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:811-04264
Name of Fund: BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock California
Municipal Opportunities Fund of BlackRock California Municipal Series Trust, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800)441-7762
Date of fiscal year end: 05/31/2020
Date of reporting period: 11/30/2019
Item | | 1 – Report to Stockholders |
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| | NOVEMBER 30, 2019 |
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| | 2019 Semi-Annual Report (Unaudited) |
BlackRock California Municipal Series Trust
· | | BlackRock California Municipal Opportunities Fund |
BlackRock Multi-State Municipal Series Trust
· | | BlackRock New Jersey Municipal Bond Fund |
· | | BlackRock Pennsylvania Municipal Bond Fund |
BlackRock Municipal Series Trust
· | | BlackRock Strategic 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 call (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 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.
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Not FDIC Insured • May Lose Value • No Bank Guarantee |
The Markets in Review
Dear Shareholder,
Investment performance in the 12 months ended November 30, 2019 was a tale of two markets. The first half of the reporting period was characterized by restrictive monetary policy, deteriorating economic growth, equity market volatility, and rising fear of an imminent recession. During the second half of the reporting period, stocks and bonds rebounded sharply, as influential central banks shifted toward accommodative monetary policy, which led to broad-based optimism that a near-term recession could be averted.
After the dust settled, equity and bond markets posted solid returns while weathering significant volatility. U.S. large cap equities advanced the most, while equities at the high end of the risk spectrum — emerging markets and U.S. small cap — posted modest positive returns.
Fixed-income securities played an important role in diversified portfolios by delivering strong returns amid economic uncertainty, as interest rates declined (and bond prices rose). Long-term bonds, particularly long-term Treasuries, proved to be an effective ballast for diversified investors. Investment-grade and high-yield corporate bonds also posted solid returns, as the credit fundamentals in corporate markets remained relatively solid.
In the U.S. equity market, volatility spiked in late 2018, as a wide variety of risks were brought to bear on markets, including rising interest rates, slowing global growth, and heightened trade tensions. Volatility also rose in emerging markets, as the appreciating U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. Despite an economic slowdown in Europe and ongoing uncertainty about Brexit, European equities posted a modest positive return.
As equity performance faltered and global economic growth slowed, the U.S. Federal Reserve (the “Fed”) shifted away from policies designed to decrease inflation in favor of renewed efforts to stimulate economic activity. The Fed left interest rates unchanged in January 2019, then reduced interest rates three times thereafter, starting in July 2019. Similarly, the Fed took measures to support liquidity in short-term lending markets. Following in the Fed’s footsteps, the European Central Bank announced aggressive economic stimulus measures, including lower interest rates and the return of its bond purchasing program. The Bank of Japan signaled a continuation of accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending.
The outpouring of global economic stimulus led to a sharp rally in risk assets throughout the world despite the headwind of rising geopolitical and trade tensions. Hopes continued to remain high as the current economic expansion became the longest in U.S. history.
Looking ahead, we believe U.S. economic growth will stabilize and gradually improve in 2020. The primary drivers of recent market performance — trade and monetary policies — could take a back seat to a nascent expansion in manufacturing and a recent uptick in global growth. The headwinds of policy uncertainty in 2019 could become tailwinds in 2020 due to pro-cyclical policy shifts.
Overall, we favor increasing investment risk to benefit from the brighter outlook. In addition to having a positive view for equities overall, we favor emerging market equities over developed market equities. Increasing cyclical exposure through value-style investing and maintaining a meaningful emphasis on high-quality companies through quality factors also makes sense for diversified investors. In fixed income, government bonds continue to be important portfolio stabilizers, while emerging market bonds, particularly local currency bonds, offer relatively attractive income opportunities.
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
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Total Returns as of November 30, 2019 |
| | 6-month | | 12-month |
U.S. large cap equities (S&P 500® Index) | | 15.26% | | 16.11% |
U.S. small cap equities (Russell 2000® Index) | | 11.66 | | 7.51 |
International equities (MSCI Europe, Australasia, Far East Index) | | 9.79 | | 12.44 |
Emerging market equities (MSCI Emerging Markets Index) | | 5.87 | | 7.28 |
3-month Treasury bills (ICE BofAML3-Month U.S. Treasury Bill Index) | | 1.10 | | 2.32 |
U.S. Treasury securities (ICE BofAML10-Year U.S. Treasury Index) | | 3.88 | | 13.34 |
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index) | | 3.81 | | 10.79 |
Tax-exempt municipal bonds (S&P Municipal Bond Index) | | 2.31 | | 8.13 |
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index) | | 4.27 | | 9.68 |
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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2 | | THIS PAGEISNOT PARTOF YOUR FUND REPORT |
Table of Contents
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Fund Summary as of November 30, 2019 | | BlackRock California Municipal Opportunities Fund |
Investment Objective
BlackRock California Municipal Opportunities Fund’s (the “Fund”) investment objective is to provide shareholders with income exempt from Federal and California income taxes.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended November 30, 2019, the Fund underperformed its primary benchmark, the S&P® Municipal Bond Index, and its secondary benchmark, the S&P® California Municipal Bond Index. The following discussion of relative performance pertains to the S&P® California Municipal Bond Index.
What factors influenced performance?
Municipal bonds delivered solid returns in the past six months, with income augmented by modest price appreciation. The bond market remained well supported by expectations that the Fed, which reduced interest rates three times in 2019, would hold rates steady in 2020. Tax-exempt issues gained an additional benefit from the continued strength in investor demand. California municipal bonds performed in line with the national market.
The Fund trailed its benchmarks during the six-month period. The use of U.S. Treasury futures to manage interest rate risk, which prevented the Fund from gaining the full benefit of falling rates, was the largest factor in the shortfall. An underweight position in BBB rated securities also detracted. Lower-rated issues generally outperformed as large inflows into high yield products caused yield spreads to tighten.
The Fund’s positions in longer-maturity securities, which outpaced short-term issues, aided results. Overweight positions in the transportation and utilities sectors, both of which outperformed, also added value. Additionally, an allocation to tobacco securities — the strongest performing sector of the past six months — was additive. The Fund’s use of leverage, which amplified both income and the effect of positive market performance, was a further contributor.
Describe recent portfolio activity.
The Fund aims to deliver a balance of competitive total return and tax-free income using a tactical strategy that is designed to take advantage of credit, yield curve and interest rate trends.
The Fund’s investment adviser team committed cash to longer-maturity bonds in early 2019, when yields were higher. As the period progressed, strength in the broader market prompted the investment adviser to reduce the portfolio’s duration (interest rate sensitivity) and lock in gains on some of its positions in longer-term debt. As a result, the portfolio’s average maturity declined from its level as of May 31, 2019.
The Fund continued to seek opportunities to manage interest rate risk by actively adjusting its positioning in U.S. Treasury futures. Once rates began to decline in the second half of the period, the investment adviser reduced the size of the position.
The investment adviser used market volatility to add to the portfolio’s weighting in bonds rated below investment grade. The Fund had a 12% allocation to the category as of November 30, 2019, with the majority held in the tobacco sector and Puerto Rico. The portfolio’s allocation to taxable bonds, which stood at approximately 6% of assets at the end of November, remained relatively steady.
The Fund increased the portfolio’s leverage from 5% to 7%, with the majority of the change occurring in the first part of the period.
The Fund finished November with an elevated cash weighting of 6%. The investment adviser made an active decision to reduce duration by selling some positions in longer-term bonds that had performed well in the rally. In addition, the combination of low absolute yields and tight yield spreads indicated that valuations were less compelling. The investment adviser therefore opted to keep some cash on hand in the event that weaker market conditions caused valuations to become more attractive. Strong inflows into the Fund also played a role in the larger cash position. The investment adviser chose to take a cautious approach and await better opportunities to deploy these assets rather than buying securities at rich valuations. The Fund’s higher cash position had no material impact on Fund performance.
Describe portfolio positioning at period end.
The Fund was positioned defensively at the close of the period. In addition to maintaining the above-average cash weighting and using interest-rate risk-management strategies, the investment adviser positioned the Fund with a duration below that of the benchmark. The portfolio’s duration stood at 4.9 years on November 30, 2019 when risk-management strategies were included, compared with 6.4 years for the benchmark. Although the Fund added to its weighting in lower-rated securities, the portfolio maintained an above-average credit quality of AA- given the tightness in yield spreads on lower-quality debt.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
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4 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Fund Summary as of November 30, 2019 (continued) | | BlackRock California Municipal Opportunities Fund |
Performance Summary for the Period Ended November 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | 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 | | | 1.57 | % | | | 1.55 | % | | | 1.67 | % | | | | | | | 5.74 | % | | | N/A | | | | | | | | 4.01 | % | | | N/A | | | | | | | | 5.27 | % | | | N/A | |
Investor A | | | 1.26 | | | | 1.25 | | | | 1.55 | | | | | | | | 5.56 | | | | 1.08 | % | | | | | | | 3.77 | | | | 2.87 | % | | | | | | | 5.03 | | | | 4.58 | % |
Investor A1 | | | 1.43 | | | | 1.42 | | | | 1.64 | | | | | | | | 5.65 | | | | N/A | | | | | | | | 3.91 | | | | N/A | | | | | | | | 5.18 | | | | N/A | |
Investor C | | | 0.57 | | | | 0.55 | | | | 1.17 | | | | | | | | 4.69 | | | | 3.69 | | | | | | | | 2.99 | | | | 2.99 | | | | | | | | 4.24 | | | | 4.24 | |
Investor C1 | | | 0.96 | | | | 0.84 | | | | 1.38 | | | | | | | | 5.22 | | | | N/A | | | | | | | | 3.40 | | | | N/A | | | | | | | | 4.66 | | | | N/A | |
Class K | | | 1.62 | | | | 1.61 | | | | 1.78 | | | | | | | | 5.88 | | | | N/A | | | | | | | | 4.05 | | | | N/A | | | | | | | | 5.29 | | | | N/A | |
S&P® Municipal Bond Index(c) | | | — | | | | — | | | | 2.31 | | | | | | | | 8.13 | | | | N/A | | | | | | | | 3.55 | | | | N/A | | | | | | | | 4.44 | | |
| N/A
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S&P® California Municipal Bond Index(d) | | | — | | | | — | | | | 2.37 | | | | | | | | 8.25 | | | | N/A | | | | | | | | 3.72 | | | | N/A | | | | | | | | 5.04 | | | | 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 14 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 California municipal bonds. The Fund’s returns prior to January 26, 2015 are the returns of the Fund when it followed different investment strategies under the name BlackRock California 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® California Municipal Bond Index includes all California 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.
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Fund Summary as of November 30, 2019 | | BlackRock New Jersey Municipal Bond Fund |
Investment Objective
BlackRock New Jersey Municipal Bond Fund’s (the “Fund”) investment objective is to provide shareholders with income exempt from Federal income tax and New Jersey personal income taxes.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended November 30, 2019, the Fund underperformed its primary benchmark, the S&P® Municipal Bond Index, and its secondary benchmark, the Custom New Jersey Index. The following discussion of relative performance pertains to the Custom New Jersey Index.
What factors influenced performance?
Municipal bonds delivered solid returns in the past six months, with income augmented by modest price appreciation. The bond market remained well supported by expectations that the Fed, which reduced interest rates three times in 2019, would hold rates steady in 2020. Tax-exempt issues gained an additional benefit from the continued strength in investor demand.
New Jersey state tax-backed bonds outperformed the national market, as the state’s fundamentals improved and credit spreads tightened amid the ongoing economic expansion. Although New Jersey carries one of the lowest state credit ratings at A3 and A- by Moody’s and Standard & Poor’s respectively, investors were attracted by the above-average yields of a large and economically diversified issuer.
The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since Treasury yields fell, as price rose, this strategy detracted from the Fund’s results. Reinvestment risk continued to be a headwind, as the proceeds from bonds that matured or were called needed to be reinvested at a lower prevailing yield compared to debt that was issued when yields were higher.
On the positive side, the Fund benefited from its holdings in the education and health care sectors. An above-benchmark duration (interest rate sensitivity) also added value, as did an allocation to longer-term debt. A modest amount of portfolio leverage augmented Fund returns and provided additional income. Positions in lower-rated bonds, which outpaced the broader market, were a further positive. Puerto Rico issues were a notable contributor among the Fund’s positions in lower-rated debt.
At period end, the Fund had a cash position slightly above 5% as inflows and bond redemptions from calls and maturities as well as a decline in New Jersey year-to-date issuance temporarily elevated the amount of cash held in the portfolio. The Fund’s cash position did not have a material impact on Fund performance.
Describe recent portfolio activity.
The Fund continued to add to its position in Puerto Rico bonds bringing total exposure to 3.6%. The investment adviser views Puerto Rico issues that have emerged from bankruptcy, or that never were in bankruptcy, as having both total return potential and diversification benefits.
With respect to the portfolio as a whole, the investment adviser looked for opportunities in revenue bonds and lower-rated investment grade securities but sought to diversify away from state-appropriated obligations.
Describe portfolio positioning at period end.
The Fund was overweight on the long end of the yield curve and underweight on the front end. Portfolio duration remained above that of the benchmark. Health care, corporates and education were key sector overweights, while tax-backed general obligation bonds were a notable underweight. The portfolio was overweight in prerefunded securities as well as those rated BBB and below. The Fund was underweight in AA, A and B 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.
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6 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Fund Summary as of November 30, 2019 (continued) | | BlackRock New Jersey Municipal Bond Fund |
Performance Summary for the Period Ended November 30, 2019
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| | | | | | | | | | | | | | 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 | | | 2.00 | % | | | 1.81 | % | | | 2.10 | % | | | | | | | 8.07 | % | | | N/A | | | | | | | | 3.87 | % | | | N/A | | | | | | | | 5.05 | % | | | N/A | |
Service | | | 1.75 | | | | 1.61 | | | | 1.98 | | | | | | | | 7.90 | | | | N/A | | | | | | | | 3.68 | | | | N/A | | | | | | | | 4.87 | | | | N/A | |
Investor A | | | 1.67 | | | | 1.52 | | | | 1.98 | | | | | | | | 7.90 | | | | 3.31 | % | | | | | | | 3.66 | | | | 2.77 | % | | | | | | | 4.87 | | | | 4.41 | % |
Investor A1 | | | 1.82 | | | | 1.70 | | | | 2.05 | | | | | | | | 7.96 | | | | N/A | | | | | | | | 3.81 | | | | N/A | | | | | | | | 5.02 | | | | N/A | |
Investor C | | | 1.01 | | | | 0.88 | | | | 1.59 | | | | | | | | 7.10 | | | | 6.10 | | | | | | | | 2.90 | | | | 2.90 | | | | | | | | 4.08 | | | | 4.08 | |
Investor C1 | | | 1.41 | | | | 1.16 | | | | 1.80 | | | | | | | | 7.56 | | | | N/A | | | | | | | | 3.30 | | | | N/A | | | | | | | | 4.50 | | | | N/A | |
Class K | | | 2.05 | | | | 1.92 | | | | 2.13 | | | | | | | | 8.22 | | | | N/A | | | | | | | | 3.89 | | | | N/A | | | | | | | | 5.06 | | | | N/A | |
S&P® Municipal Bond Index(c) | | | — | | | | — | | | | 2.31 | | | | | | | | 8.13 | | | | N/A | | | | | | | | 3.55 | | | | N/A | | | | | | | | 4.44 | | | | N/A | |
Custom New Jersey Index(d) | | | — | | | | — | | | | 3.03 | | | | | | | | 11.24 | | | | N/A | | | | | | | | 5.23 | | | | N/A | | | | | | | | 5.38 | | | | 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 14 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. | |
| (b) | The Fund invests primarily in a portfolio of long-term investment grade New Jersey municipal bonds. | |
| (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 New Jersey Index is a customized benchmark that reflects the returns of the S&P® New Jersey Municipal Bond Index for periods prior to January 1, 2013, and the returns of only those New Jersey bonds in the S&P® New Jersey Municipal Bond Index that have maturities greater than 5 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.
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Fund Summary as of November 30, 2019 | | BlackRock Pennsylvania Municipal Bond Fund |
Investment Objective
BlackRock Pennsylvania Municipal Bond Fund’s (the “Fund”) investment objective is to provide shareholders with income exempt from Federal income tax and Pennsylvania personal income taxes.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended November 30, 2019, the Fund underperformed its primary benchmark, the S&P® Municipal Bond Index, and its secondary benchmark, the Custom Pennsylvania Index. The following discussion of relative performance pertains to the Custom Pennsylvania Index.
What factors influenced performance?
Municipal bonds delivered solid returns in the past six months, with income augmented by modest price appreciation. The bond market remained well supported by expectations that the Fed, which reduced interest rates three times in 2019, would hold rates steady in 2020. In addition, the tax-exempt market benefited from continued strength in investor demand.
Pennsylvania state tax-backed bonds outperformed the national market, as the state’s fundamentals improved and credit spreads tightened amid the ongoing economic expansion. The improvement in bond prices also reflected recent strong revenue growth, improvement in the state’s budget reserves, and overall progress toward budgetary stability.
The Fund’s allocation to the multi-family housing sector was a large detractor, as the rating agency Standard & Poor’s lowered its ratings on two entities held in the Fund. The investment adviser retained the positions on the basis of their valuations.
The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since Treasury yields fell, as price rose, this strategy detracted from the Fund’s results. Reinvestment risk continued to be a headwind, as the proceeds from bonds that matured or were called needed to be reinvested at a lower prevailing yield compared to debt that was issued when yields were higher.
On the positive side, the Fund benefited from its holdings in the education and health care sectors. An above-benchmark duration (interest rate sensitivity) also added value, as did an allocation to longer-term debt. Positions in lower-rated bonds, which outpaced the broader market, were a further positive. A modest amount of portfolio leverage augmented Fund returns and provided additional income.
Describe recent portfolio activity.
The Fund continued to add to its position in Puerto Rico bonds bringing total exposure to 4.3%. The investment adviser views Puerto Rico issues that have emerged from bankruptcy, or that never were in bankruptcy, as having both total return potential and diversification benefits.
With respect to the portfolio as a whole, the investment adviser looked for opportunities in revenue bonds and lower-rated investment grade securities, including those in the hospitals, higher education, housing and transportation sectors.
Describe portfolio positioning at period end.
The Fund was overweight on the long end of the yield curve and underweight on the front end. Portfolio duration remained above that of the benchmark. Higher education and hospitals were key sector overweights while transportation and tax-backed general obligation bonds were notable underweights. The portfolio was overweight in prerefunded securities, as well as those rated BBB and below. The Fund was underweight in AA and A 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.
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8 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Fund Summary as of November 30, 2019 (continued) | | BlackRock Pennsylvania Municipal Bond Fund |
Performance Summary for the Period Ended November 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | 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 | | | 2.02 | % | | | 1.83 | % | | | 1.58 | % | | | | | | | 7.12 | % | | | N/A | | | | | | | | 3.47 | % | | | N/A | | | | | | | | 4.69 | % | | | N/A | |
Service | | | 1.77 | | | | 1.62 | | | | 1.37 | | | | | | | | 6.84 | | | | N/A | | | | | | | | 3.25 | | | | N/A | | | | | | | | 4.49 | | | | N/A | |
Investor A | | | 1.70 | | | | 1.61 | | | | 1.37 | | | | | | | | 6.84 | | | | 2.30 | % | | | | | | | 3.24 | | | | 2.34 | % | | | | | | | 4.47 | | | | 4.02 | % |
Investor A1 | | | 1.85 | | | | 1.74 | | | | 1.53 | | | | | | | | 7.01 | | | | N/A | | | | | | | | 3.41 | | | | N/A | | | | | | | | 4.65 | | | | N/A | |
Investor C | | | 1.03 | | | | 0.92 | | | | 1.08 | | | | | | | | 6.05 | | | | 5.05 | | | | | | | | 2.46 | | | | 2.46 | | | | | | | | 3.67 | | | | 3.67 | |
Investor C1 | | | 1.37 | | | | 1.37 | | | | 1.15 | | | | | | | | 6.35 | | | | N/A | | | | | | | | 2.85 | | | | N/A | | | | | | | | 4.09 | | | | N/A | |
Class K | | | 2.09 | | | | 1.99 | | | | 1.61 | | | | | | | | 7.17 | | | | N/A | | | | | | | | 3.49 | | | | N/A | | | | | | | | 4.70 | | | | N/A | |
S&P® Municipal Bond Index(c) | | | — | | | | — | | | | 2.31 | | | | | | | | 8.13 | | | | N/A | | | | | | | | 3.55 | | | | N/A | | | | | | | | 4.44 | | | | N/A | |
Custom Pennsylvania Index(d) | | | — | | | | — | | | | 2.71 | | | | | | | | 10.40 | | | | N/A | | | | | | | | 4.54 | | | | N/A | | | | | | | | 5.11 | | | | 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 14 for a description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. | |
| (b) | The Fund invests primarily in a portfolio of long-term investment grade Pennsylvania municipal bonds. | |
| (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 Pennsylvania Index is customized benchmark that reflects the returns of the S&P® Pennsylvania Municipal Bond Index for periods prior to January 1, 2013, and the returns of only those Pennsylvania bonds in the S&P® Pennsylvania Municipal Bond Index that have maturities greater than 5 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.
| | |
Fund Summary as of November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund |
Investment Objective
BlackRock Strategic Municipal Opportunities Fund’s (the “Fund”) investment objective is to provide shareholders with a high level of income exempt from Federal income taxes.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended November 30, 2019, the Fund underperformed its primary benchmark, the S&P® Municipal Bond Index, as well as its custom blended secondary benchmark comprised of 65% S&P® Municipal Bond Investment Grade Index, 30% S&P® Municipal Bond High Yield Index and 5% Bloomberg Barclays Taxable Municipal: U.S. Aggregate Eligible Index. The following discussion of relative performance pertains to the custom blended benchmark.
What factors influenced performance?
Municipal bonds delivered solid returns in the past six months, with income augmented by modest price appreciation. The bond market remained well supported by expectations that the Fed, which reduced interest rates three times in 2019, would hold rates steady in 2020. In addition, the tax-exempt market benefited from continued strength in investor demand.
The Fund trailed its benchmarks during the annual period. The use of U.S. Treasury futures to manage interest rate risk, which prevented the Fund from gaining the full benefit of falling rates, was the largest factor in the shortfall. Underweight positions in non-rated bonds and the 12- to 18-year maturity range also detracted from Fund performance.
On the plus side, sector allocations and security selection both added value. Overweight positions in the housing, transportation and health care sectors contributed positively, as did overweights in BBB rated issues and bonds with maturities of 25 years and above.
The Fund had a slightly elevated cash position available to add positions as the active new-issue market continued to provide opportunities to put new money to work and generate income. The Fund’s cash position had no material impact on Fund performance.
Describe recent portfolio activity.
The Fund’s duration moved from 4.5 years to 5.5 years over the course of the six-month period. (Duration is a measure of interest rate sensitivity). Duration was below the benchmark for most of 2019 in anticipation that yields would revert to normalized levels after the protracted rally. Later in the period, the investment adviser took advantage of market volatility and rising yields to increase duration.
At the sector level, the Fund reduced its weightings in local tax-backed and school district issues. The Fund maintained a high-quality bias, with its largest allocations to the AA and A rating tiers. About 18% of assets were held in high yield (below investment grade) bonds as of November 30, 2019, with the majority in the tobacco sector and Puerto Rico. The Fund had an allocation of approximately 58% to bonds with maturities of 20 years and above at the end of November, unchanged from the level of six months ago. The portfolio’s weighting in taxable securities remained at 6%. Toward the end of the period, the Fund’s activity focused on taking gains in strong recent performers.
Describe portfolio positioning at period end.
The Fund was notably overweight in the housing and transportation sectors and was underweight in local tax-backed and school district issues. The Fund’s average credit quality remained at A+.
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 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Fund Summary as of November 30, 2019 (continued) | | BlackRock Strategic Municipal Opportunities Fund |
Performance Summary for the Period Ended November 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | 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 | | | 1.92 | % | | | 1.86 | % | | | 1.56 | % | | | | | | | 5.86 | % | | | N/A | | | | | | | | 4.13 | % | | | N/A | | | | | | | | 4.92 | % | | | N/A | |
Investor A | | | 1.63 | | | | 1.58 | | | | 1.44 | | | | | | | | 5.62 | | | | 1.13 | % | | | | | | | 3.90 | | | | 3.01 | % | | | | | | | 4.67 | | | | 4.22 | % |
Investor A1 | | | 1.84 | | | | 1.79 | | | | 1.53 | �� | | | | | | | 5.88 | | | | N/A | | | | | | | | 4.06 | | | | N/A | | | | | | | | 4.83 | | | | N/A | |
Investor C | | | 0.96 | | | | 0.90 | | | | 1.06 | | | | | | | | 4.92 | | | | 3.92 | | | | | | | | 3.12 | | | | 3.12 | | | | | | | | 3.89 | | | | 3.89 | |
Class K | | | 1.99 | | | | 1.94 | | | | 1.59 | | | | | | | | 5.93 | | | | N/A | | | | | | | | 4.16 | | | | N/A | | | | | | | | 4.94 | | | | N/A | |
S&P® Municipal Bond Index(c) | | | — | | | | — | | | | 2.31 | | | | | | | | 8.13 | | | | N/A | | | | | | | | 3.55 | | | | N/A | | | | | | | | 4.44 | | | | N/A | |
S&P® Municipal Bond Investment Grade Index(d) | | | — | | | | — | | | | 2.20 | | | | | | | | 7.94 | | | | N/A | | | | | | | | 3.40 | | | | N/A | | | | | | | | 4.26 | | | | N/A | |
S&P® Municipal Bond High Yield Index(d) | | | — | | | | — | | | | 3.98 | | | | | | | | 11.09 | | | | N/A | | | | | | | | 5.80 | | | | N/A | | | | | | | | 7.48 | | | | N/A | |
Bloomberg Barclays Taxable Municipal: U.S. Aggregate Eligible Index(d) | | | — | | | | — | | | | 5.29 | | | | | | | | 18.22 | | | | N/A | | | | | | | | 6.12 | | | | N/A | | | | | | | | 7.75 | | | | N/A | |
65% S&P® Municipal Bond Investment Grade Index, 30% S&P® Municipal Bond High Yield Index and 5% Bloomberg Barclays Taxable Municipal: U.S. Aggregate Eligible Index | | | — | | | | — | | | | 2.89 | | | | | | | | 9.38 | | | | N/A | | | | | | | | 4.26 | | | | N/A | | | | | | | | 5.40 | | | | 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 14 for a 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 invests at least 80% of its assets in municipal bonds. The Fund’s returns prior to January 27, 2014 are the returns of the Fund when it followed different investment strategies under the name BlackRock Intermediate Municipal 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) | See “About Fund Performance” on page 14 for descriptions of the indexes. | |
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.
Portfolio Information as of November 30, 2019
BlackRock California Municipal Opportunities Fund
SECTOR ALLOCATION (a)
| | | | |
Sector | | Percent of Total Investments (b) | |
Utilities | | | 24 | % |
County/City/Special District/School District | | | 21 | |
State | | | 19 | |
Transportation | | | 17 | |
Education | | | 9 | |
Health | | | 6 | |
Tobacco | | | 3 | |
Health Care Providers & Services | | | 1 | |
CREDIT QUALITY ALLOCATION (c)
| | | | |
Credit Rating | | Percent of Total Investments (b) | |
AAA/Aaa | | | 8 | % |
AA/Aa | | | 33 | |
A | | | 16 | |
BBB/Baa | | | 2 | |
BB/Ba | | | 1 | |
B/B | | | 1 | |
CC | | | 3 | |
N/R(d) | | | 36 | |
CALL/MATURITY SCHEDULE (e)
| | | | |
| | Percent of Total Investments (b) | |
Calendar Year Ended December 31, | | | | |
2019 | | | 2 | % |
2020 | | | 13 | |
2021 | | | 6 | |
2022 | | | 10 | |
2023 | | | 2 | |
BlackRock New Jersey Municipal Bond Fund
SECTOR ALLOCATION (a)
| | | | |
Sector | | Percent of Total Investments (b) | |
Transportation | | | 27 | % |
Education | | | 18 | |
Health | | | 16 | |
County/City/Special District/School District | | | 15 | |
State | | | 9 | |
Utilities | | | 5 | |
Corporate | | | 5 | |
Tobacco | | | 3 | |
Housing | | | 2 | |
CREDIT QUALITY ALLOCATION (c)
| | | | |
Credit Rating | | Percent of Total Investments (b) | |
AAA/Aaa | | | 2 | % |
AA/Aa | | | 39 | |
A | | | 20 | |
BBB/Baa | | | 25 | |
BB/Ba | | | 6 | |
CC | | | 1 | |
N/R(d) | | | 7 | |
CALL/MATURITY SCHEDULE (e)
| | | | |
| | Percent of Total Investments (b) | |
Calendar Year Ended December 31, | | | | |
2019 | | | 1 | % |
2020 | | | 5 | |
2021 | | | 11 | |
2022 | | | 5 | |
2023 | | | 5 | |
| (a) | 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. | |
| (b) | Excludes short-term securities. | |
| (c) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings 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. | |
| (d) | 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 November 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represented less than 1% of each Fund’s long-term investments. | |
| (e) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. | |
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12 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Portfolio Information as of November 30, 2019 (continued)
BlackRock Pennsylvania Municipal Bond Fund
SECTOR ALLOCATION (a)
| | | | |
Sector | | Percent of Total Investments (b) | |
Health | | | 26 | % |
Education | | | 23 | |
County/City/Special District/School District | | | 17 | |
Transportation | | | 12 | |
Utilities | | | 8 | |
State | | | 7 | |
Housing | | | 4 | |
Corporate | | | 3 | |
Tobacco | | | — | |
CREDIT QUALITY ALLOCATION (c)
| | | | |
Credit Rating | | Percent of Total Investments (b) | |
AAA/Aaa | | | — | %(e) |
AA/Aa | | | 41 | |
A | | | 27 | |
BBB/Baa | | | 9 | |
BB/Ba | | | 2 | |
B/B | | | 1 | |
CC | | | 1 | |
N/R(d) | | | 19 | |
CALL/MATURITY SCHEDULE (f)
| | | | |
| | Percent of Total Investments (b) | |
Calendar Year Ended December 31, | | | | |
2019 | | | 1 | % |
2020 | | | 14 | |
2021 | | | 12 | |
2022 | | | 4 | |
2023 | | | 3 | |
BlackRock Strategic Municipal Opportunities Fund
SECTOR ALLOCATION (a)
| | | | |
Sector | | Percent of Total Investments (b) | |
Transportation | | | 22 | % |
County/City/Special District/School | | | 17 | |
State | | | 14 | |
Utilities | | | 13 | |
Housing | | | 12 | |
Health | | | 11 | |
Education | | | 5 | |
Tobacco | | | 3 | |
Corporate | | | 3 | |
CREDIT QUALITY ALLOCATION (c)
| | | | |
Credit Rating | | Percent of Total Investments (b) | |
AAA/Aaa | | | 14 | % |
AA/Aa | | | 40 | |
A | | | 14 | |
BBB/Baa | | | 15 | |
BB/Ba | | | 7 | |
B/B | | | 2 | |
N/R(d) | | | 8 | |
CALL/MATURITY SCHEDULE (f)
| | | | |
| | Percent of Total Investments (b) | |
Calendar Year Ended December 31, | | | | |
2019 | | | 1 | % |
2020 | | | 8 | |
2021 | | | 4 | |
2022 | | | 7 | |
2023 | | | 7 | |
| (a) | 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. | |
| (b) | Excludes short-term securities. | |
| (c) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings 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. | |
| (d) | 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 November 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represented 2% for BlackRock Pennsylvania Municipal Bond Fund and less than 1% for BlackRock Strategic Municipal Opportunities Fund long-term investments. | |
| (e) | Represents less than 1% of total investments. | |
| (f) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. | |
About Fund Performance
Institutional 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.
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. For each Fund, Class K Shares performance shown prior to the Class K January 25, 2018 inception date is that of Institutional Shares. The performance of the Funds’ 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.
Service Shares (available only in BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund) are not subject to any 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.
Investor A Shares are subject to a maximum initial sales charge (front-end load) of 4.25% and 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.
Investor A1 Shares (for all Funds except BlackRock Strategic Municipal Opportunities Fund) are subject to a maximum initial sales charge (front-end load) of 4.00% and a service fee of 0.10% per year (but no distribution fee). Investor A1 Shares for BlackRock Strategic Municipal Opportunities Fund incur a maximum initial sales charge (front-end load) of 1.00% and a service fee of 0.10% per year (but no distribution fee). The maximum initial sales charge does not apply to current eligible shareholders 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 the reinvestment of dividends and capital gains by existing shareholders and, for BlackRock California Municipal Opportunities Fund only, fee based programs previously approved by the Fund.
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. These shares automatically convert to Investor A Shares after approximately ten years.
Investor C1 Shares (available in all Funds except BlackRock Strategic 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 or to redemptions of shares acquired through the reinvestment of dividends and capital gains by existing shareholders and, for BlackRock California Municipal Opportunities Fund only, fee based programs previously approved by the Fund. In addition, these shares are subject to a distribution fee of 0.35% per year and a service fee of 0.25% per year. These shares automatically convert to Investor A Shares after approximately ten years. On November 14-15, 2019, the Board of Trustees of each Trust approved the conversion of all issued and outstanding Investor C1 Shares into Investor A Shares, which will be effective on or about the close of business on February 24, 2020.
Investor A1 and Investor C1 Shares are only available for dividend and capital gain reinvestment by existing shareholders, and for purchase by certain employer-sponsored retirement plans and, for BlackRock California Municipal Opportunities Fund only, fee based programs previously approved by the Fund.
Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer toblackrock.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 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 and/or voluntarily 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. With respect to each Fund’s voluntary waiver, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waivers may be reduced or discontinued at any time. With respect to each Fund’s contractual waivers, 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 standardized 30-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.
Bloomberg Barclays Taxable Municipal: U.S. Aggregate Eligible Index — represents securities that are taxable, dollar-denominated, and issued by a U.S. state or territory, and have at least one year to final maturity regardless of call features, have at least $250 million par amount outstanding, and are rated investment-grade (at least BBB- by S&P or Fitch Ratings (“Fitch”) and/or Baa3 by Moody’s) by at least two of the following ratings agencies: S&P, Moody’s and Fitch.
S&P® Municipal Bond High Yield Index — a market-value-weighted index that consists of bonds in the S&P Municipal Bond Index that are nonrated or that are rated BB+ by S&P and/or Ba1 by Moody’s or lower; bonds that are prerefunded or escrowed to maturity are not included in this index.
S&P® Municipal Bond Investment Grade Index — a market-value-weighted index that consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by S&P and/or Baa3 by Moody’s.
| | |
14 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Shareholders of the 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, including12b-1 fees, acquired fund fees and expenses, and other Fund expenses. The expense examples shown below (which are based on a hypothetical investment of $1,000 invested on June 1, 2019 and held through November 30, 2019) 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 heading 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 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.
Expense Examples
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual | | | | | | Hypothetical (c) | |
| | | | | | | | Including Interest Expense and Fees | | | Excluding Interest Expense and Fees | | | | | | | | | Including Interest Expense and Fees | | | Excluding Interest Expense and Fees | |
BlackRock California Municipal Opportunities Fund | | Beginning Account Value (06/01/19) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (a) | | | Expenses Paid During the Period (b) | | | | | | Beginning Account Value (06/01/19) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (a) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (b) | |
Institutional | | $ | 1,000.00 | | | $ | 1,016.70 | | | $ | 2.87 | | | $ | 2.17 | | | | | | | $ | 1,000.00 | | | $ | 1,022.15 | | | $ | 2.88 | | | $ | 1,022.85 | | | $ | 2.17 | |
Investor A | | | 1,000.00 | | | | 1,015.50 | | | | 4.13 | | | | 3.48 | | | | | | | | 1,000.00 | | | | 1,020.90 | | | | 4.14 | | | | 1,021.55 | | | | 3.49 | |
Investor A1 | | | 1,000.00 | | | | 1,016.40 | | | | 3.23 | | | | 2.57 | | | | | | | | 1,000.00 | | | | 1,021.80 | | | | 3.23 | | | | 1,022.45 | | | | 2.58 | |
Investor C | | | 1,000.00 | | | | 1,011.70 | | | | 7.90 | | | | 7.24 | | | | | | | | 1,000.00 | | | | 1,017.15 | | | | 7.92 | | | | 1,017.80 | | | | 7.26 | |
Investor C1 | | | 1,000.00 | | | | 1,013.80 | | | | 5.84 | | | | 5.19 | | | | | | | | 1,000.00 | | | | 1,019.20 | | | | 5.86 | | | | 1,019.85 | | | | 5.20 | |
Class K | | | 1,000.00 | | | | 1,017.80 | | | | 2.57 | | | | 1.92 | | | | | | | | 1,000.00 | | | | 1,022.45 | | | | 2.58 | | | | 1,022.45 | | | | 1.92 | |
| (a) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.57% for Institutional, 0.82% for Investor A, 0.64 for Investor A1, 1.57% for Investor C, 1.16% for Investor C1 and 0.51% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). | |
| (b) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.43% for Institutional, 0.69% for Investor A, 0.51% for Investor A1, 1.44% for Investor C, 1.03% for Investor C1 and 0.38% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (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 366. | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual | | | | | | Hypothetical (c) | |
| | | | | | | | Including Interest Expense and Fees | | | Excluding Interest Expense and Fees | | | | | | | | | Including Interest Expense and Fees | | | Excluding Interest Expense and Fees | |
BlackRock New Jersey Municipal Bond Fund | | Beginning Account Value (06/01/19) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (a) | | | Expenses Paid During the Period (b) | | | | | | Beginning Account Value (06/01/19) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (a) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (b) | |
Institutional | | $ | 1,000.00 | | | $ | 1,021.00 | | | $ | 3.18 | | | $ | 2.63 | | | | | | | $ | 1,000.00 | | | $ | 1,021.85 | | | $ | 3.18 | | | $ | 1,022.40 | | | $ | 2.63 | |
Service | | | 1,000.00 | | | | 1,019.80 | | | | 4.44 | | | | 3.89 | | | | | | | | 1,000.00 | | | | 1,020.60 | | | | 4.45 | | | | 1,021.15 | | | | 3.89 | |
Investor A | | | 1,000.00 | | | | 1,019.80 | | | | 4.44 | | | | 3.89 | | | | | | | | 1,000.00 | | | | 1,020.60 | | | | 4.45 | | | | 1,021.15 | | | | 3.89 | |
Investor A1 | | | 1,000.00 | | | | 1,020.50 | | | | 3.69 | | | | 3.13 | | | | | | | | 1,000.00 | | | | 1,021.35 | | | | 3.69 | | | | 1,021.90 | | | | 3.13 | |
Investor C | | | 1,000.00 | | | | 1,015.90 | | | | 8.21 | | | | 7.66 | | | | | | | | 1,000.00 | | | | 1,016.85 | | | | 8.22 | | | | 1,017.40 | | | | 7.67 | |
Investor C1 | | | 1,000.00 | | | | 1,018.00 | | | | 6.15 | | | | 5.60 | | | | | | | | 1,000.00 | | | | 1,018.90 | | | | 6.16 | | | | 1,019.45 | | | | 5.60 | |
Class K | | | 1,000.00 | | | | 1,021.30 | | | | 2.93 | | | | 2.38 | | | | | | | | 1,000.00 | | | | 1,022.10 | | | | 2.93 | | | | 1,022.10 | | | | 2.38 | |
| (a) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.63% for Institutional, 0.88% for Service, 0.88% for Investor A, 0.73% for Investor A1, 1.63% for Investor C, 1.22% for Investor C1 and 0.58% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). | |
| (b) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.52% for Institutional, 0.77% for Service, 0.77% for Investor A, 0.62% for Investor A1, 1.52% for Investor C, 1.11% for Investor C1 and 0.47% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (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 366. | |
| | | | |
DISCLOSURE OF EXPENSES | | | 15 | |
| | |
Disclosure of Expenses (continued) | | |
Expense Examples(continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual | | | | | | Hypothetical (c) | |
| | | | | | | | Including Interest Expense and Fees | | | Excluding Interest Expense and Fees | | | | | | | | | Including Interest Expense and Fees | | | Excluding Interest Expense and Fees | |
BlackRock Pennsylvania Municipal Bond Fund | | Beginning Account Value (06/01/19) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (a) | | | Expenses Paid During the Period (b) | | | | | | Beginning Account Value (06/01/19) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (a) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (b) | |
Institutional | | $ | 1,000.00 | | | $ | 1,015.80 | | | $ | 3.83 | | | $ | 2.72 | | | | | | | $ | 1,000.00 | | | $ | 1,021.20 | | | $ | 3.84 | | | $ | 1,022.30 | | | $ | 2.73 | |
Service | | | 1,000.00 | | | | 1,013.70 | | | | 5.08 | | | | 3.98 | | | | | | | | 1,000.00 | | | | 1,019.95 | | | | 5.10 | | | | 1,021.05 | | | | 3.99 | |
Investor A | | | 1,000.00 | | | | 1,013.70 | | | | 5.08 | | | | 3.98 | | | | | | | | 1,000.00 | | | | 1,019.95 | | | | 5.10 | | | | 1,021.05 | | | | 3.99 | |
Investor A1 | | | 1,000.00 | | | | 1,015.30 | | | | 4.33 | | | | 3.22 | | | | | | | | 1,000.00 | | | | 1,020.70 | | | | 4.34 | | | | 1,021.80 | | | | 3.23 | |
Investor C | | | 1,000.00 | | | | 1,010.80 | | | | 8.85 | | | | 7.74 | | | | | | | | 1,000.00 | | | | 1,016.20 | | | | 8.87 | | | | 1,017.30 | | | | 7.77 | |
Investor C1 | | | 1,000.00 | | | | 1,011.50 | | | | 7.04 | | | | 6.19 | | | | | | | | 1,000.00 | | | | 1,018.00 | | | | 7.06 | | | | 1,018.85 | | | | 6.21 | |
Class K | | | 1,000.00 | | | | 1,016.10 | | | | 3.58 | | | | 2.47 | | | | | | | | 1,000.00 | | | | 1,021.45 | | | | 3.59 | | | | 1,021.45 | | | | 2.48 | |
| (a) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.76% for Institutional, 1.01% for Service, 1.01% for Investor A, 0.86% for Investor A1, 1.76% for Investor C, 1.40% for Investor C1 and 0.71% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). | |
| (b) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.54% for Institutional, 0.79% for Service, 0.79% for Investor A, 0.64% for Investor A1, 1.54% for Investor C, 1.17% for Investor C1 and 0.49% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (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 366. | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual | | | | | | Hypothetical (c) | |
| | | | | | | | Including Interest Expense and Fees | | | Excluding Interest Expense and Fees | | | | | | | | | Including Interest Expense and Fees | | | Excluding Interest Expense and Fees | |
BlackRock Strategic Municipal Opportunities Fund | | Beginning Account Value (06/01/19) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (a) | | | Expenses Paid During the Period (b) | | | | | | Beginning Account Value (06/01/19) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (a) | | | Ending Account Value (11/30/19) | | | Expenses Paid During the Period (b) | |
Institutional | | $ | 1,000.00 | | | $ | 1,015.60 | | | $ | 3.58 | | | $ | 2.72 | | | | | | | $ | 1,000.00 | | | $ | 1,021.45 | | | $ | 3.59 | | | $ | 1,022.30 | | | $ | 2.73 | |
Investor A | | | 1,000.00 | | | | 1,014.40 | | | | 4.68 | | | | 3.83 | | | | | | | | 1,000.00 | | | | 1,020.35 | | | | 4.70 | | | | 1,021.20 | | | | 3.84 | |
Investor A1 | | | 1,000.00 | | | | 1,015.30 | | | | 3.88 | | | | 3.02 | | | | | | | | 1,000.00 | | | | 1,021.15 | | | | 3.89 | | | | 1,022.00 | | | | 3.03 | |
Investor C | | | 1,000.00 | | | | 1,010.60 | | | | 8.44 | | | | 7.64 | | | | | | | | 1,000.00 | | | | 1,016.60 | | | | 8.47 | | | | 1,017.40 | | | | 7.67 | |
Class K | | | 1,000.00 | | | | 1,015.90 | | | | 3.23 | | | | 2.37 | | | | | | | | 1,000.00 | | | | 1,021.80 | | | | 3.23 | | | | 1,021.80 | | | | 2.38 | |
| (a) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.71% for Institutional, 0.93% for Investor A, 0.77% for Investor A1, 1.68% for Investor C and 0.64% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). | |
| (b) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.54% for Institutional, 0.76% for Investor A, 0.60% for Investor A1, 1.52% for Investor C and 0.47% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (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 366. | |
| | |
16 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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.
Each 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 each Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, such Fund’s 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 Fund 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 such 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.
| | | | |
THE BENEFITSAND RISKSOF LEVERAGING / DERIVATIVE FINANCIAL INSTRUMENTS | | | 17 | |
| | |
Schedule of Investments (unaudited) November 30, 2019 | | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Corporate Bonds — 1.3% | |
|
Consumer Finance — 0.2% | |
Low Income Investment Fund, Series 2019, 3.71%, 07/01/29 | | $ | 7,295 | | | $ | 7,569,444 | |
| | | | | | | | |
|
Education — 0.2% | |
Pepperdine University, 3.95%, 12/01/57 | | | 4,770 | | | | 5,543,929 | |
University of Southern California, 3.03%, 10/01/39 | | | 650 | | | | 669,869 | |
| | | | | | | | |
| | | | | | | 6,213,798 | |
|
Health Care Providers & Services — 0.8% | |
Adventist Health System/West, 2.43%, 09/01/24 | | | 9,894 | | | | 9,890,537 | |
CommonSpirit Health: | | | | | | | | |
3.35%, 10/01/29 | | | 12,432 | | | | 12,482,198 | |
4.19%, 10/01/49 | | | 2,208 | | | | 2,246,754 | |
Kaiser Foundation Hospitals, 3.50%, 04/01/22 | | | 3,880 | | | | 4,013,302 | |
Valley Children’s Hospital, Series A, 4.40%, 03/15/48 | | | 4,000 | | | | 4,673,498 | |
| | | | | | | | |
| | | | | | | 33,306,289 | |
|
Pharmaceuticals — 0.1% | |
AbbVie, Inc., 4.88%, 11/14/48 | | | 2,871 | | | | 3,281,962 | |
| | | | | | | | |
| |
Total Corporate Bonds — 1.3% (Cost — $48,047,829) | | | | 50,371,493 | |
| | | | | |
| | |
| | Shares | | | | |
|
Investment Companies — 3.7% | |
iShares National Muni Bond ETF(k) | | | 1,250,000 | | | | 142,562,500 | |
| | | | | | | | |
| |
Total Investment Companies — 3.7% (Cost — $140,619,412) | | | | 142,562,500 | |
| | | | | |
| | |
| | Par (000) | | | | |
|
Municipal Bonds — 78.6% | |
|
California — 71.2% | |
|
County/City/Special District/School District — 16.9% | |
Butte-Glenn Community College District, GO, Election of 2016, Series A, 5.25%, 08/01/46 | | $ | 12,360 | | | | 15,295,006 | |
California Infrastructure & Economic Development Bank, RB: | | | | | | | | |
Build America Bonds, 6.49%, 05/15/49 | | | 2,125 | | | | 3,066,928 | |
Goodwill Industry San Joaquin, 5.85%, 09/01/37 | | | 2,745 | | | | 2,750,902 | |
California Pollution Control Financing Authority, RB, Republic Services, Inc. Project, AMT(a)(b): | | | | | | | | |
1.33%, 11/01/42 | | | 17,500 | | | | 17,499,825 | |
1.45%, 11/01/42 | | | 25,000 | | | | 24,999,750 | |
California Pollution Control Financing Authority, Refunding RB, VRDN, Republic Services, Inc. Project, Series A, AMT, 1.45%, 08/01/23(a)(b) | | | 28,000 | | | | 27,999,720 | |
California School Cash Reserve Program Authority, RB, Series B, 2.00%, 06/30/20 | | | 28,000 | | | | 28,161,840 | |
California Statewide Communities Development Authority, RB, Lancer Educational Student Housing Project, 5.00%, 06/01/51(a) | | | 1,035 | | | | 1,183,336 | |
California Statewide Communities Development Authority, Special Assessment, Statewide Community Infrastructure Program, Series A: | | | | | | | | |
5.00%, 09/02/39 | | | 1,460 | | | | 1,714,945 | |
5.00%, 09/02/44 | | | 715 | | | | 830,415 | |
5.00%, 09/02/48 | | | 715 | | | | 828,063 | |
City & County of San Francisco, COP, Green Bond, 49 South Van Ness Project: | | | | | | | | |
4.00%, 04/01/41 | | | 5,705 | | | | 6,405,003 | |
4.00%, 04/01/42 | | | 10,450 | | | | 11,666,484 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
County/City/Special District/School District (continued) | |
City & County of San Francisco California, GO: | | | | | | | | |
Public Health & Safety, Series E, 5.00%, 06/15/20 | | $ | 1,175 | | | $ | 1,200,180 | |
Series B, 5.00%, 06/15/20 | | | 2,225 | | | | 2,272,682 | |
Series C, 5.00%, 06/15/20 | | | 4,855 | | | | 4,959,043 | |
City & County of San Francisco California Community Facilities DistrictNo. 2014-1, Special Tax, Green Bond, Series B: | | | | | | | | |
3.78%, 09/01/30 | | | 1,110 | | | | 1,191,674 | |
3.92%, 09/01/31 | | | 3,410 | | | | 3,682,493 | |
3.97%, 09/01/32 | | | 1,880 | | | | 2,028,257 | |
4.02%, 09/01/33 | | | 2,070 | | | | 2,231,129 | |
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Series D: | | | | | | | | |
Mission Bay South Redevelopment Project, 0.00%, 08/01/23(a)(c) | | | 1,000 | | | | 875,540 | |
Mission Bay South Redevelopment Project, 0.00%, 08/01/31(a)(c) | | | 3,000 | | | | 1,752,840 | |
3.13%, 08/01/28 | | | 1,150 | | | | 1,189,549 | |
3.25%, 08/01/29 | | | 1,000 | | | | 1,036,490 | |
3.38%, 08/01/30 | | | 1,250 | | | | 1,298,450 | |
City of Los Angeles California, COP, Senior, Sonnenblick Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31 | | | 4,000 | | | | 4,015,440 | |
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project, 6.50%, 05/01/42 | | | 2,395 | | | | 2,554,100 | |
County of Los Angeles Redevelopment Refunding Authority, Refunding, Tax Allocation Bonds, CRA/LA Project Areas, Series A, 2.00%, 09/01/22 | | | 2,235 | | | | 2,230,798 | |
County of North Orange Community College District California, GO, Election of 2014, Series B, 4.00%, 08/01/44 | | | 16,075 | | | | 18,694,582 | |
County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45 | | | 11,200 | | | | 13,344,464 | |
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(d) | | | 2,895 | | | | 3,075,011 | |
Fremont Union High School District, GO, Series A, 4.00%, 08/01/46 | | | 16,250 | | | | 18,386,062 | |
Glendale Community California College District, GO, Election of 2016, Series A, 5.25%, 08/01/41 | | | 8,700 | | | | 10,794,786 | |
Hacienda La Puente Unified School District, GO, Election 2016, Series A, 5.25%, 08/01/42 | | | 5,000 | | | | 6,250,400 | |
Imperial Irrigation District, RB, Taxable (AMBAC), 6.94%, 01/01/26 | | | 17,570 | | | | 20,690,959 | |
Los Altos Elementary School District, GO, Refunding, Election of 2014,Series A-1, 4.00%, 08/01/44 | | | 12,035 | | | | 13,514,703 | |
Los Angeles Community College District California, GO: | | | | | | | | |
Build America Bonds, 6.60%, 08/01/42 | | | 840 | | | | 1,297,489 | |
Series G, 4.00%, 08/01/39 | | | 5,645 | | | | 6,137,357 | |
Los Angeles Unified School District California, GO, Refunding, Series A: | | | | | | | | |
5.00%, 07/01/20 | | | 37,070 | | | | 37,921,869 | |
5.00%, 07/01/21 | | | 29,250 | | | | 31,067,595 | |
5.00%, 07/01/22 | | | 30,705 | | | | 33,783,790 | |
Millbrae School District, GO,Series B-2, 6.00%, 07/01/21(d) | | | 2,585 | | | | 2,787,586 | |
Mount San Antonio Community College District, GO, Refunding, Election of 2018, Series A, 5.00%, 08/01/44 | | | 10,000 | | | | 12,605,000 | |
Mountain View-Whisman School District, GO, Election of 2012, Series A, 4.00%, 09/01/42 | | | 12,000 | | | | 13,397,520 | |
Palomar Community College District, GO, Election of 2006, Series D, 5.25%, 08/01/45 | | | 3,000 | | | | 3,775,530 | |
| | |
18 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
County/City/Special District/School District (continued) | |
Pomona Redevelopment Agency Successor Agency, Refunding, Tax Allocation Bonds, 3.98%, 02/01/27 | | $ | 4,155 | | | $ | 4,505,059 | |
San Bernardino Community College District, GO, Refunding, 2.40%, 08/01/26(e) | | | 6,300 | | | | 6,289,605 | |
San Bernardino Community College District, GO, Series A(e): | | | | | | | | |
3.00%, 08/01/41 | | | 13,000 | | | | 13,214,370 | |
4.00%, 08/01/49 | | | 10,000 | | | | 11,101,100 | |
San Diego Association of Governments, RB,Mid-Coast Corridor Transit Project, Green Bond, 1.80%, 11/15/27 | | | 12,500 | | | | 12,675,875 | |
San Diego Community College District, Refunding, GO,Refunding, 5.00%, 08/01/41 | | | 20,000 | | | | 24,235,000 | |
San Diego Public Facilities Financing Authority Sewer Revenue, Refunding RB, Series A, 5.00%, 05/15/38 | | | 13,595 | | | | 16,504,194 | |
San Francisco Bay Area Rapid Transit District, GO, Green Bond, Election of 2004,Series F-1, 3.00%, 08/01/38 | | | 18,865 | | | | 19,765,426 | |
San Francisco Unified School District, GO, Election of 2011, Series B, 4.00%, 06/15/27 | | | 3,500 | | | | 3,763,200 | |
San Jose California Financing Authority, LRB, Convention Center Expansion & Renovation Project, Series A, 5.75%, 05/01/42 | | | 2,010 | | | | 2,129,314 | |
San Jose Evergreen Community College District, GO, Election of 2010, Series C, 4.13%, 09/01/43 | | | 18,435 | | | | 20,316,292 | |
San Jose Redevelopment Agency Successor Agency, Refunding, Tax Allocation Bonds,Series A-T, 3.25%, 08/01/29 | | | 8,730 | | | | 9,164,056 | |
San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 08/01/41 | | | 5,000 | | | | 5,339,950 | |
San Mateo County Community College District, GO, Election of 2014, Series B, 5.00%, 09/01/45 | | | 28,755 | | | | 35,697,032 | |
State of California, GO, Refunding, 5.00%, 04/01/21 | | | 50,175 | | | | 52,844,310 | |
| | | | | | | | |
| | | | | | | 659,990,368 | |
|
Education — 5.0% | |
California Educational Facilities Authority, RB, Chapman University, Series A: | | | | | | | | |
3.43%, 04/01/30 | | | 1,000 | | | | 1,037,680 | |
3.56%, 04/01/31 | | | 2,000 | | | | 2,087,280 | |
California Educational Facilities Authority, Refunding RB, Pitzer College, 6.00%, 04/01/20(d) | | | 2,500 | | | | 2,540,925 | |
California Municipal Finance Authority, RB: | | | | | | | | |
Emerson College, 6.00%, 01/01/22(d) | | | 7,000 | | | | 7,721,700 | |
Urban Discovery Academy Project, 5.50%, 08/01/34(a) | | | 300 | | | | 321,012 | |
Vista Charter Middle School, 6.00%, 07/01/44 | | | 500 | | | | 562,505 | |
Waste Management, Inc. Project, AMT, 2.00%, 12/01/44(b) | | | 1,750 | | | | 1,757,998 | |
California Municipal Finance Authority, Refunding RB: | | | | | | | | |
Republic Services, Inc. Project, 1.30%, 09/01/21(b) | | | 50,000 | | | | 49,999,500 | |
William Jessup University, 5.00%, 08/01/39 | | | 1,785 | | | | 2,012,141 | |
William Jessup University, 5.00%, 08/01/48 | | | 2,140 | | | | 2,388,582 | |
California Public Finance Authority, RB, Trinity Classical Academy Project(a): | | | | | | | | |
Series A, 5.00%, 07/01/36 | | | 385 | | | | 416,120 | |
Series A, 5.00%, 07/01/44 | | | 375 | | | | 396,784 | |
Series A, 5.00%, 07/01/54 | | | 520 | | | | 544,003 | |
Series B, 5.00%, 07/01/26 | | | 265 | | | | 266,908 | |
California School Finance Authority, RB, Series A(a): | | | | | | | | |
Larchmont Charter School Project, 5.00%, 06/01/33 | | | 525 | | | | 605,367 | |
Larchmont Charter School Project, 5.00%, 06/01/43 | | | 525 | | | | 594,284 | |
Larchmont Charter School Project, 5.00%, 06/01/55 | | | 1,000 | | | | 1,120,530 | |
Real Journey Academies, 5.00%, 06/01/49 | | | 7,105 | | | | 7,442,488 | |
Real Journey Academies, 5.00%, 06/01/58 | | | 3,355 | | | | 3,490,240 | |
6.00%, 07/01/51 | | | 1,500 | | | | 1,714,500 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Education (continued) | |
Menifee Union School District, GO, Series A, 5.25%, 08/01/42 | | $ | 7,275 | | | $ | 9,022,091 | |
State of California University, Refunding RB, Systemwide, Series A: | | | | | | | | |
5.00%, 11/01/41 | | | 28,735 | | | | 34,396,944 | |
5.00%, 11/01/42 | | | 16,750 | | | | 20,358,620 | |
University of California, RB: | | | | | | | | |
Build America Bonds, 6.30%, 05/15/50 | | | 3,790 | | | | 4,885,575 | |
General, Series BD, 3.35%, 07/01/29 | | | 4,870 | | | | 5,233,253 | |
Series AV, 5.25%, 05/15/42 | | | 12,220 | | | | 15,069,093 | |
University of California, Refunding RB, General, Series AJ, 4.60%, 05/15/31 | | | 16,170 | | | | 18,562,837 | |
| | | | | | | | |
| | | | | | | 194,548,960 | |
|
Health — 5.1% | |
California Health Facilities Financing Authority, RB: | | | | | | | | |
Adventist Health System/West, 3.00%, 03/01/41(b) | | | 17,000 | | | | 17,961,520 | |
Children’s Hospital, Series A, 5.25%, 11/01/41 | | | 7,000 | | | | 7,491,890 | |
Scripps Health, Series A, 5.00%, 11/15/40 | | | 20,220 | | | | 21,547,241 | |
Senior, No Place Like Home Program, 2.93%, 06/01/32 | | | 1,690 | | | | 1,691,673 | |
Sutter Health, Series B, 6.00%, 08/15/20(d) | | | 8,500 | | | | 8,796,225 | |
California Health Facilities Financing Authority, Refunding RB, Providence ST. Joseph Health, 5.00%, 10/01/39(b) | | | 40,000 | | | | 48,500,400 | |
California Statewide Communities Development Authority, RB: | | | | | | | | |
Kaiser Permanente, Series A, 5.00%, 04/01/42 | | | 23,555 | | | | 25,500,172 | |
Lancer Educational student Housing Project, Series A, 5.00%, 06/01/46(a) | | | 4,100 | | | | 4,541,365 | |
Loma Linda University Medical Center, 5.50%, 12/01/58(a) | | | 11,375 | | | | 13,410,101 | |
California Statewide Communities Development Authority, Refunding RB: | | | | | | | | |
Lancer Educational student Housing Project, Series A, 5.00%, 06/01/36(a) | | | 2,900 | | | | 3,274,158 | |
Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41 | | | 5,000 | | | | 5,335,400 | |
Marin Healthcare District, GO, Election of 2013: | | | | | | | | |
4.00%, 08/01/40 | | | 11,535 | | | | 12,775,589 | |
Series A, 5.00%, 08/01/41 | | | 21,670 | | | | 26,664,068 | |
| | | | | | | | |
| | | | | | | 197,489,802 | |
|
Housing — 0.4% | |
California Community Housing Agency, RB, M/F Housing, Annadel Apartments, Series A, 5.00%, 04/01/49(a) | | | 14,165 | | | | 15,757,288 | |
| | | | | | | | |
|
State — 11.0% | |
California State Public Works Board, RB: | | | | | | | | |
Various Capital Projects, Series A, 5.00%, 04/01/23 | | | 2,375 | | | | 2,591,552 | |
Various Capital Projects, Series C, 5.00%, 11/01/38 | | | 5,000 | | | | 6,320,700 | |
Various Capital Projects, Series C, 5.00%, 11/01/44 | | | 20,000 | | | | 24,884,600 | |
Various Correctional Facilities, Series A, 5.00%, 09/01/20 | | | 3,500 | | | | 3,601,045 | |
City of Los Angeles California, RB, 5.00%, 06/25/20 | | | 200,000 | | | | 204,454,000 | |
State of California, GO, Build America Bonds, 7.60%, 11/01/40 | | | 2,000 | | | | 3,320,540 | |
State of California, GO, Refunding: | | | | | | | | |
5.25%, 02/01/30 | | | 7,725 | | | | 8,395,839 | |
5.00%, 08/01/33 | | | 17,850 | | | | 21,214,725 | |
4.00%, 10/01/37 | | | 29,690 | | | | 34,614,680 | |
5.00%, 11/01/39 | | | 27,000 | | | | 33,690,330 | |
Construction Bonds, 4.00%, 10/01/44 | | | 10,000 | | | | 11,490,700 | |
5.25%, 10/01/39 | | | 10,170 | | | | 12,279,055 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 19 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
State (continued) | |
VariousPurposes-Bid Group, Series B, 2.65%, 04/01/26 | | $ | 25,000 | | | $ | 25,393,250 | |
State of California, GO, Various Purpose: | | | | | | | | |
5.25%, 04/01/35 | | | 2,555 | | | | 2,787,045 | |
Various Purposes, 5.50%, 03/01/40 | | | 7,500 | | | | 7,576,725 | |
State of California Public Works Board, LRB, Series I: | | | | | | | | |
5.25%, 11/01/32 | | | 1,115 | | | | 1,285,484 | |
5.50%, 11/01/33 | | | 2,315 | | | | 2,687,715 | |
State of California Public Works Board, RB: | | | | | | | | |
Judicial Council Projects, Series D, 5.00%, 12/01/19 | | | 2,500 | | | | 2,500,000 | |
Various Capital Projects,Series A-1, 5.75%, 03/01/20(d) | | | 4,950 | | | | 5,007,469 | |
State of California Public Works Board, Refunding RB: | | | | | | | | |
Series G, 5.00%, 01/01/21 | | | 2,830 | | | | 2,948,266 | |
Various Capital Projects, Series C, 5.00%, 11/01/33 | | | 10,000 | | | | 12,177,200 | |
| | | | | | | | |
| | | | | | | 429,220,920 | |
|
Tobacco — 3.0% | |
County of California Tobacco Securitization Agency, Refunding RB: | | | | | | | | |
Asset-Backed, Merced County, Series A, 5.13%, 06/01/38 | | | 1,000 | | | | 1,005,170 | |
Asset-Backed, Merced County, Series A, 5.25%, 06/01/45 | | | 4,765 | | | | 4,800,547 | |
Gold Country Settlement Funding Corp., 5.25%, 06/01/46 | | | 11,500 | | | | 11,500,230 | |
Golden Gate Tobacco Funding Corp., Series A, 5.00%, 06/01/36 | | | 2,410 | | | | 2,410,892 | |
Golden Gate Tobacco Funding Corp., Series A, 5.00%, 06/01/47 | | | 2,595 | | | | 2,595,597 | |
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.: | | | | | | | | |
5.60%, 06/01/36 | | | 1,980 | | | | 1,998,968 | |
5.70%, 06/01/46 | | | 8,590 | | | | 8,676,072 | |
Golden State Tobacco Securitization Corp., Refunding RB: | | | | | | | | |
Series A-1, 5.00%, 06/01/20 | | | 3,000 | | | | 3,052,500 | |
Series A-1, 5.00%, 06/01/47 | | | 38,550 | | | | 39,672,191 | |
Series A-2, 5.00%, 06/01/47 | | | 29,285 | | | | 30,137,486 | |
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38 | | | 9,445 | | | | 9,709,554 | |
Tobacco Securitization Authority of Southern California, Refunding RB, San Diego Country Tobacco Asset Securitization Corporation, 5.00%, 06/01/48 | | | 2,885 | | | | 3,316,827 | |
| | | | | | | | |
| | | | | | | 118,876,034 | |
|
Transportation — 13.1% | |
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge,Series S-1, 7.04%, 04/01/50 | | | 4,720 | | | | 7,747,219 | |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 2.43%, 04/01/26 | | | 15,590 | | | | 15,582,829 | |
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, ARB, Series B, 5.56%, 07/01/32 | | | 1,000 | | | | 1,191,760 | |
California Municipal Finance Authority, Refunding ARB, United Airlines, Inc. Project, AMT, 4.00%, 07/15/29 | | | 30,880 | | | | 34,838,198 | |
City & County of San Francisco Airports San Francisco International Airport, Refunding ARB, AMT: | | | | | | | | |
Series A, 5.00%, 05/01/44 | | | 10,125 | | | | 11,326,331 | |
Series E, 5.00%, 05/01/45 | | | 26,750 | | | | 32,350,380 | |
City & County of San Francisco California Airports Commission, Refunding RB, Series A, AMT, 5.00%, 05/01/20 | | | 8,210 | | | | 8,331,918 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Transportation (continued) | |
City of Los Angeles California Department of Airports, ARB, AMT: | | | | | | | | |
Los Angeles International Airport, Series D, 5.00%, 05/15/41 | | $ | 8,850 | | | $ | 10,172,898 | |
Los Angeles International Airport,Sub-Series A, 5.00%, 05/15/42 | | | 10,000 | | | | 11,588,400 | |
Senior Series A, 5.00%, 05/15/40 | | | 6,615 | | | | 7,607,382 | |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport: | | | | | | | | |
AMT, 5.00%, 05/15/43 | | | 1,375 | | | | 1,671,271 | |
Senior, Series A, 5.00%, 05/15/40 | | | 77,690 | | | | 79,026,268 | |
City of Los Angeles Department of Airports, ARB: | | | | | | | | |
AMT, Subordinate, Series C, 5.00%, 05/15/38 | | | 4,215 | | | | 5,066,852 | |
Los Angeles International Airport, AMT, 4.00%, 05/15/44 | | | 10,365 | | | | 11,573,352 | |
Los Angeles International Airport, Series D, 5.25%, 05/15/33 | | | 18,720 | | | | 19,070,251 | |
Los Angeles International Airport, Series D, 5.00%, 05/15/40 | | | 5,000 | | | | 5,085,950 | |
Subordinate, Series C, AMT, 5.00%, 05/15/36 | | | 16,960 | | | | 20,460,205 | |
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT: | | | | | | | | |
Series A, 5.00%, 03/01/41 | | | 20,000 | | | | 23,543,600 | |
Series A-1, 5.75%, 03/01/34 | | | 6,720 | | | | 7,063,661 | |
Series A-1, 6.25%, 03/01/34 | | | 2,920 | | | | 3,087,842 | |
Port of Oakland, Refunding RB, Senior Lien, Series P, AMT: | | | | | | | | |
5.00%, 05/01/22 | | | 3,660 | | | | 3,974,467 | |
5.00%, 05/01/23 | | | 4,000 | | | | 4,340,880 | |
5.00%, 05/01/26 | | | 4,800 | | | | 5,201,424 | |
5.00%, 05/01/27 | | | 12,850 | | | | 13,918,349 | |
San Diego Association of Governments, RB,Mid-Coast Corridor Transit Project, Green Bond, 5.00%, 11/15/23 | | | 5,000 | | | | 5,571,000 | |
San Diego County Regional Airport Authority, Refunding ARB, Subordinate, Series A(e): | | | | | | | | |
5.00%, 07/01/36 | | | 5,000 | | | | 6,310,900 | |
5.00%, 07/01/39 | | | 5,000 | | | | 6,261,800 | |
5.00%, 07/01/44 | | | 8,000 | | | | 9,914,640 | |
San Francisco City & County AirportComm-San Francisco International Airport, Refunding ARB, AMT, Series E: | | | | | | | | |
5.00%, 05/01/38 | | | 4,220 | | | | 5,178,278 | |
5.00%, 05/01/39 | | | 4,330 | | | | 5,286,670 | |
San Francisco City & County AirportComm-San Francisco International Airport, Refunding RB, AMT: | | | | | | | | |
Series D, 5.00%, 05/01/21 | | | 3,940 | | | | 4,143,383 | |
Second Series, Series A, 5.00%, 05/01/27 | | | 17,775 | | | | 19,300,273 | |
Second Series, Series A, 5.00%, 05/01/30 | | | 3,850 | | | | 4,160,233 | |
Second Series, Series C, 5.00%, 05/01/20 | | | 2,720 | | | | 2,760,392 | |
Series H, 5.00%, 05/01/21 | | | 35,190 | | | | 37,057,533 | |
Series H, 5.00%, 05/01/22 | | | 8,775 | | | | 9,539,566 | |
Series H, 5.00%, 05/01/23 | | | 10,000 | | | | 11,201,400 | |
Series H, 5.00%, 05/01/24 | | | 15,040 | | | | 17,328,637 | |
San Joaquin County Transportation Authority, Refunding RB, Measure K Sale Tax Revenue, 5.00%, 03/01/41 | | | 17,955 | | | | 21,836,691 | |
| | | | | | | | |
| | | | | | | 509,673,083 | |
|
Utilities — 16.7% | |
California Infrastructure & Economic Development Bank, RB, Green Bond, 5.00%, 10/01/20 | | | 21,050 | | | | 21,753,701 | |
City & County of San Francisco Public Utilities Commission Wastewater Revenue, Refunding RB, Sewer System, Series B, 4.00%, 10/01/42 | | | 17,010 | | | | 18,135,382 | |
| | |
20 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Utilities (continued) | |
City of Los Angeles California Department of Water & Power, RB: | | | | | | | | |
Build America Bonds, 6.60%, 07/01/50 | | $ | 1,105 | | | $ | 1,800,255 | |
Power System, Series A, 5.00%, 07/01/42 | | | 9,250 | | | | 11,101,202 | |
Series A, 5.00%, 07/01/41 | | | 25,055 | | | | 29,749,305 | |
City of Los Angeles California Department of Water & Power, Refunding RB: | | | | | | | | |
Series B, 5.00%, 07/01/43 | | | 7,000 | | | | 8,617,140 | |
Water System, Series A, 5.25%, 07/01/39 | | | 8,000 | | | | 8,343,760 | |
City of Los Angeles California Wastewater System Revenue, Refunding RB, Green Bond: | | | | | | | | |
Series C, 5.00%, 06/01/35 | | | 4,520 | | | | 5,383,953 | |
Sub-Series A, 5.00%, 06/01/43 | | | 10,000 | | | | 12,319,200 | |
Sub-Series A, 5.25%, 06/01/47 | | | 20,000 | | | | 24,568,400 | |
City of Petaluma California Wastewater Revenue, Refunding RB, 6.00%, 05/01/21(d) | | | 5,625 | | | | 6,019,369 | |
City of Riverside California Electric Revenue, RB, Build America Bond, 7.61%, 10/01/40 | | | 2,500 | | | | 3,933,700 | |
City of Sacramento California Water Revenue, RB, 5.00%, 09/01/42 | | | 6,465 | | | | 7,793,687 | |
City of San Francisco California Public Utilities Commission Wastewater Revenue, RB, Green Bond, Series A: | | | | | | | | |
5.00%, 10/01/31 | | | 5,000 | | | | 6,024,700 | |
5.00%, 10/01/32 | | | 5,000 | | | | 6,009,600 | |
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Public Utilities Commission, 4.00%, 11/01/30 | | | 19,910 | | | | 23,151,547 | |
County of San Diego California Water Authority, Refunding RB, 5.00%, 05/01/30 | | | 6,000 | | | | 6,677,760 | |
Eastern Municipal Water District Financing Authority, RB, Series D, 5.25%, 07/01/42 | | | 18,500 | | | | 23,175,505 | |
Los Angeles Department of Water, Refunding RB, Series A: | | | | | | | | |
5.00%, 07/01/41 | | | 22,840 | | | | 27,534,990 | |
5.25%, 07/01/44 | | | 10,650 | | | | 13,033,363 | |
Los Angeles Department of Water & Power Power System Revenue, RB, Power System, Series B, 5.00%, 07/01/25 | | | 10,000 | | | | 10,232,300 | |
Los Angeles Department of Water & Power Power System Revenue, Refunding RB, Series D, 5.00%, 07/01/43 | | | 19,050 | | | | 23,474,553 | |
Metropolitan Water District of Southern California, RB, Series A, 5.00%, 07/01/40 | | | 16,105 | | | | 19,127,264 | |
Metropolitan Water District of Southern California, Refunding RB: | | | | | | | | |
5.00%, 01/01/38 | | | 7,000 | | | | 8,856,680 | |
Series A, 5.00%, 10/01/35 | | | 5,000 | | | | 5,436,850 | |
Series A, 5.00%, 07/01/37 | | | 14,330 | | | | 18,317,466 | |
Series A, 5.00%, 07/01/38 | | | 18,860 | | | | 24,049,895 | |
Subordinate, Series D, 1.03%, 07/01/37(f) | | | 10,000 | | | | 9,992,090 | |
Subordinate, Series E, 1.00%, 07/01/37(f) | | | 7,000 | | | | 6,997,305 | |
Northern California Power Agency, RB, Build America Bonds, Series B, 7.31%, 06/01/40 | | | 2,150 | | | | 3,158,307 | |
Orange County Sanitation District, Refunding RB, Series B, 5.00%, 02/01/20 | | | 1,000 | | | | 1,006,420 | |
Rancho Water District Financing Authority, Refunding RB, Series A, 4.00%, 08/01/38 | | | 2,745 | | | | 3,233,061 | |
Sacramento Municipal Utility District, RB, Series G, 5.00%, 08/15/41 | | | 15,440 | | | | 19,622,542 | |
Sacramento Municipal Utility District, Refunding RB, Series A, 5.00%, 08/15/49(b) | | | 40,000 | | | | 45,171,200 | |
San Diego County Water Authority Financing Corp., Refunding RB, Series B, 5.00%, 05/01/38 | | | 20,405 | | | | 24,713,108 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Utilities (continued) | |
San Diego Public Facilities Financing Authority, RB, Series A, 5.00%, 08/01/41 | | $ | 1,010 | | | $ | 1,212,061 | |
San Diego Public Facilities Financing Authority, Refunding RB, Series A: | | | | | | | | |
5.00%, 05/15/20 | | | 2,000 | | | | 2,036,380 | |
5.00%, 05/15/36 | | | 5,000 | | | | 6,081,350 | |
Subordinate, 5.00%, 08/01/43 | | | 41,760 | | | | 51,574,435 | |
Subordinated, 5.25%, 08/01/47 | | | 15,505 | | | | 19,375,358 | |
San Diego Public Facilities Financing Authority Water Revenue, Refunding RB, Series B, 5.00%, 08/01/38 | | | 16,460 | | | | 19,849,114 | |
Semitropic Improvement District, Refunding RB, Series A (AGM), 2.60%, 12/01/26 | | | 2,120 | | | | 2,117,965 | |
State of California Department of Water Resources, Refunding RB, Water System: | | | | | | | | |
Central Valley Project Revenue Bonds, Series AW, 4.00%, 12/01/34 | | | 24,000 | | | | 27,772,560 | |
Revenue, Series AW, 4.00%, 12/01/20 | | | 2,790 | | | | 2,874,286 | |
Series AS, 5.00%, 12/01/20 | | | 5,335 | | | | 5,548,293 | |
Series BA, 5.00%, 12/01/20 | | | 3,785 | | | | 3,936,627 | |
State of California Department of Water Resources Power Supply Revenue, Refunding RB, Series N, 5.00%, 05/01/20 | | | 1,500 | | | | 1,524,750 | |
Vista Joint Powers Financing Authority, Refunding LRB, Lease, 5.25%, 05/01/37 | | | 15,000 | | | | 17,809,950 | |
| | | | | | | | |
| | | | | | | 650,228,689 | |
| | | | | | | | |
| |
Total Municipal Bonds in California | | | | 2,775,785,144 | |
| | | | | | | | |
|
Illinois — 0.9% | |
|
County/City/Special District/School District — 0.9% | |
Chicago Board of Education, GO: | | | | | | | | |
Build America Bonds, 6.52%, 12/01/40 | | | 8,075 | | | | 9,149,136 | |
Taxable Build America Bonds, 6.04%, 12/01/29 | | | 6,875 | | | | 7,297,263 | |
Taxable Build America Bonds, 6.14%, 12/01/39 | | | 13,850 | | | | 15,172,121 | |
Taxable Qualified School Construction Bonds, 6.32%, 11/01/29 | | | 3,650 | | | | 3,991,421 | |
| | | | | | | | |
| |
Total Municipal Bonds in Illinois | | | | 35,609,941 | |
| | | | | | | | |
|
Puerto Rico — 6.5% | |
|
State — 3.4% | |
Commonwealth of Puerto Rico, GO(g)(h): | | | | | | | | |
Public Improvement, Series A, 5.25%, 07/01/22 | | | 940 | | | | 719,494 | |
Public Improvements, Series A, 5.25%, 07/01/26 | | | 330 | | | | 252,588 | |
Public Improvement, Series A, 5.13%, 07/01/31 | | | 3,340 | | | | 2,556,500 | |
Commonwealth of Puerto Rico, GO, Refunding(g)(h): | | | | | | | | |
Public Improvement, 5.00%, 07/01/18 | | | 470 | | | | 331,116 | |
Public Improvements, Series A, 5.50%, 07/01/18 | | | 1,025 | | | | 722,115 | |
Public Improvement, Series A, 5.50%, 07/01/32 | | | 1,170 | | | | 895,540 | |
Public Improvement, Series A, 6.00%, 07/01/34 | | | 955 | | | | 737,474 | |
Series A, 8.00%, 07/01/35 | | | 11,945 | | | | 7,363,949 | |
Public Improvement, Series A, 5.50%, 07/01/39 | | | 8,805 | | | | 5,819,181 | |
Public Improvement, Series A, 5.00%, 07/01/41 | | | 7,370 | | | | 4,870,796 | |
Public Improvements, Series A, 5.75%, 07/01/41 | | | 1,110 | | | | 803,825 | |
Public Improvements, Series B, 6.00%, 07/01/39 | | | 3,970 | | | | 3,065,729 | |
Public Improvement, Series C, 6.00%, 07/01/39 | | | 470 | | | | 362,945 | |
Commonwealth of Puerto Rico, GO(g)(h): | | | | | | | | |
5.38%, 07/01/33 | | | 1,025 | | | | 784,555 | |
6.00%, 07/01/38 | | | 1,630 | | | | 1,258,725 | |
Puerto Rico Public Buildings Authority, Refunding RB(h)(i): | | | | | | | | |
Government Facilities, Series F (GTD), 5.25%, 07/01/24 | | | 500 | | | | 429,063 | |
Series M, 10.00%, 07/01/34 | | | 1,045 | | | | 964,683 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 21 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
State (continued) | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: | | | | | | | | |
CAB,Series A-1, 0.00%, 07/01/24(c) | | $ | 370 | | | $ | 325,652 | |
CAB,Series A-1, 0.00%, 07/01/27(c) | | | 707 | | | | 564,299 | |
CAB,Series A-1, 0.00%, 07/01/29(c) | | | 1,117 | | | | 829,239 | |
CAB,Series A-1, 0.00%, 07/01/31(c) | | | 1,330 | | | | 910,984 | |
CAB,Series A-1, 0.00%, 07/01/33(c) | | | 1,909 | | | | 1,205,438 | |
CAB,Series A-1, 0.00%, 07/01/46(c) | | | 50,400 | | | | 13,361,040 | |
CAB,Series A-1, 0.00%, 07/01/51(c) | | | 35,228 | | | | 6,858,539 | |
Series A-1, 4.75%, 07/01/53 | | | 18,131 | | | | 18,721,164 | |
Series A-1, 5.00%, 07/01/58 | | | 20,391 | | | | 21,433,592 | |
Series A-2, 4.33%, 07/01/40 | | | 11,818 | | | | 11,954,498 | |
Series A-2, 4.78%, 07/01/58 | | | 20,042 | | | | 20,667,310 | |
Series A-2, 4.54%, 07/01/53 | | | 114 | | | | 115,704 | |
Series B-1, 0.00%, 07/01/46(c) | | | 5,761 | | | | 1,525,167 | |
| | | | | | | | |
| | | | | | | 130,410,904 | |
|
Utilities — 3.1% | |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB: | | | | | | | | |
5.00%, 07/01/33 | | | 630 | | | | 655,118 | |
5.13%, 07/01/37 | | | 5,430 | | | | 5,644,539 | |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: | | | | | | | | |
6.00%, 07/01/38 | | | 11,935 | | | | 12,110,683 | |
6.00%, 07/01/44 | | | 5,815 | | | | 5,900,655 | |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB: | | | | | | | | |
5.75%, 07/01/37 | | | 3,065 | | | | 3,234,678 | |
5.25%, 07/01/42 | | | 4,415 | | | | 4,613,101 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series B: | | | | | | | | |
5.00%, 07/01/23 | | | 4,150 | | | | 4,093,726 | |
5.35%, 07/01/27 | | | 6,705 | | | | 6,507,068 | |
6.15%, 07/01/38 | | | 3,620 | | | | 3,399,144 | |
Puerto Rico Electric Power Authority, RB(g)(h): | | | | | | | | |
Series 2013-A, 7.00%, 07/01/33 | | | 920 | | | | 726,800 | |
Series 2013-A, 7.00%, 07/01/43 | | | 955 | | | | 754,450 | |
Series A, 5.00%, 07/01/29 | | | 4,130 | | | | 3,160,069 | |
Series A, 6.75%, 07/01/36 | | | 7,630 | | | | 6,027,700 | |
Series A, 5.00%, 07/01/42 | | | 8,220 | | | | 6,289,533 | |
Series A-3, 10.00%, 07/01/19 | | | 2,137 | | | | 1,829,388 | |
Series B-3, 10.00%, 07/01/19 | | | 2,137 | | | | 1,829,388 | |
Series C-1, 5.40%, 01/01/18 | | | 5,870 | | | | 4,798,682 | |
Series C-2, 5.40%, 07/01/18 | | | 5,871 | | | | 4,799,459 | |
Series C-3, 5.40%, 01/01/20 | | | 593 | | | | 485,147 | |
Series C-4, 5.40%, 07/01/20 | | | 593 | | | | 485,147 | |
Series CCC, 5.25%, 07/01/26 | | | 1,680 | | | | 1,285,452 | |
Series CCC, 5.25%, 07/01/28 | | | 955 | | | | 730,718 | |
Series TT, 5.00%, 07/01/25 | | | 480 | | | | 367,272 | |
Series TT, 5.00%, 07/01/26 | | | 1,285 | | | | 983,218 | |
Series TT, 5.00%, 07/01/32 | | | 1,075 | | | | 822,536 | |
Series WW, 5.50%, 07/01/19 | | | 1,155 | | | | 864,806 | |
Series WW, 5.50%, 07/01/19 | | | 1,315 | | | | 1,006,172 | |
Series WW, 5.50%, 07/01/19 | | | 935 | | | | 715,415 | |
Series WW, 5.38%, 07/01/22 | | | 1,250 | | | | 956,438 | |
Series WW, 5.38%, 07/01/24 | | | 875 | | | | 669,506 | |
Series WW, 5.50%, 07/01/38 | | | 1,170 | | | | 895,226 | |
Series XX, 5.25%, 07/01/27 | | | 645 | | | | 493,522 | |
Series XX, 5.25%, 07/01/35 | | | 400 | | | | 306,060 | |
Series XX, 5.75%, 07/01/36 | | | 555 | | | | 424,658 | |
Series XX, 5.25%, 07/01/40 | | | 2,120 | | | | 1,622,118 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Utilities (continued) | |
Puerto Rico Electric Power Authority, Refunding RB(g)(h): | | | | | | | | |
Series AAA, 5.25%, 07/01/22 | | $ | 2,150 | | | $ | 1,645,073 | |
Series AAA, 5.25%, 07/01/24 | | | 480 | | | | 367,272 | |
Series AAA, 5.25%, 07/01/26 | | | 1,840 | | | | 1,407,876 | |
Series AAA, 5.25%, 07/01/27 | | | 5,810 | | | | 4,445,521 | |
Series AAA, 5.25%, 07/01/28 | | | 3,480 | | | | 2,662,722 | |
Series AAA, 5.25%, 07/01/29 | | | 530 | | | | 405,530 | |
Series BBB, 5.40%, 07/01/28 | | | 2,805 | | | | 2,146,246 | |
Series UU, 1.00%, 07/01/19(f) | | | 355 | | | | 240,513 | |
Series UU, 1.16%, 07/01/19(f) | | | 395 | | | | 267,613 | |
Series UU, 1.00%, 07/01/20(f) | | | 3,175 | | | | 2,219,855 | |
Series UU, 2.11%, 07/01/31(f) | | | 3,765 | | | | 2,632,364 | |
Series ZZ, 5.00%, 07/01/19 | | | 925 | | | | 707,764 | |
Series ZZ, 5.25%, 07/01/19 | | | 2,945 | | | | 2,253,367 | |
Series ZZ, 5.25%, 07/01/21 | | | 3,590 | | | | 2,746,889 | |
Series ZZ, 5.25%, 07/01/24 | | | 1,990 | | | | 1,522,649 | |
Series ZZ, 5.25%, 07/01/26 | | | 4,335 | | | | 3,316,925 | |
Series ZZ, 5.00%, 07/01/28 | | | 990 | | | | 757,499 | |
Taxable Build America Bonds, Series YY, 6.13%, 07/01/40 | | | 4,060 | | | | 3,106,509 | |
| | | | | | | | |
| | | | | | | 122,339,779 | |
| | | | | | | | |
| |
Total Municipal Bonds in Puerto Rico | | | | 252,750,683 | |
| | | | | |
| |
Total Municipal Bonds — 78.6% (Cost — $2,961,715,394) | | | | 3,064,145,768 | |
| | | | | | | | |
|
Municipal Bonds Transferred to Tender Option Bond Trusts(i) — 15.0% | |
|
California — 15.0% | |
|
County/City/Special District/School District — 2.7% | |
County of Santa Clara California, GO, Election of 2008, Series B, 4.00%, 08/01/42 | | | 14,995 | | | | 15,905,198 | |
Grossmont-Cuyamaca Community College District, GO, Election of 2008, Series B, 5.00%, 08/01/44 | | | 30,215 | | | | 37,169,281 | |
Ohlone Community College District, GO, Election of 2010, Series B, 4.00%, 08/01/44 | | | 47,250 | | | | 51,084,337 | |
| | | | | | | | |
| | | | | | | 104,158,816 | |
|
Education — 3.4% | |
California State University, Refunding RB, Systemwide, Series A: | | | | | | | | |
5.00%, 11/01/42 | | | 10,000 | | | | 12,154,400 | |
5.00%, 11/01/43 | | | 35,250 | | | | 43,658,887 | |
University of California, RB, Limited Project, Series M, 5.00%, 05/15/42 | | | 20,000 | | | | 24,188,000 | |
University of California, Refunding RB, Series AZ, 5.00%, 05/15/43 | | | 41,740 | | | | 51,298,043 | |
| | | | | | | | |
| | | | | | | 131,299,330 | |
|
Health — 0.5% | |
California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series A, 5.00%, 11/15/38 | | | 15,000 | | | | 18,184,500 | |
| | | | | | | | |
|
State — 0.5% | |
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/39 | | | 18,150 | | | | 21,913,947 | |
| | | | | | | | |
|
Transportation — 4.0% | |
City & County of San Francisco California, Refunding ARB, Series A, AMT, 5.25%, 05/01/42 | | | 40,370 | | | | 48,395,153 | |
City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT, 5.00%, 05/01/42 | | | 26,950 | | | | 31,612,889 | |
| | |
22 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock California Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Transportation (continued) | |
City & County of San Francisco California Airports Commission, Refunding RB, San Francisco International Airport, Series B, AMT, 5.00%, 05/01/41 | | $ | 22,475 | | | $ | 26,142,239 | |
City of Los Angeles California Department of Airports, RB, AMT: | | | | | | | | |
Los Angeles International Airport, Series B, 5.00%, 05/15/41 | | | 18,717 | | | | 21,924,762 | |
Sub-Series A, 5.00%, 05/15/42 | | | 23,625 | | | | 27,999,632 | |
| | | | | | | | |
| | | | | | | 156,074,675 | |
|
Utilities — 3.9% | |
City & County of San Francisco California Public Utiilities Commission Wastewater Revenue, RB, Series B, 5.00%, 10/01/43 | | | 41,405 | | | | 51,262,287 | |
East Bay Municipal Utility District Water System Revenue, RB, Green Bond, Series A, 5.00%, 06/01/42 | | | 27,045 | | | | 33,296,705 | |
Eastern Municipal Water District Financing Authority, RB, Series D, 5.00%, 07/01/47 | | | 36,105 | | | | 44,167,971 | |
Irvine Ranch Water District, 5.00%, 03/01/46 | | | 19,330 | | | | 22,687,234 | |
| | | | | | | | |
| | | | | | | 151,414,197 | |
| | | | | | | | |
| |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 15.0% (Cost — $546,535,875) | | | | 583,045,465 | |
| | | | | |
| |
Total Long-Term Investments — 98.6% (Cost — $3,696,918,510) | | | | 3,840,125,226 | |
| | | | | |
|
Short-Term Securities — 7.8% | |
|
Commercial Paper — 2.6% | |
City & County of San Francisco California, 1.10%, 01/14/20 | | | 8,350 | | | | 8,349,889 | |
Los Angeles Municipal Improvement Corp., 1.64%, 12/19/19 | | | 26,000 | | | | 26,006,659 | |
State of California Department of Water Resources: | | | | | | | | |
1.12%, 12/05/19 | | | 5,000 | | | | 5,000,147 | |
1.07%, 12/20/19 | | | 23,655 | | | | 23,654,857 | |
1.08%, 12/20/19 | | | 9,408 | | | | 9,407,890 | |
1.05%, 01/09/20 | | | 30,000 | | | | 29,999,655 | |
| | | | | | | | |
| |
Total Commercial Paper — 2.6% (Cost — $102,413,000) | | | | 102,419,097 | |
| | | | | | | | |
| | | | | | | | |
Security | | Shares | | | Value | |
|
Short-Term Investment Fund — 5.2% | |
BlackRock Liquidity Funds California Money Fund, Institutional Class, | | | | | | | | |
0.66%(j)(k) | | | 204,060,480 | | | $ | 204,101,292 | |
| | | | | | | | |
| |
Total Short-Term Investment Fund — 5.2% (Cost — $204,101,292) | | | | 204,101,292 | |
| | | | | | | | |
| |
Total Short-Term Securities — 7.8% (Cost — $306,514,292) | | | | 306,520,389 | |
| | | | | |
| |
Total Investments — 106.4% (Cost — $4,003,432,802) | | | | 4,146,645,615 | |
| |
Liabilities in Excess of Other Assets — (0.1)% | | | | (3,037,379 | ) |
| |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.3)% | | | | (244,903,999 | ) |
| | | | | |
| |
Net Assets — 100.0% | | | $ | 3,898,704,237 | |
| | | | | |
(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) | 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. |
(d) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(e) | When-issued security. |
(f) | Variable rate security. Rate shown is the rate in effect as of period end. |
(g) | Non-income producing security. |
(h) | Issuer filed for bankruptcy and/or is in default. |
(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) | Annualized 7-day yield as of period end. |
(k) | During the six months ended November 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Persons and/or Related Parties | | Shares Held at 05/31/19 | | | Shares Purchased | | | Shares Sold | | | Shares Held at 11/30/19 | | | Value at 11/30/19 | | | Income | | | Net Realized Gain (Loss) (a) | | | Change in Unrealized Appreciation (Depreciation) | |
BlackRock Liquidity Funds California Money Fund, Institutional Class(b) | | | 256,535,508 | | | | — | | | | (52,475,028 | ) | | | 204,060,480 | | | $ | 204,101,292 | | | $ | 692,567 | | | $ | — | | | $ | — | |
iShares National Municipal Bond Fund | | | 335,000 | | | | 1,470,000 | | | | (555,000 | ) | | | 1,250,000 | | | | 142,562,500 | | | | 1,263,538 | | | | 502,272 | | | | 850,921 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 346,663,792 | | | $ | 1,956,105 | | | $ | 502,272 | | | $ | 850,921 | |
| | | | | | | | | | | | | | | | | |
| (a) | Includes net capital gain distributions, if applicable. | |
| (b) | Represents net shares purchased (sold). | |
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.
| | | | |
SCHEDULES OF INVESTMENTS | | | 23 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock California Municipal Opportunities Fund |
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 | | | 3,334 | | | | 03/20/20 | | | $ | 431,284 | | | $ | 485,089 | |
U.S. Treasury Long Bond | | | 2,986 | | | | 03/20/20 | | | | 474,681 | | | | 1,053,294 | |
5-Year U.S. Treasury Note | | | 1,124 | | | | 03/31/20 | | | | 133,721 | | | | 81,903 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 1,620,286 | |
| | | | | | | | | | | | | | | | |
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 | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,620,286 | | | $ | — | | | $ | 1,620,286 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Net cumulative unrealized appreciation (depreciation) on futures, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
For the six months ended November 30, 2019, 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 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (52,686,512 | ) | | $ | — | | | $ | (52,686,512 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 12,790,625 | | | $ | — | | | $ | 12,790,625 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
Futures contracts: | |
Average notional value of contracts — long | | $ | — | (a) |
Average notional value of contracts — short | | $ | 1,012,315,164 | |
| (a) | Derivative not held atquarter-end. The risk exposure table serves as an indicator of activity during the period. | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
| | |
24 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock California Municipal Opportunities Fund |
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) | | $ | 142,562,500 | | | $ | 3,697,562,726 | | | $ | — | | | $ | 3,840,125,226 | |
Short-Term Securities(a) | | | 204,101,292 | | | | 102,419,097 | | | | — | | | | 306,520,389 | |
| | | | | | | | | | | | | | | | |
| | $ | 346,663,792 | | | $ | 3,799,981,823 | | | $ | — | | | $ | 4,146,645,615 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(b) | |
Assets: | |
Interest rate contracts | | $ | 1,620,286 | | | $ | — | | | $ | — | | | $ | 1,620,286 | |
| | | | | | | | | | | | | | | | |
| (a) | See above Schedule of Investments for values in each sector/security type. | |
| (b) | Derivative financial instruments are futures contracts. Futures contracts 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 $244,322,162 are categorized as Level 2 within the disclosure hierarchy.
See notes to financial statements.
| | | | |
SCHEDULES OF INVESTMENTS | | | 25 | |
| | |
Schedule of Investments (unaudited) November 30, 2019 | | BlackRock New Jersey Municipal Bond Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Municipal Bonds — 90.3% | |
|
New Jersey — 86.7% | |
|
Corporate — 4.7% | |
New Jersey EDA, RB: | | | | | | | | |
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29 | | $ | 3,500 | | | $ | 3,812,270 | |
Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30 | | | 1,000 | | | | 1,144,640 | |
Provident Group-Kean Properties, Series A, 5.00%, 07/01/47 | | | 265 | | | | 293,177 | |
Series A, 5.00%, 06/15/42 | | | 4,545 | | | | 5,110,080 | |
New Jersey EDA, Refunding RB: | | | | | | | | |
New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39 | | | 1,445 | | | | 1,447,399 | |
New Jersey American Water Co., Inc. Project, Series B, AMT, 5.60%, 11/01/34 | | | 1,000 | | | | 1,015,760 | |
New Jersey American Water Co., Inc. Project, Series D, AMT, 4.88%, 11/01/29 | | | 1,000 | | | | 1,029,360 | |
Provident Group-Monteclair Properties LLC (AGM), 5.00%, 06/01/37 | | | 2,760 | | | | 3,251,418 | |
Sub Series A, 5.00%, 07/01/33 | | | 125 | | | | 142,445 | |
Sub Series A, 4.00%, 07/01/34 | | | 165 | | | | 175,149 | |
| | | | | | | | |
| | | | | | | 17,421,698 | |
|
County/City/Special District/School District — 12.3% | |
Carlstadt School District, GO, Refunding, 4.00%, 05/01/30 | | | 1,415 | | | | 1,554,774 | |
Casino Reinvestment Development Authority, Inc., Refunding RB: | | | | | | | | |
5.25%, 11/01/39 | | | 1,020 | | | | 1,100,223 | |
5.25%, 11/01/44 | | | 1,590 | | | | 1,711,683 | |
(AGM), 4.00%, 11/01/34 | | | 500 | | | | 542,795 | |
City of Bayonne New Jersey, GO, Refunding, Qualified General Improvement (BAM), 5.00%, 07/01/39 | | | 660 | | | | 768,049 | |
City of East Orange New Jersey, GO, Refunding (AGM): | | | | | | | | |
3.00%, 09/15/30 | | | 2,200 | | | | 2,315,500 | |
3.00%, 09/15/31 | | | 2,200 | | | | 2,300,628 | |
City of Perth Amboy New Jersey, GO, CAB, Refunding (AGM): | | | | | | | | |
5.00%, 07/01/35 | | | 600 | | | | 601,560 | |
5.00%, 07/01/36 | | | 145 | | | | 145,374 | |
County of Essex New Jersey Improvement Authority, LRB, Newark Project, Series A (AGM), 5.00%, 11/01/20(a) | | | 257 | | | | 265,795 | |
County of Essex New Jersey Improvement Authority, RB: | | | | | | | | |
AMT, 5.25%, 07/01/45(b) | | | 1,000 | | | | 1,011,250 | |
Newark Project, Series A (AGM), 6.00%, 11/01/20(c) | | | 1,090 | | | | 1,138,156 | |
County of Essex New Jersey Improvement Authority, Refunding RB, Project Consolidation (NPFGC), 5.50%, 10/01/29 | | | 1,500 | | | | 2,032,365 | |
County of Mercer New Jersey, GO, Refunding, 3.00%, 02/15/31 | | | 1,585 | | | | 1,674,394 | |
County of Union New Jersey Utilities Authority, Refunding RB, Covanta Union, Inc., Series A, AMT, 4.75%, 12/01/31 | | | 1,250 | | | | 1,315,450 | |
Ewing Township Board of Education, GO: | | | | | | | | |
4.00%, 07/15/38 | | | 920 | | | | 1,033,326 | |
4.00%, 07/15/39 | | | 840 | | | | 941,354 | |
Monmouth Regional High School District, GO, 3.00%, 02/01/34 | | | 1,260 | | | | 1,301,845 | |
New Jersey EDA, RB: | | | | | | | | |
Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 04/01/31 | | | 1,920 | | | | 2,270,054 | |
School Facilities Construction, Series EEE, 5.00%, 06/15/43 | | | 2,155 | | | | 2,450,903 | |
New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 04/01/28 | | | 2,500 | | | | 2,948,300 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
County/City/Special District/School District (continued) | |
New Jersey Sports & Exposition Authority, Refunding RB, (NPFGC), 5.50%, 03/01/21(a) | | $ | 805 | | | $ | 847,246 | |
Toms River Board of Education, GO, River Regional School District, 3.00%, 07/15/37 | | | 4,605 | | | | 4,722,197 | |
Township of Bloomfield New Jersey, GO, Refunding, General Improvement Bonds: | | | | | | | | |
3.00%, 02/01/32 | | | 1,000 | | | | 1,050,750 | |
3.00%, 02/01/33 | | | 1,040 | | | | 1,084,554 | |
Township of Egg Harbor New Jersey School District, GO, Refunding, (AGM), 5.75%, 07/15/25 | | | 2,000 | | | | 2,470,460 | |
Township of Irvington New Jersey, GO, Refunding, Series A (AGM), 5.00%, 07/15/31 | | | 2,445 | | | | 2,795,124 | |
Township of Monroe NJ/Gloucester County, GO, Refunding, 3.00%, 05/01/32 | | | 405 | | | | 422,504 | |
Township of Monroe NJ/Middlesex County, GO, Refunding: | | | | | | | | |
3.00%, 06/01/37 | | | 385 | | | | 394,517 | |
3.00%, 06/01/38 | | | 410 | | | | 419,163 | |
Township of Sparta New Jersey Board of Education, GO, Refunding, 5.00%, 02/15/36 | | | 1,350 | | | | 1,556,253 | |
| | | | | | | | |
| | | | | | | 45,186,546 | |
|
Education — 15.0% | |
County of Atlantic New Jersey Improvement Authority, RB, Stockton University Atlantic City, Series A (AGM), 4.00%, 07/01/46 | | | 1,250 | | | | 1,338,013 | |
County of Gloucester New Jersey Improvement Authority, RB, Rowan University General Capital Improvement Projects: | | | | | | | | |
5.00%, 07/01/44 | | | 530 | | | | 611,731 | |
Series A, 5.00%, 07/01/34 | | | 1,855 | | | | 2,161,483 | |
New Jersey EDA, RB: | | | | | | | | |
Beloved Community Charter School, Inc. Project, Series A, 5.00%, 06/15/39(b) | | | 825 | | | | 897,278 | |
Beloved Community Charter School, Inc. Project, Series A, 5.00%, 06/15/49(b) | | | 135 | | | | 144,883 | |
Foundation Academy Charter School Project, Series A, 5.00%, 07/01/50 | | | 200 | | | | 224,394 | |
Friends of Vineland Public Charter School Projects, Series A, 5.25%, 11/01/54(b) | | | 1,100 | | | | 1,103,586 | |
Golden Door Charter School Project, Series A, 6.25%, 11/01/38(b) | | | 210 | | | | 242,617 | |
Golden Door Charter School Project, Series A, 6.50%, 11/01/52(b) | | | 1,210 | | | | 1,381,602 | |
Golden Door Charter School Project, Series A, 5.13%, 11/01/29(b) | | | 100 | | | | 109,723 | |
Hatikvah International Academy Charter School Project, Series A, 5.00%, 07/01/27(b) | | | 170 | | | | 183,019 | |
Hatikvah International Academy Charter School Project, Series A, 5.25%, 07/01/37(b) | | | 470 | | | | 502,895 | |
Hatikvah International Academy Charter School Project, Series A, 5.38%, 07/01/47(b) | | | 815 | | | | 856,606 | |
Rutgers — The State University of New Jersey, College Avenue Redevelopment Project, 5.00%, 06/15/38 | | | 2,000 | | | | 2,225,360 | |
School Facilities Construction, 4.00%, 06/15/49 | | | 1,190 | | | | 1,237,314 | |
Series AAA, 5.00%, 06/15/41 | | | 1,990 | | | | 2,225,198 | |
Team Academi Charter School Project, Series A, 5.00%, 12/01/48 | | | 2,190 | | | | 2,512,302 | |
Team Academy Charter School Project, 6.00%, 10/01/43 | | | 1,000 | | | | 1,122,950 | |
New Jersey EDA, Refunding RB: | | | | | | | | |
Greater Brunswick Charter School, Inc. Project, Series A, 4.75%, 08/01/24(b) | | | 250 | | | | 256,540 | |
Greater Brunswick Charter School, Inc. Project, Series A, 5.63%, 08/01/34(b) | | | 250 | | | | 261,920 | |
| | |
26 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock New Jersey Municipal Bond Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Education (continued) | |
Greater Brunswick Charter School, Inc. Project, Series A, 5.88%, 08/01/44(b) | | $ | 430 | | | $ | 447,699 | |
School Facilities Construction, Series PP, 4.00%, 06/15/30 | | | 4,875 | | | | 5,137,860 | |
Teaneck Community Charter School Project, Series A, 3.50%, 09/01/22(b) | | | 125 | | | | 127,309 | |
Teaneck Community Charter School Project, Series A, 5.00%, 09/01/37(b) | | | 315 | | | | 342,994 | |
Teaneck Community Charter School Project, Series A, 5.13%, 09/01/52(b) | | | 1,000 | | | | 1,088,590 | |
New Jersey Educational Facilities Authority, RB: | | | | | | | | |
Higher Educational Capital Improvement Fund, Series A, 5.00%, 09/01/33 | | | 1,750 | | | | 1,934,345 | |
Rider University Issue, Series F, 4.00%, 07/01/42 | | | 940 | | | | 980,025 | |
Rider University Issue, Series F, 5.00%, 07/01/47 | | | 710 | | | | 794,561 | |
New Jersey Educational Facilities Authority, Refunding RB: | | | | | | | | |
Kean University, Series H, 4.00%, 07/01/39 | | | 715 | | | | 772,558 | |
Montclair State University, Series A, 5.00%, 07/01/33 | | | 2,005 | | | | 2,295,885 | |
Montclair State University, Series B, 5.00%, 07/01/32 | | | 2,465 | | | | 2,937,541 | |
Ramapo College, Series B, 5.00%, 07/01/42 | | | 560 | | | | 603,714 | |
William Paterson University, Series C, 4.00%, 07/01/35 | | | 1,500 | | | | 1,645,230 | |
New Jersey Higher Education Student Assistance Authority, RB, Student Loan, AMT,Sub-Series C, 4.00%, 12/01/48 | | | 700 | | | | 744,940 | |
New Jersey Higher Education Student Assistance Authority, Refunding RB: | | | | | | | | |
Series 1, AMT, 5.75%, 12/01/28 | | | 425 | | | | 452,583 | |
Series 1A, 5.00%, 12/01/25 | | | 45 | | | | 45,026 | |
Series 1A, 5.00%, 12/01/26 | | | 290 | | | | 290,165 | |
Series A, 2.38%, 12/01/29 | | | 3,000 | | | | 3,008,370 | |
Sub-Series C, AMT, 3.63%, 12/01/49 | | | 1,065 | | | | 1,083,371 | |
New Jersey Institute of Technology, RB, Series A: | | | | | | | | |
5.00%, 07/01/22(c) | | | 460 | | | | 505,227 | |
5.00%, 07/01/22(c) | | | 280 | | | | 307,530 | |
5.00%, 07/01/32 | | | 1,040 | | | | 1,130,740 | |
5.00%, 07/01/40 | | | 5,000 | | | | 5,784,900 | |
5.00%, 07/01/42 | | | 635 | | | | 684,638 | |
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/45 | | | 2,000 | | | | 2,286,160 | |
| | | | | | | | |
| | | | | | | 55,031,375 | |
|
Health — 13.7% | |
New Jersey EDA, RB, Refunding Cranes Mill Project: | | | | | | | | |
5.00%, 01/01/34 | | | 270 | | | | 312,047 | |
5.00%, 01/01/39 | | | 270 | | | | 308,648 | |
5.00%, 01/01/49 | | | 540 | | | | 607,732 | |
New Jersey Health Care Facilities Financing Authority, RB: | | | | | | | | |
Greystone Park Psychiatric Hospital Project, Series A, 5.00%, 09/15/29 | | | 2,000 | | | | 2,214,360 | |
Inspira Health Obligated Group, 5.00%, 07/01/42 | | | 4,660 | | | | 5,540,787 | |
Robert Wood Johnson University Hospital, Series A, 5.25%, 07/01/35 | | | 1,460 | | | | 1,643,128 | |
Robert Wood Johnson University Hospital, Series A, 5.00%, 07/01/39 | | | 1,150 | | | | 1,314,864 | |
Robert Wood Johnson University Hospital, Series A, 5.00%, 07/01/43 | | | 1,535 | | | | 1,742,332 | |
Robert Wood Johnson University Hospital, Series A, 5.50%, 07/01/43 | | | 920 | | | | 1,034,043 | |
Valley Health System Obligated Group, 4.00%, 07/01/44(d) | | | 1,070 | | | | 1,193,296 | |
New Jersey Health Care Facilities Financing Authority, Refunding RB: | | | | | | | | |
AHS Hospital Corp., 6.00%, 07/01/21(c) | | | 2,985 | | | | 3,212,487 | |
AHS Hospital Corp., 4.00%, 07/01/41 | | | 1,000 | | | | 1,096,110 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Health (continued) | |
Hackensack Meridian Health Obligated Group, Series A, 5.00%, 07/01/37 | | $ | 6,000 | | | $ | 7,196,640 | |
Holy Name Medical Center, 5.00%, 07/01/25 | | | 500 | | | | 510,200 | |
Hunterdon Medical Center, 5.00%, 07/01/31 | | | 300 | | | | 339,393 | |
Hunterdon Medical Center, 5.00%, 07/01/45 | | | 2,650 | | | | 2,922,976 | |
Meridian Health System Obligated Group, 5.00%, 07/01/27 | | | 1,500 | | | | 1,638,105 | |
Princeton Healthcare System, 5.00%, 07/01/34 | | | 1,000 | | | | 1,185,160 | |
Princeton Healthcare System, 5.00%, 07/01/39 | | | 4,060 | | | | 4,773,586 | |
Robert Wood Johnson University Hospital, 5.00%, 01/01/20(c) | | | 1,500 | | | | 1,504,530 | |
RWJ Barnabas Health Obligated Group, Series A, 4.00%, 07/01/32 | | | 2,300 | | | | 2,574,022 | |
RWJ Barnabas Health Obligated Group, Series A, 5.00%, 07/01/43 | | | 1,290 | | | | 1,509,816 | |
St. Barnabas Health Care System, Series A, 5.63%, 07/01/21(c) | | | 1,540 | | | | 1,648,216 | |
St. Barnabas Health Care System, Series A, 5.00%, 07/01/25 | | | 2,230 | | | | 2,437,479 | |
St. Luke’s Warren Hospital Obligated Group, 5.00%, 08/15/34 | | | 460 | | | | 508,581 | |
Virtua Health, 5.00%, 07/01/29 | | | 285 | | | | 324,304 | |
New Jersey Health Care System Facilities Financing Authority, Refunding RB, St. Barnabas Health Care, Series A, 5.00%, 07/01/24 | | | 1,000 | | | | 1,093,520 | |
| | | | | | | | |
| | | | | | | 50,386,362 | |
|
Housing — 1.9% | |
New Jersey EDA, Refunding RB, Provident Group-Montclair Properties LLC (AGM), 5.00%, 06/01/42 | | | 690 | | | | 806,969 | |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A: | | | | | | | | |
M/F Housing, 4.00%, 11/01/48 | | | 150 | | | | 159,182 | |
M/F Housing, 4.10%, 11/01/53 | | | 100 | | | | 105,975 | |
S/F Housing, 3.75%, 10/01/35 | | | 1,130 | | | | 1,197,732 | |
Newark Housing Authority Scholarship Foundation A New Jersey Non, RB, M/F Housing, Series A: | | | | | | | | |
5.00%, 12/01/30 | | | 1,640 | | | | 1,835,586 | |
4.38%, 12/01/33 | | | 2,515 | | | | 2,674,376 | |
| | | | | | | | |
| | | | | | | 6,779,820 | |
|
State — 7.2% | |
Garden State Preservation Trust, RB (AGM): | | | | | | | | |
CAB, Series B, 0.00%, 11/01/27(e) | | | 4,135 | | | | 3,461,160 | |
CAB, Series B, 0.00%, 11/01/24(e) | | | 10,000 | | | | 9,107,700 | |
Election of 2005, Series A, 5.75%, 11/01/28 | | | 2,565 | | | | 3,203,993 | |
New Jersey EDA, RB: | | | | | | | | |
CAB, Motor Vehicle Surcharge, Series A (NPFGC), 0.00%, 07/01/21(e) | | | 1,675 | | | | 1,624,499 | |
School Facilities Construction Bonds, Series DDD, 5.00%, 06/15/42 | | | 3,000 | | | | 3,357,690 | |
School Facilities Construction, Series KK, 5.00%, 09/01/22(c) | | | 1,070 | | | | 1,181,815 | |
New Jersey EDA, Refunding RB: | | | | | | | | |
CAB, Economic Fund, Series A (NPFGC), 0.00%, 03/15/21(e) | | | 2,000 | | | | 1,962,260 | |
Cigarette Tax, 5.00%, 06/15/22 | | | 1,700 | | | | 1,840,777 | |
Cigarette Tax, 5.00%, 06/15/29 | | | 640 | | | | 688,960 | |
| | | | | | | | |
| | | | | | | 26,428,854 | |
|
Tobacco — 2.4% | |
Tobacco Settlement Financing Corp., Refunding RB: | | | | | | | | |
Series A, 5.25%, 06/01/46 | | | 915 | | | | 1,065,874 | |
Sub-Series B, 5.00%, 06/01/46 | | | 7,085 | | | | 7,830,838 | |
| | | | | | | | |
| | | | | | | 8,896,712 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 27 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock New Jersey Municipal Bond Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Transportation — 25.7% | |
Delaware River Port Authority, RB, Series D, 5.00%, 01/01/20(c) | | $ | 1,875 | | | $ | 1,880,606 | |
Delaware River Port Authority of Pennsylvania & New Jersey, RB, 5.00%, 01/01/40 | | | 1,500 | | | | 1,689,660 | |
New Jersey EDA, RB, AMT, Goethals Bridge Replacement Project: | | | | | | | | |
(AGM), 5.13%, 07/01/42 | | | 1,000 | | | | 1,109,350 | |
5.13%, 01/01/39 | | | 1,000 | | | | 1,111,920 | |
Private Activity Bond, 5.38%, 01/01/43 | | | 905 | | | | 1,013,383 | |
New Jersey State Turnpike Authority, Refunding RB: | | | | | | | | |
Series A (BHAC), 5.25%, 01/01/30 | | | 1,000 | | | | 1,334,110 | |
Series B, 5.00%, 01/01/34 | | | 1,600 | | | | 1,956,128 | |
Series I, 5.00%, 01/01/20(c) | | | 2,500 | | | | 2,507,525 | |
New Jersey Transportation Trust Fund Authority, RB: | | | | | | | | |
Transportation Program Bonds, Series S, 5.25%, 06/15/43 | | | 1,720 | | | | 2,006,277 | |
CAB, Transportation System, Series A, 0.00%, 12/15/32(e) | | | 10,000 | | | | 6,766,100 | |
CAB, Transportation System, Series A, 0.00%, 12/15/35(e) | | | 8,900 | | | | 5,322,734 | |
CAB, Transportation System, Series A, 0.00%, 12/15/38(e) | | | 10,000 | | | | 5,308,100 | |
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/30 | | | 1,250 | | | | 1,452,750 | |
Series B, 5.25%, 06/15/26 | | | 1,500 | | | | 1,583,985 | |
Series BB, 4.00%, 06/15/50 | | | 1,620 | | | | 1,683,504 | |
Transportation Program, Series AA, 5.25%, 06/15/31 | | | 2,000 | | | | 2,226,860 | |
Transportation Program, Series AA, 5.00%, 06/15/45 | | | 1,000 | | | | 1,097,220 | |
Transportation System, Series A, 6.00%, 06/15/35 | | | 3,185 | | | | 3,383,330 | |
Transportation System, Series B, 5.00%, 06/15/42 | | | 600 | | | | 622,962 | |
New Jersey Transportation Trust Fund Authority, Refunding RB: | | | | | | | | |
Federal Highway Reimbursement, Series A, 5.00%, 06/15/31 | | | 2,730 | | | | 3,157,108 | |
Transportation System, Series A, 5.00%, 12/15/32 | | | 1,775 | | | | 2,076,182 | |
Transportation System, Series A, 5.00%, 12/15/35 | | | 1,005 | | | | 1,162,061 | |
Transportation System, Series B (NPFGC), 5.50%, 12/15/21 | | | 1,800 | | | | 1,945,800 | |
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48 | | | 9,000 | | | | 10,088,280 | |
New Jersey Turnpike Authority, Refunding RB, Series E, 5.00%, 01/01/32 | | | 1,350 | | | | 1,661,215 | |
Port Authority of New York & New Jersey, ARB: | | | | | | | | |
Consolidated Bonds, AMT, 4.00%, 11/01/34(d) | | | 2,345 | | | | 2,676,700 | |
Consolidated Bonds, AMT, 4.00%, 11/01/47(d) | | | 3,545 | | | | 3,923,960 | |
Consolidated, 93rd Series, 6.13%, 06/01/94 | | | 1,000 | | | | 1,188,030 | |
JFK International Air Terminal LLC, Special Project, Series 6, AMT (NPFGC), 5.75%, 12/01/22 | | | 1,270 | | | | 1,317,409 | |
Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42 | | | 1,000 | | | | 1,039,630 | |
Port Authority of New York & New Jersey, Refunding ARB, AMT: | | | | | | | | |
Consolidated Bonds, Series 225th, 4.00%, 09/01/43 | | | 7,305 | | | | 8,183,938 | |
Consolidated, 178th Series, 5.00%, 12/01/43 | | | 285 | | | | 317,556 | |
Consolidated, 186th Series, 5.00%, 10/15/44 | | | 3,000 | | | | 3,389,850 | |
Port Authority of New York & New Jersey, Refunding RB, Consolidated 205th series, 5.00%, 11/15/42 | | | 1,975 | | | | 2,401,797 | |
South Jersey Port Corp., Refunding ARB, Marine Terminal, Series B, 5.00%, 01/01/48 | | | 2,380 | | | | 2,700,491 | |
South Jersey Transportation Authority, Refunding RB, Series A: | | | | | | | | |
5.00%, 11/01/22(c) | | | 280 | | | | 310,990 | |
5.00%, 11/01/28 | | | 15 | | | | 16,502 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Transportation (continued) | |
Transportation System, 5.00%, 11/01/22(c) | | $ | 295 | | | $ | 327,651 | |
Transportation System, 5.00%, 11/01/32 | | | 440 | | | | 498,749 | |
Transportation System, 5.00%, 11/01/33 | | | 250 | | | | 282,468 | |
Transportation System, 5.00%, 11/01/34 | | | 250 | | | | 281,038 | |
Transportation System, 5.00%, 11/01/39 | | | 1,500 | | | | 1,674,360 | |
| | | | | | | | |
| | | | | | | 94,678,269 | |
|
Utilities — 3.8% | |
County of Gloucester New Jersey Pollution Control Financing Authority, Refunding RB, Keystone Urban Renewal Project, Series A, AMT, 5.00%, 12/01/24 | | | 465 | | | | 501,628 | |
New Jersey EDA, RB, MiddleSex Water Company Project (AMT), 4.00%, 08/01/59 | | | 4,200 | | | | 4,528,104 | |
New Jersey EDA, Refunding RB, New Jersey Natural Gas Company Project: | | | | | | | | |
3.38%, 04/01/38 | | | 960 | | | | 987,360 | |
3.50%, 04/01/42 | | | 720 | | | | 742,162 | |
New Jersey Environmental Infrastructure Trust, RB, Series B, AMT, 5.00%, 09/01/28 | | | 1,355 | | | | 1,438,400 | |
North Hudson New Jersey Sewerage Authority, Refunding RB, Series A (NPFGC), 0.00%, 08/01/21(a)(e) | | | 5,000 | | | | 4,884,800 | |
Passaic Valley Water Commission, RB, Series A, 6.00%, 12/15/20(c) | | | 980 | | | | 1,029,078 | |
| | | | | | | | |
| | | | | | | 14,111,532 | |
| | | | | | | | |
| |
Total Municipal Bonds in New Jersey | | | | 318,921,168 | |
| | | | | | | | |
|
Puerto Rico — 3.6% | |
|
State — 2.3% | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: | | | | | | | | |
CAB,Series A-1, 0.00%, 07/01/46(e) | | | 2,874 | | | | 761,897 | |
CAB,Series A-1, 0.00%, 07/01/51(e) | | | 1,969 | | | | 383,345 | |
Series A-1, 4.75%, 07/01/53 | | | 1,821 | | | | 1,880,273 | |
Series A-1, 5.00%, 07/01/58 | | | 3,198 | | | | 3,361,514 | |
Series A-2, 4.33%, 07/01/40 | | | 580 | | | | 586,699 | |
Series A-2, 4.78%, 07/01/58 | | | 1,518 | | | | 1,565,362 | |
Series B-1, 0.00%, 07/01/46(e) | | | 567 | | | | 150,108 | |
| | | | | | | | |
| | | | | | | 8,689,198 | |
|
Tobacco — 0.2% | |
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43 | | | 640 | | | | 649,702 | |
| | | | | | | | |
|
Utilities — 1.1% | |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: | | | | | | | | |
5.00%, 07/01/33 | | | 935 | | | | 972,279 | |
5.13%, 07/01/37 | | | 455 | | | | 472,977 | |
5.25%, 07/01/42 | | | 2,430 | | | | 2,539,034 | |
| | | | | | | | |
| | | | | | | 3,984,290 | |
| | | | | | | | |
| |
Total Municipal Bonds in Puerto Rico | | | | 13,323,190 | |
| | | | | |
| |
Total Municipal Bonds — 90.3% (Cost — $305,418,282) | | | | 332,244,358 | |
| | | | | |
|
Municipal Bonds Transferred to Tender Option Bond Trusts(f) — 10.8% | |
|
New Jersey — 10.8% | |
|
County/City/Special District/School District — 2.9% | |
County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51 | | | 1,440 | | | | 1,706,184 | |
| | |
28 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock New Jersey Municipal Bond Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
County/City/Special District/School District (continued) | |
County of Union New Jersey Utilities Authority, Refunding RB, Series A, AMT: | | | | | | | | |
County Deficiency Agreement, 5.00%, 06/15/41 | | $ | 2,000 | | | $ | 2,105,840 | |
Resource Recovery Facility, Covanta Union, Inc., 5.25%, 12/01/31 | | | 6,300 | | | | 6,750,198 | |
| | | | | | | | |
| | | | | | | 10,562,222 | |
|
Education — 3.7% | |
New Jersey EDA, Refunding RB, New Jersey Natural Gas Company Project, AMT:(g) | | | | | | | | |
3.00%, 08/01/41 | | | 4,622 | | | | 4,505,636 | |
3.00%, 08/01/43 | | | 6,648 | | | | 6,480,016 | |
Rutgers — The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/23(c) | | | 2,500 | | | | 2,819,600 | |
| | | | | | | | |
| | | | | | | 13,805,252 | |
|
Health — 2.2% | |
New Jersey Health Care Facilities Financing Authority, RB, Inspira Health Obligated Group, 4.00%, 07/01/47 | | | 7,332 | | | | 7,972,238 | |
| | | | | | | | |
|
Transportation — 2.0% | |
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36 | | | 5,001 | | | | 5,244,010 | |
Port Authority of New York & New Jersey, Refunding ARB: | | | | | | | | |
Consolidated, 169th Series, AMT, 5.00%, 10/15/41 | | | 495 | | | | 523,508 | |
Series 194th, 5.25%, 10/15/55 | | | 1,455 | | | | 1,727,594 | |
| | | | | | | | |
| | | | | | | 7,495,112 | |
| | | | | | | | |
| |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.8% (Cost — $38,400,288) | | | | 39,834,824 | |
| | | | | |
| |
Total Long-Term Investments — 101.1% (Cost — $343,818,570) | | | | 372,079,182 | |
| | | | | |
| | | | | | | | |
Security | | Shares | | | Value | |
|
Short-Term Securities — 5.5% | |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%(h)(i) | | | 20,160,946 | | | $ | 20,162,962 | |
| | | | | | | | |
| |
Total Short-Term Securities — 5.5% (Cost — $20,162,579) | | | | 20,162,962 | |
| | | | | |
| |
Total Investments — 106.6% (Cost — $363,981,149) | | | | 392,242,144 | |
| |
Liabilities in Excess of Other Assets — (0.6)% | | | | (2,157,130 | ) |
| |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.0)% | | | | (22,162,764 | ) |
| | | | | |
| |
Net Assets — 100.0% | | | $ | 367,922,250 | |
| | | | | |
(a) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | 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) | When-issued security. |
(f) | 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. |
(g) | All or a portion of the 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 on February 1, 2037, is $5,808,746. See Note 4 of the Notes to Financial Statements for details. |
(h) | Annualized7-day yield as of period end. |
(i) | During the six months ended November 30, 2019, investments in issuers considered to be an affiliate/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 05/31/19 | | | Net Activity | | | Shares Held at 11/30/19 | | | Value at 11/30/19 | | | Income | | | Net Realized Gain (Loss) (a) | | | Change in Unrealized Appreciation (Depreciation) | |
BlackRock Liquidity Funds, MuniCash, Institutional Class | | | 15,937,171 | | | | 4,223,775 | | | | 20,160,946 | | | $ | 20,162,962 | | | $ | 107,399 | | | $ | 1,082 | | | $ | (719 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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 | | | 84 | | | | 03/20/20 | | | $ | 10,866 | | | $ | 12,342 | |
U.S. Treasury Long Bond | | | 137 | | | | 03/20/20 | | | | 21,779 | | | | 48,326 | |
5-Year U.S. Treasury Note | | | 87 | | | | 03/31/20 | | | | 10,350 | | | | 6,595 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 67,263 | |
| | | | | | | | | | | | | | | | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 29 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock New Jersey Municipal Bond Fund |
Derivative Financial Instruments Categorized by Risk Exposure
As of six months 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 | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 67,263 | | | $ | — | | | $ | 67,263 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
For the six months ended November 30, 2019, 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 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (2,339,580 | ) | | $ | — | | | $ | (2,339,580 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 355,532 | | | $ | — | | | $ | 355,532 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | | | | | | | | | | | |
Futures contracts: | |
Average notional value of contracts — short | | $ | 40,951,125 | |
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) | | $ | — | | | $ | 372,079,182 | | | $ | — | | | $ | 372,079,182 | |
Short-Term Securities | | | 20,162,962 | | | | — | | | | — | | | | 20,162,962 | |
| | | | | | | | | | | | | | | | |
| | $ | 20,162,962 | | | $ | 372,079,182 | | | $ | — | | | $ | 392,242,144 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(b) | |
Assets: | |
Interest rate contracts | | $ | 67,263 | | | $ | — | | | $ | — | | | $ | 67,263 | |
| | | | | | | | | | | | | | | | |
| | $ | 67,263 | | | $ | — | | | $ | — | | | $ | 67,263 | |
| | | | | | | | | | | | | | | | |
| (a) | See above Schedule of Investments for values in each sector, 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 $22,053,726 are categorized as Level 2 within the disclosure hierarchy.
See notes to financial statements.
| | |
30 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) November 30, 2019 | | BlackRock Pennsylvania Municipal Bond Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Municipal Bonds — 85.9% | |
|
Pennsylvania — 81.6% | |
|
Corporate — 2.8% | |
County of Delaware Pennsylvania IDA, Refunding RB, Covanta Project, 5.00%, 07/01/43 | | $ | 5,000 | | | $ | 5,075,500 | |
Pennsylvania Economic Development Financing Authority, RB, AMT: | | | | | | | | |
Green Bond, Covanta Project, 3.25%, 08/01/39(a) | | | 2,800 | | | | 2,802,268 | |
VRDN, Waste Management, Inc. Project, 2.15%, 07/01/41(b) | | | 5,000 | | | | 5,064,900 | |
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT: | | | | | | | | |
Aqua Pennsylvania, Inc. Project, Series A, 5.00%, 12/01/34 | | | 1,540 | | | | 1,587,987 | |
National Gypsum Co., 5.50%, 11/01/44 | | | 1,355 | | | | 1,423,942 | |
| | | | | | | | |
| | | | | | | 15,954,597 | |
|
County/City/Special District/School District — 18.8% | |
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42(a) | | | 330 | | | | 373,742 | |
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A: | | | | | | | | |
5.00%, 05/01/35 | | | 2,310 | | | | 2,471,053 | |
5.00%, 05/01/42 | | | 3,900 | | | | 4,077,138 | |
Altoona Area School District, GO (BAM): | | | | | | | | |
5.00%, 12/01/36 | | | 215 | | | | 247,031 | |
5.00%, 12/01/45 | | | 1,000 | | | | 1,139,510 | |
Altoona Area School District, GOL, Series A (AGM), 5.00%, 12/01/36 | | | 2,895 | | | | 3,324,271 | |
Bethlehem Area School District, GO (BAM), Series A: | | | | | | | | |
5.00%, 08/01/34 | | | 2,390 | | | | 2,778,996 | |
5.00%, 08/01/35 | | | 1,790 | | | | 2,081,466 | |
Boyertown Area School District, GO: | | | | | | | | |
5.00%, 10/01/36 | | | 890 | | | | 1,003,350 | |
5.00%, 10/01/38 | | | 1,335 | | | | 1,505,106 | |
City of Philadelphia Pennsylvania, GO, Refunding, Series A, 5.00%, 08/01/37 | | | 2,140 | | | | 2,557,086 | |
City of Philadelphia Pennsylvania, GO, Series B, 5.00%, 02/01/39 | | | 2,155 | | | | 2,647,741 | |
County of Chester IDA, RB, Green Bond, Longwood Gardens, Inc. Project, Sustainability Bonds, 4.00%, 12/01/49(c) | | | 3,750 | | | | 4,171,950 | |
County of Chester IDA, Special Assessment Bonds, Woodlands At Greystone Project(a): | | | | | | | | |
5.00%, 03/01/38 | | | 525 | | | | 571,814 | |
5.13%, 03/01/48 | | | 1,050 | | | | 1,125,800 | |
County of Delaware Springfield School District, GO, 5.00%, 03/01/40 | | | 1,710 | | | | 2,077,547 | |
County of Lancaster Pennsylvania, GO, Refunding: | | | | | | | | |
4.00%, 11/01/34 | | | 500 | | | | 556,245 | |
4.00%, 11/01/35 | | | 520 | | | | 576,170 | |
4.00%, 11/01/36 | | | 540 | | | | 596,781 | |
4.00%, 11/01/37 | | | 565 | | | | 622,376 | |
4.00%, 11/01/38 | | | 585 | | | | 642,067 | |
County of Northampton Pennsylvania IDA, Tax Allocation Bonds, Route 33 Project, 7.00%, 07/01/32 | | | 1,710 | | | | 1,910,634 | |
County of Washington Redevelopment Authority, Refunding, Tax Allocation Bonds: | | | | | | | | |
4.00%, 07/01/23 | | | 705 | | | | 715,533 | |
5.00%, 07/01/28 | | | 600 | | | | 646,536 | |
County of York Pennsylvania, GO, Refunding, 5.00%, 09/01/20(d) | | | 2,500 | | | | 2,571,425 | |
Dallastown Area School District, GO, Refunding, 5.00%, 04/15/34 | | | 1,835 | | | | 2,130,251 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
County/City/Special District/School District (continued) | |
Fox Chapel Area School District, GO: | | | | | | | | |
5.00%, 02/01/39 | | $ | 4,100 | | | $ | 4,912,538 | |
5.00%, 02/01/42 | | | 6,365 | | | | 7,498,606 | |
Marple Newtown School District, GOL, 3.00%, 06/01/40 | | | 2,365 | | | | 2,409,793 | |
Mechanicsburg Area School District, GO, Series A: | | | | | | | | |
4.00%, 03/01/40 | | | 2,160 | | | | 2,385,482 | |
4.00%, 03/01/41 | | | 2,245 | | | | 2,475,472 | |
4.00%, 03/01/42 | | | 2,335 | | | | 2,569,691 | |
North Allegheny School District, GOL, 4.00%, 05/01/39 | | | 1,000 | | | | 1,129,400 | |
Pittsburgh School District, GO, Series A: | | | | | | | | |
4.00%, 09/01/37 | | | 2,240 | | | | 2,505,619 | |
4.00%, 09/01/38 | | | 2,235 | | | | 2,492,405 | |
School District of Philadelphia, Refunding, GOL, Series F, 5.00%, 09/01/37 | | | 1,815 | | | | 2,111,880 | |
State Public School Building Authority, RB, Community College, Allegheny County Project (AGM), 5.00%, 07/15/34 | | | 5,070 | | | | 5,334,299 | |
State Public School Building Authority, Refunding RB, Philadelphia School District (AGM), 5.00%, 06/01/33 | | | 5,000 | | | | 5,864,750 | |
Township of Bristol Pennsylvania School District, GO: | | | | | | | | |
5.25%, 06/01/43 | | | 5,980 | | | | 6,559,940 | |
(BAM), 5.00%, 06/01/42 | | | 2,550 | | | | 3,009,867 | |
Township of Falls Pennsylvania, Refunding RB, Water & Sewer Authority, 5.00%, 12/01/37 | | | 2,115 | | | | 2,239,172 | |
Township of Lower Paxton Pennsylvania, GO, 5.00%, 04/01/42 | | | 630 | | | | 712,637 | |
Tredyffrin Easttown School District, GOL, 5.00%, 02/15/39 | | | 1,130 | | | | 1,364,125 | |
West Shore School District Pennsylvania, GOL: | | | | | | | | |
5.00%, 11/15/43 | | | 4,045 | | | | 4,821,559 | |
5.00%, 11/15/48 | | | 1,975 | | | | 2,337,314 | |
Williamsport Sanitary Authority, Refunding RB, (BAM), 4.00%, 01/01/40 | | | 1,420 | | | | 1,571,457 | |
| | | | | | | | |
| | | | | | | 107,427,625 | |
|
Education — 16.9% | |
County of Adams Pennsylvania IDA, Refunding RB, Gettysburg College: | | | | | | | | |
5.00%, 08/15/24 | | | 580 | | | | 594,494 | |
5.00%, 08/15/25 | | | 765 | | | | 783,949 | |
5.00%, 08/15/26 | | | 760 | | | | 778,666 | |
County of Allegheny Higher Education Building Authority, Refunding RB, Carnegie Mellon University Revenue Bonds, Series A, 5.00%, 08/01/27 | | | 965 | | | | 1,217,338 | |
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran Social Ministries Project: | | | | | | | | |
4.13%, 01/01/38 | | | 260 | | | | 278,421 | |
4.00%, 01/01/36 | | | 645 | | | | 687,506 | |
5.00%, 01/01/39 | | | 1,240 | | | | 1,432,448 | |
County of Delaware Pennsylvania Authority, RB, Villanova University, 5.00%, 08/01/40 | | | 1,795 | | | | 2,093,886 | |
County of Delaware Pennsylvania Authority, Refunding RB: | | | | | | | | |
Cabrini University, 5.00%, 07/01/47 | | | 3,870 | | | | 4,289,663 | |
Haverford College, 5.00%, 11/15/35 | | | 1,100 | | | | 1,116,731 | |
Villanova University, 5.25%, 12/01/19(d) | | | 600 | | | | 600,000 | |
County of Montgomery Higher Education & Health Authority, Refunding RB, Series A: | | | | | | | | |
Thomas Jefferson University, 5.00%, 09/01/48 | | | 2,500 | | | | 2,925,800 | |
Thomas Jeferson University, 5.00%, 09/01/37 | | | 1,365 | | | | 1,636,294 | |
County of Northampton Pennsylvania General Purpose Authority, Refunding RB, Moravian College, 5.00%, 10/01/36 | | | 890 | | | | 1,014,484 | |
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/36 | | | 2,500 | | | | 3,027,475 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 31 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Pennsylvania Municipal Bond Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Education (continued) | |
Pennsylvania Higher Educational Facilities Authority, RB, Thomas Jefferson University, 5.00%, 03/01/20(d) | | $ | 11,000 | | | $ | 11,102,080 | |
Pennsylvania Higher Educational Facilities Authority,RB,Series AT-1, 4.00%, 06/15/34 | | | 5,790 | | | | 6,402,814 | |
Pennsylvania Higher Educational Facilities Authority, Refunding RB: | | | | | | | | |
Drexel University, 4.00%, 05/01/36 | | | 500 | | | | 536,650 | |
Drexel University, Series A, 5.25%, 05/01/21(d) | | | 6,720 | | | | 7,106,198 | |
Drexel University, Series A, 5.25%, 05/01/41 | | | 420 | | | | 438,539 | |
La Salle University, 5.00%, 05/01/37 | | | 1,595 | | | | 1,676,313 | |
La Salle University, 5.00%, 05/01/42 | | | 2,655 | | | | 2,779,015 | |
State System of Higher Education, Series AL, 5.00%, 06/15/35 | | | 1,425 | | | | 1,451,049 | |
Thomas Jefferson University, 5.00%, 09/01/45 | | | 3,000 | | | | 3,389,040 | |
University of Science in Philadelphia, 5.00%, 11/01/36 | | | 5,165 | | | | 5,800,192 | |
Widener University, Series A, 5.25%, 07/15/33 | | | 2,420 | | | | 2,650,069 | |
Widener University, Series A, 5.50%, 07/15/38 | | | 365 | | | | 399,974 | |
Pennsylvania State University, RB: | | | | | | | | |
5.00%, 03/01/40 | | | 10,000 | | | | 10,085,800 | |
5.00%, 09/01/48 | | | 2,615 | | | | 3,184,259 | |
Philadelphia Authority for Industrial Development, RB: | | | | | | | | |
Alliance For Progress Charter School, Inc. Project, 4.00%, 06/15/29 | | | 485 | | | | 497,823 | |
Alliance For Progress Charter School, Inc. Project, 5.00%, 06/15/39 | | | 590 | | | | 626,857 | |
University of Sciences, 5.00%, 11/01/42 | | | 3,525 | | | | 4,006,268 | |
Philadelphia Authority for Industrial Development, Refunding RB: | | | | | | | | |
1st Series, 5.00%, 04/01/45 | | | 3,330 | | | | 3,797,432 | |
La Salle University, 4.00%, 05/01/42 | | | 4,780 | | | | 4,815,515 | |
Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania: | | | | | | | | |
5.00%, 07/01/35 | | | 630 | | | | 693,901 | |
5.00%, 07/01/35 | | | 765 | | | | 821,656 | |
5.00%, 07/01/45 | | | 450 | | | | 476,712 | |
5.00%, 07/01/47 | | | 1,180 | | | | 1,270,506 | |
| | | | | | | | |
| | | | | | | 96,485,817 | |
|
Health — 18.8% | |
Allegheny County Industrial Development Authority, Refunding RB, U.S. Steel Corp. Project, 5.13%, 05/01/30 | | | 1,565 | | | | 1,653,970 | |
City of Pottsville Pennsylvania Hospital Authority, Refunding RB, Lehigh Valley Health, Series B, 5.00%, 07/01/41 | | | 5,000 | | | | 5,835,800 | |
County of Allegheny Hospital Development Authority, Refunding RB, Series A: | | | | | | | | |
Allegheny Health Network Obligated Group Issue, 4.00%, 04/01/37 | | | 4,300 | | | | 4,712,370 | |
Allegheny Health Network Obligated Group Issue, 5.00%, 04/01/47 | | | 1,950 | | | | 2,271,867 | |
University Pittsburgh Medical Center, 4.00%, 07/15/38 | | | 2,500 | | | | 2,784,425 | |
University Pittsburgh Medical Center, 4.00%, 07/15/39 | | | 2,520 | | | | 2,799,418 | |
County of Berks Pennsylvania Municipal Authority, Refunding RB, Reading Hospital & Medical Center Project, Series A3, 5.50%, 11/01/31 | | | 5,000 | | | | 5,043,600 | |
County of Bucks Pennsylvania IDA, RB, St. Lukes University Health Network Project, 4.00%, 08/15/44 | | | 1,690 | | | | 1,814,097 | |
County of Bucks Pennsylvania IDA, Refunding RB, Pennswood Village Project, 5.00%, 10/01/37 | | | 1,560 | | | | 1,751,022 | |
County of Centre Pennsylvania Hospital Authority, RB, Mount Nittany Medical Center Project, 7.00%, 11/15/21(d) | | | 4,110 | | | | 4,573,896 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Health (continued) | |
County of Chester Health & Education Facilities Authority, Refunding RB, Simpson Senior Services Project: | | | | | | | | |
5.00%, 12/01/35 | | $ | 1,000 | | | $ | 1,080,300 | |
Series A, 5.25%, 12/01/45 | | | 1,500 | | | | 1,618,710 | |
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran Social Ministries, 5.00%, 01/01/38 | | | 4,400 | | | | 4,871,988 | |
County of Franklin Pennsylvania IDA, RB, Menno-Haven, Inc. Project: | | | | | | | | |
5.00%, 12/01/29 | | | 125 | | | | 141,110 | |
5.00%, 12/01/39 | | | 235 | | | | 259,273 | |
5.00%, 12/01/49 | | | 150 | | | | 163,836 | |
5.00%, 12/01/54 | | | 635 | | | | 691,858 | |
County of Lancaster Pennsylvania Hospital Authority, Refunding RB: | | | | | | | | |
Brethren Village Project, 5.25%, 07/01/41 | | | 1,500 | | | | 1,635,705 | |
Masonic Villages of The Grand Lodge of Pennsylvania Project, 5.00%, 11/01/35 | | | 925 | | | | 1,046,591 | |
County of Montgomery Pennsylvania IDA, Refunding RB: | | | | | | | | |
Acts Retirement-Life Communities, 5.00%, 11/15/27 | | | 1,385 | | | | 1,491,797 | |
Acts Retirement-Life Communities, 5.00%, 11/15/28 | | | 895 | | | | 963,333 | |
Whitemarsh Continuing Care Retirement Community, 5.25%, 01/01/40 | | | 5,000 | | | | 5,255,650 | |
County of Northampton Pennsylvania General Purpose Authority, Refunding RB: | | | | | | | | |
St. Luke’s University Health Network Project, 5.00%, 08/15/46 | | | 1,350 | | | | 1,551,083 | |
St. Lukes University Health Network Project, 5.00%, 08/15/48 | | | 1,875 | | | | 2,196,150 | |
County of Northampton Pennsylvania IDA, Refunding RB, MorningStar Senior Living, Inc.: | | | | | | | | |
5.00%, 11/01/39 | | | 645 | | | | 716,582 | |
5.00%, 11/01/44 | | | 645 | | | | 711,022 | |
5.00%, 11/01/49 | | | 1,180 | | | | 1,299,357 | |
Doylestown Hospital Authority, RB, Doylestown Hospital, Series A, 4.00%, 07/01/45 | | | 1,250 | | | | 1,299,663 | |
DuBois Hospital Authority, Refunding RB, Penn Highlands Healthcare, 4.00%, 07/15/48 | | | 3,440 | | | | 3,648,877 | |
Geisinger Authority Pennsylvania, Refunding RB, Health System,Series A-2, 5.00%, 02/15/39 | | | 5,950 | | | | 7,026,295 | |
Lancaster IDA, RB, Willow Valley Communities Project: | | | | | | | | |
4.00%, 12/01/44 | | | 730 | | | | 786,108 | |
5.00%, 12/01/44 | | | 1,170 | | | | 1,348,905 | |
4.00%, 12/01/49 | | | 985 | | | | 1,053,812 | |
Lancaster IDA, Refunding RB, Garden Spot Village Project(d): | | | | | | | | |
5.38%, 05/01/23 | | | 730 | | | | 833,142 | |
5.75%, 05/01/23 | | | 1,285 | | | | 1,482,633 | |
Moon Industrial Development Authority, Refunding RB, 6.00%, 07/01/45 | | | 4,000 | | | | 4,375,160 | |
Mount Lebanon Hospital Authority, RB, St. Clair Memorial Hospital Project, 4.00%, 07/01/48 | | | 3,910 | | | | 4,222,409 | |
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42 | | | 4,000 | | | | 4,361,840 | |
Pennsylvania Higher Educational Facilities Authority, Refunding RB, University of Pittsburgh Medical Center, Series E, 5.00%, 05/15/31 | | | 4,800 | | | | 4,878,048 | |
Philadelphia Authority for Industrial Development, Refunding RB, Children’s Hospital of Philadelphia, 4.00%, 07/01/35 | | | 2,450 | | | | 2,759,312 | |
Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB: | | | | | | | | |
Jefferson Health System of Chester Philadelphia, Series B, 5.00%, 05/15/20(d) | | | 6,000 | | | | 6,102,060 | |
Presbyterian Medical Center, 6.65%, 12/01/19 | | | 470 | | | | 470,000 | |
| | |
32 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Pennsylvania Municipal Bond Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Health (continued) | |
South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series B (AGC), 5.38%, 07/01/20(d) | | $ | 3,590 | | | $ | 3,676,016 | |
| | | | | | | | |
| | | | | | | 107,259,090 | |
|
Housing — 3.4% | |
Pennsylvania HFA, RB: | | | | | | | | |
S/F Housing, Series 128B, 4.00%, 10/01/47 | | | 6,190 | | | | 6,669,787 | |
Brinton Manor Apartments & Brinton Towers, M/F Housing, Series A, 4.25%, 10/01/35 | | | 565 | | | | 387,686 | |
Brinton Manor Apartments & Brinton Towers, M/F Housing, Series A, 4.50%, 10/01/40 | | | 600 | | | | 396,276 | |
S/F Housing Mortgage, AMT,Series 118-B, 4.05%, 10/01/40 | | | 1,060 | | | | 1,106,651 | |
S/F Housing Mortgage,Series 123-B, 4.00%, 10/01/42 | | | 3,480 | | | | 3,482,157 | |
S/F Housing Mortgage,Series 2015-117-B, 4.05%, 10/01/40 | | | 845 | | | | 886,278 | |
Philadelphia IDA, RB, Series A: | | | | | | | | |
3.50%, 12/01/36 | | | 1,210 | | | | 886,894 | |
4.00%, 12/01/46 | | | 5,740 | | | | 3,971,391 | |
4.00%, 12/01/51 | | | 2,300 | | | | 1,531,156 | |
| | | | | | | | |
| | | | | | | 19,318,276 | |
|
State — 2.5% | |
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment, 5.00%, 06/01/35 | | | 2,205 | | | | 2,666,066 | |
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 | | | 10,500 | | | | 11,837,595 | |
| | | | | | | | |
| | | | | | | 14,503,661 | |
|
Tobacco — 0.2% | |
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment, 5.00%, 06/01/33 | | | 1,000 | | | | 1,217,410 | |
| | | | | | | | |
|
Transportation — 11.0% | |
City of Philadelphia Pennsylvania, ARB, Series A, 5.00%, 06/15/40 | | | 14,000 | | | | 14,256,200 | |
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, AMT, Series B: | | | | | | | | |
5.00%, 07/01/37 | | | 1,800 | | | | 2,135,304 | |
5.00%, 07/01/47 | | | 2,545 | | | | 2,981,391 | |
Delaware River Joint Toll Bridge Commission, RB, Bridge System, 5.00%, 07/01/42 | | | 2,500 | | | | 3,000,900 | |
Delaware River Port Authority, RB, Series D, 5.00%, 01/01/20(d) | | | 7,500 | | | | 7,522,425 | |
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 5.00%, 11/01/41 | | | 1,510 | | | | 1,614,930 | |
Pennsylvania Turnpike Commission, RB: | | | | | | | | |
CAB,Sub-Series A-3, 0.00%, 12/01/42(f) | | | 6,740 | | | | 3,111,791 | |
CAB,Sub-Series A-3 (AGM), 0.00%, 12/01/40(f) | | | 2,225 | | | | 1,189,174 | |
Series A, 5.25%, 12/01/44 | | | 1,500 | | | | 1,868,340 | |
Series A-1, 5.00%, 12/01/41 | | | 100 | | | | 117,203 | |
Sub-Series B, 5.25%, 12/01/48 | | | 3,215 | | | | 3,894,490 | |
Sub-Series B-1, 5.00%, 06/01/42 | | | 3,705 | | | | 4,346,224 | |
Subordinate, Series A, 5.00%, 12/01/44 | | | 755 | | | | 907,880 | |
Pennsylvania Turnpike Commission, Refunding RB,Sub-Series A-1, 5.25%, 12/01/45 | | | 4,730 | | | | 5,494,746 | |
Southeastern Pennsylvania Transportation Authority, RB, Capital Grant Receipts(d): | | | | | | | | |
5.00%, 06/01/21 | | | 3,140 | | | | 3,319,482 | |
5.00%, 06/01/21 | | | 4,155 | | | | 4,392,500 | |
Susquehanna Area Regional Airport Authority, Refunding RB, AMT, 5.00%, 01/01/38 | | | 2,200 | | | | 2,522,674 | |
| | | | | | | | |
| | | | | | | 62,675,654 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Utilities — 7.2% | |
City of Lancaster Pennsylvania, GO, (BAM), 4.00%, 11/01/42 | | $ | 3,720 | | | $ | 4,077,753 | |
City of Philadelphia PA Water & Wastewater Revenue, RB, Series B, 5.00%, 11/01/54 | | | 2,000 | | | | 2,450,140 | |
City of Philadelphia Pennsylvania Gas Works, RB: | | | | | | | | |
12th Series B (NPFGC), 7.00%, 05/15/20(e) | | | 200 | | | | 205,144 | |
9th Series, 5.25%, 08/01/20(d) | | | 1,280 | | | | 1,314,598 | |
9th Series, 5.25%, 08/01/40 | | | 2,020 | | | | 2,068,925 | |
City of Philadelphia Pennsylvania Gas Works, Refunding RB: | | | | | | | | |
5.00%, 08/01/30 | | | 700 | | | | 813,589 | |
5.00%, 08/01/31 | | | 900 | | | | 1,042,227 | |
5.00%, 08/01/32 | | | 1,200 | | | | 1,385,676 | |
5.00%, 08/01/33 | | | 600 | | | | 691,326 | |
5.00%, 08/01/34 | | | 1,050 | | | | 1,207,353 | |
City of Philadelphia Pennsylvania Water & Wastewater, RB: | | | | | | | | |
Series A, 5.25%, 10/01/52 | | | 1,190 | | | | 1,450,324 | |
Series C (AGM), 5.00%, 08/01/20(d) | | | 2,650 | | | | 2,717,284 | |
City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series A, 5.00%, 10/01/43 | | | 3,460 | | | | 4,237,531 | |
County of Allegheny Pennsylvania Sanitary Authority, RB: | | | | | | | | |
5.00%, 06/01/43 | | | 4,000 | | | | 4,843,280 | |
Sewer Improvement (BAM), 5.25%, 12/01/41 | | | 2,090 | | | | 2,355,200 | |
County of Allegheny Pennsylvania Sanitary Authority, Refunding RB, Sewer Improvement (AGM), 5.00%, 06/01/40 | | | 1,000 | | | | 1,031,860 | |
County of Delaware Pennsylvania Regional Water Quality Control Authority, RB, Sewer Improvements, 5.00%, 05/01/23(d) | | | 980 | | | | 1,106,204 | |
New Kensington Municipal Sanitary Authority, RB, (AGM), 3.25%, 12/01/47 | | | 2,055 | | | | 2,108,923 | |
Pennsylvania Economic Development Financing Authority, RB, Philadelphia Biosolids Facility, 6.25%, 01/01/32 | | | 3,690 | | | | 3,729,668 | |
Pittsburgh Water & Sewer Authority, RB, First Lien, Series A (AGM), 5.00%, 09/01/44 | | | 2,045 | | | | 2,524,409 | |
| | | | | | | | |
| | | | | | | 41,361,414 | |
| | | | | | | | |
| |
Total Municipal Bonds in Pennsylvania | | | | 466,203,544 | |
| | | | | | | | |
|
Puerto Rico — 4.3% | |
|
State — 2.8% | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: | | | | | | | | |
CAB,Series A-1, 0.00%, 07/01/46(f) | | | 4,796 | | | | 1,271,420 | |
CAB,Series A-1, 0.00%, 07/01/51(f) | | | 3,320 | | | | 646,371 | |
Series A-1, 4.75%, 07/01/53 | | | 3,176 | | | | 3,279,379 | |
Series A-1, 5.00%, 07/01/58 | | | 5,663 | | | | 5,952,549 | |
Series A-2, 4.33%, 07/01/40 | | | 1,950 | | | | 1,972,522 | |
Series A-2, 4.78%, 07/01/58 | | | 2,660 | | | | 2,742,992 | |
Series B-1, 0.00%, 07/01/46(f) | | | 925 | | | | 244,885 | |
| | | | | | | | |
| | | | | | | 16,110,118 | |
|
Tobacco — 0.2% | |
Children’s Trust Fund, Refunding RB, Tobacco SettlementAsset-Backed Bonds, 5.63%, 05/15/43 | | | 1,100 | | | | 1,116,676 | |
| | | | | | | | |
|
Utilities — 1.3% | |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: | | | | | | | | |
5.00%, 07/01/33 | | | 1,680 | | | | 1,746,982 | |
5.13%, 07/01/37 | | | 810 | | | | 842,003 | |
5.25%, 07/01/42 | | | 4,390 | | | | 4,586,979 | |
| | | | | | | | |
| | | | | | | 7,175,964 | |
| | | | | | | | |
| |
Total Municipal Bonds in Puerto Rico | | | | 24,402,758 | |
| | | | | |
| |
Total Municipal Bonds — 85.9% (Cost — $467,376,262) | | | | 490,606,302 | |
| | | | | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 33 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Pennsylvania Municipal Bond Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Municipal Bonds Transferred to Tender Option Bond Trusts(g) | |
|
Pennsylvania — 21.7% | |
|
Education — 8.2% | |
County of Montgomery Pennsylvania Higher Education & Health Authority, Refunding RB, Thomas Jefferson University Projects, 4.00%, 09/01/44(h) | | $ | 7,550 | | | $ | 8,221,724 | |
County of Northampton General Purpose Authority, Refunding RB, Lafayette College: | | | | | | | | |
4.00%, 11/01/38(h) | | | 6,002 | | | | 6,706,888 | |
5.00%, 11/01/47 | | | 6,100 | | | | 7,256,926 | |
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42 | | | 5,007 | | | | 5,806,830 | |
Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System, Series A, 5.75%, 08/15/21(d) | | | 9,280 | | | | 9,999,478 | |
Philadelphia Authority for Industrial Development, RB, Philadelphia College of osteopathic Medicine, 4.00%, 12/01/48(h) | | | 8,090 | | | | 8,824,815 | |
| | | | | | | | |
| | | | | | | 46,816,661 | |
|
Health — 9.3% | |
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 07/01/49(h) | | | 4,997 | | | | 5,414,996 | |
Geisinger Authority Pennsylvania, RB, Health System,Series A-1, 5.13%, 06/01/41 | | | 12,570 | | | | 13,178,891 | |
General Authority of Southcentral Pennsylvania, Refunding RB, Wellspan Health Obligated Group: | | | | | | | | |
4.00%, 06/01/49 | | | 9,015 | | | | 9,849,789 | |
Series A, 5.00%, 06/01/44 | | | 5,000 | | | | 5,545,150 | |
Pennsylvania Economic Development Financing Authority, RB, University of Pittsburgh Medical Center, Series B, 4.00%, 03/15/40 | | | 2,000 | | | | 2,156,700 | |
Philadelphia Hospitals & Higher Education Facilities Authority, RB, The Children’s Hospital of Philadelphia Project, Series C, 5.00%, 07/01/41 | | | 9,380 | | | | 9,874,045 | |
Saint Mary Pennsylvania Hospital Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/48 | | | 6,096 | | | | 7,207,645 | |
| | | | | | | | |
| | | | 53,227,216 | |
|
Housing — 0.9% | |
Pennsylvania HFA, Refunding RB, S/F Mortgage, Series 114A, AMT, 3.70%, 10/01/42(h) | | | 5,194 | | | | 5,257,414 | |
| | | | | | | | |
|
State — 2.1% | |
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/38(h) | | | 11,000 | | | | 12,211,320 | |
| | | | | | | | |
|
Transportation — 1.2% | |
Pennsylvania Turnpike Commission, RB,Sub-Series A, 5.50%, 12/01/42 | | | 2,520 | | | | 3,035,743 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Transportation (continued) | |
Pennsylvania Turnpike Commission, Refunding RB, SubSeries B-2 (AGM), 5.00%, 06/01/35 | | $ | 2,900 | | | $ | 3,500,242 | |
| | | | | | | | |
| | | | 6,535,985 | |
| | | | | | | | |
| |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 21.7% (Cost — $116,771,038) | | | | 124,048,596 | |
| | | | | | | | |
| |
Total Long-Term Investments — 107.6% (Cost — $584,147,300) | | | | 614,654,898 | |
| | | | | | | | |
| | |
| | Shares | | | | |
|
Short-Term Securities — 3.1% | |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%(i)(j) | | | 17,420,200 | | | | 17,421,942 | |
| | | | | | | | |
| |
Total Short-Term Securities — 3.1% (Cost — $17,421,681) | | | | 17,421,942 | |
| | | | | | | | |
| |
Total Investments — 110.7% (Cost — $601,568,981) | | | | 632,076,840 | |
| |
Other Assets Less Liabilities — 0.7% | | | | 3,806,023 | |
| |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (11.4)% | | | | (65,077,832 | ) |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 570,805,031 | |
| | | | | | | | |
(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) | 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) | When-issued security. |
(d) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(e) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(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 the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between April 1, 2020 to June 1, 2039, is $25,255,270. See Note 4 of the Notes to Financial Statements for details. |
(i) | Annualized7-day yield as of period end. |
(j) | During the six months ended November 30, 2019, investments in issuers considered to be an affiliate/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 05/31/19 | | | Net Activity | | | Shares Held at 11/30/19 | | | Value at 11/30/19 | | | Income | | | Net Realized Gain (Loss) (a) | | | Change in Unrealized Appreciation (Depreciation) | |
BlackRock Liquidity Funds, MuniCash, Institutional Class | | | — | | | | 17,420,200 | | | | 17,420,200 | | | $ | 17,421,942 | | | $ | 80,997 | | | $ | (26 | ) | | $ | 261 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Includes net capital gain distributions, if applicable. | |
| | |
34 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Pennsylvania Municipal Bond Fund |
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 | | | 116 | | | | 03/20/20 | | | $ | 15,006 | | | $ | 17,044 | |
U.S. Treasury Long Bond | | | 236 | | | | 03/20/20 | | | | 37,517 | | | | 83,248 | |
5-Year U.S. Treasury Note | | | 77 | | | | 03/31/20 | | | | 9,161 | | | | 5,759 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 106,051 | |
| | | | | | | | | | | | | | | | |
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 | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 106,051 | | | $ | — | | | $ | 106,051 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Net cumulative unrealized appreciation (depreciation) on futures, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
For the six months ended November 30, 2019, 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 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (4,573,532 | ) | | $ | — | | | $ | (4,573,532 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 638,311 | | | $ | — | | | $ | 638,311 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
Futures contracts: | |
Average notional value of contracts — long | | $ | — | (a) |
Average notional value of contracts — short | | $ | 59,524,926 | |
| (a) | Derivative not held atquarter-end. The risk exposure table serves as an indicator of activity during the period. | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
| | | | |
SCHEDULES OF INVESTMENTS | | | 35 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Pennsylvania Municipal Bond Fund |
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) | | $ | — | | | $ | 614,654,898 | | | $ | — | | | $ | 614,654,898 | |
Short-Term Securities | | | 17,421,942 | | | | — | | | | — | | | | 17,421,942 | |
| | | | | | | | | | | | | | | | |
| | $ | 17,421,942 | | | $ | 614,654,898 | | | $ | — | | | $ | 632,076,840 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(b) | |
Assets: | |
Interest rate contracts | | $ | 106,051 | | | $ | — | | | $ | — | | | $ | 106,051 | |
| | | | | | | | | | | | | | | | |
| (a) | See above Schedule of Investments for values in each sector/security type. | |
| (b) | Derivative financial instruments are futures contracts. Futures contracts 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 reporting purposes. As of period end, TOB Trust Certificates of $64,781,010 are categorized as Level 2 within the disclosure hierarchy.
See notes to financial statements.
| | |
36 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Corporate Bonds — 0.9% | |
|
Consumer Finance — 0.0% | |
Low Income Investment Fund, Series 2019, 3.39%, 07/01/26 | | $ | 3,500 | | | $ | 3,575,521 | |
| | | | | | | | |
|
Diversified Financial Services — 0.1% | |
Western Group Housing LP, 6.75%, 03/15/57(a) | | | 2,466 | | | | 3,398,227 | |
| | | | | | | | |
|
Education — 0.2% | |
American University, Series 2019, 3.67%, 04/01/49 | | | 9,280 | | | | 10,112,192 | |
Conservation Fund A Nonprofit Corp., Series 2019, 3.47%, 12/15/29 | | | 5,852 | | | | 5,898,126 | |
George Washington University, Series 2018, 4.13%, 09/15/48 | | | 171 | | | | 201,369 | |
Liberty University, Inc., Series 2019, 3.34%, 03/01/34(b) | | | 4,808 | | | | 4,794,214 | |
Wesleyan University, 4.78%, 07/01/16 | | | 203 | | | | 235,383 | |
| | | | | | | | |
| | | | | | | 21,241,284 | |
|
Health Care Providers & Services — 0.5% | |
CommonSpirit Health: | | | | | | | | |
2.95%, 11/01/22 | | | 25,385 | | | | 25,813,312 | |
3.35%, 10/01/29 | | | 10,729 | | | | 10,772,322 | |
4.19%, 10/01/49 | | | 7,086 | | | | 7,210,371 | |
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48 | | | 232 | | | | 294,197 | |
SSM Health Care Corp., Series 2018, 3.69%, 06/01/23 | | | 8,761 | | | | 9,148,169 | |
Sutter Health, Series 2018, 3.70%, 08/15/28 | | | 240 | | | | 258,784 | |
Toledo Hospital, 5.75%, 11/15/38 | | | 7,022 | | | | 8,076,329 | |
| | | | | | | | |
| | | | | | | 61,573,484 | |
|
Pharmaceuticals — 0.1% | |
AbbVie, Inc., 4.88%, 11/14/48 | | | 10,329 | | | | 11,807,518 | |
| | | | | | | | |
| |
Total Corporate Bonds — 0.9% (Cost — $99,165,322) | | | | 101,596,034 | |
| | | | | |
| | |
| | Shares | | | | |
|
Investment Companies — 0.1% | |
SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | | | 100,000 | | | | 5,918,000 | |
VanEck Vectors High-Yield Municipal Index ETF | | | 150,000 | | | | 9,660,000 | |
| | | | | | | | |
| |
Total Investment Companies — 0.1% (Cost — $14,623,500) | | | | 15,578,000 | |
| | | | | |
| | |
| | Par (000) | | | | |
|
Municipal Bonds — 92.0% | |
|
Alabama — 0.5% | |
Alabama Special Care Facilities Financing Authority-Birmingham, RB, Methodist Home For The Aging: | | | | | | | | |
5.75%, 06/01/35 | | $ | 1,200 | | | | 1,366,716 | |
5.75%, 06/01/45 | | | 2,145 | | | | 2,402,400 | |
6.00%, 06/01/50 | | | 2,700 | | | | 3,067,443 | |
County of Jefferson Alabama Sewer, Refunding RB,Sub-Lien, Series D: | | | | | | | | |
7.00%, 10/01/51 | | | 3,000 | | | | 3,614,070 | |
6.50%, 10/01/53 | | | 15,110 | | | | 17,946,449 | |
County of Tuscaloosa IDA, Refunding RB, Hunt Refining Project, Series A(a): | | | | | | | | |
4.50%, 05/01/32 | | | 7,395 | | | | 8,106,843 | |
5.25%, 05/01/44 | | | 9,425 | | | | 10,858,260 | |
Hoover Industrial Development Board, RB, U.S. Steel Corporation Project, AMT, 5.75%, 10/01/49 | | | 6,040 | | | | 6,486,235 | |
| | | | | | | | |
| | | | | | | 53,848,416 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Alaska — 0.1% | |
Alaska Housing Finance Corp., RB, S/F, Series A, 3.70%, 12/01/38 | | $ | 4,310 | | | $ | 4,601,399 | |
State of Alaska International Airports System, Refunding RB, Series B: | | | | | | | | |
5.00%, 10/01/32 | | | 5,000 | | | | 5,870,200 | |
5.00%, 10/01/34 | | | 5,000 | | | | 5,848,500 | |
| | | | | | | | |
| | | | | | | 16,320,099 | |
|
Arizona — 4.4% | |
Arizona Department of Transportation State Highway Fund Revenue, Refunding RB,Sub-Series A, 5.00%, 07/01/23 | | | 5,400 | | | | 5,927,688 | |
Arizona Health Facilities Authority, Refunding RB: | | | | | | | | |
5.00%, 12/01/39 | | | 5,000 | | | | 5,680,650 | |
Banner Health, Series B, 2.22%, 01/01/37(c) | | | 50,000 | | | | 48,943,650 | |
Phoenix Children’s Hospital, Series A, 5.00%, 02/01/42 | | | 5,000 | | | | 5,298,650 | |
Arizona Industrial Development Authority, RB: | | | | | | | | |
Leman Academy of Excellence — Parker Colorado Campus Project, 5.00%, 07/01/39(a) | | | 1,335 | | | | 1,386,745 | |
Leman Academy Of Excellence — Parker Colorado Campus Project, 5.00%, 07/01/49(a) | | | 2,075 | | | | 2,135,071 | |
S/F Housing,Series 2019-2, Class A, 3.63%, 05/20/33 | | | 105,392 | | | | 116,160,375 | |
Arizona Water Infrastructure Finance Authority, Refunding RB, Series A, 5.00%, 10/01/21 | | | 5,000 | | | | 5,347,950 | |
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A(a): | | | | | | | | |
6.50%, 07/01/34 | | | 965 | | | | 1,097,495 | |
5.00%, 07/01/36 | | | 7,315 | | | | 7,962,670 | |
5.00%, 07/01/41 | | | 10,075 | | | | 10,836,569 | |
6.75%, 07/01/44 | | | 1,690 | | | | 1,904,951 | |
City of Phoenix Arizona IDA, Refunding RB(a): | | | | | | | | |
Basis Schools, Inc. Projects, 5.00%, 07/01/35 | | | 2,795 | | | | 3,040,736 | |
Basis Schools, Inc. Projects, 5.00%, 07/01/45 | | | 6,155 | | | | 6,549,166 | |
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/35 | | | 1,775 | | | | 1,931,058 | |
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/46 | | | 1,950 | | | | 2,063,568 | |
Legacy Traditional School Projects, 5.00%, 07/01/35 | | | 2,205 | | | | 2,369,228 | |
Legacy Traditional School Projects, 5.00%, 07/01/45 | | | 1,495 | | | | 1,583,250 | |
City of Phoenix Civic Improvement Corp., ARB, Junior Lien Airport Revenue Bonds(b): | | | | | | | | |
5.00%, 07/01/44 | | | 19,000 | | | | 23,196,720 | |
5.00%, 07/01/49 | | | 24,000 | | | | 29,136,960 | |
Series B, AMT, 5.00%, 07/01/44 | | | 13,000 | | | | 15,601,300 | |
Series B, AMT, 5.00%, 07/01/49 | | | 10,000 | | | | 11,957,300 | |
City of Phoenix Civic Improvement Corp., Refunding RB: | | | | | | | | |
Junior Lien Airport, Series D, 5.00%, 07/01/37 | | | 10,000 | | | | 12,025,400 | |
Series B, 5.00%, 07/01/38 | | | 5,000 | | | | 6,032,650 | |
County of Maricopa IDA, Refunding RB: | | | | | | | | |
Banner Health Obligation, Series C, 1.63%, 01/01/35(c) | | | 5,000 | | | | 4,947,270 | |
Banner Health Obligation, Series D, 5.00%, 01/01/46(d) | | | 10,000 | | | | 12,080,500 | |
Paradise Schools Projects, 5.00%, 07/01/36(a) | | | 250 | | | | 273,098 | |
McAllister Academic Village LLC, Refunding RB, Arizona State University: | | | | | | | | |
5.00%, 07/01/30 | | | 5,000 | | | | 6,049,800 | |
5.00%, 07/01/32 | | | 5,000 | | | | 6,033,150 | |
5.00%, 07/01/34 | | | 5,000 | | | | 6,020,000 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 37 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Arizona (continued) | |
Salt River Project Agricultural Improvement & Power District, RB, Salt River Project Electric System: | | | | | | | | |
5.00%, 01/01/23 | | $ | 5,000 | | | $ | 5,588,000 | |
5.00%, 01/01/26 | | | 5,000 | | | | 6,086,300 | |
5.00%, 01/01/30 | | | 5,000 | | | | 6,594,450 | |
5.00%, 01/01/31 | | | 5,000 | | | | 6,583,300 | |
5.00%, 01/01/32 | | | 5,000 | | | | 6,543,500 | |
5.00%, 01/01/33 | | | 5,000 | | | | 6,508,350 | |
5.00%, 01/01/34 | | | 5,780 | | | | 7,488,973 | |
5.00%, 01/01/35 | | | 5,000 | | | | 6,455,900 | |
5.00%, 01/01/36 | | | 5,000 | | | | 6,427,600 | |
5.00%, 01/01/37 | | | 5,000 | | | | 6,414,150 | |
5.00%, 01/01/47 | | | 25,000 | | | | 31,536,000 | |
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 12/01/45 | | | 25,000 | | | | 29,176,750 | |
State of Arizona, COP, Refunding, Series A: | | | | | | | | |
5.00%, 10/01/22 | | | 5,000 | | | | 5,532,050 | |
5.00%, 10/01/23 | | | 5,000 | | | | 5,707,500 | |
5.00%, 10/01/24 | | | 5,000 | | | | 5,867,600 | |
5.00%, 10/01/25 | | | 5,000 | | | | 6,018,350 | |
5.00%, 10/01/26 | | | 5,000 | | | | 6,156,200 | |
State of Arizona Lottery Revenue, Refunding RB: | | | | | | | | |
5.00%, 07/01/22 | | | 5,000 | | | | 5,494,550 | |
5.00%, 07/01/23 | | | 5,000 | | | | 5,676,500 | |
Tempe Industrial Development Authority, RB, Friendship Village of Tempe Project: | | | | | | | | |
5.00%, 12/01/50 | | | 200 | | | | 219,750 | |
5.00%, 12/01/54 | | | 1,900 | | | | 2,082,761 | |
| | | | | | | | |
| | | | | | | 531,732,152 | |
|
Arkansas — 0.3% | |
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a) | | | 37,855 | | | | 40,104,344 | |
| | | | | | | | |
|
California — 6.8% | |
Alameda Unified School District-Alameda County of California, GO, Election of 2004, Series B (AGM), 0.00%, 08/01/32(e) | | | 5,000 | | | | 3,845,000 | |
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge,Series S-1, 7.04%, 04/01/50 | | | 635 | | | | 1,042,264 | |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 2.25%, 04/01/24 | | | 20,000 | | | | 20,057,200 | |
California County Tobacco Securitization Agency, RB, Asset-Backed, Alameda County Securitization Corp., Series A, 6.00%, 06/01/42 | | | 885 | | | | 886,637 | |
California Health Facilities Financing Authority, RB, El Camino Hospital: | | | | | | | | |
5.00%, 02/01/37 | | | 5,000 | | | | 6,034,350 | |
5.00%, 02/01/36 | | | 5,000 | | | | 6,036,200 | |
California Health Facilities Financing Authority, Refunding RB, Childrens Hospital, Series A: | | | | | | | | |
5.00%, 08/15/42 | | | 5,000 | | | | 5,899,150 | |
5.00%, 08/15/47 | | | 10,000 | | | | 11,660,800 | |
California Housing Finance, RB, S/F Housing, Series A, 4.25%, 01/15/35 | | | 19 | | | | 22,718 | |
California Municipal Finance Authority, ARB, Senior Lien, Linxs APM Project, AMT: | | | | | | | | |
5.00%, 12/31/43 | | | 5,000 | | | | 5,842,250 | |
5.00%, 12/31/47 | | | 10,000 | | | | 11,635,500 | |
California Municipal Finance Authority, RB: | | | | | | | | |
(BAM), 5.00%, 05/15/29 | | | 6,760 | | | | 8,563,906 | |
S/F, Caritas Affordable Housing Inc., Series B, 5.88%, 08/15/49 | | | 1,000 | | | | 1,105,520 | |
Sycamore Academy Project, 5.38%, 07/01/34(a) | | | 1,000 | | | | 1,092,370 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
California (continued) | |
Sycamore Academy Project, 5.63%, 07/01/44(a) | | $ | 2,760 | | | $ | 2,992,613 | |
Urban Discovery Academy Project, 6.00%, 08/01/44(a) | | | 330 | | | | 356,053 | |
Urban Discovery Academy Project, 6.13%, 08/01/49(a) | | | 285 | | | | 307,866 | |
Vista Charter Middle School, 6.00%, 07/01/44 | | | 1,960 | | | | 2,205,020 | |
California Municipal Finance Authority, Refunding RB, Eisenhower Medical Center, Series A, 5.00%, 07/01/47 | | | 10,000 | | | | 11,422,000 | |
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT(a): | | | | | | | | |
5.00%, 07/01/30 | | | 4,000 | | | | 4,313,800 | |
5.00%, 07/01/37 | | | 25,000 | | | | 26,653,500 | |
5.00%, 11/21/45 | | | 50,000 | | | | 53,129,000 | |
California School Finance Authority, RB, Series A(a): | | | | | | | | |
Alta Public Schools Project, 6.50%, 11/01/34 | | | 1,015 | | | | 1,105,741 | |
Alta Public Schools Project, 6.75%, 11/01/45 | | | 1,395 | | | | 1,505,916 | |
Kipp Socal Projects, 5.00%, 07/01/39 | | | 1,000 | | | | 1,193,680 | |
Kipp Socal Projects, 5.00%, 07/01/54 | | | 1,000 | | | | 1,174,520 | |
California Statewide Communities Development Authority, RB: | | | | | | | | |
Beverly Community Hospital, 5.00%, 02/01/45 | | | 15,000 | | | | 16,299,750 | |
Beverly Community Hospital Association, 5.00%, 02/01/30 | | | 1,800 | | | | 2,031,264 | |
Kaiser Permanente, Series A, 5.00%, 04/01/42 | | | 5,000 | | | | 5,412,900 | |
Loma Linda University Medical Center, Series A, 5.00%, 12/01/41(a) | | | 4,205 | | | | 4,726,252 | |
Loma Linda University Medical Center, Series A, 5.00%, 12/01/46(a) | | | 4,665 | | | | 5,211,411 | |
Loma Linda University Medical Center, Series A, 5.25%, 12/01/56(a) | | | 7,175 | | | | 8,128,414 | |
California Statewide Communities Development Authority, Refunding RB, Series A, 5.25%, 11/01/44(a) | | | 1,250 | | | | 1,368,812 | |
California Statewide Financing Authority, RB, Asset-Backed, Tobacco Settlement: | | | | | | | | |
Series A, 6.00%, 05/01/37 | | | 585 | | | | 586,082 | |
Series A, 6.00%, 05/01/43 | | | 3,800 | | | | 3,802,850 | |
Series B, 6.00%, 05/01/37 | | | 265 | | | | 265,490 | |
Series B, 6.00%, 05/01/43 | | | 7,425 | | | | 7,430,569 | |
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D(a): | | | | | | | | |
3.00%, 08/01/21 | | | 2,445 | | | | 2,477,250 | |
0.00%, 08/01/26(e) | | | 1,170 | | | | 881,443 | |
0.00%, 08/01/43(e) | | | 20,000 | | | | 6,295,400 | |
City of Irvine California, Special Tax, Community Facilities DistrictNo. 2013-3, Great Park Improvement Area No. 1, 5.00%, 09/01/49 | | | 1,500 | | | | 1,647,900 | |
City of Los Angeles California Department of Water & Power, RB, Build America Bonds, 6.60%, 07/01/50 | | | 2,035 | | | | 3,315,402 | |
Coast Community College District, GO, Election of 2002, Series B (AGM)(e): | | | | | | | | |
0.00%, 08/01/28 | | | 10,000 | | | | 8,546,900 | |
0.00%, 08/01/30 | | | 25,000 | | | | 20,086,000 | |
County of Contra Costa California, Refunding RB, Series A (AGM), 5.47%, 06/01/22 | | | 27,965 | | | | 29,289,422 | |
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.: | | | | | | | | |
5.70%, 06/01/46 | | | 21,800 | | | | 22,018,436 | |
5.60%, 06/01/36 | | | 8,150 | | | | 8,228,077 | |
| | |
38 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
California (continued) | |
Foothill-De Anza Community College District, GO, Series A (AMBAC)(e): | | | | | | | | |
0.00%, 08/01/34 | | $ | 10,000 | | | $ | 7,134,700 | |
0.00%, 08/01/36 | | | 10,000 | | | | 6,672,200 | |
Golden State Tobacco Securitization Corp., Refunding RB: | | | | | | | | |
Asset-Backed, Series A (AGM), 5.00%, 06/01/40 | | | 5,000 | | | | 5,750,300 | |
Series A-1, 5.00%, 06/01/27 | | | 5,000 | | | | 6,047,700 | |
Series A-1, 5.00%, 06/01/25 | | | 5,000 | | | | 5,836,500 | |
Series A-1, 5.00%, 06/01/28 | | | 5,000 | | | | 6,024,150 | |
Series A-1, 5.00%, 06/01/29 | | | 10,000 | | | | 11,925,400 | |
Series A-1, 5.00%, 06/01/30 | | | 6,955 | | | | 8,391,068 | |
Series A-1, 5.00%, 06/01/31 | | | 5,630 | | | | 6,746,598 | |
Series A-1, 5.00%, 06/01/47 | | | 20,535 | | | | 21,132,774 | |
Series A-1, 5.25%, 06/01/47 | | | 9,085 | | | | 9,405,973 | |
Series A-2, 5.00%, 06/01/47 | | | 43,615 | | | | 44,884,633 | |
Modesto Irrigation District, RB, Index-Domestic Water Project (NPFCG), 1.91%, 09/01/37(c) | | | 10,000 | | | | 9,895,940 | |
Newport Mesa Unified School District, GO, Election of 2005 (NPFCG), 0.00%, 08/01/31(e) | | | 10,000 | | | | 7,902,200 | |
Norman Y Mineta San Jose International Airport SJ, Refunding ARB, AMT, Series A, 5.00%, 03/01/23 | | | 5,000 | | | | 5,577,200 | |
Northern California Gas Authority No. 1, RB, Series B, 2.13%, 07/01/27(c) | | | 5,000 | | | | 4,923,635 | |
Port of Oakland, Refunding RB, AMT, Series O, 5.00%, 05/01/23 | | | 5,000 | | | | 5,253,050 | |
Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series B (NPFGC), 1.81%, 12/01/35(c) | | | 100,000 | | | | 95,809,200 | |
Sacramento County Water Financing Authority, RB, Series B (NPFGC), 1.83%, 06/01/34(c) | | | 10,000 | | | | 9,393,920 | |
San Diego Association of Governments, RB,Mid-Coast Corridor Transit Project, Green Bond: | | | | | | | | |
5.00%, 11/15/23 | | | 5,000 | | | | 5,571,000 | |
5.00%, 11/15/24 | | | 10,000 | | | | 11,488,300 | |
5.00%, 11/15/25 | | | 10,000 | | | | 11,821,100 | |
San Francisco City & County AirportComm-San Francisco International Airport, Refunding ARB, Series F, 5.00%, 05/01/50 | | | 25,000 | | | | 30,711,750 | |
San Francisco City & County AirportComm-San Francisco International Airport, Refunding RB, AMT, Series H, 5.00%, 05/01/25 | | | 25,000 | | | | 29,483,750 | |
San Jose Unified School District, GO, Capital Appreciation Election of 2002, Series C (NPFCG), 0.00%, 06/01/31(e) | | | 25,000 | | | | 19,377,500 | |
San Mateo Union High School District, GO, Refunding, Election of 2010, Series A, 6.70%, 09/01/41(f) | | | 10,000 | | | | 10,618,000 | |
State of California, GO, Build America Bonds, 7.60%, 11/01/40 | | | 2,725 | | | | 4,524,236 | |
State of California, GO, Refunding: | | | | | | | | |
5.00%, 10/01/25 | | | 23,195 | | | | 28,135,535 | |
VariousPurposes-Bid Group, Series B, 2.65%, 04/01/26 | | | 25,000 | | | | 25,393,250 | |
University of California, Refunding RB, General, Series AI, 5.00%, 05/15/38 | | | 5,000 | | | | 5,619,750 | |
| | | | | | | | |
| | | | | | | 809,584,910 | |
|
Colorado — 1.7% | |
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a) | | | 5,125 | | | | 5,427,478 | |
City of Aurora Colorado Water Revenue, Refunding RB, Green Bond, 5.00%, 08/01/41 | | | 25,000 | | | | 29,789,750 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Colorado (continued) | |
City of Lakewood Colorado Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds, 4.00%, 12/01/23(a) | | $ | 1,000 | | | $ | 1,038,050 | |
City of Loveland Colorado Electric & Communications Enterprise Revenue, RB, Series A (AGM), 5.00%, 12/01/44 | | | 10,000 | | | | 12,204,500 | |
Colorado Educational & Cultural Facilities Authority, RB: | | | | | | | | |
Charter Littleton Preparatory School, 5.00%, 12/01/22 | | | 80 | | | | 83,942 | |
Loveland Classical Schools, 5.00%, 07/01/46(a) | | | 2,000 | | | | 2,143,940 | |
Colorado Educational & Cultural Facilities Authority, Refunding RB: | | | | | | | | |
5.00%, 11/01/44 | | | 885 | | | | 937,817 | |
5.13%, 11/01/49 | | | 765 | | | | 812,728 | |
Colorado Health Facilities Authority, RB, Liberty Height, 0.00%, 07/15/22(e)(g) | | | 10,000 | | | | 9,654,000 | |
Colorado Health Facilities Authority, Refunding RB: | | | | | | | | |
CommonSpirit Health, Series A, 5.00%, 08/01/26 | | | 5,000 | | | | 5,963,400 | |
5.00%, 08/01/27 | | | 10,000 | | | | 12,090,100 | |
5.00%, 08/01/29 | | | 5,000 | | | | 6,187,900 | |
5.00%, 08/01/30 | | | 10,000 | | | | 12,347,600 | |
5.00%, 08/01/31 | | | 5,000 | | | | 6,137,250 | |
5.00%, 08/01/32 | | | 5,000 | | | | 6,116,200 | |
5.00%, 08/01/35 | | | 5,000 | | | | 6,041,050 | |
5.00%, 08/01/36 | | | 10,000 | | | | 12,047,500 | |
5.00%, 08/01/37 | | | 5,000 | | | | 6,006,100 | |
5.00%, 08/01/38 | | | 5,000 | | | | 5,987,950 | |
5.00%, 08/01/39 | | | 5,000 | | | | 5,970,750 | |
CommonSpirit Health,Series A-2, 5.00%, 08/01/44 | | | 10,000 | | | | 11,770,800 | |
NCMC, Inc. Project, 5.00%, 05/15/26(h) | | | 5,000 | | | | 6,150,300 | |
Colorado High Performance Transportation Enterprise, RB,C-470 Express Lanes, 5.00%, 12/31/56 | | | 10,000 | | | | 10,895,700 | |
Colorado Housing & Finance Authority, RB: | | | | | | | | |
M/F Housing, Multi Family Project,Series B-1, 2.75%, 10/01/34 | | | 1,000 | | | | 1,018,560 | |
M/F Housing, Multi Family Project,Series B-1, 3.00%, 10/01/39 | | | 1,000 | | | | 1,021,980 | |
M/F Housing, Multi Family Project,Series B-1, 3.50%, 10/01/59 | | | 1,160 | | | | 1,166,542 | |
M/F Housing, Multi Family Project,Series B-2, 1.35%, 02/01/22 | | | 5,000 | | | | 5,001,500 | |
S/F, Mortgage Class I Bond (Ginnie Mae), 3.60%, 11/01/38 | | | 4,720 | | | | 5,027,225 | |
Denver International Business Center Metropolitan District No. 1, GOL, Subordinate, Series B, 6.00%, 12/01/48 | | | 1,145 | | | | 1,173,373 | |
DIATC Metropolitan District, GO(a): | | | | | | | | |
5.00%, 12/01/39 | | | 1,245 | | | | 1,341,139 | |
5.00%, 12/01/49 | | | 2,000 | | | | 2,122,840 | |
Flying Horse Metropolitan District No. 3, GO, Refunding, 6.00%, 12/01/49(a) | | | 2,965 | | | | 2,998,534 | |
Public Authority for Colorado Energy, RB, 6.25%, 11/15/28 | | | 5,000 | | | | 6,372,550 | |
Village at Dry Creek Metropolitan District No. 2, GO, 4.38%, 12/01/44 | | | 3,010 | | | | 3,092,444 | |
| | | | | | | | |
| | | | | | | 206,141,492 | |
|
Connecticut — 0.8% | |
Connecticut Housing Finance Authority, RB, M/F,Series B-1: | | | | | | | | |
4.10%, 11/15/39 | | | 2,250 | | | | 2,383,268 | |
4.15%, 11/15/44 | | | 5,420 | | | | 5,709,862 | |
Connecticut Housing Finance Authority, Refunding RB: | | | | | | | | |
M/F Housing,Series A-1, 2.88%, 11/15/30 | | | 5,700 | | | | 5,849,625 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 39 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Connecticut (continued) | |
M/F, SubSeries F-1, 3.90%, 11/15/44 | | $ | 1,500 | | | $ | 1,565,730 | |
M/F,Sub-Series F-1, 4.00%, 11/15/49 | | | 2,000 | | | | 2,078,540 | |
M/F,Sub-Series F-1, 4.05%, 11/15/54 | | | 2,000 | | | | 2,061,000 | |
S/F Housing,Sub-Series B-1, 4.00%, 05/15/45 | | | 5,000 | | | | 5,286,600 | |
S/F,Sub-Series C-1, 3.63%, 11/15/38 | | | 9,775 | | | | 10,255,343 | |
SubSeries C-1, M/F, 3.95%, 05/15/38 | | | 2,225 | | | | 2,316,603 | |
Connecticut State Health & Educational Facilities Authority, RB, Mary Wade Home Issue,Series A-1(a): | | | | | | | | |
5.00%, 10/01/39 | | | 1,000 | | | | 1,098,630 | |
5.00%, 10/01/54 | | | 4,570 | | | | 4,959,821 | |
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(a) | | | 10,675 | | | | 10,909,850 | |
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45(a) | | | 5,545 | | | | 5,968,492 | |
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C(a): | | | | | | | | |
5.75%, 02/01/24 | | | 3,320 | | | | 3,602,366 | |
5.75%, 02/01/25 | | | 3,755 | | | | 4,129,561 | |
6.25%, 02/01/30 | | | 4,930 | | | | 5,556,554 | |
State of Connecticut, GO, Series A: | | | | | | | | |
3.14%, 04/15/25 | | | 6,500 | | | | 6,734,780 | |
5.85%, 03/15/32 | | | 7,630 | | | | 9,871,999 | |
State of Connecticut Bradley International Airport CFC Revenue, ARB, AMT, Ground Transportation Center, Series A, 5.00%, 07/01/49 | | | 5,000 | | | | 5,926,500 | |
| | | | | | | | |
| | | | | | | 96,265,124 | |
|
Delaware — 0.5% | |
Delaware Transportation Authority, RB: | | | | | | | | |
5.00%, 07/01/23 | | | 5,015 | | | | 5,698,795 | |
5.00%, 07/01/24 | | | 5,270 | | | | 6,170,643 | |
5.00%, 07/01/25 | | | 5,540 | | | | 6,666,005 | |
5.00%, 07/01/26 | | | 5,825 | | | | 7,183,681 | |
5.00%, 07/01/27 | | | 5,000 | | | | 6,302,000 | |
5.00%, 07/01/28 | | | 5,000 | | | | 6,426,450 | |
State of Delaware, GO: | | | | | | | | |
5.00%, 02/01/23 | | | 10,000 | | | | 11,205,600 | |
5.00%, 03/01/23 | | | 5,000 | | | | 5,618,200 | |
State of Delaware, GO, Refunding, Series B, 5.00%, 07/01/24 | | | 5,000 | | | | 5,855,200 | |
| | | | | | | | |
| | | | | | | 61,126,574 | |
|
District of Columbia — 1.2% | |
District of Columbia, GO, Refunding, Series A, 5.00%, 10/15/44 | | | 10,000 | | | | 12,352,900 | |
District of Columbia, GO, Series A, 5.00%, 06/01/41 | | | 10,000 | | | | 11,850,000 | |
District of Columbia, Refunding RB, Series A, 5.00%, 03/01/44(b) | | | 50,000 | | | | 62,149,500 | |
District of Columbia Housing Finance Agency, RB, M/F Housing, Petworth Station,Series A-2 (FHA), 3.40%, 03/01/40 | | | 7,705 | | | | 8,035,698 | |
District of Columbia Water & Sewer Authority, Refunding RB, Subordinate Lien, Series C, 5.00%, 10/01/39 | | | 10,000 | | | | 11,521,300 | |
Metropolitan Washington Airports Authority, Refunding ARB: | | | | | | | | |
AMT, 5.00%, 10/01/24 | | | 5,000 | | | | 5,821,550 | |
AMT, 5.00%, 10/01/27 | | | 5,000 | | | | 6,176,700 | |
AMT, Series A, 5.00%, 10/01/24 | | | 5,000 | | | | 5,815,700 | |
AMT, Series A, 5.00%, 10/01/30 | | | 5,000 | | | | 5,763,550 | |
Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53 | | | 5,000 | | | | 5,323,900 | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, Dulles Toll Road Revenue, Build America Bonds, 7.46%, 10/01/46 | | | 4,015 | | | | 6,564,164 | |
| | | | | | | | |
| | | | | | | 141,374,962 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Florida — 1.7% | |
Alta Lakes Community Development District, Special Assessment Bonds: | | | | | | | | |
3.50%, 05/01/24 | | $ | 465 | | | $ | 469,148 | |
3.75%, 05/01/29 | | | 555 | | | | 564,096 | |
4.40%, 05/01/39 | | | 1,035 | | | | 1,070,356 | |
4.63%, 05/01/49 | | | 1,780 | | | | 1,829,359 | |
Babcock Ranch Community Independent Special District, Special Assessment Bonds: | | | | | | | | |
4.75%, 11/01/26 | | | 400 | | | | 425,136 | |
5.00%, 11/01/31 | | | 500 | | | | 536,120 | |
5.25%, 11/01/46 | | | 3,490 | | | | 3,700,482 | |
Canaveral Port Authority, ARB: | | | | | | | | |
Series A, AMT, 5.00%, 06/01/45 | | | 5,000 | | | | 5,886,600 | |
Series B, 5.00%, 06/01/48 | | | 10,000 | | | | 11,950,100 | |
Capital Trust Agency, Inc., RB: | | | | | | | | |
1st Mortgage, Silver Creek St. Augustine Project, Series A, 8.00%, 01/01/34(i)(j) | | | 550 | | | | 319,000 | |
1st Mortgage, Silver Creek St. Augustine Project, Series A, 8.25%, 01/01/44(i)(j) | | | 940 | | | | 545,200 | |
1st Mortgage, Silver Creek St. Augustine Project, Series A, 8.25%, 01/01/49(i)(j) | | | 3,010 | | | | 1,745,800 | |
Advantage Academy of Hillsborough Projects, Series A, 5.00%, 12/15/39 | | | 1,775 | | | | 1,942,241 | |
Advantage Academy of Hillsborough Projects, Series A, 5.00%, 12/15/49 | | | 3,380 | | | | 3,653,476 | |
Advantage Academy of Hillsborough Projects, Series A, 5.00%, 12/15/54 | | | 1,955 | | | | 2,112,338 | |
Renaissance Charter School, Inc., Series A, 5.00%, 06/15/39(a) | | | 3,610 | | | | 3,824,506 | |
Renaissance Charter School, Inc., Series A, 5.00%, 06/15/49(a) | | | 970 | | | | 1,011,526 | |
Silver Creek St. Augustine Project, Series A, 5.75%, 01/01/50(i)(j) | | | 395 | | | | 387,100 | |
Silver Creek St. Augustine Project, Series B, 7.00%, 01/01/35(d)(i)(j) | | | 1,390 | | | | 1,362,200 | |
Celebration Pointe Community Development District, Special Assessment Bonds: | | | | | | | | |
4.75%, 05/01/24 | | | 250 | | | | 260,973 | |
5.00%, 05/01/34 | | | 750 | | | | 793,208 | |
5.13%, 05/01/45 | | | 1,030 | | | | 1,078,740 | |
Charlotte County Industrial Development Authority, RB, AMT, Town & Country Utilities Project, 5.50%, 10/01/36(a) | | | 3,500 | | | | 3,705,940 | |
City of Jacksonville Florida, RB, Jacksonville University Project, Series B, 5.00%, 06/01/53(a) | | | 3,250 | | | | 3,618,745 | |
County of Broward Florida Port Facilities Revenue, ARB, Series A, 5.00%, 09/01/49 | | | 13,000 | | | | 15,756,780 | |
County of Collier Florida IDA, Refunding RB, Arlington of Naples Project, Series A, 8.25%, 05/15/49(a)(i)(j) | | | 1,000 | | | | 956,790 | |
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Taxable, Series C, 4.06%, 10/01/31 | | | 11,120 | | | | 12,199,641 | |
County of Palm Beach Florida, RB, Plam Beach Atlantic University Housing Project(a): | | | | | | | | |
5.25%, 04/01/23 | | | 740 | | | | 740,488 | |
5.00%, 04/01/39 | | | 2,700 | | | | 3,043,008 | |
5.00%, 04/01/51 | | | 2,305 | | | | 2,520,172 | |
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Sinai Residences Boca Raton Project, 7.50%, 06/01/49 | | | 1,000 | | | | 1,116,690 | |
County of Pinellas IDA, RB, 2017 Foundation for Global Understanding, Inc. Project, 5.00%, 07/01/39 | | | 2,030 | | | | 2,363,894 | |
Crossings at Fleming Island Community Development District, Refunding, Special Assessment Bonds, 6.50%, 05/01/44 | | | 2,345 | | | | 2,454,629 | |
| | |
40 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Florida (continued) | |
Florida Development Finance Corp., RB: | | | | | | | | |
Midtown Compus Properties, 7.00%, 12/01/48(a) | | $ | 5,500 | | | $ | 5,541,140 | |
Renaissance Charter School, Series A, 5.75%, 06/15/29 | | | 365 | | | | 400,963 | |
Renaissance Charter School, Series A, 6.00%, 06/15/34 | | | 440 | | | | 482,051 | |
Renaissance Charter School, Series A, 6.13%, 06/15/44 | | | 1,685 | | | | 1,820,154 | |
Florida Housing Finance Corp., RB, S/F Housing, Homeowner Mortgage, Series 1 (Ginnie Mae, Fannie Mae & Freddie Mac), 3.60%, 07/01/37 | | | 9,175 | | | | 9,510,254 | |
Florida Housing Finance Corp., Refunding RB, S/F, Homeowner Mortgage, Series 2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac): | | | | | | | | |
4.05%, 07/01/38 | | | 4,995 | | | | 5,431,463 | |
4.20%, 01/01/45 | | | 5,000 | | | | 5,443,150 | |
Harbor Bay Community Development District, Refunding, Special Assessment Bonds,Series A-2, 3.75%, 05/01/34 | | | 1,020 | | | | 1,018,419 | |
Harbor Bay Community Development District,Series A-1: | | | | | | | | |
3.88%, 05/01/39 | | | 2,250 | | | | 2,220,728 | |
4.10%, 05/01/48 | | | 1,500 | | | | 1,461,450 | |
Lakewood Ranch Stewardship District, Lakewood Centre North Projects, Village of Lakewood Ranch Sector Projects: | | | | | | | | |
Special Assessment Bonds, Cresswind Project, 4.50%, 05/01/49 | | | 805 | | | | 828,393 | |
Special Assessment Bonds, Lake Club Phase 4 project, 4.40%, 05/01/39 | | | 1,000 | | | | 1,045,060 | |
Special Assessment Bonds, Lake Club Phase 4 project, 4.50%, 05/01/49 | | | 1,140 | | | | 1,173,128 | |
Lakewood Ranch Stewardship District Special Assessment Bonds: | | | | | | | | |
Special Assessment Bonds, 4.25%, 05/01/25 | | | 485 | | | | 501,068 | |
Special Assessment Bonds, 4.88%, 05/01/35 | | | 1,175 | | | | 1,244,219 | |
Special Assessment Bonds, 4.88%, 05/01/45 | | | 2,420 | | | | 2,514,743 | |
4.00%, 05/01/21 | | | 405 | | | | 409,358 | |
4.25%, 05/01/26 | | | 1,065 | | | | 1,114,341 | |
5.13%, 05/01/46 | | | 6,030 | | | | 6,405,367 | |
Miami-Dade County Florida Aviation Revenue, Refunding RB, Aviation Revenue, Series E, 2.60%, 10/01/31 | | | 12,000 | | | | 11,711,160 | |
Mid-Bay Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/35 | | | 5,000 | | | | 5,656,700 | |
Midtown Miami Community Development District, Refunding, Special Assessment Bonds, Series B, 5.00%, 05/01/37 | | | 1,870 | | | | 1,967,072 | |
School Board of Miami-Dade County, COP, Qualified School Construction Bonds, 6.24%, 06/15/27 | | | 25,000 | | | | 31,280,000 | |
Sterling Hill Community Development District, Refunding, Special Assessment Bonds, Series B, 5.50%, 11/01/10(i)(j) | | | 143 | | | | 90,783 | |
Sumter Landing Community Development District, RB, Taxable Senior Recreational, Series 2016, 4.17%, 10/01/47 | | | 2,030 | | | | 2,288,054 | |
Talavera Community Development District, Special Assessment Bonds: | | | | | | | | |
4.35%, 05/01/40 | | | 495 | �� | | | 507,420 | |
4.50%, 05/01/50 | | | 770 | | | | 783,175 | |
Tolomato Community Development District, Refunding, Special Assessment Bonds(f): | | | | | | | | |
Convertible CAB, Series A4, 6.61%, 05/01/40 | | | 190 | | | | 167,918 | |
Series 2015-2, 0.00%, 05/01/40 | | | 490 | | | | 357,107 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Florida (continued) | |
Tolomato Community Development District: | | | | | | | | |
Series 1, 6.61%, 05/01/40(f)(i)(j) | | $ | 800 | | | $ | 712,544 | |
Series 3, 6.61%, 05/01/40(i)(j) | | | 535 | | | | 5 | |
Special Assessment, Series 3, 6.38%, 05/01/17(i)(j) | | | 425 | | | | 4 | |
Trout Creek Community Development District, Special Assessment Bonds: | | | | | | | | |
5.50%, 05/01/35 | | | 2,345 | | | | 2,515,669 | |
5.63%, 05/01/45 | | | 3,655 | | | | 3,861,471 | |
Village Center Community Development District, Refunding RB, 5.02%, 11/01/36 | | | 1,500 | | | | 1,763,100 | |
Village Community Development District No. 10, Special Assessment Bonds, Sumter County, 4.50%, 05/01/23 | | | 1,620 | | | | 1,727,406 | |
| | | | | | | | |
| | | | | | | 207,899,519 | |
|
Georgia — 3.5% | |
Brookhaven Development Authority, RB, Children’s Helthcare of Atlanta, Series A, 5.00%, 07/01/26 | | | 1,250 | | | | 1,528,363 | |
City of Atlanta Georgia Department of Aviation, ARB: | | | | | | | | |
Airport General Revenue Bonds, Series B, AMT, 5.00%, 07/01/44 | | | 10,200 | | | | 12,358,422 | |
Airport Passenger Facility Charge And Subordinate Lien General, 5.00%, 07/01/37 | | | 25,000 | | | | 31,387,000 | |
Airport Passenger Facility Charge And Subordinate Lien General, 5.00%, 07/01/38 | | | 5,000 | | | | 6,258,850 | |
City of Atlanta Georgia Department of Aviation, RB, Airport Revenue, Series A, 5.00%, 07/01/44 | | | 5,820 | | | | 7,196,488 | |
City of Atlanta Georgia Department of Aviation, Refunding RB, Subordinate, Series F: | | | | | | | | |
5.00%, 07/01/21 | | | 10,000 | | | | 10,603,300 | |
5.00%, 07/01/22 | | | 10,000 | | | | 10,975,800 | |
5.00%, 07/01/23 | | | 12,430 | | | | 14,092,761 | |
5.00%, 07/01/24 | | | 6,000 | | | | 6,999,120 | |
5.00%, 07/01/25 | | | 9,300 | | | | 11,129,310 | |
County of Fulton Development Authority, Refunding RB, Children’s Healthcare of Atlanta, Inc., Series C: | | | | | | | | |
5.00%, 07/01/23 | | | 1,315 | | | | 1,488,199 | |
5.00%, 07/01/26 | | | 1,285 | | | | 1,571,157 | |
County of Rockdale Georgia Development Authority, Refunding RB, Piedmont Healthcare, Inc. Project, Series A, 5.00%, 07/01/49 | | | 11,360 | | | | 13,691,754 | |
Georgia Housing & Finance Authority, RB, S/F: | | | | | | | | |
Housing, Mortgage Bonds, Series C, 3.25%, 12/01/33 | | | 3,525 | | | | 3,714,786 | |
Series B, 4.05%, 12/01/38 | | | 5,000 | | | | 5,398,750 | |
Series B, 4.15%, 12/01/43 | | | 7,320 | | | | 7,933,343 | |
Series B, 4.20%, 12/01/48 | | | 10,000 | | | | 10,825,500 | |
Series B-1, 3.65%, 06/01/44 | | | 9,490 | | | | 9,852,992 | |
Series C, 3.75%, 06/01/48 | | | 5,025 | | | | 5,249,617 | |
Georgia Housing & Finance Authority, Refunding RB, Mortgage Bonds, Series A, S/F: | | | | | | | | |
Housing, 3.60%, 12/01/44 | | | 10,000 | | | | 10,453,500 | |
3.05%, 12/01/34 | | | 1,500 | | | | 1,553,610 | |
3.35%, 12/01/39 | | | 5,380 | | | | 5,568,838 | |
3.70%, 06/01/49 | | | 10,000 | | | | 10,498,200 | |
Main Street Natural Gas, Inc., RB, Series A: | | | | | | | | |
5.00%, 05/15/23 | | | 1,750 | | | | 1,947,733 | |
5.00%, 05/15/24 | | | 1,500 | | | | 1,709,775 | |
5.00%, 05/15/25 | | | 2,500 | | | | 2,910,525 | |
5.00%, 05/15/26 | | | 3,000 | | | | 3,560,250 | |
5.00%, 05/15/27 | | | 2,000 | | | | 2,413,560 | |
Metropolitan Atlanta Rapid Transit Authority, RB: | | | | | | | | |
Series A, 5.00%, 07/01/43 | | | 10,000 | | | | 11,664,300 | |
Series A, 5.00%, 07/01/44 | | | 10,000 | | | | 11,665,300 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 41 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Georgia (continued) | |
Series A, 5.00%, 07/01/45 | | $ | 10,000 | | | $ | 11,658,300 | |
Series B, 5.00%, 07/01/44 | | | 10,000 | | | | 11,859,200 | |
Series B, 5.00%, 07/01/45 | | | 10,000 | | | | 11,825,600 | |
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project: | | | | | | | | |
5.00%, 01/01/59 | | | 2,500 | | | | 2,823,750 | |
Series A, 5.00%, 01/01/49 | | | 24,095 | | | | 27,341,801 | |
Series A, 5.00%, 01/01/59 | | | 4,820 | | | | 5,399,701 | |
Municipal Electric Authority of Georgia, Refunding RB, Build America Bonds, Series A, 6.66%, 04/01/57 | | | 22,382 | | | | 31,884,502 | |
State of Georgia, GO, Series A: | | | | | | | | |
5.00%, 07/01/21 | | | 25,000 | | | | 26,530,500 | |
5.00%, 07/01/22 | | | 25,000 | | | | 27,485,500 | |
5.00%, 07/01/23 | | | 25,000 | | | | 28,413,750 | |
| | | | | | | | |
| | | | | | | 421,423,707 | |
|
Hawaii — 0.0% | |
County of Kauai Community Facilities District, Special Tax Bonds, Kukui’ula Development Project(b): | | | | | | | | |
5.00%, 05/15/44 | | | 625 | | | | 720,869 | |
5.00%, 05/15/49 | | | 2,750 | | | | 3,157,852 | |
| | | | | | | | |
| | | | | | | 3,878,721 | |
|
Illinois — 4.1% | |
Chicago Board of Education, GO, Series D, Taxable Build America Bonds: | | | | | | | | |
Build America Bonds, 6.52%, 12/01/40 | | | 7,045 | | | | 7,982,126 | |
Dedicated Revenues, Series H, 5.00%, 12/01/46 | | | 5,000 | | | | 5,613,650 | |
Chicago Board of Education, GO, Refunding: | | | | | | | | |
Dedicated Revenues, Series C, 5.00%, 12/01/26 | | | 5,000 | | | | 5,761,950 | |
Dedicated Revenues, Series C, 5.00%, 12/01/27 | | | 4,585 | | | | 5,353,859 | |
Dedicated Revenues, Series C, 5.00%, 12/01/34 | | | 5,590 | | | | 6,419,053 | |
Dedicated Revenues, Series F, 5.00%, 12/01/23 | | | 7,220 | | | | 7,958,606 | |
Series B, 4.00%, 12/01/35 | | | 11,230 | | | | 11,428,434 | |
Series C, 5.00%, 12/01/25 | | | 1,440 | | | | 1,637,266 | |
Series C, 5.00%, 12/01/23 | | | 4,145 | | | | 4,572,722 | |
Series C, 5.00%, 12/01/24 | | | 4,280 | | | | 4,793,514 | |
Series C, 5.00%, 12/01/26 | | | 2,945 | | | | 3,393,788 | |
Chicago Board of Education, GO: | | | | | | | | |
Series A, 5.00%, 12/01/42 | | | 50,165 | | | | 53,051,996 | |
Series C, 5.25%, 12/01/39 | | | 7,050 | | | | 7,786,866 | |
5.00%, 12/01/46 | | | 10,615 | | | | 12,044,416 | |
5.00%, 12/01/46 | | | 27,465 | | | | 29,385,627 | |
6.04%, 12/01/29 | | | 17,595 | | | | 18,675,685 | |
6.14%, 12/01/39 | | | 8,460 | | | | 9,267,592 | |
Taxable Qualified School Construction Bonds, 6.32%, 11/01/29 | | | 14,270 | | | | 15,604,816 | |
City of Chicago Illinois, GO, Refunding, Series A, 6.00%, 01/01/38 | | | 11,020 | | | | 13,094,295 | |
Illinois Finance Authority, Refunding RB: | | | | | | | | |
Mercy Health System Obligation, 5.00%, 12/01/21 | | | 5,000 | | | | 5,333,350 | |
Mercy Health System Obligation, 5.00%, 12/01/23 | | | 5,000 | | | | 5,628,300 | |
Mercy Health System Obligation, 5.00%, 12/01/46 | | | 5,000 | | | | 5,588,550 | |
Presence Health Network, Series C, 5.00%, 02/15/23 | | | 5,000 | | | | 5,591,550 | |
Presence Health Network, Series C, 5.00%, 02/15/25 | | | 5,000 | | | | 5,913,350 | |
Presence Health Network, Series C, 5.00%, 02/15/26 | | | 5,000 | | | | 6,058,750 | |
Illinois Housing Development Authority, RB, S/F Housing, Series A (Ginnie Mae: | | | | | | | | |
MBS Pass-Through Program, Fannie Mae & Freddie Mac), 3.13%, 02/01/47 | | | 30,463 | | | | 31,378,217 | |
Fannie Mae), 2.25%, 04/01/30(b) | | | 1,365 | | | | 1,365,014 | |
Fannie Mae), 2.35%, 04/01/31(b) | | | 1,255 | | | | 1,255,000 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Illinois (continued) | |
Fannie Mae), 2.70%, 10/01/34(b) | | $ | 8,920 | | | $ | 8,885,747 | |
Fannie Mae), 2.95%, 10/01/39(b) | | | 9,200 | | | | 9,200,828 | |
Fannie Mae), 3.00%, 10/01/41(b) | | | 1,030 | | | | 1,027,518 | |
Illinois Housing Development Authority, Refunding RB, Housing,Sub-Series A-1: | | | | | | | | |
3.70%, 07/01/34 | | | 1,425 | | | | 1,502,477 | |
3.85%, 01/01/36 | | | 450 | | | | 475,636 | |
Metropolitan Pier & Exposition Authority, RB, Mccormick Place Expansion (BAM), 0.00%, 12/15/56(e) | | | 25,000 | | | | 6,466,750 | |
Metropolitan Pier & Exposition Authority, Refunding RB, Mccormick Place Expansion (BAM), 0.00%, 12/15/54(e) | | | 25,000 | | | | 7,115,000 | |
State of Illinois, GO: | | | | | | | | |
Rebuild Illinois Program, Series C, 4.00%, 11/01/41 | | | 10,000 | | | | 10,401,700 | |
Series A, 5.00%, 11/01/21 | | | 25,000 | | | | 26,448,250 | |
Series A, 5.00%, 11/01/23 | | | 20,000 | | | | 22,067,000 | |
Series A, 5.00%, 11/01/24 | | | 25,000 | | | | 28,019,500 | |
Series D, 5.00%, 11/01/26 | | | 21,065 | | | | 23,989,665 | |
Series D, 5.00%, 11/01/27 | | | 45,790 | | | | 52,706,579 | |
| | | | | | | | |
| | | | | | | 490,244,992 | |
|
Indiana — 0.3% | |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 5.88%, 01/01/24 | | | 420 | | | | 454,406 | |
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT, 5.25%, 01/01/51 | | | 5,000 | | | | 5,446,500 | |
Indiana Finance Authority, Refunding RB: | | | | | | | | |
Green Bond, Series B, 5.00%, 02/01/24 | | | 5,000 | | | | 5,772,750 | |
Marian University Project, Series B, 3.53%, 09/15/34 | | | 4,520 | | | | 4,329,617 | |
Marian University Project, Series B, 3.75%, 09/15/37 | | | 7,715 | | | | 7,398,068 | |
Marian University Project, Series B, 3.83%, 09/15/41 | | | 2,780 | | | | 2,628,268 | |
US Steel Corp. Project, 6.00%, 12/01/19 | | | 3,025 | | | | 3,025,000 | |
Indianapolis Local Public Improvement Bond Bank, RB, Series E (AMBAC), 0.00%, 02/01/24(e) | | | 10,000 | | | | 9,337,300 | |
| | | | | | | | |
| | | | | | | 38,391,909 | |
|
Iowa — 0.5% | |
Iowa Finance Authority, RB: | | | | | | | | |
NorthCrest, Inc. Project, Series A, 5.00%, 03/01/38 | | | 1,000 | | | | 1,085,100 | |
NorthCrest, Inc. Project, Series A, 5.00%, 03/01/48 | | | 2,000 | | | | 2,148,560 | |
S/F Housing, Series C, Mortgage-Backed Securities Program (Ginnie Mae, Fannie Mae & Freddie Mac), 3.15%, 07/01/32 | | | 1,000 | | | | 1,047,710 | |
S/F Housing, Series D (Ginnie Mae, Fannie Mae & Freddie Mac), 3.15%, 07/01/36 | | | 1,000 | | | | 1,030,440 | |
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: | | | | | | | | |
Series B, 5.25%, 12/01/50(d) | | | 16,855 | | | | 18,208,625 | |
Midwestern Disaster Area, 5.25%, 12/01/25 | | | 11,350 | | | | 12,279,451 | |
Midwestern Disaster Area, 5.88%, 12/01/26(a) | | | 9,080 | | | | 9,467,898 | |
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed: | | | | | | | | |
CAB, Series B, 5.60%, 06/01/34 | | | 2,580 | | | | 2,583,199 | |
Series C, 5.50%, 06/01/42 | | | 2,000 | | | | 2,000,060 | |
Series C, 5.63%, 06/01/46 | | | 10,150 | | | | 10,150,203 | |
| | | | | | | | |
| | | | | | | 60,001,246 | |
|
Kentucky — 0.7% | |
Kentucky Economic Development Finance Authority, RB: | | | | | | | | |
Baptist Healthcare System, Series B, 5.00%, 08/15/33 | | | 5,000 | | | | 5,876,350 | |
| | |
42 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Kentucky (continued) | |
Owensboro Health, Inc., Series A, 5.25%, 06/01/50 | | $ | 25,000 | | | $ | 28,193,500 | |
Kentucky Economic Development Finance Authority, Refunding RB, Owensboro Health, Inc.: | | | | | | | | |
Series A, 5.00%, 06/01/28 | | | 6,105 | | | | 7,214,645 | |
Series A, 5.00%, 06/01/29 | | | 3,500 | | | | 4,107,180 | |
Series A, 5.25%, 06/01/41 | | | 5,000 | | | | 5,824,850 | |
Series B, 5.00%, 06/01/40 | | | 5,000 | | | | 5,753,100 | |
Kentucky Public Energy Authority, RB, Series A, 4.00%, 04/01/48(d) | | | 25,000 | | | | 27,230,750 | |
Westvaco Corp., RB, MeadWestvaco Corp., 7.67%, 01/15/27(a) | | | 3,100 | | | | 3,933,218 | |
| | | | | | | | |
| | | | | | | 88,133,593 | |
|
Louisiana — 0.5% | |
Calcasieu Parish Memorial Hospital Service District, Refunding RB, Lake Charles Memorial Hospital Project: | | | | | | | | |
5.00%, 12/01/34 | | | 2,485 | | | | 2,972,035 | |
5.00%, 12/01/39 | | | 1,625 | | | | 1,909,148 | |
Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 09/15/44(a) | | | 5,850 | | | | 5,914,291 | |
Louisiana Public Facilities Authority, RB: | | | | | | | | |
Louisiana Children’s Medical Center Project,Series A-3, 5.00%, 06/01/45(d) | | | 11,695 | | | | 13,190,557 | |
Young Audiences Charter School Project, Series A, 5.00%, 04/01/57(a) | | | 4,965 | | | | 5,107,198 | |
Parish of East Baton Rouge Capital Improvements District, RB, 5.00%, 08/01/48(b) | | | 17,685 | | | | 21,601,520 | |
Parish of St. John the Baptist Louisiana, Refunding RB, Marathon Oil Corporation Project(d): | | | | | | | | |
2.00%, 06/01/37 | | | 3,750 | | | | 3,768,075 | |
2.10%, 06/01/37 | | | 2,180 | | | | 2,193,734 | |
2.20%, 06/01/37 | | | 2,285 | | | | 2,291,329 | |
State of Louisiana, RB, Series A, Garvee, 5.00%, 09/01/21 | | | 5,000 | | | | 5,325,750 | |
| | | | | | | | |
| | | | | | | 64,273,637 | |
|
Maine — 0.3% | |
Maine State Housing Authority, RB, S/F: | | | | | | | | |
Housing, Series C, 2.75%, 11/15/34 | | | 6,165 | | | | 6,210,929 | |
Housing, Series C, 3.20%, 11/15/45 | | | 7,580 | | | | 7,691,426 | |
Housing, Series H, 3.55%, 11/15/37 | | | 2,000 | | | | 2,094,400 | |
Series A, 3.75%, 11/15/38 | | | 1,500 | | | | 1,591,065 | |
Series B, 3.65%, 11/15/37 | | | 1,100 | | | | 1,159,675 | |
Series B, 3.85%, 11/15/43 | | | 3,680 | | | | 3,899,696 | |
Maine State Housing Authority, Refunding RB: | | | | | | | | |
M/F,Series A-3, 3.63%, 11/15/39 | | | 4,445 | | | | 4,590,796 | |
M/F,Series A-3, 3.75%, 11/15/44 | | | 5,000 | | | | 5,146,950 | |
Series C-1, AMT, 4.00%, 11/15/34 | | | 5,065 | | | | 5,334,306 | |
| | | | | | | | |
| | | | | | | 37,719,243 | |
|
Maryland — 2.2% | |
City of Baltimore Maryland, Refunding RB, Convention Center Hotel, 5.00%, 09/01/42 | | | 5,000 | | | | 5,712,900 | |
County of Anne Arundel Maryland, GO, Consolidated General Improvement: | | | | | | | | |
5.00%, 10/01/23 | | | 5,000 | | | | 5,724,100 | |
5.00%, 10/01/24 | | | 5,000 | | | | 5,896,000 | |
County of Anne Arundel Maryland Consolidated, RB, Special Taxing District, Villages at Two Rivers Project: | | | | | | | | |
5.13%, 07/01/36 | | | 600 | | | | 626,712 | |
5.25%, 07/01/44 | | | 1,220 | | | | 1,256,039 | |
County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 07/01/43(a) | | | 2,830 | | | | 2,899,222 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Maryland (continued) | |
County of Howard Maryland, Tax Allocation Bonds, Annapolis Junction Town Center Project, 6.10%, 02/15/44 | | $ | 1,170 | | | $ | 1,231,168 | |
County of Montgomery Maryland, GO, Refunding, Series A: | | | | | | | | |
5.00%, 11/01/21 | | | 10,000 | | | | 10,737,900 | |
5.00%, 11/01/22 | | | 10,000 | | | | 11,112,200 | |
5.00%, 11/01/23 | | | 16,000 | | | | 18,359,200 | |
5.00%, 11/01/24 | | | 10,000 | | | | 11,806,500 | |
5.00%, 11/01/24 | | | 16,000 | | | | 18,890,240 | |
5.00%, 11/01/25 | | | 10,000 | | | | 12,126,700 | |
Maryland Community Development Administration, RB, M/F, Series D, 4.20%, 01/01/56 | | | 4,220 | | | | 4,367,362 | |
Maryland Community Development Administration, Refunding RB, S/F, Series A, 3.85%, 09/01/33 | | | 10,000 | | | | 10,872,200 | |
Maryland EDC, RB, Purple Line Light Rail Project, AMT: | | | | | | | | |
5.00%, 03/31/24 | | | 10,000 | | | | 10,627,100 | |
5.00%, 09/30/26 | | | 10,000 | | | | 10,611,900 | |
5.00%, 03/31/41 | | | 10,000 | | | | 11,280,300 | |
5.00%, 03/31/46 | | | 10,000 | | | | 11,206,500 | |
5.00%, 03/31/51 | | | 10,000 | | | | 11,130,700 | |
Maryland EDC, Refunding RB: | | | | | | | | |
CNX Marine Terminals, Inc., 5.75%, 09/01/25 | | | 1,140 | | | | 1,169,423 | |
Potomac Electric Power Co., 1.70%, 09/01/22 | | | 25,000 | | | | 25,024,000 | |
State of Maryland, RB, Bid Group 2, Second Series A, 5.00%, 08/01/30 | | | 10,000 | | | | 13,065,900 | |
State of Maryland Department of Transportation, ARB: | | | | | | | | |
5.00%, 10/01/23 | | | 10,000 | | | | 11,450,500 | |
5.00%, 10/01/24 | | | 25,395 | | | | 29,935,118 | |
Washington Suburban Sanitary Commission, GO, Refunding, 5.00%, 06/01/22 | | | 10,000 | | | | 10,960,000 | |
| | | | | | | | |
| | | | | | | 268,079,884 | |
|
Massachusetts — 4.8% | |
Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/44 | | | 5,000 | | | | 6,077,150 | |
Commonwealth of Massachusetts, GOL, Consolidated Loan, Series D, 5.00%, 11/01/21 | | | 10,000 | | | | 10,732,600 | |
Commonwealth of Massachusetts, Refunding RB (NPFGC): | | | | | | | | |
5.50%, 01/01/22 | | | 10,000 | | | | 10,871,000 | |
5.50%, 01/01/34 | | | 10,000 | | | | 13,623,700 | |
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement & Accelerated Bridge Programs: | | | | | | | | |
Green Bond, 5.00%, 06/01/49 | | | 50,085 | | | | 61,702,717 | |
Series A, 5.00%, 06/01/42 | | | 5,000 | | | | 6,036,700 | |
Massachusetts Bay Transportation Authority, Refunding RB: | | | | | | | | |
Series A, 5.00%, 07/01/26 | | | 25,000 | | | | 30,816,250 | |
Series B, 5.25%, 07/01/30 | | | 12,205 | | | | 16,003,684 | |
Massachusetts Clean Water Trust, RB, Green Bonds, Series 20, 5.00%, 02/01/35 | | | 5,000 | | | | 5,844,200 | |
Massachusetts Clean Water Trust, Refunding RB, 5.00%, 08/01/24 | | | 5,000 | | | | 5,875,550 | |
Massachusetts Development Finance Agency, RB: | | | | | | | | |
Boston Medical Center, Series D, 5.00%, 07/01/44 | | | 10,000 | | | | 11,201,400 | |
Caregroup,Series J-2, 5.00%, 07/01/43 | | | 10,000 | | | | 11,887,700 | |
Caregroup,Series J-2, 5.00%, 07/01/48 | | | 25,000 | | | | 29,477,250 | |
Caregroup,Series J-2, 5.00%, 07/01/53 | | | 25,000 | | | | 29,362,500 | |
UMass Dartmouth Student Housing Project, 5.00%, 10/01/32 | | | 2,525 | | | | 3,025,278 | |
UMass Dartmouth Student Housing Project, 5.00%, 10/01/33 | | | 1,860 | | | | 2,217,734 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 43 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Massachusetts (continued) | |
UMass Dartmouth Student Housing Project, 5.00%, 10/01/38 | | $ | 10,000 | | | $ | 11,731,200 | |
UMass Dartmouth Student Housing Project, 5.00%, 10/01/48 | | | 10,000 | | | | 11,556,500 | |
UMass Dartmouth Student Housing Project, 5.00%, 10/01/54 | | | 15,000 | | | | 17,336,400 | |
UMass Dartmouth Student Housing Project, 5.00%, 10/01/43 | | | 6,725 | | | | 7,796,360 | |
Massachusetts Development Finance Agency, Refunding RB: | | | | | | | | |
Beth Israel Lahey Health Issue, 5.00%, 07/01/25 | | | 2,000 | | | | 2,370,400 | |
Beth Israel Lahey Health Issue, 5.00%, 07/01/26 | | | 1,500 | | | | 1,816,140 | |
Beth Israel Lahey Health Issue, 5.00%, 07/01/27 | | | 1,730 | | | | 2,133,350 | |
Beth Israel Lahey Health Issue, 5.00%, 07/01/28 | | | 1,500 | | | | 1,879,365 | |
Caregroup,Series H-1, 5.00%, 07/01/23 | | | 5,000 | | | | 5,635,950 | |
Caregroup,Series H-1, 5.00%, 07/01/24 | | | 5,000 | | | | 5,787,350 | |
Caregroup,Series H-1, 5.00%, 07/01/25 | | | 5,000 | | | | 5,926,050 | |
CareGroup, Series I, 5.00%, 07/01/33 | | | 5,000 | | | | 5,897,650 | |
Emmanuel College Issue, Series A, 5.00%, 10/01/43 | | | 10,000 | | | | 11,456,500 | |
New Bridge Charles, Inc., 4.00%, 10/01/32(a) | | | 2,560 | | | | 2,753,843 | |
New Bridge Charles, Inc., 4.13%, 10/01/42(a) | | | 8,225 | | | | 8,595,948 | |
New Bridge Charles, Inc., 5.00%, 10/01/57(a) | | | 4,090 | | | | 4,464,521 | |
UMass Memorial Health Care Obligated Group Issue, Series K, 5.00%, 07/01/38 | | | 5,000 | | | | 5,838,150 | |
Umass Memorial Healthcare, 5.00%, 07/01/44 | | | 10,000 | | | | 11,595,100 | |
Worchester Polytechnic Institutes, Series B, 5.00%, 09/01/45 | | | 10,000 | | | | 11,819,200 | |
Massachusetts Educational Financing Authority, RB, AMT: | | | | | | | | |
Issue I, 5.00%, 01/01/24 | | | 5,000 | | | | 5,626,800 | |
Series A, 5.00%, 01/01/22 | | | 10,000 | | | | 10,709,300 | |
Massachusetts HFA, RB, M/F Housing,Series C-1, 3.15%, 12/01/49(b) | | | 2,890 | | | | 2,897,976 | |
Massachusetts Housing Finance Agency, RB: | | | | | | | | |
M/F Housing,Series C-1, 2.65%, 12/01/34(b) | | | 2,950 | | | | 2,956,549 | |
M/F Housing,Series C-1, 2.90%, 12/01/39(b) | | | 3,370 | | | | 3,379,402 | |
M/F Housing,Series C-1, 3.10%, 12/01/44(b) | | | 2,500 | | | | 2,505,475 | |
M/F Housing,Series C-1, 3.25%, 12/01/54(b) | | | 7,790 | | | | 7,828,249 | |
M/F Housing,Series C-1, 3.30%, 12/01/59(b) | | | 19,185 | | | | 19,280,349 | |
M/F Housing,Series C-1, 3.35%, 06/01/62(b) | | | 5,010 | | | | 5,025,030 | |
M/F, Series C, 4.13%, 12/01/45 | | | 1,505 | | | | 1,574,967 | |
M/F, Series C, 4.25%, 06/01/55 | | | 1,470 | | | | 1,532,049 | |
S/F Housing, Series A, 3.40%, 12/01/49 | | | 3,115 | | | | 3,170,167 | |
Massachusetts Housing Finance Agency, Refunding RB: | | | | | | | | |
M/F Housing,Series B-1 (FHA), 2.75%, 12/01/34 | | | 2,250 | | | | 2,263,973 | |
M/F Housing,Series B-1 (FHA), 3.00%, 12/01/39 | | | 1,435 | | | | 1,445,676 | |
M/F Housing,Series B-1 (FHA), 3.30%, 12/01/56 | | | 6,000 | | | | 6,034,860 | |
M/F, Series A, 4.60%, 12/01/55 | | | 2,340 | | | | 2,440,058 | |
S/F Housing, Series 163, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 12/01/33 | | | 4,205 | | | | 4,367,649 | |
S/F, Series 172, 3.65%, 12/01/35 | | | 3,450 | | | | 3,548,774 | |
Massachusetts Port Authority, ARB, Series B, 5.00%, 07/01/44 | | | 20,975 | | | | 26,088,286 | |
Massachusetts School Building Authority, RB, Subordinated, Series A, 5.00%, 02/15/44 | | | 25,000 | | | | 30,749,250 | |
Massachusetts School Building Authority, Refunding RB, Series C, 5.00%, 08/15/24 | | | 5,000 | | | | 5,860,050 | |
Massachusetts State College Building Authority, Refunding RB, Series A, 5.00%, 05/01/37 | | | 5,000 | | | | 5,842,750 | |
Massachusetts Water Resources Authority, Refunding RB, Series C: | | | | | | | | |
General, 5.00%, 08/01/35 | | | 5,000 | | | | 6,038,650 | |
Green Bond, 5.00%, 08/01/40 | | | 10,000 | | | | 11,969,200 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Massachusetts (continued) | |
Metropolitan Boston Transit Parking Corp., Refunding RB, 5.00%, 07/01/41 | | $ | 10,000 | | | $ | 10,499,200 | |
| | | | | | | | |
| | | | | | | 574,780,079 | |
|
Michigan — 1.8% | |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39 | | | 5,000 | | | | 5,443,550 | |
City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Water & Sewerage Department: | | | | | | | | |
Senior Lien, Series A, 5.00%, 07/01/23 | | | 5,000 | | | | 5,471,350 | |
Series D (AGM), 2.01%, 07/01/32(c) | | | 15,650 | | | | 15,345,044 | |
County of Monroe Michigan EDC, Refunding RB, Detroit Edison Co. Project, Series AA (NPFGC), 6.95%, 09/01/22 | | | 10,000 | | | | 11,485,700 | |
Great Lakes Water Authority Water Supply System Revenue, Refunding RB, Senior Lien, Series C, 5.25%, 07/01/33 | | | 5,000 | | | | 6,007,250 | |
Michigan Finance Authority, RB: | | | | | | | | |
Beaumont Health Credit Group, Series A, 5.00%, 11/01/44 | | | 5,000 | | | | 5,696,600 | |
Henry Ford Health System, Series A, 5.00%, 11/15/48 | | | 5,000 | | | | 6,058,950 | |
School Loan Revolving Fund, 2.37%, 09/01/49(d) | | | 15,000 | | | | 15,030,000 | |
Series A-1, School Loan Revolving Fund, 2.86%, 09/01/49(d) | | | 10,285 | | | | 10,445,343 | |
Michigan Finance Authority, Refunding RB: | | | | | | | | |
Henry Ford Health System, 5.00%, 11/15/37 | | | 5,000 | | | | 5,917,350 | |
Local Government Loan Program, Series B, 5.00%, 07/01/44 | | | 5,000 | | | | 5,492,750 | |
Local Government Loan Program,Series D-6 (NPFGC), 5.00%, 07/01/21 | | | 5,000 | | | | 5,273,800 | |
Trinity Health Credit Group, Series A, 5.00%, 12/01/47 | | | 25,000 | | | | 27,215,750 | |
Michigan State Housing Development Authority, RB: | | | | | | | | |
M/F Housing, Series A, 4.30%, 10/01/40 | | | 4,250 | | | | 4,555,745 | |
M/F Housing,Series A-1, 2.88%, 10/01/34 | | | 8,795 | | | | 9,008,894 | |
M/F Housing,Series A-1, 3.00%, 10/01/39 | | | 3,500 | | | | 3,526,985 | |
M/F Housing,Series A-1, 3.25%, 10/01/44 | | | 3,550 | | | | 3,618,124 | |
M/F Housing,Series A-1, 3.35%, 10/01/49 | | | 5,585 | | | | 5,694,969 | |
M/F Housing,Series A-1, 3.50%, 10/01/54 | | | 5,000 | | | | 5,121,400 | |
M/F Housing,Series A-1, 3.60%, 10/01/60 | | | 5,000 | | | | 5,129,700 | |
M/F, Series A, 4.00%, 10/01/43 | | | 1,940 | | | | 2,088,158 | |
S/F Housing, Series B, 3.10%, 12/01/44 | | | 6,540 | | | | 6,607,427 | |
Michigan State Housing Development Authority, Refunding RB, M/F, Rental Housing, Series D: | | | | | | | | |
3.95%, 10/01/37 | | | 3,180 | | | | 3,288,502 | |
4.00%, 10/01/42 | | | 3,495 | | | | 3,590,029 | |
4.50%, 10/01/48 | | | 7,005 | | | | 7,281,067 | |
Michigan State University, RB, Series B (AMBAC), 1.91%, 02/15/37(c) | | | 5,000 | | | | 4,880,150 | |
Michigan Tobacco Settlement Finance Authority, RB, Series A, 7.31%, 06/01/34 | | | 15,585 | | | | 16,049,745 | |
Michigan Tobacco Settlement Finance Authority, Refunding RB, Series A, 6.88%, 06/01/42 | | | 2,375 | | | | 2,394,713 | |
Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39 | | | 5,000 | | | | 5,596,000 | |
State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 | | | 5,000 | | | | 5,338,250 | |
| | | | | | | | |
| | | | | | | 218,653,295 | |
| | |
44 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Minnesota — 1.0% | |
City of Deephaven Minnesota, Refunding RB, Series A, 5.50%, 07/01/50 | | $ | 2,500 | | | $ | 2,704,875 | |
City of Minneapolis Minnesota, RB, Hiawatha Academies Project, Series A, 5.00%, 07/01/47 | | | 3,000 | | | | 3,139,620 | |
City of Wayzata Minnesota, Refunding RB, Folkestone Senior Living Community: | | | | | | | | |
5.00%, 08/01/49 | | | 185 | | | | 203,173 | |
5.00%, 08/01/54 | | | 885 | | | | 970,367 | |
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A: | | | | | | | | |
5.00%, 02/15/53 | | | 5,000 | | | | 5,837,150 | |
5.00%, 02/15/58 | | | 5,000 | | | | 5,836,500 | |
5.25%, 02/15/58 | | | 5,000 | | | | 5,927,800 | |
Minneapolis-St. Paul Metropolitan Airports Commission, Refunding RB, Senior, Series A, 5.00%, 01/01/28 | | | 5,000 | | | | 6,178,250 | |
Minnesota Housing Finance Agency, RB, S/F Housing, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), Mortgage-Backed Securities: | | | | | | | | |
Pass-Through, Series I, 2.80%, 12/01/47 | | | 13,107 | | | | 13,402,093 | |
Series E, 2.85%, 06/01/47 | | | 13,878 | | | | 14,001,445 | |
Minnesota Housing Finance Agency, Refunding RB, S/F, Residential Housing, Series B (Ginnie Mae, Fannie Mae & Freddie Mac), 3.10%, 07/01/35 | | | 1,715 | | | | 1,770,669 | |
St. Paul Housing & Redevelopment Authority, Refunding RB, Hmong College Prep Academy Project, Series A: | | | | | | | | |
5.75%, 09/01/46 | | | 1,805 | | | | 2,010,102 | |
6.00%, 09/01/51 | | | 2,710 | | | | 3,054,062 | |
State of Minnesota, GO: | | | | | | | | |
Series A, 5.00%, 08/01/36 | | | 5,000 | | | | 6,392,950 | |
Series A, 5.00%, 08/01/37 | | | 5,000 | | | | 6,370,400 | |
Series A, 5.00%, 08/01/38 | | | 5,000 | | | | 6,344,650 | |
Series A, 5.00%, 08/01/39 | | | 5,000 | | | | 6,320,600 | |
Trunk Highway Bound, Series B, 5.00%, 08/01/23 | | | 5,000 | | | | 5,691,850 | |
Trunk Highway Bound, Series B, 5.00%, 08/01/24 | | | 5,000 | | | | 5,864,950 | |
State of Minnesota, RB, Appropriation, Series A, 5.00%, 06/01/24 | | | 5,000 | | | | 5,655,350 | |
State of Minnesota, Refunding RB, Appropriation, Series B, 5.00%, 03/01/25 | | | 5,000 | | | | 5,426,950 | |
| | | | | | | | |
| | | | | | | 113,103,806 | |
|
Mississippi — 0.1% | |
Mississippi Hospital Equipment & Facilities Authority, RB, Baptist Memorial Health Corp., Series A, 5.00%, 09/01/46 | | | 10,000 | | | | 11,089,500 | |
| | | | | | | | |
|
Missouri — 1.2% | |
City of State Louis Missouri Airport Revenue, ARB, Series C (AGM): | | | | | | | | |
5.00%, 07/01/42 | | | 5,000 | | | | 5,957,800 | |
5.00%, 07/01/47 | | | 5,000 | | | | 5,925,400 | |
City of State Louis Missouri Airport Revenue, Refunding ARB, Series A (AGM): | | | | | | | | |
5.00%, 07/01/23 | | | 5,000 | | | | 5,655,150 | |
5.00%, 07/01/25 | | | 5,000 | | | | 5,964,200 | |
5.00%, 07/01/24 | | | 5,000 | | | | 5,816,100 | |
Kansas City Missouri IDA, ARB, AMT: | | | | | | | | |
Kansas City International Airport Terminal Modernization Project Series A, 5.00%, 03/01/34 | | | 5,105 | | | | 6,244,232 | |
Kansas City International Airport Terminal Modernization Project Series A, 5.00%, 03/01/35 | | | 5,360 | | | | 6,530,517 | |
Kansas City International Airport Terminal Modernization Project Series A, 5.00%, 03/01/36 | | | 5,000 | | | | 6,072,200 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Missouri (continued) | |
Kansas City International Airport Terminal Modernization Project Series A, 5.00%, 03/01/37 | | $ | 5,910 | | | $ | 7,167,943 | |
Kansas City International Airport Terminal Modernization Project Series A, 5.00%, 03/01/39 | | | 5,000 | | | | 6,038,350 | |
Kansas City International Airport Terminal Modernization Project Series A, 5.00%, 03/01/44 | | | 5,315 | | | | 6,359,663 | |
Kansas City International Airport Terminal Modernization Project Series B, 5.00%, 03/01/39 | | | 5,000 | | | | 5,990,250 | |
Kansas City International Airport Terminal Modernization Project Series B, 5.00%, 03/01/46 | | | 5,000 | | | | 5,957,200 | |
Kansas City Missouri IDA, Refunding RB, Kansas City United Methodist Church(a)(i)(j): | | | | | | | | |
5.75%, 11/15/36 | | | 8,055 | | | | 7,131,172 | |
6.00%, 11/15/46 | | | 5,125 | | | | 4,538,854 | |
6.00%, 11/15/51 | | | 2,060 | | | | 1,799,039 | |
Metropolitan State Louis Sewer District, Refunding RB, Wastewater System Improvement, Series A, 5.00%, 05/01/42 | | | 5,000 | | | | 5,997,850 | |
Missouri Highway & Transportation Commission, Refunding RB, 1st Lien, Series A, 5.00%, 05/01/24 | | | 5,000 | | | | 5,827,900 | |
Missouri Housing Development Commission, RB, Fannie Mae & Freddie Mac), S/F: | | | | | | | | |
Housing, First Place Homeownership Loan Program, Series D (Ginnie Mae, 3.40%, 11/01/46 | | | 8,817 | | | | 9,331,559 | |
Special Homeowners, Series B (Ginnie Mae, 3.63%, 11/01/34 | | | 390 | | | | 403,217 | |
Special Homeowners, Series B (Ginnie Mae, 3.75%, 11/01/39 | | | 1,910 | | | | 1,968,274 | |
Missouri State Environmental Improvement & Energy Resources Authority, Refunding RB, Union Electric Company Project, Series C, 2.75%, 09/01/33 | | | 25,000 | | | | 25,087,000 | |
St. Louis Land Clearance for Redevelopment Authority, Refunding RB, Kiel Opera House Renovation Project, 3.88%, 10/01/35(b)(d)(f) | | | 2,750 | | | | 2,725,261 | |
| | | | | | | | |
| | | | | | | 144,489,131 | |
|
Montana — 0.0% | |
Montana State Board of Housing, RB, S/F Housing,Series B-2, 3.60%, 12/01/47 | | | 930 | | | | 953,138 | |
| | | | | | | | |
|
Nebraska — 0.3% | |
County of Douglas Nebraska Hospital Authority No. 2, RB, Health Facilities-Childrens Hospital Obligated Group, 5.00%, 11/15/47 | | | 5,000 | | | | 5,840,700 | |
Nebraska Investment Finance Authority, RB, S/F, Series C: | | | | | | | | |
3.45%, 09/01/33 | | | 7,205 | | | | 7,676,279 | |
3.75%, 09/01/38 | | | 5,000 | | | | 5,308,600 | |
Nebraska Investment Finance Authority, Refunding RB, S/F (Ginnie Mae, Fannie Mae & Freddie Mac), 3.75%, 09/01/35 | | | 4,250 | | | | 4,447,158 | |
Omaha Public Power District, Refunding RB, System, Series C, 5.00%, 02/01/43 | | | 5,000 | | | | 5,783,050 | |
University of Nebraska Facilities Corp., RB, Cancer Center, Series A, 5.00%, 02/15/24 | | | 10,000 | | | | 11,545,700 | |
| | | | | | | | |
| | | | | | | 40,601,487 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 45 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Nevada — 0.7% | |
City of North Las Vegas Nevada, GO, Build America Bonds, 6.57%, 06/01/40 | | $ | 5,175 | | | $ | 6,644,493 | |
County of Clark Department of Aviation, Refunding RB: | | | | | | | | |
JuniorSub-Lien, AMT, Series C, 5.00%, 07/01/21 | | | 10,000 | | | | 10,561,300 | |
Series B, 5.00%, 07/01/32 | | | 5,000 | | | | 6,370,150 | |
Series B, 5.00%, 07/01/40 | | | 5,000 | | | | 6,204,150 | |
Series B, 5.00%, 07/01/41 | | | 5,000 | | | | 6,189,550 | |
Series B, 5.00%, 07/01/42 | | | 5,000 | | | | 6,173,650 | |
County of Clark Nevada, GO, Stadium Improvement, Series A, 5.00%, 06/01/43 | | | 10,000 | | | | 12,135,900 | |
County of Clark School District, GO, Refunding, Series B, 5.00%, 06/15/24 | | | 5,000 | | | | 5,781,850 | |
County of Clark School District Nevada, GO, Refunding, Series A, 5.00%, 06/15/22 | | | 5,000 | | | | 5,455,550 | |
Las Vegas Convention & Visitors Authority, RB, Series B, 5.00%, 07/01/43 | | | 10,000 | | | | 11,982,800 | |
Las Vegas Nevada Special Improvement District 607, Refunding, Special Assessment Bonds, Local Improvement: | | | | | | | | |
5.00%, 06/01/23 | | | 325 | | | | 346,320 | |
5.00%, 06/01/24 | | | 200 | | | | 216,076 | |
Nevada Housing Division, RB, S/F Housing, Senior Series A (Ginnie Mae, Fannie Mae & Freddie Mac): | | | | | | | | |
2.95%, 10/01/34 | | | 2,495 | | | | 2,561,642 | |
3.20%, 10/01/39 | | | 3,000 | | | | 3,065,640 | |
State of Nevada Department of Business & Industry, RB, Somerset Academy, Series A(a): | | | | | | | | |
4.50%, 12/15/29 | | | 335 | | | | 361,887 | |
5.00%, 12/15/38 | | | 565 | | | | 614,567 | |
5.00%, 12/15/48 | | | 690 | | | | 741,874 | |
| | | | | | | | |
| | | | | | | 85,407,399 | |
|
New Hampshire — 0.2% | |
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(a): | | | | | | | | |
Series B, 4.63%, 11/01/42 | | | 7,900 | | | | 8,153,274 | |
Series C, AMT, 4.88%, 11/01/42 | | | 2,995 | | | | 3,097,698 | |
New Hampshire Health and Education Facilities Authority Authority, RB, Catholic Medical Center Issue, 5.00%, 07/01/44 | | | 5,000 | | | | 5,790,150 | |
New Hampshire Housing Finance Authority, RB, M/F Housing, Cimarron, Whittier Falls & Marshall (FHA), 3.55%, 07/01/37 | | | 1,385 | | | | 1,466,757 | |
| | | | | | | | |
| | | | | | | 18,507,879 | |
|
New Jersey — 2.8% | |
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/39 | | | 5,000 | | | | 5,393,250 | |
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a) | | | 7,105 | | | | 7,184,931 | |
County of Gloucester New Jersey Pollution Control Financing Authority, Refunding RB, Keystone Urban Renewal Project, Series A, AMT, 5.00%, 12/01/24 | | | 1,390 | | | | 1,499,490 | |
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 | | | 4,660 | | | | 5,004,607 | |
New Jersey EDA, RB: | | | | | | | | |
Friends of Vineland Public Charter School Projects, Series B, 5.50%, 11/01/26 | | | 265 | | | | 263,622 | |
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 | | | 8,325 | | | | 9,322,002 | |
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 07/01/25 | | | 5,000 | | | | 5,958,300 | |
School Facilities Construction, 5.00%, 06/15/29 | | | 5,000 | | | | 6,041,750 | |
School Facilities Construction, 5.00%, 06/15/30 | | | 5,000 | | | | 6,043,600 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
New Jersey (continued) | |
School Facilities Construction, 5.00%, 06/15/31 | | $ | 5,500 | | | $ | 6,605,115 | |
School Facilities Construction, 5.00%, 06/15/36 | | | 5,500 | | | | 6,445,725 | |
School Facilities Construction, 5.00%, 06/15/37 | | | 4,000 | | | | 4,666,480 | |
School Facilities Construction, 5.00%, 06/15/39 | | | 5,000 | | | | 5,793,150 | |
School Facilities Construction, 5.00%, 06/15/49 | | | 8,215 | | | | 9,375,369 | |
School Facilities Construction, Series EEE, 5.00%, 06/15/43 | | | 5,000 | | | | 5,686,550 | |
State House Project, Series B, Remark 10, 5.00%, 06/15/43 | | | 5,750 | | | | 6,539,533 | |
New Jersey EDA, Refunding RB: | | | | | | | | |
Series A (BAM), 5.00%, 07/01/23 | | | 5,000 | | | | 5,606,050 | |
Series B, 5.00%, 11/01/23 | | | 5,000 | | | | 5,605,000 | |
Series B, 5.00%, 11/01/24 | | | 10,000 | | | | 11,445,100 | |
Series B, 5.00%, 11/01/25 | | | 5,000 | | | | 5,827,000 | |
Series MMM, 5.00%, 06/15/33 | | | 8,500 | | | | 10,064,000 | |
New Jersey Health Care Facilities Financing Authority, RB, Valley Health System Obligated Group(b): | | | | | | | | |
3.00%, 07/01/20 | | | 5,000 | | | | 5,051,650 | |
5.00%, 07/01/31 | | | 6,430 | | | | 8,104,629 | |
New Jersey Health Care Facilities Financing Authority, Refunding RB: | | | | | | | | |
Barnabas Health Issue, Series A, 5.00%, 07/01/22 | | | 1,400 | | | | 1,532,524 | |
Hackensack Meridian Health Obligated Group Issue, Series A, 5.00%, 07/01/39 | | | 5,000 | | | | 5,976,100 | |
Hackensack Meridian Health Obligated Group Issue, Series A, 5.00%, 07/01/52 | | | 5,000 | | | | 5,931,000 | |
Hospital Asset Transformation Program, 5.00%, 10/01/23 | | | 5,000 | | | | 5,594,100 | |
St. Barnabas Health Care System, Series A, 5.00%, 07/01/25 | | | 2,000 | | | | 2,186,080 | |
St. Barnabas Health Care, Series A, 5.00%, 07/01/23 | | | 2,140 | | | | 2,340,946 | |
New Jersey Health Care System Facilities Financing Authority, Refunding RB, St. Barnabas Health Care, Series A, 5.00%, 07/01/24 | | | 5,165 | | | | 5,648,031 | |
New Jersey Higher Education Student Assistance Authority, RB, Senior Student Loan, Series 1A, AMT: | | | | | | | | |
5.00%, 12/01/21 | | | 5,000 | | | | 5,350,700 | |
5.00%, 12/01/22 | | | 5,000 | | | | 5,509,600 | |
5.00%, 12/01/23 | | | 5,000 | | | | 5,655,300 | |
5.00%, 12/01/24 | | | 6,000 | | | | 6,936,120 | |
New Jersey Transportation Trust Fund Authority, RB: | | | | | | | | |
Transportation Program Bonds, Series S, 5.25%, 06/15/43 | | | 5,000 | | | | 5,832,200 | |
Build America Bonds, Series B, 6.88%, 12/15/39 | | | 11,700 | | | | 11,728,080 | |
Build America Bonds, Series C, 6.10%, 12/15/28 | | | 2,500 | | | | 2,596,025 | |
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/23 | | | 5,000 | | | | 5,600,800 | |
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/27 | | | 5,000 | | | | 5,912,800 | |
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/28 | | | 5,000 | | | | 5,868,600 | |
Series BB, 4.00%, 06/15/44 | | | 25,000 | | | | 26,047,500 | |
Transportation Program, Series AA, 5.00%, 06/15/24 | | | 10,000 | | | | 11,091,600 | |
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A: | | | | | | | | |
5.00%, 12/15/36 | | | 10,000 | | | | 11,588,200 | |
5.00%, 12/15/34 | | | 10,000 | | | | 11,597,800 | |
Rahway Valley Sewerage Authority, RB, Capital Appreciation Bonds, Series A (NPFCG), 0.00%, 09/01/34(e) | | | 5,420 | | | | 3,656,549 | |
| | |
46 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
New Jersey (continued) | |
South Jersey Port Corp., RB,Sub-Marine Terminal, Series A, 5.00%, 01/01/49 | | $ | 5,000 | | | $ | 5,670,650 | |
South Jersey Port Corp., Refunding ARB, Marine Terminal, Series B: | | | | | | | | |
5.00%, 01/01/42 | | | 10,000 | | | | 11,465,900 | |
5.00%, 01/01/48 | | | 10,000 | | | | 11,346,600 | |
Tobacco Settlement Financing Corp., Refunding RB,Sub-Series B, 5.00%, 06/01/46 | | | 10,000 | | | | 11,052,700 | |
| | | | | | | | |
| | | | | | | 337,243,408 | |
|
New Mexico — 0.0% | |
New Mexico Mortgage Finance Authority, RB, S/F (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 09/01/42 | | | 3,785 | | | | 3,952,562 | |
| | | | | | | | |
|
New York — 13.1% | |
Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 5.00%, 01/01/35(a) | | | 400 | | | | 441,584 | |
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/48 | | | 5,000 | | | | 5,121,850 | |
City of New York, GO, Series A: | | | | | | | | |
Sub-Series A-1, 5.00%, 08/01/39 | | | 10,000 | | | | 12,495,000 | |
Taxable Fiscal-2020, Subseries, 2.85%, 08/01/31 | | | 25,000 | | | | 25,338,750 | |
City of New York Housing Development Corp., RB, M/F Housing, Sustainable Neighborhood Bonds,Series C-1-A, 3.45%, 05/01/50 | | | 5,800 | | | | 5,877,662 | |
City of New York Housing Development Corp., Refunding RB: | | | | | | | | |
M/F Housing, Sustainable Neighborhood,Series B-1-A, 3.65%, 11/01/49 | | | 5,000 | | | | 5,152,650 | |
M/F Housing, Sustainable Neighborhood,Series B-1-A, 3.75%, 11/01/54 | | | 5,000 | | | | 5,167,350 | |
M/F Housing, Sustainable Neighborhood,Series B-1-A, 3.10%, 11/01/34 | | | 3,000 | | | | 3,113,610 | |
M/F Housing, Sustainable Neighborhood,Series B-1-A, 3.40%, 11/01/39 | | | 3,000 | | | | 3,099,480 | |
M/F Housing, Sustainable Neighborhood,Series B-1-A, 3.55%, 11/01/44 | | | 5,000 | | | | 5,203,750 | |
M/F Housing, Sustainable Neighborhood,Series B-1-A, 3.85%, 05/01/58 | | | 5,000 | | | | 5,186,700 | |
Sustainable Neighborhood Bonds, Series A, 4.25%, 11/01/43 | | | 10,000 | | | | 10,800,900 | |
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Taxable, Future Tax Secured Fiscal,Sub-Series C-3, 3.50%, 11/01/32 | | | 25,000 | | | | 26,514,000 | |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A: | | | | | | | | |
6.25%, 06/01/41(a) | | | 27,500 | | | | 27,875,375 | |
5.00%, 06/01/42 | | | 28,915 | | | | 28,916,157 | |
5.00%, 06/01/45 | | | 6,930 | | | | 6,930,000 | |
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through,Series A-2B, 5.00%, 06/01/51 | | | 3,630 | | | | 3,892,594 | |
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility,Series A-1, 5.00%, 08/01/46 | | | 11,550 | | | | 11,518,468 | |
County of Nassau New York Tobacco Settlement Corp., Refunding RB, Series A1, 6.83%, 06/01/21 | | | 2,602 | | | | 2,610,378 | |
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A, 5.00%, 11/01/23 | | | 5,000 | | | | 5,319,600 | |
County of Westchester New York Local Development Corp., Refunding RB, Westchester Medical Center Obligation, 5.00%, 11/01/46 | | | 5,000 | | | | 5,595,300 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
New York (continued) | |
Dutchess County Local Development Corp., RB, Health Quest System, Inc., Series B, 5.00%, 07/01/46 | | $ | 25,000 | | | $ | 28,986,750 | |
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 | | | 18,765 | | | | 18,772,694 | |
Metropolitan Transportation Authority, Refunding RB: | | | | | | | | |
Green Bond, Climate Bond Certified,Series C-1, 5.00%, 11/15/34 | | | 25,000 | | | | 30,314,500 | |
Green Bond, Group 1, Series C, 5.00%, 11/15/40 | | | 10,000 | | | | 12,230,600 | |
Green Bond, Group 1, Series C, 5.00%, 11/15/42 | | | 10,000 | | | | 12,171,600 | |
Green Bond, Group 1, Series C (AGM), 5.00%, 11/15/41 | | | 10,000 | | | | 12,321,200 | |
Green Bond, Group 1, Series C (BAM), 5.00%, 11/15/43 | | | 10,000 | | | | 12,248,800 | |
Green Bond, Series B, 5.00%, 11/15/52 | | | 25,000 | | | | 29,837,250 | |
Green Bonds, Series C (AGM), 5.00%, 11/15/40 | | | 14,430 | | | | 17,776,750 | |
Green Bonds,Series C-1, 5.00%, 11/15/24 | | | 10,000 | | | | 11,688,300 | |
Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56 | | | 5,000 | | | | 5,559,700 | |
New York City Housing Development Corp., RB, M/F: | | | | | | | | |
Housing,Series C-2, 1.70%, 07/01/21 | | | 20,000 | | | | 20,002,400 | |
Housing, Sustainable Neighborhood Bonds, Series A, 4.38%, 11/01/33 | | | 1,110 | | | | 1,235,719 | |
Series A-1, 3.95%, 11/15/44 | | | 15,000 | | | | 15,717,300 | |
Series C-1-A, 3.50%, 11/01/33 | | | 5,000 | | | | 5,316,300 | |
Series C-1-A, 3.70%, 11/01/38 | | | 10,000 | | | | 10,533,300 | |
Series C-1-A, 4.20%, 11/01/44 | | | 10,000 | | | | 10,412,300 | |
Series C-1-A, 3.95%, 11/01/48 | | | 25,000 | | | | 26,307,250 | |
Series G-1, 3.90%, 05/01/45 | | | 10,000 | | | | 10,313,000 | |
Series G-1, 4.00%, 05/01/48 | | | 5,000 | | | | 5,156,600 | |
Sustainable Neighborhood, 3.85%, 11/01/43 | | | 5,000 | | | | 5,270,500 | |
New York City Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38 | | | 25,000 | | | | 27,219,500 | |
New York City Transitional Finance Authority Building Aid Revenue, RB, Subordinate, Fiscal 2019,Series S-3, 3.42%, 07/15/23 | | | 8,000 | | | | 8,359,200 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB: | | | | | | | | |
Future Tax Secured Bonds,Series A-1, 3.90%, 08/01/31 | | | 10,000 | | | | 10,893,300 | |
Subordinated, Series A2, 5.00%, 05/01/36 | | | 10,000 | | | | 12,542,500 | |
Subordinated, Series A2, 5.00%, 05/01/38 | | | 10,000 | | | | 12,432,300 | |
Subordinated, Series A2, 5.00%, 05/01/39 | | | 10,000 | | | | 12,435,200 | |
New York City Water & Sewer System, RB,Series BB-1, 5.00%, 06/15/49 | | | 25,000 | | | | 31,100,000 | |
New York Liberty Development Corp., Refunding RB: | | | | | | | | |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a) | | | 49,285 | | | | 54,407,683 | |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34(a) | | | 240 | | | | 267,773 | |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a) | | | 570 | | | | 643,547 | |
3 World Trade Center Project, Class 3, 7.25%, 11/15/44(a) | | | 1,655 | | | | 2,007,780 | |
4 World Trade Center Project, 5.00%, 11/15/44 | | | 10,000 | | | | 10,609,500 | |
New York State Dormitory Authority, RB: | | | | | | | | |
Rockefeller University, Green Bond, 5.00%, 07/01/50 | | | 15,000 | | | | 18,648,000 | |
Series B, 2.70%, 03/15/22 | | | 21,160 | | | | 21,507,236 | |
New York State Dormitory Authority, Refunding RB: | | | | | | | | |
Catholic Healthcare Partners, 5.00%, 07/01/28 | | | 250 | | | | 312,340 | |
Group 1, Series A, 5.00%, 03/15/24 | | | 25,000 | | | | 28,977,750 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 47 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
New York (continued) | |
Group 3, Series A, 5.00%, 03/15/38 | | $ | 25,000 | | | $ | 31,051,500 | |
Group 3, Series A, 5.00%, 03/15/39 | | | 25,000 | | | | 31,008,750 | |
Series A, 5.00%, 03/15/40 | | | 10,000 | | | | 12,367,700 | |
Series B, 3.14%, 07/01/43(b) | | | 8,325 | | | | 8,341,234 | |
Yeshiva University, 5.00%, 09/01/38 | | | 730 | | | | 730,752 | |
New York State Housing Finance Agency, RB: | | | | | | | | |
Green Bond, Series F (SONYMA), 3.90%, 11/01/48 | | | 6,905 | | | | 7,269,239 | |
M/F Housing, Climate Bond Certified/Sustainability (Fannie Mae) (SONYMA), 1.63%, 05/01/23 | | | 1,200 | | | | 1,203,312 | |
M/F Housing, Climate Bond Certified/Sustainability (Fannie Mae) (SONYMA), 2.25%, 11/01/29 | | | 275 | | | | 282,315 | |
M/F Housing, Climate Bond Certified/Sustainability (Fannie Mae) (SONYMA), 2.35%, 11/01/30 | | | 250 | | | | 256,468 | |
M/F Housing, Climate Bond Certified/Sustainability (Fannie Mae) (SONYMA), 2.40%, 11/01/31 | | | 250 | | | | 255,735 | |
M/F Housing, Climate Bond Certified/Sustainability (Fannie Mae) (SONYMA), 3.00%, 11/01/39 | | | 1,185 | | | | 1,196,340 | |
M/F Housing, Climate Bond Certified/Sustainability (Fannie Mae) (SONYMA), 3.15%, 11/01/44 | | | 1,000 | | | | 1,006,920 | |
M/F Housing, Climate Bond Certified/Sustainability (Fannie Mae) (SONYMA), 3.25%, 11/01/52 | | | 3,430 | | | | 3,464,609 | |
M/F Housing, Sustainable Bonds, Series I (Fannie Mae) (SONYMA), 1.75%, 05/01/24 | | | 3,000 | | | | 3,021,930 | |
M/F Housing, Sustainable Bonds, Series I (Fannie Mae) (SONYMA), 2.40%, 05/01/31 | | | 280 | | | | 287,361 | |
M/F Housing, Sustainable Bonds, Series I (Fannie Mae) (SONYMA), 2.75%, 11/01/34 | | | 1,250 | | | | 1,285,650 | |
M/F Housing, Sustainable Bonds, Series I (Fannie Mae) (SONYMA), 3.00%, 11/01/39 | | | 2,140 | | | | 2,160,480 | |
M/F Housing, Sustainable Bonds, Series I (Fannie Mae) (SONYMA), 3.15%, 11/01/44 | | | 3,275 | | | | 3,297,663 | |
M/F Housing, Sustainable Bonds, Series I (Fannie Mae) (SONYMA), 3.25%, 11/01/52 | | | 5,895 | | | | 5,954,481 | |
M/F, Affordable Housing, Series C (HUD), 4.10%, 11/01/45 | | | 4,000 | | | | 4,205,600 | |
M/F, Affordable Housing, Series D (SONYMA), 3.85%, 11/01/43 | | | 1,000 | | | | 1,057,580 | |
M/F, Affordable Housing, Series F (Ginnie Mae, Fannie Mae & Freddie Mac) (SONYMA), 3.90%, 05/01/47 | | | 3,585 | | | | 3,709,937 | |
M/F, Affordable Housing, Series G (Ginnie Mae, Fannie Mae & Freddie Mac) (SONYMA), 3.90%, 11/01/44 | | | 7,110 | | | | 7,380,535 | |
M/F, Series B, 4.25%, 11/01/50 | | | 5,000 | | | | 5,268,600 | |
New York State Urban Development Corp., RB: | | | | | | | | |
Bidding Group Bond, Series B, 2.84%, 03/15/32 | | | 20,000 | | | | 20,034,200 | |
Series A, 5.00%, 03/15/36 | | | 26,195 | | | | 33,146,367 | |
New York Transportation Development Corp., ARB, AMT: | | | | | | | | |
Delta Air Lines Inc., LaGuardia Airport Terminal C&D Redevelopment Project, 5.00%, 01/01/24 | | | 10,000 | | | | 11,286,900 | |
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, 5.00%, 01/01/25 | | | 10,000 | | | | 11,555,000 | |
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, 5.00%, 01/01/26 | | | 10,000 | | | | 11,791,400 | |
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, 5.00%, 01/01/27 | | | 10,000 | | | | 12,004,900 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
New York (continued) | |
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, 5.00%, 01/01/28 | | $ | 10,000 | | | $ | 12,179,400 | |
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, 5.00%, 01/01/29 | | | 10,000 | | | | 12,181,000 | |
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, 5.00%, 01/01/30 | | | 10,000 | | | | 12,069,300 | |
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, 5.00%, 01/01/31 | | | 10,000 | | | | 11,955,700 | |
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, 5.00%, 01/01/32 | | | 10,000 | | | | 11,949,500 | |
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, 5.00%, 01/01/33 | | | 10,000 | | | | 11,854,900 | |
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, 5.00%, 01/01/34 | | | 10,000 | | | | 11,831,100 | |
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, 5.00%, 01/01/36 | | | 10,000 | | | | 11,786,400 | |
LaGuardia Airport Terminal B Redevelopment Project, Series A, 5.00%, 07/01/34 | | | 5,000 | | | | 5,581,150 | |
LaGuardia Airport Terminal B Redevelopment Project, Series A, 5.00%, 07/01/41 | | | 10,000 | | | | 11,074,800 | |
LaGuardia Airport Terminal B Redevelopment Project, Series A, 5.00%, 07/01/46 | | | 50,000 | | | | 55,206,000 | |
LaGuardia Airport Terminal B Redevelopment Project, Series A, 5.25%, 01/01/50 | | | 50,000 | | | | 55,679,500 | |
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT: | | | | | | | | |
5.00%, 08/01/26 | | | 21,810 | | | | 22,874,764 | |
5.00%, 08/01/31 | | | 34,305 | | | | 35,869,308 | |
Niagara Area Development Corp., Refunding RB, Covanta Project, Series A, AMT, 4.75%, 11/01/42(a) | | | 5,280 | | | | 5,506,670 | |
Port Authority of New York & New Jersey, ARB: | | | | | | | | |
192nd Series, 4.81%, 10/15/65 | | | 6,675 | | | | 8,727,095 | |
Consolidated Bonds, AMT, 5.00%, 11/01/30(b) | | | 10,000 | | | | 12,713,800 | |
Consolidated Bonds, AMT, 5.00%, 11/01/31(b) | | | 10,000 | | | | 12,655,200 | |
Consolidated Bonds, AMT, 5.00%, 11/01/32(b) | | | 10,000 | | | | 12,602,400 | |
Consolidated, 168th Series, 4.93%, 10/01/51 | | | 4,140 | | | | 5,542,756 | |
Port Authority of New York & New Jersey, Refunding ARB, AMT, Series 207, 5.00%, 09/15/25 | | | 5,000 | | �� | | 5,940,800 | |
State of New York Dormitory Authority, Refunding RB: | | | | | | | | |
Bid Group 4, Series E, 5.00%, 03/15/48 | | | 25,000 | | | | 30,345,750 | |
Catholic Health System Obligation, 5.00%, 07/01/26 | | | 100 | | | | 120,763 | |
Catholic Health System Obligation, 5.00%, 07/01/27 | | | 300 | | | | 369,051 | |
Catholic Health System Obligation, 5.00%, 07/01/30 | | | 250 | | | | 315,290 | |
Catholic Health System Obligation, 5.00%, 07/01/32 | | | 360 | | | | 446,036 | |
Catholic Health System Obligation, 5.00%, 07/01/34 | | | 515 | | | | 631,035 | |
Catholic Health System Obligation, 5.00%, 07/01/35 | | | 600 | | | | 731,928 | |
Catholic Health System Obligation, 5.00%, 07/01/36 | | | 975 | | | | 1,186,146 | |
| | |
48 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
New York (continued) | |
Catholic Health System Obligation, 4.00%, 07/01/37 | | $ | 1,860 | | | $ | 2,057,737 | |
Catholic Health System Obligation, 4.00%, 07/01/38 | | | 1,650 | | | | 1,819,900 | |
Catholic Health System Obligation, 4.00%, 07/01/39 | | | 1,755 | | | | 1,932,255 | |
Catholic Health System Obligation, 4.00%, 07/01/40 | | | 2,000 | | | | 2,194,420 | |
Catholic Health System Obligation, 5.00%, 07/01/41 | | | 3,400 | | | | 4,116,278 | |
Catholic Health System Obligation, 4.00%, 07/01/45 | | | 10,000 | | | | 10,832,200 | |
Touro College & University, Series B, 5.75%, 01/01/29 | | | 990 | | | | 1,053,509 | |
State of New York HFA, RB, M/F Housing: | | | | | | | | |
Affordable Housing, Series B (Ginnie Mae, Fannie Mae & Freddie Mac) (SONYMA), 3.45%, 11/01/41 | | | 1,200 | | | | 1,231,104 | |
Affordable Housing, Series E (Ginnie Mae, Fannie Mae & Freddie Mac) (SONYMA), 3.35%, 11/01/45 | | | 1,110 | | | | 1,126,783 | |
Affordable Housing, Series E (Ginnie Mae, Fannie Mae & Freddie Mac) (SONYMA), 3.45%, 05/01/49 | | | 2,850 | | | | 2,900,074 | |
Affordable Housing, Series M (Ginnie Mae, Fannie Mae & Freddie Mac) (SONYMA), 3.15%, 11/01/32 | | | 1,000 | | | | 1,049,650 | |
Affordable Housing, Series M (Ginnie Mae, Fannie Mae & Freddie Mac) (SONYMA), 3.50%, 11/01/37 | | | 415 | | | | 435,069 | |
Green Bond, Affordable Housing-Climate Bond Certified, Series K (Ginnie Mae, Fannie Mae & Freddie Mac) (SONYMA), 3.00%, 11/01/32 | | | 1,500 | | | | 1,559,040 | |
Green Bond, Series F (SONYMA), 2.30%, 05/01/22 | | | 5,000 | | | | 5,057,800 | |
Series C (Ginnie Mae, Fannie Mae & Freddie Mac) (SONYMA), 3.38%, 11/01/49 | | | 5,000 | | | | 5,137,450 | |
State of New York Mortgage Agency, RB, S/F: | | | | | | | | |
Housing, Series 223, 2.35%, 04/01/31(b) | | | 1,835 | | | | 1,847,441 | |
Housing, Series 223, 2.40%, 10/01/31(b) | | | 1,130 | | | | 1,136,837 | |
Housing, Series 223, 2.65%, 10/01/34(b) | | | 9,520 | | | | 9,579,024 | |
Housing, Series 223, 3.00%, 10/01/39(b) | | | 14,350 | | | | 14,490,343 | |
Series 188, 3.85%, 10/01/44 | | | 3,800 | | | | 3,895,456 | |
State of New York Mortgage Agency, Refunding RB, S/F Housing, Non ACE, Series 203, 3.10%, 10/01/32 | | | 2,430 | | | | 2,525,693 | |
Triborough Bridge & Tunnel Authority, Refunding RB, MTA Bridges & Tunnels, Series C(b): | | | | | | | | |
4.00%, 11/15/40 | | | 25,000 | | | | 28,695,000 | |
4.00%, 11/15/41 | | | 25,000 | | | | 28,622,500 | |
4.00%, 11/15/42 | | | 25,000 | | | | 28,549,250 | |
4.00%, 11/15/43 | | | 25,000 | | | | 28,475,750 | |
Troy Capital Resource Corp., Refunding RB, Rensselaer Polytechnic Institute Project, 5.00%, 09/01/37(b) | | | 6,000 | | | | 7,340,400 | |
| | | | | | | | |
| | | | | | | 1,574,179,543 | |
|
North Carolina — 1.9% | |
City of Charlotte North Carolina, GO, Refunding, Series A, 5.00%, 06/01/26 | | | 10,000 | | | | 12,341,000 | |
City of Charlotte North Carolina Airport Revenue, Refunding ARB, Charlotte Douglas International Airport: | | | | | | | | |
5.00%, 07/01/23 | | | 1,760 | | | | 1,998,955 | |
5.00%, 07/01/26 | | | 2,870 | | | | 3,525,365 | |
5.00%, 07/01/27 | | | 1,030 | | | | 1,291,589 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
North Carolina (continued) | |
5.00%, 07/01/34 | | $ | 3,095 | | | $ | 3,934,921 | |
5.00%, 07/01/36 | | | 1,860 | | | | 2,352,045 | |
4.00%, 07/01/44 | | | 5,000 | | | | 5,674,350 | |
5.00%, 07/01/49 | | | 15,085 | | | | 18,631,785 | |
AMT, 5.00%, 07/01/32 | | | 1,030 | | | | 1,293,093 | |
AMT, 5.00%, 07/01/33 | | | 1,085 | | | | 1,357,346 | |
AMT, 5.00%, 07/01/34 | | | 1,135 | | | | 1,415,390 | |
AMT, 5.00%, 07/01/49 | | | 5,000 | | | | 6,063,600 | |
County of Guilford North Carolina, GO, Refunding, 5.00%, 03/01/23 | | | 10,000 | | | | 11,232,700 | |
County of Mecklenburg North Carolina, GO: | | | | | | | | |
5.00%, 03/01/24 | | | 5,000 | | | | 5,801,800 | |
Series A, 5.00%, 04/01/24 | | | 5,000 | | | | 5,816,950 | |
County of Wake North Carolina, GO, Refunding, Public Improvements, Series A, 5.00%, 03/01/24 | | | 5,000 | | | | 5,797,300 | |
North Carolina Department of Transportation, RB, AMT,I-77 Hot Lanes Project, 5.00%, 06/30/54 | | | 10,000 | | | | 11,046,300 | |
North Carolina Housing Finance Agency, RB, S/F Housing, Series 41 (Ginnie Mae, Fannie Mae & Freddie Mac), 3.10%, 07/01/34 | | | 1,000 | | | | 1,038,650 | |
North Carolina Medical Care Commission, RB, 1st Mortgage, Galloway Ridge Project, Series A: | | | | | | | | |
4.75%, 01/01/21 | | | 270 | | | | 270,567 | |
5.00%, 01/01/22 | | | 290 | | | | 290,664 | |
North Carolina Medical Care Commission, Refunding RB: | | | | | | | | |
1st Mortgage, Galloway Ridge Project, Series A, 5.25%, 01/01/41 | | | 2,470 | | | | 2,654,608 | |
Vidant Health, 5.00%, 06/01/33 | | | 5,000 | | | | 5,799,450 | |
Vidant Health, 5.00%, 06/01/45 | | | 5,000 | | | | 5,717,000 | |
North Carolina Turnpike Authority, RB(b): | | | | | | | | |
Senior Lien, Triangle Express Way System (AGM), 5.00%, 01/01/49 | | | 15,480 | | | | 18,803,556 | |
Triangle Expressway System, 5.00%, 01/01/44 | | | 12,000 | | | | 14,444,040 | |
Triangle Expressway System, 5.00%, 01/01/49 | | | 25,000 | | | | 29,991,750 | |
North Carolina Turnpike Authority, Refunding RB, Senior Lien (AGM), 5.00%, 01/01/36 | | | 10,000 | | | | 12,199,300 | |
Raleigh Durham Airport Authority, Refunding RB, Series A, AMT: | | | | | | | | |
5.00%, 05/01/34 | | | 5,000 | | | | 5,981,700 | |
5.00%, 05/01/35 | | | 5,000 | | | | 5,971,150 | |
State of North Carolina, GO, Refunding, Series A, 5.00%, 06/01/23 | | | 5,000 | | | | 5,665,100 | |
State of North Carolina, GO, Series B, 5.00%, 06/01/24 | | | 10,000 | | | | 11,687,100 | |
Town of Mooresville North Carolina, Special Assessment Bonds, 5.38%, 03/01/40(a) | | | 2,100 | | | | 2,230,389 | |
| | | | | | | | |
| | | | | | | 222,319,513 | |
|
North Dakota — 0.2% | |
North Dakota Housing Finance Agency, RB, S/F: | | | | | | | | |
Housing, Home Mortgage, Series F, 2.70%, 07/01/34(b) | | | 1,085 | | | | 1,085,597 | |
Housing, Home Mortgage, Series F, 2.95%, 07/01/39(b) | | | 5,140 | | | | 5,142,673 | |
Housing, Home Mortgage, Series F, 3.05%, 07/01/43(b) | | | 1,035 | | | | 1,032,464 | |
Housing finance Program Bonds-Home Mortgage Finance Program, Series A, 3.55%, 07/01/33 | | | 4,500 | | | | 4,837,455 | |
Housing finance Program Bonds-Home Mortgage Finance Program, Series A, 3.75%, 07/01/38 | | | 4,710 | | | | 4,993,824 | |
Housing finance Program Bonds-Home Mortgage Finance Program, Series D (FHA), 3.55%, 07/01/40 | | | 2,165 | | | | 2,245,928 | |
| | | | | | | | |
| | | | | | | 19,337,941 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 49 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Ohio — 2.6% | |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term,Series A-2: | | | | | | | | |
5.13%, 06/01/24 | | $ | 2,330 | | | $ | 2,329,883 | |
5.75%, 06/01/34 | | | 3,395 | | | | 3,396,664 | |
5.88%, 06/01/47 | | | 48,055 | | | | 48,157,357 | |
6.50%, 06/01/47 | | | 11,100 | | | | 11,368,509 | |
City of Columbus Ohio, GO, Refunding,Series 2017-1, 4.00%, 04/01/23 | | | 5,000 | | | | 5,465,800 | |
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 5.00%, 08/01/22 | | | 5,000 | | | | 5,473,500 | |
County of Hamilton Ohio, RB, Cincinnati Children’s Hospital Medical Center, Series CC: | | | | | | | | |
5.00%, 11/15/41 | | | 5,000 | | | | 7,009,850 | |
5.00%, 11/15/49 | | | 32,145 | | | | 46,831,086 | |
Northeast Ohio Medical University Foundation, RB, 5.00%, 12/01/42 | | | 10,000 | | | | 10,509,400 | |
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a) | | | 17,175 | | | | 18,942,994 | |
Ohio Housing Finance Agency, RB, S/F: | | | | | | | | |
Mortgage Backed Securities Program, Series D (Ginnie Mae, Fannie Mae & Freddie Mac), 3.63%, 09/01/47 | | | 4,705 | | | | 4,889,530 | |
Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.95%, 09/01/43 | | | 5,000 | | | | 5,309,150 | |
Series B, 3.25%, 09/01/44 | | | 5,000 | | | | 5,115,600 | |
Series B, 3.35%, 09/01/49 | | | 5,000 | | | | 5,147,750 | |
Ohio University, RB, General Receipts, Athens, 5.59%, 12/01/14 | | | 900 | | | | 1,197,216 | |
Ohio Water Development Authority, RB: | | | | | | | | |
5.00%, 12/01/36 | | | 5,000 | | | | 6,376,450 | |
5.00%, 12/01/37 | | | 10,000 | | | | 12,714,900 | |
5.00%, 12/01/38 | | | 10,000 | | | | 12,685,200 | |
5.00%, 12/01/39 | | | 10,000 | | | | 12,652,400 | |
5.00%, 06/01/44 | | | 13,500 | | | | 16,892,415 | |
State of Ohio, GO, Series A: | | | | | | | | |
5.00%, 06/15/30 | | | 10,000 | | | | 13,243,000 | |
5.00%, 06/15/31 | | | 10,000 | | | | 12,890,000 | |
5.00%, 06/15/32 | | | 10,000 | | | | 12,823,800 | |
5.00%, 06/15/38 | | | 10,000 | | | | 12,530,600 | |
5.00%, 06/15/39 | | | 10,000 | | | | 12,449,300 | |
State of Ohio, RB, AMT, Portsmouth Bypass Project: | | | | | | | | |
5.00%, 12/31/23 | | | 1,295 | | | | 1,451,825 | |
5.00%, 06/30/21 | | | 1,975 | | | | 2,073,770 | |
5.00%, 06/30/22 | | | 2,190 | | | | 2,365,441 | |
5.00%, 12/31/22 | | | 1,550 | | | | 1,696,382 | |
5.00%, 06/30/23 | | | 1,305 | | | | 1,446,097 | |
| | | | | | | | |
| | | | | | | 315,435,869 | |
|
Oklahoma — 0.4% | |
Norman Regional Hospital Authority, RB, Norman Regional Hospital Authority, 5.00%, 09/01/45(b) | | | 5,000 | | | | 5,945,700 | |
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B: | | | | | | | | |
5.25%, 08/15/48 | | | 10,000 | | | | 11,781,000 | |
5.50%, 08/15/52 | | | 11,620 | | | | 13,878,231 | |
Tulsa Airports Improvement Trust, Refunding RB, American Airlines, Inc., AMT, 5.00%, 06/01/35(d) | | | 17,820 | | | | 20,061,578 | |
| | | | | | | | |
| | | | | | | 51,666,509 | |
|
Oregon — 0.9% | |
City of Portland Oregon Sewer System Revenue, Refunding RB, Second Lien, Series A, 5.00%, 03/01/29(b) | | | 10,000 | | | | 12,933,600 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Oregon (continued) | |
County of Multnomah Oregon Hospital Facilities Authority, Refunding RB, Mirabella at South Waterfront, 5.50%, 10/01/49 | | $ | 865 | | | $ | 948,101 | |
Oregon School Boards Association, GO, Series B (NPFGC), 5.68%, 06/30/28 | | | 17,500 | | | | 21,047,600 | |
Oregon School Boards Association, Refunding, GOL, Taxable Pension, Series B (NPFCG), 5.55%, 06/30/28 | | | 19,000 | | | | 22,535,330 | |
Port of Portland Oregon Airport Revenue, ARB: | | | | | | | | |
AMT, Series 24B, 5.00%, 07/01/47 | | | 5,000 | | | | 5,929,600 | |
AMT, Series 24B, 5.00%, 07/01/47 | | | 5,000 | | | | 5,806,200 | |
Portland International Airport,Series 25-A, 5.00%, 07/01/49 | | | 5,000 | | | | 6,116,750 | |
Port of Portland Oregon Airport Revenue, Refunding ARB, Portland International Airport,Series 25-B, AMT: | | | | | | | | |
5.00%, 07/01/44 | | | 5,000 | | | | 6,055,200 | |
5.00%, 07/01/49 | | | 5,000 | | | | 6,012,900 | |
Portland Community College District, GO, Refunding, 5.00%, 06/15/24 | | | 5,000 | | | | 5,668,200 | |
State of Oregon, GO, Refunding, ArticleXI-Q, Series F, 5.00%, 05/01/39 | | | 5,000 | | | | 5,971,000 | |
State of Oregon Housing & Community Services Department, RB, M/F Housing, AMT, Series B (Ginnie Mae, Fannie Mae & Freddie Mac): | | | | | | | | |
4.00%, 07/01/37 | | | 185 | | | | 189,747 | |
4.13%, 07/01/43 | | | 165 | | | | 170,506 | |
Yamhill County Hospital Authority, Refunding RB, Friendsview Retirement Community: | | | | | | | | |
5.00%, 11/15/46 | | | 1,000 | | | | 1,094,470 | |
5.00%, 11/15/51 | | | 730 | | | | 796,685 | |
| | | | | | | | |
| | | | | | | 101,275,889 | |
|
Pennsylvania — 5.0% | |
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project(a): | | | | | | | | |
5.00%, 05/01/33 | | | 1,250 | | | | 1,464,738 | |
Subordinate, 5.00%, 05/01/28 | | | 4,595 | | | | 4,883,474 | |
Subordinate, 5.13%, 05/01/32 | | | 4,700 | | | | 5,180,528 | |
Subordinate, 5.38%, 05/01/42 | | | 8,550 | | | | 9,450,657 | |
City of Philadelphia Pennsylvania, GO, Refunding, Series A, 5.00%, 08/01/25 | | | 6,340 | | | | 7,523,488 | |
City of Philadelphia Pennsylvania, GO, Series B: | | | | | | | | |
5.00%, 02/01/27 | | | 5,000 | | | | 6,118,750 | |
5.00%, 02/01/28 | | | 5,000 | | | | 6,226,800 | |
5.00%, 02/01/30 | | | 5,000 | | | | 6,361,300 | |
City of Philadelphia Pennsylvania, Refunding ARB, Series A, AMT, 5.00%, 06/15/21 | | | 5,000 | | | | 5,280,100 | |
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB: | | | | | | | | |
AMT, Series B, 5.00%, 07/01/21 | | | 5,000 | | | | 5,289,150 | |
AMT, Series B, 5.00%, 07/01/29 | | | 5,000 | | | | 6,068,400 | |
AMT, Series B, 5.00%, 07/01/30 | | | 5,000 | | | | 6,033,950 | |
AMT, Series B, 5.00%, 07/01/42 | | | 5,000 | | | | 5,894,050 | |
Series A, 5.00%, 07/01/47 | | | 5,000 | | | | 5,970,350 | |
Series B, AMT, 5.00%, 07/01/47 | | | 5,000 | | | | 5,857,350 | |
City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, AMT, Series A, 5.00%, 06/15/22 | | | 5,000 | | | | 5,275,150 | |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A: | | | | | | | | |
5.63%, 07/01/36 | | | 4,045 | | | | 4,398,695 | |
5.63%, 07/01/42 | | | 1,675 | | | | 1,808,799 | |
| | |
50 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Pennsylvania (continued) | |
City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series B: | | | | | | | | |
5.00%, 11/01/44 | | $ | 5,000 | | | $ | 6,194,500 | |
5.00%, 11/01/49 | | | 10,000 | | | | 12,290,200 | |
Commonwealth Financing Authority, RB: | | | | | | | | |
Plancon Program, Series A, 3.86%, 06/01/38 | | | 2,095 | | | | 2,271,148 | |
Series A, 4.14%, 06/01/38 | | | 3,945 | | | | 4,405,381 | |
Series A, 3.81%, 06/01/41 | | | 13,545 | | | | 14,775,970 | |
Tobacco Master Settlement payment, 5.00%, 06/01/23 | | | 5,000 | | | | 5,597,050 | |
Commonwealth of Pennsylvania, GO, Refunding: | | | | | | | | |
5.00%, 07/15/21 | | | 25,000 | | | | 26,525,500 | |
5.00%, 07/15/22 | | | 25,000 | | | | 27,437,000 | |
County of Allegheny Hospital Development Authority, Refunding RB, Allegheny Health Network Obligated Group Issue, Series A, 5.00%, 04/01/47 | | | 10,000 | | | | 11,650,600 | |
County of Allegheny Pennsylvania, GO, Refunding, Series C (AGM), 1.83%, 11/01/26(c) | | | 17,660 | | | | 17,577,404 | |
County of Berks IDA, Refunding RB, Tower Health Projects: | | | | | | | | |
5.00%, 11/01/26 | | | 5,000 | | | | 5,992,200 | |
5.00%, 11/01/47 | | | 10,000 | | | | 11,377,800 | |
5.00%, 11/01/50 | | | 5,000 | | | | 5,690,000 | |
County of Chester Health & Education Facilities Authority, Refunding RB, Simpson Senior Services Project, Series A: | | | | | | | | |
5.00%, 12/01/22 | | | 895 | | | | 953,005 | |
5.00%, 12/01/23 | | | 985 | | | | 1,065,583 | |
5.00%, 12/01/24 | | | 1,035 | | | | 1,134,929 | |
5.00%, 12/01/25 | | | 1,075 | | | | 1,192,594 | |
5.25%, 12/01/45 | | | 1,500 | | | | 1,618,710 | |
County of Lancaster Pennsylvania Hospital Authority, Refunding RB, St. Anne’s Retirement Community, 5.00%, 04/01/33 | | | 1,575 | | | | 1,640,378 | |
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 5.00%, 07/01/44 | | | 15,825 | | | | 18,962,939 | |
County of Montgomery Pennsylvania IDA, Refunding RB, Whitemarsh Continuing Care Retirement Community Project, 5.38%, 01/01/50 | | | 4,815 | | | | 5,043,520 | |
County of Northampton Pennsylvania General Purpose Authority, Refunding RB, St. Luke’s University Health Network Project, 5.00%, 08/15/46 | | | 5,000 | | | | 5,744,750 | |
County of Northampton Pennsylvania IDA, Tax Allocation Bonds, Route 33 Project, 7.00%, 07/01/32 | | | 2,065 | | | | 2,307,286 | |
General Authority of Southcentral Pennsylvania, Refunding RB, Wellspan Health Obligation Group, Series A, 5.00%, 06/01/44 | | | 10,000 | | | | 11,090,300 | |
Pennsylvania Economic Development Financing Authority, RB: | | | | | | | | |
AMT, 5.00%, 06/30/23 | | | 5,000 | | | | 5,564,800 | |
AMT, 5.00%, 06/30/42 | | | 5,000 | | | | 5,636,950 | |
Build America Bonds, Series B, 6.53%, 06/15/39 | | | 5,000 | | | | 6,969,900 | |
Pennsylvania Bridge Finco LP, 5.00%, 12/31/29 | | | 5,000 | | | | 5,800,100 | |
Pennsylvania Bridge Finco LP, AMT, 5.00%, 12/31/34 | | | 5,000 | | | | 5,699,350 | |
Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38 | | | 5,000 | | | | 5,655,250 | |
Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 06/30/20 | | | 5,000 | | | | 5,096,450 | |
Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 06/30/21 | | | 5,000 | | | | 5,260,800 | |
Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 12/31/21 | | | 5,000 | | | | 5,340,750 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Pennsylvania (continued) | |
Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 06/30/22 | | $ | 4,495 | | | $ | 4,870,827 | |
Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 12/31/30 | | | 2,460 | | | | 2,839,603 | |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 | | | 3,250 | | | | 3,415,360 | |
Pennsylvania Housing Finance Agency, RB, S/F: | | | | | | | | |
Housing, Series 125B, 3.65%, 10/01/42 | | | 5,030 | | | | 5,228,333 | |
Housing,Series 130-A, 2.70%, 10/01/39 | | | 6,845 | | | | 6,848,970 | |
Series 123-B, 3.45%, 10/01/32 | | | 5,000 | | | | 5,299,500 | |
Series 123B, 3.90%, 10/01/37 | | | 5,000 | | | | 5,362,650 | |
Pennsylvania Housing Finance Agency, Refunding RB: | | | | | | | | |
S/F Housing,Series 131-A, 1.85%, 04/01/26(b) | | | 1,550 | | | | 1,553,689 | |
S/F Housing,Series 131-A, 2.10%, 04/01/28(b) | | | 1,915 | | | | 1,923,043 | |
S/F Housing,Series 131-A, 2.15%, 10/01/28(b) | | | 1,380 | | | | 1,386,362 | |
Series 121, 2.80%, 10/01/31 | | | 11,770 | | | | 12,053,068 | |
Pennsylvania Turnpike Commission, RB: | | | | | | | | |
Series A, 5.00%, 12/01/44 | | | 25,000 | | | | 30,787,750 | |
Series A, 5.25%, 12/01/44 | | | 10,000 | | | | 12,455,600 | |
Series A, 5.00%, 12/01/49 | | | 25,000 | | | | 30,544,500 | |
Series A (BAM), 5.00%, 12/01/44 | | | 5,130 | | | | 6,333,652 | |
Series A-1, 5.00%, 12/01/47 | | | 10,000 | | | | 11,901,100 | |
Series B, 5.00%, 12/01/43 | | | 5,000 | | | | 5,985,600 | |
Series B, 5.00%, 12/01/48 | | | 10,000 | | | | 11,896,000 | |
Pennsylvania Turnpike Commission, Refunding RB: | | | | | | | | |
5.00%, 12/01/21 | | | 15,000 | | | | 16,143,000 | |
5.00%, 12/01/22 | | | 10,000 | | | | 11,122,800 | |
5.00%, 12/01/23 | | | 5,000 | | | | 5,732,000 | |
Philadelphia Authority for Industrial Development, RB, University of the Sciences, 5.00%, 11/01/47 | | | 10,000 | | | | 11,254,400 | |
Philadelphia Authority for Industrial Development, Refunding RB, Thomas Jefferson University, Series A: | | | | | | | | |
5.00%, 09/01/35 | | | 5,000 | | | | 5,859,250 | |
5.00%, 09/01/36 | | | 5,000 | | | | 5,854,850 | |
School District of Philadelphia, Refunding RB, Series C, 4.00%, 03/31/20 | | | 25,000 | | | | 25,232,500 | |
State Public School Building Authority, Refunding RB, The School District of Philadelphia Project, Series A, 2.97%, 04/01/27 | | | 7,000 | | | | 6,991,740 | |
Susquehanna Area Regional Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/27 | | | 3,100 | | | | 3,373,730 | |
| | | | | | | | |
| | | | | | | 604,898,703 | |
|
Puerto Rico — 7.1% | |
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43 | | | 810 | | | | 822,280 | |
Commonwealth of Puerto Rico, GO(i)(j): | | | | | | | | |
Public Improvement, Series A, 5.25%, 07/01/22 | | | 3,075 | | | | 2,353,663 | |
Public Improvement, Series A, 5.00%, 07/01/29 | | | 5,220 | | | | 3,995,487 | |
Public Improvement, Series A, 5.13%, 07/01/31 | | | 10,900 | | | | 8,343,067 | |
Public Improvement, 5.25%, 07/01/17 | | | 1,605 | | | | 1,130,726 | |
Public Improvements, Series A, 5.25%, 07/01/26 | | | 1,085 | | | | 830,480 | |
Commonwealth of Puerto Rico, GO, Refunding: | | | | | | | | |
Public Improvement, Series A, 5.50%, 07/01/32(i)(j) | | | 4,245 | | | | 3,249,204 | |
Public Improvement, Series A, 5.25%, 07/01/24(i)(j) | | | 1,765 | | | | 1,166,480 | |
Public Improvement, Series A, 5.00%, 07/01/32(i)(j) | | | 1,050 | | | | 693,940 | |
Public Improvement, Series A, 5.13%, 07/01/37(i)(j) | | | 1,490 | | | | 984,734 | |
Public Improvement, Series A, 5.50%, 07/01/39(i)(j) | | | 14,225 | | | | 9,401,231 | |
Public Improvement, Series A, 5.00%, 07/01/41(i)(j) | | | 23,430 | | | | 15,484,770 | |
Public Improvement, Series C, 6.00%, 07/01/39(i)(j) | | | 1,510 | | | | 1,166,058 | |
Public Improvements, Series A, 5.75%, 07/01/41(i)(j) | | | 3,530 | | | | 2,556,310 | |
Public Improvements, 6.00%, 07/01/39(i)(j) | | | 2,555 | | | | 1,973,032 | |
Series A, 5.50%, 07/01/19 | | | 1,176 | | | | 828,494 | |
Series A, 8.00%, 07/01/35(i)(j) | | | 42,560 | | | | 26,237,729 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 51 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Puerto Rico (continued) | |
Commonwealth of Puerto Rico, GO, Series B(i)(j): | | | | | | | | |
5.25%, 07/01/23 | | $ | 2,620 | | | $ | 2,005,398 | |
6.00%, 07/01/38 | | | 9,995 | | | | 7,718,379 | |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB: | | | | | | | | |
5.00%, 07/01/33 | | | 455 | | | | 473,141 | |
5.13%, 07/01/37 | | | 18,385 | | | | 19,111,391 | |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: | | | | | | | | |
6.00%, 07/01/38 | | | 33,295 | | | | 33,785,102 | |
6.00%, 07/01/44 | | | 22,990 | | | | 23,328,643 | |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB: | | | | | | | | |
5.75%, 07/01/37 | | | 10,930 | | | | 11,535,085 | |
5.25%, 07/01/42 | | | 18,278 | | | | 19,098,134 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series B: | | | | | | | | |
4.90%, 07/01/20 | | | 9,420 | | | | 9,400,783 | |
5.00%, 07/01/23 | | | 15,105 | | | | 14,900,176 | |
5.35%, 07/01/27 | | | 14,980 | | | | 14,537,790 | |
6.15%, 07/01/38 | | | 6,205 | | | | 5,826,433 | |
Puerto Rico Electric Power Authority, RB: | | | | | | | | |
Series 2013-A, 7.00%, 07/01/33(i)(j) | | | 3,360 | | | | 2,654,400 | |
Series 2013-A, 7.00%, 07/01/43(i)(j) | | | 3,350 | | | | 2,646,500 | |
Series A, 5.00%, 07/01/29(i)(j) | | | 5,540 | | | | 4,238,931 | |
Series A, 6.75%, 07/01/36(i)(j) | | | 24,370 | | | | 19,252,300 | |
Series A, 5.00%, 07/01/42(i)(j) | | | 32,085 | | | | 24,549,838 | |
Series A-3, 10.00%, 07/01/19(i)(j) | | | 6,867 | | | | 5,880,036 | |
Series B-3, 10.00%, 07/01/19(i)(j) | | | 6,867 | | | | 5,880,035 | |
Series C-1, 5.40%, 01/01/18(i)(j) | | | 18,867 | | | | 15,423,965 | |
Series C-2, 5.40%, 07/01/18(i)(j) | | | 18,870 | | | | 15,426,460 | |
Series C-3, 5.40%, 01/01/20(i)(j) | | | 1,908 | | | | 1,559,362 | |
Series C-4, 5.40%, 07/01/20(i)(j) | | | 1,908 | | | | 1,559,362 | |
Series CCC, 5.25%, 07/01/26(i)(j) | | | 8,495 | | | | 6,499,949 | |
Series CCC, 5.25%, 07/01/27 | | | 5,010 | | | | 3,833,401 | |
Series CCC, 5.00%, 07/01/28 | | | 1,130 | | | | 864,620 | |
Series CCC, 5.25%, 07/01/28(i)(j) | | | 3,120 | | | | 2,387,268 | |
Series TT, 5.00%, 07/01/20(i)(j) | | | 1,235 | | | | 944,960 | |
Series TT, 5.00%, 07/01/21 | | | 3,315 | | | | 2,536,472 | |
Series TT, 5.00%, 07/01/23(i)(j) | | | 1,930 | | | | 1,476,739 | |
Series TT, 5.00%, 07/01/32(i)(j) | | | 10,360 | | | | 7,926,954 | |
Series WW, 5.50%, 07/01/19(i)(j) | | | 6,025 | | | | 4,511,219 | |
Series WW, 5.50%, 07/01/19(i)(j) | | | 4,300 | | | | 3,290,145 | |
Series WW, 5.50%, 07/01/20(i)(j) | | | 1,000 | | | | 765,150 | |
Series WW, 5.38%, 07/01/23(i)(j) | | | 2,355 | | | | 1,801,928 | |
Series WW, 5.38%, 07/01/24(i)(j) | | | 4,545 | | | | 3,477,607 | |
Series WW, 5.25%, 07/01/25(i)(j) | | | 2,300 | | | | 1,759,845 | |
Series WW, 5.00%, 07/01/28 | | | 6,105 | | | | 4,671,241 | |
Series WW, 5.50%, 07/01/38(i)(j) | | | 3,980 | | | | 3,045,297 | |
Series XX, 5.25%, 07/01/26(i)(j) | | | 2,385 | | | | 1,824,883 | |
Series XX, 5.25%, 07/01/27(i)(j) | | | 2,630 | | | | 2,012,344 | |
Series XX, 5.25%, 07/01/35(i)(j) | | | 1,310 | | | | 1,002,346 | |
Series XX, 5.75%, 07/01/36(i)(j) | | | 1,825 | | | | 1,396,399 | |
Series XX, 5.25%, 07/01/40(i)(j) | | | 17,040 | | | | 13,038,156 | |
Puerto Rico Electric Power Authority, Refunding RB(i)(j): | | | | | | | | |
Series AAA, 5.25%, 07/01/30 | | | 2,085 | | | | 1,595,338 | |
Series AAA, 5.25%, 07/01/21 | | | 7,185 | | | | 5,497,603 | |
Series AAA, 5.25%, 07/01/22 | | | 7,025 | | | | 5,375,179 | |
Series AAA, 5.25%, 07/01/24 | | | 1,575 | | | | 1,205,111 | |
Series AAA, 5.25%, 07/01/25 | | | 5,750 | | | | 4,399,612 | |
Series AAA, 5.25%, 07/01/28 | | | 1,100 | | | | 841,665 | |
Series AAA, 5.25%, 07/01/29 | | | 5,420 | | | | 4,147,113 | |
Series AAA, 5.25%, 07/01/31 | | | 5,720 | | | | 4,376,658 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Puerto Rico (continued) | |
Series BBB, 5.40%, 07/01/28 | | $ | 9,505 | | | $ | 7,272,751 | |
Series DDD, 5.00%, 07/01/20 | | | 1,810 | | | | 1,384,921 | |
Series UU, 1.00%, 07/01/19(c) | | | 1,165 | | | | 789,288 | |
Series UU, 1.16%, 07/01/19(c) | | | 1,295 | | | | 877,363 | |
Series UU, 1.00%, 07/01/20(c) | | | 10,400 | | | | 7,271,337 | |
Series UU, 2.11%, 07/01/31(c) | | | 12,285 | | | | 8,589,267 | |
Series V, 5.50%, 07/01/20 | | | 6,440 | | | | 4,927,566 | |
Series ZZ, 5.25%, 07/01/19 | | | 4,745 | | | | 3,630,637 | |
Series ZZ, 5.25%, 07/01/19 | | | 10,185 | | | | 7,793,053 | |
Series ZZ, 5.25%, 07/01/21 | | | 2,480 | | | | 1,897,572 | |
Series ZZ, 5.25%, 07/01/22 | | | 1,115 | | | | 853,142 | |
Series ZZ, 5.25%, 07/01/24 | | | 1,435 | | | | 1,097,990 | |
Series ZZ, 5.25%, 07/01/25 | | | 2,440 | | | | 1,866,966 | |
Series ZZ, 5.25%, 07/01/26 | | | 790 | | | | 604,469 | |
Taxable Build America Bonds, Series YY, 6.13%, 07/01/40 | | | 13,440 | | | | 10,283,616 | |
Puerto Rico Public Buildings Authority, RB, Government Facilities, Series N, 5.00%, 07/01/37(i)(j) | | | 1,335 | | | | 1,145,597 | |
Puerto Rico Public Buildings Authority, Refunding RB: | | | | | | | | |
Government Facilities, Series F (GTD), 5.25%, 07/01/24(i)(j) | | | 2,175 | | | | 1,866,422 | |
Government Facilities, Series U (GTD), 5.25%, 07/01/42 | | | 3,120 | | | | 2,314,865 | |
Series M, 10.00%, 07/01/34(i)(j) | | | 3,325 | | | | 3,069,447 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: | | | | | | | | |
CAB,Series A-1, 0.00%, 07/01/24(e) | | | 1,257 | | | | 1,106,336 | |
CAB,Series A-1, 0.00%, 07/01/27(e) | | | 2,401 | | | | 1,916,382 | |
CAB,Series A-1, 0.00%, 07/01/29(e) | | | 3,745 | | | | 2,780,213 | |
CAB,Series A-1, 0.00%, 07/01/31(e) | | | 4,464 | | | | 3,057,617 | |
CAB,Series A-1, 0.00%, 07/01/33(e) | | | 6,377 | | | | 4,026,757 | |
CAB,Series A-1, 0.00%, 07/01/46(e) | | | 133,528 | | | | 35,398,273 | |
CAB,Series A-1, 0.00%, 07/01/51(e) | | | 36,291 | | | | 7,065,495 | |
Series A-1, 4.75%, 07/01/53 | | | 54,066 | | | | 55,825,848 | |
Series A-1, 5.00%, 07/01/58 | | | 79,250 | | | | 83,302,052 | |
Series A-2, 4.33%, 07/01/40 | | | 73,415 | | | | 74,262,943 | |
Series A-2, 4.78%, 07/01/58 | | | 59,352 | | | | 61,203,782 | |
Series A-2, 4.54%, 07/01/53 | | | 14,353 | | | | 14,567,577 | |
Series B-1, 0.00%, 07/01/46(e) | | | 18,521 | | | | 4,903,250 | |
| | | | | | | | |
| | | | | | | 855,467,325 | |
|
Rhode Island — 0.6% | |
Rhode Island Health & Educational Building Corp., Refunding RB, Brown University, 5.00%, 09/01/43 | | | 10,000 | | | | 11,165,400 | |
Rhode Island Housing & Mortgage Finance Corp., RB: | | | | | | | | |
M/F,Series 3-B (FHA), 3.70%, 10/01/34 | | | 1,550 | | | | 1,612,357 | |
M/F,Series 3-B (FHA), 3.88%, 10/01/39 | | | 1,610 | | | | 1,671,518 | |
S/F Housing, Series 70 (Ginnie Mae), 2.80%, 10/01/34 | | | 5,000 | | | | 5,096,000 | |
S/F Housing, Series 70 (Ginnie Mae), 3.00%, 10/01/39 | | | 4,125 | | | | 4,181,636 | |
S/F Housing, Series 70 (Ginnie Mae), 3.15%, 10/01/44 | | | 10,000 | | | | 10,166,800 | |
S/F Housing, Series 70 (Ginnie Mae), 3.25%, 10/01/46 | | | 4,200 | | | | 4,260,270 | |
S/F Housing, Series 71, 2.75%, 10/01/34 | | | 3,965 | | | | 3,986,094 | |
S/F Housing, Series 71, 3.00%, 10/01/39 | | | 4,000 | | | | 4,041,960 | |
S/F Housing, Series 71, 3.10%, 10/01/44 | | | 5,500 | | | | 5,535,035 | |
Rhode Island Housing & Mortgage Finance Corp., Refunding RB, Homeownership Opportunity, S/F Housing,Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac): | | | | | | | | |
3.55%, 10/01/33 | | | 5,000 | | | | 5,379,100 | |
3.85%, 10/01/38 | | | 5,000 | | | | 5,420,500 | |
| | |
52 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Rhode Island (continued) | |
Tobacco Settlement Financing Corp., Refunding RB: | | | | | | | | |
Series A, 5.00%, 06/01/40 | | $ | 5,000 | | | $ | 5,555,600 | |
Series B, 4.50%, 06/01/45 | | | 5,000 | | | | 5,222,600 | |
| | | | | | | | |
| | | | | | | 73,294,870 | |
|
South Carolina — 1.8% | |
City of Columbia South Carolina Waterworks & Sewer System, RB, Series A, 5.00%, 02/01/49(b) | | | 7,875 | | | | 9,657,113 | |
County of Dorchester South Carolina, Special Assessment Bonds(a): | | | | | | | | |
5.88%, 10/01/40 | | | 2,310 | | | | 2,493,483 | |
6.00%, 10/01/51 | | | 6,240 | | | | 6,651,466 | |
County of Lexington South Carolina Health Services District, Inc., RB, Lexington Medical Center, 5.00%, 11/01/41 | | | 10,000 | | | | 11,593,900 | |
County of Lexington South Carolina School District No. 1, GO, Refunding, Series B, 5.00%, 02/01/23 | | | 5,000 | | | | 5,598,350 | |
County of Spartanburg School District No. 7, GO, Refunding, Series D, 5.00%, 03/01/48 | | | 10,000 | | | | 12,280,800 | |
South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/38 | | | 10,000 | | | | 11,968,900 | |
South Carolina Public Service Authority, RB: | | | | | | | | |
Build America Bonds, Series F (AGM), 6.45%, 01/01/50 | | | 10,950 | | | | 16,758,099 | |
Santee Cooper, Series F (AGM), 5.74%, 01/01/30 | | | 5,000 | | | | 6,150,050 | |
Series A, 5.00%, 12/01/49 | | | 10,000 | | | | 11,126,700 | |
South Carolina Public Service Authority, Refunding RB: | | | | | | | | |
Obligations, Series B, 5.00%, 12/01/41 | | | 10,000 | | | | 11,701,500 | |
Santee Cooper, Series D, 5.00%, 12/01/43 | | | 10,000 | | | | 10,696,900 | |
Taxable Obligation (AGM), 3.92%, 12/01/24 | | | 3,405 | | | | 3,637,425 | |
South Carolina State Housing Finance & Development Authority, RB, Series A, S/F: | | | | | | | | |
Housing, 2.80%, 07/01/34 | | | 1,780 | | | | 1,810,563 | |
Housing, 3.00%, 07/01/39 | | | 3,430 | | | | 3,462,688 | |
Housing, 3.20%, 07/01/49 | | | 5,000 | | | | 5,104,950 | |
3.75%, 07/01/43 | | | 5,000 | | | | 5,274,850 | |
South Carolina State Housing Finance & Development Authority, Refunding RB: | | | | | | | | |
S/F (Ginnie Mae, Fannie Mae & Freddie Mac), 3.80%, 07/01/34 | | | 7,280 | | | | 7,879,726 | |
S/F Housing, Series B, 2.25%, 07/01/30 | | | 1,025 | | | | 1,027,235 | |
S/F Housing, Series B, 2.35%, 07/01/31 | | | 1,025 | | | | 1,027,778 | |
S/F Housing, Series B, 2.45%, 07/01/32 | | | 1,030 | | | | 1,033,687 | |
S/F Housing, Series B, 2.90%, 07/01/39 | | | 3,000 | | | | 3,012,480 | |
S/F Housing, Series B, 3.10%, 07/01/49 | | | 6,540 | | | | 6,596,963 | |
Spartanburg Regional Health Services District, Refunding RB, Series A, 5.00%, 04/15/48 | | | 10,000 | | | | 11,566,500 | |
State of South Carolina Housing Finance & Development Authority, RB, S/F Housing, Series B (Ginnie Mae, Fannie Mae & Freddie Mac), 3.40%, 07/01/38 | | | 2,960 | | | | 3,144,704 | |
State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/43 | | | 5,000 | | | | 5,914,400 | |
State of South Carolina Public Service Authority, RB, Series E: | | | | | | | | |
5.00%, 12/01/48 | | | 10,000 | | | | 11,019,800 | |
5.50%, 12/01/53 | | | 5,000 | | | | 5,613,650 | |
State of South Carolina Public Service Authority, Refunding RB: | | | | | | | | |
Series A, 5.00%, 12/01/50 | | | 10,000 | | | | 11,344,400 | |
Series C, 5.00%, 12/01/46 | | | 10,000 | | | | 11,259,900 | |
| | | | | | | | |
| | | | | | | 216,408,960 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
South Dakota — 0.1% | |
South Dakota Housing Development Authority, RB, Series B, S/F: | | | | | | | | |
Housing, 4.05%, 11/01/38 | | $ | 5,000 | | | $ | 5,434,700 | |
4.15%, 05/01/42 | | | 5,000 | | | | 5,471,500 | |
| | | | | | | | |
| | | | | | | 10,906,200 | |
|
Tennessee — 1.1% | |
County of Knox Tennessee Health Educational & Housing Facility Board, RB, University Health System, Inc.: | | | | | | | | |
5.00%, 04/01/23 | | | 1,000 | | | | 1,100,210 | |
5.00%, 04/01/25 | | | 1,000 | | | | 1,150,470 | |
5.00%, 04/01/27 | | | 1,400 | | | | 1,670,032 | |
5.00%, 04/01/28 | | | 1,000 | | | | 1,189,730 | |
County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Subordinate Tax Increment, Series C, 7.00%, 07/01/45 | | | 4,200 | | | | 4,559,898 | |
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 | | | 5,000 | | | | 5,824,500 | |
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/46 | | | 10,000 | | | | 11,562,600 | |
State of Tennessee, GO, Refunding, Series A, 5.00%, 08/01/24 | | | 5,000 | | | | 5,871,200 | |
Tennessee Energy Acquisition Corp., RB, Gas Project, Series A, 4.00%, 05/01/48(d) | | | 25,000 | | | | 26,891,000 | |
Tennessee Housing Development Agency, RB, S/F, 3.65%, 07/01/45 | | | 5,990 | | | | 6,135,677 | |
Tennessee Housing Development Agency, Refunding RB, S/F: | | | | | | | | |
Housing, Residential Finance Program Bonds, 2.65%, 07/01/32 | | | 1,480 | | | | 1,515,949 | |
Housing, Residential Finance Program Bonds, 2.65%, 07/01/34(b) | | | 2,480 | | | | 2,509,834 | |
Housing, Residential Finance Program Bonds, 2.80%, 07/01/34 | | | 5,000 | | | | 5,114,200 | |
Housing, Residential Finance Program Bonds, 2.90%, 07/01/39(b) | | | 5,600 | | | | 5,672,464 | |
Housing, Residential Finance Program Bonds, 3.00%, 07/01/39 | | | 11,000 | | | | 11,158,070 | |
Housing, Residential Finance Program Bonds, 3.10%, 07/01/41 | | | 9,885 | | | | 10,033,967 | |
Housing, Residential Finance Program Bonds, 3.05%, 07/01/44(b) | | | 5,000 | | | | 5,056,850 | |
Housing, Residential Finance Program Bonds, 3.10%, 07/01/49(b) | | | 8,000 | | | | 8,091,920 | |
AMT, Issue 4B, 3.00%, 07/01/32 | | | 1,325 | | | | 1,391,237 | |
Issue 4, 4.00%, 07/01/43 | | | 9,820 | | | | 10,483,930 | |
| | | | | | | | |
| | | | | | | 126,983,738 | |
|
Texas — 6.2% | |
Arlington Higher Education Finance Corp., RB: | | | | | | | | |
Austin Discovery School, Inc., 6.25%, 08/15/24(a) | | | 445 | | | | 446,780 | |
Series A, 7.13%, 03/01/44 | | | 1,250 | | | | 1,327,413 | |
Brazosport Independent School District, GO(PSF-GTD): | | | | | | | | |
5.00%, 02/15/28 | | | 5,000 | | | | 6,321,350 | |
5.00%, 02/15/29 | | | 5,000 | | | | 6,439,600 | |
5.00%, 02/15/30 | | | 5,000 | | | | 6,405,700 | |
5.00%, 02/15/31 | | | 5,000 | | | | 6,352,800 | |
City of Austin Texas Airport System Revenue, ARB, Series A, 5.00%, 11/15/41 | | | 5,000 | | | | 5,936,900 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 53 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Texas (continued) | |
City of Austin Texas Airport System Revenue, Refunding RB, AMT: | | | | | | | | |
5.00%, 11/15/21 | | $ | 5,000 | | | $ | 5,356,700 | |
5.00%, 11/15/23 | | | 5,000 | | | | 5,693,250 | |
5.00%, 11/15/25 | | | 10,000 | | | | 11,898,100 | |
City of Houston Texas Airport System, ARB,Series B-1, AMT, 5.00%, 07/15/35 | | | 7,400 | | | | 8,219,106 | |
City of Houston Texas Airport System, Refunding ARB, AMT: | | | | | | | | |
Special Facilities, Continental Airlines, Inc., Series A, 6.50%, 07/15/30 | | | 1,000 | | | | 1,065,070 | |
Special Facilities, Continental Airlines, Inc., Series A, 6.63%, 07/15/38 | | | 3,000 | | | | 3,189,540 | |
Subordinate Lien, Series A, 5.00%, 07/01/23 | | | 10,000 | | | | 10,942,100 | |
United Airlines, Inc. Terminal E Project, 5.00%, 07/01/29 | | | 13,000 | | | | 14,489,410 | |
United Airlines, Inc., Airport Improvement Projects, Series C, 5.00%, 07/15/20 | | | 15,950 | | | | 16,255,283 | |
City of Houston Texas Airport System Revenue, Refunding RB,Sub-Series D: | | | | | | | | |
5.00%, 07/01/36 | | | 10,000 | | | | 12,311,300 | |
5.00%, 07/01/37 | | | 5,000 | | | | 6,148,600 | |
5.00%, 07/01/38 | | | 5,000 | | | | 6,138,650 | |
City of Houston Texas Combined Utility System Revenue, Refunding RB: | | | | | | | | |
Capital Appreciation, Series A (AGM), 0.00%, 12/01/28(e)(g) | | | 10,000 | | | | 8,470,700 | |
First Lien, Series C, 2.51%, 11/15/32 | | | 19,000 | | | | 18,477,690 | |
County of Bexar Texas, GOL, Certificates of Obligation, Series B, 5.00%, 06/15/23(h) | | | 25,000 | | | | 28,322,000 | |
County of Harris Texas, Refunding RB: | | | | | | | | |
Senior Lien, Series A, 5.00%, 08/15/22 | | | 5,000 | | | | 5,500,600 | |
Series B (AMBAC), 1.95%, 08/15/35(c) | | | 10,250 | | | | 9,731,903 | |
County of Harris Texas Flood Control District, Refunding RB, Flood Control District, Series A, 4.00%, 10/01/38 | | | 5,000 | | | | 5,579,600 | |
County of Tarrant Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/43 | | | 6,000 | | | | 7,197,960 | |
Dallas-Fort Worth International Airport, ARB, Series H, AMT, 5.00%, 11/01/45 | | | 10,000 | | | | 10,523,900 | |
Dallas-Fort Worth International Airport, Refunding ARB, AMT, 1.35%, 11/01/20(a) | | | 60,000 | | | | 60,000,600 | |
Houston Independent School District, Refunding, GOL(PSF-GTD), 5.00%, 02/15/24 | | | 5,000 | | | | 5,766,400 | |
Katy Independent School District, GO, Refunding, Series D(PSF-GTD), 5.00%, 02/15/24 | | | 5,000 | | | | 5,770,400 | |
Leander Independent School District, GO, School Building, Series C(PSF-GTD)(e)(h): | | | | | | | | |
CAB, 0.00%, 08/15/24 | | | 20,000 | | | | 6,797,800 | |
CAB, 0.00%, 08/15/24 | | | 5,000 | | | | 2,380,350 | |
CAB, 0.00%, 08/15/24 | | | 5,000 | | | | 2,248,450 | |
CAB, 0.00%, 08/15/24 | | | 25,000 | | | | 8,975,250 | |
CAB, 0.00%, 08/15/24 | | | 25,000 | | | | 7,533,750 | |
0.00%, 08/15/24 | | | 15,000 | | | | 3,530,100 | |
Matagorda County Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 2.60%, 11/01/29 | | | 25,000 | | | | 26,098,250 | |
Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31(a) | | | 15,615 | | | | 16,905,736 | |
New Hope Cultural Education Facilities Finance Corp., RB, Cityscape School, Inc., Series A(a): | | | | | | | | |
5.00%, 08/15/39 | | | 1,210 | | | | 1,349,356 | |
5.00%, 08/15/51 | | | 2,670 | | | | 2,925,145 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Texas (continued) | |
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A: | | | | | | | | |
Children Health System, 5.00%, 08/15/47 | | $ | 5,745 | | | $ | 6,777,491 | |
Jubilee Academic Center, 5.00%, 08/15/46(a) | | | 4,055 | | | | 4,121,948 | |
Jubilee Academic, 5.00%, 08/15/36(a) | | | 4,055 | | | | 4,137,763 | |
North Texas Tollway Authority, Refunding RB: | | | | | | | | |
1st Tier System (AGC), 0.00%, 01/01/28(e) | | | 10,000 | | | | 8,492,600 | |
1st Tier-Series A, 5.00%, 01/01/36 | | | 5,000 | | | | 5,948,400 | |
2nd Tier, Series B, 5.00%, 01/01/24 | | | 5,500 | | | | 6,308,610 | |
2nd Tier, Series B, 5.00%, 01/01/25 | | | 11,400 | | | | 13,416,204 | |
2nd Tier-Series B, 5.00%, 01/01/43 | | | 5,000 | | | | 5,892,600 | |
Capital Appreciation, 1st Tier-Series I (AGC), 6.20%, 01/01/42 | | | 10,000 | | | | 12,075,000 | |
Plano Independent School District, GO, Refunding, Series A(PSF-GTD), 5.00%, 02/15/29 | | | 5,000 | | | | 6,005,800 | |
Plano Independent School District, GO, School Building(PSF-GTD), 5.00%, 02/15/25 | | | 5,000 | | | | 5,928,250 | |
Red River Health Facilities Development Corp., MRB, Eden Home, Inc. Project, 5.63%, 12/15/22(i)(j) | | | 2,570 | | | | 1,643,764 | |
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Texas Health Resources System, 5.00%, 02/15/47 | | | 5,000 | | | | 5,831,500 | |
Texas Department of Housing & Community Affairs, RB, S/F Housing: | | | | | | | | |
Series A (Ginnie Mae), 2.70%, 09/01/34 | | | 5,000 | | | | 5,139,600 | |
Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 2.84%, 09/01/47 | | | 13,529 | | | | 13,658,816 | |
Texas Municipal Gas Acquisition & Supply Corp. I, RB, Senior Lien: | | | | | | | | |
Series B, 2.12%, 12/15/26(c) | | | 20,835 | | | | 20,675,716 | |
Series D, 6.25%, 12/15/26 | | | 22,855 | | | | 26,631,332 | |
Texas Municipal Gas Acquisition & Supply Corp. III, RB: | | | | | | | | |
5.00%, 12/15/26 | | | 5,000 | | | | 5,474,250 | |
5.00%, 12/15/28 | | | 5,000 | | | | 5,458,950 | |
Natural Gas Utility Improvements, 5.00%, 12/15/20 | | | 5,000 | | | | 5,171,500 | |
Natural Gas Utility Improvements, 5.00%, 12/15/23 | | | 10,000 | | | | 10,981,500 | |
Natural Gas Utility Improvements, 5.00%, 12/15/24 | | | 10,000 | | | | 10,976,800 | |
Natural Gas Utility Improvements, 5.00%, 12/15/25 | | | 10,000 | | | | 10,977,200 | |
Natural Gas Utility Improvements, 5.00%, 12/15/29 | | | 5,000 | | | | 5,447,400 | |
Natural Gas Utility Improvements, 5.00%, 12/15/30 | | | 5,000 | | | | 5,445,600 | |
Natural Gas Utility Improvements, 5.00%, 12/15/31 | | | 5,000 | | | | 5,439,000 | |
Natural Gas Utility Improvements, 5.00%, 12/15/32 | | | 10,000 | | | | 10,864,800 | |
Texas Private Activity Bond Surface Transportation Corp., RB, AMT: | | | | | | | | |
Segment 3C Project, 5.00%, 06/30/58 | | | 50,000 | | | | 58,148,000 | |
Senior Lien, Blueridge Transportation Group, 5.00%, 12/31/40 | | | 10,000 | | | | 11,159,400 | |
Senior Lien, Blueridge Transportation Group, 5.00%, 12/31/45 | | | 19,635 | | | | 21,919,729 | |
Senior Lien, Blueridge Transportation Group, 5.00%, 12/31/50 | | | 8,845 | | | | 9,836,613 | |
Senior Lien, Blueridge Transportation Group, 5.00%, 12/31/55 | | | 10,000 | | | | 11,003,400 | |
Texas Transportation Commission State Highway Fund, Refunding RB, 1st Tier, Series A, 5.00%, 04/01/23 | | | 5,000 | | | | 5,626,650 | |
Texas Water Development Board, RB: | | | | | | | | |
State Water Implementation Fund, Series A, 5.00%, 04/15/23 | | | 10,000 | | | | 11,260,600 | |
State Water Implementation Revenue, 5.00%, 10/15/41 | | | 5,000 | | | | 5,958,050 | |
Town of Flower Mound Texas, Special Assessment Bonds, Riverwalk Public Improvement District No. 1, 6.75%, 09/01/43 | | | 2,000 | | | | 2,057,700 | |
| | | | | | | | |
| | | | | | | 744,916,128 | |
| | |
54 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Utah — 0.3% | |
Alpine School District, GO, Series B, 5.00%, 03/15/21 | | $ | 5,000 | | | $ | 5,246,450 | |
Salt Lake City Corp. Airport Revenue, ARB, AMT, Series A: | | | | | | | | |
5.00%, 07/01/28 | | | 5,000 | | | | 6,225,300 | |
5.00%, 07/01/42 | | | 5,000 | | | | 5,876,600 | |
Utah State Charter School Finance Authority, RB, Early Light Academy(a): | | | | | | | | |
5.00%, 07/15/34 | | | 530 | | | | 535,454 | |
5.13%, 07/15/49 | | | 4,830 | | | | 4,869,413 | |
Utah Transit Authority, Refunding RB, Series C (AGM), 5.25%, 06/15/32 | | | 10,000 | | | | 13,478,600 | |
| | | | | | | | |
| | | | | | | 36,231,817 | |
|
Vermont — 0.0% | |
Vermont Housing Finance Agency, Refunding RB, S/F, Multiple Purpose, Series B, 3.70%, 11/01/29 | | | 2,605 | | | | 2,774,273 | |
| | | | | | | | |
|
Virginia — 2.4% | |
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A: | | | | | | | | |
5.38%, 03/01/36 | | | 1,050 | | | | 1,160,827 | |
5.50%, 03/01/46 | | | 6,210 | | | | 6,794,609 | |
Cherry Hill Virginia Community Development Authority, Special Assessment Bonds, Potomac Shores Project(a): | | | | | | | | |
5.15%, 03/01/35 | | | 1,000 | | | | 1,062,110 | |
5.40%, 03/01/45 | | | 2,000 | | | | 2,107,140 | |
Chesapeake Bay Bridge & Tunnel District, RB: | | | | | | | | |
1st General Resolution Revenue, 5.00%, 07/01/46 | | | 5,000 | | | | 5,772,150 | |
1st General Resolution Revenue, 5.00%, 07/01/51 | | | 10,000 | | | | 11,542,600 | |
1st Tier General Resolution Revenue, 5.00%, 11/01/23 | | | 25,000 | | | | 28,378,500 | |
City of Virginia Beach Virginia, GO, Series A: | | | | | | | | |
5.00%, 07/15/24 | | | 5,000 | | | | 5,852,600 | |
5.00%, 07/15/25 | | | 5,000 | | | | 6,014,350 | |
Commonwealth of Virginia, GO, Refunding, Series A, 5.00%, 06/01/24 | | | 5,000 | | | | 5,844,150 | |
County of Fairfax Virginia, GO, Series A: | | | | | | | | |
4.00%, 10/01/23 | | | 5,000 | | | | 5,540,200 | |
4.00%, 10/01/24 | | | 5,000 | | | | 5,663,500 | |
County of Hanover Virginia EDA, Refunding RB, Covenant Woods: | | | | | | | | |
5.00%, 07/01/38 | | | 125 | | | | 136,454 | |
5.00%, 07/01/48 | | | 365 | | | | 394,448 | |
5.00%, 07/01/51 | | | 410 | | | | 442,599 | |
Series A, 4.00%, 07/01/22 | | | 615 | | | | 629,889 | |
Residential Care Facility, Series A, 5.00%, 07/01/47 | | | 1,985 | | | | 2,049,334 | |
County of Henrico Virginia EDA, Refunding RB, United Methodist Homes: | | | | | | | | |
5.00%, 06/01/22 | | | 625 | | | | 668,519 | |
5.00%, 06/01/23 | | | 420 | | | | 448,816 | |
County of Loudoun Economic Development Authority, RB, Howard Hughes Medical Institute Issue, 0.00%, 07/01/49(e) | | | 25,115 | | | | 9,599,455 | |
Dulles Town Center Community Development Authority, Refunding, Special Assessment Bonds, Dulles Town Center Project, 4.00%, 03/01/23 | | | 1,000 | | | | 1,009,940 | |
Lower Magnolia Green Community Development Authority, Special Assessment Bonds(a): | | | | | | | | |
5.00%, 03/01/35 | | | 2,885 | | | | 3,059,341 | |
5.00%, 03/01/45 | | | 2,960 | | | | 3,079,022 | |
Norfolk Airport Authority, ARB, 5.00%, 07/01/43 | | | 2,700 | | | | 3,322,836 | |
Tobacco Settlement Financing Corp., Refunding RB,Series A-1, 6.71%, 06/01/46 | | | 25,290 | | | | 24,108,957 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Virginia (continued) | |
University of Virginia, Refunding RB, Series B, 5.00%, 04/01/44 | | $ | 5,000 | | | $ | 6,077,400 | |
Virginia College Building Authority, RB, Green Bond, Marymount University Project, Series B, 5.00%, 07/01/45(a) | | | 3,340 | | | | 3,520,327 | |
Virginia Housing Development Authority, RB, M/F: | | | | | | | | |
Housing, Series B, 3.10%, 05/01/41 | | | 1,040 | | | | 1,057,285 | |
Housing, Series E, 2.30%, 12/01/30(b) | | | 1,000 | | | | 1,008,950 | |
Housing, Series E, 2.35%, 12/01/31(b) | | | 1,050 | | | | 1,059,345 | |
Housing, Series E, 2.45%, 12/01/32(b) | | | 1,305 | | | | 1,317,019 | |
Housing, Series E, 2.55%, 12/01/33(b) | | | 1,335 | | | | 1,347,602 | |
Housing, Series E, 2.65%, 12/01/34(b) | | | 1,270 | | | | 1,282,332 | |
Housing, Series E, 2.70%, 12/01/35(b) | | | 1,400 | | | | 1,413,594 | |
Housing, Series E, 2.75%, 12/01/36(b) | | | 1,435 | | | | 1,448,676 | |
Housing, Series E, 2.80%, 12/01/37(b) | | | 1,475 | | | | 1,489,175 | |
Housing, Series E, 2.90%, 12/01/38(b) | | | 1,510 | | | | 1,524,919 | |
Rental Housing, Series A, 3.50%, 06/01/33 | | | 1,335 | | | | 1,432,522 | |
Rental Housing, Series A, 3.63%, 06/01/38 | | | 3,730 | | | | 3,983,826 | |
Rental Housing, Series A, 3.75%, 06/01/43 | | | 4,590 | | | | 4,837,355 | |
Rental Housing, Series A, 4.05%, 08/01/49 | | | 2,345 | | | | 2,433,571 | |
Rental Housing, Series D, 3.80%, 10/01/43 | | | 5,000 | | | | 5,314,750 | |
Series A, 3.65%, 03/01/43 | | | 5,000 | | | | 5,230,550 | |
Series A, 3.88%, 03/01/45 | | | 6,150 | | | | 6,367,648 | |
Series A, 4.13%, 12/01/46 | | | 5,180 | | | | 5,566,169 | |
Series A, 3.75%, 03/01/48 | | | 5,000 | | | | 5,230,150 | |
Series A, 4.15%, 12/01/49 | | | 5,865 | | | | 6,292,734 | |
Series C, 3.85%, 08/01/53 | | | 4,110 | | | | 4,324,295 | |
Virginia Small Business Financing Authority, RB, Transform 66 P3 Project, AMT: | | | | | | | | |
5.00%, 12/31/47 | | | 5,000 | | | | 5,763,550 | |
5.00%, 12/31/49 | | | 10,000 | | | | 11,375,300 | |
5.00%, 12/31/52 | | | 25,000 | | | | 28,641,750 | |
5.00%, 12/31/56 | | | 25,000 | | | | 28,496,000 | |
| | | | | | | | |
| | | | | | | 282,519,140 | |
|
Washington — 3.0% | |
Central Puget Sound Regional Transit Authority, RB, Green Bond,Series S-1: | | | | | | | | |
5.00%, 11/01/41 | | | 10,000 | | | | 11,888,000 | |
5.00%, 11/01/46 | | | 25,000 | | | | 37,349,500 | |
Central Puget Sound Regional Transit Authority, Refunding RB, Green Bond,Series S-1, 5.00%, 11/01/50 | | | 25,000 | | | | 29,197,250 | |
City of Seattle WA Municipal Light & Power Revenue, Refunding RB, Series B: | | | | | | | | |
5.00%, 02/01/22 | | | 5,000 | | | | 5,415,450 | |
5.00%, 02/01/23 | | | 12,045 | | | | 13,490,761 | |
Energy Northwest, RB, Series E, 2.65%, 07/01/20 | | | 3,750 | | | | 3,764,400 | |
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.25%, 09/01/32 | | | 2,255 | | | | 2,360,331 | |
Mason County Public Hospital District No.1, RB, 5.00%, 12/01/48 | | | 5,000 | | | | 5,764,100 | |
Port of Seattle Washington, ARB, AMT: | | | | | | | | |
Intermediate Lien, 5.00%, 04/01/37 | | | 8,385 | | | | 10,224,334 | |
International Lien, Series C, 5.00%, 05/01/21 | | | 5,000 | | | | 5,254,800 | |
International Lien, Series C, 5.00%, 05/01/22 | | | 5,000 | | | | 5,426,600 | |
International Lien, Series D, 5.00%, 05/01/24 | | | 5,000 | | | | 5,744,050 | |
International Lien, Series D, 5.00%, 05/01/25 | | | 5,000 | | | | 5,863,400 | |
International Lien, Series D, 5.00%, 05/01/26 | | | 5,000 | | | | 6,010,250 | |
Series A, 5.00%, 05/01/22 | | | 11,475 | | | | 12,459,555 | |
Seattle Housing Authority, Refunding RB, M/F (HUD), 3.50%, 12/01/35 | | | 1,500 | | | | 1,596,330 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 55 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Washington (continued) | |
State of Washington, GO: | | | | | | | | |
Series A, 5.00%, 08/01/33 | | $ | 10,000 | | | $ | 12,740,900 | |
Series A, 5.00%, 08/01/34 | | | 10,000 | | | | 12,687,600 | |
Series A, 5.00%, 08/01/36 | | | 10,000 | | | | 12,620,200 | |
Series A, 5.00%, 08/01/38 | | | 10,000 | | | | 12,539,000 | |
Series A, 5.00%, 08/01/39 | | | 10,000 | | | | 12,508,400 | |
Series A, 5.00%, 08/01/40 | | | 10,000 | | | | 12,479,200 | |
Series A, 5.00%, 08/01/44 | | | 25,000 | | | | 31,013,500 | |
Series C, 5.00%, 02/01/23 | | | 5,000 | | | | 5,602,150 | |
Washington Health Care Facilities Authority, Refunding RB: | | | | | | | | |
CommonSpirit Health, Series A, 5.00%, 08/01/37 | | | 5,000 | | | | 6,006,750 | |
CommonSpirit Health, Series A, 5.00%, 08/01/44 | | | 10,000 | | | | 11,770,200 | |
Providence Health Services, Series C, 5.00%, 10/01/44 | | | 5,000 | | | | 5,666,500 | |
Washington State Convention Center Public Facilities District, RB: | | | | | | | | |
5.00%, 07/01/58 | | | 25,000 | | | | 29,472,000 | |
5.00%, 07/01/58 | | | 25,000 | | | | 29,497,750 | |
| | | | | | | | |
| | | | | | | 356,413,261 | |
|
West Virginia — 0.5% | |
West Virginia Hospital Finance Authority, Refunding RB: | | | | | | | | |
Charleston Area Medical Center, Inc., 5.00%, 09/01/29 | | | 3,260 | | | | 4,089,116 | |
Charleston Area Medical Center, Inc., 5.00%, 09/01/30 | | | 3,375 | | | | 4,220,910 | |
Charleston Area Medical Center, Inc., 5.00%, 09/01/31 | | | 2,775 | | | | 3,430,816 | |
Charleston Area Medical Center, Inc., 5.00%, 09/01/38 | | | 4,550 | | | | 5,458,726 | |
Charleston Area Medical Center, Inc., 5.00%, 09/01/39 | | | 1,970 | | | | 2,357,302 | |
West Virginia United Health System Obligated Group, 5.00%, 06/01/23 | | | 5,000 | | | | 5,614,300 | |
West Virginia United Health System Obligated Group, 5.00%, 06/01/24 | | | 5,000 | | | | 5,762,700 | |
West Virginia Housing Development Fund, RB, S/F, Series B, 3.95%, 11/01/34 | | | 6,845 | | | | 7,155,968 | |
West Virginia Housing Development Fund, Refunding RB, AMT, Series A, 3.70%, 11/01/29 | | | 1,280 | | | | 1,353,203 | |
West Virginia Tobacco Settlement Finance Authority, RB, Series A, 7.47%, 06/01/47 | | | 16,780 | | | | 17,414,452 | |
| | | | | | | | |
| | | | | | | 56,857,493 | |
|
Wisconsin — 1.7% | |
Public Finance Authority, ARB, Denver International Airport Great Hall Project, AMT: | | | | | | | | |
5.00%, 09/30/37 | | | 19,855 | | | | 19,864,927 | |
5.00%, 09/30/49 | | | 25,000 | | | | 25,000,000 | |
Public Finance Authority, RB(a): | | | | | | | | |
Alabama Proton Therapy Center, Series A, 6.25%, 10/01/31 | | | 1,285 | | | | 1,431,708 | |
Alabama Proton Therapy Center, Series A, 7.00%, 10/01/47 | | | 1,285 | | | | 1,444,379 | |
Delray Beach Radiation Therapy, 7.00%, 11/01/46 | | | 5,085 | | | | 5,807,222 | |
Gray Collegiate Academy Project, 6.00%, 06/15/24(b) | | | 385 | | | | 384,827 | |
Seattle Proton Center, Series A, 7.55%, 12/01/30 | | | 1,780 | | | | 1,856,700 | |
Seattle Proton Center, Series A, 7.63%, 12/01/48 | | | 6,440 | | | | 6,638,352 | |
Traders Point Christian Schools, Series B, 5.62%, 06/01/29 | | | 1,070 | | | | 1,076,752 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Wisconsin (continued) | |
Public Finance Authority, Refunding RB: | | | | | | | | |
National Gypsum Co., AMT, 4.00%, 08/01/35 | | $ | 4,840 | | | $ | 4,966,663 | |
Wakemed Hospital, Series A, 5.00%, 10/01/44 | | | 10,000 | | | | 11,936,300 | |
State of Wisconsin, GO, Refunding, Series 1, 5.00%, 11/01/24 | | | 10,000 | | | | 11,804,800 | |
State of Wisconsin, GO, Series B, 5.00%, 05/01/39(b) | | | 15,550 | | | | 18,820,942 | |
State of Wisconsin, Refunding RB: | | | | | | | | |
Series A, 5.00%, 05/01/24 | | | 10,000 | | | | 11,641,400 | |
Series A, 5.00%, 05/01/25 | | | 5,000 | | | | 5,980,600 | |
Series C, 3.15%, 05/01/27 | | | 2,800 | | | | 2,927,204 | |
Wisconsin Health & Educational Facilities Authority, RB, Series B, Marshfield Clinic: | | | | | | | | |
Health System, 5.00%, 02/15/42 | | | 10,000 | | | | 11,408,400 | |
Health System, 5.00%, 02/15/46 | | | 5,000 | | | | 5,680,950 | |
5.00%, 02/15/40 | | | 10,000 | | | | 10,627,600 | |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Ascension Health Credit Group, Series A, 5.00%, 11/15/35 | | | 10,000 | | | | 11,884,200 | |
Wisconsin Housing & Economic Development Authority, RB: | | | | | | | | |
M/F Housing, Series A, 3.00%, 11/01/39(b) | | | 2,500 | | | | 2,515,925 | |
M/F Housing, Series A, 3.15%, 11/01/44(b) | | | 2,000 | | | | 2,016,520 | |
M/F Housing, Series A, 3.20%, 11/01/49(b) | | | 1,370 | | | | 1,386,536 | |
M/F Housing, Series A, 3.38%, 05/01/57(b) | | | 2,730 | | | | 2,752,632 | |
S/F Housing (Ginnie Mae, Fannie Mae & Freddie Mac), 2.69%, 07/01/47 | | | 19,348 | | | | 19,645,313 | |
| | | | | | | | |
| | | | | | | 199,500,852 | |
|
Wyoming — 0.1% | |
Wyoming Community Development Authority, RB, S/F, Series 3, 3.70%, 06/01/39 | | | 3,940 | | | | 4,121,161 | |
Wyoming Community Development Authority, Refunding RB, Series 3, 4.13%, 12/01/44 | | | 5,360 | | | | 5,360,000 | |
| | | | | | | | |
| | | | | | | 9,481,161 | |
| | | | | | | | |
| |
Total Municipal Bonds — 92.0% (Cost — $10,672,689,172) | | | | 11,046,195,393 | |
| | | | | |
|
Municipal Bonds Transferred to Tender Option Bond Trusts(k) | |
|
Alaska — 0.1% | |
Alaska Housing Finance Corp., RB, S/F, Series A, 3.70%, 12/01/38 | | | 10,000 | | | | 10,676,100 | |
| | | | | | | | |
|
Arizona — 0.3% | |
Arizona State University, Refunding RB, Arizona State University System Board of Regents, Series A, 5.00%, 07/01/22(h) | | | 10,000 | | | | 10,977,496 | |
City of Phoenix Arizona Civic Improvement Corp., ARB, AMT, Series A, 5.00%, 07/01/47 | | | 10,000 | | | | 11,660,700 | |
Salt River Project Agricultural Improvement & Power District, RB, Series A, 5.00%, 12/01/45 | | | 10,000 | | | | 11,670,700 | |
| | | | | | | | |
| | | | | | | 34,308,896 | |
|
California — 2.6% | |
California Educational Facilities Authority, Refunding RB, Pepperdine University: | | | | | | | | |
5.00%, 09/01/45 | | | 10,490 | | | | 12,319,560 | |
5.00%, 10/01/46 | | | 10,000 | | | | 11,815,499 | |
California Health Facilities Financing Authority, RB, Series A: | | | | | | | | |
Lucile Salter Packard Children’s Hospital at Stanford, 5.00%, 08/15/43 | | | 10,000 | | | | 11,322,498 | |
Stanford Hospital and Clinics, 5.00%, 08/15/51 | | | 10,000 | | | | 10,878,000 | |
Sutter Health, 5.00%, 08/15/52 | | | 10,000 | | | | 11,099,500 | |
| | |
56 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
California (continued) | |
California Health Facilities Financing Authority, Refunding RB, Kaiser Permanente,Sub-Series A-2, 5.00%, 11/01/47 | | $ | 10,000 | | | $ | 15,217,300 | |
California Infrastructure & Economic Development Bank, RB: | | | | | | | | |
5.00%, 05/15/47 | | | 10,000 | | | | 12,280,800 | |
5.00%, 05/15/52 | | | 10,000 | | | | 12,204,500 | |
California Public Finance Authority, Refunding RB, Sharp Healthcare, Series A, 5.00%, 08/01/47 | | | 10,000 | | | | 11,976,000 | |
California State Infrastructure Authority, Refunding RB, Academy Motion Picture Arts and Sciences, 5.00%, 11/01/41 | | | 10,000 | | | | 11,227,401 | |
Chaffey Joint Union High School District, GO, Election of 2012, Series C, 5.25%, 08/01/47 | | | 10,000 | | | | 12,226,900 | |
Chino Valley Unified School District, GO, Election 2016, Series A, 5.25%, 08/01/47 | | | 10,000 | | | | 12,547,500 | |
City & County of San Francisco California Airports Commission, Refunding ARB, San Francisco International Airport, Series A, AMT, 5.00%, 05/01/44 | | | 10,000 | | | | 11,186,497 | |
City of Los Angeles California Department of Airports, ARB, Series A, AMT, 5.00%, 05/15/45 | | | 10,000 | | | | 11,442,999 | |
City of Los Angeles California Department of Airports, Refunding ARB, Series B, 5.00%, 05/15/35 | | | 10,000 | | | | 10,881,298 | |
City of Los Angeles California Department of Water & Power, RB, Series B, 5.00%, 07/01/43 | | | 10,000 | | | | 10,886,100 | |
City of Los Angeles Department of Airports, ARB, Los Angeles International Airports, Series A, AMT, 5.25%, 05/15/48 | | | 10,000 | | | | 12,216,100 | |
City of San Francisco California Public Utilities Commission Water Revenue, RB, 5.00%, 11/01/37 | | | 10,000 | | | | 10,894,598 | |
Coachella Valley Unified School District, GO, Election 2005, Series F (BAM), 5.00%, 08/01/46 | | | 10,000 | | | | 11,804,600 | |
County of Ventura California Public Financing Authority, Refunding RB, Series A: | | | | | | | | |
5.00%, 11/01/38 | | | 8,450 | | | | 9,325,165 | |
5.00%, 11/01/43 | | | 8,530 | | | | 9,368,668 | |
East Bay Municipal Utility District Water System Revenue, RB, Green Bond, Series A, 5.00%, 06/01/42 | | | 10,000 | | | | 12,311,600 | |
Fresno Unified School District, GO, 5.00%, 08/01/44 | | | 10,000 | | | | 11,500,300 | |
Manteca California Unified School District, GO, Election of 2014, Series A, 5.00%, 08/01/40 | | | 10,000 | | | | 11,885,200 | |
Port of Los Angeles California, Refunding RB, Harbor Department, Series A, AMT, 5.00%, 08/01/44 | | | 10,000 | | | | 11,328,400 | |
San Marcos Unified School District, GO, Election of 2010, Series C, 5.00%, 08/01/40 | | | 10,000 | | | | 11,392,597 | |
State of California, GO, Various Purposes, 5.00%, 04/01/43 | | | 10,000 | | | | 11,083,500 | |
| | | | | | | | |
| | | | | | | 312,623,080 | |
|
Connecticut — 0.2% | |
Connecticut Housing Finance Authority, RB, S/F, Series A, 3.85%, 05/15/45(l) | | | 10,000 | | | | 10,292,800 | |
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45 | | | 10,000 | | | | 11,689,200 | |
| | | | | | | | |
| | | | | | | 21,982,000 | |
|
District of Columbia — 0.3% | |
District of Columbia Water & Sewer Authority, RB, Green Bonds, Series A, 5.00%, 10/01/52 | | | 10,000 | | | | 11,966,400 | |
District of Columbia Water & Sewer Authority, RB,Sub-Lien, Series A, 5.00%, 10/01/23(h) | | | 10,000 | | | | 11,410,600 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
District of Columbia (continued) | |
Metropolitan Washington Airports Authority, Refunding ARB, AMT, 5.00%, 10/01/42 | | $ | 10,000 | | | $ | 11,889,800 | |
| | | | | | | | |
| | | | | | | 35,266,800 | |
|
Florida — 0.4% | |
East Central Regional Wastewater Treatment Facilities Operation Board, Refunding RB, 5.00%, 10/01/44 | | | 10,000 | | | | 11,995,900 | |
Florida Housing Finance Corp., RB, S/F, Series 1 (Ginnie Mae, Fannie Mae & Freddie Mac): | | | | | | | | |
3.70%, 07/01/38 | | | 9,980 | | | | 10,551,654 | |
3.80%, 07/01/43 | | | 9,983 | | | | 10,553,389 | |
Greater Orlando Aviation Authority, ARB, Series A, AMT, 5.00%, 10/01/46 | | | 10,000 | | | | 11,640,500 | |
Tampa Bay Water Utility System, RB, 5.00%, 10/01/38 | | | 10,000 | | | | 11,271,800 | |
| | | | | | | | |
| | | | | | | 56,013,243 | |
|
Georgia — 0.7% | |
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/40 | | | 20,000 | | | | 23,311,399 | |
Clarke County Hospital Authority, Refunding RB, Piedmont Healthcare, Inc. Project, Series A, 5.00%, 07/01/46 | | | 10,000 | | | | 11,611,900 | |
County of Georgia Cobb Developmental Authority, RB, Georgia Tech Cobb Research Campus, Series A, 5.00%, 06/01/49(l) | | | 10,000 | | | | 11,888,000 | |
Gainesville & Hall County Hospital Authority, Refunding RB, Northeast Georgia Health Systems, Inc. Project, Series A, 5.50%, 08/15/54 | | | 10,000 | | | | 11,716,500 | |
Georgia Housing & Finance Authority, RB, S/F: | | | | | | | | |
Series B, 3.55%, 12/01/42 | | | 10,000 | | | | 10,355,898 | |
Series B1, 3.65%, 06/01/44(l) | | | 9,820 | | | | 10,195,807 | |
Georgia Housing & Finance Authority, Refunding RB, S/F,Series A-1, 3.80%, 12/01/40(l) | | | 10,000 | | | | 10,427,200 | |
| | | | | | | | |
| | | | | | | 89,506,704 | |
|
Illinois — 0.1% | |
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/36 | | | 10,000 | | | | 11,627,000 | |
| | | | | | | | |
|
Indiana — 0.2% | |
Indiana Housing & Community Development Authority, RB, S/F, Series A (Ginnie Mae), 3.90%, 07/01/43 | | | 10,000 | | | | 10,684,100 | |
Indiana State Finance Authority, Refunding RB, Franciscan Alliance, Inc., 5.00%, 11/01/41 | | | 10,000 | | | | 11,580,900 | |
| | | | | | | | |
| | | | | | | 22,265,000 | |
|
Iowa — 0.1% | |
Iowa Finance Authority, Refunding RB, Green Bonds, 5.00%, 08/01/42 | | | 10,000 | | | | 12,271,800 | |
| | | | | | | | |
|
Louisiana — 0.2% | |
New Orleans Aviation Board, ARB, Series B, AMT: | | | | | | | | |
General Apartment, 5.00%, 01/01/48 | | | 10,000 | | | | 11,357,900 | |
5.00%, 01/01/40 | | | 10,000 | | | | 11,206,500 | |
| | | | | | | | |
| | | | | | | 22,564,400 | |
|
Maine — 0.1% | |
Maine State Housing Authority, RB, S/F, Series B, 3.75%, 11/15/38 | | | 10,000 | | | | 10,607,100 | |
| | | | | | | | |
|
Maryland — 0.4% | |
City of Baltimore Maryland, RB, Series A, 5.00%, 07/01/43 | | | 10,000 | | | | 11,238,897 | |
County of Montgomery Maryland, RB, Trinity Health Credit Group, Series MD, 5.00%, 12/01/45 | | | 10,000 | | | | 11,764,200 | |
| | | | |
SCHEDULES OF INVESTMENTS | | | 57 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Maryland (continued) | |
Maryland Health & Higher Educational Facilities Authority, RB, Johns Hopkins Health, Series C, 5.00%, 05/15/43 | | $ | 10,000 | | | $ | 11,142,698 | |
Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/47 | | | 10,000 | | | | 11,970,600 | |
| | | | | | | | |
| | | | | | | 46,116,395 | |
|
Massachusetts — 0.2% | |
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46 | | | 10,000 | | | | 11,322,800 | |
Massachusetts Development Finance Agency, RB, Partners Healthcare System Issue,Series M-4, 5.00%, 07/01/44 | | | 10,000 | | | | 11,116,299 | |
| | | | | | | | |
| | | | | | | 22,439,099 | |
|
Michigan — 0.3% | |
Michigan Finance Authority, Refunding RB, Trinity Health Corp., Series 2016, 5.00%, 12/01/45 | | | 10,000 | | | | 11,716,700 | |
Michigan State Housing Development Authority, RB, Series A, M/F: | | | | | | | | |
Housing, 4.15%, 10/01/53(l) | | | 10,000 | | | | 10,642,200 | |
Housing, 4.15%, 10/01/53 | | | 10,000 | | | | 10,642,200 | |
3.80%, 10/01/38 | | | 10,000 | | | | 10,783,200 | |
| | | | | | | | |
| | | | | | | 43,784,300 | |
|
Minnesota — 0.1% | |
Western Minnesota Municipal Power Agency, RB, Series A, 5.00%, 01/01/24(h) | | | 10,000 | | | | 11,524,996 | |
| | | | | | | | |
|
Missouri — 0.4% | |
Health & Educational Facilities Authority of the State of Missouri, RB, BJC Health System, 5.00%, 01/01/44 | | | 10,000 | | | | 11,070,200 | |
Metropolitan St. Louis Sewer District, RB, Series B, 5.00%, 05/01/23(h) | | | 10,000 | | | | 11,264,700 | |
Metropolitan St. Louis Sewer District, Refunding RB, Series B, 5.00%, 05/01/45 | | | 10,000 | | | | 11,576,000 | |
Metropolitan State Louis Sewer District, Refunding RB, Series A, 5.00%, 05/01/47 | | | 10,000 | | | | 11,925,600 | |
| | | | | | | | |
| | | | | | | 45,836,500 | |
|
Nebraska — 0.2% | |
Nebraska Investment Finance Authority, RB, S/F, Series C: | | | | | | | | |
3.45%, 09/01/33 | | | 10,000 | | | | 10,654,100 | |
3.75%, 09/01/38 | | | 9,960 | | | | 10,574,114 | |
| | | | | | | | |
| | | | | | | 21,228,214 | |
|
Nevada — 0.1% | |
Las Vegas Valley Water District, GO, Series B, 5.00%, 06/01/37 | | | 10,000 | | | | 10,859,800 | |
| | | | | | | | |
|
New York — 1.4% | |
City of New York Housing Development Corp., RB, M/F Housing,Series C1-A, 4.00%, 11/01/53 | | | 10,000 | | | | 10,486,000 | |
City of New York Water & Sewer System, RB, 2nd General Resolution, Fiscal 2017, Series DD, 5.00%, 06/15/47 | | | 20,000 | | | | 23,815,000 | |
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47 | | | 10,000 | | | | 11,244,090 | |
Metropolitan Transportation Authority, RB, Green Bonds, Series A, 5.00%, 11/15/42 | | | 10,000 | | | | 11,969,700 | |
Metropolitan Transportation Authority, Refunding RB: | | | | | | | | |
Green Bond,Series B-1, 5.00%, 11/15/46 | | | 10,000 | | | | 11,904,100 | |
Series C-1, 5.25%, 11/15/56 | | | 10,000 | | | | 11,866,800 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
New York (continued) | |
New York City Housing Development Corp., RB, M/F(l): | | | | | | | | |
Series A-1, 3.95%, 11/15/44 | | $ | 10,000 | | | $ | 10,478,200 | |
Series C-1-A, 4.13%, 05/01/58 | | | 10,000 | | | | 10,509,900 | |
Series G-1, 3.90%, 05/01/45 | | | 10,000 | | | | 10,313,000 | |
New York State Dormitory Authority, RB, Series A: | | | | | | | | |
Bid Group 4, 5.00%, 03/15/45 | | | 10,000 | | | | 12,129,900 | |
5.00%, 03/15/39 | | | 10,000 | | | | 11,405,197 | |
New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 02/15/39 | | | 10,000 | | | | 11,615,900 | |
Port Authority of New York & New Jersey, Refunding ARB, Series 194th, 5.00%, 10/15/41 | | | 10,000 | | | | 11,728,899 | |
Utility Debt Securitization Authority, Refunding RB, 5.00%, 12/15/37 | | | 10,000 | | | | 11,910,600 | |
| | | | | | | | |
| | | | | | | 171,377,286 | |
|
North Carolina — 0.5% | |
City of Charlotte North Carolina Airport Revenue, ARB, Series A: | | | | | | | | |
5.00%, 07/01/42 | | | 10,000 | | | | 12,109,100 | |
5.00%, 07/01/47 | | | 10,000 | | | | 12,069,100 | |
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55 | | | 10,000 | | | | 11,739,299 | |
North Carolina Housing Finance Agency, RB, S/F Housing,Series 39-B (Ginnie Mae, Fannie Mae & Freddie Mac): | | | | | | | | |
3.85%, 07/01/38 | | | 9,700 | | | | 10,490,237 | |
4.00%, 01/01/48 | | | 9,620 | | | | 10,319,612 | |
| | | | | | | | |
| | | | | | | 56,727,348 | |
|
Ohio — 0.1% | |
University of Cincinnati, Refunding RB, Series A, 5.00%, 06/01/44 | | | 10,000 | | | | 12,076,200 | |
| | | | | | | | |
|
Oklahoma — 0.1% | |
Oklahoma Turnpike Authority, RB, 2nd Series C, 5.00%, 01/01/47 | | | 10,000 | | | | 11,909,300 | |
| | | | | | | | |
|
Oregon — 0.2% | |
Oregon State Facilities Authority, Refunding RB, Reed College Project, Series A, 5.00%, 07/01/47 | | | 10,000 | | | | 11,928,100 | |
University of Oregon, RB, Series A, 5.00%, 04/01/48 | | | 10,000 | | | | 12,021,900 | |
| | | | | | | | |
| | | | | | | 23,950,000 | |
|
Pennsylvania — 0.6% | |
County of Lancaster Pennsylvania Hospital Authority, Refunding RB, University of Pennsylvania Health System Obligation, 5.00%, 08/15/46 | | | 10,000 | | | | 11,647,400 | |
General Authority of Southcentral Pennsylvania, Refunding RB, Wellspan Health Obligated Group, Series A, 5.00%, 06/01/44 | | | 10,000 | | | | 11,090,299 | |
Pennsylvania Housing Finance Agency, RB, S/F: | | | | | | | | |
Series 125B, 3.65%, 10/01/42(l) | | | 10,000 | | | | 10,394,300 | |
Series 125B, 3.65%, 10/01/42 | | | 10,000 | | | | 10,394,298 | |
Series 127B, 3.55%, 10/01/33 | | | 10,000 | | | | 10,699,600 | |
Philadelphia Authority for Industrial Development, RB, The Children’s Hospital of Philadelphia Project, Series A, 5.00%, 07/01/42 | | | 20,000 | | | | 22,816,800 | |
| | | | | | | | |
| | | | | | | 77,042,697 | |
|
South Carolina — 0.1% | |
City of Charleston South Carolina Waterworks & Sewer System Revenue, Refunding RB, 5.00%, 01/01/21(h) | | | 10,000 | | | | 10,410,500 | |
| | | | | | | | |
| | |
58 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Tennessee — 0.3% | |
Rutherford County Health & Educational Facilities Board, RB, Ascension Health, Series C, 5.00%, 11/15/21(h) | | $ | 10,000 | | | $ | 10,741,400 | |
Tennessee Housing Development Agency, RB, S/F, Issue 3: | | | | | | | | |
3.85%, 07/01/43 | | | 9,920 | | | | 10,466,989 | |
3.95%, 01/01/49 | | | 9,920 | | | | 10,481,112 | |
Tennessee Housing Development Agency, Refunding RB, S/F, Issue 2, 3.85%, 07/01/42 | | | 9,880 | | | | 10,451,664 | |
| | | | | | | | |
| | | | | | | 42,141,165 | |
|
Texas — 0.6% | |
Alamo Texas Regional Mobility Authority, RB, Senior Lien, 5.00%, 06/15/46 | | | 10,000 | | | | 11,457,300 | |
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/48 | | | 10,000 | | | | 10,961,500 | |
County of Harris Texas, Refunding RB, Senior Lien, Series A, 5.00%, 08/15/47 | | | 10,000 | | | | 11,691,900 | |
Midlothian Independent School District, GO,(PSF-GTD), 5.00%, 02/15/47 | | | 10,000 | | | | 11,910,000 | |
Tarrant Regional Water District, Refunding RB, 5.00%, 03/01/52 | | | 10,000 | | | | 10,685,300 | |
Texas Water Development Board, RB, Series A, 5.00%, 10/15/47 | | | 10,000 | | | | 12,039,200 | |
| | | | | | | | |
| | | | | | | 68,745,200 | |
|
Utah — 0.3% | |
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/47 | | | 10,000 | | | | 11,681,200 | |
Salt Lake City Corp. Airport Revenue, ARB, Series B, 5.00%, 07/01/47 | | | 10,000 | | | | 11,876,300 | |
Utah State Transit Authority Sales Tax, Refunding RB, Series A, 5.00%, 06/15/38 | | | 10,000 | | | | 11,575,799 | |
| | | | | | | | |
| | | | | | | 35,133,299 | |
|
Virginia — 0.7% | |
Chesapeake Bay Bridge & Tunnel District, RB, 1st Tier General Resolution Revenue (AGM), 5.00%, 07/01/41 | | | 10,000 | | | | 11,671,200 | |
City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/42 | | | 10,000 | | | | 12,188,900 | |
County of Fairfax IDA, RB, Inova Health Systems Project, Series A, 5.00%, 05/15/44 | | | 10,000 | | | | 11,346,300 | |
County of Fairfax Water Authority, Refunding RB, 5.00%, 04/01/46 | | | 10,000 | | | | 12,017,200 | |
University of Virginia, Refunding RB, Green Bond,Series A-2, 5.00%, 04/01/45 | | | 10,000 | | | | 11,679,800 | |
Virginia Housing Development Authority, RB, M/F, Rental Housing, Series D: | | | | | | | | |
3.90%, 10/01/48 | | | 10,000 | | | | 10,645,300 | |
4.00%, 10/01/53 | | | 10,000 | | | | 10,624,800 | |
| | | | | | | | |
| | | | | | | 80,173,500 | |
|
Washington — 0.6% | |
King County Housing Authority, Refunding RB, Ballinger Commons Apartments, 3.50%, 05/01/38 | | | 10,000 | | | | 10,770,798 | |
Port of Seattle Washington, GO, 5.00%, 01/01/42 | | | 10,000 | | | | 11,977,800 | |
State of Washington, GO, Series A: | | | | | | | | |
5.00%, 02/01/33 | | | 10,000 | | | | 11,684,100 | |
5.00%, 08/01/38 | | | 10,000 | | | | 11,195,698 | |
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series D, 5.00%, 10/01/38 | | | 10,000 | | | | 11,394,498 | |
Washington State Convention Center Public Facilities District, RB, 5.00%, 07/01/58 | | | 10,000 | | | | 11,788,800 | |
| | | | | | | | |
| | | | | | | 68,811,694 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
|
Wisconsin — 0.3% | |
Wisconsin Health & Educational Facilities Authority, RB, Ascension Health, Series D, 5.00%, 11/15/21(h) | | $ | 10,000 | | | $ | 10,744,400 | |
Wisconsin Health & Educational Facilities Authority, Refunding RB: | | | | | | | | |
Froedtert & Community Health, Inc., Obligated Group, Series A, 5.00%, 04/01/42 | | | 10,000 | | | | 10,860,698 | |
Thedacare Inc., 5.00%, 12/15/44 | | | 10,000 | | | | 11,225,300 | |
| | | | | | | | |
| | | | | | | 32,830,398 | |
| | | | | | | | |
| |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 12.8% (Cost — $1,441,330,181) | | | | 1,532,830,014 | |
| | | | | |
| |
Total Long-Term Investments — 105.8% (Cost — $12,227,808,175) | | | | 12,696,199,441 | |
| | | | | |
| | |
| | Shares | | | | |
|
Short-Term Securities — 5.7% | |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%(m)(n) | | | 689,446,420 | | | | 689,515,365 | |
| | | | | | | | |
| |
Total Short-Term Securities — 5.7% (Cost — $689,505,933) | | | | 689,515,365 | |
| | | | | |
| |
Total Investments — 111.5% (Cost — $12,917,314,108) | | | | 13,385,714,806 | |
| |
Liabilities in Excess of Other Assets — (3.5)% | | | | (428,380,524 | ) |
| |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.0)% | | | | (956,298,416 | ) |
| | | | | |
| |
Net Assets — 100.0% | | | $ | 12,001,035,866 | |
| | | | | |
(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) | When-issued security. |
(c) | Variable rate security. Rate shown is the rate in effect as of period end. |
(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. |
(f) | 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. |
(g) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(h) | 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. |
(i) | Issuer filed for bankruptcy and/or is in default. |
(j) | Non-income producing security. |
(k) | 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. |
(l) | All or a portion of the 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 May 1, 2022 to November 1, 2048, is $69,215,478. See Note 4 of the Notes to Financial Statements for details. |
(m) | Annualized7-day yield as of period end. |
| | | | |
SCHEDULES OF INVESTMENTS | | | 59 | |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund |
(n) | During the six months ended November 30, 2019, investments in issuers considered to be an affiliate/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 05/31/19 | | | Net Activity | | | Shares Held at 11/30/19 | | | Value at 11/30/19 | | | Income | | | Net Realized Gain (Loss) (a) | | | Change in Unrealized Appreciation (Depreciation) | |
BlackRock Liquidity Funds, MuniCash, Institutional Class | | | 15,522,515 | | | | 673,923,905 | | | | 689,446,420 | | | $ | 689,515,365 | | | $ | 1,925,810 | | | $ | (47,807 | ) | | $ | 9,106 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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 | | | 10,164 | | | | 03/20/20 | | | $ | 1,314,809 | | | $ | 1,705,295 | |
U.S. Treasury Long Bond | | | 13,082 | | | | 03/20/20 | | | | 2,079,629 | | | | 4,630,650 | |
5-Year U.S. Treasury Note | | | 6,058 | | | | 03/31/20 | | | | 720,713 | | | | 512,385 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 6,848,330 | |
| | | | | | | | | | | | | | | | |
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 | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 6,848,330 | | | $ | — | | | $ | 6,848,330 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
For the six months ended November 30, 2019, 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 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (187,617,029 | ) | | $ | — | | | $ | (187,617,029 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 43,533,072 | | | $ | — | | | $ | 43,533,072 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | | | | | | | | | |
Futures contracts: | |
Average notional value of contracts — long | | $ | — | (a) |
Average notional value of contracts — short | | $ | 4,191,090,708 | |
| (a) | Derivative not held atquarter-end. The risk exposure table serves as an indicator of activity during the period. | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
| | |
60 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2019 | | BlackRock Strategic Municipal Opportunities Fund |
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) | | $ | 15,578,000 | | | $ | 12,680,621,441 | | | $ | — | | | $ | 12,696,199,441 | |
Short-Term Securities | | | 689,515,365 | | | | — | | | | — | | | | 689,515,365 | |
| | | | | | | | | | | | | | | | |
| | $ | 705,093,365 | | | $ | 12,680,621,441 | | | $ | — | | | $ | 13,385,714,806 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(b) | |
Assets: | |
Interest rate contracts | | $ | 6,848,330 | | | $ | — | | | $ | — | | | $ | 6,848,330 | |
| | | | | | | | | | | | | | | | |
| (a) | See above Schedule of Investments for values in each sector, 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 $952,738,285 are categorized as Level 2 within the disclosure hierarchy.
See notes to financial statements.
| | | | |
SCHEDULES OF INVESTMENTS | | | 61 | |
Statements of Assets and Liabilities (unaudited)
November 30, 2019
| | | | | | | | | | | | | | | | |
| | BlackRock California Municipal Opportunities Fund | | | BlackRock New Jersey Municipal Bond Fund | | | BlackRock Pennsylvania Municipal Bond Fund | | | BlackRock Strategic Municipal Opportunities Fund | |
| | | | |
ASSETS | | | | | | | | | | | | | | | | |
Investments at value — unaffiliated(a) | | $ | 3,799,981,823 | | | $ | 372,079,182 | | | $ | 614,654,898 | | | $ | 12,696,199,441 | |
Investments at value — affiliated(b) | | | 346,663,792 | | | | 20,162,962 | | | | 17,421,942 | | | | 689,515,365 | |
Cash | | | 3,010,292 | | | | 107,125 | | | | 163,249 | | | | — | |
Cash pledged for futures contracts | | | 12,872,900 | | | | 536,000 | | | | 857,750 | | | | 52,055,800 | |
Receivables: | | | | | | | | | | | | | | | | |
Investments sold | | | 27,313,053 | | | | 410,000 | | | | 205,000 | | | | 92,313,340 | |
Capital shares sold | | | 5,615,465 | | | | 512,400 | | | | 420,610 | | | | 21,044,419 | |
Dividends — affiliated | | | 133,825 | | | | 16,009 | | | | 15,713 | | | | 426,332 | |
Interest — unaffiliated | | | 37,488,974 | | | | 5,104,136 | | | | 8,232,378 | | | | 137,360,628 | |
Variation margin on futures contracts | | | 1,439,907 | | | | 57,594 | | | | 95,625 | | | | 5,767,438 | |
Prepaid expenses | | | 70,021 | | | | 21,302 | | | | 21,584 | | | | 409,629 | |
| | | | | | | | | | | | | | | | |
Total assets | | | 4,234,590,052 | | | | 399,006,710 | | | | 642,088,749 | | | | 13,695,092,392 | |
| | | | | | | | | | | | | | | | |
| | | | |
ACCRUED LIABILITIES | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | |
Investments purchased | | | 83,128,334 | | | | 7,745,341 | | | | 4,171,575 | | | | 701,420,494 | |
Board realignment and consolidation | | | — | | | | 1,571 | | | | 1,612 | | | | — | |
Capital shares redeemed | | | 3,645,768 | | | | 433,020 | | | | 771,975 | | | | 21,164,189 | |
Income dividend distributions | | | 1,671,597 | | | | 381,159 | | | | 765,951 | | | | 6,993,759 | |
Interest expense and fees | | | 581,837 | | | | 109,038 | | | | 296,822 | | | | 3,560,131 | |
Investment advisory fees | | | 1,081,845 | | | | 117,344 | | | | 198,306 | | | | 4,290,352 | |
Trustees’ and Officer’s fees | | | 6,391 | | | | 896 | | | | 1,361 | | | | 39,784 | |
Other accrued expenses | | | 851,837 | | | | 189,055 | | | | 242,216 | | | | 3,097,562 | |
Other affiliates | | | 7,328 | | | | 879 | | | | 1,452 | | | | 25,399 | |
Recoupment of past waived fees | | | 211,288 | | | | — | | | | — | | | | — | |
Service and distribution fees | | | 368,647 | | | | 51,751 | | | | 50,837 | | | | 679,246 | |
Variation margin on futures contracts | | | 8,781 | | | | 680 | | | | 601 | | | | 47,325 | |
| | | | | | | | | | | | | | | | |
Total accrued liabilities | | | 91,563,653 | | | | 9,030,734 | | | | 6,502,708 | | | | 741,318,241 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER LIABILITIES | | | | | | | | | | | | | | | | |
TOB Trust Certificates | | | 244,322,162 | | | | 22,053,726 | | | | 64,781,010 | | | | 952,738,285 | |
| | | | | | | | | | | | | | | | |
Total liabilities | | | 335,885,815 | | | | 31,084,460 | | | | 71,283,718 | | | | 1,694,056,526 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS | | $ | 3,898,704,237 | | | $ | 367,922,250 | | | $ | 570,805,031 | | | $ | 12,001,035,866 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS CONSIST OF | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 3,821,081,156 | | | $ | 346,579,387 | | | $ | 558,208,337 | | | $ | 11,834,445,914 | |
Accumulated earnings | | | 77,623,081 | | | | 21,342,863 | | | | 12,596,694 | | | | 166,589,952 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 3,898,704,237 | | | $ | 367,922,250 | | | $ | 570,805,031 | | | $ | 12,001,035,866 | |
| | | | | | | | | | | | | | | | |
| | | | |
(a) Investments at cost — unaffiliated | | $ | 3,658,712,098 | | | $ | 343,818,570 | | | $ | 584,147,300 | | | $ | 12,227,808,175 | |
(b) Investments at cost — affiliated | | $ | 344,720,704 | | | $ | 20,162,579 | | | $ | 17,421,681 | | | $ | 689,505,933 | |
See notes to financial statements.
| | |
62 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited) (continued)
November 30, 2019
| | | | | | | | | | | | | | | | |
| | BlackRock California Municipal Opportunities Fund | | | BlackRock New Jersey Municipal Bond Fund | | | BlackRock Pennsylvania Municipal Bond Fund | | | BlackRock Strategic Municipal Opportunities Fund | |
| | | | |
NET ASSET VALUE | | | | | | | | | | | | | | | | |
| | | | |
Institutional | | | | | | | | | | | | |
Net assets | | $ | 2,320,747,980 | | | $ | 195,669,128 | | | $ | 396,196,099 | | | $ | 9,329,510,681 | |
| | | | | | | | | | | | | | | | |
Shares outstanding(c) | | | 181,536,104 | | | | 17,236,617 | | | | 35,728,931 | | | | 795,353,431 | |
| | | | | | | | | | | | | | | | |
Net asset value | | $ | 12.78 | | | $ | 11.35 | | | $ | 11.09 | | | $ | 11.73 | |
| | | | | | | | | | | | | | | | |
| | | | |
Service | | | | | | | | | | | | |
Net assets | | $ | — | | | $ | 7,836,817 | | | $ | 2,084,482 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Shares outstanding(c) | | | — | | | | 690,373 | | | | 187,770 | | | | — | |
| | | | | | | | | | | | | | | | |
Net asset value | | $ | — | | | $ | 11.35 | | | $ | 11.10 | | | $ | — | |
| | | | | | | | | | | | | | | | |
|
Investor A | |
Net assets | | $ | 1,179,499,653 | | | $ | 109,055,430 | | | $ | 128,600,117 | | | $ | 2,118,888,673 | |
| | | | | | | | | | | | | | | | |
Shares outstanding(c) | | | 92,348,136 | | | | 9,599,263 | | | | 11,584,112 | | | | 180,720,748 | |
| | | | | | | | | | | | | �� | | | |
Net asset value | | $ | 12.77 | | | $ | 11.36 | | | $ | 11.10 | | | $ | 11.72 | |
| | | | | | | | | | | | | | | | |
|
Investor A1 | |
Net assets | | $ | 111,687,620 | | | $ | 19,427,855 | | | $ | 10,374,218 | | | $ | 27,239,123 | |
| | | | | | | | | | | | | | | | |
Shares outstanding(c) | | | 8,736,870 | | | | 1,709,456 | | | | 934,160 | | | | 2,322,619 | |
| | | | | | | | | | | | | | | | |
Net asset value | | $ | 12.78 | | | $ | 11.36 | | | $ | 11.11 | | | $ | 11.73 | |
| | | | | | | | | | | | | | | | |
|
Investor C | |
Net assets | | $ | 161,578,963 | | | $ | 33,966,840 | | | $ | 30,083,216 | | | $ | 316,426,890 | |
| | | | | | | | | | | | | | | | |
Shares outstanding(c) | | | 12,638,374 | | | | 2,993,043 | | | | 2,710,562 | | | | 26,977,667 | |
| | | | | | | | | | | | | | | | |
Net asset value | | $ | 12.78 | | | $ | 11.35 | | | $ | 11.10 | | | $ | 11.73 | |
| | | | | | | | | | | | | | | | |
|
Investor C1 | |
Net assets | | $ | 203,097 | | | $ | 22,854 | | | $ | 526 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Shares outstanding(c) | | | 15,892 | | | | 2,013 | | | | 47 | | | | — | |
| | | | | | | | | | | | | | | | |
Net asset value | | $ | 12.78 | | | $ | 11.35 | | | $ | 11.09 | | | $ | — | |
| | | | | | | | | | | | | | | | |
|
Class K | |
Net assets | | $ | 124,986,924 | | | $ | 1,943,326 | | | $ | 3,466,373 | | | $ | 208,970,499 | |
| | | | | | | | | | | | | | | | |
Shares outstanding(c) | | | 9,773,278 | | | | 171,258 | | | | 312,636 | | | | 17,813,311 | |
| | | | | | | | | | | | | | | | |
Net asset value | | $ | 12.79 | | | $ | 11.35 | | | $ | 11.09 | | | $ | 11.73 | |
| | | | | | | | | | | | | | | | |
| | | | |
(c) Unlimited number of shares authorized, $0.10 par value. | | | | | | | | | | | | | | | | |
See notes to financial statements.
Statements of Operations (unaudited)
Six Months Ended November 30, 2019
| | | | | | | | | | | | | | | | |
| | BlackRock California Municipal Opportunities Fund | | | BlackRock New Jersey Municipal Bond Fund | | | BlackRock Pennsylvania Municipal Bond Fund | | | BlackRock Strategic Municipal Opportunities Fund | |
|
INVESTMENT INCOME | |
Dividends — affiliated | | $ | 1,956,105 | | | $ | 107,399 | | | $ | 80,997 | | | $ | 1,925,810 | |
Dividends — unaffiliated | | | — | | | | — | | | | — | | | | 316,047 | |
Interest — unaffiliated | | | 48,014,468 | | | | 6,811,283 | | | | 11,777,448 | | | | 185,662,350 | |
| | | | | | | | | | | | | | | | |
Total investment income | | | 49,970,573 | | | | 6,918,682 | | | | 11,858,445 | | | | 187,904,207 | |
| | | | | | | | | | | | | | | | |
|
EXPENSES | |
Investment advisory | | | 6,528,732 | | | | 919,555 | | | | 1,447,067 | | | | 28,420,356 | |
Service and distribution — class specific | | | 2,170,902 | | | | 311,264 | | | | 309,089 | | | | 4,072,946 | |
Transfer agent — class specific | | | 961,822 | | | | 152,684 | | | | 332,409 | | | | 4,009,895 | |
Accounting services | | | 170,226 | | | | 35,731 | | | | 50,654 | | | | 483,667 | |
Registration | | | 77,579 | | | | 17,389 | | | | 17,540 | | | | 367,225 | |
Recoupment of past waived and/or reimbursed fees — class specific | | | 74,622 | | | | — | | | | — | | | | — | |
Recoupment of past waived and/or reimbursed fees | | | 60,680 | | | | — | | | | — | | | | — | |
Professional | | | 50,381 | | | | 38,719 | | | | 41,828 | | | | 90,717 | |
Printing | | | 26,183 | | | | 16,566 | | | | 16,726 | | | | 46,509 | |
Custodian | | | 24,893 | | | | 2,434 | | | | 7,304 | | | | 71,952 | |
Trustees and Officer | | | 20,754 | | | | 2,735 | | | | 3,964 | | | | 68,259 | |
Miscellaneous | | | 50,745 | | | | 21,904 | | | | 23,518 | | | | 184,012 | |
| | | | | | | | | | | | | | | | |
Total expenses excluding interest expense and fees | | | 10,217,519 | | | | 1,518,981 | | | | 2,250,099 | | | | 37,815,538 | |
Interest expense and fees(a) | | | 2,430,044 | | | | 201,719 | | | | 600,472 | | | | 9,532,609 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 12,647,563 | | | | 1,720,700 | | | | 2,850,571 | | | | 47,348,147 | |
Less: | | | | | | | | | | | | | | | | |
Fees waived and/or reimbursed by the Manager | | | (250,496 | ) | | | (222,840 | ) | | | (243,960 | ) | | | (3,010,574 | ) |
Transfer agent fees waived and/or reimbursed — class specific | | | (619 | ) | | | (65,358 | ) | | | (193,996 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 12,396,448 | | | | 1,432,502 | | | | 2,412,615 | | | | 44,337,573 | |
| | | | | | | | | | | | | | | | |
Net investment income | | | 37,574,125 | | | | 5,486,180 | | | | 9,445,830 | | | | 143,566,634 | |
| | | | | | | | | | | | | | | | |
|
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) from: | |
Investments — unaffiliated | | | 52,476,058 | | | | 401,501 | | | | 1,513,838 | | | | 157,706,783 | |
Investments — affiliated | | | 502,272 | | | | 1,082 | | | | (26 | ) | | | (47,807 | ) |
Futures contracts | | | (52,686,512 | ) | | | (2,339,580 | ) | | | (4,573,532 | ) | | | (187,617,029 | ) |
| | | | | | | | | | | | | | | | |
| | | 291,818 | | | | (1,936,997 | ) | | | (3,059,720 | ) | | | (29,958,053 | ) |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated | | | 5,739,574 | | | | 2,968,104 | | | | 937,777 | | | | 16,497,545 | |
Investments — affiliated | | | 850,921 | | | | (719 | ) | | | 261 | | | | 9,106 | |
Futures contracts | | | 12,790,625 | | | | 355,532 | | | | 638,311 | | | | 43,533,072 | |
| | | | | | | | | | | | | | | | |
| | | 19,381,120 | | | | 3,322,917 | | | | 1,576,349 | | | | 60,039,723 | |
| | | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 19,672,938 | | | | 1,385,920 | | | | (1,483,371 | ) | | | 30,081,670 | |
| | | | | | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 57,247,063 | | | $ | 6,872,100 | | | $ | 7,962,459 | | | $ | 173,648,304 | |
| | | | | | | | | | | | | | | | |
(a) | Related to TOB Trusts. |
See notes to financial statements.
| | |
64 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | | | | | |
| | BlackRock California Municipal Opportunities Fund | | | | | | BlackRock New Jersey Municipal Bond Fund | |
| | Six Months Ended 11/30/19 (unaudited) | | | Year Ended 05/31/19 | | | | | | Six Months Ended 11/30/19 (unaudited) | | | Year Ended 05/31/19 | |
| | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | |
| | | | | |
OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 37,574,125 | | | $ | 68,490,437 | | | | | | | $ | 5,486,180 | | | $ | 10,295,004 | |
Net realized gain (loss) | | | 291,818 | | | | (49,520,461 | ) | | | | | | | (1,936,997 | ) | | | (2,900,516 | ) |
Net change in unrealized appreciation (depreciation) | | | 19,381,120 | | | | 101,320,005 | | | | | | | | 3,322,917 | | | | 10,049,396 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 57,247,063 | | | | 120,289,981 | | | | | | | | 6,872,100 | | | | 17,443,884 | |
| | | | | | | | | | | | | | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | | |
Institutional | | | (23,764,795 | ) | | | (72,422,029 | ) | | | | | | | (3,102,126 | ) | | | (5,875,681 | ) |
Service | | | — | | | | — | | | | | | | | (117,957 | ) | | | (259,059 | ) |
Investor A | | | (10,368,618 | ) | | | (33,319,192 | ) | | | | | | | (1,527,710 | ) | | | (2,658,015 | ) |
Investor A1 | | | (1,199,672 | ) | | | (5,086,830 | ) | | | | | | | (309,149 | ) | | | (708,382 | ) |
Investor C | | | (951,152 | ) | | | (4,866,719 | ) | | | | | | | (374,259 | ) | | | (779,858 | ) |
Investor C1 | | | (1,644 | ) | | | (26,910 | ) | | | | | | | (305 | ) | | | (18,740 | ) |
Class K | | | (1,349,198 | ) | | | (2,475,633 | ) | | | | | | | (30,461 | ) | | | (65,270 | ) |
| | | | | | | | | | | | | | | | | | | | |
Decrease in net assets resulting from distributions to shareholders | | | (37,635,079 | ) | | | (118,197,313 | ) | | | | | | | (5,461,967 | ) | | | (10,365,005 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | | |
Net increase in net assets derived from capital share transactions | | | 544,858,490 | | | | 1,228,955,798 | | | | | | | | 37,190,638 | | | | 35,829,294 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | |
Total increase in net assets | | | 564,470,474 | | | | 1,231,048,466 | | | | | | | | 38,600,771 | | | | 42,908,173 | |
Beginning of period | | | 3,334,233,763 | | | | 2,103,185,297 | | | | | | | | 329,321,479 | | | | 286,413,306 | |
| | | | | | | | | | | | | | | | | | | | |
End of period | | $ | 3,898,704,237 | | | $ | 3,334,233,763 | | | | | | | $ | 367,922,250 | | | $ | 329,321,479 | |
| | | | | | | | | | | | | | | | | | | | |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | | | | | | |
| | BlackRock Pennsylvania Municipal Bond Fund | | | | | | BlackRock Strategic Municipal Opportunities Fund | |
| | Six Months Ended 11/30/19 (unaudited) | | | Year Ended 05/31/19 | | | | | | Six Months Ended 11/30/19 (unaudited) | | | Year Ended 05/31/19 | |
| | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | |
| | | | | |
OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 9,445,830 | | | $ | 19,126,263 | | | | | | | $ | 143,566,634 | | | $ | 271,231,640 | |
Net realized loss | | | (3,059,720 | ) | | | (3,836,131 | ) | | | | | | | (29,958,053 | ) | | | (215,793,065 | ) |
Net change in unrealized appreciation (depreciation) | | | 1,576,349 | | | | 10,086,069 | | | | | | | | 60,039,723 | | | | 362,063,530 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 7,962,459 | | | | 25,376,201 | | | | | | | | 173,648,304 | | | | 417,502,105 | |
| | | | | | | | | | | | | | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | | |
Institutional | | | (6,805,393 | ) | | | (14,043,437 | ) | | | | | | | (115,079,647 | ) | | | (334,041,445 | ) |
Service | | | (35,752 | ) | | | (63,405 | ) | | | | | | | — | | | | — | |
Investor A | | | (1,949,892 | ) | | | (3,640,257 | ) | | | | | | | (23,327,909 | ) | | | (72,684,296 | ) |
Investor A1 | | | (177,728 | ) | | | (449,183 | ) | | | | | | | (344,234 | ) | | | (1,316,283 | ) |
Investor C | | | (375,127 | ) | | | (890,655 | ) | | | | | | | (2,485,873 | ) | | | (10,659,763 | ) |
Investor C1 | | | (34 | ) | | | (25,025 | ) | | | | | | | — | | | | — | |
Class K | | | (51,615 | ) | | | (89,471 | ) | | | | | | | (1,945,288 | ) | | | (4,089,237 | ) |
| | | | | | | | | | | | | | | | | | | | |
Decrease in net assets resulting from distributions to shareholders | | | (9,395,541 | ) | | | (19,201,433 | ) | | | | | | | (143,182,951 | ) | | | (422,791,024 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | | |
Net increase in net assets derived from capital share transactions | | | 36,716,976 | | | | 22,898,530 | | | | | | | | 1,123,156,773 | | | | 3,257,020,457 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | |
Total increase in net assets | | | 35,283,894 | | | | 29,073,298 | | | | | | | | 1,153,622,126 | | | | 3,251,731,538 | |
Beginning of period | | | 535,521,137 | | | | 506,447,839 | | | | | | | | 10,847,413,740 | | | | 7,595,682,202 | |
| | | | | | | | | | | | | | | | | | | | |
End of period | | $ | 570,805,031 | | | $ | 535,521,137 | | | | | | | $ | 12,001,035,866 | | | $ | 10,847,413,740 | |
| | | | | | | | | | | | | | | | | | | | |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| | |
66 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statement of Cash Flows
Six Months Ended November 30, 2019 (unaudited)
| | | | |
| | BlackRock Pennsylvania Municipal Bond Fund | |
|
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | |
Net increase in net assets resulting from operations | | $ | 7,962,459 | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities: | |
Proceeds from sales of long-term investments | | | 73,373,834 | |
Purchases of long-term investments | | | (87,822,742 | ) |
Net purchases of short-term securities | | | (17,421,707 | ) |
Amortization of premium and accretion of discount on investments and other fees | | | 1,240,767 | |
Net realized gain on investments | | | (1,513,812 | ) |
|
(Increase) Decrease in Assets: | |
Net unrealized appreciation on investments | | | (938,038 | ) |
Receivables: | |
Dividends — affiliated | | | (2,194 | ) |
Interest — unaffiliated | | | 3,661 | |
Variation margin on futures contracts | | | (95,625 | ) |
Prepaid expenses | | | (652 | ) |
|
Increase (Decrease) in Liabilities: | |
Payables: | |
Investment advisory fees | | | (11,388 | ) |
Board realignment and consolidation | | | (2 | ) |
Interest expense and fees | | | (51,290 | ) |
Other affiliates | | | (65 | ) |
Service and distribution fees | | | 1,429 | |
Trustees’ and Officer’s fees | | | 206 | |
Variation margin on futures contracts | | | (443,165 | ) |
Other accrued expenses | | | (11,151 | ) |
| | | | |
Net cash provided by (used for) operating activities | | | (25,729,475 | ) |
| | | | |
|
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | |
Cash dividends paid to shareholders | | | (4,031,842 | ) |
Payments on redemption of capital shares | | | (30,819,141 | ) |
Repayments of TOB Trust Certificates | | | (6,730,000 | ) |
Proceeds from issuance of capital shares | | | 62,324,505 | |
Proceeds from TOB Trust Certificates | | | 7,106,998 | |
Decrease in bank overdraft | | | (1,868,796 | ) |
| | | | |
Net cash provided by (used for) financing activities | | | 25,981,724 | |
| | | | |
|
CASH | |
Net increase in restricted and unrestricted cash | | | 252,249 | |
Restricted and unrestricted cash at beginning of period | | | 768,750 | |
| | | | |
Restricted and unrestricted cash at end of period | | $ | 1,020,999 | |
| | | | |
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |
Cash paid during the period for interest expense | | $ | 651,762 | |
| | | | |
|
NON-CASH FINANCING ACTIVITIES | |
Capital shares issued in reinvestment of distributions paid to shareholders | | $ | 5,466,971 | |
| | | | |
|
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES | |
Cash | | $ | 163,249 | |
Cash pledged: | |
Futures contracts | | | 857,750 | |
| | | | |
| | $ | 1,020,999 | |
| | | | |
|
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES | |
Cash pledged: | |
Futures contracts | | $ | 768,750 | |
| | | | |
See notes to financial statements.
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock California Municipal Opportunities Fund | |
| |
| | Institutional | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 12.71 | | | | | | | $ | 12.76 | | | $ | 12.60 | | | $ | 12.73 | | | $ | 12.33 | | | $ | 12.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.14 | | | | | | | | 0.34 | | | | 0.34 | | | | 0.36 | | | | 0.39 | | | | 0.43 | |
Net realized and unrealized gain (loss) | | | 0.07 | | | | | | | | 0.19 | | | | 0.20 | | | | (0.13 | ) | | | 0.40 | | | | 0.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.21 | | | | | | | | 0.53 | | | | 0.54 | | | | 0.23 | | | | 0.79 | | | | 0.54 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Distributions(b) | |
From net investment income | | | (0.14 | ) | | | | | | | (0.34 | ) | | | (0.34 | ) | | | (0.36 | ) | | | (0.39 | ) | | | (0.43 | ) |
From net realized gain | | | — | | | | | | | | (0.24 | ) | | | (0.04 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.14 | ) | | | | | | | (0.58 | ) | | | (0.38 | ) | | | (0.36 | ) | | | (0.39 | ) | | | (0.43 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 12.78 | | | | | | | $ | 12.71 | | | $ | 12.76 | | | $ | 12.60 | | | $ | 12.73 | | | $ | 12.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Return(c) | |
Based on net asset value | | | 1.67 | %(d) | | | | | | | 4.28 | % | | | 4.37 | % | | | 1.88 | % | | | 6.54 | % | | | 4.46 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ratios to Average Net Assets(e) | |
Total expenses(f) | | | 0.58 | %(g) | | | | | | | 0.63 | % | | | 0.57 | % | | | 0.61 | % | | | 0.68 | % | | | 0.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.57 | %(g) | | | | | | | 0.61 | % | | | 0.54 | % | | | 0.54 | % | | | 0.66 | % | | | 0.68 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(h) | | | 0.43 | %(g) | | | | | | | 0.44 | % | | | 0.44 | % | | | 0.46 | % | | | 0.62 | % | | | 0.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.20 | %(g) | | | | | | | 2.70 | % | | | 2.68 | % | | | 2.88 | % | | | 3.10 | % | | | 3.49 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 2,320,748 | | | | | | | $ | 2,016,387 | | | $ | 1,190,045 | | | $ | 611,571 | | | $ | 494,888 | | | $ | 315,431 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 244,322 | | | | | | | $ | 253,167 | | | $ | 141,267 | | | $ | 60,642 | | | $ | 40,310 | | | $ | 69,453 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 87 | % | | | | | | | 126 | % | | | 129 | % | | | 142 | % | | | 119 | % | | | 70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.02 | % | | | 0.01 | % | | | 0.01 | % | | | — | % | | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(f) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Expense ratios | | | 0.57 | % | | | | | | | 0.62 | % | | | 0.57 | % | | | N/A | | | | 0.68 | % | | | N/A | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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.
| | |
68 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock California Municipal Opportunities Fund (continued) | |
| |
| | Investor A | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 12.70 | | | | | | | $ | 12.75 | | | $ | 12.58 | | | $ | 12.71 | | | $ | 12.32 | | | $ | 12.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.12 | | | | | | | | 0.31 | | | | 0.31 | | | | 0.33 | | | | 0.36 | | | | 0.40 | |
Net realized and unrealized gain (loss) | | | 0.08 | | | | | | | | 0.19 | | | | 0.21 | | | | (0.13 | ) | | | 0.40 | | | | 0.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.20 | | | | | | | | 0.50 | | | | 0.52 | | | | 0.20 | | | | 0.76 | | | | 0.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Distributions(b) | |
From net investment income | | | (0.13 | ) | | | | | | | (0.31 | ) | | | (0.31 | ) | | | (0.33 | ) | | | (0.37 | ) | | | (0.40 | ) |
From net realized gain | | | — | | | | | | | | (0.24 | ) | | | (0.04 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.13 | ) | | | | | | | (0.55 | ) | | | (0.35 | ) | | | (0.33 | ) | | | (0.37 | ) | | �� | (0.40 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 12.77 | | | | | | | $ | 12.70 | | | $ | 12.75 | | | $ | 12.58 | | | $ | 12.71 | | | $ | 12.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Return(c) | |
Based on net asset value | | | 1.55 | %(d) | | | | | | | 4.02 | % | | | 4.19 | % | | | 1.63 | % | | | 6.23 | % | | | 4.25 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ratios to Average Net Assets(e) | |
Total expenses | | | 0.84 | %(f)(g) | | | | | | | 0.88 | %(g) | | | 0.81 | %(g) | | | 0.85 | %(g) | | | 0.93 | % | | | 0.95 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.82 | %(f) | | | | | | | 0.86 | % | | | 0.79 | % | | | 0.79 | % | | | 0.88 | % | | | 0.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(h) | | | 0.69 | %(f) | | | | | | | 0.69 | % | | | 0.69 | % | | | 0.71 | % | | | 0.84 | % | | | 0.84 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 1.95 | %(f) | | | | | | | 2.45 | % | | | 2.45 | % | | | 2.64 | % | | | 2.87 | % | | | 3.28 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 1,179,500 | | | | | | | $ | 941,069 | | | $ | 631,410 | | | $ | 438,543 | | | $ | 364,093 | | | $ | 178,774 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) . . . . . . . . . . | | $ | 244,322 | | | | | | | $ | 253,167 | | | $ | 141,267 | | | $ | 60,642 | | | $ | 40,310 | | | $ | 69,453 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 87 | % | | | | | | | 126 | % | | | 129 | % | | | 142 | % | | | 119 | % | | | 70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.02 | % | | | 0.01 | % | | | 0.01 | % | | | — | % | | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(g) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(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.
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock California Municipal Opportunities Fund (continued) | |
| |
| | Investor A1 | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 12.71 | | | | | | | $ | 12.76 | | | $ | 12.59 | | | $ | 12.72 | | | $ | 12.33 | | | $ | 12.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.14 | | | | | | | | 0.33 | | | | 0.33 | | | | 0.35 | | | | 0.38 | | | | 0.42 | |
Net realized and unrealized gain (loss) | | | 0.07 | | | | | | | | 0.19 | | | | 0.21 | | | | (0.13 | ) | | | 0.39 | | | | 0.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.21 | | | | | | | | 0.52 | | | | 0.54 | | | | 0.22 | | | | 0.77 | | | | 0.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Distributions(b) | |
From net investment income | | | (0.14 | ) | | | | | | | (0.33 | ) | | | (0.33 | ) | | | (0.35 | ) | | | (0.38 | ) | | | (0.42 | ) |
From net realized gain | | | — | | | | | | | | (0.24 | ) | | | (0.04 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total dividends and distributions | | | (0.14 | ) | | | | | | | (0.57 | ) | | | (0.37 | ) | | | (0.35 | ) | | | (0.38 | ) | | | (0.42 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 12.78 | | | | | | | $ | 12.71 | | | $ | 12.76 | | | $ | 12.59 | | | $ | 12.72 | | | $ | 12.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Return(c) | |
Based on net asset value | | | 1.64 | %(d) | | | | | | | 4.18 | % | | | 4.35 | % | | | 1.78 | % | | | 6.35 | % | | | 4.29 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ratios to Average Net Assets(e) | |
Total expenses(f) | | | 0.66 | %(g) | | | | | | | 0.72 | % | | | 0.66 | % | | | 0.70 | % | | | 0.79 | % | | | 0.81 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.64 | %(g) | | | | | | | 0.70 | % | | | 0.64 | % | | | 0.64 | % | | | 0.77 | % | | | 0.77 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(h) | | | 0.51 | %(g) | | | | | | | 0.53 | % | | | 0.54 | % | | | 0.56 | % | | | 0.72 | % | | | 0.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.16 | %(g) | | | | | | | 2.61 | % | | | 2.61 | % | | | 2.78 | % | | | 3.06 | % | | | 3.39 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 111,688 | | | | | | | $ | 112,554 | | | $ | 118,780 | | | $ | 126,274 | | | $ | 139,805 | | | $ | 143,879 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 244,322 | | | | | | | $ | 253,167 | | | $ | 141,267 | | | $ | 60,642 | | | $ | 40,310 | | | $ | 69,453 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 87 | % | | | | | | | 126 | % | | | 129 | % | | | 142 | % | | | 119 | % | | | 70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.02 | % | | | 0.01 | % | | | 0.01 | % | | | — | % | | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(f) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Expense ratios | | | N/A | | | | | | | | 0.71 | % | | | 0.66 | % | | | N/A | | | | N/A | | | | N/A | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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.
| | |
70 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock California Municipal Opportunities Fund (continued) | |
| |
| | Investor C | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 12.71 | | | | | | | $ | 12.76 | | | $ | 12.60 | | | $ | 12.73 | | | $ | 12.33 | | | $ | 12.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.08 | | | | | | | | 0.21 | | | | 0.22 | | | | 0.24 | | | | 0.27 | | | | 0.31 | |
Net realized and unrealized gain (loss) | | | 0.07 | | | | | | | | 0.19 | | | | 0.20 | | | | (0.13 | ) | | | 0.40 | | | | 0.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.15 | | | | | | | | 0.40 | | | | 0.42 | | | | 0.11 | | | | 0.67 | | | | 0.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Distributions(b) | |
From net investment income | | | (0.08 | ) | | | | | | | (0.21 | ) | | | (0.22 | ) | | | (0.24 | ) | | | (0.27 | ) | | | (0.31 | ) |
From net realized gain | | | — | | | | | | | | (0.24 | ) | | | (0.04 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.08 | ) | | | | | | | (0.45 | ) | | | (0.26 | ) | | | (0.24 | ) | | | (0.27 | ) | | | (0.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 12.78 | | | | | | | $ | 12.71 | | | $ | 12.76 | | | $ | 12.60 | | | $ | 12.73 | | | $ | 12.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Return(c) | |
Based on net asset value | | | 1.17 | %(d) | | | | | | | 3.24 | % | | | 3.33 | % | | | 0.87 | % | | | 5.51 | % | | | 3.38 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ratios to Average Net Assets(e) | |
Total expenses | | | 1.59 | %(f)(g) | | | | | | | 1.63 | %(g) | | | 1.57 | %(g) | | | 1.61 | %(g) | | | 1.70 | % | | | 1.72 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 1.57 | %(f) | | | | | | | 1.61 | % | | | 1.54 | % | | | 1.54 | % | | | 1.64 | % | | | 1.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(h) | | | 1.44 | %(f) | | | | | | | 1.44 | % | | | 1.44 | % | | | 1.46 | % | | | 1.60 | % | | | 1.60 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 1.21 | %(f) | | | | | | | 1.70 | % | | | 1.70 | % | | | 1.89 | % | | | 2.14 | % | | | 2.52 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 161,579 | | | | | | | $ | 150,543 | | | $ | 124,032 | | | $ | 112,978 | | | $ | 103,993 | | | $ | 67,789 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 244,322 | | | | | | | $ | 253,167 | | | $ | 141,267 | | | $ | 60,642 | | | $ | 40,310 | | | $ | 69,453 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 87 | % | | | | | | | 126 | % | | | 129 | % | | | 142 | % | | | 119 | % | | | 70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.02 | % | | | 0.01 | % | | | 0.01 | % | | | — | % | | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(g) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(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.
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock California Municipal Opportunities Fund (continued) | |
| |
| | Investor C1 | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 12.71 | | | | | | | $ | 12.76 | | | $ | 12.60 | | | $ | 12.73 | | | $ | 12.33 | | | $ | 12.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.25 | | | | | | | | 0.26 | | | | 0.27 | | | | 0.29 | | | | 0.32 | | | | 0.36 | |
Net realized and unrealized gain (loss) | | | (0.08 | ) | | | | | | | 0.19 | | | | 0.20 | | | | (0.13 | ) | | | 0.40 | | | | 0.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.17 | | | | | | | | 0.45 | | | | 0.47 | | | | 0.16 | | | | 0.72 | | | | 0.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Distributions(b) | |
From net investment income | | | (0.10 | ) | | | | | | | (0.26 | ) | | | (0.27 | ) | | | (0.29 | ) | | | (0.32 | ) | | | (0.36 | ) |
From net realized gain | | | — | | | | | | | | (0.24 | ) | | | (0.04 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.10 | ) | | | | | | | (0.50 | ) | | | (0.31 | ) | | | (0.29 | ) | | | (0.32 | ) | | | (0.36 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 12.78 | | | | | | | $ | 12.71 | | | $ | 12.76 | | | $ | 12.60 | | | $ | 12.73 | | | $ | 12.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Return(c) | |
Based on net asset value | | | 1.38 | %(d) | | | | | | | 3.68 | % | | | 3.75 | % | | | 1.27 | % | | | 5.90 | % | | | 3.76 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ratios to Average Net Assets(e) | |
Total expenses(f) | | | 1.24 | %(g) | | | | | | | 1.23 | % | | | 1.17 | % | | | 1.21 | % | | | 1.30 | % | | | 1.32 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 1.16 | %(g) | | | | | | | 1.21 | % | | | 1.14 | % | | | 1.14 | % | | | 1.27 | % | | | 1.27 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(h) | | | 1.03 | %(g) | | | | | | | 1.04 | % | | | 1.04 | % | | | 1.06 | % | | | 1.23 | % | | | 1.23 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 3.96 | %(g) | | | | | | | 2.05 | % | | | 2.10 | % | | | 2.27 | % | | | 2.56 | % | | | 2.89 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 203 | | | | | | | $ | 202 | | | $ | 2,478 | | | $ | 2,760 | | | $ | 15,180 | | | $ | 15,873 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 244,322 | | | | | | | $ | 253,167 | | | $ | 141,267 | | | $ | 60,642 | | | $ | 40,310 | | | $ | 69,453 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 87 | % | | | | | | | 126 | % | | | 129 | % | | | 142 | % | | | 119 | % | | | 70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.02 | % | | | 0.01 | % | | | 0.01 | % | | | — | % | | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(f) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Expense ratios | | | N/A | | | | | | | | 1.21 | % | | | 1.17 | % | | | N/A | | | | N/A | | | | N/A | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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.
| | |
72 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | |
| | BlackRock California Municipal Opportunities Fund (continued) | |
| |
| | Class K | |
| | Six Months Ended 11/30/19 (unaudited) | | | Year Ended May 31, 2019 | | | Period from 01/25/18 (a)
to 05/31/18 | |
| | | |
Net asset value, beginning of period | | $ | 12.71 | | | $ | 12.76 | | | $ | 12.71 | |
| | | | | | | | | | | | |
Net investment income(b) | | | 0.14 | | | | 0.34 | | | | 0.11 | |
Net realized and unrealized gain (loss) | | | 0.09 | | | | 0.19 | | | | 0.06 | |
| | | | | | | | | | | | |
Net increase from investment operations | | | 0.23 | | | | 0.53 | | | | 0.17 | |
| | | | | | | | | | | | |
|
Distributions(c) | |
From net investment income | | | (0.15 | ) | | | (0.34 | ) | | | (0.12 | ) |
From net realized gain | | | — | | | | (0.24 | ) | | | — | |
| | | | | | | | | | | | |
Total distributions | | | (0.15 | ) | | | (0.58 | ) | | | (0.12 | ) |
| | | | | | | | | | | | |
| | | |
Net asset value, end of period | | $ | 12.79 | | | $ | 12.71 | | | $ | 12.76 | |
| | | | | | | | | | | | |
|
Total Return(d) | |
Based on net asset value | | | 1.78 | %(e) | | | 4.33 | % | | | 1.31 | %(e) |
| | | | | | | | | | | | |
|
Ratios to Average Net Assets(f) | |
Total expenses | | | 0.53 | %(g)(j) | | | 0.58 | % | | | 0.54 | %(g)(h) |
| | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.51 | %(g) | | | 0.56 | % | | | 0.49 | %(g) |
| | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(i) | | | 0.38 | %(g) | | | 0.39 | % | | | 0.39 | %(g) |
| | | | | | | | | | | | |
Net investment income | | | 2.26 | %(g) | | | 2.71 | % | | | 2.76 | %(g) |
| | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 124,987 | | | $ | 113,480 | | | $ | 36,441 | |
| | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 244,322 | | | $ | 253,167 | | | $ | 141,267 | |
| | | | | | | | | | | | |
Portfolio turnover rate | | | 87 | % | | | 126 | % | | | 129 | % |
| | | | | | | | | | | | |
(a) | Commencement of operations. |
(b) | Based on average 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) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | Year Ended May 31, 2019 | | | Period from 01/25/18 (a) to 05/31/18 | |
Investments in underlying funds | | | 0.01 | % | | | 0.02 | % | | | 0.01 | % |
| | | | | | | | | | | | |
(h) | Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.54%. |
(i) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
(j) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
See notes to financial statements.
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock New Jersey Municipal Bond Fund | |
| |
| | Institutional | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.30 | | | | | | | $ | 11.05 | | | $ | 11.05 | | | $ | 11.38 | | | $ | 11.01 | | | $ | 11.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.19 | | | | | | | | 0.40 | | | | 0.40 | | | | 0.39 | | | | 0.40 | | | | 0.41 | |
Net realized and unrealized gain (loss) | | | 0.05 | | | | | | | | 0.25 | | | | 0.00 | (b) | | | (0.33 | ) | | | 0.37 | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.24 | | | | | | | | 0.65 | | | | 0.40 | | | | 0.06 | | | | 0.77 | | | | 0.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(c) | | | (0.19 | ) | | | | | | | (0.40 | ) | | | (0.40 | ) | | | (0.39 | ) | | | (0.40 | ) | | | (0.41 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.35 | | | | | | | $ | 11.30 | | | $ | 11.05 | | | $ | 11.05 | | | $ | 11.38 | | | $ | 11.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 2.10 | %(e) | | | | | | | 6.05 | % | | | 3.69 | % | | | 0.56 | % | | | 7.13 | % | | | 2.93 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.82 | %(g) | | | | | | | 0.85 | % | | | 0.84 | % | | | 0.80 | % | | | 0.81 | % | | | 0.84 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.63 | %(g) | | | | | | | 0.65 | % | | | 0.64 | % | | | 0.66 | % | | | 0.75 | % | | | 0.77 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(h) | | | 0.52 | %(g) | | | | | | | 0.52 | % | | | 0.54 | % | | | 0.61 | % | | | 0.72 | % | | | 0.74 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 3.29 | %(g) | | | | | | | 3.65 | % | | | 3.60 | % | | | 3.51 | % | | | 3.58 | % | | | 3.62 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 195,669 | | | | | | | $ | 178,716 | | | $ | 152,759 | | | $ | 141,585 | | | $ | 135,174 | | | $ | 115,135 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 22,054 | | | | | | | $ | 16,419 | | | $ | 16,419 | | | $ | 9,281 | | | $ | 9,281 | | | $ | 7,231 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 11 | % | | | | | | | 15 | % | | | 16 | % | | | 21 | % | | | 7 | % | | | 14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | — | % | | | 0.01 | % | | | — | % | | | | | | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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.
| | |
74 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock New Jersey Municipal Bond Fund (continued) | |
| |
| | Service | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.30 | | | | | | | $ | 11.05 | | | $ | 11.05 | | | $ | 11.38 | | | $ | 11.01 | | | $ | 11.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.17 | | | | | | | | 0.37 | | | | 0.37 | | | | 0.36 | | | | 0.38 | | | | 0.39 | |
Net realized and unrealized gain (loss) | | | 0.05 | | | | | | | | 0.25 | | | | (0.00 | )(b) | | | (0.32 | ) | | | 0.38 | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.22 | | | | | | | | 0.62 | | | | 0.37 | | | | 0.04 | | | | 0.76 | | | | 0.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(c) | | | (0.17 | ) | | | | | | | (0.37 | ) | | | (0.37 | ) | | | (0.37 | ) | | | (0.39 | ) | | | (0.39 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.35 | | | | | | | $ | 11.30 | | | $ | 11.05 | | | $ | 11.05 | | | $ | 11.38 | | | $ | 11.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 1.98 | %(e) | | | | | | | 5.79 | % | | | 3.43 | % | | | 0.36 | % | | | 7.00 | % | | | 2.83 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.03 | %(g) | | | | | | | 1.08 | % | | | 1.09 | % | | | 1.05 | % | | | 1.05 | % | | | 1.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.88 | %(g) | | | | | | | 0.90 | % | | | 0.89 | % | | | 0.86 | % | | | 0.87 | % | | | 0.86 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(h) | | | 0.77 | %(g) | | | | | | | 0.77 | % | | | 0.79 | % | | | 0.82 | % | | | 0.84 | % | | | 0.84 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.96 | %(g) | | | | | | | 3.34 | % | | | 3.35 | % | | | 3.27 | % | | | 3.43 | % | | | 3.53 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 7,837 | | | | | | | $ | 7,874 | | | $ | 7,921 | | | $ | 9,594 | | | $ | 10,514 | | | $ | 17,654 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 22,054 | | | | | | | $ | 16,419 | | | $ | 16,419 | | | $ | 9,281 | | | $ | 9,281 | | | $ | 7,231 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 11 | % | | | | | | | 15 | % | | | 16 | % | | | 21 | % | | | 7 | % | | | 14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) | Based on average shares outstanding. |
(b) | Amount is greater than $(0.005) per share. |
(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) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | — | % | | | 0.01 | % | | | — | % | | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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.
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock New Jersey Municipal Bond Fund (continued) | |
| |
| | Investor A | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.31 | | | | | | | $ | 11.06 | | | $ | 11.06 | | | $ | 11.39 | | | $ | 11.02 | | | $ | 11.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.17 | | | | | | | | 0.37 | | | | 0.37 | | | | 0.37 | | | | 0.38 | | | | 0.39 | |
Net realized and unrealized gain (loss) | | | 0.05 | | | | | | | | 0.25 | | | | (0.00 | )(b) | | | (0.33 | ) | | | 0.38 | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.22 | | | | | | | | 0.62 | | | | 0.37 | | | | 0.04 | | | | 0.76 | | | | 0.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(c) | | | (0.17 | ) | | | | | | | (0.37 | ) | | | (0.37 | ) | | | (0.37 | ) | | | (0.39 | ) | | | (0.39 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.36 | | | | | | | $ | 11.31 | | | $ | 11.06 | | | $ | 11.06 | | | $ | 11.39 | | | $ | 11.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 1.98 | %(e) | | | | | | | 5.79 | % | | | 3.43 | % | | | 0.36 | % | | | 6.99 | % | | | 2.83 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.03 | %(g) | | | | | | | 1.05 | % | | | 1.02 | % | | | 0.99 | % | | | 0.99 | % | | | 0.98 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.88 | %(g) | | | | | | | 0.90 | % | | | 0.89 | % | | | 0.86 | % | | | 0.87 | % | | | 0.86 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(h) | | | 0.77 | %(g) | | | | | | | 0.77 | % | | | 0.79 | % | | | 0.82 | % | | | 0.84 | % | | | 0.84 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 3.02 | %(g) | | | | | | | 3.39 | % | | | 3.35 | % | | | 3.29 | % | | | 3.44 | % | | | 3.52 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 109,055 | | | | | | | $ | 90,055 | | | $ | 72,565 | | | $ | 77,920 | | | $ | 81,164 | | | $ | 66,469 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 22,054 | | | | | | | $ | 16,419 | | | $ | 16,419 | | | $ | 9,281 | | | $ | 9,281 | | | $ | 7,231 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 11 | % | | | | | | | 15 | % | | | 16 | % | | | 21 | % | | | 7 | % | | | 14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) | Based on average shares outstanding. |
(b) | Amount is greater than $(0.005) per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | — | % | | | 0.01 | % | | | — | % | | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock New Jersey Municipal Bond Fund (continued) | |
| |
| | Investor A1 | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.31 | | | | | | | $ | 11.06 | | | $ | 11.07 | | | $ | 11.39 | | | $ | 11.02 | | | $ | 11.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.18 | | | | | | | | 0.39 | | | | 0.39 | | | | 0.38 | | | | 0.40 | | | | 0.41 | |
Net realized and unrealized gain (loss) | | | 0.05 | | | | | | | | 0.25 | | | | (0.01 | ) | | | (0.32 | ) | | | 0.37 | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.23 | | | | | | | | 0.64 | | | | 0.38 | | | | 0.06 | | | | 0.77 | | | | 0.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(b) | | | (0.18 | ) | | | | | | | (0.39 | ) | | | (0.39 | ) | | | (0.38 | ) | | | (0.40 | ) | | | (0.41 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.36 | | | | | | | $ | 11.31 | | | $ | 11.06 | | | $ | 11.07 | | | $ | 11.39 | | | $ | 11.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 2.05 | %(d) | | | | | | | 5.95 | % | | | 3.49 | % | | | 0.59 | % | | | 7.12 | % | | | 2.95 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.86 | %(f) | | | | | | | 0.88 | % | | | 0.87 | % | | | 0.83 | % | | | 0.83 | % | | | 0.83 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.73 | %(f) | | | | | | | 0.74 | % | | | 0.74 | % | | | 0.72 | % | | | 0.75 | % | | | 0.74 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(g) | | | 0.62 | %(f) | | | | | | | 0.62 | % | | | 0.64 | % | | | 0.68 | % | | | 0.72 | % | | | 0.72 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 3.17 | %(f) | | | | | | | 3.54 | % | | | 3.50 | % | | | 3.43 | % | | | 3.57 | % | | | 3.65 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 19,428 | | | | | | | $ | 19,760 | | | $ | 20,534 | | | $ | 22,697 | | | $ | 26,092 | | | $ | 29,707 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 22,054 | | | | | | | $ | 16,419 | | | $ | 16,419 | | | $ | 9,281 | | | $ | 9,281 | | | $ | 7,231 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 11 | % | | | | | | | 15 | % | | | 16 | % | | | 21 | % | | | 7 | % | | | 14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | — | % | | | 0.01 | % | | | — | % | | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock New Jersey Municipal Bond Fund (continued) | |
| |
| | Investor C | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.30 | | | | | | | $ | 11.05 | | | $ | 11.05 | | | $ | 11.38 | | | $ | 11.00 | | | $ | 11.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.13 | | | | | | | | 0.29 | | | | 0.29 | | | | 0.28 | | | | 0.30 | | | | 0.31 | |
Net realized and unrealized gain (loss) | | | 0.05 | | | | | | | | 0.25 | | | | 0.00 | (b) | | | (0.33 | ) | | | 0.38 | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 0.18 | | | | | | | | 0.54 | | | | 0.29 | | | | (0.05 | ) | | | 0.68 | | | | 0.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(c) | | | (0.13 | ) | | | | | | | (0.29 | ) | | | (0.29 | ) | | | (0.28 | ) | | | (0.30 | ) | | | (0.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.35 | | | | | | | $ | 11.30 | | | $ | 11.05 | | | $ | 11.05 | | | $ | 11.38 | | | $ | 11.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Return(d) | |
Based on net asset value | | | 1.59 | %(e) | | | | | | | 5.00 | % | | | 2.65 | % | | | (0.41 | )% | | | 6.28 | % | | | 2.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ratios to Average Net Assets(f) | |
Total expenses | | | 1.76 | %(g) | | | | | | | 1.79 | % | | | 1.78 | % | | | 1.73 | % | | | 1.73 | % | | | 1.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 1.63 | %(g) | | | | | | | 1.64 | % | | | 1.64 | % | | | 1.62 | % | | | 1.64 | % | | | 1.63 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(h) | | | 1.52 | %(g) | | | | | | | 1.52 | % | | | 1.54 | % | | | 1.57 | % | | | 1.61 | % | | | 1.61 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.26 | %(g) | | | | | | | 2.64 | % | | | 2.60 | % | | | 2.53 | % | | | 2.67 | % | | | 2.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 33,967 | | | | | | | $ | 31,234 | | | $ | 29,509 | | | $ | 29,276 | | | $ | 30,810 | | | $ | 28,614 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 22,054 | | | | | | | $ | 16,419 | | | $ | 16,419 | | | $ | 9,281 | | | $ | 9,281 | | | $ | 7,231 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 11 | % | | | | | | | 15 | % | | | 16 | % | | | 21 | % | | | 7 | % | | | 14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | — | % | | | 0.01 | % | | | — | % | | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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.
| | |
78 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock New Jersey Municipal Bond Fund (continued) | |
| |
| | Investor C1 | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.30 | | | | | | | $ | 11.05 | | | $ | 11.05 | | | $ | 11.38 | | | $ | 11.01 | | | $ | 11.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | 0.15 | | | | | | | | 0.34 | | | | 0.34 | | | | 0.33 | | | | 0.34 | | | | 0.35 | |
Net realized and unrealized gain (loss) | | | 0.05 | | | | | | | | 0.25 | | | | (0.00 | )(b) | | | (0.33 | ) | | | 0.37 | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 0.20 | | | | | | | | 0.59 | | | | 0.34 | | | | — | | | | 0.71 | | | | 0.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(c) | | | (0.15 | ) | | | | | | | (0.34 | ) | | | (0.34 | ) | | | (0.33 | ) | | | (0.34 | ) | | | (0.35 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.35 | | | | | | | $ | 11.30 | | | $ | 11.05 | | | $ | 11.05 | | | $ | 11.38 | | | $ | 11.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 1.80 | %(e) | | | | | | | 5.45 | % | | | 3.08 | % | | | (0.01 | )% | | | 6.59 | % | | | 2.43 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.53 | %(g) | | | | | | | 1.39 | % | | | 1.37 | % | | | 1.32 | % | | | 1.32 | % | | | 1.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 1.22 | %(g) | | | | | | | 1.23 | % | | | 1.22 | % | | | 1.23 | % | | | 1.26 | % | | | 1.25 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(h) | | | 1.11 | %(g) | | | | | | | 1.10 | % | | | 1.12 | % | | | 1.18 | % | | | 1.23 | % | | | 1.23 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 2.69 | %(g) | | | | | | | 3.10 | % | | | 3.02 | % | | | 2.92 | % | | | 3.05 | % | | | 3.14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 23 | | | | | | | $ | 23 | | | $ | 1,350 | | | $ | 1,403 | | | $ | 7,815 | | | $ | 7,981 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 22,054 | | | | | | | $ | 16,419 | | | $ | 16,419 | | | $ | 9,281 | | | $ | 9,281 | | | $ | 7,231 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 11 | % | | | | | | | 15 | % | | | 16 | % | | | 21 | % | | | 7 | % | | | 14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) | Based on average shares outstanding. |
(b) | Amount is greater than $(0.005) per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | — | % | | | 0.01 | % | | | — | % | | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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.
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | |
| | BlackRock New Jersey Municipal Bond Fund (continued) | |
| |
| | Class K | |
| | Six Months Ended 11/30/19 (unaudited) | | | Year Ended May 31, 2019 | | | Period from 01/25/18 (a)
to 05/31/18 | |
| | | |
Net asset value, beginning of period | | $ | 11.30 | | | $ | 11.04 | | | $ | 11.11 | |
| | | | | | | | | | | | |
Net investment income(b) | | | 0.19 | | | | 0.41 | | | | 0.14 | |
Net realized and unrealized gain (loss) | | | 0.05 | | | | 0.26 | | | | (0.07 | ) |
| | | | | | | | | | | | |
Net increase from investment operations | | | 0.24 | | | | 0.67 | | | | 0.07 | |
| | | | | | | | | | | | |
Distributions from net investment income(c) | | | (0.19 | ) | | | (0.41 | ) | | | (0.14 | ) |
| | | | | | | | | | | | |
| | | |
Net asset value, end of period | | $ | 11.35 | | | $ | 11.30 | | | $ | 11.04 | |
| | | | | | | | | | | | |
|
Total Return(d) | |
Based on net asset value | | | 2.13 | %(e) | | | 6.20 | % | | | 0.66 | %(e) |
| | | | | | | | | | | | |
|
Ratios to Average Net Assets(f) | |
Total expenses | | | 0.71 | %(g) | | | 0.75 | % | | | 0.74 | %(g)(h) |
| | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.58 | %(g) | | | 0.60 | % | | | 0.57 | %(g) |
| | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(i) | | | 0.47 | %(g) | | | 0.47 | % | | | 0.47 | %(g) |
| | | | | | | | | | | | |
Net investment income | | | 3.33 | %(g) | | | 3.70 | % | | | 3.88 | %(g) |
| | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 1,943 | | | $ | 1,660 | | | $ | 1,776 | |
| | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 22,054 | | | $ | 16,419 | | | $ | 16,419 | |
| | | | | | | | | | | | |
Portfolio turnover rate | | | 11 | % | | | 15 | % | | | 16 | % |
| | | | | | | | | | | | |
(a) | Commencement of operations. |
(b) | Based on average 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) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, 2019 | | | | | | Period from 01/25/18 (a) to 05/31/18 | | | | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | | | | | — | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
(h) | Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.74%. |
(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.
| | |
80 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock Pennsylvania Municipal Bond Fund | |
| |
| | Institutional | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.11 | | | | | | | $ | 10.98 | | | $ | 11.21 | | | $ | 11.58 | | | $ | 11.31 | | | $ | 11.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.20 | | | | | | | | 0.43 | | | | 0.45 | | | | 0.46 | | | | 0.46 | | | | 0.46 | |
Net realized and unrealized gain (loss) | | | (0.02 | ) | | | | | | | 0.13 | | | | (0.23 | ) | | | (0.37 | ) | | | 0.27 | | | | 0.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.18 | | | | | | | | 0.56 | | | | 0.22 | | | | 0.09 | | | | 0.73 | | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(b) | | | (0.20 | ) | | | | | | | (0.43 | ) | | | (0.45 | ) | | | (0.46 | ) | | | (0.46 | ) | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.09 | | | | | | | $ | 11.11 | | | $ | 10.98 | | | $ | 11.21 | | | $ | 11.58 | | | $ | 11.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 1.58 | %(d) | | | | | | | 5.22 | % | | | 2.02 | % | | | 0.81 | % | | | 6.59 | % | | | 5.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.94 | %(e) | | | | | | | 1.04 | % | | | 0.97 | % | | | 0.95 | % | | | 0.87 | % | | | 0.87 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.76 | %(e) | | | | | | | 0.84 | % | | | 0.78 | % | | | 0.78 | % | | | 0.79 | % | | | 0.78 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(f) | | | 0.54 | %(e) | | | | | | | 0.54 | % | | | 0.55 | % | | | 0.61 | % | | | 0.71 | % | | | 0.71 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 3.51 | %(e) | | | | | | | 3.93 | % | | | 4.06 | % | | | 4.05 | % | | | 4.04 | % | | | 4.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 396,196 | | | | | | | $ | 379,911 | | | $ | 356,315 | | | $ | 298,557 | | | $ | 327,314 | | | $ | 321,896 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 64,781 | | | | | | | $ | 64,404 | | | $ | 70,199 | | | $ | 59,064 | | | $ | 49,627 | | | $ | 46,127 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 12 | % | | | | | | | 23 | % | | | 17 | % | | | 18 | % | | | 19 | % | | | 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. |
(f) | 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 (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock Pennsylvania Municipal Bond Fund (continued) | |
| |
| | Service | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.13 | | | | | | | $ | 10.99 | | | $ | 11.22 | | | $ | 11.59 | | | $ | 11.31 | | | $ | 11.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.18 | | | | | | | | 0.40 | | | | 0.42 | | | | 0.43 | | | | 0.44 | | | | 0.44 | |
Net realized and unrealized gain (loss) | | | (0.03 | ) | | | | | | | 0.14 | | | | (0.23 | ) | | | (0.37 | ) | | | 0.28 | | | | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.15 | | | | | | | | 0.54 | | | | 0.19 | | | | 0.06 | | | | 0.72 | | | | 0.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(b) | | | (0.18 | ) | | | | | | | (0.40 | ) | | | (0.42 | ) | | | (0.43 | ) | | | (0.44 | ) | | | (0.44 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.10 | | | | | | | $ | 11.13 | | | $ | 10.99 | | | $ | 11.22 | | | $ | 11.59 | | | $ | 11.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 1.37 | %(d) | | | | | | | 5.05 | % | | | 1.76 | % | | | 0.59 | % | | | 6.50 | % | | | 4.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.16 | %(e) | | | | | | | 1.26 | % | | | 1.19 | % | | | 1.13 | % | | | 1.12 | % | | | 1.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 1.01 | %(e) | | | | | | | 1.09 | % | | | 1.03 | % | | | 1.00 | % | | | 0.97 | % | | | 0.96 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(f) | | | 0.79 | %(e) | | | | | | | 0.79 | % | | | 0.80 | % | | | 0.83 | % | | | 0.89 | % | | | 0.89 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 3.25 | %(e) | | | | | | | 3.67 | % | | | 3.81 | % | | | 3.84 | % | | | 3.85 | % | | | 3.83 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 2,084 | | | | | | | $ | 2,080 | | | $ | 1,783 | | | $ | 1,427 | | | $ | 1,217 | | | $ | 8,636 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 64,781 | | | | | | | $ | 64,404 | | | $ | 70,199 | | | $ | 59,064 | | | $ | 49,627 | | | $ | 46,127 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 12 | % | | | | | | | 23 | % | | | 17 | % | | | 18 | % | | | 19 | % | | | 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. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
| | |
82 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock Pennsylvania Municipal Bond Fund (continued) | |
| |
| | Investor A | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.13 | | | | | | | $ | 10.99 | | | $ | 11.22 | | | $ | 11.59 | | | $ | 11.32 | | | $ | 11.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.18 | | | | | | | | 0.40 | | | | 0.42 | | | | 0.43 | | | | 0.44 | | | | 0.44 | |
Net realized and unrealized gain (loss) | | | (0.03 | ) | | | | | | | 0.14 | | | | (0.23 | ) | | | (0.37 | ) | | | 0.27 | | | | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.15 | | | | | | | | 0.54 | | | | 0.19 | | | | 0.06 | | | | 0.71 | | | | 0.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(b) | | | (0.18 | ) | | | | | | | (0.40 | ) | | | (0.42 | ) | | | (0.43 | ) | | | (0.44 | ) | | | (0.44 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.10 | | | | | | | $ | 11.13 | | | $ | 10.99 | | | $ | 11.22 | | | $ | 11.59 | | | $ | 11.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 1.37 | %(d) | | | | | | | 5.05 | % | | | 1.76 | % | | | 0.59 | % | | | 6.40 | % | | | 4.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.10 | %(e) | | | | | | | 1.19 | % | | | 1.16 | % | | | 1.11 | % | | | 1.04 | % | | | 1.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 1.01 | %(e) | | | | | | | 1.09 | % | | | 1.03 | % | | | 1.00 | % | | | 0.97 | % | | | 0.96 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(f) | | | 0.79 | %(e) | | | | | | | 0.79 | % | | | 0.80 | % | | | 0.83 | % | | | 0.89 | % | | | 0.89 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 3.26 | %(e) | | | | | | | 3.67 | % | | | 3.82 | % | | | 3.83 | % | | | 3.85 | % | | | 3.83 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 128,600 | | | | | | | $ | 110,756 | | | $ | 98,414 | | | $ | 130,405 | | | $ | 88,994 | | | $ | 64,720 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 64,781 | | | | | | | $ | 64,404 | | | $ | 70,199 | | | $ | 59,064 | | | $ | 49,627 | | | $ | 46,127 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 12 | % | | | | | | | 23 | % | | | 17 | % | | | 18 | % | | | 19 | % | | | 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. |
(f) | 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 (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock Pennsylvania Municipal Bond Fund (continued) | |
| |
| | Investor A1 | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.13 | | | | | | | $ | 11.00 | | | $ | 11.22 | | | $ | 11.60 | | | $ | 11.33 | | | $ | 11.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.19 | | | | | | | | 0.42 | | | | 0.44 | | | | 0.45 | | | | 0.46 | | | | 0.46 | |
Net realized and unrealized gain (loss) | | | (0.02 | ) | | | | | | | 0.13 | | | | (0.22 | ) | | | (0.38 | ) | | | 0.27 | | | | 0.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.17 | | | | | | | | 0.55 | | | | 0.22 | | | | 0.07 | | | | 0.73 | | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(b) | | | (0.19 | ) | | | | | | | (0.42 | ) | | | (0.44 | ) | | | (0.45 | ) | | | (0.46 | ) | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.11 | | | | | | | $ | 11.13 | | | $ | 11.00 | | | $ | 11.22 | | | $ | 11.60 | | | $ | 11.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 1.53 | %(d) | | | | | | | 5.11 | % | | | 2.01 | % | | | 0.66 | % | | | 6.57 | % | | | 5.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.97 | %(e) | | | | | | | 1.05 | % | | | 0.98 | % | | | 0.94 | % | | | 0.87 | % | | | 0.86 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.86 | %(e) | | | | | | | 0.94 | % | | | 0.88 | % | | | 0.85 | % | | | 0.81 | % | | | 0.80 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(f) | | | 0.64 | %(e) | | | | | | | 0.64 | % | | | 0.65 | % | | | 0.68 | % | | | 0.73 | % | | | 0.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 3.41 | %(e) | | | | | | | 3.83 | % | | | 3.96 | % | | | 3.99 | % | | | 4.02 | % | | | 4.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 10,374 | | | | | | | $ | 10,502 | | | $ | 13,763 | | | $ | 15,266 | | | $ | 16,030 | | | $ | 16,548 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 64,781 | | | | | | | $ | 64,404 | | | $ | 70,199 | | | $ | 59,064 | | | $ | 49,627 | | | $ | 46,127 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 12 | % | | | | | | | 23 | % | | | 17 | % | | | 18 | % | | | 19 | % | | | 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. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
| | |
84 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock Pennsylvania Municipal Bond Fund (continued) | |
| |
| | Investor C | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.12 | | | | | | | $ | 10.99 | | | $ | 11.22 | | | $ | 11.59 | | | $ | 11.32 | | | $ | 11.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.14 | | | | | | | | 0.32 | | | | 0.34 | | | | 0.35 | | | | 0.35 | | | | 0.35 | |
Net realized and unrealized gain (loss) | | | (0.02 | ) | | | | | | | 0.13 | | | | (0.23 | ) | | | (0.37 | ) | | | 0.27 | | | | 0.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 0.12 | | | | | | | | 0.45 | | | | 0.11 | | | | (0.02 | ) | | | 0.62 | | | | 0.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(b) | | | (0.14 | ) | | | | | | | (0.32 | ) | | | (0.34 | ) | | | (0.35 | ) | | | (0.35 | ) | | | (0.35 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.10 | | | | | | | $ | 11.12 | | | $ | 10.99 | | | $ | 11.22 | | | $ | 11.59 | | | $ | 11.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 1.08 | %(d) | | | | | | | 4.18 | % | | | 1.01 | % | | | (0.17 | )% | | | 5.57 | % | | | 4.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.86 | %(e) | | | | | | | 1.95 | % | | | 1.87 | % | | | 1.84 | % | | | 1.76 | % | | | 1.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 1.76 | %(e) | | | | | | | 1.84 | % | | | 1.78 | % | | | 1.76 | % | | | 1.76 | % | | | 1.74 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(f) | | | 1.54 | %(e) | | | | | | | 1.54 | % | | | 1.54 | % | | | 1.59 | % | | | 1.68 | % | | | 1.68 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.51 | %(e) | | | | | | | 2.93 | % | | | 3.06 | % | | | 3.08 | % | | | 3.07 | % | | | 3.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 30,083 | | | | | | | $ | 29,936 | | | $ | 32,105 | | | $ | 33,427 | | | $ | 34,195 | | | $ | 28,972 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 64,781 | | | | | | | $ | 64,404 | | | $ | 70,199 | | | $ | 59,064 | | | $ | 49,627 | | | $ | 46,127 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 12 | % | | | | | | | 23 | % | | | 17 | % | | | 18 | % | | | 19 | % | | | 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. |
(f) | 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 (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock Pennsylvania Municipal Bond Fund (continued) | |
| |
| | Investor C1 | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.11 | | | | | | | $ | 10.98 | | | $ | 11.21 | | | $ | 11.58 | | | $ | 11.31 | | | $ | 11.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.00 | (b) | | | | | | | 0.36 | | | | 0.39 | | | | 0.39 | | | | 0.40 | | | | 0.39 | |
Net realized and unrealized gain (loss) | | | 0.13 | | | | | | | | 0.13 | | | | (0.23 | ) | | | (0.37 | ) | | | 0.27 | | | | 0.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.13 | | | | | | | | 0.49 | | | | 0.16 | | | | 0.02 | | | | 0.67 | | | | 0.49 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(c) | | | (0.15 | ) | | | | | | | (0.36 | ) | | | (0.39 | ) | | | (0.39 | ) | | | (0.40 | ) | | | (0.39 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.09 | | | | | | | $ | 11.11 | | | $ | 10.98 | | | $ | 11.21 | | | $ | 11.58 | | | $ | 11.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Return(d) | |
Based on net asset value | | | 1.15 | %(e) | | | | | | | 4.62 | % | | | 1.42 | % | | | 0.23 | % | | | 6.01 | % | | | 4.45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ratios to Average Net Assets | |
Total expenses | | | 1.89 | %(f) | | | | | | | 1.52 | % | | | 1.47 | % | | | 1.44 | % | | | 1.36 | % | | | 1.35 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 1.40 | %(f) | | | | | | | 1.41 | % | | | 1.36 | % | | | 1.36 | % | | | 1.34 | % | | | 1.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(g) | | | 1.17 | %(f) | | | | | | | 1.11 | % | | | 1.14 | % | | | 1.19 | % | | | 1.26 | % | | | 1.26 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.08 | )%(f) | | | | | | | 3.31 | % | | | 3.48 | % | | | 3.47 | % | | | 3.49 | % | | | 3.46 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 1 | | | | | | | $ | 8 | | | $ | 1,580 | | | $ | 1,575 | | | $ | 4,528 | | | $ | 4,735 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 64,781 | | | | | | | $ | 64,404 | | | $ | 70,199 | | | $ | 59,064 | | | $ | 49,627 | | | $ | 46,127 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 12 | % | | | | | | | 23 | % | | | 17 | % | | | 18 | % | | | 19 | % | | | 18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(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.
| | |
86 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | |
| | BlackRock Pennsylvania Municipal Bond Fund (continued) | |
| |
| | Class K | |
| | Six Months Ended 11/30/19 (unaudited) | | | Year Ended May 31, 2019 | | | Period from 01/25/18 (a) to 05/31/18 | |
| | | |
Net asset value, beginning of period | | $ | 11.11 | | | $ | 10.98 | | | $ | 11.07 | |
| | | | | | | | | | | | |
Net investment income(b) | | | 0.20 | | | | 0.43 | | | | 0.15 | |
Net realized and unrealized gain (loss) | | | (0.02 | ) | | | 0.13 | | | | (0.09 | ) |
| | | | | | | | | | | | |
Net increase from investment operations | | | 0.18 | | | | 0.56 | | | | 0.06 | |
| | | | | | | | | | | | |
Distributions from net investment income(c) | | | (0.20 | ) | | | (0.43 | ) | | | (0.15 | ) |
| | | | | | | | | | | | |
| | | |
Net asset value, end of period | | $ | 11.09 | | | $ | 11.11 | | | $ | 10.98 | |
| | | | | | | | | | | | |
|
Total Return(d) | |
Based on net asset value | | | 1.61 | %(e) | | | 5.28 | % | | | 0.60 | %(e) |
| | | | | | | | | | | | |
| | | |
Total expenses | | | 0.80 | %(f) | | | 0.90 | % | | | 0.84 | %(f)(g) |
| | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.71 | %(f) | | | 0.79 | % | | | 0.72 | %(f) |
| | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(h) | | | 0.49 | %(f) | | | 0.49 | % | | | 0.49 | %(f) |
| | | | | | | | | | | | |
Net investment income | | | 3.56 | %(f) | | | 3.98 | % | | | 4.41 | %(f) |
| | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 3,466 | | | $ | 2,329 | | | $ | 2,488 | |
| | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 64,781 | | | $ | 64,404 | | | $ | 70,199 | |
| | | | | | | | | | | | |
Portfolio turnover rate | | | 12 | % | | | 23 | % | | | 17 | % |
| | | | | | | | | | | | |
(a) | Commencement of operations. |
(b) | Based on average 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. |
(g) | Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.84%. |
(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.
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock Strategic Municipal Opportunities Fund | |
| |
| | Institutional | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.70 | | | | | | | $ | 11.75 | | | $ | 11.57 | | | $ | 11.79 | | | $ | 11.24 | | | $ | 11.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.15 | | | | | | | | 0.35 | | | | 0.33 | | | | 0.31 | | | | 0.31 | | | | 0.32 | |
Net realized and unrealized gain (loss) | | | 0.03 | | | | | | | | 0.14 | | | | 0.18 | | | | (0.07 | ) | | | 0.55 | | | | (0.07 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.18 | | | | | | | | 0.49 | | | | 0.51 | | | | 0.24 | | | | 0.86 | | | | 0.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Distributions(b) | |
From net investment income | | | (0.15 | ) | | | | | | | (0.35 | ) | | | (0.33 | ) | | | (0.31 | ) | | | (0.31 | ) | | | (0.32 | ) |
From net realized gain | | | — | | | | | | | | (0.19 | ) | | | — | | | | (0.15 | ) | | | — | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.15 | ) | | | | | | | (0.54 | ) | | | (0.33 | ) | | | (0.46 | ) | | | (0.31 | ) | | | (0.36 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.73 | | | | | | | $ | 11.70 | | | $ | 11.75 | | | $ | 11.57 | | | $ | 11.79 | | | $ | 11.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Return(c) | |
Based on net asset value | | | 1.56 | %(d) | | | | | | | 4.41 | % | | | 4.47 | % | | | 2.13 | % | | | 7.76 | % | | | 2.13 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ratios to Average Net Assets(e) | |
Total expenses | | | 0.76 | %(f) | | | | | | | 0.82 | % | | | 0.81 | % | | | 0.74 | % | | | 0.72 | % | | | 0.69 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.71 | %(f) | | | | | | | 0.77 | % | | | 0.75 | % | | | 0.69 | % | | | 0.67 | % | | | 0.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(g) | | | 0.54 | %(f) | | | | | | | 0.55 | % | | | 0.57 | % | | | 0.57 | % | | | 0.59 | % | | | 0.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.57 | %(f) | | | | | | | 3.05 | % | | | 2.83 | % | | | 2.71 | % | | | 2.69 | % | | | 2.82 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 9,329,511 | | | | | | | $ | 8,539,776 | | | $ | 5,791,442 | | | $ | 3,512,455 | | | $ | 3,197,986 | | | $ | 2,186,540 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 952,738 | | | | | | | $ | 960,205 | | | $ | 767,480 | | | $ | 526,645 | | | $ | 412,485 | | | $ | 298,790 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 56 | % | | | | | | | 68 | % | | | 145 | % | | | 171 | % | | | 174 | % | | | 185 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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.
| | |
88 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock Strategic Municipal Opportunities Fund (continued) | |
| |
| | Investor A | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.69 | | | | | | | $ | 11.74 | | | $ | 11.56 | | | $ | 11.78 | | | $ | 11.23 | | | $ | 11.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.14 | | | | | | | | 0.33 | | | | 0.31 | | | | 0.29 | | | | 0.28 | | | | 0.28 | |
Net realized and unrealized gain (loss) | | | 0.03 | | | | | | | | 0.14 | | | | 0.18 | | | | (0.07 | ) | | | 0.55 | | | | (0.07 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.17 | | | | | | | | 0.47 | | | | 0.49 | | | | 0.22 | | | | 0.83 | | | | 0.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Distributions(b) | |
From net investment income | | | (0.14 | ) | | | | | | | (0.33 | ) | | | (0.31 | ) | | | (0.29 | ) | | | (0.28 | ) | | | (0.29 | ) |
From net realized gain | | | — | | | | | | | | (0.19 | ) | | | — | | | | (0.15 | ) | | | — | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.14 | ) | | | | | | | (0.52 | ) | | | (0.31 | ) | | | (0.44 | ) | | | (0.28 | ) | | | (0.33 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.72 | | | | | | | $ | 11.69 | | | $ | 11.74 | | | $ | 11.56 | | | $ | 11.78 | | | $ | 11.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Return(c) | |
Based on net asset value | | | 1.44 | %(d) | | | | | | | 4.17 | % | | | 4.26 | % | | | 1.92 | % | | | 7.62 | % | | | 1.81 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ratios to Average Net Assets(e) | |
Total expenses | | | 0.98 | %(f) | | | | | | | 1.05 | % | | | 1.02 | % | | | 0.95 | % | | | 0.94 | % | | | 0.92 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.93 | %(f) | | | | | | | 1.00 | % | | | 0.96 | % | | | 0.90 | % | | | 0.89 | % | | | 0.87 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(g) | | | 0.76 | %(f) | | | | | | | 0.78 | % | | | 0.78 | % | | | 0.78 | % | | | 0.80 | % | | | 0.82 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.34 | %(f) | | | | | | | 2.82 | % | | | 2.63 | % | | | 2.50 | % | | | 2.47 | % | | | 2.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 2,118,889 | | | | | | | $ | 1,846,094 | | | $ | 1,441,879 | | | $ | 1,049,555 | | | $ | 1,111,770 | | | $ | 801,753 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 952,738 | | | | | | | $ | 960,205 | | | $ | 767,480 | | | $ | 526,645 | | | $ | 412,485 | | | $ | 298,790 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 56 | % | | | | | | | 68 | % | | | 145 | % | | | 171 | % | | | 174 | % | | | 185 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock Strategic Municipal Opportunities Fund (continued) | |
| |
| | Investor A1 | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.70 | | | | | | | $ | 11.75 | | | $ | 11.56 | | | $ | 11.79 | | | $ | 11.23 | | | $ | 11.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.15 | | | | | | | | 0.35 | | | | 0.32 | | | | 0.31 | | | | 0.30 | | | | 0.31 | |
Net realized and unrealized gain (loss) | | | 0.03 | | | | | | | | 0.14 | | | | 0.19 | | | | (0.09 | ) | | | 0.56 | | | | (0.09 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.18 | | | | | | | | 0.49 | | | | 0.51 | | | | 0.22 | | | | 0.86 | | | | 0.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Distributions(b) | |
From net investment income | | | (0.15 | ) | | | | | | | (0.35 | ) | | | (0.32 | ) | | | (0.30 | ) | | | (0.30 | ) | | | (0.30 | ) |
From net realized gain | | | — | | | | | | | | (0.19 | ) | | | — | | | | (0.15 | ) | | | — | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total dividends and distributions | | | (0.15 | ) | | | | | | | (0.54 | ) | | | (0.32 | ) | | | (0.45 | ) | | | (0.30 | ) | | | (0.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.73 | | | | | | | $ | 11.70 | | | $ | 11.75 | | | $ | 11.56 | | | $ | 11.79 | | | $ | 11.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Return(c) | |
Based on net asset value | | | 1.53 | %(d) | | | | | | | 4.33 | % | | | 4.49 | % | | | 1.98 | % | | | 7.78 | % | | | 1.94 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ratios to Average Net Assets(e) | |
Total expenses | | | 0.82 | %(f) | | | | | | | 0.90 | % | | | 0.88 | % | | | 0.81 | % | | | 0.79 | % | | | 0.78 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.77 | %(f) | | | | | | | 0.84 | % | | | 0.83 | % | | | 0.76 | % | | | 0.74 | % | | | 0.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(g) | | | 0.60 | %(f) | | | | | | | 0.62 | % | | | 0.64 | % | | | 0.64 | % | | | 0.66 | % | | | 0.68 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.53 | %(f) | | | | | | | 2.99 | % | | | 2.77 | % | | | 2.64 | % | | | 2.65 | % | | | 2.70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 27,239 | | | | | | | $ | 27,606 | | | $ | 29,233 | | | $ | 30,691 | | | $ | 33,472 | | | $ | 34,264 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 952,738 | | | | | | | $ | 960,205 | | | $ | 767,480 | | | $ | 526,645 | | | $ | 412,485 | | | $ | 298,790 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 56 | % | | | | | | | 68 | % | | | 145 | % | | | 171 | % | | | 174 | % | | | 185 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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.
| | |
90 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BlackRock Strategic Municipal Opportunities Fund (continued) | |
| |
| | Investor C | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | |
Net asset value, beginning of period | | $ | 11.70 | | | | | | | $ | 11.75 | | | $ | 11.56 | | | $ | 11.79 | | | $ | 11.23 | | | $ | 11.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.09 | | | | | | | | 0.24 | | | | 0.22 | | | | 0.20 | | | | 0.20 | | | | 0.20 | |
Net realized and unrealized gain (loss) | | | 0.03 | | | | | | | | 0.14 | | | | 0.19 | | | | (0.08 | ) | | | 0.56 | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.12 | | | | | | | | 0.38 | | | | 0.41 | | | | 0.12 | | | | 0.76 | | | | 0.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Distributions(b) | |
From net investment income | | | (0.09 | ) | | | | | | | (0.24 | ) | | | (0.22 | ) | | | (0.20 | ) | | | (0.20 | ) | | | (0.20 | ) |
From net realized gain | | | — | | | | | | | | (0.19 | ) | | | — | | | | (0.15 | ) | | | — | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.09 | ) | | | | | | | (0.43 | ) | | | (0.22 | ) | | | (0.35 | ) | | | (0.20 | ) | | | (0.24 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 11.73 | | | | | | | $ | 11.70 | | | $ | 11.75 | | | $ | 11.56 | | | $ | 11.79 | | | $ | 11.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Return(c) | |
Based on net asset value | | | 1.06 | %(d) | | | | | | | 3.39 | % | | | 3.54 | % | | | 1.05 | % | | | 6.80 | % | | | 1.03 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ratios to Average Net Assets(e) | |
Total expenses | | | 1.74 | %(f) | | | | | | | 1.81 | % | | | 1.79 | % | | | 1.72 | % | | | 1.70 | % | | | 1.69 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 1.68 | %(f) | | | | | | | 1.75 | % | | | 1.73 | % | | | 1.67 | % | | | 1.65 | % | | | 1.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(g) | | | 1.52 | %(f) | | | | | | | 1.53 | % | | | 1.55 | % | | | 1.55 | % | | | 1.57 | % | | | 1.58 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 1.60 | %(f) | | | | | | | 2.07 | % | | | 1.86 | % | | | 1.73 | % | | | 1.72 | % | | | 1.80 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 316,427 | | | | | | | $ | 307,887 | | | $ | 269,156 | | | $ | 251,966 | | | $ | 262,800 | | | $ | 205,674 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 952,738 | | | | | | | $ | 960,205 | | | $ | 767,480 | | | $ | 526,645 | | | $ | 412,485 | | | $ | 298,790 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 56 | % | | | | | | | 68 | % | | | 145 | % | | | 171 | % | | | 174 | % | | | 185 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended May 31, | |
| | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | |
| | BlackRock Strategic Municipal Opportunities Fund (continued) | |
| |
| | Class K | |
| | Six Months Ended 11/30/19 (unaudited) | | | Year Ended 05/31/19 | | | Period from 01/25/18 (a) to 05/31/18 | |
| | | |
Net asset value, beginning of period | | $ | 11.70 | | | $ | 11.75 | | | $ | 11.73 | |
| | | | | | | | | | | | |
Net investment income(b) | | | 0.15 | | | | 0.36 | | | | 0.11 | |
Net realized and unrealized gain | | | 0.04 | | | | 0.14 | | | | 0.02 | |
| | | | | | | | | | | | |
Net increase from investment operations | | | 0.19 | | | | 0.50 | | | | 0.13 | |
| | | | | | | | | | | | |
|
Distributions(c) | |
From net investment income | | | (0.16 | ) | | | (0.36 | ) | | | (0.11 | ) |
From net realized gain | | | — | | | | (0.19 | ) | | | — | |
| | | | | | | | | | | | |
Total distributions | | | (0.16 | ) | | | (0.55 | ) | | | (0.11 | ) |
| | | | | | | | | | | | |
| | | |
Net asset value, end of period | | $ | 11.73 | | | $ | 11.70 | | | $ | 11.75 | |
| | | | | | | | | | | | |
|
Total Return(d) | |
Based on net asset value | | | 1.59 | %(e) | | | 4.47 | % | | | 1.16 | %(e) |
| | | | | | | | | | | | |
|
Ratios to Average Net Assets(f) | |
Total expenses | | | 0.69 | %(h) | | | 0.76 | % | | | 0.74 | %(g)(h) |
| | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and paid indirectly | | | 0.64 | %(h) | | | 0.71 | % | | | 0.68 | %(h) |
| | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i) | | | 0.47 | %(h) | | | 0.48 | % | | | 0.50 | %(h) |
| | | | | | | | | | | | |
Net investment income | | | 2.61 | %(h) | | | 3.11 | % | | | 3.20 | %(h) |
| | | | | | | | | | | | |
|
Supplemental Data | |
Net assets, end of period (000) | | $ | 208,970 | | | $ | 126,051 | | | $ | 63,971 | |
| | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 952,738 | | | $ | 960,205 | | | $ | 767,480 | |
| | | | | | | | | | | | |
Portfolio turnover rate | | | 56 | % | | | 68 | % | | | 145 | % |
| | | | | | | | | | | | |
(a) | Commencement of operations. |
(b) | Based on average 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) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 (unaudited) | | | | | | Year Ended 05/31/19 | | | Period from 01/25/18 (a) to 05/31/18 | |
Investments in underlying funds | | | 0.01 | % | | | | | | | 0.01 | % | | | 0.01 | % |
| | | | | | | | | | | | | | | | |
(g) | Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.74%. |
(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.
| | |
92 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements
BlackRock California Municipal Series Trust, BlackRock Multi-State Municipal Series Trust and BlackRock Municipal Series Trust (each, a “Trust” or collectively, the “Trusts”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), asopen-end management investment companies. Each Trust is organized as a Massachusetts business trust.
| | | | | | |
Registrant Name | | Fund Name | | Herein Referred To As | | Diversification Classification |
BlackRock California Municipal Series Trust | | BlackRock California Municipal Opportunities Fund | | California Municipal Opportunities | | Diversified |
BlackRock Multi-State Municipal Series Trust | | BlackRock New Jersey Municipal Bond Fund | | New Jersey Municipal Bond | | Non-diversified |
| | BlackRock Pennsylvania Municipal Bond Fund | | Pennsylvania Municipal Bond | | Non-diversified |
BlackRock Municipal Series Trust | | BlackRock Strategic Municipal Opportunities Fund | | Strategic Municipal Opportunities | | 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 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 and, for California Municipal Opportunities only, fee based programs previously approved by the Fund. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A distribution and service plan).
| | | | | | | | | | | | |
Share Class | | Initial Sales Charge | | | CDSC | | | Conversion Privilege | |
Institutional, Service and Class K Shares | | | No | | | | No | | | | None | |
Investor A Shares | | | Yes | | | | No | (a) | | | None | |
Investor A1 Shares | | | No | (b) | | | No | (c) | | | None | |
Investor C Shares | | | No | | | | Yes | (d) | | | To Investor A Shares after approximately 10 years | |
Investor C1 Shares | | | No | | | | No | (e) | | | To Investor A Shares after approximately 10 years | (f) |
| (a) | 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. | |
| (b) | 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 or, for California Municipal Opportunities only, fee based programs previously approved by the Fund, which are currently the only investors who may invest in Investor A1 Shares. | |
| (c) | 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 and, for California Municipal Opportunities only, fee based programs previously approved by the Fund. | |
| (d) | A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | |
| (e) | 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 and, for California Municipal Opportunities only, fee based programs previously approved by the Fund. | |
| (f) | Effective on or about the close of business on February 24, 2020, all issued and outstanding Investor C1 Shares will be converted into Investor A Shares. | |
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex ofnon-index fixed-income mutual funds and all BlackRock-advisedclosed-end funds referred to as the BlackRock Fixed-Income 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 executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on theex-dividend date. 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 itsbooks 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 daily and paid monthly. Distributions of capital gains are recorded on theex-dividend date and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute anon-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 93 | |
Notes to Financial Statements (continued)
Deferred Compensation Plan:Under the Deferred Compensation Plan (the “Plan”) approved by the Board of Trustees of each Trust (the “Board”) effective January 1, 2019, the trustees who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.
Recent Accounting Standards: The Funds have adopted Financial Accounting Standards Board Accounting Standards Update2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities withnon-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended November 30, 2019. The adjusted cost basis of securities at May 31, 2019, are as follows:
| | | | |
California Municipal Opportunities Fund | | $ | 3,450,938,849 | |
Pennsylvania Municipal Bond Fund | | | 576,927,449 | |
Strategic Municipal Opportunities Fund | | | 11,343,555,410 | |
This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of 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) (or if the reporting date falls on a day the NYSE is closed, investments are valued at fair value as of the period end). 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. 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. |
| • | | Exchange-traded funds (“ETFs”) traded on a recognized securities exchange are valued at the official closing price each day, if available. For ETFs traded on more than one exchange, the official closing price on the exchange where the ETF is primarily traded is used. ETFs traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. |
| • | | Investments inopen-end U.S. mutual funds are valued at NAV each business day. |
| • | | Futures contracts traded on exchanges are valued at their last sale price. |
| | |
94 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
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 the Global Valuation Committee’s assumptions used in determining the fair value of investments and derivative financial instruments) |
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 or funds. There may not be a secondary market, and/or there are a limited number of investors. 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, When-Issued and 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 provide 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.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 95 | |
Notes to Financial Statements (continued)
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 or Loan for 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. Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:
| | | | | | | | | | | | | | | | |
| | Interest Expense | | | Liquidity Fees | | | Other Expenses | | | Total | |
California Municipal Opportunities | | $ | 1,758,841 | | | $ | 526,665 | | | $ | 144,538 | | | $ | 2,430,044 | |
New Jersey Municipal Bond | | | 140,322 | | | | 39,423 | | | | 21,974 | | | | 201,719 | |
Pennsylvania Municipal Bond | | | 432,701 | | | | 127,046 | | | | 40,725 | | | | 600,472 | |
Strategic Municipal Opportunities | | | 6,793,911 | | | | 2,098,131 | | | | 640,567 | | | | 9,532,609 | |
For the six months ended November 30, 2019, 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 | |
California Municipal Opportunities | | $ | 583,045,465 | | | $ | 244,322,162 | | | | 1.06% — 1.35% | | | $ | 246,255,495 | | | | 1.98 | % |
New Jersey Municipal Bond | | | 39,834,824 | | | | 22,053,726 | | | | 1.09% — 1.25% | | | | 19,559,545 | | | | 2.06 | |
Pennsylvania Municipal Bond | | | 124,048,596 | | | | 64,781,010 | | | | 1.12% — 1.28% | | | | 61,244,093 | | | | 1.96 | |
Strategic Municipal Opportunities | | | 1,532,830,014 | | | | 952,738,285 | | | | 1.06% — 1.35% | | | | 953,099,715 | | | | 2.00 | |
| (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 TOB Residuals holders, 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 November 30, 2019, 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 November 30, 2019. | |
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. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts 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
| | |
96 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
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.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory:Each Trust, on behalf of its Funds, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative 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:
| | | | | | | | | | | | | | | | |
| | Investment Advisory Fees | |
Average Daily Net Assets | | California Municipal Opportunities | | | New Jersey Municipal Bond | | | Pennsylvania Municipal Bond | | | Strategic Municipal Opportunities | |
First $1 Billion | | | 0.38 | % | | | 0.52 | % | | | 0.52 | % | | | 0.55 | % |
$1 Billion — $3 Billion | | | 0.36 | | | | 0.49 | | | | 0.49 | | | | 0.52 | |
$3 Billion — $5 Billion | | | 0.34 | | | | 0.47 | | | | 0.47 | | | | 0.50 | |
$5 Billion — $10 Billion | | | 0.33 | | | | 0.45 | | | | 0.45 | | | | 0.48 | |
Greater than $10 Billion | | | 0.32 | | | | 0.44 | | | | 0.44 | | | | 0.47 | |
Service and Distribution Fees: Each Trust, on behalf of its 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 | |
| | California Municipal Opportunities | | | New Jersey Municipal Bond | | | Pennsylvania Municipal Bond | | | Strategic Municipal Opportunities | |
Service | | | — | % | | | 0.25 | % | | | 0.25 | % | | | — | % |
Investor A | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
Investor A1 | | | 0.10 | | | | 0.10 | | | | 0.10 | | | | 0.10 | |
Investor C | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
Investor C1 | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | — | |
| | | | | | | | | | | | | | | | |
| | Distribution Fees | |
| | California Municipal Opportunities | | | New Jersey Municipal Bond | | | Pennsylvania Municipal Bond | | | Strategic Municipal Opportunities | |
Investor C | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % |
Investor C1 | | | 0.35 | | | | 0.35 | | | | 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 November 30, 2019, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:
| | | | | | | | | | | | | | | | | | | | | | | | |
Service and Distribution Fees | | Service | | | Investor A | | | Investor A1 | | | Investor C | | | Investor C1 | | | Total | |
California Municipal Opportunities | | $ | — | | | $ | 1,327,513 | | | $ | 56,200 | | | $ | 786,580 | | | $ | 609 | | | $ | 2,170,902 | |
New Jersey Municipal Bond | | | 9,788 | | | | 126,668 | | | | 9,762 | | | | 164,977 | | | | 69 | | | | 311,264 | |
Pennsylvania Municipal Bond | | | 2,762 | | | | 150,487 | | | | 5,249 | | | | 150,583 | | | | 8 | | | | 309,089 | |
Strategic Municipal Opportunities | | | — | | | | 2,496,206 | | | | 13,758 | | | | 1,562,982 | | | | — | | | | 4,072,946 | |
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 to servicing of underlying investor accounts. For these services, these entities receive an asset-based
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 97 | |
Notes to Financial Statements (continued)
fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2019, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:
| | | | | | | | | | | | |
| | Institutional | | | Investor A | | | Total | |
New Jersey Municipal Bond | | $ | 44,842 | | | $ | — | | | $ | 44,842 | |
Pennsylvania Municipal Bond | | | 166,340 | | | | — | | | | 166,340 | |
Strategic Municipal Opportunities | | | 440,697 | | | | 262 | | | | 440,959 | |
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 November 30, 2019, 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 | | | Class K | | | Total | |
California Municipal Opportunities | | $ | 1,615 | | | $ | — | | | $ | 1,504 | | | $ | 503 | | | $ | 293 | | | $ | 72 | | | $ | 3,987 | |
New Jersey Municipal Bond | | | 189 | | | | 320 | | | | 192 | | | | 171 | | | | 88 | | | | — | | | | 960 | |
Pennsylvania Municipal Bond | | | 308 | | | | 24 | | | | 308 | | | | 113 | | | | 41 | | | | — | | | | 794 | |
Strategic Municipal Opportunities | | | 6,493 | | | | — | | | | 3,290 | | | | 69 | | | | 586 | | | | 160 | | | | 10,598 | |
For the six months ended November 30, 2019, 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 | |
California Municipal Opportunities | | $ | 585,477 | | | $ | — | | | $ | 309,402 | | | $ | 19,479 | | | $ | 46,492 | | | $ | 120 | | | $ | 852 | | | $ | 961,822 | |
New Jersey Municipal Bond | | | 102,539 | | | | 2,525 | | | | 34,564 | | | | 4,402 | | | | 8,610 | | | | 23 | | | | 21 | | | | 152,684 | |
Pennsylvania Municipal Bond | | | 283,269 | | | | 1,245 | | | | 34,214 | | | | 3,808 | | | | 9,719 | | | | 6 | | | | 148 | | | | 332,409 | |
Strategic Municipal Opportunities | | | 3,439,190 | | | | — | | | | 482,433 | | | | 4,939 | | | | 80,624 | | | | — | | | | 2,709 | | | | 4,009,895 | |
Other Fees: For the six months ended November 30, 2019, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:
| | | | | | | | | | | | | | | | |
| | California Municipal Opportunities | | | New Jersey Municipal Bond | | | Pennsylvania Municipal Bond | | | Strategic Municipal Opportunities | |
Investor A | | $ | 12,087 | | | $ | 2,680 | | | $ | 6,652 | | | $ | 22,591 | |
For the six months ended November 30, 2019, affiliates received CDSCs as follows:
| | | | | | | | | | | | | | | | |
| | California Municipal Opportunities | | | New Jersey Municipal Bond | | | Pennsylvania Municipal Bond | | | Strategic Municipal Opportunities | |
Investor A | | $ | 84,871 | | | $ | 3,755 | | | $ | 40 | | | $ | 134,336 | |
Investor C | | | 8,789 | | | | 1,783 | | | | 347 | | | | 15,200 | |
Expense Limitations, Waivers, Reimbursements, and Recoupments:With respect to Strategic Municipal Opportunities, the Manager contractually agreed to waive a portion of its investment advisory fees equal to the annual rate of 0.05% of the Fund’s average daily net assets through September 30, 2020. The agreement may be terminated upon 90 days’ notice by a majority of Independent Trustees of BlackRock Municipal Series Trust or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2019, the Manager waived $2,869,187 which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.
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”). These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended November 30, 2019, the amounts waived were as follows:
| | | | | | | | | | | | | | | | |
| | California Municipal Opportunities | | | New Jersey Municipal Bond | | | Pennsylvania Municipal Bond | | | Strategic Municipal Opportunities | |
Amount waived | | $ | 48,346 | | | $ | 8,121 | | | $ | 6,267 | | | $ | 141,387 | |
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 September 30, 2020. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations.
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98 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
For the six months ended November 30, 2019, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
| | | | |
| | California Municipal Opportunities | |
Amount waived | | $ | 199,417 | |
With respect to California Municipal Opportunities, New Jersey Municipal Bond and Pennsylvania Municipal Bond, 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. The current expense limitations as a percentage of average daily net assets are as follows:
| | | | | | | | | | | | |
Share Class | | California Municipal Opportunities | | | New Jersey Municipal Bond | | | Pennsylvania Municipal Bond | |
Institutional | | | 0.44 | % | | | 0.52 | % | | | 0.54 | % |
Service | | | — | | | | 0.77 | | | | 0.79 | |
Investor A | | | 0.69 | | | | 0.77 | | | | 0.79 | |
Investor A1 | | | 0.54 | | | | 0.62 | | | | 0.64 | |
Investor C | | | 1.44 | | | | 1.52 | | | | 1.54 | |
Investor C1 | | | 1.04 | | | | 1.12 | | | | 1.14 | |
Class K | | | 0.39 | | | | 0.47 | | | | 0.49 | |
The Manager has agreed not to reduce or discontinue these contractual expense limitations through September 30, 2020, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the applicable Fund.
In addition, the following Funds had a waiver of investment advisory fees, which are included in fees waived and/or reimbursed by Manager in the Statements of Operations. For the six months ended November 30, 2019, the amounts waived were as follows:
| | | | | | | | | | | | |
| | California Municipal Opportunities | | | New Jersey Municipal Bond | | | Pennsylvania Municipal Bond | |
Amount waived | | $ | 2,733 | | | $ | 214,719 | | | $ | 237,693 | |
For the six months ended November 30, 2019, 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:
| | | | | | | | | | | | | | | | |
| | California Municipal Opportunities | | | New Jersey Municipal Bond | | | Pennsylvania Municipal Bond | | | Strategic Municipal Opportunities | |
Amount reimbursed | | $ | 18,372 | | | $ | 1,933 | | | $ | 3,103 | | | $ | 61,034 | |
For the six months ended November 30, 2019, the amounts included in transfer agent fees waived and/or reimbursed — class specific in the Statements of Operations were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Institutional | | | Service | | | Investor A | | | Investor A1 | | | Investor C | | | Investor C1 | | | Class K | | | Total | |
California Municipal Opportunities | | $ | — | | | $ | — | | | $ | 395 | | | $ | — | | | $ | 125 | | | $ | 69 | | | $ | 30 | | | $ | 619 | |
New Jersey Municipal Bond | | | 55,006 | | | | 568 | | | | 9,243 | | | | — | | | | 500 | | | | 21 | | | | 20 | | | | 65,358 | |
Pennsylvania Municipal Bond | | | 185,662 | | | | 692 | | | | 4,117 | | | | 1,183 | | | | 2,190 | | | | 5 | | | | 147 | | | | 193,996 | |
With respect to the contractual expense limitation, if during California Municipal Opportunities’ 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 applies only to the contractual expense limitation on net expenses for California Municipal Opportunities 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. Effective December 1, 2019, the repayment arrangement between the Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under the Fund’s contractual caps on net expenses will be terminated.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 99 | |
Notes to Financial Statements (continued)
For the six months ended November 30, 2019, the Manager recouped the following class specific waivers and/or reimbursements previously recorded by California Municipal Opportunities:
| | | | |
Fund Level | | $ | 60,680 | |
Institutional | | | 51,483 | |
Investor A | | | 20,264 | |
Investor C | | | 2,872 | |
Class K | | | 822 | |
As of November 30, 2019, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:
| | | | |
| | Expiring December 1, 2019 | |
Fund Level | | $ | 214,197 | |
Investor A | | | 2,335 | |
Investor | | | 12,049 | |
Investor C1 | | | 694 | |
Class K | | | 30 | |
Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”), each Fund 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. Each Fund is currently permitted to borrow 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 November 30, 2019, the Funds did not participate in the Interfund Lending Program.
Trustees and Officers: Certain trustees and/or officers of the Trusts 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 Trustees and Officer in the Statements of Operations.
For the six months ended November 30, 2019, purchases and sales of investments and excluding short-term securities, were as follows:
| | | | | | | | | | | | | | | | |
| | California Municipal Opportunities | | | New Jersey Municipal Bond | | | Pennsylvania Municipal Bond | | | Strategic Municipal Opportunities | |
Purchases | | $ | 3,390,168,887 | | | $ | 81,374,626 | | | $ | 80,440,614 | | | $ | 7,686,901,802 | |
Sales | | | 3,133,079,382 | | | | 38,248,490 | | | | 73,493,834 | | | | 6,894,957,698 | |
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 May 31, 2019. 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 November 30, 2019, 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’ financial statements.
As of May 31, 2019, the Funds hadnon-expiring capital loss carryforwards available to offset future realized capital gains as follows:
| | | | | | | | | | | | | | |
| | | BlackRock New Jersey Municipal Bond Fund | | | | | BlackRock Pennsylvania Municipal Bond Fund | | | |
| | | | $5,580,654 | | | | | | $15,414,729 | | | | |
| | |
100 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
As of November 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
| | BlackRock California Municipal Opportunities Fund | | | BlackRock New Jersey Municipal Bond Fund | | | BlackRock Pennsylvania Municipal Bond Fund | | | BlackRock Strategic Municipal Opportunities Fund | |
Tax cost | | $ | 3,759,973,057 | | | $ | 342,546,042 | | | $ | 536,640,142 | | | $ | 11,969,074,905 | |
| | | | | | | | | | | | | | | | |
Gross unrealized appreciation | | $ | 147,579,482 | | | $ | 28,719,898 | | | $ | 34,147,907 | | | $ | 503,136,764 | |
Gross unrealized depreciation | | | (3,608,800 | ) | | | (1,010,259 | ) | | | (3,386,168 | ) | | | (32,386,818 | ) |
| | | | | | | | | | | | | | | | |
Net unrealized appreciation | | $ | 143,970,682 | | | $ | 27,709,639 | | | $ | 30,761,739 | | | $ | 470,749,946 | |
| | | | | | | | | | | | | | | | |
Each Trust, on behalf of its 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 2020 unless extended or renewed. Prior to April 18, 2019, 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 Novemebr 30, 2019, the Funds did not borrow under the credit agreement.
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.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 101 | |
Notes to Financial Statements (continued)
Counterparty Credit Risk: Certain 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 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: Each Fund invests a substantial amount of its assets in issuers located in a single state or limited number of states. This may subject each 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 Funds’ respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.
As of period end, New Jersey Municipal Bond invested a significant portion of its assets in securities in the transportation sector. Pennsylvania Municipal Bond invested a significant portion of its assets in securities in the health 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.
The 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.
11. | CAPITAL SHARE TRANSACTIONS |
Transactions in capital shares for each class were as follows:
| | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 | | | Year Ended 05/31/19 | |
BlackRock California Municipal Opportunities Fund | | Shares | | | Amount | | | Shares | | | Amount | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 36,031,274 | | | $ | 460,310,170 | | | | 115,908,754 | | | $ | 1,456,570,908 | |
Shares issued in reinvestment of distributions | | | 1,582,445 | | | | 20,220,092 | | | | 4,793,829 | | | | 59,951,733 | |
Shares redeemed | | | (14,719,754 | ) | | | (188,067,872 | ) | | | (55,324,342 | ) | | | (691,717,890 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 22,893,965 | | | $ | 292,462,390 | | | | 65,378,241 | | | $ | 824,804,751 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold | | | 23,382,470 | | | $ | 298,528,560 | | | | 40,902,353 | | | $ | 514,860,620 | |
Shares issued in reinvestment of distributions | | | 764,414 | | | | 9,758,787 | | | | 2,456,061 | | | | 30,677,114 | |
Shares redeemed | | | (5,905,460 | ) | | | (75,363,347 | ) | | | (18,780,774 | ) | | | (235,673,424 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 18,241,424 | | | $ | 232,924,000 | | | | 24,577,640 | | | $ | 309,864,310 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A1 | | | | | | | | | | | | | | | | |
Shares sold | | | 17 | | | $ | 219 | | | | 218 | | | $ | 3,114 | |
Shares issued in reinvestment of distributions | | | 56,572 | | | | 722,743 | | | | 246,117 | | | | 3,077,643 | |
Shares redeemed | | | (175,377 | ) | | | (2,241,675 | ) | | | (699,828 | ) | | | (8,821,600 | ) |
| | | | | | | | | | | | | | | | |
Net decrease | | | (118,788 | ) | | $ | (1,518,713 | ) | | | (453,493 | ) | | $ | (5,740,843 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 1,987,260 | | | $ | 25,382,438 | | | | 4,097,737 | | | $ | 51,632,420 | |
Shares issued in reinvestment of distributions | | | 68,955 | | | | 881,018 | | | | 355,383 | | | | 4,436,387 | |
Shares redeemed | | | (1,260,841 | ) | | | (16,114,352 | ) | | | (2,330,412 | ) | | | (29,269,082 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 795,374 | | | $ | 10,149,104 | | | | 2,122,708 | | | $ | 26,799,725 | |
| | | | | | | | | | | | | | | | |
| | |
102 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 | | | Year Ended 05/31/19 | |
BlackRock California Municipal Opportunities Fund (continued) | | Shares | | | Amount | | | Shares | | | Amount | |
Investor C1 | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | $ | — | | | | — | | | $ | 69 | |
Shares issued in reinvestment of distributions | | | 1 | | | | 2 | | | | 1,970 | | | | 24,887 | |
Shares redeemed | | | — | | | | — | | | | (180,293 | ) | | | (2,263,760 | ) |
| | | | | | | | | | | | | | | | |
Net decrease | | | 1 | | | $ | 2 | | | | (178,323 | ) | | $ | (2,238,804 | ) |
| | | | | | | | | | | | | | | | |
|
Class K | |
Shares sold | | | 1,297,339 | | | $ | 16,579,363 | | | | 8,156,044 | | | $ | 101,572,186 | |
Shares issued in reinvestment of distributions | | | 75,667 | | | | 967,355 | | | | 170,426 | | | | 2,135,970 | |
Shares redeemed | | | (524,626 | ) | | | (6,705,011 | ) | | | (2,256,800 | ) | | | (28,241,497 | ) |
| | | | | | | | | | | | | | | | |
Net decrease | | | 848,380 | | | $ | 10,841,707 | | | | 6,069,670 | | | $ | 75,466,659 | |
| | | | | | | | | | | | | | | | |
Total Net Increase | | | 42,660,356 | | | $ | 544,858,490 | | | | 97,516,443 | | | $ | 1,228,955,798 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 | | | Year Ended 05/31/19 | |
BlackRock New Jersey Municipal Bond Fund | | Shares | | | Amount | | | Shares | | | Amount | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 2,206,196 | | | $ | 25,066,114 | | | | 4,493,677 | | | $ | 49,467,803 | |
Shares issued in reinvestment of distributions | | | 175,336 | | | | 1,994,751 | | | | 308,429 | | | | 3,399,468 | |
Shares redeemed | | | (960,618 | ) | | | (10,919,598 | ) | | | (2,812,478 | ) | | | (30,789,124 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 1,420,914 | | | $ | 16,141,267 | | | | 1,989,628 | | | $ | 22,078,147 | |
| | | | | | | | | | | | | | | | |
| | | | |
Service | | | | | | | | | | | | | | | | |
Shares sold | | | 558 | | | $ | 6,340 | | | | 47,225 | | | $ | 526,273 | |
Shares issued in reinvestment of distributions | | | 9,739 | | | | 110,793 | | | | 21,785 | | | | 239,932 | |
Shares redeemed | | | (16,723 | ) | | | (189,477 | ) | | | (89,106 | ) | | | (975,883 | ) |
| | | | | | | | | | | | | | | | |
Net decrease | | | (6,426 | ) | | $ | (72,344 | ) | | | (20,096 | ) | | $ | (209,678 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold | | | 2,315,145 | | | $ | 26,401,090 | | | | 3,440,961 | | | $ | 37,829,122 | |
Shares issued in reinvestment of distributions | | | 125,296 | | | | 1,426,668 | | | | 222,128 | | | | 2,449,784 | |
Shares redeemed | | | (804,340 | ) | | | (9,153,870 | ) | | | (2,262,696 | ) | | | (24,740,736 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 1,636,101 | | | $ | 18,673,888 | | | | 1,400,393 | | | $ | 15,538,170 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A1 | | | | | | | | | | | | | | | | |
Shares sold | | | 1 | | | $ | 25 | | | | 70 | | | $ | 762 | |
Shares issued in reinvestment of distributions | | | 18,486 | | | | 210,573 | | | | 42,174 | | | | 465,111 | |
Shares redeemed | | | (55,726 | ) | | | (632,810 | ) | | | (151,921 | ) | | | (1,669,810 | ) |
| | | | | | | | | | | | | | | | |
Net decrease | | | (37,239 | ) | | $ | (422,212 | ) | | | (109,677 | ) | | $ | (1,203,937 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 489,079 | | | $ | 5,563,000 | | | | 750,824 | | | $ | 8,268,272 | |
Shares issued in reinvestment of distributions | | | 28,762 | | | | 327,104 | | | | 59,723 | | | | 657,763 | |
Shares redeemed | | | (289,585 | ) | | | (3,296,141 | ) | | | (717,461 | ) | | | (7,849,651 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 228,256 | | | $ | 2,593,963 | | | | 93,086 | | | $ | 1,076,384 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C1 | | | | | | | | | | | | | | | | |
Shares sold | | | 3 | | | $ | 38 | | | | — | | | $ | (125 | ) |
Shares issued in reinvestment of distributions | | | 17 | | | | 196 | | | | 1,680 | | | | 18,429 | |
Shares redeemed | | | — | | | | — | | | | (121,889 | ) | | | (1,315,730 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | 20 | | | $ | 234 | | | | (120,209 | ) | | $ | (1,297,426 | ) |
| | | | | | | | | | | | | | | | |
|
Class K | |
Shares sold | | | 23,004 | | | $ | 261,544 | | | | 38,184 | | | $ | 422,503 | |
Shares issued in reinvestment of distributions | | | 2,389 | | | | 27,174 | | | | 5,229 | | | | 57,581 | |
Shares redeemed | | | (1,132 | ) | | | (12,876 | ) | | | (57,195 | ) | | | (632,450 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | 24,261 | | | $ | 275,842 | | | | (13,782 | ) | | $ | (152,366 | ) |
| | | | | | | | | | | | | | | | |
Total Net Increase | | | 3,265,887 | | | $ | 37,190,638 | | | | 3,219,343 | | | $ | 35,829,294 | |
| | | | | | | | | | | | | | | | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 103 | |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 | | | Year Ended 05/31/19 | |
BlackRock Pennsylvania Municipal Bond Fund | | Shares | | | Amount | | | Shares | | | Amount | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 2,968,034 | | | $ | 33,129,425 | | | | 9,419,819 | | | $ | 102,303,401 | |
Shares issued in reinvestment of distributions | | | 274,677 | | | | 3,065,255 | | | | 500,787 | | | | 5,456,679 | |
Shares redeemed | | | (1,699,296 | ) | | | (18,966,664 | ) | | | (8,187,076 | ) | | | (88,538,178 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 1,543,415 | | | $ | 17,228,016 | | | | 1,733,530 | | | $ | 19,221,902 | |
| | | | | | | | | | | | | | | | |
| | | | |
Service | | | | | | | | | | | | | | | | |
Shares sold | | | 110,494 | | | $ | 1,238,042 | | | | 87,159 | | | $ | 946,989 | |
Shares issued in reinvestment of distributions | | | 3,186 | | | | 35,603 | | | | 5,707 | | | | 62,276 | |
Shares redeemed | | | (112,833 | ) | | | (1,265,991 | ) | | | (68,175 | ) | | | (732,397 | ) |
| | | | | | | | | | | | | | | | |
Net decrease | | | 847 | | | $ | 7,654 | | | | 24,691 | | | $ | 276,868 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold | | | 1,940,968 | | | $ | 21,731,766 | | | | 3,381,545 | | | $ | 36,743,125 | |
Shares issued in reinvestment of distributions | | | 166,986 | | | | 1,865,623 | | | | 308,066 | | | | 3,359,167 | |
Shares redeemed | | | (478,784 | ) | | | (5,350,913 | ) | | | (2,688,372 | ) | | | (29,200,775 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 1,629,170 | | | $ | 18,246,476 | | | | 1,001,239 | | | $ | 10,901,517 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A1 | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | $ | — | | | | 16 | | | $ | 208 | |
Shares issued in reinvestment of distributions | | | 9,469 | | | | 105,838 | | | | 23,489 | | | | 256,039 | |
Shares redeemed | | | (18,885 | ) | | | (210,816 | ) | | | (331,516 | ) | | | (3,572,846 | ) |
| | | | | | | | | | | | | | | | |
Net decrease | | | (9,416 | ) | | $ | (104,978 | ) | | | (308,011 | ) | | $ | (3,316,599 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 361,320 | | | $ | 4,036,866 | | | | 351,430 | | | $ | 3,835,593 | |
Shares issued in reinvestment of distributions | | | 31,019 | | | | 346,489 | | | | 73,632 | | | | 802,268 | |
Shares redeemed | | | (373,081 | ) | | | (4,185,055 | ) | | | (655,353 | ) | | | (7,117,874 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | 19,258 | | | $ | 198,300 | | | | (230,291 | ) | | $ | (2,480,013 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C1 | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | $ | — | | | | 5 | | | $ | (340 | ) |
Shares issued in reinvestment of distributions | | | 3 | | | | 35 | | | | 2,194 | | | | 23,818 | |
Shares redeemed | | | (699 | ) | | | (7,800 | ) | | | (145,368 | ) | | | (1,554,847 | ) |
| | | | | | | | | | | | | | | | |
Net decrease | | | (696 | ) | | $ | (7,765 | ) | | | (143,169 | ) | | $ | (1,531,369 | ) |
| | | | | | | | | | | | | | | | |
|
Class K | |
Shares sold | | | 109,240 | | | $ | 1,218,356 | | | | 113,348 | | | $ | 1,232,815 | |
Shares issued in reinvestment of distributions | | | 4,314 | | | | 48,128 | | | | 7,457 | | | | 81,120 | |
Shares redeemed | | | (10,489 | ) | | | (117,211 | ) | | | (137,868 | ) | | | (1,487,711 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | 103,065 | | | $ | 1,149,273 | | | | (17,063 | ) | | $ | (173,776 | ) |
| | | | | | | | | | | | | | | | |
Total Net Increase | | | 3,285,643 | | | $ | 36,716,976 | | | | 2,060,926 | | | $ | 22,898,530 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 | | | Year Ended 05/31/19 | |
BlackRock Strategic Municipal Opportunities Fund | | Shares | | | Amount | | | Shares | | | Amount | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 154,279,159 | | | $ | 1,809,801,092 | | | | 424,159,901 | | | $ | 4,902,103,070 | |
Shares issued in reinvestment of distributions | | | 7,588,082 | | | | 88,996,647 | | | | 22,190,343 | | | | 255,471,978 | |
Shares redeemed | | | (96,560,654 | ) | | | (1,133,080,033 | ) | | | (209,250,857 | ) | | | (2,408,474,429 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 65,306,587 | | | $ | 765,717,706 | | | | 237,099,387 | | | $ | 2,749,100,619 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold | | | 33,324,650 | | | $ | 390,730,552 | | | | 70,818,841 | | | $ | 819,966,183 | |
Shares issued in reinvestment of distributions | | | 1,863,012 | | | | 21,846,915 | | | | 5,863,312 | | | | 67,460,707 | |
Shares redeemed | | | (12,356,458 | ) | | | (144,770,682 | ) | | | (41,574,543 | ) | | | (479,087,785 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 22,831,204 | | | $ | 267,806,785 | | | | 35,107,610 | | | $ | 408,339,105 | |
| | | | | | | | | | | | | | | | |
| | |
104 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/19 | | | Year Ended 05/31/19 | |
BlackRock Strategic Municipal Opportunities Fund (continued) | | Shares | | | Amount | | | Shares | | | Amount | |
Investor A1 | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | $ | — | | | | 14 | | | $ | 165 | |
Shares issued in reinvestment of distributions | | | 18,426 | | | | 216,074 | | | | 72,985 | | | | 840,116 | |
Shares redeemed | | | (56,193 | ) | | | (659,266 | ) | | | (201,324 | ) | | | (2,330,888 | ) |
| | | | | | | | | | | | | | | | |
Net decrease | | | (37,767 | ) | | $ | (443,192 | ) | | | (128,325 | ) | | $ | (1,490,607 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 3,099,524 | | | $ | 36,343,990 | | | | 7,848,189 | | | $ | 90,763,176 | |
Shares issued in reinvestment of distributions | | | 190,476 | | | | 2,233,910 | | | | 840,284 | | | | 9,657,647 | |
Shares redeemed | | | (2,634,138 | ) | | | (30,900,791 | ) | | | (5,278,387 | ) | | | (61,026,197 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 655,862 | | | $ | 7,677,109 | | | | 3,410,086 | | | $ | 39,394,626 | |
| | | | | | | | | | | | | | | | |
|
Class K | |
Shares sold | | | 8,503,166 | | | $ | 99,568,737 | | | | 7,541,691 | | | $ | 87,217,846 | |
Shares issued in reinvestment of distributions | | | 122,684 | | | | 1,439,198 | | | | 297,854 | | | | 3,428,548 | |
Shares redeemed | | | (1,587,327 | ) | | | (18,609,570 | ) | | | (2,509,491 | ) | | | (28,969,680 | ) |
| | | | | | | | | | | | | | | | |
Net increase | | | 7,038,523 | | | $ | 82,398,365 | | | | 5,330,054 | | | $ | 61,676,714 | |
| | | | | | | | | | | | | | | | |
Total Net Increase | | | 95,794,409 | | | $ | 1,123,156,773 | | | | 280,818,812 | | | $ | 3,257,020,457 | |
| | | | | | | | | | | | | | | | |
As of November 30, 2019, shares owned by BlackRock Financial Management Inc., an affiliate of the Funds, were as follows:
| | | | |
| | Class K | |
California Municipal Opportunities | | | 15,811 | |
New Jersey Municipal Bond | | | 18,124 | |
Pennsylvania Municipal Bond | | | 18,204 | |
Strategic Municipal Opportunities | | | 17,136 | |
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.
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NOTESTO FINANCIAL STATEMENTS | | | 105 | |
Disclosure of Investment Advisory Agreement
The Board of Trustees of each of BlackRock California Municipal Series Trust (the “California Municipal Series Trust”), BlackRock Multi-State Municipal Series Trust (the “Multi-State Municipal Series Trust”) and BlackRock Municipal Series Trust (the “Municipal Series Trust,” along with the California Municipal Series Trust and the Multi-State Municipal Series Trust, each, a “Trust”) met in person on May 1, 2019 (the “May Meeting”) and June5-6, 2019 (the “June Meeting”) to consider the approval of the investment advisory agreements (collectively, the “Advisory Agreements” or the “Agreements”) between the California Municipal Series Trust, on behalf of its series BlackRock California Municipal Opportunities Fund (the “California Municipal Opportunities Fund”), the Multi-State Municipal Series Trust, on behalf of its series BlackRock New Jersey Municipal Bond Fund (the “New Jersey Municipal Bond Fund”) and BlackRock Pennsylvania Municipal Bond Fund (the “Pennsylvania Municipal Bond Fund”), and the Municipal Series Trust, on behalf of its series BlackRock Strategic Municipal Opportunities Fund (the “Strategic Municipal Opportunities Fund,” collectively with the California Municipal Opportunities Fund, the New Jersey Municipal Bond Fund and the Pennsylvania Municipal Bond Fund, the “Funds” and each, a “Fund”), respectively, and BlackRock Advisors, LLC (the “Manager” or “BlackRock”), each Fund’s investment advisor. For simplicity: (a) the Board of Trustees of the Trusts are referred to herein collectively as the “Board,” and the members are referred to as “Board Members;” and (b) the shareholders of the Funds are referred to herein collectively as “shareholders.”
Activities and Composition of the Board
On the date of the June Meeting, the Board consisted of eleven individuals, nine of whom were not “interested persons” of each Trusts as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of each Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. TheCo-Chairs of the Board are Independent Board Members. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).
The Agreements
Consistent with the requirements of the 1940 Act, the Board considers the continuation of the Agreements on an annual basis. The Board has four quarterly meetings per year, each typically extending for two days, and additionalin-person and telephonic meetings throughout the year, as needed. While the Board also has a fifthone-day meeting to consider specific information surrounding the renewal of the Agreements, the Board’s consideration entails a year-long deliberative process whereby the Board and its committees assess BlackRock’s services to each Fund. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management; accounting, administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of management.
During the year, the Board, acting directly and through its committees, considers information that is relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreements.” Among the matters the Board considered were: (a) investment performance forone-year, three-year, five-year,ten-year, and/or since inception periods, as applicable, against peer funds, applicable benchmarks, and performance metrics, as applicable, as well as senior management’s and portfolio managers’ analyses of the reasons for any over-performance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock and each Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope ofnon-investment management services provided by BlackRock and its affiliates and the estimated cost of such services; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (k) an analysis of management fees for products with similar investment mandates across theopen-end fund, exchange-traded fund (“ETF”),closed-end fund,sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.
Board Considerations in Approving the Agreements
The Approval Process: Prior to the May Meeting, the Board requested and received materials specifically relating to the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”), the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”) and other metrics, as applicable; (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion offall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts,sub-advised mutual funds, ETFs,closed-end funds,open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) review ofnon-management fees; (f) the existence, impact and sharing of
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106 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Disclosure of Investment Advisory Agreement (continued)
potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock;(h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the June Meeting. Topics covered included: (a) the methodology for measuring estimated fund profitability; (b) economies of scale; (c) fund expenses and potential fee waivers; and (d) differences in services provided and management fees betweenopen-end funds and other product channels.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared with Performance Peers and other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to Expense Peers; (e) the sharing of potential economies of scale;(f) fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock: The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance and each Fund’s investment objective, strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and othernon-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of other service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certainopen-end funds; and (viii) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.
B. The Investment Performance of each Fund and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of each Fund. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included a comprehensive analysis of each Fund’s performance as of December 31, 2018. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of each Fund throughout the year.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and the Performance Peer funds (for example, the investment objective(s) and investment strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to affect long-term performance disproportionately.
The Board noted that for each of theone-, three- and five-year periods reported, the California Municipal Opportunities Fund ranked in the first quartile against its Performance Peers.
The Board noted that for theone-, three- and five-year periods reported, the New Jersey Municipal Bond Fund ranked in the third, first and first quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the New Jersey Municipal Bond Fund’s underperformance during the applicable period.
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DISCLOSUREOF INVESTMENT ADVISORY AGREEMENT | | | 107 | |
Disclosure of Investment Advisory Agreement (continued)
The Board noted that for theone-, three- and five-year periods reported, the Pennsylvania Municipal Bond Fund ranked in the third, second, and first quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Pennsylvania Municipal Bond Fund’s underperformance during the applicable period.
The Board noted that for theone-, three- and five-year periods reported, the Strategic Municipal Opportunities Fund ranked in the first quartile against its Performance Peers.
C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund: The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any12b-1 or non12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts andsub-advised mutual funds (including mutual funds sponsored by third parties).
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2018 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is difficult.
The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.
In addition, the Board considered the estimated cost of the services provided to each Fund by BlackRock, and BlackRock’s and its affiliates’ estimated profits relating to the management of each Fund and the other funds advised by BlackRock and its affiliates. As part of its analysis, the Board reviewed BlackRock’s methodology in allocating its costs of managing the Funds, to each Fund. The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across theopen-end fund, ETF,closed-end fund,sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that the California Municipal Opportunities Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile, relative to the California Municipal Opportunities Fund’s Expense Peers. The Board also noted that the California Municipal Opportunities Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the California Municipal Opportunities Fund increases above certain contractually specified levels. The Board noted that if the size of the California Municipal Opportunities Fund were to decrease, the California Municipal Opportunities Fund could lose the benefit of one or more breakpoints. In addition, the Board noted that BlackRock and the Board have contractually agreed to a cap on the California Municipal Opportunities Fund’s total expenses as a percentage of the California Municipal Opportunities Fund’s average daily net assets on aclass-by-class basis.
The Board noted that the New Jersey Municipal Bond Fund’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the New Jersey Municipal Bond Fund’s Expense Peers. The Board also noted that the New Jersey Municipal Bond Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the New Jersey Municipal Bond Fund increases above certain contractually specified levels. The Board noted that if the size of the Fund were to decrease, the New Jersey Municipal Bond Fund could lose the benefit of one or more breakpoints. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the New Jersey Municipal Bond Fund’s total expenses as a percentage of the New Jersey Municipal Bond Fund’s average daily net assets on aclass-by-class basis.
The Board noted that the Pennsylvania Municipal Bond Fund’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile, relative to the Pennsylvania Municipal Bond Fund’s Expense Peers. The Board also noted that the Pennsylvania Municipal Bond Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Pennsylvania Municipal Bond Fund increases above certain contractually specified levels. The Board noted that if the size of the Fund were to decrease, the Pennsylvania Municipal Bond Fund could lose the benefit of one or more breakpoints. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Pennsylvania Municipal Bond Fund’s total expenses as a percentage of the Pennsylvania Municipal Bond Fund’s average daily net assets on aclass-by-class basis.
The Board noted that the Strategic Municipal Opportunities Fund’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile, relative to the Strategic Municipal Opportunities Fund’s Expense Peers. The Board further noted that the Strategic Municipal Opportunities Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Strategic Municipal Opportunities Fund increases above certain contractually specified levels. The Board noted that if the size of the Fund were to decrease, the Strategic Municipal Opportunities Fund could lose the benefit of one or more breakpoints. Additionally, the Board noted that BlackRock and the Board have contractually agreed to waive 0.05% of the advisory fee for the Strategic Municipal Opportunities Fund through September 30, 2020.
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108 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Disclosure of Investment Advisory Agreement (continued)
D. Economies of Scale: The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and expense caps had been approved by the Board. The Board also considered the extent to which each Fund benefits from such economies in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate. In its consideration, the Board Members took into account the existence of any expense caps and further considered the continuation and/or implementation, as applicable, of such caps.
E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other ancillary or“fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board noted the competitive nature of theopen-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.
Conclusion
The Board, including the Independent Board Members, approved the continuation of the Advisory Agreement between the Manager and each Trust, on behalf of its respective Fund(s), for aone-year term ending June 30, 2020. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors asall-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.
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DISCLOSUREOF INVESTMENT ADVISORY AGREEMENT | | | 109 | |
Statement Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Trustees (the “Board”) of each of BlackRock California Municipal Series Trust, on behalf of its series BlackRock California Municipal Opportunities Fund, BlackRock Multi-State Municipal Series Trust, on behalf of its series BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund, and BlackRock Municipal Series Trust, on behalf of its series BlackRock Strategic Municipal Opportunities Fund, met on November14-15, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the BlackRockopen-end funds, excluding money market funds (each, a “Fund”), pursuant to the Liquidity Rule. The Board has appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions: During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for anopen-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity bucketing methodology by taking issuer position sizes into account. Where a Fund participated in borrowings for investment purposes (such as tender option bonds and reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a Fund’s liquidity bucketing. Derivative exposure was also considered in such calculation.
B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions: During the Program Reporting Period, the Committee reviewed historical net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size (“RATS”). Each Fund has adopted anin-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.
C. Holdings of cash and cash equivalents, as well as borrowing arrangements: The Committee considered the terms of the credit facility applicable to the Funds, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple Funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio and BlackRock Credit Strategies Income Fund, each a series of BlackRock Funds V). The Committee also considered other types of borrowing available to the Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
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110 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Trustee and Officer Information
Richard E. Cavanagh, Co-Chair of the Board and Trustee
Karen P. Robards, Co-Chair of the Board and Trustee
Michael J. Castellano, Trustee
Cynthia L. Egan, Trustee
Frank J. Fabozzi, Trustee
Henry Gabbay, Trustee
R. Glenn Hubbard, Trustee
W. Carl Kester, Trustee
Catherine A. Lynch, Trustee
Robert Fairbairn, Trustee
John M. Perlowski, Trustee, President and Chief Executive Officer
Jennifer McGovern, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Charles Park, Chief Compliance Officer
Lisa Belle, Anti-Money Laundering Compliance Officer
Janey Ahn, Secretary
Effective September 4, 2019, Janey Ahn replaced Benjamin Archibald as the Secretary of each Trust.
Effective September 5, 2019, Lisa Belle replaced John MacKessy as the Anti-Money Laundering Compliance Officer of each Trust.
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
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
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TRUSTEEAND OFFICER INFORMATION | | | 111 | |
Additional Information
Dividend Policy
Each Fund’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month. The Funds’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.
General Information
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed atblackrock.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 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.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on FormN-Q. The Funds’ Forms N-PORT andN-Q are available on the SEC’s website at sec.gov. The Funds’ FormsN-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) at blackrock.com; and (3) on the SEC’s website at 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 recent12-month period ended June 30 is available upon request and without charge (1) atblackrock.com; or by calling(800) 441-7762 and (2) on the SEC’s website at 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. Visitblackrock.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 atblackrock.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.
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112 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Additional Information (continued)
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 theirnon-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 personalnon-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 tonon-affiliated third parties anynon-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. Thesenon-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 tonon-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 thenon-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
Glossary of Terms Used in this Report
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Portfolio Abbreviations |
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AGC | | Assured Guarantee Corp. |
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AGM | | Assured Guaranty Municipal Corp. |
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AMBAC | | American Municipal Bond Assurance Corp. |
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AMT | | Alternative Minimum Tax (subject to) |
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ARB | | Airport Revenue Bonds |
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BAM | | Build America Mutual Assurance Co. |
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BAN | | Bond Anticipation Notes |
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BHAC | | Berkshire Hathaway Assurance Corp. |
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CAB | | Capital Appreciation Bonds |
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COP | | Certificates of Participation |
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EDA | | Economic Development Authority |
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EDC | | Economic Development Corp. |
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ETF | | Exchange-Traded Fund |
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GO | | General Obligation Bonds |
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Portfolio Abbreviations(continued) |
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GTD | | Guaranteed |
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HFA | | Housing Finance Agency |
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IDA | | Industrial Development Authority |
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LRB | | Lease Revenue Bonds |
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M/F | | Multi-Family |
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MRB | | Mortgage Revenue Bonds |
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NPFGC | | National Public Finance Guarantee Corp. |
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OTC | | Over-the-Counter |
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PSF | | Permanent School Fund |
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RB | | Revenue Bonds |
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S&P | | Standard & Poor’s |
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S/F | | Single-Family |
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SONYMA | | State of New York Mortgage Agency |
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SPDR | | Standard & Poor’s Depository Receipts |
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ADDITIONAL INFORMATION | | | 113 | |
Want to know more?
blackrock.com | 877-275-1255 (1-877-ASK-1BLK)
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.
MUNI4-11/19-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 |
(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 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 California Municipal Opportunities Fund of BlackRock California Municipal Series Trust
| | |
By: | | /s/ John M. Perlowski |
| | John M. Perlowski |
| | Chief Executive Officer (principal executive officer) of |
| | BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust |
|
Date: February 3, 2020 |
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 California Municipal Opportunities Fund of BlackRock California Municipal Series Trust |
|
Date: February 3, 2020 |
| |
By: | | /s/ Neal J. Andrews |
| | Neal J. Andrews |
| | Chief Financial Officer (principal financial officer) of |
| | BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust |
|
Date: February 3, 2020 |
3