18 | $ | 10.12 | $ | 10.16 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.68 | %(e) | 0.37 | % | (0.06 | )% | 0.76 | % | (0.29 | )% | 0.64 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.67 | %(f) | 0.68 | % | 0.72 | % | 0.71 | % | 0.70 | % | 0.67 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.60 | %(f) | 0.60 | % | 0.63 | % | 0.69 | % | 0.69 | % | 0.67 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.13 | %(f) | 0.85 | % | 0.40 | % | 0.19 | % | 0.13 | % | 0.26 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 126,969 | $ | 61,444 | $ | 67,193 | $ | 78,879 | $ | 100,980 | $ | 137,629 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 68 | % | 153 | % | 88 | % | 67 | % | 72 | % | 56 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.005) per share. |
(d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
70 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Short-Term Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor A1 | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.08 | $ | 10.13 | $ | 10.19 | $ | 10.12 | $ | 10.17 | $ | 10.12 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.07 | 0.10 | 0.06 | 0.04 | 0.03 | 0.04 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.01 | (0.05 | ) | (0.06 | ) | 0.06 | (0.05 | ) | 0.05 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.08 | 0.05 | 0.00 | 0.10 | (0.02 | ) | 0.09 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.07 | ) | (0.10 | ) | (0.06 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | ||||||||||||||||
From net realized gain | — | — | (0.00 | )(c) | (0.00 | )(c) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total dividends and distributions | (0.07 | ) | (0.10 | ) | (0.06 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.09 | $ | 10.08 | $ | 10.13 | $ | 10.19 | $ | 10.12 | $ | 10.17 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.75 | %(e) | 0.51 | % | (0.01 | )% | 1.03 | % | (0.23 | )% | 0.88 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.55 | %(f) | 0.55 | % | 0.56 | % | 0.55 | % | 0.55 | % | 0.54 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.46 | %(f) | 0.46 | % | 0.48 | % | 0.52 | % | 0.52 | % | 0.52 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.25 | %(f) | 0.98 | % | 0.54 | % | 0.36 | % | 0.30 | % | 0.42 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 16,203 | $ | 17,389 | $ | 19,724 | $ | 25,203 | $ | 33,292 | $ | 37,280 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 68 | % | 153 | % | 88 | % | 67 | % | 72 | % | 56 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.005) per share. |
(d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 71 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Short-Term Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor C | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.82 | $ | 9.86 | $ | 9.96 | $ | 9.95 | $ | 10.07 | $ | 10.08 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income (loss)(a) | 0.02 | — | (0.04 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.01 | (0.03 | ) | (0.06 | ) | 0.07 | (0.05 | ) | 0.05 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.03 | (0.03 | ) | (0.10 | ) | 0.01 | (0.12 | ) | (0.01 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.02 | ) | (0.01 | ) | — | — | — | — | ||||||||||||||||||||
From net realized gain | — | — | (0.00 | )(c) | (0.00 | )(c) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.02 | ) | (0.01 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 9.83 | $ | 9.82 | $ | 9.86 | $ | 9.96 | $ | 9.95 | $ | 10.07 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.30 | %(e) | (0.26 | )% | (0.96 | )% | 0.11 | % | (1.19 | )% | (0.10 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 1.46 | %(f) | 1.46 | % | 1.48 | % | 1.48 | % | 1.47 | % | 1.45 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and paid indirectly | 1.36 | %(f) | 1.36 | % | 1.39 | % | 1.48 | % | 1.47 | % | 1.45 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income (loss) | 0.21 | %(f) | 0.01 | % | (0.41 | )% | (0.60 | )% | (0.70 | )% | (0.55 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 19,433 | $ | 16,825 | $ | 22,859 | $ | 31,251 | $ | 31,121 | $ | 38,520 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 68 | % | 153 | % | 88 | % | 67 | % | 72 | % | 56 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.005) per share. |
(d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
See notes to financial statements.
72 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Short-Term Municipal Fund (continued) | ||||||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.08 | $ | 10.12 | $ | 10.18 | $ | 10.11 | $ | 10.15 | $ | 10.11 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.05 | 0.08 | 0.00 | (b) | 0.05 | 0.02 | 0.04 | |||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.03 | — | 0.01 | 0.06 | (0.02 | ) | 0.05 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.08 | 0.08 | 0.01 | 0.11 | — | 0.09 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (0.07 | ) | (0.12 | ) | (0.07 | ) | (0.04 | ) | (0.04 | ) | (0.05 | ) | ||||||||||||||||
From net realized gain | — | — | (0.00 | )(d) | (0.00 | )(d) | — | — | ||||||||||||||||||||
|
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|
|
| |||||||||||||||||
Total distributions | (0.07 | ) | (0.12 | ) | (0.07 | ) | (0.04 | ) | (0.04 | ) | (0.05 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.09 | $ | 10.08 | $ | 10.12 | $ | 10.18 | $ | 10.11 | $ | 10.15 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(e) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.83 | %(f) | 0.76 | % | 0.13 | % | 1.13 | % | (0.01 | )% | 0.91 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.39 | %(g) | 0.38 | % | 0.43 | % | 0.42 | % | 0.41 | % | 0.39 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.31 | %(g) | 0.31 | % | 0.34 | % | 0.42 | % | 0.40 | % | 0.39 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.94 | %(g) | 0.75 | % | 0.02 | % | 0.45 | % | 0.21 | % | 0.35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,239 | $ | 6,719 | $ | 3,238 | $ | 3,279 | $ | 6,732 | $ | 8,814 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 68 | % | 153 | % | 88 | % | 67 | % | 72 | % | 56 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Amount is less than $0.005 per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Amount is greater than $(0.005) per share. |
(e) | Where applicable, assumes the reinvestment of distributions. |
(f) | Aggregate total return. |
(g) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 73 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock New York Municipal Opportunities Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.31 | $ | 11.21 | $ | 11.58 | $ | 10.90 | $ | 10.79 | $ | 10.46 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.25 | 0.33 | 0.35 | 0.36 | 0.41 | 0.43 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.23 | ) | 0.10 | (0.37 | ) | 0.69 | 0.11 | 0.33 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.02 | 0.43 | (0.02 | ) | 1.05 | 0.52 | 0.76 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.31 | ) | (0.33 | ) | (0.35 | ) | (0.37 | ) | (0.41 | ) | (0.43 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 11.02 | $ | 11.31 | $ | 11.21 | $ | 11.58 | $ | 10.90 | $ | 10.79 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.15 | %(d) | 3.93 | % | (0.09 | )% | 9.80 | % | 4.86 | % | 7.52 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.72 | %(e)(f) | 0.74 | %(e) | 0.75 | %(e) | 0.76 | % | 0.78 | % | 0.80 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and paid indirectly | 0.65 | %(e)(f) | 0.63 | %(e) | 0.63 | %(e) | 0.70 | % | 0.69 | % | 0.79 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees(g) | 0.50 | %(e)(f) | 0.50 | %(e) | 0.52 | %(e) | 0.65 | % | 0.65 | % | 0.74 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 3.00 | %(e)(f) | 2.96 | %(e) | 3.17 | %(e) | 3.26 | % | 3.73 | % | 4.16 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 533,124 | $ | 455,378 | $ | 266,540 | $ | 186,378 | $ | 79,506 | $ | 34,777 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of year (000) | $ | 90,104 | $ | 67,389 | $ | 60,785 | $ | 49,774 | $ | 18,711 | $ | 18,711 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 57 | % | 43 | % | 34 | % | 20 | % | 22 | % | 18 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Annualized. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
74 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock New York Municipal Opportunities Fund (continued) | ||||||||||||||||||||||||||||
Investor A | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.31 | $ | 11.21 | $ | 11.58 | $ | 10.91 | $ | 10.80 | $ | 10.47 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.20 | 0.31 | 0.33 | 0.33 | 0.38 | 0.41 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.19 | ) | 0.10 | (0.38 | ) | 0.68 | 0.11 | 0.33 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.01 | 0.41 | (0.05 | ) | 1.01 | 0.49 | 0.74 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.29 | ) | (0.31 | ) | (0.32 | ) | (0.34 | ) | (0.38 | ) | (0.41 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 11.03 | $ | 11.31 | $ | 11.21 | $ | 11.58 | $ | 10.91 | $ | 10.80 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.11 | %(d) | 3.67 | % | (0.34 | )% | 9.53 | % | 4.61 | % | 7.26 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.99 | %(e)(f) | 0.96 | %(e) | 0.96 | %(e) | 1.01 | % | 1.04 | % | 1.03 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly | 0.90 | %(e)(f) | 0.88 | %(e) | 0.88 | %(e) | 0.94 | % | 0.93 | % | 1.03 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly and excluding interest expense and fees(g) | 0.75 | %(e)(f) | 0.75 | %(e) | 0.77 | %(e) | 0.89 | % | 0.89 | % | 0.98 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 2.74 | %(e)(f) | 2.71 | %(e) | 2.92 | %(e) | 3.01 | % | 3.50 | % | 3.92 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 412,927 | $ | 362,961 | $ | 260,308 | $ | 213,000 | $ | 82,376 | $ | 46,084 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of year (000) | $ | 90,104 | $ | 67,389 | $ | 60,785 | $ | 49,774 | $ | 18,711 | $ | 18,711 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 57 | % | 43 | % | 34 | % | 20 | % | 22 | % | 18 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Annualized. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 75 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock New York Municipal Opportunities Fund (continued) | ||||||||||||||||||||||||||||
Investor A1 | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.31 | $ | 11.21 | $ | 11.58 | $ | 10.91 | $ | 10.80 | $ | 10.46 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.16 | 0.32 | 0.34 | 0.35 | 0.40 | 0.42 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.14 | ) | 0.10 | (0.37 | ) | 0.67 | 0.11 | 0.34 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.02 | 0.42 | (0.03 | ) | 1.02 | 0.51 | 0.76 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.30 | ) | (0.32 | ) | (0.34 | ) | (0.35 | ) | (0.40 | ) | (0.42 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 11.03 | $ | 11.31 | $ | 11.21 | $ | 11.58 | $ | 10.91 | $ | 10.80 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | 0.19 | %(d) | 3.83 | % | (0.19 | )% | 9.55 | % | 4.71 | % | 7.53 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 0.82 | %(e)(f) | 0.81 | %(f) | 0.81 | %(f)(g) | 0.86 | % | 0.88 | % | 0.88 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly | 0.75 | %(e)(f) | 0.72 | %(f) | 0.73 | %(f) | 0.83 | % | 0.83 | % | 0.88 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly and excluding interest expense and fees(h) | 0.60 | %(e)(f) | 0.60 | %(f) | 0.63 | %(f) | 0.78 | % | 0.79 | % | 0.83 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 2.89 | %(e)(f) | 2.87 | %(f) | 3.06 | %(f) | 3.17 | % | 3.61 | % | 4.07 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 102,129 | $ | 107,538 | $ | 114,821 | $ | 124,864 | $ | 125,718 | $ | 132,184 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of year (000) | $ | 90,104 | $ | 67,389 | $ | 60,785 | $ | 49,774 | $ | 18,711 | $ | 18,711 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 57 | % | 43 | % | 34 | % | 20 | % | 22 | % | 18 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Annualized. |
(f) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios. |
(h) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details |
See notes to financial statements.
76 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock New York Municipal Opportunities Fund (continued) | ||||||||||||||||||||||||||||
Investor C | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.31 | $ | 11.21 | $ | 11.58 | $ | 10.90 | $ | 10.80 | $ | 10.46 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.12 | 0.22 | 0.24 | 0.25 | 0.30 | 0.33 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.15 | ) | 0.10 | (0.37 | ) | 0.69 | 0.10 | 0.34 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | (0.03 | ) | 0.32 | (0.13 | ) | 0.94 | 0.40 | 0.67 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(b) | (0.25 | ) | (0.22 | ) | (0.24 | ) | (0.26 | ) | (0.30 | ) | (0.33 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 11.03 | $ | 11.31 | $ | 11.21 | $ | 11.58 | $ | 10.90 | $ | 10.80 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) |
| |||||||||||||||||||||||||||
Based on net asset value | (0.27 | )%(d) | 2.89 | % | (1.08 | )% | 8.72 | % | 3.74 | % | 6.57 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets |
| |||||||||||||||||||||||||||
Total expenses | 1.73 | %(e)(f) | 1.73 | %(e) | 1.72 | %(e) | 1.76 | % | 1.78 | % | 1.78 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly | 1.65 | %(e)(f) | 1.63 | %(e) | 1.63 | %(e) | 1.69 | % | 1.68 | % | 1.77 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and/or paid indirectly and excluding interest expense and fees(g) | 1.50 | %(e)(f) | 1.50 | %(e) | 1.52 | %(e) | 1.64 | % | 1.64 | % | 1.72 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.99 | %(e)(f) | 1.96 | %(e) | 2.17 | %(e) | 2.27 | % | 2.75 | % | 3.17 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data |
| |||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 100,340 | $ | 98,722 | $ | 85,612 | $ | 77,338 | $ | 37,670 | $ | 27,595 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of year (000) | $ | 90,104 | $ | 67,389 | $ | 60,785 | $ | 49,774 | $ | 18,711 | $ | 18,711 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 57 | % | 43 | % | 34 | % | 20 | % | 22 | % | 18 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Annualized. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 77 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock New York Municipal Opportunities Fund (continued) | ||||||||||||||||||||||||||||
Investor C1 | ||||||||||||||||||||||||||||
Six Months Ended 12/31/18 | Year Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.31 | $ | 11.21 | $ | 11.58 | $ | 10.90 | $ | 10.80 | $ | 10.46 | ||||||||||||||||
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Net investment income(a) | 0.09 | 0.27 | 0.29 | 0.30 | 0.34 | 0.37 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.10 | ) | 0.10 | (0.37 | ) | 0.68 | 0.10 | 0.34 | ||||||||||||||||||||
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Net increase (decrease) from investment operations | (0.01 | ) | 0.37 | (0.08 | ) | 0.98 | 0.44 | 0.71 | ||||||||||||||||||||
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Distributions from net investment income(b) | (0.27 | ) | (0.27 | ) | (0.29 | ) | (0.30 | ) | (0.34 | ) | (0.37 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 11.03 | $ | 11.31 | $ | 11.21 | $ | 11.58 | $ | 10.90 | $ | 10.80 | ||||||||||||||||
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Total Return(c) |
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Based on net asset value | (0.06 | )%(d) | 3.31 | % | (0.69 | )% | 9.12 | % | 4.11 | % | 7.00 | % | ||||||||||||||||
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Ratios to Average Net Assets |
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Total expenses | 1.35 | %(e)(f) | 1.38 | %(e) | 1.30 | %(e) | 1.35 | % | 1.37 | % | 1.37 | % | ||||||||||||||||
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Total expenses after fees waived and paid indirectly | 1.25 | %(e)(f) | 1.23 | %(e) | 1.23 | %(e) | 1.32 | % | 1.32 | % | 1.36 | % | ||||||||||||||||
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Total expenses after fees waived and paid indirectly and excluding interest expense and fees(g) | 1.10 | %(e)(f) | 1.10 | %(e) | 1.12 | %(e) | 1.27 | % | 1.28 | % | 1.31 | % | ||||||||||||||||
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Net investment income | 2.33 | %(e)(f) | 2.36 | %(e) | 2.56 | %(e) | 2.68 | % | 3.12 | % | 3.58 | % | ||||||||||||||||
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Supplemental Data |
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Net assets, end of period (000) | $ | 43 | $ | 742 | $ | 807 | $ | 7,670 | $ | 7,762 | $ | 8,827 | ||||||||||||||||
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Borrowings outstanding, end of year (000) | $ | 90,104 | $ | 67,389 | $ | 60,785 | $ | 49,774 | $ | 18,711 | $ | 18,711 | ||||||||||||||||
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Portfolio turnover rate | 57 | % | 43 | % | 34 | % | 20 | % | 22 | % | 18 | % | ||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Aggregate total return. |
(e) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Annualized. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
78 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock New York Municipal Opportunities Fund (continued) | ||||||||||||
Class K | ||||||||||||
Six Months Ended 12/31/18 (unaudited) | Period from to 06/30/18 | |||||||||||
Net asset value, beginning of period | $ | 11.31 | $ | 11.34 | ||||||||
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Net investment income(b) | 0.41 | 0.16 | ||||||||||
Net realized and unrealized gain (loss) | (0.39 | ) | (0.05 | ) | ||||||||
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Net increase (decrease) from investment operations | 0.02 | 0.11 | ||||||||||
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Distributions from net investment income(b) | (0.31 | ) | (0.14 | ) | ||||||||
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Net asset value, end of period | $ | 11.02 | $ | 11.31 | ||||||||
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Total Return(d) | ||||||||||||
Based on net asset value | 0.17 | %(e) | 1.02 | %(e) | ||||||||
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Ratios to Average Net Assets(f)(g) |
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Total expenses | 0.68 | % | 0.67 | %(h) | ||||||||
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Total expenses after fees waived and paid indirectly | 0.60 | % | 0.58 | % | ||||||||
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Total expenses after fees waived and paid indirectly and excluding interest expense and fees, and amortization of offering costs(i) | 0.45 | % | 0.45 | % | ||||||||
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Net investment income | 3.05 | % | 3.42 | % | ||||||||
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Supplemental Data |
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Net assets, end of period (000) | $ | 3,420 | $ | 2,611 | ||||||||
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Borrowings outstanding, end of period (000) | $ | 90,104 | $ | 67,389 | ||||||||
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Portfolio turnover rate | 57 | % | 43 | % | ||||||||
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(a) | Commencement of operations. |
(b) | Based on average Common Shares outstanding. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Annualized. |
(g) | Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds. |
(h) | Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.68%. |
(i) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 79 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
BlackRock Municipal Bond Fund, Inc. (the “Corporation”) and BlackRock Multi-State Municipal Series Trust (the “Trust”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), asopen-end management investment companies. The Corporation is organized as a Maryland corporation. The Trust is organized as a Massachusetts business trust. The following are referred to herein collectively as the “Funds” or individually as a “Fund”:
Registrant Name | Fund Name | Herein Referred To As | Diversification Classification | |||
BlackRock Municipal Bond Fund, Inc. | BlackRock High Yield Municipal Fund | High Yield Municipal | Diversified | |||
BlackRock Municipal Bond Fund, Inc. | BlackRock National Municipal Fund | National Municipal | Diversified | |||
BlackRock Municipal Bond Fund, Inc. | BlackRock Short-Term Municipal Fund | Short-Term Municipal | Diversified | |||
BlackRock Multi-State Municipal Series Trust | BlackRock New York Municipal Opportunities Fund | New York Municipal | Diversified |
Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold without a sales charge and only to certain eligible investors. Investor A and Investor C Shares are generally available through financial intermediaries. Investor A1 and C1 Shares are only available for dividend and capital gain reinvestment by existing shareholders, and for purchase by certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.
Share Class | Initial Sales Charge | CDSC | Conversion Privilege | |||||||
Institutional, Service and Class K Shares(a) | No | No | None | |||||||
Investor A Shares | Yes | No | (b) | None | ||||||
Investor A1 Shares | No | (c) | No | (d) | None | |||||
Investor C Shares(e) | No | Yes | To Investor A Shares after approximately 10 years | |||||||
Investor C1 Shares(e) | No | No | (f) | To Investor A Shares after approximately 10 years |
(a) | Class K Shares of High Yield Municipal and New York Municipal commenced operations on January 25, 2018. |
(b) | Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. |
(c) | Investor A1 Shares are subject to a maximum sales charge on purchases of 1.00%. The sales charge does not apply to dividend and capital gain reinvestments by existing shareholders and new purchases for certain employer-sponsored retirement plans, which are currently the only investors who may invest in Investor A1 Shares. |
(d) | Investor A1 Shares may be subject to CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders. |
(e) | Effective November 8, 2018, these shares implemented an automatic conversion feature whereby such shares will be automatically converted into Investor A Shares after a conversion period of approximately ten years, and, thereafter, investors will be subject to lower ongoing fees. |
(f) | A CDSC of 1.00% is assessed on certain redemptions of Investor C1 Shares made within one year after purchase. The CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders. |
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex ofopen-end funds referred to as the Equity-Bond Complex.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition:For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization and accretion of premiums and discounts on debt securities is recognized on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Segregation and Collateralization:In cases where a Fund enters into certain investments (e.g., futures contracts,) or certain borrowings (e.g., TOB Trust transactions) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowings to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
Distributions: Distributions from net investment income are declared monthly and paid monthly. Distributions of capital gains are recorded on theex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Offering Costs: Offering costs are amortized over a 12-month period beginning with the commencement of operations of a class of shares.
80 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Recent Accounting Standards:
In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.
Indemnifications:In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of each Fund (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
• | Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. |
• | Investments inopen-end U.S. mutual funds are valued at net asset value (“NAV”) each business day. |
• | Futures contracts traded on exchanges are valued at their last sale price. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access |
• | Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs) |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
NOTESTO FINANCIAL STATEMENTS | 81 |
Notes to Financial Statements (unaudited) (continued)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/ornon-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Forward Commitments and When-Issued Delayed Delivery Securities: Certain Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A Fund may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a Fund may be required to pay more at settlement than the security is worth. In addition, a Fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a Fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.
Municipal Bonds Transferred to TOB Trusts: Certain Funds leverage their assets through the use of “TOB Trust” transactions. The funds transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (“TOB Trust Certificates”), which are sold to third party investors, and residual inverse floating rate interests (“TOB Residuals”), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provides the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a fund has contributed bonds. If multiple BlackRock advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.
TOB Trusts are supported by a liquidity facility provided by a third party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.
The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event, as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Funds) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.
While a fund’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. Each fund’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a fund. A fund typically invests the cash received in additional municipal bonds.
Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a fund’s Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a fund’s payable to the holder of the TOB Trust Certificates or the Liquidity Provider, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.
Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts tonon-bank sponsored TOB Trusts, a fund incurrednon-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of deferred offering costs in the Statements of Operations.
82 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:
Interest Expense | Liquidity Fees | Other Expenses | Total | |||||||||||||
High Yield Municipal | $ | 518,079 | $ | 153,020 | $ | 46,653 | $ | 717,752 | ||||||||
National Municipal | 1,168,732 | 290,501 | 97,906 | 1,557,139 | ||||||||||||
New York Municipal | 607,604 | 177,925 | 51,009 | 836,538 |
For the six months ended December 31, 2018, the following table is a summary of each Fund’s TOB Trusts:
Underlying Municipal Bonds Transferred to TOB Trusts (a) | Liability for TOB Trust Certificates (b) | Range of Interest Rates on TOB Trust Certificates at Period End | Average TOB Trust Certificates Outstanding | Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts | ||||||||||||||||
High Yield Municipal | $ | 122,684,044 | $ | 69,299,680 | 1.69% — 1.91% | $ | 66,669,111 | 2.14 | % | |||||||||||
National Municipal | 671,210,478 | 294,359,972 | 1.73% — 1.78% | 151,830,769 | 2.04 | |||||||||||||||
New York Municipal | 170,412,778 | 90,104,063 | 1.73% — 1.79% | 79,482,323 | 2.09 |
(a) | The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the funds, as a TOB Residuals holder, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts. |
(b) | TOB Trusts may be structured on anon-recourse or recourse basis. When a fund invests in TOB Trusts on anon-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a fund invests in a recourse TOB Trust, a fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a fund at December 31, 2018, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a fund at December 31, 2018. |
For the six months ended December 31, 2018, the following table is a summary of High Yield Municipal’s Loan for TOB Trust Certificates:
Loans Outstanding at Period End) | Range of Interest Rates on Loans at Period End | Average Loans Outstanding | Daily Weighted Average Rate of Interest and Other Expenses on Loans | |||||||||||||
High Yield Municipal | $ | — | $ | — | $ | 8,886 | 0.78 | % |
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange orover-the-counter (“OTC”).
Futures Contracts:Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk), and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amount pledged, which are considered restricted, are included in cash pledged for futures in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.
NOTESTO FINANCIAL STATEMENTS | 83 |
Notes to Financial Statements (unaudited) (continued)
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
INVESTMENT ADVISORY:The Corporation and the Trust, on behalf of the Funds, entered into Investment Advisory Agreements with the Manager, the Funds’ investment adviser, an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”) to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets.
High Yield Municipal and New York Municipal:
Average Daily Net Assets | Investment Advisory Fee | |||
First $1 Billion | 0.470 | % | ||
$1 Billion — $3 Billion | 0.440 | |||
$3 Billion — $5 Billion | 0.420 | |||
$5 Billion — $10 Billion | 0.410 | |||
Greater than $10 Billion | 0.400 |
National Municipal and Short-Term Municipal:
Rate of Investment Advisory Fee | ||||||||
Aggregate of Average Daily Net Assets of the Two Combined Funds (a) | National Municipal | Short-Term Municipal | ||||||
First $250 Million | 0.410 | % | 0.360 | % | ||||
$250 Million — $400 Million | 0.385 | 0.340 | ||||||
$400 Million — $550 Million | 0.385 | 0.320 | ||||||
Greater than $550 Million | 0.385 | 0.290 |
(a) | The portion of the assets of a Fund to which the rate of each breakpoint level applies will be determined on a “uniform percentage” basis. The uniform percentage applicable to a breakpoint level is determined by dividing the amount of the aggregate average daily net assets of the two combined Funds that falls within that breakpoint level by the aggregate average daily net assets of the two combined Funds. The amount of the fee for a Fund at each breakpoint level is determined by multiplying the average daily net assets of that Fund by the uniform percentage applicable to that breakpoint level and multiplying the product by the advisory fee rate. |
Service and Distribution Fees:The Corporation and the Trust, on behalf of the Funds, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:
Service Fees | ||||||||||||||||
High Yield Municipal | National Municipal | Short-Term Municipal | New York Municipal | |||||||||||||
Service | N/A | 0.25 | % | N/A | N/A | |||||||||||
Investor A | 0.25 | % | 0.25 | 0.25 | % | 0.25 | % | |||||||||
Investor A1 | N/A | N/A | 0.10 | 0.10 | ||||||||||||
Investor C | 0.25 | 0.25 | 0.25 | 0.25 | ||||||||||||
Investor C1 | N/A | 0.25 | N/A | 0.25 |
Distribution Fees | ||||||||||||||||
High Yield Municipal | National Municipal | Short-Term Municipal | New York Municipal | |||||||||||||
Investor C | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||
Investor C1 | N/A | 0.55 | N/A | 0.35 |
BRIL and broker-dealers, pursuant tosub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.
For the six months ended December 31, 2018, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:
Service | Investor A | Investor A1 | Investor C | Investor C1 | Total | |||||||||||||||||||
High Yield Municipal | $ | — | $ | 291,789 | $ | — | $ | 298,424 | $ | — | $ | 590,213 | ||||||||||||
National Municipal | 3,280 | 3,293,623 | — | 1,550,996 | 28,614 | 4,876,513 | ||||||||||||||||||
Short-Term Municipal | — | 86,958 | 8,463 | 81,838 | — | 177,259 | ||||||||||||||||||
New York Municipal | — | 496,854 | 52,985 | 495,964 | 1,628 | 1,047,431 |
84 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds withsub-accounting, recordkeeping,sub-transfer agency and other administrative services with respect tosub-accounts they service. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets, which are included in transfer agent — class specific in the Statements of Operations.
The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended December 31, 2018, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:
Institutional | Service | Investor A | Investor A1 | Investor C | Investor C1 | Class K | Total | |||||||||||||||||||||||||
High Yield Municipal | $ | 620 | $ | — | $ | 1,031 | $ | — | $ | 366 | $ | — | $ | 15 | $ | 2,032 | ||||||||||||||||
National Municipal | 20,842 | 28 | 7,644 | — | 1,158 | 47 | 2,706 | 32,425 | ||||||||||||||||||||||||
Short-Term Municipal | 728 | — | 246 | 69 | 61 | — | 6 | 1,110 | ||||||||||||||||||||||||
New York Municipal | 554 | — | 967 | 1,159 | 368 | 8 | 6 | 3,062 |
For the six months ended December 31, 2018, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:
Institutional | Service | Investor A | Investor A1 | Investor C | Investor C1 | Class K | Total | |||||||||||||||||||||||||
High Yield Municipal | $ | 92,153 | $ | — | $ | 52,240 | $ | — | $ | 17,671 | $ | — | $ | 311 | $ | 162,375 | ||||||||||||||||
National Municipal | 1,115,164 | 593 | 1,399,808 | — | 76,846 | 2,031 | 55,811 | 2,650,253 | ||||||||||||||||||||||||
Short-Term Municipal | 153,993 | — | 13,096 | 5,030 | 5,942 | — | 99 | 178,160 | ||||||||||||||||||||||||
New York Municipal | 73,326 | — | 142,370 | 22,623 | 29,980 | 213 | 79 | 268,591 |
Other Fees: For the six months ended December 31, 2018, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:
High Yield Municipal | National Municipal | Short-Term Municipal | New York Municipal | |||||||||||||
Investor A | $ | 8,849 | $ | 16,869 | $ | 1,947 | $ | 7,684 |
For the six months ended December 31, 2018, affiliates received CDSCs as follows:
High Yield Municipal | National Municipal | Short-Term Municipal | New York Municipal | |||||||||||||
Investor A | $ | 31,470 | $ | 52,648 | $ | 2,829 | $ | 36,022 | ||||||||
Investor C | $ | 2,617 | $ | 8,308 | $ | 65 | $ | 13,465 |
Expense Limitations, Waivers, Reimbursements, and Recoupments:With respect to each Fund, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended December 31, 2018, the amounts waived were as follows:
High Yield Municipal | National Municipal | Short-Term Municipal | New York Municipal | |||||||||||||
Amounts waived | $ | 20,089 | $ | 116,076 | $ | 78 | $ | 13,330 |
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through October 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors/trustees of the Corporation/Trust who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended December 31, 2018, there were no fees waived by the Manager.
For the six months ended December 31, 2018, the Funds reimbursed the Manager for certain accounting services, which is included in accounting services in the Statements of Operations. The reimbursements were as follows:
High Yield Municipal | National Municipal | Short-Term Municipal | New York Municipal | |||||||||||||
Amounts reimbursed | $ | 4,497 | $ | 49,031 | $ | 2,552 | $ | 5,354 |
NOTESTO FINANCIAL STATEMENTS | 85 |
Notes to Financial Statements (unaudited) (continued)
With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The current expense limitations as a percentage of average daily net assets are as follows:
Share Class | High Yield Municipal | National Municipal | Short-Term Municipal | New York Municipal | ||||||||||||
Institutional | 0.54 | % | 0.43 | % | 0.36 | % | 0.50 | % | ||||||||
Service | N/A | 0.68 | N/A | N/A | ||||||||||||
Investor A | 0.79 | 0.68 | 0.61 | 0.75 | ||||||||||||
Investor A1 | N/A | N/A | 0.46 | 0.60 | ||||||||||||
Investor C | 1.54 | 1.43 | 1.36 | 1.50 | ||||||||||||
Investor C1 | N/A | 1.23 | N/A | 1.10 | ||||||||||||
Class K | 0.49 | 0.38 | 0.31 | 0.45 |
The Manager has agreed not to reduce or discontinue this contractual expense limitation through October 31, 2019, unless approved by the Board, including a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended December 31, 2018, the Manager waived and/or reimbursed the following amounts, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.
High Yield Municipal | National Municipal | Short-Term Municipal | New York Municipal | |||||||||||||
Amounts waived | $ | 157,073 | $ | 1,276,077 | $ | 176,349 | $ | 372,967 |
These amounts waived and/or reimbursed are included in transfer agent fees waived and/or reimbursed — class specific in the Statements of Operations. For the six months ended December 31, 2018, class specific expense waivers and/or reimbursements are as follows:
Institutional | Service | Investor A | Investor A1 | Investor C | Investor C1 | Class K | Total | |||||||||||||||||||||||||
High Yield Municipal | $ | 15 | $ | — | $ | 14 | $ | — | $ | 2,751 | $ | — | $ | 311 | $ | 3,091 | ||||||||||||||||
National Municipal | 314,499 | 6 | 741,083 | — | 3,793 | 272 | 55,810 | 1,115,463 | ||||||||||||||||||||||||
Short-Term Municipal | 62,112 | — | — | 799 | 1,849 | — | 99 | 64,859 | ||||||||||||||||||||||||
New York Municipal. | 564 | — | 43,000 | 9 | 5,182 | 77 | 79 | 48,911 |
With respect to the contractual expense limitation, if during New York Municipal’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:
(1) The Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year; and
(2) The Manager or an affiliate continues to serve as the Fund’s investment adviser or administrator.
This repayment with respect to New York Municipal applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time.
For the six months ended December 31, 2018, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by New York Municipal:
Institutional | $ | 46,542 | ||
Investor A1 | 3,265 |
On December 31, 2018, New York Muncipal’s fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:
Expiring June 30, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Fund level | $ | 126,519 | $ | 507,055 | $ | 372,967 | ||||||
Institutional | 118,015 | 169,145 | 564 | |||||||||
Investor A | 84,248 | 70,876 | 43,000 | |||||||||
Investor A1 | 27,653 | 27,033 | 9 | |||||||||
Investor C | 35,926 | 36,200 | 5,182 | |||||||||
Investor C1 | 1,235 | 755 | 77 | |||||||||
Class K | — | — | 79 |
86 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Each Fund has begun to incur expenses in connection with a proposed realignment and consolidation of the boards of directors of certain BlackRock-advised funds. The Manager has voluntarily agreed to reimburse the Funds for all or a portion of such expenses, which amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the 6 months ended December 31, 2018, the amount reimbursed for was as follows.
High Yield Municipal | National Municipal | Short-Term Municipal | New York Municipal | |||||||||||||
Amounts reimbursed | $ | — | $ | — | $ | — | $ | 50,198 |
Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”) may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. National Municipal, Short-Term Municipal and New York Municipal are currently permitted to borrow under the Interfund Lending Program. High Yield Municipal is currently permitted to borrow and lend under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the six months ended December 31, 2018, no Fund participated in the Interfund Lending Program.
Directors and Officers: Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.
Other Transactions:The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended December 31, 2018, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule17a-7 under the 1940 Act were as follows:
Purchases | Sales | Net Realized Gain (Loss) | ||||||||||
High Yield Municipal Fund | $ | — | $ | 2,925,324 | $ | (216,831 | ) | |||||
Short-Term Municipal | 5,603,871 | 8,064,140 | — |
7. | PURCHASES AND SALES |
For the six months ended December 31, 2018, purchases and sales of investments and excluding short-term securities, were as follows:
High Yield Municipal | National Municipal | Short-Term Municipal | New York Municipal | |||||||||||||
Purchases | $ | 175,431,415 | $ | 5,392,611,049 | $ | 383,521,504 | $ | 734,964,928 | ||||||||
Sales | 78,418,234 | 5,262,183,194 | 329,184,991 | 604,745,423 |
8. | INCOME TAX INFORMATION |
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for each of the four years ended June 30, 2018. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’s financial statements.
As of June 30, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
Expires June 30, | High Yield Municipal | Short-Term Municipal | ||||||
No expiration date(a) | $ | 5,432,628 | $ | 1,608,430 | ||||
2019 | 1,973,257 | — | ||||||
|
|
|
| |||||
$ | 7,405,885 | $ | 1,608,430 | |||||
|
|
|
|
(a) | Must be utilized prior to losses subject to expiration. |
NOTESTO FINANCIAL STATEMENTS | 87 |
Notes to Financial Statements (unaudited) (continued)
As of December 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
High Yield Municipal | National Municipal | Short-Term Municipal | New York Municipal | |||||||||||||
Tax cost | $ | 877,629,089 | $ | 8,982,622,057 | $ | 564,741,485 | $ | 1,122,014,889 | ||||||||
|
|
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|
|
|
|
| |||||||||
Gross unrealized appreciation | $ | 30,909,466 | $ | 144,983,189 | $ | 649,136 | $ | 20,375,051 | ||||||||
Gross unrealized depreciation | (8,943,095 | ) | (72,240,915 | ) | (911,664 | ) | (22,369,936 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net unrealized appreciation (depreciation) | $ | 21,966,371 | $ | 72,742,274 | $ | (262,528 | ) | $ | (1,994,885 | ) | ||||||
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9. | BANK BORROWINGS |
The Corporation and the Trust, on behalf of their respective Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of(a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2019 unless extended or renewed. Prior to April 19, 2018, the aggregate commitment amount was $2.1 billion and the fee was 0.12% per annum. Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended December 31, 2018, the Funds did not borrow under the credit agreement.
10. | PRINCIPAL RISKS |
Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.
Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Fund’s ability to buy or sell bonds. As a result, a Fund may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.
In the normal course of business, certain Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
The Funds may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Funds reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Fund.
A Fund structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.
Should short-term interest rates rise, the Funds’ investments in the TOB Trusts may adversely affect the Funds’ net investment income and dividends to shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds’ NAVs per share.
The SEC and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the “Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Funds’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.
Counterparty Credit Risk:The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the
88 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer amark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists inexchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration Risk:New York Municipal invests a substantial amount of its assets in issuers located in a single state or limited number of states. This may subject the Fund to the risk that economic, political or social issues impacting a particular state or group of states could have an adverse and disproportionate impact on the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedule of Investments.
As of period end, National Municipal Fund and New York Municipal invested a significant portion of their assets in securities in the Transportation sector. Changes in economic conditions affecting such sectors would have a greater impact on the Funds and could affect the value, income and/or liquidity of positions in such securities.
Certain Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The Federal Reserve has begun to raise the Federal Funds rate, and each increase results in more pronounced interest rate risk in the current market environment.
11. | CAPITAL SHARE TRANSACTIONS |
Transactions in capital shares for each class were as follows:
Six Months Ended 12/31/18 | Year Ended 06/30/18 | |||||||||||||||
High Yield Municipal | Shares | Amount | Shares | Amount | ||||||||||||
Institutional |
| |||||||||||||||
Shares sold | 18,769,977 | $ | 178,253,054 | 25,757,537 | $ | 247,126,112 | ||||||||||
Shares issued in reinvestment of distributions | 639,889 | 6,081,962 | 1,369,213 | 13,118,462 | ||||||||||||
Shares redeemed | (13,446,234 | ) | (127,445,296 | ) | (23,938,584 | ) | (229,252,942 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 5,963,632 | $ | 56,889,720 | 3,188,166 | $ | 30,991,632 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A |
| |||||||||||||||
Shares sold and automatic conversion of shares | 6,895,482 | $ | 65,456,082 | 7,999,972 | $ | 76,567,442 | ||||||||||
Shares issued in reinvestment of distributions | 358,714 | 3,401,616 | 706,375 | 6,751,806 | ||||||||||||
Shares redeemed | (5,492,359 | ) | (51,883,423 | ) | (6,737,294 | ) | (64,449,583 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 1,761,837 | $ | 16,974,275 | 1,969,053 | $ | 18,869,665 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor C |
| |||||||||||||||
Shares sold | 650,025 | $ | 6,176,832 | 877,139 | $ | 8,415,002 | ||||||||||
Shares issued in reinvestment of distributions | 66,662 | 633,913 | 166,263 | 1,593,876 | ||||||||||||
Shares redeemed and automatic conversion of shares | (752,300 | ) | (7,146,571 | ) | (1,413,173 | ) | (13,552,056 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (35,613 | ) | $ | (335,826 | ) | (369,771 | ) | $ | (3,543,178 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Period from 01/25/18 (a) to 06/30/18 | ||||||||||||||||
Class K | ||||||||||||||||
Shares sold | 1,424,914 | $ | 13,505,682 | 1,298,932 | $ | 12,396,937 | ||||||||||
Shares issued in reinvestment of distributions | 21,078 | 200,009 | 6,542 | 62,602 | ||||||||||||
Shares redeemed | (239,111 | ) | (2,263,184 | ) | (83,913 | ) | (801,870 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | 1,206,881 | $ | 11,442,507 | 1,221,561 | $ | 11,657,669 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Increase (Decrease) | 8,896,737 | $ | 84,970,676 | 6,009,009 | $ | 57,975,788 | ||||||||||
|
|
|
|
| �� |
|
|
(a) | Commencement of operations. |
NOTESTO FINANCIAL STATEMENTS | 89 |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 12/31/18 | Year Ended 06/30/18 | |||||||||||||||
National Municipal | Shares | Amount | Shares | Amount | ||||||||||||
Institutional | ||||||||||||||||
Shares sold | 98,140,806 | $ | 1,045,600,892 | 114,620,197 | $ | 1,245,253,060 | ||||||||||
Shares issued in reinvestment of distributions | 2,847,525 | 30,357,490 | 6,737,245 | 73,049,511 | ||||||||||||
Shares redeemed | (68,753,673 | ) | (730,455,018 | ) | (137,185,853 | ) | (1,480,522,940 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 32,234,658 | $ | 345,503,364 | (15,828,411 | ) | $ | (162,220,369 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Service | ||||||||||||||||
Shares sold | 53,288 | $ | 567,211 | 56,989 | $ | 616,945 | ||||||||||
Shares issued in reinvestment of distributions | 3,289 | 35,036 | 5,789 | 62,781 | ||||||||||||
Shares redeemed | (23,343 | ) | (247,582 | ) | (129,391 | ) | (1,396,794 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 33,234 | $ | 354,665 | (66,613 | ) | $ | (717,068 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A | ||||||||||||||||
Shares sold and automatic conversion of shares | 76,869,518 | $ | 816,388,665 | 86,041,828 | $ | 933,789,923 | ||||||||||
Shares issued in reinvestment of distributions | 3,021,533 | 32,258,066 | 5,933,994 | 64,353,988 | ||||||||||||
Shares redeemed | (95,071,715 | ) | (1,008,300,407 | ) | (54,306,510 | ) | (589,012,149 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (15,180,664 | ) | $ | (159,653,676 | ) | 37,669,312 | $ | 409,131,762 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investor B(a) | ||||||||||||||||
Shares sold | — | $ | — | — | $ | 6 | ||||||||||
Shares issued in reinvestment of distributions | — | — | 436 | 4,752 | ||||||||||||
Shares redeemed | — | — | (67,440 | ) | (736,609 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | — | $ | — | (67,004 | ) | $ | (731,851 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investor C | ||||||||||||||||
Shares sold | 1,363,678 | $ | 14,551,927 | 2,627,666 | $ | 28,547,897 | ||||||||||
Shares issued in reinvestment of distributions | 185,060 | 1,975,694 | 557,622 | 6,050,918 | ||||||||||||
Shares redeemed and automatic conversion of shares | (5,238,673 | ) | (55,711,946 | ) | (8,024,190 | ) | (87,078,490 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (3,689,935 | ) | $ | (39,184,325 | ) | (4,838,902 | ) | $ | (52,479,675 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Investor C1 | ||||||||||||||||
Shares sold | 80 | $ | 851 | 12 | $ | 131 | ||||||||||
Shares issued in reinvestment of distributions | 7,406 | 79,090 | 23,052 | 250,049 | ||||||||||||
Shares redeemed and automatic conversion of shares | (825,195 | ) | (8,696,791 | ) | (225,692 | ) | (2,445,084 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (817,709 | ) | $ | (8,616,850 | ) | (202,628 | ) | $ | (2,194,904 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class K | ||||||||||||||||
Shares sold | 44,899,318 | $ | 479,620,266 | 146,297,714 | $ | 1,579,243,035 | ||||||||||
Shares issued in reinvestment of distributions | 4,317,885 | 46,077,040 | 4,826,893 | 52,206,912 | ||||||||||||
Shares redeemed | (43,817,703 | ) | (466,554,653 | ) | (41,803,297 | ) | (453,186,426 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 5,399,500 | $ | 59,142,653 | 109,321,310 | $ | 1,178,263,521 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Increase | 17,979,084 | $ | 197,545,831 | 125,987,064 | $ | 1,369,051,416 | ||||||||||
|
|
|
|
|
|
|
|
(a) | On December 27, 2017, all issued and outstanding Investor B Shares converted to Investor A Shares. |
90 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 12/31/18 | Year Ended 06/30/18 | |||||||||||||||
Short-Term Municipal | Shares | Amount | Shares | Amount | ||||||||||||
Institutional | ||||||||||||||||
Shares sold | 11,048,793 | $ | 111,272,889 | 14,902,943 | $ | 150,277,966 | ||||||||||
Shares issued in reinvestment of distributions | 96,772 | 974,445 | 192,520 | 1,942,159 | ||||||||||||
Shares redeemed | (7,126,740 | ) | (71,768,359 | ) | (14,631,659 | ) | (147,581,056 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 4,018,825 | $ | 40,478,975 | 463,804 | $ | 4,639,069 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A | ||||||||||||||||
Shares sold and automatic conversion of shares | 8,126,784 | $ | 81,874,788 | 2,780,387 | $ | 28,058,227 | ||||||||||
Shares issued in reinvestment of distributions | 27,282 | 274,943 | 47,182 | 476,049 | ||||||||||||
Shares redeemed | (1,661,635 | ) | (16,748,865 | ) | (3,368,075 | ) | (34,031,813 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | 6,492,431 | $ | 65,400,866 | (540,506 | ) | $ | (5,497,537 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A1 | ||||||||||||||||
Shares sold | 6,188. | $ | 62,374 | 669 | $ | 6,741 | ||||||||||
Shares issued in reinvestment of distributions | 2,039 | 20,543 | 10,894 | 109,986 | ||||||||||||
Shares redeemed | (126,613 | ) | (1,276,618 | ) | (234,519 | ) | (2,368,988 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase decrease | (118,386 | ) | $ | (1,193,701 | ) | (222,956 | ) | $ | (2,252,261 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Investor C | ||||||||||||||||
Shares sold | 657,363 | $ | 6,447,870 | 311,952 | $ | 3,064,252 | ||||||||||
Shares issued in reinvestment of distributions | 1,419 | 13,913 | 2,089 | 20,482 | ||||||||||||
Shares redeemed and automatic conversion of shares | (393,932 | ) | (3,862,243 | ) | (917,552 | ) | (9,017,547 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | 264,850 | $ | 2,599,540 | (603,511 | ) | $ | (5,932,813 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class K | ||||||||||||||||
Shares sold | 186,592. | $ | 1,878,445 | 380,963 | $ | 3,832,420 | ||||||||||
Shares issued in reinvestment of distributions | 5,052 | 50,869 | 4,633 | 46,715 | ||||||||||||
Shares redeemed | (41,242 | ) | (415,403 | ) | (38,728 | ) | (389,946 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 150,402 | $ | 1,513,911 | 346,868 | $ | 3,489,189 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Decrease | 10,808,122 | $ | 108,799,591 | (556,301 | ) | $ | (5,554,353 | ) | ||||||||
|
|
|
|
|
|
|
|
NOTESTO FINANCIAL STATEMENTS | 91 |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 12/31/18 | Year Ended 06/30/18 | |||||||||||||||
New York Municipal | Shares | Amount | Shares | Amount | ||||||||||||
Institutional | ||||||||||||||||
Shares sold | 17,514,924 | $ | 195,597,537 | 21,962,851 | $ | 248,214,176 | ||||||||||
Shares issued in reinvestment of distributions | 1,004,805 | 11,174,315 | 765,737 | 8,639,733 | ||||||||||||
Shares redeemed | (10,427,052 | ) | (116,050,421 | ) | (6,239,274 | ) | (70,446,362 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 8,092,677 | $ | 90,721,431 | 16,489,314 | $ | 186,407,547 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A | ||||||||||||||||
Shares sold and automatic conversion of shares | 10,580,800 | $ | 118,349,410 | 14,256,153 | $ | 161,175,846 | ||||||||||
Shares issued in reinvestment of distributions | 758,288 | 8,439,043 | 689,693 | 7,785,014 | ||||||||||||
Shares redeemed | (5,982,461 | ) | (66,652,557 | ) | (6,078,255 | ) | (68,650,124 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 5,356,627 | $ | 60,135,896 | 8,867,591 | $ | 100,310,736 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A1 | ||||||||||||||||
Shares sold | 106,784 | $ | 1,188,686 | 28,807 | $ | 326,600 | ||||||||||
Shares issued in reinvestment of distributions | 72,331 | 805,335 | 186,464 | 2,103,644 | ||||||||||||
Shares redeemed | (424,215 | ) | (4,740,715 | ) | (949,664 | ) | (10,728,418 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (245,100 | ) | $ | (2,746,694 | ) | (734,393 | ) | $ | (8,298,174 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Investor C | ||||||||||||||||
Shares sold | 1,339,245 | $ | 14,961,040 | 2,527,938 | $ | 28,567,879 | ||||||||||
Shares issued in reinvestment of distributions | 156,604 | 1,740,037 | 148,127 | 1,671,614 | ||||||||||||
Shares redeemed and automatic conversion of shares | (1,123,913 | ) | (12,573,373 | ) | (1,584,754 | ) | (17,900,018 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | 371,936 | $ | 4,127,704 | 1,091,311 | $ | 12,339,475 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor C1 | ||||||||||||||||
Shares sold | — | $ | — | — | $ | — | ||||||||||
Shares issued in reinvestment of distributions | 583 | 6,765 | 1,644 | 18,555 | ||||||||||||
Shares redeemed and automatic conversion of shares | (62,226 | ) | (691,989 | ) | (8,073 | ) | (91,270 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (61,643 | ) | $ | (685,224 | ) | (6,429 | ) | $ | (72,715 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Period from 01/25/18 (a) to 06/30/18 | ||||||||||||||||
Class K | ||||||||||||||||
Shares sold | 113,357 | $ | 1,270,981 | 231,318 | $ | 2,611,653 | ||||||||||
Shares issued in reinvestment of distributions | 7,805 | 86,783 | 1,363 | 15,381 | ||||||||||||
Shares redeemed | (41,766 | ) | (464,261 | ) | (1,835 | ) | (20,728 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 79,396 | $ | 893,503 | 230,846 | $ | 2,606,306 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Increase | 13,593,893 | $ | 152,446,616 | 25,938,240 | $ | 293,293,175 | ||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations. |
As of December 31, 2018, shares owned by BlackRock Hold Co2, Inc., an affiliate of the Funds, were as follows:
Class K | ||||
High Yield Municipal | 20,951 | |||
New York Municipal | 17,732 |
12. REGULATIONS-X AMENDMENTS
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statements of Assets and Liabilities, Statements of Changes in Net Assets and Notes to Financial Statements.
Prior year distribution information and undistributed (distributions in excess of) net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.
92 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Distributions for the year ended June 30, 2018 were classified as follows:
Share Class | Net Investment Income | |||||
High Yield Municipal | Institutional | $ | 22,269,205 | |||
Investor A | 8,349,393 | |||||
Investor C | 1,953,705 | |||||
Class K | 139,812 | |||||
National Municipal | Institutional | 102,169,525 | ||||
Service | 79,545 | |||||
Investor A | 70,549,749 | |||||
Investor B | 7,152 | |||||
Investor C | 7,327,250 | |||||
Investor C1 | 252,996 | |||||
Class K | 69,394,304 | |||||
Short-Term Municipal | Institutional | 3,917,346 | ||||
Investor A | 542,423 | |||||
Investor A1 | 184,330 | |||||
Investor C | 26,247 | |||||
Class K | 47,113 | |||||
New York Municipal | Institutional | 10,312,712 | ||||
Investor A | 8,484,778 | |||||
Investor A1 | 3,200,212 | |||||
Investor C | 1,801,015 | |||||
Investor C1 | 18,602 | |||||
Class K | 17,062 |
Undistributed (distributions in excess of) net investment income as of June 30, 2018 is as follows:
Undistributed Net Investment Income | ||||
High Yield Municipal | $ | 627,163 | ||
National Municipal | 2,019,556 | |||
Short-Term Municipal | 477,104 | |||
New York Municipal | 471,694 |
13. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
NOTESTO FINANCIAL STATEMENTS | 93 |
Director and Officer Information
Robert M. Hernandez, Chair of the Board and Director
James H. Bodurtha, Director
Bruce R. Bond, Director
Honorable Stuart E. Eizenstat, Director
Henry Gabbay, Director
Lena G. Goldberg, Director
Henry R. Keizer, Director
John F. O’Brien, Director
Donald C. Opatrny, Director
Robert Fairbairn, Director
John M. Perlowski, Director, President and Chief Executive Officer
Jennifer McGovern, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Charles Park, Chief Compliance Officer
John MacKessy, Anti-Money Laundering Compliance Officer
Benjamin Archibald, Secretary
At a special meeting of shareholders held on November 21, 2018, each Fund’s shareholders and each Fund’s interestholders elected Directors who took office on January 1, 2019. The newly-elected Directors include three former Directors and eight individuals who served as directors/trustees of the funds in the BlackRock Closed-End Complex. Information regarding the individuals who began serving as Directors effective January 1, 2019 can be found in the proxy statement for the special meeting of shareholders, which is available on the SEC’s EDGAR Database at http://www.sec.gov.
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10022
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
94 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
BlackRock Municipal Bond Fund, Inc.
A Special Meeting of Shareholders was held on November 21, 2018 for shareholders of record on September 24, 2018, to elect a Board of Directors of the Fund. The newly elected directors took office effective January 1, 2019.
Shareholders approved the Directors* of BlackRock Municipal Bond Fund, Inc. with voting results as follows:
Votes For | Votes Against | Votes Abstained | ||||||||||
Michael J. Castellano | 947,062,634 | 4,815,883 | 10,939,195 | |||||||||
Richard E. Cavanagh | 947,094,328 | 4,955,029 | 10,768,355 | |||||||||
Cynthia L. Egan | 948,107,947 | 4,248,020 | 10,461,745 | |||||||||
Frank J. Fabozzi | 946,594,830 | 5,978,735 | 10,244,147 | |||||||||
Robert Fairbairn | 948,007,350 | 4,173,613 | 10,636,749 | |||||||||
Henry Gabbay | 946,182,034 | 5,561,978 | 11,073,700 | |||||||||
R. Glenn Hubbard | 946,378,050 | 5,686,554 | 10,753,109 | |||||||||
W. Carl Kester | 946,676,683 | 4,772,252 | 11,368,777 | |||||||||
Catherine A. Lynch | 947,887,041 | 4,158,238 | 10,772,433 | |||||||||
John M. Perlowski | 946,894,564 | 4,792,802 | 11,130,346 | |||||||||
Karen P. Robards | 947,380,323 | 4,633,902 | 10,803,488 |
* | Denotes Company-wide proposal and voting results. |
The above Directors, referred to as the BlackRock Fixed-Income Board, have also been elected to serve as directors for other BlackRock-advised non-index fixed-income mutual funds and all of the BlackRock-advised closed-end funds.
BlackRock Multi-State Municipal Series Trust
A Special Meeting of Shareholders was held on November 21, 2018 for shareholders of record on September 24, 2018, to elect a Board of Trustees of the Trust. The newly elected trustees took office effective January 1, 2019.
Votes For | Votes Against | Votes Abstained | ||||||||||
Michael J. Castellano | 161,432,243 | 1,814,802 | 2,287,585 | |||||||||
Richard E. Cavanagh | 161,222,058 | 2,490,004 | 1,822,568 | |||||||||
Cynthia L. Egan | 161,934,892 | 1,773,352 | 1,826,386 | |||||||||
Frank J. Fabozzi | 161,740,916 | 1,876,747 | 1,916,967 | |||||||||
Robert Fairbairn | 161,986,129 | 1,787,046 | 1,761,455 | |||||||||
Henry Gabbay | 161,835,704 | 1,931,629 | 1,767,297 | |||||||||
R. Glenn Hubbard | 162,033,761 | 1,742,117 | 1,758,753 | |||||||||
W. Carl Kester | 161,795,288 | 1,907,982 | 1,831,360 | |||||||||
Catherine A. Lynch | 162,027,489 | 1,678,713 | 1,828,428 | |||||||||
John M. Perlowski | 161,517,439 | 2,335,501 | 1,681,691 | |||||||||
Karen P. Robards | 162,168,558 | 1,751,859 | 1,614,213 |
* | Denotes Trust-wide proposal and voting results. |
The above Trustees, referred to as the BlackRock Fixed-Income Board, have also been elected to serve as trustees for other BlackRock-advised non-index fixed-income mutual funds and all of the BlackRock-advised closed-end funds.
General Information
Effective September 26, 2016, BlackRock implemented a new methodology for calculating “effective duration” for BlackRock’s municipal bond portfolios. The new methodology replaces the model previously used by BlackRock to evaluate municipal bond duration and is a common indicator of an investment’s sensitivity to interest rate movements. The new methodology is applied to each Fund’s duration reported for periods after September 26, 2016.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds, including each Fund’s effective duration and additional information about the new methodology may be found on BlackRock’s website, which can be accessed athttp://www.blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Householding
The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.
ADDITIONAL INFORMATION | 95 |
Additional Information (continued)
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) athttp://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.
Availability of Proxy Voting Record
Information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) athttp://www.blackrock.com; or by calling (800) 441-7762; and (2) on the SEC’s website at http://www.sec.gov.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed income and tax-exempt investing. Visithttp://www.blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web athttp://www.blackrock.com.
Automatic Investment Plans
Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
96 | 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviations | ||
ACA | American Capital Access Holding Ltd. | |
AGC | Assured Guarantee Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | American Municipal Bond Assurance Corp. | |
AMT | Alternative Minimum Tax (subject to) | |
ARB | Airport Revenue Bonds | |
BAM | Build America Mutual Assurance Co. | |
BAN | Bond Anticipation Notes | |
BARB | Building Aid Revenue Bonds | |
BHAC | Berkshire Hathaway Assurance Corp. | |
CAB | Capital Appreciation Bonds | |
CIFG | CIFG Assurance North America, Inc. | |
COP | Certificates of Participation | |
EDA | Economic Development Authority | |
EDC | Economic Development Corp. | |
ERB | Education Revenue Bonds | |
ETF | Exchange-Traded Fund | |
FHA | Federal Housing Administration | |
GARB | General Airport Revenue Bonds | |
GO | General Obligation Bonds | |
HFA | Housing Finance Agency | |
IDA | Industrial Development Authority | |
IDB | Industrial Development Board | |
IDRB | Industrial Development Revenue Bonds | |
LOC | Letter of Credit | |
LRB | Lease Revenue Bonds | |
M/F | Multi-Family | |
MRB | Mortgage Revenue Bonds | |
NPFGC | National Public Finance Guarantee Corp. | |
PILOT | Payment in Lieu of Taxes | |
PSF-GTD | Permanent School Fund Guaranteed | |
RB | Revenue Bonds | |
SBPA | Stand-by Bond Purchase Agreements | |
SONYMA | State of New York Mortgage Agency | |
SRF | State Revolving Fund | |
VRDN | Variable Rate Demand Notes |
GLOSSARYOF TERMS USEDINTHIS REPORT | 97 |
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
MBNYMB-12/18-SAR |
Item 2 – | Code of Ethics – Not Applicable to this semi-annual report |
Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report |
Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
Item 5 – | Audit Committee of Listed Registrants – Not Applicable |
Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous FormN-CSR filing.
Item 7 – | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – Not Applicable |
Item 8 – | Portfolio Managers ofClosed-End Management Investment Companies – Not Applicable |
Item 9 – | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
Item 11 – | Controls and Procedures |
(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies – Not Applicable |
Item 13 – | Exhibits attached hereto |
(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
(a)(2) – Certifications – Attached hereto
(a)(3) – Not Applicable
(a)(4) – Not Applicable
(b) – Certifications – Attached hereto
2
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Municipal Bond Fund, Inc.
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of BlackRock Municipal Bond Fund, Inc. |
Date: March 8, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of BlackRock Municipal Bond Fund, Inc. |
Date: March 8, 2019
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of BlackRock Municipal Bond Fund, Inc. |
Date: March 8, 2019
3