0001193125-18-107164.txt : 20180404 0001193125-18-107164.hdr.sgml : 20180404 20180404121038 ACCESSION NUMBER: 0001193125-18-107164 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20180131 FILED AS OF DATE: 20180404 DATE AS OF CHANGE: 20180404 EFFECTIVENESS DATE: 20180404 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137440 IRS NUMBER: 510409123 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-10335 FILM NUMBER: 18736368 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 N-CSRS 1 d524547dncsrs.htm BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number 811-10335

Name of Fund:  BlackRock New Jersey Municipal Income Trust (BNJ)

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock New Jersey

 Municipal Income Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 07/31/2018

Date of reporting period: 01/31/2018


Item 1 – Report to Stockholders


JANUARY 31, 2018

 

 

SEMI-ANNUAL REPORT (UNAUDITED)

 

    LOGO

 

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Municipal 2020 Term Trust (BFO)

BlackRock Municipal 2030 Target Term Trust (BTT)

BlackRock Municipal Income Investment Trust (BBF)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Municipal Income Trust (BNY)

 

Not FDIC Insured • May Lose Value • No Bank Guarantee


The Markets in Review

Dear Shareholder,

In the 12 months ended January 31, 2018, assets with higher risk and return potential, such as stocks and high-yield bonds, continued to deliver strong performance. The equity market advanced despite geopolitical uncertainty and relatively high valuations, while bond returns were constrained by rising interest rates.

Emerging market stocks posted the strongest performance, as accelerating growth in China, the second largest economy in the world and the most influential of all developing economies, improved the outlook for corporate profits and economic growth across most developing nations. Chinese demand for commodities and other raw materials allayed concerns about the country’s banking system, leading to rising equity prices and foreign investment flows.

Rising interest rates worked against high-quality assets with more interest rate sensitivity. Consequently, the 10-year U.S. Treasury — a bellwether of the bond market — posted a modest negative return, as rising energy prices, higher wages, and steady job growth drove expectations of higher inflation and interest rate increases by the U.S. Federal Reserve (the “Fed”).

The market’s performance reflected reflationary expectations early in the reporting period, as investors began to sense that a global recovery was afoot. Thereafter, many countries experienced sustained and synchronized growth for the first time since the financial crisis. Growth rates and inflation are still relatively low, but they are finally rising together. Consensus expectations for global economic growth also rose, as long-anticipated fiscal stimulus and capital spending plans indicated that new sources of demand could extend the current economic cycle.

The Fed responded to these positive developments by increasing short-term interest rates three times during the year. In October 2017, the Fed also reduced its $4.5 trillion balance sheet by $10 billion, while setting expectations for additional modest reductions and rate hikes in 2018.

By contrast, the European Central Bank (“ECB”) and the Bank of Japan (“BoJ”) continued to expand their balance sheets despite nascent signs of sustained economic growth. Rising global growth and inflation, as well as limited bond supply, put steady pressure on other central banks to follow in the Fed’s footsteps. In October 2017, the ECB announced plans to cut its bond purchases in half for 2018, while the BoJ reiterated its commitment to economic stimulus, as the country’s inflation rate remained below 2.0%.

Rising consumer confidence and improving business sentiment are driving momentum for the U.S. economy. If the Fed maintains a measured pace of stimulus reduction, to the extent that inflation rises, it’s likely to be accompanied by rising real growth and higher wages. That could lead to a favorable combination of moderately higher inflation, steadily rising interest rates, and improving growth in 2018. We continue to believe the primary risks to the economic expansion are trade protectionism, rapidly rising interest rates, and geopolitical tension.

In December 2017, Congress passed a sweeping tax reform bill. The U.S. tax overhaul is likely to accentuate the existing reflationary themes, including faster growth and rising interest rates. Changing the corporate tax rate to a flat 21% will create many winners and losers among high-and-low tax companies, while the windfall from lower taxes could boost business and consumer spending.

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 visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

 

Total Returns as of January 31, 2018
     6-month   12-month

U.S. large cap equities
(S&P 500® Index)

  15.43%   26.41%

U.S. small cap equities
(Russell 2000® Index)

  11.23   17.18

International equities
(MSCI Europe, Australasia,
Far East Index)

  12.14   27.60

Emerging market equities
(MSCI Emerging Markets Index)

  18.51   41.01

3-month Treasury bills
(ICE BofAML 3-Month
U.S. Treasury Bill Index)

  0.58   0.93

U.S. Treasury securities
(ICE BofAML 10-Year
U.S. Treasury Index)

  (2.74)   (0.47)

U.S. investment grade bonds
(Bloomberg Barclays U.S.
Aggregate Bond Index)

  (0.35)   2.15

Tax-exempt municipal bonds
(S&P Municipal Bond Index)

  0.01   3.41

U.S. high yield bonds
(Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)

  1.94   6.60
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
 

 

 

2    THIS PAGE IS NOT PART OF YOUR FUND REPORT


Table of Contents

 

      Page  

The Markets in Review

     2  

Semi-Annual Report:

  

Municipal Market Overview

     4  

The Benefits and Risks of Leveraging

     5  

Derivative Financial Instruments

     5  

Trust Summaries

     6  

Financial Statements:

  

Schedules of Investments

     18  

Statements of Assets and Liabilities

     52  

Statements of Operations

     54  

Statements of Changes in Net Assets

     56  

Statements of Cash Flows

     59  

Financial Highlights

     60  

Notes to Financial Statements

     66  

Trustee and Officer Information

     76  

Additional Information

     77  

Glossary of Terms Used in this Report

     79  

 

 

     3  


Municipal Market Overview  For the Reporting Period Ended January 31, 2018

 

Municipal Market Conditions

Municipal bonds experienced positive performance during the period alongside a favorable technical backdrop and a flattening yield curve resulting from continued Fed monetary policy normalization and largely muted inflation expectations. Ongoing reassurance from the Fed that rates would be increased gradually and would likely remain low overall resulted in continued demand for fixed income investments. More specifically, investors favored the tax-exempt income, diversification, quality, and value of municipal bonds amid fiscal policy uncertainty, which saw tax reform ultimately lower the top individual tax rate just 2.6% while eliminating deductions and increasing demand for tax shelter. During the 12 months ended January 31, 2018, municipal bond funds experienced net inflows of approximately $33 billion (based on data from the Investment Company Institute).

 

For the same 12-month period, total new issuance remained elevated from a historical perspective at $394 billion (though well below the robust $455 billion issued in the prior 12-month period). Notably, issuance in December posted the highest monthly total on record at $56 billion, as issuers rushed deals to market ahead of the expected elimination of the tax-exemption for advanced refunding bonds and possibly private activity bonds (PABs). Ultimately, the final version of the Tax Cuts and Jobs Act left PABs unchanged, though the elimination of advanced refundings will likely suppress supply going forward, providing a powerful technical.   S&P Municipal Bond Index

Total Returns as of January 31, 2018

  6 months: 0.01%

12 months: 3.41%

 

A Closer Look at Yields

 

LOGO

From January 31, 2017 to January 31, 2018, yields on AAA-rated 30-year municipal bonds decreased by 17 basis points (“bps”) from 3.08% to 2.91%, while 10-year rates increased by 3 bps from 2.32% to 2.35% and 5-year rates increased by 20 bps from 1.63% to 1.83% (as measured by Thomson Municipal Market Data). The municipal yield curve flattened significantly over the 12-month period with the spread between 2- and 30-year maturities flattening by 64 bps.

During the same time period, on a relative basis, tax-exempt municipal bonds strongly outperformed U.S. Treasuries with the greatest outperformance experienced in the front and intermediate portions of the yield curve. Notably, January saw interest rates move rapidly higher alongside strong global growth and a more hawkish bias from global central banks. The relative positive performance of municipal bonds was driven largely by a supply/demand imbalance within the municipal market as investors sought income and incremental yield in an environment where opportunities became increasingly scarce. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers

The majority of municipal credits remain strong, despite well-publicized distress among a few issuers. Four of the five states with the largest amount of debt outstanding — California, New York, Texas and Florida — have exhibited markedly improved credit fundamentals during the slow national recovery. However, several states with the largest unfunded pension liabilities have seen their bond prices decline noticeably and remain vulnerable to additional price deterioration. On the local level, Chicago’s credit quality downgrade is an outlier relative to other cities due to its larger pension liability and inadequate funding remedies. BlackRock maintains the view that municipal bond defaults will remain minimal and in the periphery while the overall market is fundamentally sound. We continue to advocate careful credit research and believe that a thoughtful approach to structure and security selection remains imperative amid uncertainty in a modestly improving economic environment.

The opinions expressed are those of BlackRock as of January 31, 2018, and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.

The Standard & Poor’s Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the AMT. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.

 

 

4    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


The Benefits and Risks of Leveraging

 

The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Trusts (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trusts’ shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share NAV.

To illustrate these concepts, assume a Trust’s Common Shares capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust’s financing cost of leverage is significantly lower than the income earned on a Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Trusts’ return on assets purchased with leverage proceeds, income to shareholders is lower than if the Trusts had not used leverage. Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the value of the Trusts’ obligations under their respective leverage arrangements generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that the Trusts’ intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Trust’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Trust’s Common Shares than if the Trust were not leveraged. In addition, each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trusts to incur losses. The use of leverage may limit a Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Trust incurs expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares. Moreover, to the extent the calculation of the Trusts’ investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts’ investment adviser will be higher than if the Trusts did not use leverage.

To obtain leverage, each Trust has issued Variable Rate Demand Preferred Shares (“VRDP Shares”), Variable Rate Muni Term Preferred Shares (“VMTP Shares”), Remarketable Variable Rate Muni Term Preferred Shares (“RVMTP Shares”) (collectively, “Preferred Shares”) and/or leveraged its assets through the use of tender option bond trusts (“TOB Trusts”) as described in the Notes to Financial Statements.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Trust is permitted to issue debt up to 33 1/3% of its total managed assets or equity securities (e.g., Preferred Shares) up to 50% of its total managed assets. BTT is permitted to use economic leverage (which includes leverage attributable to reverse repurchase agreements) of up to 50% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by the Preferred Shares’ governing instruments or by agencies rating the Preferred Shares, which may be more stringent than those imposed by the 1940 Act.

If a Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Trust’s obligations under the TOB Trust (including accrued interest), then the TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.

Derivative Financial Instruments

The Trusts 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 Trusts’ 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 Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

 

 

THE BENEFITS AND RISKS OF LEVERAGING      5  


Trust Summary  as of January 31, 2018    BlackRock California Municipal Income Trust

 

Trust Overview

BlackRock California Municipal Income Trust’s (BFZ) (the “Trust”) investment objective is to provide current income exempt from regular U.S. federal income and California income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and California income taxes. The Trust invests, under normal market conditions, at least 80% of its assets in municipal obligations that are investment grade quality, or are considered by the Trust’s investment adviser to be of comparable quality, at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

 

Symbol on New York Stock Exchange (“NYSE”)

  BFZ

Initial Offering Date

  July 27, 2001

Yield on Closing Market Price as of January 31, 2018 ($13.34)(a)

  4.95%

Tax Equivalent Yield(b)

  10.78%

Current Monthly Distribution per Common Share(c)

  $0.0550

Current Annualized Distribution per Common Share(c)

  $0.6600

Economic Leverage as of January 31, 2018(d)

  42%

 

  (a) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.  
  (b) Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 54.10%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.  
  (c) The distribution rate is not constant and is subject to change.  
  (d) Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5.  

Performance

Returns for the six months ended January 31, 2018 were as follows:

 

    Returns Based On  
     Market Price      NAV  

BFZ(a)(b)

    (7.06 )%       0.01

Lipper California Municipal Debt Funds(c)

    (5.62      0.03  

 

  (a)  All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.  
  (b)  The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.  
  (c)  Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.  

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

The following discussion relates to the Trust’s absolute performance based on NAV:

 

  U.S. municipal bonds produced generally flat returns during the period, with income offsetting a modest decline in prices. Stronger economic growth and concerns about emerging inflation pressures fueled expectations that the Fed would continue to tighten monetary policy, dampening returns across the fixed-income market.

 

  California underperformed the national indices due to questions about the long-term effects the Federal tax reform bill could have on the supply-and-demand profile of the state’s municipal market.

 

  Portfolio income contributed to performance by offsetting the downturn in bond prices. The use of leverage helped boost the Trust’s income, but it also amplified the effect of market weakness.

 

  Holdings that the Trust purchased when rates were higher also aided performance due to their generous income and lower sensitivity to the negative effects of rising interest rates.

 

  The Trust’s cash reserves, while minimal, helped dampen the effect market volatility as yields rose.

 

  The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields rose, as prices fell, this aspect of the Trust’s positioning had a positive effect on returns.

 

  Holdings in more highly-rated investment-grade bonds (those rated AA and AAA) lagged non-investment grade holdings, as fund flows into high yield products led to greater price appreciation for lower-rated issues. This trend was most pronounced in the beginning of the period but less so in January once high yield fund flows turned negative.

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.

 

 

6    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary  as of January 31, 2018 (continued)    BlackRock California Municipal Income Trust

 

Market Price and Net Asset Value Per Share Summary

 

     01/31/18     07/31/17      Change      High      Low  

Market Price

  $ 13.34     $ 14.71        (9.31 )%     $ 14.81      $ 13.14  

Net Asset Value

    14.97       15.34        (2.41      15.48        14.97  

Market Price and Net Asset Value History For the Past Five Years

 

LOGO

Overview of the Trust’s Total Investments *

 

SECTOR ALLOCATION

 

Sector

  01/31/18     07/31/17  

County/City/Special District/School District

    28     29

Utilities

    18       21  

Transportation

    18       13  

Education

    14       13  

Health

    11       12  

State

    6       7  

Tobacco

    5       5  

Housing(b)

           

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL /MATURITY SCHEDULE (c)

 

Calendar Year Ended December 31,

       

2018

    16

2019

    22  

2020

    3  

2021

    11  

2022

    3  

 

  (c) Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.  
  * Excludes short-term securities.  

CREDIT QUALITY ALLOCATION (a)

 

Credit Rating

  01/31/18     07/31/17  

AAA/Aaa

    8     9

AA/Aa

    71       71  

A

    14       13  

BBB/Baa

    1       (b) 

BB/Ba

    1       1  

B

    4       4  

N/R

    1       2  

 

  (a) For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”) or Moody’s Investors Service (“Moody’s”) if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.  
  (b) Represents less than 1% of the Trust’s total investments.  
 

 

 

TRUST SUMMARY      7  


Trust Summary  as of January 31, 2018    BlackRock Florida Municipal 2020 Term Trust

 

Trust Overview

BlackRock Florida Municipal 2020 Term Trust’s (BFO) (the “Trust”) investment objectives are to provide current income exempt from regular U.S. federal income tax and Florida intangible personal property tax and to return $15.00 per common share (the initial offering price per share) to holders of common shares on or about December 31, 2020. The Trust seeks to achieve its investment objectives by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Florida intangible personal property tax. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trust’s investment adviser to be of comparable quality, at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar-weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in such securities or synthetically through the use of derivatives. Effective January 1, 2007, the Florida intangible personal property tax was repealed.

There is no assurance that the Trust will achieve its investment objective of returning $15.00 per share.

Trust Information

 

Symbol on NYSE

  BFO

Initial Offering Date

  September 30, 2003

Termination Date (on or about)

  December 31, 2020

Yield on Closing Market Price as of January 31, 2018 ($14.33)(a)

  2.18%

Tax Equivalent Yield(b)

  3.68%

Current Monthly Distribution per Common Share(c)

  $0.0260

Current Annualized Distribution per Common Share(c)

  $0.3120

Economic Leverage as of January 31, 2018(d)

 

 

  (a)  Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.  
  (b)  Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.80%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.  
  (c) The distribution rate is not constant and is subject to change.  
  (d) Percentage is less than 1% which represents TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5.  

Performance

Returns for the six months ended January 31, 2018 were as follows:

 

    Returns Based On  
     Market Price      NAV  

BFO(a)(b)

    (3.65 )%       (0.56 )% 

Lipper Other States Municipal Debt Funds(c)

    (4.74      (0.22

 

  (a)  All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.  
  (b)  The Trust moved to a discount to NAV during the period, which accounts for the difference between performance based on market price and performance based on NAV.  
  (c)  Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.  

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

The following discussion relates to the Trust’s absolute performance based on NAV:

 

  U.S. municipal bonds produced generally flat returns during the period, with income offsetting a modest decline in prices. Stronger economic growth and concerns about emerging inflation pressures fueled expectations that the Fed would continue to tighten monetary policy, dampening returns across the fixed-income market. At the state level, Florida’s economy continued to outperform behind strong employment growth in construction, professional services and hospitality.

 

  Since the Trust is scheduled to terminate on or about December 31, 2020, it holds securities that will mature close to that date. Short-term bonds were the weakest segment of the market during the reporting period due to expectations for additional Fed rate increases, so the Trust’s short-term bias detracted from performance.

 

  While higher short-term rates were an overall headwind, the trend also allowed the Trust to reinvest the proceeds from bond calls and maturities at higher yields. The municipal market benchmark rate for 2020 moved higher by 60 basis points (0.60%) during the period.

 

  The Trust’s positions in cash and pre-refunded bonds, while limited, largely avoided the price declines that occurred in the broader market.

 

  Positions in housing bonds, which are defensive by virtue of their continuously callable structures, added to performance.

 

  From a ratings perspective, positions in high-grade bonds underperformed lower-rated securities due to investors’ continued demand for yield.

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.

 

 

8    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary  as of January 31, 2018 (continued)    BlackRock Florida Municipal 2020 Term Trust

 

Market Price and Net Asset Value Per Share Summary

 

     01/31/18     07/31/17      Change      High      Low  

Market Price

  $ 14.33     $ 15.05        (4.78 )%     $ 15.18      $ 14.24  

Net Asset Value

    14.79       15.05        (1.73      15.08        14.78  

Market Price and Net Asset Value History For the Past Five Years

 

LOGO

Overview of the Trust’s Total Investments *

 

SECTOR ALLOCATION

 

Sector   01/31/18     07/31/17  

County/City/Special District/School District

    27     35

Health

    19       18  

Utilities

    15       16  

Transportation

    15       11  

State

    11       11  

Corporate

    8       4  

Education

    5       5  

Housing(b)

           

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL/MATURITY SCHEDULE (d)

 

Calendar Year Ended December 31,

       

2018

    15

2019

    11  

2020

    65  

2021

    1  

2022

    6  

 

  (d) Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.  
  * Excludes short-term securities.  

CREDIT QUALITY ALLOCATION (a)

 

Credit Rating   01/31/18     07/31/17  

AAA/Aaa

    1     1

AA/Aa

    54       56  

A

    31       28  

BBB/Baa(b)

           

N/R(c)

    14       15  

 

  (a) For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.  
  (b) Represents less than 1% of the Trust’s total investments.  
  (c) 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 January 31, 2018 and July 31, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents 3% and 4%, respectively, of the Trust’s total investments.  
 

 

 

TRUST SUMMARY      9  


Trust Summary  as of January 31, 2018    BlackRock Municipal 2030 Target Term Trust

 

Trust Overview

BlackRock Municipal 2030 Target Term Trust’s (BTT) (the “Trust”) investment objectives are to provide current income exempt from regular U.S. federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial offering price per share) to holders of common shares on or about December 31, 2030. The Trust seeks to achieve its investment objectives by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trust’s investment adviser to be of comparable quality, at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in such securities or synthetically through the use of derivatives.

There is no assurance that the Trust will achieve its investment objective of returning $25.00 per share.

Trust Information

 

Symbol on NYSE

  BTT

Initial Offering Date

  August 30, 2012

Termination Date (on or about)

  December 31, 2030

Current Distribution Rate on Closing Market Price as of January 31, 2018 ($21.39)(a)

  4.03%

Tax Equivalent Rate(b)

  6.81%

Current Monthly Distribution per Common Share(c)

  $0.0718

Current Annualized Distribution per Common Share(c)

  $0.8616

Economic Leverage as January 31, 2018(d)

  37%

 

  (a) Current Distribution Rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. See the financial highlights for the actual sources and character of distributions. Past performance does not guarantee future results.  
  (b) Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.80%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.  
  (c) The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain at fiscal year end.  
  (d) Represents RVMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to RVMTP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5.  

Performance

Returns for the six months ended January 31, 2018 were as follows:

 

    Returns Based On  
     Market Price      NAV  

BTT(a)(b)

    (5.77 )%       1.55

Lipper General & Insured Municipal Debt Funds (Leveraged)(c)

    (6.00      0.50  

 

  (a)  All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.  
  (b)  The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.  
  (c)  Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.  

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

The following discussion relates to the Trust’s absolute performance based on NAV:

 

  U.S. municipal bonds produced generally flat returns during the period, with income offsetting a modest decline in prices. Stronger economic growth and concerns about emerging inflation pressures fueled expectations that the Fed would continue to tighten monetary policy, dampening returns across the fixed-income market.

 

  The Trust’s position in New Jersey bonds made a meaningful contribution to performance. The state government passed legislation that redirected roughly $1 billion annually in lottery proceeds to its pension funds, which helped stabilize its credit rating and contributed to outperformance for the state’s debt.

 

  Positions in the tax-backed and health care sectors made positive contributions to absolute performance.

 

  The Trust’s investments in lower-rated issues, which outpaced the broader market, also aided results.

 

  The Trust’s allocation to zero-coupon bonds, while limited, detracted from performance since their longer duration accentuated the negative price performance in a down market. (Duration is a measure of interest-rate sensitivity.)

 

  Reinvestment had an adverse effect on the Trust’s income, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower prevailing rates.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

 

10    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary  as of January 31, 2018 (continued)    BlackRock Municipal 2030 Target Term Trust

 

Market Price and Net Asset Value Per Share Summary

 

    

01/31/18

    

07/31/17

     Change      High      Low  

Market Price

  $ 21.39      $ 23.14        (7.56 )%     $ 23.27      $ 21.06  

Net Asset Value

    23.74        23.83        (0.38      24.57        23.74  

Market Price and Net Asset Value History For the Past Five Years

 

LOGO

 

Overview of the Trust’s Total Investments *

 

SECTOR ALLOCATION

 

Sector

  01/31/18     07/31/17  

Transportation

    22     25

Health

    20       19  

County/City/Special District/School District

    15       14  

State

    14       12  

Education

    10       13  

Corporate

    9       8  

Utilities

    6       6  

Tobacco

    2       2  

Housing

    2       1  

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL/MATURITY SCHEDULE (e)

 

Calendar Year Ended December 31,

       

2018

    1

2019

     

2020

    4  

2021

    1  

2022

    32  

 

  (e)  Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.  
  * Excludes short-term securities.  

CREDIT QUALITY ALLOCATION (b)

 

Credit Rating

  01/31/18     07/31/17  

AAA/Aaa

    4     4

AA/Aa

    29       30  

A

    36       36  

BBB/Baa

    18       17  

BB/Ba

    2       2  

B

    2       2  

CCC/Caa

          (c) 

N/R(d)

    9       9  

 

  (b)  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.  
  (c)  Represents less than 1% of total investments.  
  (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 July 31, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Trust’s total investments.  
 

 

 

TRUST SUMMARY      11  


Trust Summary  as of January 31, 2018    BlackRock Municipal Income Investment Trust

 

Trust Overview

BlackRock Municipal Income Investment Trust’s (BBF) (the “Trust”) investment objective is to provide current income exempt from regular U.S. federal income tax. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds, the interest of which is exempt from U.S. federal income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trust’s investment adviser to be of comparable quality, at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

 

Symbol on NYSE

  BBF

Initial Offering Date

  July 27, 2001

Yield on Closing Market Price as of January 31, 2018 ($13.54)(a)

  5.89%

Tax Equivalent Yield(b)

  9.95%

Current Monthly Distribution per Common Share(c)

  $0.0665

Current Annualized Distribution per Common Share(c)

  $0.7980

Economic Leverage as of January 31, 2018(d)

  42%

 

  (a) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.  
  (b) Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.80%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.  
  (c) The distribution rate is not constant and is subject to change.  
  (d) Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5.  

Performance

Returns for the six months ended January 31, 2018 were as follows:

 

    Returns Based On  
     Market Price      NAV  

BBF(a)(b)

    (8.66 )%       0.38

Lipper General & Insured Municipal Debt Funds (Leveraged)(c)

    (6.00      0.50  

 

  (a)  All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.  
  (b)  The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.  
  (c)  Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.  

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

The following discussion relates to the Trust’s absolute performance based on NAV:

 

  U.S. municipal bonds produced generally flat returns during the period, with income offsetting a modest decline in prices. Stronger economic growth and concerns about emerging inflation pressures fueled expectations that the Fed would continue to tighten monetary policy, dampening returns across the fixed-income market.

 

  Positions in longer-dated securities contributed to performance, as yields on longer-maturity bonds rose less than those of short-term issues. (Prices and yields move in opposite directions.) In addition, longer-term debt generated higher income relative to other segments of the yield curve. Conversely, the Trust’s allocation to shorter-dated bonds also detracted from returns.

 

  Positions in BBB rated and non-investment grade bonds, which outperformed higher-quality securities, added to performance. Holdings in the tax-backed state and local sectors further aided results, particularly investments in New Jersey and Illinois. However, positions in higher-quality securities underperformed relative to lower-quality issues.

 

  The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields rose, as prices fell, this aspect of the Trust’s positioning had a positive effect on returns.

 

  The use of leverage helped performance by augmenting portfolio income, but it exacerbated the impact of declining bond prices.

 

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.

 

 

12    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary  as of January 31, 2018 (continued)    BlackRock Municipal Income Investment Trust

 

Market Price and Net Asset Value Per Share Summary

 

     01/31/18      07/31/17      Change      High      Low  

Market Price

  $ 13.54      $ 15.27        (11.33 )%     $ 15.43      $ 13.49  

Net Asset Value

    14.11        14.48        (2.56      14.58        14.11  

Market Price and Net Asset Value History For the Past Five Years

 

LOGO

Overview of the Trust’s Total Investments *

 

SECTOR ALLOCATION

 

Sector   01/31/18     07/31/17  

County/City/Special District/School District

    25     23

Transportation

    21       21  

Health

    14       15  

Utilities

    12       14  

Education

    11       10  

State

    8       9  

Tobacco

    6       5  

Housing

    2       1  

Corporate

    1       2  

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL/MATURITY SCHEDULE (c)

 

Calendar Year Ended December 31,

       

2018

    14

2019

    27  

2020

    10  

2021

    13  

2022

    2  

 

  (c)  Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.  
  * Excludes short-term securities.  

CREDIT QUALITY ALLOCATION (a)

 

Credit Rating   01/31/18     07/31/17  

AAA/Aaa

    9     9

AA/Aa

    47       49  

A

    15       16  

BBB/Baa

    15       14  

BB/Ba

    3       3  

B

    3       3  

N/R(b)

    8       6  

 

  (a)  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.  
  (b)  The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2018 and July 31, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1% and less than 1%, respectively, of the Trust’s total investments.  
 

 

 

TRUST SUMMARY      13  


Trust Summary  as of January 31, 2018    BlackRock New Jersey Municipal Income Trust

 

Trust Overview

BlackRock New Jersey Municipal Income Trust’s (BNJ) (the “Trust”) investment objective is to provide current income exempt from regular U.S. federal income tax and New Jersey gross income tax. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New Jersey gross income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trust’s investment adviser to be of comparable quality, at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

On September 6, 2017, the Boards of the Trust, BlackRock New Jersey Municipal Bond Trust (BLJ) and BlackRock MuniYield New Jersey Fund, Inc. (MYJ) approved the reorganizations of the Trust and BLJ with and into MYJ, with MYJ continuing as the surviving fund after the reorganization. The reorganizations are subject to approval by each fund’s shareholders and certain other conditions.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

 

Symbol on NYSE

  BNJ

Initial Offering Date

  July 27, 2001

Yield on Closing Market Price as of January 31, 2018 ($14.35)(a)

  5.31%

Tax Equivalent Yield(b)

  10.57%

Current Monthly Distribution per Common Share(c)

  $0.0635

Current Annualized Distribution per Common Share(c)

  $0.7620

Economic Leverage as of January 31, 2018(d)

  41%

 

  (a) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.  
  (b) Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 49.77%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.  
  (c) The distribution rate is not constant and is subject to change.  
  (d) Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5.  

Performance

Returns for the six months ended January 31, 2018 were as follows:

 

    Returns Based On  
     Market Price      NAV  

BNJ(a)(b)

    (7.72 )%       2.04

Lipper New Jersey Municipal Debt Funds(c)

    (5.19      0.79  

 

  (a)  All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.  
  (b)  The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.  
  (c)  Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.  

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

The following discussion relates to the Trust’s absolute performance based on NAV:

 

  U.S. municipal bonds produced generally flat returns during the period, with income offsetting a modest decline in prices. Stronger economic growth and concerns about emerging inflation pressures fueled expectations that the Fed would continue to tighten monetary policy, dampening returns across the fixed-income market.

 

  New Jersey bonds outperformed the national market due in part to investors’ positive perception of legislation that redirected roughly $1 billion annually in lottery proceeds to the state’s pension funds. The yield spreads on New Jersey tax-backed issues compressed significantly, making it the best performing sector held in the Fund during the past six months.

 

  Positions in longer-term securities, which strongly outpaced short-term issues, contributed positively. Conversely, the Trust’s holdings in short-term and intermediate bonds — which are more sensitive to Fed policy — lagged due to expectations for higher rates.

 

  The Trust’s investments in lower-rated issues, which outpaced the broader market, also added value.

 

  The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields rose, as prices fell, this aspect of the Fund’s positioning had a positive effect on returns.

 

  Reinvestment had an adverse effect on the Trust’s income, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower prevailing rates.

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.

 

 

14    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of January 31, 2018 (continued)    BlackRock New Jersey Municipal Income Trust

 

Market Price and Net Asset Value Per Share Summary

 

    

01/31/18

    07/31/17      Change      High      Low  

Market Price

  $ 14.35     $ 15.97        (10.14 )%     $ 16.05      $ 14.30  

Net Asset Value

    15.29       15.39        (0.65      15.70        15.29  

Market Price and Net Asset Value History For the Past Five Years

 

LOGO

Overview of the Trust’s Total Investment *

 

SECTOR ALLOCATION

 

Sector  

01/31/18

    07/31/17  

Transportation

    35     36

County/City/Special District/School District

    22       22  

Education

    16       16  

State

    9       9  

Corporate

    7       6  

Health

    6       6  

Housing

    2       2  

Tobacco

    2       2  

Utilities

    1       1  

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL/MATURITY SCHEDULE (d)

 

2018

    15

2019

    9  

2020

    5  

2021

    17  

2022

    9  

 

  (d)  Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.  
  * Excludes short-term securities.  

CREDIT QUALITY ALLOCATION (a)

 

Credit Rating  

01/31/18

    07/31/17  

AAA/Aaa

    4     4

AA/Aa

    35       36  

A

    21       25  

BBB/Baa

    27       22  

BB/Ba

    9       10  

B

    1       (b) 

N/R

    3 (c)      3  

 

  (a)  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.  
  (b)  Represents less than 1% of total investments.  
  (c)  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 January 31, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Trust’s total investments.  
 

 

 

FUND SUMMARY      15  


Trust Summary  as of January 31, 2018    BlackRock New York Municipal Income Trust

 

Trust Overview

BlackRock New York Municipal Income Trust’s (BNY) (the “Trust”) investment objective is to provide current income exempt from regular U.S. federal income tax and New York State and New York City personal income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City personal income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trust’s investment adviser to be of comparable quality, at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

 

Symbol on NYSE

  BNY

Initial Offering Date

  July 27, 2001

Yield on Closing Market Price as of January 31, 2018 ($13.62)(a)

  4.45%

Tax Equivalent Yield(b)

  8.83%

Current Monthly Distribution per Common Share(c)

  $0.0505

Current Annualized Distribution per Common Share(c)

  $0.6060

Economic Leverage as of January 31, 2018(d)

  40%

 

  (a) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.  
  (b) Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 49.62%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.  
  (c) The distribution rate is not constant and is subject to change.  
  (d) Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5.  

Performance

Returns for the six months ended January 31, 2018 were as follows:

 

    Returns Based On  
     Market Price      NAV  

BNY(a)(b)

    (9.28 )%       0.26

Lipper New York Municipal Debt Funds(c)

    (4.98      (0.20

 

  (a)  All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.  
  (b)  The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.  
  (c)  Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.  

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

The following discussion relates to the Trust’s absolute performance based on NAV:

 

  U.S. municipal bonds produced generally flat returns during the period, with income offsetting a modest decline in prices. Stronger economic growth and concerns about emerging inflation pressures fueled expectations that the U.S. Federal Reserve would continue to tighten monetary policy, dampening returns across the fixed-income market.

 

  New York municipal bonds underperformed the national market. New issuance in the state was relatively robust compared to the nation as a whole, which contributed to the weaker performance. Unfortunately, much of the new issuance was concentrated in several large issuers in which the Fund already had positions, thereby limiting the opportunity set. New York’s overall economic trends continued to improve, albeit at a rate slightly below the national level. However, the state continued to enjoy a broad and diverse economic base. One area of potential concern was the capping of deductibility of state and local taxes due to recently enacted Federal tax reform policies, which may reduce New York’s ability to raise taxes in the future.

 

  Portfolio income, enhanced by leverage, made the largest positive contribution to performance at a time in which bond prices fell. However, the use of leverage also exacerbated the effect of market weakness.

 

  Exposure to lower-rated issues (those rated A and below) helped results as this market segment outperformed higher-rated bonds.

 

  From a sector perspective, the Trust’s allocations to the education and transportation sectors were beneficial.

 

  The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields rose, as prices fell, this aspect of the Trust’s positioning had a positive effect on returns.

 

  The Trust’s positions in shorter-term bonds proved detrimental as rates increased the most in the two- to five-year portion of the yield curve. This allocation is largely comprised of advance-refunded bonds purchased in a higher-yield environment. Conversely, the Trust’s exposure to the long end of the yield curve was beneficial as rates increased less in this area.

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.

 

 

16    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of January 31, 2018 (continued)    BlackRock New York Municipal Income Trust

 

Market Price and Net Asset Value Per Share Summary

 

     01/31/18     07/31/17      Change      High      Low  

Market Price

  $ 13.62     $ 15.37        (11.39 )%     $ 15.50      $ 13.55  

Net Asset Value

    14.73       15.04        (2.06      15.20        14.73  

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments *

 

SECTOR ALLOCATION

 

Sector

  01/31/18     07/31/17  

County/City/Special District/School District

    22     20

Transportation

    22       23  

Education

    19       20  

Utilities

    12       12  

State

    10       10  

Health

    8       9  

Tobacco

    3       2  

Corporate

    2       2  

Housing

    2       2  

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL/MATURITY SCHEDULE (c)

 

Calendar Year Ended December 31,

       

2018

    4

2019

    7  

2020

    5  

2021

    15  

2022

    14  

 

  (c)  Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.  
  * Excludes short-term securities.  

CREDIT QUALITY ALLOCATION (a)

 

Credit Rating

  01/31/18     07/31/17  

AAA/Aaa

    17     16

AA/Aa

    40       40  

A

    24       28  

BBB/Baa

    10       6  

BB/Ba

    2       1  

B

    1       1  

N/R(b)

    6       8  

 

  (a)  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.  
  (b)  The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2018 and July 31, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2% and 4%, respectively, of the Trust’s total investments.  
 

 

 

FUND SUMMARY      17  


Schedule of Investments  (unaudited)

January 31, 2018

  

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds

 

California — 92.9%  
County/City/Special District/School District — 22.2%  

Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 08/01/19(a)

  $ 8,425     $ 8,933,701  

City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay North Redevelopment Project, Series A, 5.00%, 08/01/41

    1,185       1,341,657  

City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:

   

6.13%, 05/01/31

    500       566,035  

6.50%, 05/01/36

    1,210       1,384,022  

6.50%, 05/01/42

    2,225       2,545,000  

County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 02/01/19(a)

    2,000       2,092,020  

County of Orange California Water District, COP, Refunding, 5.25%, 08/15/19(a)

    2,000       2,117,860  

County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45

    8,990       10,446,110  

County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A(a):

   

5.50%, 03/01/21

    5,270       5,885,325  

6.00%, 03/01/21

    2,880       3,259,382  

County of Santa Clara California Financing Authority, Refunding LRB, Series L, 5.25%, 05/15/18(a)

    20,000       20,225,600  

Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 08/01/33

    2,500       2,629,100  

Los Angeles Unified School District, GO, Election of 2008, Series A, 4.00%, 07/01/40

    8,000       8,360,080  

Modesto Irrigation District, COP, Capital Improvements,
Series A, 5.75%, 10/01/29

    3,035       3,179,952  

Oak Grove School District, GO, Election of 2008, Series A, 5.50%, 08/01/33

    1,315       1,392,388  

Pico Rivera Public Financing Authority, RB,
5.75%, 09/01/19(a)

    2,000       2,133,220  

San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 06/01/32

    3,375       3,878,921  

San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 08/01/41

    3,060       3,455,689  

San Marcos Schools Financing Authority, Refunding RB, (AGM), 5.25%, 08/15/40

    3,000       3,586,410  

Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 08/01/19(a)

    4,000       4,271,080  

Tustin California School District, GO, Election of 2008, Series B, 5.25%, 08/01/21(a)

    3,445       3,874,764  

Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/38

    1,625       1,921,026  

West Contra Costa California Unified School District, GO, Series A:

   

Election of 2010 (AGM), 5.25%, 08/01/32

    4,960       5,524,994  

Election of 2012, 5.50%, 08/01/39

    2,500       2,923,550  
   

 

 

 
      105,927,886  
Education — 6.6%  

California Educational Facilities Authority, Refunding RB, San Francisco University:

   

6.13%, 10/01/21(a)

    3,075       3,558,636  

6.13%, 10/01/36

    3,205       3,690,557  

California Municipal Finance Authority, RB, Emerson College, 5.75%, 01/01/22(a)

    2,500       2,882,800  

California Municipal Finance Authority, Refunding RB, Emerson College, Series B:

   

5.00%, 01/01/34

    695       803,740  

5.00%, 01/01/36

    750       863,205  

5.00%, 01/01/37

    630       723,360  
Security   Par
(000)
    Value  
Education (continued)  

California State University, Refunding RB, Systemwide, Series A, 5.00%, 11/01/33

  $ 5,640     $ 6,634,163  

University of California, RB, Series AV, 5.25%, 05/15/47

    500       589,680  

University of California, Refunding RB, Series AR,
5.00%, 05/15/41

    10,000       11,528,600  
   

 

 

 
      31,274,741  
Health — 9.4%  

ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare, Series B, 6.25%, 08/01/19(a)

    4,975       5,330,514  

California Health Facilities Financing Authority, RB:

   

Adventist Health System West, Series A,
5.75%, 09/01/19(a)

    6,710       7,162,455  

Children’s Hospital, Series A, 5.25%, 11/01/41

    8,500       9,394,880  

Sutter Health, Series B, 6.00%, 08/15/42

    6,015       6,608,620  

California Health Facilities Financing Authority, Refunding RB, Series A(a):

   

Catholic Healthcare West, 6.00%, 07/01/19

    5,550       5,902,036  

Dignity Health, 6.00%, 07/01/19

    4,520       4,806,704  

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42

    1,000       1,103,250  

California Statewide Communities Development Authority, Refunding RB, Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41

    4,000       4,427,800  
   

 

 

 
      44,736,259  
State — 8.6%  

Orange County Community Facilities District, Special Tax Bonds, Village of Esencia, Series A, 5.25%, 08/15/45

    2,500       2,824,675  

State of California, GO, Various Purposes,
6.00%, 04/01/38

    12,000       12,580,440  

State of California Public Works Board, LRB:

   

Department of Education, Riverside Campus Project, Series B, 6.50%, 04/01/19(a)

    9,000       9,536,490  

Various Capital Projects, Series I, 5.50%, 11/01/33

    4,940       5,760,238  

Various Capital Projects, Sub-Series I-1,
6.38%, 11/01/19(a)

    5,025       5,455,793  

State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F,
5.25%, 09/01/33

    4,335       4,979,051  
   

 

 

 
      41,136,687  
Tobacco — 7.2%  

County of California Tobacco Securitization Agency, Refunding RB, Asset-Backed, Merced County, Series A,
5.25%, 06/01/45

    1,135       1,136,532  

Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 06/01/47

    27,800       28,064,656  

Tobacco Securitization Authority of Northern California, Refunding RB, Asset-Backed Bonds, Series A-1,
5.38%, 06/01/38

    2,000       2,003,860  

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1:

   

5.00%, 06/01/37

    2,500       2,507,250  

5.13%, 06/01/46

    885       886,531  
   

 

 

 
      34,598,829  
Transportation — 21.2%  

City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 05/01/39

    6,750       7,120,305  

City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT:

   

San Francisco International Airport, 5.00%, 05/01/41

    5,170       5,827,676  

5.00%, 05/01/42

    6,805       7,725,989  
 

 

 

18    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock California Municipal Income Trust (BFZ)

(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%, 05/01/46

  $ 3,375     $ 3,788,741  

City of Long Beach California Harbor Revenue, ARB, Green Bonds, Series B, AMT, 5.00%, 05/15/43

    1,695       1,935,419  

City of Los Angeles California Department of Airports, ARB, AMT:

   

Los Angeles International Airport, Sub-Series A,
5.00%, 05/15/42

    8,980       10,134,020  

Los Angeles International Airport, Sub-Series B,
5.00%, 05/15/34

    3,425       3,913,302  

Subordinate, Los Angeles International Airport, Series B, 5.00%, 05/15/41

    4,000       4,520,240  

Sub-Series A, 5.00%, 05/15/42

    3,325       3,796,618  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A:

   

5.00%, 05/15/34

    6,650       6,941,735  

5.00%, 05/15/40

    4,760       5,102,863  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:

   

Series A, 5.00%, 03/01/36

    2,800       3,201,492  

Series A, 5.00%, 03/01/37

    1,500       1,711,275  

Series A, 5.00%, 03/01/41

    3,850       4,372,791  

Series A-1, 5.75%, 03/01/34

    3,875       4,286,138  

Series A-1, 6.25%, 03/01/34

    2,650       2,995,825  

County of Sacramento California, Refunding ARB, Senior Series A, 5.00%, 07/01/41

    12,500       14,296,500  

County of Sacramento California, ARB:

   

PFC/Grant, Sub-Series D, 6.00%, 07/01/35

    3,000       3,056,070  

Senior Series B, 5.75%, 07/01/39

    1,850       1,883,300  

Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 08/01/44

    4,135       4,607,010  
   

 

 

 
      101,217,309  
Utilities — 17.7%  

Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 04/01/21(a)

    7,690       8,594,575  

City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D, 5.88%, 01/01/34

    6,555       6,935,714  

City of Los Angeles California Department of Water & Power, RB:

   

Power System, Sub-Series A-1, 5.25%, 07/01/38

    9,000       9,142,380  

Water System, Series A, 5.38%, 07/01/38

    2,000       2,070,800  

City of Los Angeles California Department of Water & Power, Refunding RB, Water System, Series A, 5.25%, 07/01/39

    4,000       4,418,800  

City of Los Angeles California Wastewater System, Refunding RB, Series A, 5.00%, 06/01/19(a)

    2,000       2,096,180  

City of Petaluma California Wastewater, Refunding RB, 6.00%, 05/01/21(a)

    5,625       6,403,050  

City of San Francisco California Public Utilities Commission Water Revenue, RB, Sub-Series A, 5.00%, 11/01/37

    5,000       5,554,100  

Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.25%, 09/01/31

    4,320       4,839,307  

Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 02/01/21(a)

    2,425       2,736,807  

East Bay Municipal Utility District Water System Revenue, RB, Green Bond, Series A, 5.00%, 06/01/45

    6,000       7,007,280  

El Dorado Irrigation District/El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%, 03/01/39

    10,000       11,475,300  

Los Angeles Department of Water, Refunding RB, Series A, 5.25%, 07/01/44

    3,000       3,552,780  

Los Angeles Department of Water & Power System Revenue, RB, Series B, 5.00%, 07/01/38

    6,000       6,917,220  
Security   Par
(000)
    Value  
Utilities (continued)  

Yorba Linda Water District, Refunding RB, Series A, 5.00%, 10/01/38

  $ 2,570     $ 3,000,681  
   

 

 

 
      84,744,974  
   

 

 

 

Total Municipal Bonds in California

 

    443,636,685  
   

 

 

 
Multi-State — 0.4%  
Housing — 0.4%  

Centerline Equity Issuer Trust(b):

   

Series A-4-2, 6.00%, 05/15/19

    1,000       1,050,210  

Series B-3-2, 6.30%, 05/15/19

    1,000       1,053,800  
   

 

 

 
      2,104,010  
Puerto Rico — 1.1%  
Tobacco — 1.1%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

   

5.50%, 05/15/39

    2,910       2,677,171  

5.63%, 05/15/43

    2,765       2,527,127  
   

 

 

 
      5,204,298  
   

 

 

 

Total Municipal Bonds — 94.4%
(Cost — $428,676,021)

 

    450,944,993  
   

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts(c)

 

California — 75.5%  
County/City/Special District/School District — 25.1%  

California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/41

    11,620       13,265,857  

Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20(a)(d)

    12,902       14,061,729  

Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 08/01/19(a)

    20,131       21,496,449  

Los Angeles Unified School District California, GO, Series I, 5.00%, 01/01/34

    5,000       5,229,700  

Palomar California Community College District, GO, Election of 2006, Series C, 5.00%, 08/01/44

    15,140       17,211,909  

San Diego Community College District California, GO, Election of 2002, 5.25%, 08/01/19(a)

    10,484       11,073,497  

San Joaquin California Delta Community College District, GO, Election of 2004, Series C, 5.00%, 08/01/39

    14,505       16,442,660  

San Jose Unified School District, GO:

   

Election of 2002, Series D, 5.00%, 08/01/18(a)

    14,625       14,893,018  

Series C, 4.00%, 08/01/39

    6,100       6,369,376  
   

 

 

 
      120,044,195  
Education — 17.3%  

Grossmont Union High School District, GO, Election of 2004, 5.00%, 08/01/18(a)

    13,095       13,334,988  

University of California, RB:

   

Series AM, 5.25%, 05/15/44

    5,000       5,803,450  

Series O, 5.75%, 05/15/19(a)

    12,303       12,982,309  

University of California, Refunding RB:

   

Series A, 5.00%, 11/01/43

    11,791       13,545,584  

Series AI, 5.00%, 05/15/38

    14,225       16,098,876  

Series AR, 5.00%, 05/15/38

    4,250       4,916,570  

Series I, 5.00%, 05/15/40

    14,065       15,998,779  
   

 

 

 
      82,680,556  
Health — 9.1%  

California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 08/15/52

    9,695       10,795,853  

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42

    18,960       20,906,244  
 

 

 

SCHEDULES OF INVESTMENTS      19  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Health (continued)  

Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 05/15/47

  $ 10,290     $ 11,620,291  
   

 

 

 
      43,322,388  
State — 2.5%  

State of California, GO, Refunding, Various Purposes,
5.00%, 09/01/35

    10,115       11,751,454  
   

 

 

 
Transportation — 9.0%  

City of Los Angeles California Department of Airports, ARB, AMT:

   

Los Angeles International Airport, Sub-Series A,
5.00%, 05/15/42

    13,730       15,494,390  

Series D, 5.00%, 05/15/41

    18,632       20,827,968  

County of San Diego Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/48

    5,740       6,619,454  
   

 

 

 
      42,941,812  
Utilities — 12.5%  

County of Orange California Water District, COP, Refunding, 5.00%, 08/15/19(a)

    10,480       11,051,632  

County of San Diego California Water Authority Financing Corp., COP, Refunding, Series A (AGM)(a):

   

5.00%, 01/01/00

    1,670       1,685,498  

5.00%, 05/01/18

    8,370       8,447,674  

Eastern Municipal Water District, COP, Series H,
5.00%, 07/01/18(a)

    18,002       18,270,154  

Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46

    6,412       7,350,135  

San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 05/15/19(a)

    12,460       13,071,412  
   

 

 

 
      59,876,505  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option
Bond Trusts — 75.5%
(Cost — $352,707,307)

 

    360,616,910  
   

 

 

 

Total Long-Term Investments — 169.9%
(Cost — $781,383,328)

 

    811,561,903  
   

 

 

 
Security       
Shares
    Value  

Short-Term Securities — 0.1%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class,
0.95%(e)(f)

    417,528     $ 417,569  
   

 

 

 

Total Short-Term Securities — 0.1%
(Cost — $417,546)

 

    417,569  
   

 

 

 

Total Investments — 170.0%
(Cost — $781,800,874)

 

    811,979,472  

Other Assets Less Liabilities — 1.8%

 

    8,480,261  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (35.9)%

 

    (171,593,282

VMTP Shares, at Liquidation Value — (35.9)%

 

    (171,300,000
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 477,566,451  
   

 

 

 

 

(a)  U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
(b)  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)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.
(d)  All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expires on August 1, 2018, is $6,798,086. See Note 4 of the Notes to Financial Statements for details.
(e)  Annualized 7-day yield as of period end.
 
(f)  During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
07/31/17
     Net
Activity
     Shares
Held at
01/31/18
     Value at
01/31/18
     Income      Net
Realized
Gain (Loss)
 (a)
     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

     252,116        165,412        417,528      $ 417,569      $ 6,967      $ 356      $ (2
           

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Includes net capital gain distributions, if applicable.  

For Trust compliance purposes, the Trust’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.

 

 

20    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock California Municipal Income Trust (BFZ)

 

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

     92          03/20/18        $ 11,185        $ 235,617  

Long U.S. Treasury Bond

     132          03/20/18          19,511          597,749  

5-Year U.S. Treasury Note

     34          03/29/18          3,900          47,304  
                 

 

 

 
                  $ 880,670  
                 

 

 

 

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 as follows:

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Net unrealized appreciation(a)

   $      $      $      $      $ 880,670      $      $ 880,670  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Includes cumulative depreciation on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.  

For the six months ended January 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

Net Realized Gain (Loss) from:

                    

Futures contracts

   $      $      $      $      $ 249,388      $      $ 249,388  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:                                                 

Futures contracts

   $      $      $      $      $ 937,532      $      $ 937,532  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

       

Average notional value of contracts — short

  $ 30,831,539  

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

 

 

SCHEDULES OF INVESTMENTS      21  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock California Municipal Income Trust (BFZ)

 

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 Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

   $        $ 811,561,903        $             —        $ 811,561,903  

Short-Term Securities

     417,569                            417,569  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 417,569        $ 811,561,903        $        $ 811,979,472  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 880,670        $        $        $ 880,670  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)  See above Schedule of Investments for values in each sector.  
  (b)  Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.  

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

                 

TOB Trust Certificates

   $        $ (170,958,028      $             —        $ (170,958,028

VMTP Shares at Liquidation Value

              (171,300,000                 (171,300,000
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ (342,258,028      $        $ (342,258,028
  

 

 

      

 

 

      

 

 

      

 

 

 

During the period ended January 31, 2018, there were no transfers between levels.

See notes to financial statements.

 

 

22    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited)

January 31, 2018

  

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds

 

Florida — 98.4%  
Corporate — 7.9%  

Citizens Property Insurance Corp., RB, Senior Secured, Series A-1, 5.00%, 06/01/20

  $ 3,140     $ 3,364,510  

County of Hillsborough Florida IDA, Refunding RB, Tampa Electric Co. Project, Series A, 5.65%, 05/15/18

    1,000       1,011,480  

County of Palm Beach Florida Solid Waste Authority, Refunding RB, 5.00%, 10/01/20

    2,000       2,171,140  
   

 

 

 
      6,547,130  
County/City/Special District/School District — 27.0%  

City of Jacksonville Florida, RB, Series B, 5.00%, 10/01/20

    760       825,862  

City of Jacksonville Florida, Refunding RB:

   

Better Jacksonville Sales Tax, 5.00%, 10/01/20

    4,000       4,340,080  

Brooks Rehabilitation Project, 5.00%, 11/01/20

    400       432,448  

County of Broward Florida School Board, COP, Refunding, Series A, 5.00%, 07/01/20

    2,000       2,154,920  

County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 07/01/18(a)

    2,500       2,540,800  

County of Miami-Dade Florida School Board, COP, Refunding, Series B (AGC), 5.25%, 05/01/18(a)

    4,000       4,039,160  

Florida State Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 06/01/20

    485       512,354  

Indian River County School Board, COP, Refunding, Series A, 5.00%, 07/01/20

    1,000       1,075,490  

Miami-Dade County School Board Foundation, Inc., COP, Refunding, Series A, 5.00%, 05/01/20

    1,250       1,337,387  

Palm Beach County School District, COP, Refunding Series B, 5.00%, 08/01/20

    3,000       3,242,580  

Stevens Plantation Florida Imports Project Dependent Special District, RB, 6.38%, 05/01/49(b)(c)

    2,425       1,697,500  
   

 

 

 
      22,198,581  
Education — 4.8%  

City of Tampa Florida, Refunding RB, Florida Revenue The University of Tampa Project, 5.00%, 04/01/20

    795       844,894  

Florida Atlantic University Traffic and Parking Services Revenue, Refunding RB, Series A, 5.00%, 07/01/20

    1,150       1,237,101  

Florida State Board of Governors, Refunding RB, University of Central Florida, Series A, 5.00%, 07/01/18

    400       405,984  

Florida State Higher Educational Facilities Financial Authority, Refunding RB, University of Tampa Project, Series A,
5.00%, 04/01/20

    1,000       1,063,850  

Volusia County School Board, COP, Refunding Series A,
5.00%, 08/01/20

    350       377,766  
   

 

 

 
      3,929,595  
Health — 18.5%  

County of Brevard Florida Health Facilities Authority, Refunding RB, 5.00%, 04/01/20

    500       531,925  

County of Highlands Florida Health Facilities Authority, Refunding RB, Hospital, Adventist Health, Series I, 5.00%, 11/15/20

    2,155       2,277,576  

County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center:

   

3.25%, 06/01/18

    195       196,266  

3.50%, 06/01/19

    200       205,194  

County of Palm Beach Florida Health Facilities Authority, Refunding RB:

   

Acts Retirement-Life Communities, Inc., 5.00%, 11/15/22

    4,735       5,278,389  

Bethesda Healthcare System Project, Series A (AGM),
5.00%, 07/01/20(d)

    1,285       1,387,080  

County of Palm Beach Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc., 4.00%, 11/15/20

    2,000       2,102,820  

Halifax Hospital Medical Center, Refunding RB,
5.00%, 06/01/20

    590       629,394  
Security   Par
(000)
    Value  
Health (continued)  

Miami Beach Health Facilities Authority, Refunding RB,
5.00%, 11/15/20

  $ 150     $ 161,328  

South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/20

    2,250       2,420,730  
   

 

 

 
      15,190,702  
Housing — 0.2%  

County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 6.00%, 09/01/40

    80       81,321  

County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac),
5.90%, 09/01/40

    90       90,803  
   

 

 

 
      172,124  
State — 10.8%  

Florida Municipal Loan Council, RB, Series D (AGM):

   

5.00%, 10/01/19

    1,050       1,106,942  

4.00%, 10/01/20

    1,105       1,164,383  

4.00%, 10/01/21

    500       534,415  

Florida Municipal Loan Council, Refunding RB:

   

CAB, Series A (NPFGC), 0.00%, 04/01/20(e)

    2,315       2,139,847  

Series B-2 (AGM), 4.00%, 10/01/20

    655       687,239  

State of Florida Department of Environmental Protection, Refunding RB, Series A, 5.00%, 07/01/20

    3,000       3,235,350  
   

 

 

 
      8,868,176  
Transportation — 14.8%  

City of Jacksonville Florida Port Authority, Refunding RB, AMT, 4.00%, 11/01/20

    865       897,585  

County of Broward Florida Fuel System, RB, Lauderdale Fuel Facilities, Series A (AGM), AMT, 5.00%, 04/01/20

    160       170,147  

County of Broward Florida Port Facilities, Refunding RB,
Series B, AMT, 5.00%, 09/01/20

    2,500       2,692,250  

County of Hillsborough Aviation Authority, Refunding ARB, Tampa International Airport, Series A, 5.00%, 10/01/18

    3,400       3,483,062  

County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20

    1,375       1,484,807  

County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 07/01/20

    1,500       1,615,080  

County of Miami-Dade Florida Transit System Sales Surtax, Refunding RB, 5.00%, 07/01/20

    550       592,059  

Greater Orlando Aviation Authority, Refunding RB, Series C, 5.00%, 10/01/20

    1,130       1,224,841  
   

 

 

 
      12,159,831  
Utilities — 14.4%  

City of Fort Lauderdale Florida Water & Sewer Revenue, Refunding RB, 5.00%, 09/01/20

    2,970       3,221,886  

City of Miami Beach Florida, RB, 5.00%, 09/01/20

    250       269,752  

City of North Miami Florida Beach Water Revenue, RB,
5.00%, 08/01/20

    1,200       1,290,000  

County of Miami-Dade Florida Water & Sewer System, Refunding RB, Series B (AGM), 5.25%, 10/01/19

    4,000       4,236,640  

Florida Governmental Utility Authority, RB, Golden Gate Utility System (AGM), 5.00%, 07/01/19

    510       534,215  

Florida Governmental Utility Authority, Refunding RB (AGM):

   

4.00%, 10/01/20

    500       526,870  

Lehigh Utility, 5.00%, 10/01/20

    635       685,711  

Florida Municipal Power Agency, RB, 5.00%, 10/01/20

    500       541,285  

Town of Davie Florida, Refunding RB, Nova Southeastern University Project, Series B, 5.00%, 04/01/20

    530       561,641  
   

 

 

 
    11,868,000  
   

 

 

 

Total Municipal Bonds in Florida

 

    80,934,139  
   

 

 

 
 

 

 

SCHEDULES OF INVESTMENTS      23  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)

 

Security   Shares/Par
(000)
    Value  
Guam — 0.5%  
Utilities — 0.5%  

Guam Government Waterworks Authority, RB, 5.25%, 07/01/20

  $ 100     $ 106,862  

Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20

    310       332,921  
   

 

 

 
    439,783  
   

 

 

 

Total Municipal Bonds — 98.9%
(Cost — $80,570,910)

 

    81,373,922  
   

 

 

 

Short-Term Securities — 0.2%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%(f)(g)

    149,341       149,356  
   

 

 

 

Total Short-Term Securities — 0.2%
(Cost — $149,341)

 

    149,356  
   

 

 

 

Total Investments — 99.1%
(Cost — $80,720,251)

 

    81,523,278  

Other Assets Less Liabilities — 0.9%

 

    719,761  
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 82,243,039  
   

 

 

 

 

(a)  U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
(b)  Issuer filed for bankruptcy and/or is in default.
(c)  Non-income producing security.
(d)  Security is collateralized by municipal bonds or U.S. Treasury obligations.
(e)  Zero-coupon bond.
(f)  Annualized 7-day yield as of period end.
 
(g)  During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
07/31/17
     Net
Activity
     Shares
Held at
01/31/18
     Value at
01/31/18
     Income      Net
Realized
Gain (Loss)
 (a)
     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

     2,171,482        (2,022,141      149,341      $ 149,356      $ 17,914      $ 243      $ (535
           

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Includes net capital gain distributions, if applicable.  

For Trust compliance purposes, the Trust’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.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

   $        $ 81,373,922        $             —        $ 81,373,922  

Short-Term Securities

     149,356                            149,356  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 149,356        $ 81,373,922        $        $ 81,523,278  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)  See above Schedule of Investments for values in each sector.  

During the period ended January 31, 2018, there were no transfers between levels.

See notes to financial statements.

 

 

24    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited)

January 31, 2018

  

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds

 

Alabama — 2.0%  

Alabama Federal Aid Highway Finance Authority, RB, Series A:

   

5.00%, 09/01/33

  $ 3,985     $ 4,735,575  

5.00%, 09/01/34

    3,500       4,146,275  

Alabama Special Care Facilities Financing Authority-Birmingham, Refunding RB, Children’s Hospital of Albama, 5.00%, 06/01/30

    10,000       11,306,900  

County of Jefferson Alabama Sewer Revenue, Refunding RB, CAB, Senior Lien-Warrants, Series B (AGM)(a):

   

0.00%, 10/01/31

    7,375       3,804,099  

0.00%, 10/01/32

    6,295       3,013,102  

0.00%, 10/01/33

    1,275       571,837  

Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University:

   

5.00%, 12/01/32

    290       331,304  

Series A, 5.00%, 12/01/33

    1,010       1,147,754  

Series A, 5.00%, 12/01/34

    1,380       1,555,205  

University of South Alabama, Refunding RB, AGM:

   

5.00%, 11/01/29

    1,105       1,291,469  

5.00%, 11/01/30

    2,000       2,327,380  
   

 

 

 
      34,230,900  
Alaska — 0.3%  

Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A,
4.63%, 06/01/23

    4,945       5,086,476  
   

 

 

 
Arizona — 2.2%  

Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital:

   

Series A, 5.00%, 02/01/34

    6,340       6,784,624  

Series B, 5.00%, 02/01/33

    1,810       1,926,654  

City of Phoenix Arizona IDA, RB, Facility:

   

Candeo Schools, Inc. Project, 6.00%, 07/01/23

    505       553,702  

Eagle College Preparatory Project, Series A,
4.50%, 07/01/22

    490       507,028  

Eagle College Preparatory Project, Series A,
5.00%, 07/01/33

    1,000       1,024,600  

Legacy Traditional Schools Project, Series A,
5.75%, 07/01/24(b)

    750       812,063  

County of Maricopa IDA, Refunding RB, Banner Health, Series A, 5.00%, 01/01/31

    16,280       19,003,807  

County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 09/01/29

    6,000       6,321,180  
   

 

 

 
      36,933,658  
California — 13.7%  

Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub-Lien, Series A (AMBAC),
0.00%, 10/01/30(a)

    10,530       6,408,558  

Azusa Unified School District, GO, Refunding, (AGM):

   

4.00%, 08/01/30

    4,420       4,797,733  

4.00%, 08/01/31

    4,825       5,195,801  

California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series A, 5.00%, 11/15/32

    1,700       2,013,344  

California Municipal Finance Authority, RB:

   

Biola University, 4.00%, 10/01/27

    750       800,460  

Biola University, 4.00%, 10/01/33

    2,500       2,572,700  

Senior, S/F Housing, Caritas Affordable Housing, Inc. Project, Series A, 5.00%, 08/15/30

    1,000       1,100,010  

California Municipal Finance Authority, Refunding RB, Eisenhower Medical Center, Series A:

   

5.00%, 07/01/30

    1,200       1,392,336  

5.00%, 07/01/31

    1,050       1,213,632  
Security   Par
(000)
    Value  
California (continued)  

California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 07/01/30(b)

  $ 13,845     $ 15,173,428  

California Statewide Communities Development Authority, RB:

   

American Baptist Homes of the West, Series A,
5.00%, 10/01/23

    1,500       1,680,210  

Eskaton Properties, Inc., 5.25%, 11/15/34

    2,500       2,719,850  

City & County of San Francisco California Redevelopment Agency, Refunding, Special Tax Bonds, No. 6 Mission Bay South Public Improvements, Series A:

   

5.00%, 08/01/28

    1,000       1,110,660  

5.00%, 08/01/29

    1,300       1,440,933  

City of Long Beach California Harbor Revenue, RB, AMT, Series A:

   

5.00%, 05/15/31

    1,200       1,405,944  

5.00%, 05/15/32

    1,800       2,102,526  

5.00%, 05/15/33

    675       785,464  

5.00%, 05/15/34

    1,650       1,914,214  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A, AMT:

   

5.00%, 03/01/30

    500       582,850  

5.00%, 03/01/31

    1,500       1,740,765  

5.00%, 03/01/32

    1,000       1,156,200  

5.00%, 03/01/33

    975       1,123,112  

5.00%, 03/01/34

    1,250       1,435,613  

5.00%, 03/01/35

    2,000       2,291,880  

County of San Diego Regional Airport Authority, ARB, AMT, Sub-Series B, 5.00%, 07/01/33

    1,000       1,157,610  

El Camino Community College District, GO, CAB, Election of 2002, Series C(a):

   

0.00%, 08/01/30

    9,090       6,098,026  

0.00%, 08/01/31

    12,465       8,024,344  

0.00%, 08/01/32

    17,435       10,770,820  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/29

    14,500       16,704,145  

Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFuel Corp., Los Angeles International, AMT, 5.00%, 01/01/32

    4,110       4,416,031  

Los Angeles Unified School District, GO, Election of 2008, Series A, 4.00%, 07/01/33

    3,000       3,193,920  

M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29

    2,500       3,073,200  

Monterey Peninsula Community College District, GO, Refunding, CAB(a):

   

0.00%, 08/01/30

    3,500       2,322,145  

0.00%, 08/01/31

    5,940       3,768,455  

Oakland Unified School District/Alameda County, GO, Refunding, 5.00%, 08/01/30

    1,800       2,122,956  

Oakland Unified School District/Alameda County, GO:

   

Series A, 5.00%, 08/01/32

    1,100       1,278,783  

Series A, 5.00%, 08/01/33

    1,000       1,156,630  

Refunding Series C, 5.00%, 08/01/30

    1,300       1,549,015  

Poway Unified School District, GO, Election of 2008, Series A(a):

   

0.00%, 08/01/27

    10,000       7,536,700  

0.00%, 08/01/30

    10,000       6,602,200  

0.00%, 08/01/32

    12,500       7,580,375  

Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Series C (NPFGC), 4.50%, 08/01/30

    10,000       10,020,100  
 

 

 

SCHEDULES OF INVESTMENTS      25  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
California (continued)  

San Bernardino Community College District, GO, Refunding, Series A:

   

4.00%, 08/01/31

  $ 10,660     $ 11,335,524  

4.00%, 08/01/32

    12,010       12,714,386  

4.00%, 08/01/33

    5,665       5,982,523  

State of California, GO, Refunding:

   

5.00%, 08/01/30

    13,250       15,861,575  

Various Purpose, 4.00%, 09/01/34

    16,000       17,089,760  

Union City Community Redevelopment Agency, Refunding, Tax Allocation Bonds, Community Redevelopment Agency Projects, Series A:

   

5.00%, 10/01/32

    1,355       1,559,280  

5.00%, 10/01/33

    3,000       3,447,810  

Washington Township Health Care District, Refunding RB, Series B, 3.00%, 07/01/28

    1,815       1,737,863  
   

 

 

 
      229,262,399  
Colorado — 2.3%  

Central Platte Valley Metropolitan District, GO, Series A:

   

5.13%, 12/01/29

    700       764,120  

5.50%, 12/01/29

    750       837,675  

5.38%, 12/01/33

    1,500       1,647,105  

City of Lakewood Colorado Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds(b):

   

4.00%, 12/01/23

    1,000       1,032,340  

4.10%, 12/01/24

    5,080       5,223,307  

4.20%, 12/01/25

    5,280       5,402,602  

4.50%, 12/01/30

    4,305       4,375,774  

Colorado Health Facilities Authority, Refunding RB:

   

Covenant Retirement Communities, Series A, 4.50%, 12/01/33

    4,595       4,659,284  

Covenant Retirement Communities, Series A, 5.00%, 12/01/33

    3,000       3,212,040  

NCMC, Inc. Project, 4.00%, 05/15/30

    2,860       3,043,069  

Copperleaf Metropolitan District No. 2, GO, Refunding,
5.25%, 12/01/30

    500       526,345  

Park Creek Metropolitan District, Refunding, Tax Allocation Bonds, Senior Limited Property, Series A:

   

5.00%, 12/01/27

    1,500       1,730,550  

5.00%, 12/01/28

    1,500       1,723,725  

5.00%, 12/01/30

    1,350       1,539,148  

5.00%, 12/01/31

    1,500       1,704,555  

5.00%, 12/01/33

    1,000       1,128,940  

Tallyns Reach Metropolitan District No. 3, GO, Refunding,
5.00%, 12/01/33

    503       533,195  
   

 

 

 
      39,083,774  
Connecticut — 0.8%  

State of Connecticut, GO, Series D, 4.00%, 08/15/29

    11,500       12,112,030  

State of Connecticut Health & Educational Facilities Authority, RB, Sacred Heart University Issue, Series I-1:

   

5.00%, 07/01/31

    400       461,632  

5.00%, 07/01/32

    200       229,582  

5.00%, 07/01/33

    210       240,143  

5.00%, 07/01/34

    300       342,015  

5.00%, 07/01/35

    400       454,976  
   

 

 

 
      13,840,378  
District of Columbia — 1.7%  

District of Columbia, GO, Series A, 5.00%, 06/01/32

    16,980       19,792,737  

District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 07/01/23(c)

    1,700       2,050,149  

Metropolitan Washington Airports Authority, Refunding RB, AMT:

   

5.00%, 10/01/32

    2,750       3,195,802  
Security   Par
(000)
    Value  
District of Columbia (continued)  

Metropolitan Washington Airports Authority, Refunding RB, AMT (continued):

   

5.00%, 10/01/33

  $ 1,270     $ 1,470,127  

5.00%, 10/01/34

    2,000       2,306,120  
   

 

 

 
      28,814,935  
Florida — 9.2%  

City of Lakeland Florida, Refunding RB, Lakeland Regional Health System, 5.00%, 11/15/30

    3,750       4,312,838  

City of Tampa Florida, Refunding RB, H. Lee Moffitt Cancer Center Project, Series A, 4.00%, 09/01/33

    10,000       10,297,700  

County of Alachua Florida Health Facilities Authority, RB, East Ridge Retirement Village, Inc. Project,
6.00%, 11/15/29

    5,000       5,595,150  

County of Broward Florida, ARB, AMT:

   

5.00%, 10/01/30

    2,290       2,671,674  

5.00%, 10/01/31

    2,000       2,324,220  

5.00%, 10/01/33

    2,000       2,309,720  

5.00%, 10/01/34

    1,500       1,726,890  

County of Broward Florida, RB, Fort Lauderdale Fuel Facilities, Series A, AMT (AGM):

   

5.00%, 04/01/30

    600       656,688  

5.00%, 04/01/33

    740       806,215  

County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%, 12/15/25(b)

    5,250       5,361,510  

County of Miami-Dade Florida, Refunding RB, Series B,
4.00%, 04/01/32

    6,690       7,086,449  

County of Miami-Dade Florida School Board, COP, Refunding, Series A, 5.00%, 05/01/32

    9,000       10,235,610  

County of Orange Florida Tourist Development Tax Revenue, Refunding RB:

   

5.00%, 10/01/30

    11,470       14,116,932  

4.00%, 10/01/31

    16,485       17,643,071  

County of Palm Beach Florida Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/32

    19,790       22,353,003  

County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B(a):

   

0.00%, 06/01/30

    2,000       1,357,080  

0.00%, 06/01/31

    1,295       844,819  

0.00%, 06/01/32

    2,495       1,565,263  

Double Branch Community Development District, Refunding, Special Assessment Bonds, Senior Lien, Series A-1, 4.13%, 05/01/31

    1,200       1,236,768  

Greater Orlando Aviation Authority, Refunding RB, Jet Blue Airways Corp. Project, AMT, 5.00%, 11/15/26

    2,000       2,123,680  

Jacksonville Florida Port Authority, Refunding RB, AMT:

   

4.50%, 11/01/30

    2,895       3,055,499  

4.50%, 11/01/31

    3,200       3,375,968  

4.50%, 11/01/32

    2,300       2,423,349  

Miami Beach Health Facilities Authority, Refunding RB, Mont Sinai Medical Center, 5.00%, 11/15/30

    1,000       1,092,380  

Reedy Creek Improvement District, GO, Series A,
5.25%, 06/01/30

    3,825       4,392,056  

Village Community Development District No. 10, Special Assessment Bonds, Sumter County:

   

4.50%, 05/01/23

    2,320       2,480,660  

5.00%, 05/01/32

    5,545       6,140,200  

Village Community Development District No. 5, Refunding, Special Assessment Bonds, Sumter County:

   

Phase I, 3.50%, 05/01/28

    1,990       2,010,875  

Phase I, 3.50%, 05/01/28

    3,720       3,759,023  

Phase II, 4.00%, 05/01/33

    1,155       1,178,551  

Phase II, 4.00%, 05/01/34

    2,400       2,448,936  
 

 

 

26    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Florida (continued)  

Village Community Development District No. 6, Refunding, Special Assessment Bonds, Sumter County,
4.00%, 05/01/29

  $ 5,955     $ 6,139,903  
   

 

 

 
      153,122,680  
Illinois — 13.9%  

Chicago Board of Education, GO, Refunding, Dedicated Revenues:

   

Series C, 5.00%, 12/01/30

    7,025       7,340,914  

Series F, 5.00%, 12/01/22

    4,760       5,054,977  

Chicago Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/33

    5,000       5,535,250  

Chicago O’Hare International Airport, Refunding RB, Series B, 5.00%, 01/01/33

    6,940       7,805,279  

Chicago Transit Authority, Refunding RB:

   

Section 5307, Urbanized Area Formula Funds,
5.00%, 06/01/26

    2,000       2,291,240  

Section 5337, State of Good Repair Formula Funds,
5.00%, 06/01/26

    1,000       1,149,600  

City of Chicago Illinois, GO, Project, Series A,
5.00%, 01/01/33

    10,000       10,329,300  

City of Chicago Illinois, RB, Wastewater Transmission, 2nd Lien:

   

4.00%, 01/01/31

    10,375       10,483,419  

4.00%, 01/01/32

    10,790       10,871,465  

4.00%, 01/01/33

    11,220       11,272,173  

4.00%, 01/01/35

    9,135       9,174,189  

City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 01/01/27

    5,000       5,173,900  

City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, (AGM), 5.00%, 01/01/30

    730       793,430  

City of Chicago O’Hare International Airport, Refunding GARB, Senior Lien, Series B, 5.00%, 01/01/33

    6,000       6,917,100  

City of St. Charles Illinois, GO, Refunding, Corporate Purpose:

   

4.00%, 12/01/30

    1,620       1,729,123  

4.00%, 12/01/31

    1,715       1,826,492  

County of Cook Illinois, GO, Refunding, Series C,
4.00%, 11/15/29

    19,750       20,596,880  

Illinois Finance Authority, Refunding RB:

   

DePaul University, Series A, 5.00%, 10/01/30

    1,000       1,154,030  

DePaul University, Series A, 4.00%, 10/01/31

    1,000       1,048,490  

DePaul University, Series A, 4.00%, 10/01/32

    1,000       1,045,430  

Lutheran Home & Services Obligated Group,
5.00%, 05/15/22

    3,890       4,082,205  

Lutheran Home & Services Obligated Group,
5.50%, 05/15/27

    4,350       4,661,025  

Lutheran Home & Services Obligated Group,
5.50%, 05/15/30

    4,900       5,210,366  

Presence Health Network, Series C, 5.00%, 02/15/30

    12,000       13,542,600  

Rush University Medical Center, Series A,
5.00%, 11/15/31

    8,415       9,473,607  

Rush University Medical Center, Series A,
5.00%, 11/15/32

    2,075       2,331,698  

Rush University Medical Center, Series A,
5.00%, 11/15/33

    2,125       2,380,531  

The Peoples Gas Light & Coke Company Project,
4.00%, 02/01/33

    11,000       11,341,330  

The University of Chicago Medical Centre, Series B,
5.00%, 08/15/30

    3,205       3,625,368  

Illinois State Toll Highway Authority, Refunding RB, Senior,
Series A, 4.00%, 12/01/31

    20,000       21,053,200  
Security   Par
(000)
    Value  
Illinois (continued)  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

   

5.00%, 12/15/28

  $ 1,200     $ 1,353,348  

5.00%, 12/15/30

    1,385       1,542,378  

State of Illinois, GO, Series D, 5.00%, 11/01/26

    10,025       10,712,414  

Winnebago & Boone Counties School District No. 205 Rockford, GO:

   

4.00%, 02/01/29

    9,080       9,455,640  

4.00%, 02/01/30

    9,835       10,094,939  
   

 

 

 
      232,453,330  
Indiana — 3.0%  

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 5.88%, 01/01/24

    1,780       1,992,728  

City of Whiting Indiana, RB, BP Products North America, Inc. Project, AMT, 5.00%, 03/01/46(d)

    8,500       9,637,980  

Indiana Finance Authority, Refunding RB:

   

Community Health Network Project, Series A,
4.00%, 05/01/35

    23,565       24,126,082  

Earlham College Project, 5.00%, 10/01/32

    11,255       11,612,459  

Northern Indiana Commuter Transportation District, RB:

   

5.00%, 07/01/32

    1,000       1,139,740  

5.00%, 07/01/33

    1,400       1,588,986  
   

 

 

 
      50,097,975  
Iowa — 2.0%  

Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:

   

5.50%, 12/01/22

    60       61,045  

5.25%, 12/01/25

    14,345       15,161,518  

5.25%, 12/01/50(d)

    18,440       18,440,000  
   

 

 

 
      33,662,563  
Kansas — 0.1%  

Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A, 5.00%, 09/01/33

    1,370       1,567,499  
   

 

 

 
Kentucky — 0.6%  

Countyof Louisville/Jefferson Metropolitan Government, Refunding RB, Norton Healthcare, Inc., Series A,
5.00%, 10/01/32

    7,300       8,288,639  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier-DownTown Crossing Project:

   

Series B, 0.00%, 07/01/30(a)

    1,230       712,133  

Convertible Series C, 0.00%, 07/01/33(e)

    1,500       1,401,180  
   

 

 

 
      10,401,952  
Louisiana — 2.7%  

City of New Orleans Louisiana, Refunding RB,
5.00%, 12/01/29

    1,000       1,133,220  

City of Ruston Louisiana, RB, (AGM):

   

5.00%, 06/01/29

    1,060       1,216,043  

5.00%, 06/01/30

    1,000       1,144,040  

5.00%, 06/01/31

    1,020       1,163,698  

5.00%, 06/01/32

    1,225       1,393,719  

Louisiana Public Facilities Authority, Refunding RB:

   

5.00%, 05/15/29

    1,235       1,407,196  

5.00%, 05/15/30

    990       1,122,957  

3.00%, 05/15/31

    2,225       2,125,810  

5.00%, 05/15/32

    1,485       1,668,932  

5.00%, 05/15/33

    2,175       2,437,696  

Entergy Louisiana, Series B, 3.50%, 06/01/30

    5,990       6,049,960  

Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A, 5.00%, 07/01/30

    3,000       3,405,150  
 

 

 

SCHEDULES OF INVESTMENTS      27  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Louisiana (continued)  

Port New Orleans Board of Commissioners, Refunding RB, Series B, AMT:

   

5.00%, 04/01/31

  $ 300     $ 322,986  

5.00%, 04/01/32

    1,000       1,072,700  

5.00%, 04/01/33

    1,575       1,684,116  

Terrebonne Levee & Conservation District, RB, Sales Tax,
5.00%, 07/01/29

    1,925       2,165,144  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

   

5.25%, 05/15/31

    3,425       3,706,706  

5.25%, 05/15/32

    4,375       4,782,706  

5.25%, 05/15/33

    4,750       5,150,757  

5.25%, 05/15/35

    1,500       1,631,640  
   

 

 

 
      44,785,176  
Maryland — 1.9%  

City of Baltimore Maryland, Refunding RB, Convention Center Hotel, 5.00%, 09/01/31

    1,250       1,450,025  

County of Anne Arundel Maryland Consolidated, Special Taxing District, Special Tax Bonds, Villages At Two Rivers Project:

   

4.20%, 07/01/24

    700       697,256  

4.90%, 07/01/30

    1,315       1,331,543  

County of Howard Maryland Housing Commission, RB, Woodfield Oxford Square Apartments,
5.00%, 12/01/33

    1,765       2,027,861  

Maryland EDC, RB, Purple Line Light Rail Project, Series D, AMT, 5.00%, 03/31/30

    1,325       1,511,653  

Maryland EDC, Refunding RB:

   

CNX Marine Terminals, Inc., 5.75%, 09/01/25

    3,225       3,386,992  

Salisbury University Project, 5.00%, 06/01/34

    500       525,970  

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

   

Charlestown Community, Series A, 5.00%, 01/01/31

    2,865       3,329,846  

Charlestown Community, Series A,
5.00%, 01/01/32

    3,010       3,481,276  

Charlestown Community, Series A,
5.00%, 01/01/33

    3,165       3,645,257  

LifeBridge Health Issue, 5.00%, 07/01/31

    1,000       1,157,610  

LifeBridge Health Issue, 5.00%, 07/01/32

    500       577,040  

LifeBridge Health Issue, 5.00%, 07/01/33

    1,000       1,150,550  

Lifebridge Health Issue, 5.00%, 07/01/33

    385       438,800  

LifeBridge Health Issue, 5.00%, 07/01/34

    775       888,956  

Meritus Medical Center, 5.00%, 07/01/29

    2,200       2,453,308  

Meritus Medical Center, 5.00%, 07/01/31

    1,400       1,544,704  

Meritus Medical Center, 5.00%, 07/01/33

    1,200       1,310,040  
   

 

 

 
      30,908,687  
Massachusetts — 1.5%  

Massachusetts Development Finance Agency, RB, Emmanuel College Issue, Series A, 5.00%, 01/01/33

    1,070       1,217,425  

Massachusetts Development Finance Agency, Refunding RB, Series A, Emmanuel College Issue:

   

5.00%, 10/01/30

    780       881,689  

5.00%, 10/01/31

    3,635       4,088,466  

5.00%, 10/01/32

    980       1,097,551  

5.00%, 10/01/33

    1,285       1,433,006  

5.00%, 01/01/32

    2,020       2,334,171  

5.00%, 01/01/33

    1,500       1,726,410  

5.00%, 01/01/34

    2,085       2,393,976  

5.00%, 01/01/35

    2,000       2,289,080  

Massachusetts Educational Financing Authority, Refunding RB, Series K, AMT, 5.25%, 07/01/29

    6,820       7,292,489  
   

 

 

 
      24,754,263  
Security   Par
(000)
    Value  
Michigan — 1.5%  

Michigan Finance Authority, Refunding RB:

   

MidMichigan Health, 5.00%, 06/01/33

  $ 2,750     $ 3,082,365  

Oakwood Obligation Group, 5.00%, 08/15/30

    2,105       2,327,730  

Trinity Health Credit Group, 5.00%, 12/01/31

    3,000       3,485,040  

Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32

    8,195       8,427,738  

Saginaw Valley State University, Refunding RB, Series A:

   

5.00%, 07/01/31

    2,070       2,360,918  

5.00%, 07/01/32

    1,430       1,626,425  

State of Michigan, Refunding RB, GAN, 5.00%, 03/15/27

    3,750       4,449,637  
   

 

 

 
      25,759,853  
Minnesota — 0.2%  

Sartell-St Stephen Independent School District No. 748, GO, Series B(a):

   

0.00%, 02/01/30

    1,850       1,241,387  

0.00%, 02/01/31

    2,190       1,409,462  

0.00%, 02/01/32

    1,450       893,809  
   

 

 

 
      3,544,658  
Mississippi — 1.3%  

Mississippi Development Bank, Refunding RB, Municipal Energy Agency of Mississippi, Series A (AGM):

   

5.00%, 03/01/30

    2,280       2,603,258  

5.00%, 03/01/31

    1,595       1,813,770  

5.00%, 03/01/32

    2,000       2,266,680  

5.00%, 03/01/33

    1,275       1,440,151  

State of Mississippi, RB, Series E, 5.00%, 10/15/33

    12,225       14,012,540  
   

 

 

 
      22,136,399  
Missouri — 0.7%  

City of St. Louis Missouri IDA, Refunding RB, Ballpark Village Development Project, Series A,
3.88%, 11/15/29

    1,105       1,118,514  

Missouri State Health & Educational Facilities Authority, Refunding RB:

   

CoxHealth, Series A, 4.00%, 11/15/33

    2,010       2,087,988  

St. Louis College of Pharmacy, 5.00%, 05/01/30

    3,000       3,347,760  

The Children’s Mercy Hospital, 5.00%, 05/15/31

    1,175       1,331,733  

The Children’s Mercy Hospital, 4.00%, 05/15/32

    1,680       1,746,024  

The Children’s Mercy Hospital, 4.00%, 05/15/33

    2,000       2,072,760  
   

 

 

 
      11,704,779  
Nebraska — 1.2%  

Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 09/01/32

    4,500       5,008,680  

Central Plains Nebraska Energy Project, RB, Energy Project No. 3, 5.00%, 09/01/27

    5,000       5,565,200  

Public Power Generation Agency, Refunding RB, Whelan Energy Center Unit 2, Series A, 5.00%, 01/01/32

    7,630       8,720,556  
   

 

 

 
      19,294,436  
Nevada — 0.0%  

Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/27(b)

    335       355,291  
   

 

 

 
New Hampshire — 0.3%  

New Hampshire State Turnpike System, RB, Series C, 4.00%, 08/01/33

    4,350       4,511,298  
   

 

 

 
New Jersey — 13.9%  

Casino Reinvestment Development Authority, Refunding RB:

   

5.00%, 11/01/21

    2,465       2,681,279  

5.00%, 11/01/22

    1,890       2,073,557  

County of Gloucester New Jersey Pollution Control Financing Authority, Refunding RB, Keystone Urban Renewal Project, Series A, AMT, 5.00%, 12/01/24

    1,500       1,626,090  
 

 

 

28    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
New Jersey (continued)  

New Jersey EDA, RB:

   

Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29

  $ 12,230     $ 13,378,519  

Continental Airlines, Inc. Project, Series A, AMT, 5.63%, 11/15/30

    1,740       1,975,805  

Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30

    1,315       1,493,209  

Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.00%, 01/01/28

    4,705       5,260,002  

Series DDD, 5.00%, 06/15/35

    2,000       2,150,060  

New Jersey EDA, Refunding RB:

   

Cigarette Tax, 5.00%, 06/15/23

    13,000       14,382,420  

Cigarette Tax, 5.00%, 06/15/26

    10,610       11,508,773  

Cigarette Tax, 4.25%, 06/15/27

    16,500       17,111,985  

Continental Airlines, Inc. Project, AMT, 5.75%, 09/15/27

    6,200       6,896,198  

Provident Group — Montclaire Properties LLC (AGM), 5.00%, 06/01/30

    1,500       1,724,085  

Provident Group — Montclaire Properties LLC (AGM), 5.00%, 06/01/31

    1,750       2,003,803  

Provident Group — Montclaire Properties LLC (AGM), 4.00%, 06/01/32

    2,125       2,205,452  

Series BBB, 5.50%, 06/15/29

    10,000       11,480,400  

Sub-Series A, 4.00%, 07/01/32

    9,855       9,916,298  

New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31

    5,000       5,596,900  

New Jersey Health Care Facilities Financing Authority, Refunding RB:

   

Princeton HealthCare System, 5.00%, 07/01/29

    2,900       3,335,377  

Princeton HealthCare System, 5.00%, 07/01/30

    2,400       2,746,848  

RWJ Barnabas Health Obligated Group, Series A, 5.00%, 07/01/30

    11,245       12,832,569  

St. Joseph Health System, 5.00%, 07/01/28

    1,500       1,673,130  

St. Joseph Health System, 5.00%, 07/01/29

    1,250       1,385,600  

St. Joseph Health System Obligated Group Issue,
5.00%, 07/01/30

    1,100       1,214,268  

New Jersey Higher Education Student Assistance Authority, RB, Senior Student Loan, Series 1A, AMT:

   

5.00%, 12/01/23

    3,475       3,889,463  

5.00%, 12/01/24

    6,000       6,767,520  

5.00%, 12/01/25

    5,500       6,192,890  

5.00%, 12/01/26

    2,250       2,521,845  

New Jersey Transportation Trust Fund Authority, RB:

   

Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/31

    2,250       2,272,297  

Federal Highway Reimbursement Revenue Notes, Series A-2, 5.00%, 06/15/30

    5,000       5,049,550  

Transportation Program, Series AA, 5.25%, 06/15/27

    4,225       4,689,877  

Transportation Program, Series AA, 5.25%, 06/15/28

    4,500       4,985,865  

Transportation System, CAB, Series A,
0.00%, 12/15/28(a)

    31,000       19,731,190  

Transportation System, Series AA, 4.00%, 06/15/30

    13,315       13,394,091  

Transportation System, Series C, 5.25%, 06/15/32

    10,000       10,831,300  

Transportation System, Series D, 5.00%, 06/15/32

    5,000       5,334,650  

Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 5.25%, 01/01/27

    5,000       5,801,950  

South Jersey Transportation Authority, Refunding RB, Transportation System, Series A:

   

5.00%, 11/01/33

    500       551,335  

5.00%, 11/01/34

    500       549,430  

Township of Irvington New Jersey, GO, Refunding, Series A (AGM):

   

5.00%, 07/15/30

    2,000       2,253,040  
Security   Par
(000)
    Value  
New Jersey (continued)  

Township of Irvington New Jersey, GO, Refunding, Series A (AGM) (continued):

   

5.00%, 07/15/31

  $ 1,450     $ 1,631,642  
   

 

 

 
      233,100,562  
New Mexico — 1.0%  

New Mexico Educational Assistance Foundation, RB, Education Loan, AMT:

   

Series A-1, 3.75%, 09/01/31

    6,250       6,289,312  

Series A-2, 3.80%, 11/01/32

    5,850       5,894,168  

Series A-2, 3.80%, 09/01/33

    5,000       5,021,900  
   

 

 

 
      17,205,380  
New York — 2.9%  

Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 4.50%, 01/01/25(b)

    900       1,000,926  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB:

   

0.97%, 08/01/43(d)

    6,400       6,400,000  

Series A-2, 5.00%, 08/01/33

    9,780       11,474,287  

New York Transportation Development Corp., RB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT:

   

4.00%, 07/01/32

    5,500       5,707,900  

4.00%, 07/01/33

    6,000       6,202,260  

New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT:

   

5.00%, 08/01/26

    3,080       3,310,630  

5.00%, 08/01/31

    3,465       3,683,988  

Onondaga Civic Development Corp., Refunding RB, St. Joseph’s Hospital Health Center Project,
4.50%, 07/01/22(c)

    9,115       10,162,861  
   

 

 

 
      47,942,852  
North Carolina — 0.4%  

North Carolina Medical Care Commission, Refunding RB, Mission Health Combined Group:

   

4.00%, 10/01/31

    1,250       1,316,388  

5.00%, 10/01/32

    3,700       4,276,016  

4.00%, 10/01/33

    1,500       1,564,710  
   

 

 

 
      7,157,114  
Ohio — 1.4%  

American Municipal Power, Inc., RB, Meldahl Hydroelectric Project, Green Bond, Series A:

   

5.00%, 02/15/29

    700       800,380  

5.00%, 02/15/30

    885       1,007,838  

5.00%, 02/15/31

    800       907,992  

5.00%, 02/15/32

    1,000       1,130,430  

5.00%, 02/15/33

    1,195       1,346,347  

County of Butler Ohio, Refunding RB, UC Health:

   

5.00%, 11/15/30

    1,225       1,408,958  

5.00%, 11/15/31

    2,500       2,866,375  

5.00%, 11/15/32

    2,200       2,514,468  

County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities, Series A:

   

5.25%, 07/01/28

    500       512,510  

5.63%, 07/01/32

    1,000       1,031,830  

County of Hamilton Ohio Sales Tax Revenue, Refunding RB, Series A, 5.00%, 12/01/30

    4,500       5,238,990  

Ohio Air Quality Development Authority, Refunding RB, AMT, 3.95%, 11/01/32(d)

    1,500       592,200  

State of Ohio, RB, Portsmouth Bypass Project, AMT (AGM):

   

5.00%, 12/31/29

    1,625       1,832,577  

5.00%, 12/31/30

    2,400       2,696,424  
   

 

 

 
      23,887,319  
 

 

 

SCHEDULES OF INVESTMENTS      29  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oklahoma — 0.8%  

Norman Regional Hospital Authority, Refunding RB:

   

5.00%, 09/01/27

  $ 2,100     $ 2,427,642  

5.00%, 09/01/28

    2,000       2,302,220  

5.00%, 09/01/29

    2,150       2,462,632  

5.00%, 09/01/30

    5,130       5,846,866  
   

 

 

 
      13,039,360  
Oregon — 0.5%  

Oregon Health & Science University, Refunding RB, Series B, 5.00%, 07/01/35

    7,390       8,529,168  
   

 

 

 
Pennsylvania — 20.8%  

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:

   

5.00%, 05/01/27

    6,750       7,214,737  

5.00%, 05/01/28

    5,000       5,329,950  

5.00%, 05/01/29

    3,745       3,981,459  

5.00%, 05/01/30

    5,300       5,617,417  

Chester County Health & Education Facilities Authority, Refunding RB, Series A:

   

Main Line Health System, 5.00%, 10/01/31

    1,350       1,576,557  

Main Line Health System, 5.00%, 10/01/32

    1,450       1,686,713  

Main Line Health System, 5.00%, 10/01/33

    2,300       2,665,033  

Simpson Senior Services Project, 5.00%, 12/01/30

    2,180       2,273,064  

City of Philadelphia Pennsylvania, GO, Refunding:

   

(AGM), 5.00%, 08/01/30

    10,735       12,575,301  

Series A, 5.00%, 08/01/30

    4,500       5,210,775  

Commonwealth of Pennsylvania, GO, Refunding, , 1st Series, 4.00%, 01/01/30

    7,000       7,392,210  

County of Allegheny Higher Education Building Authority, Refunding RB, Duquesne University, 4.00%, 03/01/21

    350       369,411  

County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project(d):

   

Series A, 4.00%, 01/01/35

    9,765       3,854,148  

Series B, 3.50%, 12/01/35

    6,790       2,680,624  

County of Berks IDA, Refunding RB, Tower Health Project:

   

5.00%, 11/01/29

    2,000       2,292,100  

5.00%, 11/01/30

    2,000       2,283,120  

5.00%, 11/01/34

    2,500       2,818,325  

5.00%, 11/01/35

    3,325       3,739,561  

County of Cumberland Pennsylvania Municipal Authority, Refunding RB:

   

Asbury Pennsylvania Obligated Group,
5.00%, 01/01/22

    615       653,776  

Asbury Pennsylvania Obligated Group,
5.25%, 01/01/27

    1,275       1,336,876  

Asbury Pennsylvania Obligated Group,
5.25%, 01/01/32

    3,350       3,470,734  

Diakon Lutheran Social Ministries Project,
5.00%, 01/01/29

    1,300       1,444,924  

Diakon Lutheran Social Ministries Project,
5.00%, 01/01/30

    2,675       2,964,462  

Diakon Lutheran Social Ministries Project,
5.00%, 01/01/32

    1,510       1,677,474  

County of Dauphin General Authority, Refunding RB, Pinnacle Health System Project, Series A,
4.00%, 06/01/31

    2,275       2,370,027  

County of Delaware Authority, Refunding RB, Cabrini University:

   

5.00%, 07/01/26

    1,180       1,329,069  

5.00%, 07/01/28

    800       898,240  

5.00%, 07/01/29

    1,365       1,524,487  

5.00%, 07/01/30

    1,435       1,595,376  
Security   Par
(000)
    Value  
Pennsylvania (continued)  

County of Delaware Pennsylvania Authority, Refunding RB, Villanova University:

   

4.00%, 12/01/30

  $ 1,000     $ 1,068,230  

4.00%, 12/01/31

    1,000       1,065,840  

County of Lancaster Hospital Authority, Refunding RB, University of Pennsylvania Health System Obligation, Series A, 3.00%, 08/15/30

    2,535       2,467,594  

County of Montgomery Pennsylvania IDA, Refunding RB:

   

Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/26

    2,500       2,739,650  

Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/33

    15,015       16,898,632  

Albert Einstein Healthcare Network, Series A,
5.25%, 01/15/29

    3,250       3,585,595  

Albert Einstein Healthcare Network, Series A,
5.25%, 01/15/30

    6,185       6,795,707  

Whitemarsh Continuing Care Retirement Community Project, 5.00%, 01/01/30

    2,000       2,039,720  

County of Northampton Pennsylvania General Purpose Authority, RB, St. Luke’s Hospital of Bethlehem, Series A, 5.00%, 08/15/33

    13,055       14,096,528  

County of Northampton Pennsylvania General Purpose Authority, Refunding RB, Lafayette College,
5.00%, 11/01/34

    4,000       4,638,600  

County of Westmoreland Municipal Authority, Refunding RB, (BAM):

   

5.00%, 08/15/27

    1,500       1,741,575  

5.00%, 08/15/30

    4,000       4,670,000  

5.00%, 08/15/31

    17,010       19,797,769  

5.00%, 08/15/32

    17,945       20,821,404  

Geisinger Authority, Refunding RB, Geisinger Health System, Series A-2:

   

5.00%, 02/15/32

    4,000       4,608,520  

5.00%, 02/15/34

    1,750       2,002,858  

Pennsylvania Economic Development Financing Authority, RB:

   

AMT, 5.00%, 12/31/34

    16,500       18,442,215  

Pennsylvania Bridge Finco LP, 5.00%, 12/31/29

    5,000       5,702,500  

Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 12/31/30

    13,100       14,878,194  

Pennsylvania Economic Development Financing Authority, Refunding RB, University of Pittsburgh Medical Center:

   

5.00%, 03/15/30

    5,250       6,072,360  

5.00%, 03/15/31

    4,500       5,175,270  

Pennsylvania Higher Educational Facilities Authority, RB:

   

Series AT-1, 5.00%, 06/15/30

    7,910       9,161,757  

Shippensburg University Student Services,
5.00%, 10/01/30

    5,250       5,548,882  

Pennsylvania Higher Educational Facilities Authority, Refunding RB:

   

Drexel University, 5.00%, 05/01/30

    425       484,343  

Drexel University, 5.00%, 05/01/31

    1,000       1,138,850  

Drexel University, 5.00%, 05/01/32

    1,750       1,987,528  

Drexel University, 5.00%, 05/01/33

    3,320       3,757,742  

Drexel University, 5.00%, 05/01/35

    1,000       1,126,430  

La Salle University, 4.00%, 05/01/32

    3,000       2,990,160  

Pennsylvania Housing Finance Agency, Refunding RB, Series 125-A, AMT, 3.40%, 10/01/32

    9,000       8,795,970  

Pennsylvania Turnpike Commission, RB, Sub-Series B-1:

   

5.00%, 06/01/31

    3,000       3,414,330  

5.00%, 06/01/32

    4,075       4,620,276  

5.00%, 06/01/33

    4,000       4,514,680  
 

 

 

30    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pennsylvania (continued)  

Pennsylvania Turnpike Commission, Refunding RB:

   

Motor License Fund, Enhanced Turnpike,
5.00%, 12/01/30

  $ 5,000     $ 5,757,950  

Subordinate, Series B-2 (AGM), 5.00%, 06/01/34

    5,000       5,707,800  

Turnpike Subordinate Revenue, Second Series,
5.00%, 12/01/32

    1,000       1,135,390  

Turnpike Subordinate Revenue, Second Series,
5.00%, 12/01/33

    1,815       2,051,004  

Turnpike Subordinate Revenue, Second Series,
5.00%, 12/01/34

    1,500       1,688,370  

Turnpike Subordinate Revenue, Second Series,
5.00%, 12/01/35

    2,005       2,251,475  

Philadelphia Authority for Industrial Development, Refunding RB, Refunding RB,Wesley Enhanced Living Obligated Group, Series A:

   

5.00%, 07/01/31

    200       218,178  

5.00%, 07/01/32

    500       542,560  

Philadelphia Gas Works Co., Refunding RB, General Ordinance, Series 14-T, 5.00%, 10/01/30

    425       488,363  

State Public School Building Authority, RB, School District of Philadelphia Project:

   

5.00%, 04/01/27

    4,130       4,444,210  

5.00%, 04/01/28

    8,000       8,576,240  

5.00%, 04/01/29

    6,000       6,408,000  

5.00%, 04/01/30

    5,500       5,849,745  

Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc. Student Housing Project:

   

5.00%, 07/01/30

    1,280       1,375,872  

5.00%, 07/01/30

    825       897,303  

Upper Moreland Township School District, GO,
5.00%, 10/01/33

    250       286,515  

Wayne County Hospital & Health Facilities Authority, RB, Wayne Memorial Hospital Project, Series A:

   

5.00%, 07/01/30

    280       325,819  

5.00%, 07/01/31

    355       411,662  

4.00%, 07/01/32

    230       240,667  

4.00%, 07/01/33

    440       458,977  
   

 

 

 
      348,791,759  
Rhode Island — 1.7%  

Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation,
5.00%, 05/15/30

    1,500       1,673,115  

Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Homeownership Opportunity Bonds, Series 68-B, 3.00%, 10/01/31

    13,500       13,028,175  

Tobacco Settlement Financing Corp., Refunding RB,
Series A:

   

5.00%, 06/01/28

    2,750       3,107,473  

5.00%, 06/01/29

    4,500       5,037,840  

5.00%, 06/01/30

    4,215       4,692,517  
   

 

 

 
      27,539,120  
South Carolina — 0.1%  

South Carolina Jobs EDA, Refunding RB, The Lutheran Homes of South Carolina, Inc., 5.00%, 05/01/28

    2,000       2,106,280  
   

 

 

 
Tennessee — 0.5%  

Chattanooga-Hamilton County Hospital Authority, Refunding RB, Erlanger Health System, Series A, 5.00%, 10/01/31

    6,210       6,805,477  

Counties of Nashville & Davidson Tennessee Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A,
5.00%, 07/01/31

    1,300       1,476,514  
Security   Par
(000)
    Value  
Tennessee (continued)  

County of Memphis-Shelby Industrial Development Board, Refunding, Tax Allocation Bonds, Graceland Project,
Series A, 4.75%, 07/01/27

  $ 605     $ 627,772  
   

 

 

 
      8,909,763  
Texas — 18.1%  

Central Texas Regional Mobility Authority, RB, Senior Lien,
Series A:

   

5.00%, 01/01/30

    1,600       1,807,856  

5.00%, 01/01/31

    1,175       1,321,828  

5.00%, 01/01/33

    1,500       1,675,860  

Central Texas Turnpike System, Refunding RB, Series C:

   

5.00%, 08/15/32

    12,500       13,981,500  

5.00%, 08/15/33

    14,000       15,615,320  

City of Houston Texas, Refunding RB, Series B-2, AMT,
5.00%, 07/15/20

    5,970       6,325,812  

City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT,
5.00%, 07/01/29

    2,665       2,924,891  

City of Houston Texas Combined Utility System Revenue, Refunding RB, First Lien, Series B, 5.25%, 11/15/33

    20,000       23,621,400  

Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 08/15/33

    1,650       1,891,675  

Clifton Higher Education Finance Corp., Refunding RB,
Series A:

   

Idea Public Schools (PSF- GTD), 4.00%, 08/15/31

    1,250       1,334,763  

Idea Public Schools (PSF- GTD), 4.00%, 08/15/33

    1,200       1,273,044  

Uplift Education, 3.10%, 12/01/22

    775       785,067  

Uplift Education, 3.95%, 12/01/32

    1,800       1,806,210  

County of Harris Texas, Refunding RB, Toll Road, Senior Lien, Series C, 4.00%, 08/15/33

    12,325       12,977,732  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B:

   

5.75%, 01/01/28

    500       553,220  

6.38%, 01/01/33

    460       519,211  

County of Harris Texas Cultural Education Facilities Finance Corp., Refunding RB, Series A:

   

Brazos Presbyterian Homes, Inc. Project,
5.00%, 01/01/33

    1,090       1,121,000  

YMCA of the Greater Houston Area,
5.00%, 06/01/28

    1,500       1,614,525  

YMCA of the Greater Houston Area,
5.00%, 06/01/33

    3,000       3,191,430  

County of Matagorda Texas Navigation District No. 1, Refunding RB:

   

Series A (AMBAC), 4.40%, 05/01/30

    31,120       34,610,730  

Series B (AMBAC), AMT, 4.55%, 05/01/30

    10,000       11,048,600  

Series B-2, 4.00%, 06/01/30

    12,995       13,644,100  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A(a):

   

0.00%, 09/15/31

    6,235       3,840,573  

0.00%, 09/15/32

    15,135       8,846,105  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A:

   

4.00%, 11/15/31

    5,500       5,728,525  

4.00%, 11/15/32

    15,420       16,037,879  

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, Series A-1, 5.00%, 10/01/29

    1,000       1,101,540  

Leander ISD, GO, CAB, Refunding, Series D (PSF-GTD)(a):

   

0.00%, 08/15/31

    1,200       723,468  

0.00%, 08/15/32

    2,000       1,145,120  

0.00%, 08/15/33

    4,485       2,436,566  
 

 

 

SCHEDULES OF INVESTMENTS      31  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Texas (continued)  

New Hope Cultural Education Facilities Corp., RB, Series A:

   

Station 1 LLC Texas A&M University Project,
5.00%, 04/01/29

  $ 2,290     $ 2,510,779  

Stephenville LLC Tarleton State University Project,
5.38%, 04/01/28

    1,150       1,297,304  

Stephenville LLC Tarleton State University Project,
5.00%, 04/01/24

    420       471,198  

Stephenville LLC Tarleton State University Project,
5.00%, 04/01/25

    240       270,228  

Stephenville LLC Tarleton State University Project,
5.00%, 04/01/29

    725       810,572  

New Hope Cultural Education Facilities Corp., Refunding RB, 1st Mortgage, Morningside Ministries Project, 6.25%, 01/01/33

    1,600       1,787,824  

New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A(b):

   

3.63%, 08/15/22

    295       295,838  

4.25%, 08/15/27

    450       451,125  

North Texas Tollway Authority, Refunding RB, Series A:

   

1st Tier, 5.00%, 01/01/35

    5,750       6,580,587  

2nd Tier, 5.00%, 01/01/33

    7,500       8,380,500  

Red River Health Facilities Development Corp., RB, Wichita Falls Retirement Foundation Project:

   

4.70%, 01/01/22

    520       541,642  

5.50%, 01/01/32

    1,000       1,053,810  

Socorro Independent School District, GO, Refunding
Series B, 4.00%, 08/15/34

    3,000       3,218,850  

State of Texas, GO, Refunding, Series A,
5.00%, 10/01/23

    3,100       3,597,395  

Texas A&M University, Refunding RB, Financing System,
Series B, 5.00%, 05/15/22

    5,000       5,641,600  

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:

   

5.00%, 12/15/30

    18,000       19,730,160  

5.00%, 12/15/31

    25,000       27,355,500  

Texas Public Finance Authority, Refunding RB, Midwestern State University:

   

4.00%, 12/01/29

    2,000       2,141,240  

4.00%, 12/01/30

    2,000       2,130,100  

4.00%, 12/01/31

    1,650       1,753,406  

Texas Transportation Commission State Highway Fund, Refunding RB, 1st Tier:

   

5.00%, 10/01/22

    5,000       5,700,550  

Series A, 5.00%, 04/01/22

    5,000       5,636,850  

University of Texas System, Refunding RB, Financing System, Series C, 5.00%, 08/15/20

    7,410       8,024,067  
   

 

 

 
      302,886,675  
Utah — 0.5%  

Utah Transit Authority, Refunding RB, Subordinate,
4.00%, 12/15/31

    7,750       8,266,383  
   

 

 

 
Vermont — 0.2%  

Vermont EDA, Refunding, MRB, Wake Robin Corp. Project, 5.40%, 05/01/33

    2,400       2,554,008  
   

 

 

 
Virginia — 0.8%  

County of Fairfax Virginia EDA, RB, Vinson Hall LLC, Series A, 5.00%, 12/01/32

    2,000       2,126,500  

County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A:

   

4.50%, 07/01/30

    3,000       3,066,150  

4.50%, 07/01/32

    1,100       1,118,458  
Security   Par
(000)
    Value  
Virginia (continued)  

Dulles Town Center Community Development Authority, Refunding, Special Assessment, Dulles Town Center Project, 4.25%, 03/01/26

  $ 500     $ 500,730  

Virginia College Building Authority, RB, Green Bonds, Marymount University Project, Series B,
5.25%, 07/01/30(b)

    2,000       2,193,900  

Virginia Small Business Financing Authority, RB, Senior Lien, Express Lanes LLC, AMT, 5.00%, 07/01/34

    3,940       4,236,406  
   

 

 

 
      13,242,144  
Washington — 3.1%  

Grant & Douglas Counties School District No. 144-101 Quincy, GO, 4.00%, 12/01/34

    7,475       7,931,498  

Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A:

   

3.50%, 09/01/18

    1,025       1,027,552  

5.00%, 09/01/27

    1,000       1,029,630  

5.25%, 09/01/32

    1,850       1,899,858  

Port of Seattle Washington, Refunding RB, Interemediate Lien, AMT, Series C:

   

5.00%, 05/01/33

    6,695       7,716,456  

5.00%, 05/01/34

    6,000       6,894,540  

Port of Seattle Washington Industrial Development Corp., Refunding RB, Special Facilities, Delta Airline, Inc. Project, AMT, 5.00%, 04/01/30

    5,000       5,484,850  

Washington Biomedical Research Properties 3.2, RB, Series A:

   

5.00%, 01/01/31

    1,000       1,168,210  

5.00%, 01/01/32

    1,140       1,325,888  

5.00%, 01/01/33

    3,345       3,887,994  

Washington Health Care Facilities Authority, Refunding RB, MultiCare Health System, Series B, 5.00%, 08/15/35

    9,485       10,914,200  

Washington State Housing Finance Commission, Refunding RB, Emerald Heights Project:

   

5.00%, 07/01/28

    1,000       1,111,910  

5.00%, 07/01/33

    1,100       1,202,828  
   

 

 

 
      51,595,414  
West Virginia — 0.2%  

West Virginia Hospital Finance Authority, RB, West Virginia University Health System, Series A:

   

5.00%, 06/01/31

    1,950       2,202,954  

5.00%, 06/01/33

    1,100       1,235,179  
   

 

 

 
      3,438,133  
Wisconsin — 1.6%  

Public Finance Authority, Refunding RB, AMT:

   

National Gypsum Co., 5.25%, 04/01/30

    6,690       7,192,085  

Waste Management, Inc. Project, 2.63%, 11/01/25

    3,000       3,017,760  

Wisconsin Airport Facilities, Senior Obligated Group, Series B, 5.25%, 07/01/28

    2,250       2,452,905  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Marquette University, 4.00%, 10/01/32

    4,520       4,687,285  

Wisconsin Housing & Economic Development Authority, Refunding RB, S/F Housing, Series D,
3.00%, 09/01/32

    9,000       8,709,660  
   

 

 

 
      26,059,695  
   

 

 

 

Total Municipal Bonds — 131.6%
(Cost — $2,182,368,984)

 

    2,202,564,488  
   

 

 

 
 

 

 

32    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

Colorado — 5.1%  

City & County of Denver Colorado, Refunding ARB, Department of Aviation, Series A, AMT(g):

   

4.25%, 11/15/29

  $ 33,820     $ 36,183,818  

4.25%, 11/15/30

    35,210       37,670,970  

4.25%, 11/15/31

    8,085       8,650,094  

4.25%, 11/15/32

    2,230       2,385,864  
   

 

 

 
      84,890,746  
Florida — 5.8%  

County of Broward Florida, ARB, Series Q-1(g):

   

4.00%, 10/01/29

    17,200       17,868,941  

4.00%, 10/01/30

    18,095       18,798,749  

4.00%, 10/01/31

    18,820       19,551,945  

4.00%, 10/01/32

    19,575       20,336,309  

4.00%, 10/01/33

    20,355       21,146,644  
   

 

 

 
      97,702,588  
Iowa — 2.6%  

Iowa State Board of Regents, RB, University of Iowa Hospitals & Clinics:

   

4.00%, 09/01/28

    3,375       3,513,495  

4.00%, 09/01/29

    6,524       6,792,757  

4.00%, 09/01/30

    6,324       6,584,549  

4.00%, 09/01/31

    8,649       9,004,957  

4.00%, 09/01/32

    7,749       8,068,025  

4.00%, 09/01/33

    9,374       9,759,708  
   

 

 

 
      43,723,491  
Nevada — 1.1%  

Clark Cnty Nv, 4.00%, 11/01/34

    17,710       18,908,300  
   

 

 

 
Pennsylvania — 1.4%  

Lehigh Cnty Pa Gen Purpose Hos, 4.00%, 07/01/33

    22,285       22,835,637  
   

 

 

 
Texas — 9.6%  

City of San Antonio Texas Public Facilities Corp., Refunding LRB, Convention Center Refinancing & Expansion Project:

   

4.00%, 09/15/30

    15,000       15,762,027  

4.00%, 09/15/31

    19,475       20,464,364  

4.00%, 09/15/32

    18,075       18,993,242  

4.00%, 09/15/33

    11,000       11,558,819  

4.00%, 09/15/34

    11,885       12,488,779  

4.00%, 09/15/35

    4,500       4,728,608  

Dallas Fort Worth International Airport, Refunding RB, AMT(g):

   

Series E, 4.00%, 11/01/32

    6,915       7,305,439  

Series E, 4.13%, 11/01/35

    10,435       11,024,187  

Series F, 5.00%, 11/01/29

    12,820       13,543,850  

Series F, 5.00%, 11/01/30

    15,565       16,443,839  
Security   Share/Par
(000)
    Value  
Texas (continued)  

Dallas Fort Worth International Airport, Refunding RB, AMT (continued)(g):

   

Series F, 5.00%, 11/01/31

  $ 10,000     $ 10,564,625  

Series F, 5.00%, 11/01/32

    17,170       18,139,462  
   

 

 

 
      161,017,241  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option
Bond Trusts — 25.6%
(Cost — $417,871,471)

 

    429,078,003  
   

 

 

 

Total Long-Term Investments — 157.2%
(Cost — $2,600,240,455)

 

    2,631,642,491  
   

 

 

 

Short-Term Securities — 1.6%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%(h)(i)

    26,413,605       26,416,247  
   

 

 

 

Total Short-Term Securities — 1.6%
(Cost — $26,415,619)

 

    26,416,247  
   

 

 

 

Total Investments — 158.8%
(Cost — $2,626,656,074)

 

    2,658,058,738  

Other Assets Less Liabilities — 1.1%

 

    17,813,025  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.1)%

 

    (252,584,396

RVMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (44.8)%

 

    (749,595,873
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 1,673,691,494  
   

 

 

 

 

(a) Zero-coupon bond.
(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) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
(e) Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
(f) Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. 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 security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expires between November 1, 2018 to November 15, 2020, is $128,621,860. See Note 4 of the Notes to Financial Statements for details.
(h) Annualized 7-day yield as of period end.
 
(i) During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
07/31/17
     Net
Activity
     Shares
Held at
01/31/18
     Value at
01/31/18
     Income      Net
Realized
Gain
 (a)
     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

     47,738,777        (21,325,172      26,413,605      $ 26,416,247      $ 227,308      $ 7,354      $ (13,872
           

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) Includes net capital gain distributions, if applicable.  

 

 

SCHEDULES OF INVESTMENTS      33  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal 2030 Target Term Trust (BTT)

 

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 Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

   $        $ 2,631,642,491        $        $ 2,631,642,491  

Short-Term Securities

     26,416,247                            26,416,247  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 26,416,247        $ 2,631,642,491        $        $ 2,658,058,738  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)  See above Schedule of Investments for values in each state or political subdivision.  

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

   $        $ (251,819,915      $        $ (251,819,915

RVMTP Shares at Liquidation Value

              (750,000,000                 (750,000,000
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ (1,001,819,915      $        $ (1,001,819,915
  

 

 

      

 

 

      

 

 

      

 

 

 

During the period ended January 31, 2018, there were no transfers between levels.

See notes to financial statements.

 

 

34    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited)

January 31, 2018

  

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds

   
Alabama — 0.3%  

City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35

  $ 420     $ 466,754  
   

 

 

 
Arizona — 1.1%  

Arizona IDA, Refunding RB, Basis Schools, Inc. Projects,
Series A, 5.38%, 07/01/50(a)

    1,185       1,250,969  

City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/35(a)

    275       286,391  
   

 

 

 
      1,537,360  
California — 15.3%  

California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 07/01/19(b)

    1,010       1,074,064  

California School Finance Authority, RB, Alliance For College-Ready Public School Projects, Series A, 5.00%, 07/01/51(a)

    1,200       1,289,832  

California Statewide Communities Development Authority, RB, Lancer Educational student Housing Project, Series A, 5.00%, 06/01/46(a)

    1,220       1,290,577  

California Statewide Communities Development Authority, Refunding RB, Lancer Educational student Housing Project, Series A, 5.00%, 06/01/36(a)

    990       1,052,291  

Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1:

   

5.13%, 06/01/47

    425       424,992  

5.75%, 06/01/47

    190       191,809  

Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/33

    1,185       1,407,662  

Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J:

   

5.25%, 05/15/23(b)

    2,165       2,539,956  

5.25%, 05/15/38

    615       702,490  

San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A, 5.38%, 02/01/19(b)

    2,450       2,548,857  

State of California, GO, Various Purposes, 6.00%, 03/01/33

    1,960       2,138,713  

State of California Public Works Board, LRB, Various Capital Projects, Series I:

   

5.50%, 11/01/31

    2,100       2,459,772  

5.50%, 11/01/33

    1,500       1,749,060  

State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33

    610       700,628  

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 5.00%, 06/01/37

    2,025       2,030,872  

Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/40

    460       542,285  
   

 

 

 
      22,143,860  
Colorado — 2.9%  

Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a)

    250       256,168  

City & County of Denver Colorado Airport System, ARB, Sub-System, Series B, 5.25%, 11/15/32

    1,750       1,996,557  

Colorado Health Facilities Authority, Refunding RB, Series A:

   

Catholic Health Initiative, 5.50%, 07/01/34

    1,675       1,743,390  

Frasier Meadows Retirement Community Project, 5.25%, 05/15/37

    210       231,725  
   

 

 

 
      4,227,840  
Florida — 6.4%  

Celebration Pointe Community Development District, Special Assessment Bonds, County of Alachua Florida(a):

   

5.00%, 05/01/32

    225       234,284  

5.00%, 05/01/48

    555       570,268  
Security   Par
(000)
    Value  
Florida (continued)  

City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33

  $ 370     $ 424,464  

County of Miami-Dade Florida, RB, Seaport Department, Series A, 6.00%, 10/01/38

    5,675       6,636,005  

Lakewood Ranch Stewardship District, Special Assessment Bonds, Lakewood National & Polo Run Projects:

   

5.25%, 05/01/37

    180       191,086  

5.38%, 05/01/47

    185       195,972  

Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32

    875       1,002,356  
   

 

 

 
      9,254,435  
Georgia — 0.5%  

County of Burke Georgia Development Authority, Refunding RB, Oglethorpe Power Corporation Vogtle Project, Series C, 4.13%, 11/01/45

    425       424,630  

Dahlonega Downtown Development Authority, Refunding RB, North Georgia MAC, LLC Project:

   

3.00%, 07/01/35

    140       131,978  

3.13%, 07/01/40

    175       163,053  
   

 

 

 
      719,661  
Illinois — 19.8%  

Chicago Board of Education, GO, Dedicated Revenues, Series H, 5.00%, 12/01/46

    215       221,042  

Chicago Board of Education, GO, Refunding, Dedicated Revenues, Series F, 5.00%, 12/01/23

    290       309,596  

Chicago Board of Education, GO, Refunding Dedicated Revenues:

   

Series D, 5.00%, 12/01/27

    400       422,893  

Series G, 5.00%, 12/01/34

    215       221,556  

City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21(b)

    4,545       5,170,938  

City of Chicago Illinois Transit Authority, RB:

   

5.25%, 12/01/31

    560       612,686  

Sales Tax Receipts, 5.25%, 12/01/36

    1,500       1,634,251  

Sales Tax Receipts, 5.25%, 12/01/40

    1,750       1,904,648  

County of Cook Illinois Community College District No. 508, GO, City College of Chicago:

   

5.50%, 12/01/38

    580       618,292  

5.25%, 12/01/43

    2,660       2,773,609  

Illinois Finance Authority, RB:

   

Carle Foundation, Series A, 6.00%, 08/15/41

    1,750       1,958,057  

Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/47

    130       141,404  

Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/50

    65       69,897  

Rush University Medical Center, Series B,
7.25%, 11/01/18(b)

    1,600       1,669,280  

Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%, 08/15/19(b)

    2,900       3,099,259  

Metropolitan Pier & Exposition Authority, RB, Series A, McCormick Place Expansion Project:

   

Bonds, 0.00%, 12/15/56(d)

    2,165       315,224  

Bonds, 5.00%, 06/15/57

    590       635,696  

5.50%, 06/15/53

    280       308,101  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

   

Bonds, Series B, 0.00%, 12/15/54(d)

    3,250       528,385  

Series B-2, 5.00%, 06/15/50

    125       128,220  

Railsplitter Tobacco Settlement Authority, RB(b):

   

5.50%, 06/01/21

    1,055       1,183,889  

6.00%, 06/01/21

    300       341,487  
 

 

 

SCHEDULES OF INVESTMENTS      35  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Illinois (continued)  

State of Illinois, GO:

   

5.25%, 02/01/31

  $ 730     $ 769,471  

5.25%, 02/01/32

    1,500       1,579,485  

5.50%, 07/01/33

    1,500       1,589,775  

5.50%, 07/01/38

    340       359,506  
   

 

 

 
      28,566,647  
Indiana — 3.7%  

County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1(a):

   

6.63%, 01/15/34

    125       131,495  

6.75%, 01/15/43

    185       193,843  

6.88%, 01/15/52

    375       393,750  

Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32

    500       513,025  

Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19(b)

    3,400       3,542,120  

Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1, 6.38%, 01/15/51(a)

    520       541,003  
   

 

 

 
      5,315,236  
Iowa — 1.1%  

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:

   

Series B, 5.25%, 12/01/50(c)

    905       905,000  

Midwestern Disaster Area, 5.50%, 12/01/22

    5       5,087  

Midwestern Disaster Area, 5.25%, 12/01/25

    625       660,575  
   

 

 

 
      1,570,662  
Kansas — 2.2%  

City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A, 5.00%, 05/15/43

    475       489,559  

Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C, 5.50%, 11/15/29

    2,500       2,656,325  
   

 

 

 
      3,145,884  
Louisiana — 1.5%  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35

    1,095       1,218,877  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29

    915       956,871  
   

 

 

 
      2,175,748  
Maine — 0.5%  

Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 07/01/32

    680       763,749  
   

 

 

 
Maryland — 0.4%  

City of Baltimore Maryland, Refunding RB, East Baltimore Research Park, Series A, 4.50%, 09/01/33

    135       140,543  

City of Baltimore Maryland, Tax Allocation Bonds, Center/West Development, Series A, 5.38%, 06/01/36

    415       422,918  
   

 

 

 
      563,461  
Massachusetts — 2.4%  

Massachusetts Development Finance Agency, RB:

   

Emerson College Issue, Series A, 5.00%, 01/01/47

    790       884,539  

UMass Boston Student Housing Project, 5.00%, 10/01/41

    500       546,230  

UMass Boston Student Housing Project, 5.00%, 10/01/48

    875       954,555  

Massachusetts Development Finance Agency, Refunding RB:

   

Emerson College Issue, 5.00%, 01/01/45

    375       411,439  

Trustees of Deerfield Academy, 5.00%, 10/01/40

    375       404,846  

Metropolitan Boston Transit Parking Corp., Refunding RB,
5.25%, 07/01/36

    300       331,806  
   

 

 

 
      3,533,415  
Security   Par
(000)
    Value  
Michigan — 3.3%  

City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41

  $ 1,400     $ 1,560,398  

Michigan State Building Authority, Refunding RB, Facilities Program Series:

   

6.00%, 10/15/18(b)

    910       938,565  

6.00%, 10/15/18(b)

    540       556,951  

6.00%, 10/15/38

    50       51,555  

Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 09/01/18(b)

    1,525       1,585,344  
   

 

 

 
      4,692,813  
Mississippi — 0.3%  

Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Facilities Refinancing, Series A, 4.00%, 08/01/43

    370       383,020  
   

 

 

 
Montana — 0.5%  

City of Kalispell Montana, Refunding RB, Immanuel Lutheran Corporation Project, Series A, 5.25%, 05/15/37

    125       131,655  

Montana State Board of Regents, RB, Montana State University Facilities Improvement(e):

   

3.00%, 11/15/33

    100       97,172  

3.13%, 11/15/35

    100       97,527  

3.38%, 11/15/47

    375       366,360  
   

 

 

 
      692,714  
Nevada — 4.0%  

City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 04/01/19(b)

    2,600       2,735,356  

County of Clark Nevada Airport System, ARB, Series B,
5.75%, 07/01/42

    2,825       3,047,864  
   

 

 

 
      5,783,220  
New Jersey — 5.7%  

Casino Reinvestment Development Authority, Refunding RB,
5.25%, 11/01/39

    265       282,108  

New Jersey EDA, Refunding RB, School Facilities Construction, Series AA:

   

5.50%, 06/15/19(b)

    500       526,720  

5.50%, 12/15/29

    250       260,338  

New Jersey Housing & Mortgage Finance Agency, RB, S/F, Series CC, 5.25%, 10/01/29

    1,660       1,697,167  

New Jersey Transportation Trust Fund Authority, RB, Transportation System:

   

Series A, 5.88%, 12/15/38

    1,990       2,049,780  

Series AA, 5.50%, 06/15/39

    2,245       2,408,391  

Tobacco Settlement Financing Corp., Refunding RB, Series 1A,
5.00%, 06/01/41

    1,055       1,039,924  
   

 

 

 
      8,264,428  
New York — 5.0%  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 06/01/41(a)

    900       929,781  

Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:

   

5.75%, 02/15/21(b)

    1,005       1,124,625  

5.75%, 02/15/47

    615       675,350  

Metropolitan Transportation Authority, RB, Series A,
5.25%, 11/15/21(b)

    500       565,790  

Metropolitan Transportation Authority, Refunding RB, Series D,
4.00%, 11/15/42

    1,975       2,050,939  

New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49

    1,480       1,585,983  

Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C,
4.00%, 06/01/42

    280       272,753  
   

 

 

 
      7,205,221  
 

 

 

36    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Ohio — 3.6%  

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47

  $ 1,000     $ 967,490  

County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/20(b)

    2,405       2,603,244  

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 02/15/31

    1,385       1,577,529  
   

 

 

 
      5,148,263  
Oklahoma — 1.5%  

Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 08/01/57

    1,110       1,217,825  

Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45

    850       961,673  
   

 

 

 
      2,179,498  
Oregon — 0.2%  

County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38(d)

    575       254,420  
   

 

 

 
Pennsylvania — 4.5%  

Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42(a)

    420       447,825  

Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 04/01/39

    800       839,672  

Pennsylvania HFA, RB, ACE, M/F Housing, Series 125B, AMT,
3.70%, 10/01/47

    720       698,486  

Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series 123-B, 4.00%, 10/01/42

    1,000       1,010,180  

Pennsylvania Turnpike Commission, RB, Series A(b):

   

5.63%, 12/01/20

    1,200       1,323,984  

5.63%, 12/01/20

    445       490,977  

Township of Bristol Pennsylvania School District, GO,
5.25%, 06/01/37

    1,530       1,715,972  
   

 

 

 
      6,527,096  
Puerto Rico — 1.1%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

   

5.50%, 05/15/39

    305       280,597  

5.63%, 05/15/43

    1,420       1,297,837  
   

 

 

 
      1,578,434  
Rhode Island — 2.1%  

Tobacco Settlement Financing Corp., Refunding RB, Series B:

   

4.50%, 06/01/45

    2,870       2,909,204  

5.00%, 06/01/50

    125       130,365  
   

 

 

 
      3,039,569  
South Carolina — 1.7%  

County of Charleston South Carolina, RB, Special Source,
5.25%, 12/01/38

    1,825       2,121,472  

State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55

    325       362,937  
   

 

 

 
      2,484,409  
Texas — 10.5%  

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 01/01/21(b)

    2,560       2,868,506  

City of Beaumont Texas, GO, Certificates of Obligation,
5.25%, 03/01/37

    1,140       1,291,004  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare,
6.00%, 08/15/20(b)

    2,710       3,003,032  

Lower Colorado River Authority, Refunding RB:

   

5.50%, 05/15/19(b)

    5       5,246  

5.50%, 05/15/19(b)

    80       83,933  
Security   Par
(000)
    Value  
Texas (continued)  

Lower Colorado River Authority, Refunding RB (continued):

   

5.50%, 05/15/19(b)

  $ 5     $ 5,246  

5.50%, 05/15/33

    1,910       1,998,395  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Children’s Health System, Series A,
4.00%, 08/15/40

    195       199,662  

North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 09/01/21(b)

    1,500       1,687,710  

North Texas Tollway Authority, Refunding RB, 1st Tier, Series K-1 (AGC), 5.75%, 01/01/19(b)

    1,250       1,298,837  

Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/38

    520       589,103  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39

    2,005       2,180,859  
   

 

 

 
      15,211,533  
Virginia — 4.6%  

Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A:

   

5.00%, 03/01/26

    240       248,501  

5.13%, 03/01/31

    470       491,324  

City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43

    425       468,040  

County of Fairfax Virginia IDA, Refunding RB, Health Care-Inova Health(b):

   

5.50%, 05/15/19

    475       498,973  

5.50%, 05/15/19

    885       930,834  

Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A,
5.50%, 07/01/57(e)

    1,475       1,742,550  

State of Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18(b)

    1,200       1,250,232  

Tobacco Settlement Financing Corp., Refunding RB, Senior
Series B-1, 5.00%, 06/01/47

    1,010       978,367  
   

 

 

 
      6,608,821  
Wisconsin — 0.6%  

Public Finance Authority, Refunding RB, Mery’s Wood at Marylhurst Projects, 5.25%, 05/15/52(a)

    735       792,029  
   

 

 

 

Total Municipal Bonds — 107.3%
(Cost — $144,991,909)

 

    154,830,200  
   

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

Alabama — 0.8%  

Auburn University, Refunding RB, Series A, 4.00%, 06/01/41

    1,120       1,167,527  
   

 

 

 
California — 20.6%  

California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18(b)(g)

    3,000       3,077,200  

Fremont Union High School District, GO, Refunding Series A, 4.00%, 08/01/46

    1,840       1,938,136  

Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 08/01/20(b)

    3,700       4,009,783  

Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20(b)(g)

    4,041       4,403,828  

Los Angeles Community College District California, GO, Refunding, Go, Refunding, Election of 2008, Series A,
6.00%, 08/01/19(b)

    5,977       6,382,759  

Los Angeles Unified School District California, GO, Series I,
5.00%, 01/01/34

    600       627,564  

San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 08/01/19(b)

    6,448       6,830,228  

University of California, RB, Series O, 5.75%, 05/15/19(b)

    2,310       2,438,141  
   

 

 

 
      29,707,639  
 

 

 

SCHEDULES OF INVESTMENTS      37  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
District of Columbia — 3.5%  

District of Columbia, RB, Series A, 5.50%, 12/01/30(g)

  $ 2,129     $ 2,276,634  

District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 5.50%, 10/01/18(b)

    2,698       2,770,423  
   

 

 

 
      5,047,057  
Georgia — 0.7%  

County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System, 4.00%, 08/15/48

    1,025       1,047,117  
   

 

 

 
Idaho — 1.4%  

Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48

    1,900       1,987,751  
   

 

 

 
Illinois — 4.0%  

State of Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 07/01/18(b)

    4,300       4,387,870  

State of Illinois Toll Highway Authority, RB, Series C,
5.00%, 01/01/38

    1,244       1,386,351  
   

 

 

 
      5,774,221  
Nevada — 4.3%  

County of Clark Nevada Water Reclamation District, GO(b):

   

Limited Tax, 6.00%, 07/01/18

    4,000       4,077,620  

Series B, 5.50%, 07/01/19

    1,994       2,104,747  
   

 

 

 
      6,182,367  
New Hampshire — 1.2%  

New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 06/01/19(b)(g)

    1,680       1,761,897  
   

 

 

 
New Jersey — 3.9%  

New Jersey Transportation Trust Fund Authority, RB, Transportation System:

   

Series A (AMBAC) (AGM), 5.00%, 12/15/32

    3,000       3,006,540  

Series B, 5.25%, 06/15/36(g)

    2,481       2,619,737  
   

 

 

 
      5,626,277  
New York — 15.1%  

City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A:

   

5.75%, 06/15/18(b)

    497       504,561  

5.75%, 06/15/40

    1,662       1,687,275  

City of New York New York Municipal Water Finance Authority, Refunding RB:

   

Series FF, 5.00%, 06/15/45

    2,499       2,770,830  

Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40

    2,985       3,140,966  

City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 01/15/39

    2,499       2,585,818  

Metropolitan Transportation Authority, Refunding RB,
Series C-1, 5.25%, 11/15/56

    1,700       1,950,831  

New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds,
5.25%, 12/15/43

    3,375       3,750,791  

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(g)

    1,980       2,230,469  

New York State Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 03/15/19(b)

    3,000       3,125,970  
   

 

 

 
      21,747,511  
Pennsylvania — 2.6%  

Pennsylvania Turnpike Commission, RB, Sub-Series A,
5.50%, 12/01/42

    1,514       1,753,670  

Pennsylvania Turnpike Commission, Refunding RB, Sub Series B-2 (AGM), 5.00%, 06/01/35

    1,830       2,084,123  
   

 

 

 
    3,837,793  
Security   Par
(000)
    Value  
Rhode Island — 1.6%  

Rhode Island Health & Educational Building Corp., RB,
Series A, 4.00%, 09/15/47

  $ 2,207     $ 2,274,357  
   

 

 

 
Texas — 5.3%  

City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 02/01/19(b)(g)

    3,074       3,187,410  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Children’s Hospital Project, 5.50%, 10/01/39

    4,200       4,439,820  
   

 

 

 
    7,627,230  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 65.0%
(Cost — $90,202,536)

 

    93,788,744  
   

 

 

 

Total Long-Term Investments — 172.3%
(Cost — $235,194,445)

 

    248,618,944  
   

 

 

 
     Shares         

Short-Term Securities — 0.3%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class,
0.95%(h)(i)

    437,235       437,279  
   

 

 

 

Total Short-Term Securities — 0.3%
(Cost — $437,279)

 

    437,279  
   

 

 

 

Total Investments — 172.6%
(Cost — $235,631,724)

 

    249,056,223  

Other Assets Less Liabilities — 0.1%

 

    244,075  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (36.9)%

 

    (53,296,439

VRDP Shares at Liquidity Value, Net of Deferred Offering
Cost — (35.8)%

 

    (51,709,865
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 144,293,994  
   

 

 

 

 

(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(b)  U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
(c) 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)  Zero-coupon bond.
(e)  When-issued security.
(f) Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. 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 security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expire between May 7, 2018 to November 15, 2019, is $11,993,816. See Note 4 of the Notes to Financial Statements for details.
(h)  Annualized 7-day yield as of period end.
 

 

 

38    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal Income Investment Trust (BBF)

 

 

(i)  During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
07/31/2017
     Net
Activity
     Shares
Held at
01/31/2018
     Value at
01/31/2018
     Income      Net
Realized
Gain (Loss)
 (a)
     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

            437,235        437,235      $ 437,279      $ 1,266      $ 53      $  
           

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Includes net capital gain distributions, if applicable.  

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
       Expiration
Date
       Notional
Amount
 (000)
       Value/
Unrealized
Appreciation
(Depreciation)
 

Short Contracts:

                 

10-Year U.S. Treasury Note

     11          03/20/18        $ 1,337        $ 30,523  

Long U.S. Treasury Bond

     30          03/20/18          4,434          149,659  

5-Year U.S. Treasury Note

     24          03/29/18          2,753          42,167  
                 

 

 

 
                  $ 222,349  
                 

 

 

 

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

                    

Net unrealized appreciation(a)

   $      $      $      $      $ 222,349      $      $ 222,349  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.  

For the period ended January 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

Net Realized Gain (Loss) From:

                    

Futures contracts

   $      $      $      $      $ 96,417      $      $ 96,417  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:                                                 

Futures contracts

   $      $      $      $      $ 234,110      $      $ 234,110  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

       

Average notional value of contracts — short

  $ 8,638,133  

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

 

 

SCHEDULES OF INVESTMENTS      39  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock Municipal Income Investment Trust (BBF)

 

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 Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

   $        $ 248,618,944        $        $ 248,618,944  

Short-Term Securities

     437,279                            437,279  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 437,279        $ 248,618,944        $        $ 249,056,223  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 222,349        $        $        $ 222,349  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) See above schedule of investments for values in each state or political subdivision.  
  (b)  Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.  

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

   $        $ (53,134,805      $        $ (53,134,805

VRDP Shares at Liquidation Value

              (52,000,000                 (52,000,000
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ (105,134,805      $        $ (105,134,805
  

 

 

      

 

 

      

 

 

      

 

 

 

During the period ended January 31, 2018, there were no transfers between levels.

See notes to financial statements.

 

 

40    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited)

January 31, 2018

  

BlackRock New Jersey Municipal Income Trust (BNJ)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds

 

New Jersey — 133.2%  
Corporate — 12.4%  

County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37(a)(b)

  $ 1,790     $ 18,795  

County of Salem New Jersey Pollution Control Financing Authority, Refunding RB, Atlantic City Electric, Series A, 4.88%, 06/01/29

    2,400       2,529,144  

New Jersey EDA, RB:

   

Continental Airlines, Inc. Project, Series B, AMT,
5.63%, 11/15/30

    5,160       5,859,283  

Motor Vehicle Surcharge, Series A (NPFGC),
5.25%, 07/01/25(c)

    145       175,320  

Motor Vehicle Surcharge, Series A (NPFGC),
5.25%, 07/01/25

    1,220       1,389,055  

New Jersey EDA, Refunding RB:

   

Duke Farms Foundation Project, 4.00%, 07/01/46

    740       783,223  

New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39

    1,500       1,584,255  

New Jersey American Water Co., Inc. Project, Series B, AMT, 5.60%, 11/01/34

    1,275       1,358,780  

Sub Series A, 5.00%, 07/01/33

    125       134,925  

Teaneck Community Charter School Project, Series A,
5.00%, 09/01/37(d)

    230       227,162  

Teaneck Community Charter School Project, Series A,
5.13%, 09/01/52(d)

    550       530,569  
   

 

 

 
      14,590,511  
County/City/Special District/School District — 27.8%  

Casino Reinvestment Development Authority, Refunding RB,
5.25%, 11/01/44

    5,530       5,861,081  

City of Bayonne New Jersey, GO, Refunding, Qualified General Improvement, (BAM):

   

5.00%, 07/01/33

    490       549,986  

5.00%, 07/01/35

    755       844,490  

City of Margate New Jersey, GO, Refunding, Improvement,
5.00%, 01/15/21(e)

    1,085       1,188,010  

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(d)

    1,990       1,998,855  

County of Essex New Jersey Improvement Authority, Refunding RB, Project Consolidation (NPFGC):

   

5.50%, 10/01/28

    1,440       1,803,801  

5.50%, 10/01/29

    2,630       3,320,349  

County of Hudson New Jersey Improvement Authority, RB, Harrison Parking Facility Project, Series C (AGC):

   

5.25%, 01/01/39

    2,000       2,064,080  

5.38%, 01/01/44

    2,400       2,478,936  

County of Mercer New Jersey Improvement Authority, RB, Courthouse Annex Project, 5.00%, 09/01/40

    775       868,225  

County of Middlesex New Jersey, COP, Refunding, Civic Square IV Redevelopment, 5.00%, 10/15/31

    1,000       1,202,970  

County of Union New Jersey Improvement Authority, LRB, Guaranteed Lease, Family Court Building Project,
5.00%, 05/01/42

    740       816,590  

Monroe Township Board of Education Middlesex County, GO, Refunding, 5.00%, 03/01/38

    860       962,564  

New Jersey EDA, RB, Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 04/01/31

    5,000       5,745,300  

New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 04/01/28

    2,500       2,938,700  
   

 

 

 
      32,643,937  
Education — 22.2%  

County of Atlantic New Jersey Improvement Authority, RB, Stockton University Atlantic City, Series A (AGM),
4.00%, 07/01/46

    150       154,649  
Security   Par
(000)
    Value  
Education (continued)  

New Jersey EDA, RB:

   

Hatikvah International Academy Charter School Project, Series A, 5.00%, 07/01/27(d)

  $ 115     $ 116,634  

Hatikvah International Academy Charter School Project, Series A, 5.25%, 07/01/37(d)

    310       300,808  

Hatikvah International Academy Charter School Project, Series A, 5.38%, 07/01/47(d)

    540       518,794  

MSU Student Housing Project Provide, 5.88%, 06/01/20(e)

    1,500       1,641,375  

School Facilities Construction (AGC), 5.50%, 12/15/18(e)

    1,045       1,081,784  

School Facilities Construction (AGC), 5.50%, 12/15/34

    20       20,624  

Team Academy Charter School Project, 6.00%, 10/01/33

    1,490       1,667,623  

New Jersey EDA, Refunding RB, Greater Brunswick Charter School, Inc. Project, Series A(d):

   

5.63%, 08/01/34

    415       423,018  

5.88%, 08/01/44

    290       295,400  

New Jersey Educational Facilities Authority, RB:

   

Higher Educational Capital Improvement Fund, Series A,
5.00%, 09/01/32

    1,000       1,065,060  

Rider University Issue, Series F, 4.00%, 07/01/42

    605       598,466  

Rider University Issue, Series F, 5.00%, 07/01/47

    430       468,016  

New Jersey Educational Facilities Authority, Refunding RB:

   

College of New Jersey, Series D (AGM),
5.00%, 07/01/18(e)

    2,000       2,029,740  

Georgian Court University, Series D, 5.00%, 04/24/18(e)

    250       252,072  

Kean University, Series A, 5.50%, 09/01/19(e)

    2,060       2,184,197  

Montclair State University, Series A, 5.00%, 07/01/44

    4,570       5,099,572  

New Jersey Institute of Technology, Series H,
5.00%, 07/01/31

    660       703,362  

Ramapo College, Series B, 5.00%, 07/01/42

    265       289,388  

Stevens Institute of Technology, Series A,
5.00%, 07/01/42

    270       303,850  

Stevens Institute of Technology, Series A,
4.00%, 07/01/47

    400       411,380  

University of Medicine & Dentistry, Series B,
7.50%, 06/01/19(e)

    1,000       1,078,160  

New Jersey Higher Education Student Assistance Authority, Refunding RB:

   

Series 1, AMT, 5.75%, 12/01/29

    1,245       1,342,683  

Series 1A, 5.00%, 12/01/25

    285       299,062  

Series 1A, 5.00%, 12/01/26

    185       193,932  

Series 1A, 5.25%, 12/01/32

    500       523,520  

New Jersey Institute of Technology, RB, Series A:

   

5.00%, 07/01/40

    1,000       1,130,620  

5.00%, 07/01/42

    345       378,403  

5.00%, 07/01/45

    1,345       1,515,923  
   

 

 

 
      26,088,115  
Health — 9.3%  

New Jersey Health Care Facilities Financing Authority, RB:

   

Inspira Health Obligated Group, 5.00%, 07/01/42

    580       652,767  

Meridian Health System Obligated Group, Series I (AGC),
5.00%, 07/01/18(e)

    700       710,703  

Robert Wood Johnson University Hospital, Series A,
5.50%, 07/01/43

    750       852,502  

Virtua Health, Series A (AGC), 5.50%, 07/01/38

    1,250       1,312,287  

New Jersey Health Care Facilities Financing Authority, Refunding RB:

   

AHS Hospital Corp., 6.00%, 07/01/21(e)

    1,045       1,194,529  

AHS Hospital Corp., 6.00%, 07/01/21(e)

    900       1,028,781  

Princeton Healthcare System, 5.00%, 07/01/39

    835       921,740  

RWJ Barnabas Health Obligated Group, Series A,
4.00%, 07/01/43

    465       479,090  

RWJ Barnabas Health Obligated Group, Series A,
5.00%, 07/01/43

    1,145       1,276,469  
 

 

 

SCHEDULES OF INVESTMENTS      41  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock New Jersey Municipal Income Trust (BNJ)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Health (continued)  

New Jersey Health Care Facilities Financing Authority, Refunding RB (continued):

   

St. Barnabas Health Care System, Series A,
5.63%, 07/01/21(e)

  $ 580     $ 653,747  

St. Barnabas Health Care System, Series A,
5.63%, 07/01/21(e)

    1,605       1,809,076  
   

 

 

 
      10,891,691  
Housing — 4.0%  

New Jersey Housing & Mortgage Finance Agency, RB:

   

M/F Housing, Series A, 4.75%, 11/01/29

    1,185       1,216,936  

S/F Housing, Series CC, 5.00%, 10/01/34

    715       735,570  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series D, AMT, 4.25%, 11/01/37

    395       398,816  

Newark Housing Authority, RB, M/F Housing, Series A, 5.00%, 12/01/30

    2,000       2,273,140  
   

 

 

 
      4,624,462  
State — 9.5%  

Garden State Preservation Trust, RB, CAB, Series B (AGM), 0.00%, 11/01/26(f)

    6,000       4,596,360  

New Jersey EDA, Refunding RB, Cigarette Tax:

   

5.00%, 06/15/26

    810       878,615  

(AGM), 5.00%, 06/15/22

    2,940       3,214,302  

New Jersey Health Care Facilities Financing Authority, RB, Hospitall Asset Transformation Program, Series A, 5.25%, 10/01/18(e)

    1,825       1,870,735  

State of New Jersey, COP, Equipment Lease Purchase,
Series A, 5.25%, 06/15/19(e)

    600       630,036  
   

 

 

 
      11,190,048  
Tobacco — 1.8%  

Tobacco Settlement Financing Corp., Series 1A, 5.00%, 06/01/41

    2,150       2,119,276  
   

 

 

 
Transportation — 45.2%  

Delaware River Port Authority of Pennsylvania & New Jersey, RB:

   

5.00%, 01/01/40

    1,380       1,543,585  

Series D, 5.00%, 01/01/40

    800       843,904  

New Jersey EDA, RB, Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43

    5,000       5,544,650  

New Jersey State Turnpike Authority, RB:

   

Series A, 5.00%, 07/01/22(e)

    4,075       4,623,984  

Series A, 5.00%, 07/01/22(e)

    315       357,437  

Series A, 5.00%, 01/01/35

    310       356,602  

Series A, 5.00%, 01/01/43

    185       203,966  

Series E, 5.25%, 01/01/19(e)

    1,970       2,038,970  

New Jersey State Turnpike Authority, Refunding RB, Series G, 4.00%, 01/01/43

    250       258,270  

New Jersey Transportation Trust Fund Authority, RB:

   

CAB, Transportation System, Series C (AGM), 0.00%, 12/15/32(f)

    4,000       2,187,600  

Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/30

    625       687,719  

Federal Highway Reimbursement Revenue Notes, Series A-2, 5.00%, 06/15/30

    2,535       2,560,122  

Transportation Program, Series AA, 5.00%, 06/15/38

    2,850       3,016,924  

Transportation Program, Series AA, 5.25%, 06/15/41

    1,560       1,682,288  

Transportation System, 6.00%, 12/15/38

    945       974,569  

Transportation System, Series A, 6.00%, 06/15/35

    4,135       4,558,879  

Transportation System, Series A, 5.88%, 12/15/38

    1,770       1,823,171  

Transportation System, Series A, 5.50%, 06/15/41

    2,000       2,122,740  

Transportation System, Series A (AGC), 5.50%, 12/15/38

    1,000       1,032,020  

Transportation System, Series AA, 5.50%, 06/15/39

    2,260       2,424,483  
Security   Par
(000)
    Value  
Transportation (continued)  

Port Authority of New York & New Jersey, RB, JFK International Air Terminal, Special Project:

   

Series 6, AMT (NPFGC), 5.75%, 12/01/22

  $ 6,000     $ 6,322,020  

Series 8, 6.00%, 12/01/42

    1,430       1,579,521  

Port Authority of New York & New Jersey, Refunding ARB, Consolidated:

   

152nd Series, AMT, 5.75%, 11/01/30

    1,000       1,010,460  

166th Series, 5.25%, 07/15/36

    4,000       4,401,160  

South Jersey Port Corp., Refunding ARB, Marine Terminal, Series B, AMT, 5.00%, 01/01/48

    795       847,438  
   

 

 

 
      53,002,482  
Utilities — 1.0%  

Rahway Valley Sewerage Authority, RB, CAB, Series A (NPFGC), 0.00%, 09/01/33(f)

    2,000       1,164,800  
   

 

 

 

Total Municipal Bonds in New Jersey

 

    156,315,322  
   

 

 

 
Puerto Rico — 1.0%  
Tobacco — 1.0%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

   

5.50%, 05/15/39

    670       616,393  

5.63%, 05/15/43

    640       584,941  
   

 

 

 
      1,201,334  
   

 

 

 

Total Municipal Bonds — 134.2%
(Cost — $149,249,030)

 

    157,516,656  
   

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts(g)

 

New Jersey — 32.5%  
County/City/Special District/School District — 8.2%  

County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51

    780       892,024  

County of Union New Jersey Utilities Authority, Refunding RB, Series A, AMT:

   

County Deficiency Agreement, 5.00%, 06/15/41

    2,180       2,386,195  

Resource Recovery Facility, Covanta Union, Inc., 5.25%, 12/01/31

    5,710       6,343,353  
   

 

 

 
      9,621,572  
Education — 4.3%  

Rutgers — The State University of New Jersey, Refunding RB:

   

Series F, 5.00%, 05/01/19(e)

    1,501       1,566,030  

Series L, 5.00%, 05/01/43

    3,140       3,497,222  
   

 

 

 
      5,063,252  
Health — 1.3%  

New Jersey Health Care Facilities Financing Authority, RB, Inspira Health Obligated Group, 4.00%, 07/01/47

    1,569       1,579,578  
   

 

 

 
State — 5.2%  

New Jersey EDA, RB, School Facilities Construction (AGC)(e):

   

6.00%, 12/15/18

    2,958       3,075,223  

6.00%, 12/15/18

    42       43,517  

New Jersey EDA, Refunding RB, School Facilities Construction, Series NN, 5.00%, 03/01/29(h)

    2,787       2,964,119  
   

 

 

 
      6,082,859  
Transportation — 13.5%  

New Jersey State Turnpike Authority, RB, Series A, 5.00%, 07/01/22(e)(h)

    4,700       5,311,364  
 

 

 

42    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock New Jersey Municipal Income Trust (BNJ)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Transportation (continued)  

New Jersey Transportation Trust Fund Authority, RB, Transportation System:

   

Series A (AMBAC) (AGM), 5.00%, 12/15/32

  $ 2,000     $ 2,004,360  

Series B, 5.25%, 06/15/36(h)

    2,501       2,640,864  

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, AMT:

   

152nd Series, 5.25%, 11/01/35

    2,039       2,055,807  

169th Series, 5.00%, 10/15/41

    3,497       3,801,735  
   

 

 

 
      15,814,130  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.5%
(Cost — $36,308,686)

 

    38,161,391  
   

 

 

 

Total Long-Term Investments — 166.7%
(Cost — $185,557,716)

 

    195,678,047  
   

 

 

 
     Shares         

Short-Term Securities — 0.2%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class,
0.95%(i)(j)

    197,317       197,337  
   

 

 

 

Total Short-Term Securities — 0.2%
(Cost — $197,337)

 

    197,337  
   

 

 

 

Total Investments— 166.9%
(Cost — $185,755,053)

 

    195,875,384  

Other Assets Less Liabilities — 1.7%

 

    1,966,459  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.2)%

 

    (21,385,640

VMTP Shares, at Liquidation Value — (50.4)%

 

    (59,100,000
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 117,356,203  
   

 

 

 

 

(a)  Issuer filed for bankruptcy and/or is in default.
(b)  Non-income producing security.
(c)  Security is collateralized by municipal bonds or U.S. Treasury obligations.
(d)  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.
(e)  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.
(f)  Zero-coupon bond.
(g)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.
(h)  All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expire between June 15, 2019 to September 1, 2020, is $7,519,842. See Note 4 of the Notes to Financial Statements for details.
(i)  Annualized 7-day yield as of period end.
 
(j)  During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at

07/31/17
     Net
Activity
     Shares
Held at

01/31/18
     Value at
01/31/18
     Income      Net
Realized
Gain (Loss) 
(a)
     Change in
Unrealized

Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

     3,411,106        (3,213,789      197,317      $ 197,337      $ 1,469      $ 35      $ (93
           

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Includes net capital gain distributions, if applicable.  

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings 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.

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

     27          03/20/18        $ 3,283        $ 78,534  

Long U.S. Treasury Bond

     37          03/20/18          5,469          194,855  

5-Year U.S. Treasury Note

     20          03/29/18          2,294          30,238  
                 

 

 

 
                  $ 303,627  
                 

 

 

 

 

 

SCHEDULES OF INVESTMENTS      43  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock New Jersey Municipal Income Trust (BNJ)

 

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 as follows:

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Net unrealized appreciation(a)

   $      $      $      $      $ 303,627      $      $ 303,627  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.  

For the six months ended January 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

Net Realized Gain (Loss) from:

                    

Futures contracts

   $      $      $      $      $ 116,545      $      $ 116,545  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:                                                 

Futures contracts

   $      $      $      $      $ 311,507      $      $ 311,507  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

 

Average notional value of contracts — short

   $ 10,169,383  

For more information about the Trust’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 Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

   $        $ 195,678,047        $        $ 195,678,047  

Short-Term Securities

     197,337                            197,337  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 197,337        $ 195,678,047        $        $ 195,875,384  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(b)

                 

Assets:

                 

Interest rate contracts

   $ 303,627        $        $        $ 303,627  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)  See above Schedule of Investments for values in each sector.  
  (b)  Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.  

 

 

44    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock New Jersey Municipal Income Trust (BNJ)

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

                 

TOB Trust Certificates

   $        $ (21,333,497      $        $ (21,333,497

VMTP Shares at Liquidation Value

              (59,100,000                 (59,100,000
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ (80,433,497      $        $ (80,433,497
  

 

 

      

 

 

      

 

 

      

 

 

 

During the period ended January 31, 2018, there were no transfers between levels.

See notes to financial statements.

 

 

SCHEDULES OF INVESTMENTS      45  


Schedule of Investments  (unaudited)

January 31, 2018

  

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds

 

New York — 133.2%  
Corporate — 4.3%  

Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 5.00%, 01/01/35(a)

  $ 280     $ 306,667  

City of New York New York Industrial Development Agency, Refunding RB, Transportation Infrastructure Properties LLC, Series A, AMT:

   

5.00%, 07/01/22

    650       719,218  

5.00%, 07/01/28

    795       858,544  

County of Essex New York Industrial Development Agency, RB, International Paper Co. Project, Series A, AMT, 6.63%, 09/01/32

    550       566,484  

County of Onondaga New York Industrial Development Agency, RB, Bristol-Meyers Squibb Co. Project, AMT, 5.75%, 03/01/24

    1,000       1,185,970  

New York Liberty Development Corp., Refunding RB, Goldman Sachs Headquarters, 5.25%, 10/01/35

    2,405       2,988,453  

Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42(a)

    1,500       1,501,080  
   

 

 

 
      8,126,416  
County/City/Special District/School District — 26.1%  

City of New York New York, GO, Refunding, Series E:

   

5.50%, 08/01/25

    1,115       1,305,163  

5.00%, 08/01/30

    1,000       1,131,310  

City of New York New York, GO:

   

Series A-1, 4.75%, 08/15/25

    750       763,042  

Series A-1, 5.00%, 08/01/35

    1,000       1,098,360  

Series D, 5.38%, 06/01/32

    25       25,094  

Series G-1, 6.25%, 12/15/31

    15       15,636  

Sub-Series D-1, Fiscal 2014, 5.00%, 08/01/31

    690       787,987  

Sub-Series G-1, 6.25%, 12/15/18(b)

    485       505,331  

Sub-Series G-1, 5.00%, 04/01/28

    630       701,927  

Sub-Series G-1, 5.00%, 04/01/29

    750       834,360  

Sub-Series I-1, 5.38%, 04/01/19(b)

    465       486,032  

Sub-Series I-1, 5.38%, 04/01/36

    65       67,809  

Refunding Series I, 5.00%, 08/01/30

    1,000       1,118,810  

City of New York New York Convention Center Development Corp., RB, CAB, Sub Lien, Hotel Unit Fee, Series B (AGM), 0.00%, 11/15/55(c)

    2,000       428,340  

City of New York New York Convention Center Development Corp., Refunding RB, Hotel Unit Fee Secured:

   

5.00%, 11/15/40

    2,500       2,828,100  

5.00%, 11/15/45

    3,700       4,166,496  

City of New York New York Industrial Development Agency, RB, PILOT:

   

CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 03/01/42(c)

    1,960       755,208  

CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 03/01/45(c)

    1,500       506,445  

(AMBAC), 5.00%, 01/01/39

    3,000       3,031,710  

Queens Baseball Stadium (AGC), 6.38%, 01/01/39

    150       156,315  

Queens Baseball Stadium (AMBAC), 5.00%, 01/01/46

    175       176,587  

Yankee Stadium Project (NPFGC), 4.75%, 03/01/46

    350       350,578  

Yankee Stadium Project (NPFGC), 5.00%, 03/01/46

    500       503,050  

County of Erie New York Fiscal Stability Authority, RB, Sales Tax and State Aid Secured Refunding Bonds, Series D:

   

5.00%, 09/01/35

    115       136,129  

5.00%, 09/01/36

    105       124,001  

5.00%, 09/01/37

    115       135,493  

5.00%, 09/01/38

    180       211,747  

5.00%, 09/01/39

    140       164,564  
Security   Par
(000)
    Value  
County/City/Special District/School District (continued)  

County of Nassau New York, GO:

   

Series A, 5.00%, 01/15/31

  $ 1,000     $ 1,152,600  

Refunding Series B, 5.00%, 04/01/32

    835       960,684  

Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:

   

5.75%, 02/15/21(b)

    125       139,879  

5.75%, 02/15/47

    75       82,360  

Hudson Yards Infrastructure Corp., Refunding RB, Series A:

   

2nd Indenture, 5.00%, 02/15/45

    1,225       1,402,000  

Fiscal 2017, 5.00%, 02/15/42

    2,495       2,861,840  

5.00%, 02/15/37

    215       247,891  

New York Liberty Development Corp., Refunding RB:

   

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 2, 5.63%, 07/15/47

    2,000       2,148,120  

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49

    1,200       1,285,932  

3 World Trade Center Project, Class 2,
5.38%, 11/15/40(a)

    480       526,627  

4 World Trade Center Project, 5.00%, 11/15/31

    860       950,945  

4 World Trade Center Project, 5.00%, 11/15/44

    7,655       8,368,063  

7 World Trade Center Project, Class 1,
4.00%, 09/15/35

    1,935       2,047,133  

7 World Trade Center Project, Class 2,
5.00%, 09/15/43

    1,420       1,552,273  

7 World Trade Center Project, Class 3,
5.00%, 03/15/44

    2,070       2,213,492  

World Trade Center Project, 5.75%, 11/15/51

    1,340       1,512,887  
   

 

 

 
      49,968,350  
Education — 29.6%  

Amherst Development Corp., Refunding RB, University at Buffalo Foundation Faculty-Student Housing Corp., Series A (AGM), 4.63%, 10/01/20(b)

    1,100       1,186,416  

Build NYC Resource Corp., Refunding RB:

   

City University New York-Queens College Student Residences, LLC Project, Series A,
5.00%, 06/01/38

    250       281,850  

Manhattan College Project, 5.00%, 08/01/35

    525       599,560  

City of New York New York Trust for Cultural Resources, RB, Juilliard School, Series A, 5.00%, 01/01/39

    750       771,510  

City of New York New York Trust for Cultural Resources, Refunding RB:

   

American Museum of Natural History, Series A, 5.00%, 07/01/37

    225       258,282  

Carnegie Hall, Series A, 4.75%, 12/01/39

    2,000       2,093,540  

Museum of Modern Art, Series 1A, 5.00%, 10/01/18(b)

    1,000       1,024,290  

City of Troy New York Capital Resource Corp., Refunding RB, Rensselaer Polytechnic Institute Project:

   

Series A, 5.13%, 09/01/40

    3,135       3,356,425  

Series B, 4.00%, 08/01/35

    470       486,267  

City of Yonkers New York Industrial Development Agency, RB, Sarah Lawrence College Project, Series A,
6.00%, 06/01/19(b)

    625       661,387  

Counties of Buffalo & Erie New York Industrial Land Development Corp., Refunding RB, The Charter School for Applied Technologies Project, Series A, 5.00%, 06/01/35

    245       260,572  

County of Cattaraugus New York, RB, St. Bonaventure University Project, 5.00%, 05/01/34

    170       186,315  

County of Dutchess New York Industrial Development Agency, RB, Bard College Civic Facility, Series A-2,
4.50%, 08/01/36

    2,155       1,798,865  

County of Dutchess New York Local Development Corp., Refunding RB, Vassar College Project:

   

5.00%, 07/01/42

    395       455,862  

4.00%, 07/01/46

    745       774,033  
 

 

 

46    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Education (continued)  

County of Monroe New York Industrial Development Corp., RB, University of Rochester Project, Series A,
5.00%, 07/01/21(b)

  $ 1,900     $ 2,107,746  

County of Monroe New York Industrial Development Corp., Refunding RB:

   

Nazareth College of Rochester Project,
4.00%, 10/01/47

    125       124,175  

University of Rochester Project, Series A,
5.00%, 07/01/23(b)

    320       371,875  

University of Rochester Project, Series B,
3.63%, 07/01/36

    135       136,125  

University of Rochester Project, Series D,
4.00%, 07/01/43

    535       560,220  

County of Nassau New York Industrial Development Agency, Refunding RB, New York Institute of Technology Project, Series A, 4.75%, 03/01/20(b)

    1,165       1,238,546  

County of Orange New York Funding Corp., Refunding RB, Mount St. Mary College Project, Series A:

   

5.00%, 07/01/37

    360       390,611  

5.00%, 07/01/42

    220       235,987  

County of St. Lawrence New York Industrial Development Agency, RB, Clarkson University Project,
5.38%, 09/01/41

    750       827,460  

County of Tompkins New York Development Corp., RB, Ithaca College Project (AGM), 5.50%, 01/01/21(b)

    700       775,089  

Geneva Development Corp., Refunding RB, Hobart & William Smith Colleges, 5.25%, 09/01/44

    500       565,075  

State of New York Dormitory Authority, RB:

   

5.00%, 03/15/30

    1,000       1,184,230  

Convent of the Sacred Heart (AGM), 5.25%, 11/01/24

    155       171,790  

Convent of the Sacred Heart (AGM), 5.63%, 11/01/32

    750       832,792  

Convent of the Sacred Heart (AGM), 5.75%, 11/01/40

    210       233,722  

New York University Mount Sinai School of Medicine, 5.13%, 07/01/19(b)

    2,000       2,100,440  

New York University, Series 1 (AMBAC),
5.50%, 07/01/40

    1,440       1,892,506  

New York University, Series B, 5.00%, 07/01/37

    1,250       1,404,837  

Series B, 5.75%, 03/15/19(b)

    600       628,740  

State University Dormitory Facilities, Series A, 5.00%, 07/01/19(b)

    750       786,900  

State University Dormitory Facilities, Series A, 5.00%, 07/01/41

    2,000       2,192,840  

Teachers College, Series B, 5.00%, 07/01/42

    1,225       1,346,826  

Touro College & University System, Series A, 5.25%, 01/01/34

    800       885,592  

Touro College & University System, Series A, 5.50%, 01/01/39

    2,000       2,229,180  

University of Rochester, Series A, 5.13%, 07/01/19(b)

    740       777,163  

University of Rochester, Series A, 5.75%, 07/01/19(b)

    565       598,295  

University of Rochester, Series A, 5.13%, 07/01/39

    110       115,256  

University of Rochester, Series A, 5.75%, 07/01/39

    85       89,973  

State of New York Dormitory Authority, Refunding RB:

   

3rd General Resolution, State University Educational Facilities Issue, Series A, 5.00%, 05/15/29

    2,000       2,242,600  

Barnard College, Series A, 5.00%, 07/01/33

    530       610,242  

Brooklyn Law School, 5.75%, 07/01/33

    475       496,100  

Cornell University, Series A, 5.00%, 07/01/40

    800       859,608  

Culinary Institute of America, 5.00%, 07/01/42

    300       324,624  

Fordham University, 5.00%, 07/01/44

    850       953,241  

Icahn School of Medicine at Mount Sinai, Series A, 5.00%, 07/01/35

    1,380       1,541,791  

New York University, Series A, 5.00%, 07/01/37

    1,790       2,011,727  

Rochester Institute of Technology, 5.00%, 07/01/42

    1,790       1,968,015  
Security   Par
(000)
    Value  
Education (continued)  

State of New York Dormitory Authority, Refunding RB (continued):

   

Skidmore College, Series A, 5.00%, 07/01/28

  $ 75     $ 82,780  

Skidmore College, Series A, 5.25%, 07/01/29

    85       94,547  

St. John’s University, Series A, 5.00%, 07/01/37

    835       932,895  

State University Dormitory Facilities, Series A, 5.25%, 07/01/30

    2,355       2,714,467  

State University Dormitory Facilities, Series A, 5.25%, 07/01/32

    445       512,191  

State University Dormitory Facilities, Series A, 5.00%, 07/01/46

    810       931,233  

Teachers College, 5.50%, 03/01/19(b)

    450       469,611  

St. John’s Univerisity, Series A, 5.00%, 07/01/34

    250       281,240  

Town of Hempstead New York Local Development Corp., Refunding RB:

   

Adelphi University Project, 5.00%, 10/01/35

    415       471,486  

Hofstra University Project, 5.00%, 07/01/47

    120       136,285  
   

 

 

 
      56,633,848  
Health — 12.6%  

County of Dutchess New York Local Development Corp., RB, Health Quest Systems, Inc., Series B, 4.00%, 07/01/41

    1,580       1,626,641  

County of Dutchess New York Local Development Corp., Refunding RB, Health Quest System, Inc., Series A, 5.75%, 07/01/40

    300       328,611  

County of Genesee New York Industrial Development Agency, Refunding RB, United Memorial Medical Center Project, 5.00%, 12/01/27

    430       430,318  

County of Monroe New York Industrial Development Corp., RB, Rochester General Hospital Project:

   

4.00%, 12/01/41

    200       201,776  

5.00%, 12/01/46

    320       353,667  

Series A, 5.00%, 12/01/32

    240       261,262  

County of Monroe New York Industrial Development Corp., Refunding RB, Unity Hospital of Rochester Project (FHA), 5.50%, 08/15/40

    1,650       1,826,484  

County of Nassau New York Local Economic Assistance Corp., Refunding RB, Winthrop University Hospital Association Project, 5.00%, 07/01/42

    2,800       2,977,380  

County of Suffolk New York EDC, RB, Catholic Health Services, Series C, 5.00%, 07/01/32

    230       253,267  

County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien:

   

Remarketing, Series A, 5.00%, 11/01/30

    3,130       3,358,177  

Series B, 6.00%, 11/01/20(b)

    435       485,356  

Series B, 6.00%, 11/01/30

    65       71,001  

County of Westchester New York Local Development Corp., Refunding RB, Kendal On Hudson Project:

   

5.00%, 01/01/28

    675       740,117  

5.00%, 01/01/34

    1,250       1,346,225  

State of New York Dormitory Authority, RB:

   

New York State Association for Retarded Children, Inc., Series A, 6.00%, 07/01/19(b)

    500       531,210  

New York State Association for Retarded Children, Inc., Series B (AMBAC), 6.00%, 07/01/19(b)

    200       212,484  

New York University Hospitals Center, Series A, 6.00%, 07/01/20(b)

    500       551,255  

North Shore-Long Island Jewish Obligated Group,
Series D, 4.25%, 05/01/39

    500       522,570  

State of New York Dormitory Authority, Refunding RB:

   

Memorial Sloan-Kettering Cancer Center, Series 1, 4.00%, 07/01/37

    125       133,175  

Memorial Sloan-Kettering Cancer Center, Series 1, 5.00%, 07/01/42

    295       339,076  

Miriam Osborn Memorial Home Association, 5.00%, 07/01/29

    290       300,866  
 

 

 

SCHEDULES OF INVESTMENTS      47  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Health (continued)  

State of New York Dormitory Authority, Refunding RB (continued):

   

Mount Sinai Hospital, Series A, 5.00%, 07/01/26

  $ 1,385     $ 1,480,482  

North Shore-Long Island Jewish Obligated Group,
Series A, 5.00%, 05/01/21(b)

    1,750       1,929,900  

North Shore-Long Island Jewish Obligated Group,
Series A, 5.00%, 05/01/21(b)

    1,000       1,102,800  

North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 05/01/43

    1,430       1,591,590  

North Shore-Long Island Jewish Obligated Group, Series E, 5.50%, 05/01/33

    1,100       1,144,946  
   

 

 

 
      24,100,636  
Housing — 2.7%  

City of New York New York Housing Development Corp., RB, M/F Housing, Fund Grant Program, New York City Housing Authority Program, Series B1:

   

5.25%, 07/01/32

    1,140       1,269,071  

5.00%, 07/01/33

    500       548,305  

City of New York New York Housing Development Corp., Refunding RB, M/F Housing, 8 Spruce Street, Class F, 4.50%, 02/15/48

    925       961,158  

County of Onondaga New York Trust for Cultural Resources, Refunding RB, Abby Lane Housing Corporation Project, 5.00%, 05/01/40

    355       394,370  

State of New York HFA, RB:

   

Affordable Housing, Series E (SONYMA),
4.15%, 11/01/47

    495       509,974  

M/F Housing, Highland Avenue Senior Apartments, Series A, AMT (SONYMA), 5.00%, 02/15/39

    1,460       1,465,752  
   

 

 

 
      5,148,630  
State — 14.6%  

City of New York New York Transitional Finance Authority, RB, Future Tax Secured, 5.00%, 02/01/32

    5,000       5,719,100  

City of New York New York Transitional Finance Authority, Refunding RB, Fiscal 2018:

   

Series S-1, 5.00%, 07/15/35

    505       592,123  

Series S-2, 5.00%, 07/15/35

    505       592,123  

City of New York New York Transitional Finance Authority Future Tax Secured, RB:

   

Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42

    2,500       2,751,350  

Future Tax Secured, Sub-Series E-1, 5.00%, 02/01/38

    1,850       2,130,404  

Sub-Series F-1, 5.00%, 05/01/38

    1,425       1,646,131  

Sub-Series F-1, 5.00%, 05/01/39

    1,775       2,048,900  

State of New York Dormitory Authority, RB:

   

General Purpose, Series A, 5.00%, 02/15/42

    1,500       1,715,925  

General Purpose, Series B, 5.00%, 03/15/42

    4,380       4,847,609  

General Purpose, Series C, 5.00%, 03/15/34

    2,185       2,382,917  

Sales Tax, Series A, 5.00%, 03/15/42

    875       1,012,935  

State of New York Dormitory Authority, Refunding RB, School Districts Financing Program, Series A (AGM),
5.00%, 10/01/18(b)

    395       404,330  

State of New York Urban Development Corp., RB, State Personal Income Tax, Series C:

   

5.00%, 03/15/30

    885       1,001,590  

5.00%, 03/15/32

    1,000       1,128,640  
   

 

 

 
      27,974,077  
Tobacco — 3.3%  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 06/01/41(a)

    1,000       1,033,090  

Counties of New York Tobacco Trust VI, Refunding RB:

   

Settlement Pass-Through Turbo, Series C,
4.00%, 06/01/51

    1,500       1,402,995  
Security   Par
(000)
    Value  
Tobacco (continued)  

Counties of New York Tobacco Trust VI, Refunding RB (continued):

   

Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/51

  $ 1,470     $ 1,532,960  

Tobacco Settlement Pass-Through, Series B, 5.00%, 06/01/45

    130       137,991  

County of Chautauqua New York Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, 4.75%, 06/01/39

    150       151,296  

County of Niagara New York Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed:

   

5.25%, 05/15/34

    250       281,690  

5.25%, 05/15/40

    110       123,275  

Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C:

   

4.00%, 06/01/42

    745       725,720  

5.13%, 06/01/51

    870       892,324  
   

 

 

 
      6,281,341  
Transportation — 32.4%  

Buffalo & Fort Erie Public Bridge Authority, RB, Toll Bridge System, 5.00%, 01/01/42

    535       608,712  

Metropolitan Transportation Authority, RB:

   

Series A-1, 5.25%, 11/15/23(b)

    540       639,311  

Series C, 6.50%, 11/15/28

    195       202,948  

Series D, 5.25%, 11/15/21(b)

    220       248,948  

Series D, 5.25%, 11/15/21(b)

    780       882,633  

Series E, 5.00%, 11/15/38

    4,000       4,512,480  

Sub-Series A-1, 5.00%, 11/15/45

    715       800,485  

Metropolitan Transportation Authority, Refunding RB:

   

Green Bonds, CAB, Series C-2, 0.00%, 11/15/39(c)

    2,455       1,074,234  

Green Bonds, Climate Bond Certified, Series B-1, 5.00%, 11/15/34

    735       866,345  

Green Bonds, Climate Bond Certified, Sub-Series B-2, 4.00%, 11/15/34

    750       799,395  

Green Bonds, Series A-1, 5.25%, 11/15/56

    750       855,233  

Series D, 5.25%, 11/15/23(b)

    910       1,077,358  

Series F, 5.00%, 11/15/30

    2,000       2,250,100  

Series F, 5.00%, 11/15/35

    500       575,700  

Transportation, Series D, 5.00%, 11/15/20(b)

    800       874,496  

Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A:

   

5.00%, 11/15/56

    2,695       3,014,142  

5.00%, 11/15/51

    230       250,640  

New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT:

   

5.00%, 07/01/46

    3,115       3,392,453  

5.25%, 01/01/50

    4,810       5,283,881  

(AGM), 4.00%, 07/01/41

    800       823,248  

New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31

    2,305       2,450,676  

Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC, Special Project, AMT (NPFGC):

   

Series 6, 5.75%, 12/01/22

    6,000       6,322,020  

Series 8, 6.00%, 12/01/42

    1,000       1,104,560  

Port Authority of New York & New Jersey, Refunding ARB:

   

178th Series, AMT, 5.00%, 12/01/33

    750       840,735  

179th Series, 5.00%, 12/01/38

    575       653,861  

Consolidated, 177th Series, AMT, 4.00%, 01/15/43

    640       652,672  

Consolidated, 178th Series, AMT, 5.00%, 12/01/43

    500       555,935  

Consolidated, 195th Series, AMT, 5.00%, 04/01/36

    750       852,023  

State of New York Thruway Authority, RB, Junior Lien,
Series A, 5.25%, 01/01/56

    1,655       1,899,228  
 

 

 

48    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Transportation (continued)  

State of New York Thruway Authority, Refunding RB, General:

   

2nd Highway & Bridge Trust, Series A, 5.00%, 04/01/32

  $ 2,500     $ 2,797,075  

Series I, 5.00%, 01/01/27

    1,000       1,115,180  

Series I, 5.00%, 01/01/37

    1,760       1,946,595  

Series I, 5.00%, 01/01/42

    280       307,255  

Series J, 5.00%, 01/01/41

    2,000       2,212,940  

Series K, 5.00%, 01/01/32

    2,575       2,963,722  

Triborough Bridge & Tunnel Authority, RB:

   

Series A, 5.00%, 11/15/42

    1,000       1,158,370  

Series B, 5.00%, 11/15/40

    350       403,785  

Series B, 5.00%, 11/15/45

    310       355,765  

Triborough Bridge & Tunnel Authority, Refunding RB:

   

CAB, Sub-Series A, 0.00%, 11/15/32(c)

    845       511,056  

General, CAB, Series B, 0.00%, 11/15/32(c)

    1,700       1,035,657  

General, MTA Bridges & Tunnels, Series C-2,
5.00%, 11/15/42

    1,245       1,447,873  

General, Series A, 5.25%, 11/15/45

    590       687,610  

General, Series A, 5.00%, 11/15/50

    500       566,740  
   

 

 

 
      61,874,075  
Utilities — 7.6%  

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:

   

Fiscal 2011, Series BB, 5.00%, 06/15/31

    1,000       1,075,090  

Fiscal 2015, Series HH, 5.00%, 06/15/39

    1,000       1,144,110  

Long Island Power Authority, RB, General, Electric Systems:

   

5.00%, 09/01/42

    490       560,095  

Series A (AGM), 5.00%, 05/01/21(b)

    500       552,235  

Series C (CIFG), 5.25%, 09/01/29

    2,000       2,421,600  

Long Island Power Authority, Refunding RB, Electric System:

   

Series A, 5.75%, 04/01/19(b)

    4,000       4,198,200  

Series B, 5.00%, 09/01/41

    200       227,624  

Series B, 5.00%, 09/01/46

    895       1,015,019  

State of New York Environmental Facilities Corp., RB, Green Bond, Series C, 5.00%, 08/15/36

    525       617,704  

State of New York Environmental Facilities Corp., Refunding RB, Revolving Funds, New York City Municipal Water, Series B, 5.00%, 06/15/36

    350       385,123  

Utility Debt Securitization Authority, Refunding RB, Restructuring, Series E, 5.00%, 12/15/41

    2,000       2,297,220  
   

 

 

 
      14,494,020  
   

 

 

 

Total Municipal Bonds in New York

 

    254,601,393  
   

 

 

 
Puerto Rico — 1.1%  
Tobacco — 1.1%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43

    2,220       2,029,013  
   

 

 

 

Total Municipal Bonds — 134.3%
(Cost — $243,551,580)

 

    256,630,406  
   

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts(d)

 

New York — 30.0%  
County/City/Special District/School District — 10.2%  

City of New York New York, GO:

   

Sub-Series G-1, 5.00%, 04/01/29

    4,370       4,858,151  

Sub-Series I-1, 5.00%, 03/01/36

    1,500       1,706,122  

City of New York New York Convention Center Development Corp., Refunding RB, Hotel Unit Fee Secured,
5.00%, 11/15/32

    1,200       1,382,586  
Security   Par
(000)
    Value  
New York (continued)  
County/City/Special District/School District (continued)  

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A,
5.75%, 02/15/47(e)

  $ 1,250     $ 1,370,178  

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds,
5.25%, 12/15/43

    6,495       7,218,188  

New York Liberty Development Corp., Refunding RB, 7 World Trade Center Project, Class 1, 5.00%, 09/15/40

    2,610       2,895,264  
   

 

 

 
      19,430,489  
Education — 2.1%  

City of New York New York Trust for Cultural Resources, Refunding RB, Wildlife Conservation Society, Series A, 5.00%, 08/01/33

    3,527       3,964,939  
   

 

 

 
State — 2.7%  

City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 01/15/39

    660       682,656  

City of New York New York Transitional Finance Authority, RB, Future Tax Secured, Sub-Series D-1, 5.00%, 11/01/38

    825       910,280  

Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A:

   

5.00%, 10/15/31

    750       874,633  

4.00%, 10/15/32

    1,000       1,098,385  

State of New York Dormitory Authority, RB, General Purpose, Series C, 5.00%, 03/15/41

    1,500       1,632,945  
   

 

 

 
      5,198,899  
Transportation — 3.3%  

Port Authority of New York & New Jersey, Refunding ARB:

   

194th Series, 5.25%, 10/15/55

    1,455       1,667,706  

Consolidated, Series 169th, 5.00%, 10/15/26

    1,500       1,654,493  

State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 03/15/31

    1,180       1,306,505  

Triborough Bridge & Tunnel Authority, Refunding RB, General, Series A, 5.00%, 11/15/46

    1,500       1,719,757  
   

 

 

 
      6,348,461  
Utilities — 11.7%  

City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A:

   

5.75%, 06/15/18(b)

    276       280,311  

5.75%, 06/15/40

    923       937,375  

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:

   

Fiscal 2011, Series HH, 5.00%, 06/15/32

    5,310       5,838,770  

Fiscal 2012, Series BB, 5.00%, 06/15/44

    3,511       3,884,600  

Series FF-2, 5.50%, 06/15/40

    810       852,323  

Utility Debt Securitization Authority, Refunding RB:

   

5.00%, 12/15/41

    6,868       7,876,695  

Restructuring, 5.00%, 12/15/36

    1,997       2,325,221  

Restructuring, Series B, 4.00%, 12/15/35

    370       396,712  
   

 

 

 
      22,392,007  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option
Bond Trusts — 30.0%
(Cost — $54,070,729)

 

    57,334,795  
   

 

 

 

Total Long-Term Investments — 164.3%
(Cost — $297,622,309)

 

    313,965,201  
   

 

 

 
 

 

 

SCHEDULES OF INVESTMENTS      49  


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Short-Term Securities — 0.7%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%(f)(g)

    1,310,202     $ 1,310,333  
   

 

 

 

Total Short-Term Securities — 0.7%
(Cost — $1,310,213)

 

    1,310,333  
   

 

 

 

Total Investments — 165.0%
(Cost — $298,932,522)

 

    315,275,534  

Other Assets Less Liabilities — 1.3%

 

    2,442,138  

Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (16.8)%

 

    (32,135,882

VMTP Shares, at Liquidation Value — (49.5)%

 

    (94,500,000
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 191,081,790  
   

 

 

 

 

(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(b)  U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
(c)  Zero-coupon bond.
(d)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.
(e)  All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expires on February 15, 2019, is $661,933. See Note 4 of the Notes to Financial Statements for details.
(f)  Annualized 7-day yield as of period end.
 
(g)  During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
07/31/17
     Net
Activity
     Shares
Held at
01/31/18
     Value at
01/31/18
     Income      Net
Realized
Gain (Loss)
 (a)
     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

     2,541,341        (1,231,139      1,310,202      $ 1,310,333      $ 9,793      $ 58      $ (119
           

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Includes net capital gain distributions, if applicable.  

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings 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.

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

     31          03/20/18        $ 3,769        $ 93,192  

Long U.S. Treasury Bond

     63          03/20/18          9,312          321,050  

5-Year U.S. Treasury Note

     41          03/29/18          4,703          70,429  
                 

 

 

 
                  $ 484,671  
                 

 

 

 

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 as follows:

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

Assets — Derivative Financial Instruments

 

Futures contracts

                    

Net unrealized appreciation(a)

   $      $      $      $      $ 484,671      $      $ 484,671  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.  

 

 

50    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

January 31, 2018

  

BlackRock New York Municipal Income Trust (BNY)

 

For the six months ended January 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

Net Realized Gain (Loss) from:

                    

Futures contracts

   $      $      $      $      $ 62,799      $      $ 62,799  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

                    

Futures contracts

   $      $      $      $      $ 516,346      $      $ 516,346  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

 

Average notional value of contracts — short

   $ 18,295,957  

For more information about the Trust’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 Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1      Level 2      Level 3      Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

   $      $ 313,965,201      $      $ 313,965,201  

Short-Term Securities

     1,310,333                      1,310,333  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 1,310,333      $ 313,965,201      $      $ 315,275,534  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 484,671      $      $      $ 484,671  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  See above Schedule of Investments for values in each sector.  
  (b)  Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.  

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1      Level 2      Level 3      Total  

Liabilities:

 

TOB Trust Certificates

   $      $ (32,047,199    $      $ (32,047,199

VMTP Shares at Liquidation Value

            (94,500,000             (94,500,000
  

 

 

    

 

 

    

 

 

    

 

 

 
   $      $ (126,547,199    $      $ (126,547,199
  

 

 

    

 

 

    

 

 

    

 

 

 

During the period ended January 31, 2018, there were no transfers between levels.

See notes to financial statements.

 

 

SCHEDULES OF INVESTMENTS      51  


Statements of Assets and Liabilities  (unaudited)

January 31, 2018

 

     BFZ     BFO     BTT     BBF  

ASSETS

 

Investments at value — unaffiliated(a)

  $ 811,561,903     $ 81,373,922     $ 2,631,642,491     $ 248,618,944  

Investments at value — affiliated(b)

    417,569       149,356       26,416,247       437,279  

Cash pledged for futures contracts

    451,000                   100,850  

Receivables:

 

Interest — unaffiliated

    11,244,943       949,377       25,308,158       2,938,914  

Variation margin on futures contracts

    12,043                   3,687  

Dividends — affiliated

    2,360       244       6,948       485  

Investments sold

          10,246             1,808,423  

Capital gain distributions

    83       342       7,351       28  

Prepaid expenses

    17,538       2,285       51,926       7,926  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

    823,707,439       82,485,772       2,683,433,121       253,916,536  
 

 

 

   

 

 

   

 

 

   

 

 

 

ACCRUED LIABILITIES

 

Bank overdraft

    210,966             1,261,924       69,629  

Payables:

 

Income dividends

    1,754,659       144,615       5,062,300       680,021  

Interest expense and fees

    635,254             764,481       161,634  

Investments purchased

    596,132                   3,627,369  

Investment advisory fees

    406,048       34,929       917,940       120,910  

Trustees’ and Officer’s fees

    83,041       11,161       16,563       35,250  

Variation margin on futures contracts

    57,750                   13,125  

Other accrued expenses

    139,110       52,028       302,631       69,934  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total accrued liabilities

    3,882,960       242,733       8,325,839       4,777,872  
 

 

 

   

 

 

   

 

 

   

 

 

 

OTHER LIABILITIES

 

TOB Trust Certificates

    170,958,028             251,819,915       53,134,805  

RVMTP Shares, at liquidation value of $5,000,000 per share, net of deferred offering costs(c)

                749,595,873        

VMTP Shares, at liquidation value of $100,000 per share(c)

    171,300,000                    

VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)

                      51,709,865  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total other liabilities

    342,258,028             1,001,415,788       104,844,670  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    346,140,988       242,733       1,009,741,627       109,622,542  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

  $ 477,566,451     $ 82,243,039     $ 1,673,691,494     $ 144,293,994  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF

 

Paid-in capital(d)

  $ 446,985,849     $ 80,627,428     $ 1,671,189,475     $ 141,817,892  

Undistributed net investment income

    32,851       1,685,531       6,464,670       538,237  

Accumulated net realized loss

    (511,517     (872,947     (35,365,315     (11,708,983

Net unrealized appreciation (depreciation)

    31,059,268       803,027       31,402,664       13,646,848  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

  $ 477,566,451     $ 82,243,039     $ 1,673,691,494     $ 144,293,994  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value per Common Share

  $ 14.97     $ 14.79     $ 23.74     $ 14.11  
 

 

 

   

 

 

   

 

 

   

 

 

 

(a) Investments at cost — unaffiliated

  $ 781,383,328     $ 80,570,910     $ 2,600,240,455     $ 235,194,445  

(b) Investments at cost — affiliated

  $ 417,546     $ 149,341     $ 26,415,619     $ 437,279  

(c)  Preferred Shares outstanding, unlimited number of shares authorized, par value $0.001 per share

    1,713             150       520  

(d) Common Shares outstanding, unlimited number of shares authorized, par value $0.001 per share

    31,902,885       5,562,128       70,505,571       10,226,259  

See notes to financial statements.

 

 

52    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Statements of Assets and Liabilities  (unaudited)

January 31, 2018

 

     BNJ     BNY  

ASSETS

 

Investments at value — unaffiliated(a)

  $ 195,678,047     $ 313,965,201  

Investments at value — affiliated(b)

    197,337       1,310,333  

Cash pledged for futures contracts

    130,750       219,250  

Receivables:

 

Interest — unaffiliated

    1,614,068       3,283,081  

Variation margin on futures contracts

    4,188       8,713  

Dividends — affiliated

    81       2,067  

Investments sold

    1,036,626       20,000  

Capital gain distributions

          842  

Prepaid expenses

    7,142       9,299  
 

 

 

   

 

 

 

Total assets

    198,668,239       318,818,786  
 

 

 

   

 

 

 

ACCRUED LIABILITIES

 

Bank overdraft

    60,467       126,170  

Payables:

 

Income dividends

    487,380       655,286  

Interest expense and fees

    52,143       88,683  

Investment advisory fees

    101,399       162,705  

Trustees’ and Officer’s fees

    22,248       34,218  

Variation margin on futures contracts

    16,188       27,563  

Reorganization

    69,432        

Other accrued expenses

    69,282       95,172  
 

 

 

   

 

 

 

Total accrued liabilities

    878,539       1,189,797  
 

 

 

   

 

 

 

OTHER LIABILITIES

 

TOB Trust Certificates(c)

    21,333,497       32,047,199  

VMTP Shares, at liquidation value of $100,000 per share(c)

    59,100,000       94,500,000  
 

 

 

   

 

 

 

Total other liabilities

    80,433,497       126,547,199  
 

 

 

   

 

 

 

Total liabilities

    81,312,036       127,736,996  
 

 

 

   

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

  $ 117,356,203     $ 191,081,790  
 

 

 

   

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF

 

Paid-in capital(d)

  $ 109,015,301     $ 181,649,763  

Undistributed net investment income

    316,131       855,498  

Accumulated net realized loss

    (2,399,187     (8,251,154

Net unrealized appreciation (depreciation)

    10,423,958       16,827,683  
 

 

 

   

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

  $ 117,356,203     $ 191,081,790  
 

 

 

   

 

 

 

Net asset value per Common Share

  $ 15.29     $ 14.73  
 

 

 

   

 

 

 

(a) Investments at cost — unaffiliated

  $ 185,557,716     $ 297,622,309  

(b) Investments at cost — affiliated

  $ 197,337     $ 1,310,213  

(c)  Preferred Shares outstanding, unlimited number of shares authorized, par value $0.001 per share

    591       945  

(d) Common Shares outstanding, unlimited number of shares authorized, par value $0.001 per share

    7,675,428       12,976,074  

See notes to financial statements.

 

 

FINANCIAL STATEMENTS      53  


Statements of Operations  (unaudited)

Six Months Ended January 31, 2018

 

     BFZ     BFO     BTT     BBF  

INVESTMENT INCOME

 

Interest — unaffiliated

  $ 16,380,829     $ 1,160,203     $ 44,145,638     $ 5,900,094  

Dividends — affiliated

    6,967       17,914       227,308       1,266  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    16,387,796       1,178,117       44,372,946       5,901,360  
 

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES

 

Investment advisory

    2,425,244       209,401       5,363,062       718,282  

Professional

    58,555       24,444       84,774       43,182  

Trustees and Officer

    25,609       4,401       80,454       7,854  

Accounting services

    18,925       7,768       120,662       12,145  

Custodian

    16,002       2,022       49,346       6,292  

Transfer agent

    15,451       7,928       43,595       10,313  

Printing

    5,340       3,873       9,944       4,218  

Registration

    5,321       4,027       11,496       4,037  

Rating agency

    20,709             21,166       20,602  

Miscellaneous

    14,393       5,268       40,318       9,184  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses excluding interest expense, fees and amortization of offering costs

    2,605,549       269,132       5,824,817       836,109  

Interest expense, fees and amortization of offering costs(a)

    3,088,101             8,276,742       927,250  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    5,693,650       269,132       14,101,559       1,763,359  

Less fees waived and/or reimbursed by the Manager

    (810     (1,572     (28,526     (131
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

    5,692,840       267,560       14,073,033       1,763,228  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    10,694,956       910,557       30,299,913       4,138,132  
 

 

 

   

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) from:

 

Investments — unaffiliated

    1,234,023       3,228       7,110,619       847,176  

Investments — affiliated

    273       (99     3       25  

Futures contracts

    249,388                   96,417  

Capital gain distributions from investment companies — affiliated

    83       342       7,351       28  
 

 

 

   

 

 

   

 

 

   

 

 

 
    1,483,767       3,471       7,117,973       943,646  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — unaffiliated

    (13,775,515     (1,374,116     (13,152,905     (4,797,793

Investments — affiliated

    (2     (535     (13,872      

Futures contracts

    937,532                   234,110  
 

 

 

   

 

 

   

 

 

   

 

 

 
    (12,837,985     (1,374,651     (13,166,777     (4,563,683
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized loss

    (11,354,218     (1,371,180     (6,048,804     (3,620,037
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS

  $ (659,262   $ (460,623   $ 24,251,109     $ 518,095  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Related to TOB Trusts, VMTP Shares, RVMTP Shares and/or VRDP Shares.

See notes to financial statements.

 

 

54    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Statements of Operations  (unaudited)

Six Months Ended January 31, 2018

 

     BNJ     BNY  

INVESTMENT INCOME

 

Interest — unaffiliated

  $ 4,410,486     $ 6,228,050  

Dividends — affiliated

    1,469       9,793  
 

 

 

   

 

 

 

Total investment income

    4,411,955       6,237,843  
 

 

 

   

 

 

 

EXPENSES

 

Investment advisory

    602,685       971,371  

Professional

    28,118       32,869  

Directors and Officer

    6,280       10,221  

Accounting services

    16,889       24,993  

Custodian

    4,938       8,087  

Transfer agent

    9,382       10,817  

Printing

    3,895       4,257  

Registration

    4,037       4,090  

Reorganization costs

    161,855        

Rating agency

    20,621       20,648  

Miscellaneous

    9,262       13,059  
 

 

 

   

 

 

 

Total expenses excluding interest expense, fees and amortization of offering costs

    867,962       1,100,412  

Interest expense, fees and amortization of offering costs(a)

    763,966       1,186,280  
 

 

 

   

 

 

 

Total expenses

    1,631,928       2,286,692  

Less fees waived and/or reimbursed by the Manager

    (198     (1,044
 

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

    1,631,730       2,285,648  
 

 

 

   

 

 

 

Net investment income

    2,780,225       3,952,195  
 

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) from:

 

Investments — unaffiliated

    (16,074     277,463  

Investments — affiliated

    35       (784

Futures contracts

    116,545       62,799  

Capital gain distributions from investment companies — affiliated

          842  
 

 

 

   

 

 

 
    100,506       340,320  
 

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

   

Investments — unaffiliated

    (797,078     (4,486,839

Investments — affiliated

    (93     (119

Futures contracts

    311,507       516,346  
 

 

 

   

 

 

 
    (485,664     (3,970,612
 

 

 

   

 

 

 

Net realized and unrealized loss

    (385,158     (3,630,292
 

 

 

   

 

 

 

NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS

  $ 2,395,067     $ 321,903  
 

 

 

   

 

 

 

 

(a) Related to TOB Trusts, VMTP Shares, RVMTP Shares and/or VRDP Shares.

See notes to financial statements.

 

 

FINANCIAL STATEMENTS      55  


Statements of Changes in Net Assets

 

    BFZ           BFO  
     Six Months Ended
01/31/2018
(unaudited)
    Year Ended
07/31/2017
           Six Months Ended
01/31/2018
(unaudited)
    Year Ended
07/31/2017
 

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

 

OPERATIONS

 

Net investment income

  $ 10,694,956     $ 23,246,708       $ 910,557     $ 2,049,298  

Net realized gain (loss)

    1,483,767       1,860,585         3,471       (12,932

Net change in unrealized appreciation (depreciation)

    (12,837,985     (32,786,071       (1,374,651     (2,249,356
 

 

 

   

 

 

     

 

 

   

 

 

 

Net decrease in net assets resulting from operations

    (659,262     (7,678,778       (460,623     (212,990
 

 

 

   

 

 

     

 

 

   

 

 

 

DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

 

From net investment income

    (11,102,204     (24,497,552       (978,935     (2,313,845
 

 

 

   

 

 

     

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

 

Reinvestment of common distributions

          168,908                
 

 

 

   

 

 

     

 

 

   

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

 

Total decrease in net assets applicable to Common Shareholders

    (11,761,466     (32,007,422       (1,439,558     (2,526,835

Beginning of period

    489,327,917       521,335,339         83,682,597       86,209,432  
 

 

 

   

 

 

     

 

 

   

 

 

 

End of period

  $ 477,566,451     $ 489,327,917       $ 82,243,039     $ 83,682,597  
 

 

 

   

 

 

     

 

 

   

 

 

 

Undistributed net investment income, end of period

  $ 32,851     $ 440,099       $ 1,685,531     $ 1,753,909  
 

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

56    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Statements of Changes in Net Assets

 

    BTT           BBF  
:   Six Months Ended
01/31/2018
(unaudited)
    Year Ended
07/31/2017
           Six Months Ended
01/31/2018
(unaudited)
    Year Ended
07/31/2017
 

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS:

 

OPERATIONS

 

Net investment income

  $ 30,299,913     $ 63,438,956       $ 4,138,132     $ 8,544,549  

Net realized gain

    7,117,973       9,467,222         943,646       1,422,765  

Net change in unrealized appreciation (depreciation)

    (13,166,777     (115,077,489       (4,563,683     (11,227,481
 

 

 

   

 

 

     

 

 

   

 

 

 

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

    24,251,109       (42,171,311       518,095       (1,260,167
 

 

 

   

 

 

     

 

 

   

 

 

 

DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

 

From net investment income

    (30,400,804     (67,107,203       (4,319,560     (8,870,587
 

 

 

   

 

 

     

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

 

Reinvestment of common distributions

                  105,235       155,550  
 

 

 

   

 

 

     

 

 

   

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

 

Total decrease in net assets applicable to Common Shareholders

    (6,149,695     (109,278,514       (3,696,230     (9,975,204

Beginning of period

    1,679,841,189       1,789,119,703         147,990,224       157,965,428  
 

 

 

   

 

 

     

 

 

   

 

 

 

End of period

  $ 1,673,691,494     $ 1,679,841,189       $ 144,293,994     $ 147,990,224  
 

 

 

   

 

 

     

 

 

   

 

 

 

Undistributed net investment income, end of period

  $ 6,464,670     $ 6,565,561       $ 538,237     $ 719,665  
 

 

 

   

 

 

     

 

 

   

 

 

 

 

(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

FINANCIAL STATEMENTS      57  


Statements of Changes in Net Assets

 

    BNJ            BNY  
     Six Months Ended
01/31/2018
(unaudited)
    Year Ended
07/31/2017
            Six Months Ended
01/31/2018
(unaudited)
    Year Ended
07/31/2017
 

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS:

 

OPERATIONS

 

Net investment income

  $ 2,780,225     $ 6,054,378        $ 3,952,195     $ 8,672,909  

Net realized gain

    100,506       733,481          340,320       1,528,894  

Net change in unrealized appreciation (depreciation)

    (485,664     (8,245,432        (3,970,612     (12,496,534
 

 

 

   

 

 

      

 

 

   

 

 

 

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

    2,395,067       (1,457,573        321,903       (2,294,731
 

 

 

   

 

 

      

 

 

   

 

 

 

DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

 

From net investment income

    (3,128,057     (6,425,586        (4,457,069     (9,330,442
 

 

 

   

 

 

      

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

 

Reinvestment of common distributions

    70,611       83,222          188,434       239,234  
 

 

 

   

 

 

      

 

 

   

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

 

Total decrease in net assets applicable to Common Shareholders

    (662,379     (7,799,937        (3,946,732     (11,385,939

Beginning of period

    118,018,582       125,818,519          195,028,522       206,414,461  
 

 

 

   

 

 

      

 

 

   

 

 

 

End of period

  $ 117,356,203     $ 118,018,582        $ 191,081,790     $ 195,028,522  
 

 

 

   

 

 

      

 

 

   

 

 

 

Undistributed net investment income, end of period

  $ 316,131     $ 663,963        $ 855,498     $ 1,360,372  
 

 

 

   

 

 

      

 

 

   

 

 

 

 

(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

58    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Statements of Cash Flows  (unaudited)

Six Months Ended January 31, 2018

 

     BFZ     BTT     BBF     BNJ     BNY  

CASH PROVIDED BY (USED FOR ) OPERATING ACTIVITIES

 

Net increase (decrease) in net assets resulting from operations

  $ (659,262   $ 24,251,109     $ 518,095     $ 2,395,067     $ 321,903  

Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used for) operating activities:

         

Proceeds from sales of long-term investments

    107,476,772       333,329,401       38,106,548       9,404,264       13,914,979  

Purchases of long-term investments

    (111,794,556     (428,408,575     (41,022,992     (13,608,634     (15,864,898

Net proceeds from sales (purchases) of short-term securities

    (165,354     21,327,753       (437,279     3,215,041       1,231,906  

Amortization of premium and accretion of discount on investments and other fees

    3,036,439       7,686,599       391,250       207,447       883,500  

Net realized gain (loss) on investments

    (1,234,296     (7,110,622     (847,201     16,039       (276,679

Net unrealized loss on investments

    13,775,517       13,166,777       4,797,793       797,171       4,486,958  
(Increase) Decrease in Assets:  

Cash pledged for futures contracts

    35,000             5,000       (47,000     39,000  

Receivables:

 

Interest — unaffiliated

    (40,282     (1,086,387     9,148       (2,936     (178,164

Dividends — affiliated

    (138     26,770       (443     808       (80

Variation margin on futures contracts

    15,660             2,032       624       5,131  

Capital gain distributions

    (83     (7,351     (28           (842

Prepaid expenses

    3,463       (13,897     8,000       8,441       7,131  
Increase (Decrease) in Liabilities:  

Payables:

 

Investment advisory fees

    (398,282     (811,561     (116,442     (94,406     (158,896

Interest expense and fees

    139,982       264,840       50,665       19,817       24,959  

Trustee’s and Officer’s fees

    1,094       (5,211     463       291       430  

Variation margin on futures contracts

    57,750             13,125       16,188       27,563  

Other accrued expenses

    (52,716     (238,720     (84,436     (49,120     (57,184
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used for) operating activities

    10,196,708       (37,629,075     1,393,298       2,279,102       4,406,717  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CASH (PROVIDED BY) USED FOR FINANCING ACTIVITIES

 

Cash payments for offering costs

                      69,432        

Proceeds from TOB Trust Certificates

    9,154,996       67,704,999       3,618,207       1,397,764        

Repayments of TOB Trust Certificates

    (8,060,000           (511,000     (614,176      

Proceeds from Loan for TOB Trust Certificates

                511,000       614,176        

Repayments of Loan for TOB Trust Certificates

                (511,000     (614,176      

Cash dividends paid to Common Shareholders

    (11,245,767     (30,400,804     (4,273,882     (3,103,955     (4,391,163

Increase (decrease) in bank overdraft

    (45,937     309,116       (229,704     (28,167     (15,554

Amortization of deferred offering costs

          15,764       3,081              
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash (provided by) used for financing activities

    (10,196,708     37,629,075       (1,393,298     (2,279,102     (4,406,717
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CASH

 

Net increase in cash

                             

Cash at beginning of period

                             
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash at end of period

                             
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

 

Cash paid during the period for interest expense

  $ 2,948,119     $ 7,996,138     $ 873,504     $ 744,149     $ 1,161,321  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NON-CASH FINANCING ACTIVITIES

 

Capital shares issued in reinvestment of distributions paid to Common Shareholders

                105,235       70,611       188,434  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

FINANCIAL STATEMENTS      59  


Financial Highlights

(For a share outstanding throughout each period)

 

    BFZ  
    Six Months Ended
01/31/2018
(unaudited)
          Year Ended July 31,  
            2017      2016      2015      2014      2013  

Net asset value, beginning of period

  $ 15.34             $ 16.35      $ 15.84      $ 15.83      $ 14.50      $ 16.32  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income(a)

    0.34         0.73        0.83        0.83        0.87        0.89  

Net realized and unrealized gain (loss)

    (0.36       (0.97      0.54        0.05        1.39        (1.78
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from investment operations

    (0.02       (0.24      1.37        0.88        2.26        (0.89
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Distributions to Common Shareholders from net investment income(b)

    (0.35       (0.77      (0.86      (0.87      (0.93      (0.93
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of period

  $ 14.97       $ 15.34      $ 16.35      $ 15.84      $ 15.83      $ 14.50  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Market price, end of period

  $ 13.34       $ 14.71      $ 16.76      $ 14.65      $ 14.41      $ 13.63  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Return Applicable to Common Shareholders(c)

 

Based on net asset value

    0.01 %(d)        (1.22 )%       8.92      5.96      16.48      (5.81 )% 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Based on market price

    (7.06 )%(d)        (7.59 )%       20.72      7.66      12.80      (13.17 )% 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios to Average Net Assets Applicable to Common Shareholders

 

Total expenses

    2.32 %(e)        2.14      1.68      1.53      1.59      1.63
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived and paid indirectly

    2.32 %(e)        2.14      1.68      1.53      1.59      1.63
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs(f)

    1.06 %(e)        1.07      1.04      1.00      1.03      1.01
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income to Common Shareholders

    4.35 %(e)        4.73      5.17      5.20      5.78      5.49
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Supplemental Data

 

Net assets applicable to Common Shareholders, end of period (000)

  $ 477,566       $ 489,328      $ 521,335      $ 504,967      $ 504,531      $ 462,273  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

  $ 171,300       $ 171,300      $ 171,300      $ 171,300      $ 171,300      $ 171,300  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

  $ 378,790       $ 385,656      $ 404,341      $ 394,785      $ 394,531      $ 369,862  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Borrowings outstanding, end of period (000)

  $ 170,958       $ 169,863      $ 183,691      $ 155,533      $ 106,698      $ 158,655  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Portfolio turnover rate

    13       38      30      37      25      22
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)  Based on average Common Shares outstanding.
(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)  Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(d)  Aggregate total return.
(e)  Annualized.
(f)  Interest expense, fees and amortization of offering costs related to TOBs and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.

 

 

60    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

    BFO  
    Six Months Ended
01/31/2018
(Unaudited)
          Year Ended July 31,  
            2017      2016      2015     2014     2013  

Net asset value, beginning of period

  $ 15.05             $ 15.50      $ 15.37      $ 15.42     $ 15.31     $ 16.05  
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net investment income(a)

    0.16         0.37        0.46        0.42       0.47       0.68  

Net realized and unrealized gain (loss)

    (0.24       (0.40      0.05        (0.03     0.25       (0.65

Distributions to AMPS Shareholders from net investment income

                          (0.00 )(b)      (0.00 )(b)      (0.01
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    (0.08       (0.03      0.51        0.39       0.72       0.02  
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Distributions to Common Shareholders from net investment income(c)

    (0.18       (0.42      (0.38      (0.44     (0.61     (0.76
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 14.79       $ 15.05      $ 15.50      $ 15.37     $ 15.42     $ 15.31  
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Market price, end of period

  $ 14.33       $ 15.05      $ 15.21      $ 14.82     $ 15.16     $ 15.12  
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Return Applicable to Common Shareholders(d)

 

Based on net asset value

    (0.56 )%(e)        (0.20 )%       3.41      2.59     4.84     0.12
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Based on market price

    (3.65 )%(e)        1.70      5.24      0.62     4.36     1.73
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets Applicable to Common Shareholders

 

Total expenses

    0.64 %(f)(g)        0.64      0.64      0.68 %(h)      0.74 %(h)      0.92 %(h) 
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and paid indirectly

    0.64 %(f)(g)        0.64      0.64      0.68 %(h)      0.74 %(h)      0.92 %(h) 
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs(i)

    0.64 %(f)(g)        0.64      0.64      0.68 %(h)(j)      0.74 %(h)(j)      0.92 %(h)(j) 
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net investment income

    2.17 %(f)(g)        2.43      3.00      2.69 %(h)      3.05 %(h)      4.23 %(h) 
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Distributions to AMPS Shareholders

                          0.00     0.01     0.09
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net investment income to Common Shareholders

    2.17 %(f)(g)        2.43      3.00      2.69     3.04     4.14
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Supplemental Data

 

Net assets applicable to Common Shareholders, end of period (000)

  $ 82,243       $ 83,683      $ 86,209      $ 85,510     $ 85,748     $ 85,139  
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

AMPS outstanding at $25,000 liquidation preference, end of period (000)

  $       $      $      $     $ 625     $ 19,100  
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Asset coverage per AMPS at $25,000 liquidation preference, end of period (000)

  $       $      $      $     $ 3,454,938     $ 136,438  
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Borrowings outstanding, end of period (000)

  $       $      $      $ 134     $ 190     $ 280  
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

    10              7      14     1     9
 

 

 

     

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

 

(a)  Based on average Common 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)  Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e)  Aggregate total return.
(f)  Annualized.
(g)  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.
(h)  Does not reflect the effect of distributions to Auction Market Preferred Shares (“AMPS”) Shareholders.
(i)  Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.
(j)  The total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

 

    Year Ended July 31,  
     2015     2014     2013  

Expense ratios

          0.67                 0.73           0.87
 

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

FINANCIAL HIGHLIGHTS      61  


Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

    BTT  
    Six Months Ended
01/31/2018
(Unaudited)
          Year Ended July 31,          

Period from
08/30/2012 (a)

to 07/31/2013

 
        2017     2016      2015      2014      

Net asset value, beginning of period

  $ 23.83             $ 25.38     $ 22.73      $ 21.99      $ 18.75             $ 23.88 (b) 
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Net investment income(c)

    0.43         0.90       1.03        1.09        1.12         0.80  

Net realized and unrealized gain (loss)

    (0.09       (1.50     2.58        0.61        3.23         (4.95
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Net increase (decrease) from investment operations

    0.34         (0.60     3.61        1.70        4.35         (4.15
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 
Distributions to Common Shareholders:(d)                                                  

From net investment income

    (0.43       (0.95     (0.96      (0.96      (1.09       (0.87

From return of capital

                                (0.02       (0.11
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Total distributions to Common Shareholders

    (0.43       (0.95     (0.96      (0.96      (1.11       (0.98
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Net asset value, end of period

  $ 23.74       $ 23.83     $ 25.38      $ 22.73      $ 21.99       $ 18.75  
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Market price, end of period

  $ 21.39       $ 23.14     $ 24.24      $ 20.80      $ 19.57       $ 18.42  
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Total Return Applicable to Common Shareholders(e)

                 

Based on net asset value

    1.55 %(f)        (2.14 )%      16.57      8.32      24.50       (18.00 )%(f) 
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Based on market price

    (5.77 )%(f)        (0.51 )%      21.67      11.37      12.78       (23.05 )%(f) 
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Ratios to Average Net Assets Applicable to Common Shareholders

 

Total expenses

    1.64 %(g)(h)        1.49 %(h)      1.17      1.14      1.22       0.99 %(g) 
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Total expenses after fees waived and paid indirectly

    1.64 %(g)(h)        1.49 %(h)      1.09      1.06      1.21       0.99 %(g) 
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Total expenses after fees waived and paid indirectly and excluding interest expense and fees, and amortization of offering costs(i)

    0.68 %(g)(h)        0.68 %(h)      0.61      0.62      0.72       0.64 %(g) 
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Net investment income to Common Shareholders

    3.53 %(g)(h)        3.80 %(h)      4.30      4.77      5.61       3.78 %(g) 
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Supplemental Data

 

Net assets Applicable to Common Shareholders, end of period (000)

  $ 1,673,691       $ 1,679,841     $ 1,789,120      $ 1,602,414      $ 1,550,376       $ 1,321,835  
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

RVMTP Shares outstanding at $5,000,000 liquidation value, end of period (000)

  $ 750,000       $ 750,000     $ 750,000      $ 750,000      $ 750,000       $ 750,000  
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Asset coverage per RVMTP Shares at $5,000,000 liquidation value, end of period

  $ 16,157,943       $ 16,198,941     $ 16,927,465      $ 15,682,760      $ 15,335,837       $ 13,812,236  
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Borrowings outstanding, end of period (000)

  $ 251,820       $ 184,115     $ 184,115      $ 184,120      $ 184,120       $ 238,705  
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

Portfolio turnover rate

    13       32     42      12      6       39
 

 

 

     

 

 

   

 

 

    

 

 

    

 

 

     

 

 

 

 

(a)  Commencement of operations.
(b)  Net asset value, beginning of period, reflects a deduction of $1.125 per share sales charge from the initial offering price of $25.00 per share.
(c)  Based on average Common Shares outstanding.
(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e)  Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f)  Aggregate total return.
(g)  Annualized.
(h)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

 

     Six Months Ended
01/31/2018
           Year Ended
07/31/2017
        

Expense ratios

                 0.01       0.01  
 

 

 

     

 

 

   

 

(i)  Interest expense, fees and amortization of offering costs related to TOB Trusts and/or RVMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.

 

 

62    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

    BBF  
    Six Months Ended
01/31/2018
(Unaudited)
          Year Ended July 31,  
        2017      2016     2015     2014     2013  

Net asset value, beginning of period

  $ 14.48             $ 15.47      $ 15.14     $ 15.09     $ 13.89     $ 15.91  
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    0.40         0.84        0.84       0.87       0.87       0.85  

Net realized and unrealized gain (loss)

    (0.35       (0.96      0.36       0.05       1.20       (2.00
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    0.05         (0.12      1.20       0.92       2.07       (1.15
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to Common Shareholders from net investment income(b)

    (0.42       (0.87      (0.87     (0.87     (0.87     (0.87
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 14.11       $ 14.48      $ 15.47     $ 15.14     $ 15.09     $ 13.89  
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Market price, end of period

  $ 13.54       $ 15.27      $ 16.00     $ 13.44     $ 13.48     $ 12.47  
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 
Total Return Applicable to Common Shareholders(c)                                           

Based on net asset value

    0.38 %(d)        (0.65 )%       8.40     6.76     16.06     (7.56 )% 
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Based on market price

    (8.66 )%(d)        1.30      26.29     6.09     15.49     (18.75 )% 
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 
Ratios to Average Net Assets Applicable to Common Shareholders                                           

Total expenses

    2.38 %(e)        2.16      2.01 %(f)      1.76     1.85     1.83
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and paid indirectly

    2.38 %(e)        2.16      2.01 %(f)      1.76     1.85     1.83
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs(g)

    1.13 %(e)        1.13      1.45 %(f)(h)      1.50 %(h)      1.56 %(h)      1.49 %(h) 
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income to Common Shareholders

    5.59 %(e)        5.72      5.50     5.65     6.09     5.41
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 
Supplemental Data                                           

Net assets applicable to Common Shareholders, end of period (000)

  $ 144,294       $ 147,990      $ 157,965     $ 101,509     $ 101,163     $ 93,145  
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

VRDP Shares outstanding at $100,000 liquidation value, end of period (000)

  $ 52,000       $ 52,000      $ 52,000     $ 34,200     $ 34,200     $ 34,200  
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

  $ 377,488       $ 384,597      $ 403,780     $ 396,809     $ 395,798     $ 372,353  
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Borrowings outstanding, end of period (000)

  $ 53,135       $ 50,028      $ 47,193     $ 29,682     $ 29,682     $ 34,096  
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

    15       39      17     11     22     33
 

 

 

     

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

(a)  Based on average Common Shares outstanding.
(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(d)  Aggregate total return.
(e)  Annualized.
(f)  Includes reorganization costs associated with the Trust’s reorganization in 2016. Without these costs, total expenses, total expenses after fees waived and/or paid indirectly and total expenses after fees waived and/or paid indirectly and excluding interest expense, fees and amortization of offering costs would have been 1.83%, 1.83% and 1.26%, respectively, for the year ended July 31, 2016.
(g)  Interest expense, fees and amortization of offering costs related to TOBs and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.
(h)  The total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

 

    Year Ended July 31,  
     2016            2015            2014            2013         

Expense ratios

          1.38             1.17             1.19             1.17  
 

 

 

     

 

 

     

 

 

     

 

 

   

See notes to financial statements.

 

 

FINANCIAL HIGHLIGHTS      63  


Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

    BNJ  
   

Six Months Ended
01/31/2018

(Unaudited)

          Year Ended July 31,  
        2017      2016      2015      2014      2013  

Net asset value, beginning of period

  $ 15.39             $ 16.41      $ 15.55      $ 15.61      $ 14.36      $ 16.17  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income(a)

    0.36         0.79        0.86        0.86        0.88        0.88  

Net realized and unrealized gain (loss)

    (0.05       (0.97      0.90        (0.01      1.27        (1.75
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from investment operations

    0.31         (0.18      1.76        0.85        2.15        (0.87
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Distributions to Common Shareholders from net investment income(b)

    (0.41       (0.84      (0.90      (0.91      (0.90      (0.94
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of period

  $ 15.29       $ 15.39      $ 16.41      $ 15.55      $ 15.61      $ 14.36  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Market price, end of period

  $ 14.35       $ 15.97      $ 16.79      $ 14.61      $ 14.68      $ 13.67  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Return Applicable to Common Shareholders(c)

                 

Based on net asset value

    2.04 %(d)        (0.91 )%       11.81      5.79      16.01      (5.82 )% 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Based on market price

    (7.72 )%(d)        0.50      21.76      5.69      14.60      (17.95 )% 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios to Average Net Assets Applicable to Common Shareholders

                 

Total expenses

    2.72 %(e)(f)        2.21      1.81      1.80      1.89      1.81
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived and paid indirectly

    2.72 %(e)(f)        2.21      1.81      1.79      1.89      1.81
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs(g)

    1.45 %(e)(f)        1.16      1.15      1.15      1.18      1.13
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income to Common Shareholders

    4.64 %(e)        5.12      5.45      5.43      5.96      5.51
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Supplemental Data

                 

Net assets applicable to Common Shareholders, end of period (000)

  $ 117,356       $ 118,019      $ 125,819      $ 119,171      $ 119,509      $ 109,950  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

  $ 59,100       $ 59,100      $ 59,100      $ 59,100      $ 59,100      $ 59,100  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

  $ 298,572       $ 299,693      $ 312,891      $ 301,643      $ 302,215      $ 286,040  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Borrowings outstanding, end of period (000)

  $ 21,333       $ 20,550      $ 17,890      $ 17,301      $ 17,301      $ 17,302  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Portfolio turnover rate

    4       6      11      12      20      9
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)  Based on average Common Shares outstanding.
(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)  Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(d)  Aggregate total return.
(e)  Annualized.
(f)  Includes reorganization costs associated with the Trust’s reorganization in 2017. Without these costs, total expenses, total expenses after fees waived and/or paid indirectly and total expenses after fees waived and/or paid indirectly and excluding interest expense, fees and amortization of offering costs would have been 2.45%, 2.45% and 1.18% respectively, for the period ended January 31, 2018.
(g)  Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.

 

 

64    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

    BNY  
    Six Months Ended
01/31/2018
(Unaudited)
          Year Ended July 31,  
        2017      2016      2015      2014      2013  

Net asset value, beginning of period

  $ 15.04             $ 15.94      $ 14.97      $ 14.68      $ 13.47      $ 15.53  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income(a)

    0.30         0.67        0.75        0.79        0.81        0.87  

Net realized and unrealized gain (loss)

    (0.27       (0.85      1.02        0.33        1.23        (2.06
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from investment operations

    0.03         (0.18      1.77        1.12        2.04        (1.19
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Distributions to Common Shareholders from net investment income(b)

    (0.34       (0.72      (0.80      (0.83      (0.83      (0.87
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of period

  $ 14.73       $ 15.04      $ 15.94      $ 14.97      $ 14.68      $ 13.47  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Market price, end of period

  $ 13.62       $ 15.37      $ 16.71      $ 14.54      $ 13.79      $ 13.16  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Return Applicable to Common Shareholders(c)

                 

Based on net asset value

    0.26 %(d)        (0.93 )%       12.13      8.00      15.98      (8.18 )% 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Based on market price

    (9.28 )%(d)        (3.43 )%       21.02      11.67      11.51      (16.73 )% 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios to Average Net Assets Applicable to Common Shareholders

                 

Total expenses

    2.33 %(e)        2.15      1.75      1.73      1.82      1.85
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived and paid indirectly

    2.33 %(e)        2.14      1.75      1.73      1.82      1.84
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs(f)

    1.12 %(e)        1.12      1.11      1.12      1.13      1.14
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income to Common Shareholders

    4.03 %(e)        4.45      4.89      5.24      5.89      5.71
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Supplemental Data

                 

Net assets applicable to Common Shareholders, end of period (000)

  $ 191,082       $ 195,029      $ 206,414      $ 193,299      $ 189,548      $ 173,976  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

  $ 94,500       $ 94,500      $ 94,500      $ 94,500      $ 94,500      $ 94,500  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

  $ 302,203       $ 306,379      $ 318,428      $ 304,549      $ 300,580      $ 284,102  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Borrowings outstanding, end of period (000)

  $ 32,047       $ 32,047      $ 31,780      $ 28,961      $ 28,461      $ 31,620  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Portfolio turnover rate

    4       16      14      11      26      23
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)  Based on average Common Shares outstanding.
(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)  Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(d)  Aggregate total return.
(e)  Annualized.
(f)  Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.

 

 

FINANCIAL HIGHLIGHTS      65  


Notes to Financial Statements  (unaudited)

 

1. ORGANIZATION

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts” or individually as a “Trust”:

 

Trust Name   Herein Referred to As    Organized    Diversification
Classification

BlackRock California Municipal Income Trust

  BFZ    Delaware    Diversified

BlackRock Florida Municipal 2020 Term Trust

  BFO    Delaware    Non-diversified

BlackRock Municipal 2030 Target Term Trust

  BTT    Delaware    Diversified

BlackRock Municipal Income Investment Trust

  BBF    Delaware    Diversified

BlackRock New Jersey Municipal Income Trust

  BNJ    Delaware    Non-diversified

BlackRock New York Municipal Income Trust

  BNY    Delaware    Diversified

On September 6, 2017, the Boards of the Trust, BlackRock New Jersey Municipal Bond Trust (BLJ) and BlackRock MuniYield New Jersey Fund, Inc. (MYJ) approved the reorganizations of the Trust and BLJ with and into MYJ, with MYJ continuing as the surviving fund after the reorganization. The reorganizations are subject to approval by each fund’s shareholders and certain other conditions.

The Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset value (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of closed-end funds referred to as the Closed-End 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 Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis.

Segregation and Collateralization: In cases where a Trust 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 Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowing to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts 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 and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. Distributions to Preferred Shareholders are accrued and determined as described in Note 10.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the independent Trustees (“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 other BlackRock closed-end funds 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 other BlackRock closed-end funds.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, if 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 Trust until such amounts are distributed in accordance with the Plan.

Recent Accounting Standards: In November 2016, the Financial Accounting Standards Board issued Accounting Standards Update “Restricted Cash” which will require entities to include the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the beginning and ending cash balances in the Statements of Cash Flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Management is evaluating the impact, if any, of this guidance on the Trusts presentation in the Statements of Cash Flows.

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Trusts.

 

 

66    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements  (unaudited) (continued)

 

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. 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.

 

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Trusts’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of each Trust (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 Trust’s assets and liabilities:

 

    Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

 

    Investments in open-end U.S. mutual funds are valued at NAV each business day.

 

    Futures contracts traded on exchanges are valued at their last sale price.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’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 Trust has the ability to access

 

    Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

    Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Trust’s own 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. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

 

4. SECURITIES AND OTHER INVESTMENTS

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

 

 

NOTES TO FINANCIAL STATEMENTS      67  


Notes to Financial Statements  (unaudited) (continued)

 

Forward Commitments and When-Issued Delayed Delivery Securities: Certain Trusts 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 Trust 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 Trust may be required to pay more at settlement than the security is worth. In addition, a Trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a Trust 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 Trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Municipal Bonds Transferred to TOB Trusts: Certain Trusts leverage their assets through the use of “TOB Trust” transactions. The Trusts 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 trusts 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 Trust provides the Trust 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 Trusts may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other trusts managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a Trust 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 trusts 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 Trust, 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 Trusts) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

While a Trust’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a Trust to borrow money for purposes of making investments. Each Trust’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 Trust. A Trust 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 Trust’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 Trust’s payable to the holder of the TOB Trust Certificates, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a Trust 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 to non-bank sponsored TOB Trusts, a Trust incurred non-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  

BFZ

  $ 901,698      $ 410,899      $ 116,241      $ 1,428,838  

BTT

    1,105,134        351,477        558,587        2,015,198  

BBF

    271,674        111,846        42,188        425,708  

BNJ

    114,008        37,646        38,589        190,243  

BNY

    167,663        79,338        21,087        268,088  

 

 

68    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements  (unaudited) (continued)

 

For the six months ended January 31, 2018, the following table is a summary of each Trust’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
 

BFZ

  $ 360,616,910      $ 170,958,028        1.17% - 1.36%      $ 170,703,300        1.66

BTT

    429,078,003        251,819,915        1.18% - 1.31%        209,024,105        1.91  

BBF

    93,788,744        53,134,805        1.17% - 1.39%        51,150,192        1.65  

BNJ

    38,161,391        21,333,497        1.16% - 1.36%        21,234,742        1.77  

BNY

    57,334,795        32,047,199        1.18% - 1.31%        32,047,199        1.66  

 

  (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 trusts, 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 trusts, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts.  
  (b)  The Trusts may invest in TOB Trusts that are structured on a non-recourse or recourse basis. When a Trust invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility. In such an event, the Liquidity Provider will typically either (i) fund the full amount owed under the liquidity facility and be subsequently reimbursed from only the proceeds of the liquidation of all or a portion of the municipal bonds held in the TOB Trust or the remarketing of the TOB Trust Certificates, or (ii) liquidate all or a portion of the municipal bonds held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the liquidation proceeds (the “Liquidation Shortfall”). If a Trust invests in a TOB Trust on a recourse basis, a Trust will usually enter into a reimbursement agreement with the Liquidity Provider where a Trust is required to reimburse the Liquidity Provider the amount of any Liquidation Shortfall. As a result, if a Trust invests in a recourse TOB Trust, a Trust will bear the risk of loss with respect to any Liquidation Shortfall. If multiple trusts participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Trust at January 31, 2018, in proportion to its participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Trust at January 31, 2018.  

For the six months ended January 31, 2018, the following table is a summary of each Trust’s Loan for TOB Trust Certificates:

 

     Loans
Outstanding
at Period End
     Range of
Interest Rates
on Loans at
Period End
     Average
Loans
Outstanding
     Daily Weighted
Average Rate
of Interest and
Other Expenses
on Loans
 

BBF

  $           $ 33,326        0.78

BNJ

                  43,393        0.75  

 

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts 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 or over-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), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Trusts 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 Trusts 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.

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 Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

 

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

 

 

NOTES TO FINANCIAL STATEMENTS      69  


Notes to Financial Statements  (unaudited) (continued)

 

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser, an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust, except BTT, pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of each Trust’s managed assets.

 

     BFZ      BFO      BBF      BNJ      BNY  

Investment advisory fees

    0.58      0.50      0.57      0.60      0.60

For such services, BTT pays the Manager a monthly fee at an annual rate equal to 0.40% of the average daily value of the Trust’s managed assets.

For purposes of calculating these fees, except for BTT, “managed assets” mean the total assets of the Trust minus the sum of its accrued liabilities (other than the aggregate indebtedness constituting financial leverage).

For purposes of calculating these fees for BTT, “managed assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of its accrued liabilities (other than money borrowed for investment purposes).

Expense Waivers: With respect to each Trust, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust 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 January 31, 2018, the amounts waived were as follows:

 

     BFZ      BFO      BTT      BBF      BNJ      BNY  

Amounts waived

  $ 810      $ 1,572      $ 28,526      $ 131      $ 198      $ 1,044  

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2018. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the six months ended January 31, 2018, there were no fees waived by the Manager.

Trustees and Officers: Certain Trustees and/or officers of the Trusts are trustees and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

 

7. PURCHASES AND SALES

For the six months ended January 31, 2018, purchases and sales of investments, excluding short-term securities were as follows:

 

     BFZ      BFO      BTT      BBF      BNJ      BNY  

Purchases

  $ 106,571,704      $ 7,891,205      $ 378,842,038      $ 41,396,148      $ 7,675,508      $ 14,832,018  

Sales

    107,476,772        8,835,000        332,248,178        38,161,649        10,440,890        13,914,979  

 

8. INCOME TAX INFORMATION

It is each Trust’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 Trust 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 Trust’ U.S. federal tax returns generally remains open for each of the four years ended July 31, 2017. The statutes of limitations on each Trust’ 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 Trusts as of January 31, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

As of July 31, 2017, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

 

Expires July 31,   BFZ      BFO      BTT      BBF      BNJ      BNY  

No expiration date(a)

  $      $ 820,209      $ 31,050,310      $ 3,775,937      $ 1,034,744      $ 4,272,129  

2018

    1,442,647        62,100               6,927,043        842,367        1,480,575  

2019

                         651,464        27,464        1,982,931  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  $ 1,442,647      $ 882,309      $ 31,050,310      $ 11,354,444        1,904,575      $ 7,735,635  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Must be utilized prior to losses subject to expiration.  

 

 

70    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements  (unaudited) (continued)

 

As of January 31, 2018, gross unrealized appreciation and depreciation for investments and derivative financial instruments and derivatives based on cost for U.S. federal income tax purposes were as follows:

 

     BFZ     BFO     BTT     BBF     BNJ     BNY  

Tax cost

  $ 610,695,169     $ 80,719,642     $ 2,381,407,289     $ 182,961,095     $ 164,736,267     $ 267,292,212  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross unrealized appreciation

  $ 34,103,029     $ 1,668,804     $ 64,798,442     $ 14,080,268     $ 12,495,169     $ 18,045,764  

Gross unrealized depreciation

    (2,896,084     (865,168     (39,966,908     (897,596     (2,385,922     (1,624,970
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net unrealized appreciation

  $ 31,206,945     $ 803,636     $ 24,831,534     $ 13,182,672     $ 10,109,247     $ 16,420,794  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

9. PRINCIPAL RISKS

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Trust’s ability to buy or sell bonds. As a result, a Trust 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 Trust 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 Trusts invest in securities or other instruments and may enter into certain transactions and such activities subject each Trust 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 Trust 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 Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.

The Trusts 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 Trusts 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 Trust.

There is no assurance that BFO will achieve its investment objective and BFO may return less than $15.00 per share. As BFO approaches its scheduled termination date, it is expected that the maturity of BFO’s portfolio securities will shorten, which is likely to reduce BFO’s income and distributions to shareholders.

There is no assurance that BTT will achieve its investment objective and BTT may return less than $25.00 per share. As BTT approaches its scheduled termination date, it is expected that the maturity of BTT’s portfolio securities will shorten, which is likely to reduce BTT’s income and distributions to shareholders.

A Trust 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 Trusts’ investments in the TOB Trusts may adversely affect the Trusts’ net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Trusts’ 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 Trusts’ 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 Trusts, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.

Counterparty Credit Risk: The Trusts 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 Trusts 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 Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ 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 Trusts.

A derivative contract may suffer a mark-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 Trusts 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

 

 

NOTES TO FINANCIAL STATEMENTS      71  


Notes to Financial Statements  (unaudited) (continued)

 

offset rights may exist under applicable law, a Trust 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 in exchange-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 Trusts.

Concentration Risk: BFZ, BFO, BNJ and BNY invests a substantial amount of its assets in issuers located in a single state or limited number of states. This may subject each Trust 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 Trusts’ respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.

As of period end, BFZ, BFO and BBF invested a significant portion of their assets in securities in the county, special district and school district sector. Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.

The Trusts 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 Trusts may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

 

10. CAPITAL SHARE TRANSACTIONS

Each Trust is authorized to issue an unlimited numbers of shares, all of which were initially classified as Common Shares. The par value for each Trust’s Common Shares is $0.001. The par value for each Trust’s Preferred Shares outstanding is $0.001. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

Common Shares:

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

 

     BBF      BNJ      BNY  

Six Months Ended January 31, 2018

    7,282        4,561        12,500  

Year Ended July 31, 2017

    10,545        5,281        15,306  

For the six months ended January 31, 2018 and year ended July 31, 2017, shares issued and outstanding remained constant for BFZ, BFO and BTT.

Preferred Shares

Each Trust’s Preferred Shares rank prior to the Trust’s Common Shares as to the payment of dividends by the Trust and distribution of assets upon dissolution or liquidation of a Trust. The 1940 Act prohibits the declaration of any dividend on a Trust’s Common Shares or the repurchase of a Trust’s Common Shares if a Trust fails to maintain asset coverage of at least 200% of the liquidation preference of the Trust’s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, a Trust is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with the Trust’s Preferred Shares or repurchasing such shares if a Trust fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.

The holders of Preferred Shares have voting rights equal to the voting rights of the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class on certain matters. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two Trustees to the Board of each Trust. The holders of Preferred Shares are also entitled to elect the full Board of Directors if dividends on the Preferred Shares are not paid for a period of two years. The holders of Preferred Shares are also generally entitled to a separate class vote to amend the Preferred Share governing documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Trust’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

VRDP Shares

BBF has issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in a privately negotiated offering. The VRDP Shares were offered to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP Shares include a liquidity feature and are currently in a special rate period, as described below.

As of period end, the VRDP Shares outstanding of BBF were as follows:

 

    

Issue

Date

    

Shares

Issued

     Aggregate
Principal
    

Maturity

Date

 

BBF

    09/15/11        342      $ 34,200,000        10/01/41  
      05/16/16        178        17,800,000        10/01/41  

 

 

72    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements  (unaudited) (continued)

 

Redemption Terms: BBF is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, BBF is required to begin to segregate liquid assets with the Trust’s custodian to fund the redemption. In addition, BBF is required to redeem certain of its outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of BBF. The redemption price per VRDP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.

Liquidity Feature: BBF entered into a fee agreement with its liquidity provider that requires a per annum liquidity fee payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations.

The initial fee agreement between BBF and its liquidity provider was for a 364 day term and was scheduled to expire on September 14, 2012. BBF subsequently renewed the fee agreement for an additional terms. The most recent extension is scheduled to expire on October 22, 2018 unless renewed or terminated in advance.

In the event the fee agreement is not renewed or is terminated in advance, and BBF does not enter into a fee agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the fee agreement. In the event of such mandatory purchase, BBF is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, BBF is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance BBF will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.

Remarketing: BBF may incur remarketing fees of 0.10% on the aggregate principal amount of all the Trust’s VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. During any special rate period (as described below), BBF may incur no remarketing fees.

Dividends: Dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed. At the date of issuance, the VRDP Shares were assigned long-term ratings of Aaa from Moody’s and AAA from Fitch. Subsequent to the issuance of the VRDP Shares, Moody’s completed a review of its methodology for rating securities issued by registered closed-end funds. As of period end, the VRDP Shares were assigned a long-term rating of Aa1 from Moody’s under its new ratings methodology. The VRDP Shares continue to be assigned a long-term rating of AAA from Fitch.

For the six months ended January 31, 2018, the annualized dividend rate for BBF’s VRDP Shares was 1.91%.

Ratings: The short-term ratings on the VRDP Shares are directly related to the short-term ratings of the liquidity provider for such VRDP Shares. Changes in the credit quality of the liquidity provider could cause a change in the short-term credit ratings of the VRDP Shares as rated by Moody’s, Fitch and/or S&P. A change in the short-term credit rating of the liquidity provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either short-term rating. The liquidity provider may be terminated prior to the scheduled termination date if the liquidity provider fails to maintain short-term debt ratings in one of the two highest rating categories.

Special Rate Period: On October 22, 2015, BBF commenced a three-year term ending April 18, 2018 (the “special rate period”) with respect to its VRDP Shares, during which the VRDP Shares was not subject to any remarketing and the dividend rate was not based on a predetermined methodology. The implementation of the special rate period resulted in a mandatory tender of the VRDP Shares prior to the commencement of the special rate period. The mandatory tender event was not the result of a failed remarketing. The short-term ratings on the VRDP Shares for BBF were withdrawn by Moody’s, Fitch and/or S&P at the commencement of the special rate period. Prior to April 18, 2018, the holder of the VRDP Shares and BBF may mutually agree to extend the special rate period. If the special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.

During the special rate period, the liquidity and fee agreements remain in effect and the VRDP Shares remain subject to mandatory redemption by BBF on the maturity date. The VRDP Shares will not be remarketed or subject to optional or mandatory tender events during the special rate period. During the special rate period, BBF is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period. BBF will not pay any fees to the liquidity provider and remarketing agent during the special rate period. BBF will also pay dividends monthly based on the sum of the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares.

If BBF redeems the VRDP Shares prior to end of the special rate period and the VRDP Shares have long-term ratings above A1/A+ and its equivalent by all ratings agencies then rating the VRDP Shares, then such redemption may be subject to a redemption premium payable to the holder of the VRDP Shares based on the time remaining in the special rate period, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.

For the six months ended January 31, 2018, VRDP Shares issued and outstanding of BBF remained constant.

VMTP Shares

BFZ, BNJ and BNY (collectively, the “VMTP Trusts”) have issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in privately negotiated offerings and sales of VMTP Shares exempt from registration under the Securities Act. The VMTP Shares are subject to certain restrictions on transfer, and VMTP Trusts may also be required to register the VMTP Shares for sale under the Securities Act under certain circumstances. In addition, amendments to the VMTP governing documents generally require the consent of the holders of VMTP Shares.

 

 

NOTES TO FINANCIAL STATEMENTS      73  


Notes to Financial Statements  (unaudited) (continued)

 

As of period end, the VMTP Shares outstanding of each Trust were as follows:

 

    

Issue

Date

    

Shares

Issued

    

Aggregate

Principal

    

Term

Redemption
Date

 

BFZ

    03/22/12        1,713      $ 171,300,000        03/30/19  

BNJ

    03/22/12        591        59,100,000        03/30/19  

BNY

    03/22/12        945        94,500,000        03/30/19  

Redemption Terms: Each VMTP Trust is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that the term of a Trust’s VMTP Shares will be extended further or that a Trust’s VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to the term redemption date, each VMTP Trust is required to begin to segregate liquid assets with the Trust’s custodian to fund the redemption. In addition, each VMTP Trust is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, a Trust’s VMTP Shares may be redeemed, in whole or in part, at any time at the option of each VMTP Trust. The redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends and applicable redemption premium. If the Trusts redeem the VMTP Shares prior to the term redemption date and the VMTP Shares have long-term ratings above A1/A+ or its equivalent by the ratings agencies then rating the VMTP Shares, then such redemption may be subject to a prescribed redemption premium (up to 3% of the liquidation preference) payable to the holder of the VMTP Shares based on the time remaining until the term redemption date, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.

Dividends: Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by the ratings agencies then rating the VMTP Shares. At the date of issuance, the VMTP Shares were assigned long-term ratings of Aaa from Moody’s and AAA from Fitch. Subsequent to the issuance of the VMTP Shares, Moody’s completed a review of its methodology for rating securities issued by registered closed-end funds. As of period end, the VMTP Shares were assigned a long-term rating of Aa2 from Moody’s under its new rating methodology. The VMTP Shares continue to be assigned a long-term rating of AAA from Fitch. The dividend rate on the VMTP Shares is subject to a step-up spread if the Trusts fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.

For the six months ended January 31, 2018, the annualized dividend rates for the VMTP Shares were as follows:

 

     BFZ      BNJ      BNY  

Rates

    1.93      1.93      1.93

For the six months ended January 31, 2018, VMTP Shares issued and outstanding of BFZ, BNJ and BNY remained constant.

RVMTP Shares

BTT has issued Series W-7 RVMTP Shares, $5,000,000 liquidation preference per share, in a privately negotiated offerings and sale of RVMTP Shares exempt from registration under the Securities Act. The RVMTP Shares are subject to certain restrictions on transfer outside of a remarketing. Amendments to the RVMTP governing documents generally require the consent of the holders of RVMTP Shares.

As of period end, the RVMTP Shares outstanding of BTT were as follows:

 

    

Issue

Date

    

Shares

Issued

     Aggregate
Principal
    

Term

Redemption
Date

 

BTT

    01/10/13        50      $ 250,000,000        12/31/30  
    01/30/13        50        250,000,000        12/31/30  
      02/20/13        50        250,000,000        12/31/30  

Redemption Terms: BTT is required to redeem its RVMTP Shares on the term redemption date or within six months of an unsuccessful remarketing, unless earlier redeemed or repurchased. There is no assurance that BTT’s RVMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the RVMTP Shares. In addition, BTT is required to redeem certain of its outstanding RVMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, BTT’s RVMTP Shares may be redeemed, in whole or in part, at any time at the option of BTT. The redemption price per RVMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends. The RVMTP Shares are subject to certain restrictions on transfer outside of a remarketing. The RVMTP Shares are subject to remarketing upon 90 days’ notice by holders of the RVMTP Shares and 30 days’ notice by BTT. Each remarketing must be at least six months apart from the last remarketing. A holder of RVMTP Shares may submit notice of remarketing only if such holder requests a remarketing of at least the lesser of (i) $100,000,000 of RVMTP Shares or (ii) all of the RVMTP Shares held by such holder.

Dividends: Dividends on the RVMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the SIFMA Municipal Swap Index. The initial fixed rate spread was agreed upon by the initial purchaser and BTT on the initial date of issuance for the RVMTP Shares. The initial fixed rate spread may be adjusted at each remarketing or upon the agreement of BTT and all of the holders of the RVMTP Shares. In the event that all of the RVMTP Shares submitted for

 

 

74    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements  (unaudited) (continued)

 

remarketing are not successfully remarketed, a failed remarketing would occur, and all holders would retain their RVMTP Shares. In the event of a failed remarketing, the fixed rate spread would be set at the fixed rate spread applicable to such failed remarketing. BTT has the right to reject any fixed spread determined at a remarketing, and such rejection would result in a failed remarketing and the fixed rate spread would be set at the fixed rate spread applicable to such failed remarketing. The fixed rate spread applicable due to a failed remarketing depends on whether the remarketing was pursuant to a mandatory or non-mandatory tender. In the case of a failed remarketing following a mandatory tender, the failed remarketing spread would be the sum of the last applicable spread in effect immediately prior to the failed remarketing date for such failed remarketing plus 0.75%. In the case of a failed remarketing not associated with a mandatory tender, the failed remarketing spread would be the sum of the last applicable spread in effect immediately prior to the failed remarketing date for such failed remarketing plus 0.25%.

For the six months ended January 31, 2018, the average annualized dividend rate for BTT’s RVMTP Shares was 1.66%.

Remarketing: In the event of a failed remarketing that is not subsequently cured, BTT will be required to redeem the RVMTP Shares subject to such failed remarketing on a date that is approximately six months from the remarketing date for such failed remarketing, provided that no redemption of any RVMTP Shares may occur within one year of the date of issuance of such RVMTP Shares. At the date of issuance and as of period end, the RVMTP Shares were assigned long-term ratings of Aa1 from Moody’s and AAA from Fitch. The dividend rate on the RVMTP Shares is subject to a step-up spread if BTT fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.

During the six months ended January 31, 2018, no RVMTP Shares were tendered for remarketing.

For the six months ended January 31, 2018, RVMTP Shares issued and outstanding of BTT remained constant.

Offering Costs: The Trusts incurred costs in connection with the issuance of VRDP, VMTP and RVMTP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VRDP, VMTP and RVMTP Shares with the exception of upfront fees paid to the liquidity provider which were amortized over the life of the liquidity agreement. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.

Financial Reporting: The VRDP, VMTP and RVMTP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP, VMTP and RVMTP Shares, is recorded as a liability in the Statements of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP, VMTP and RVMTP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VRDP, VMTP and RVMTP Shares are treated as equity for tax purposes. Dividends paid to holders of VRDP, VMTP and RVMTP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP, VMTP and RVMTP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:

 

     Dividends
Accrued
     Deferred
Offering Costs
Amortization
 

BFZ

  $ 1,659,263      $  

BTT

    6,245,780        15,764  

BBF

    498,461        3,081  

BNJ

    573,723         

BNY

    918,192         

 

11. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

 

     Common Dividend
Per Share
           Preferred Shares (c)  
     Paid (a)      Declared (b)            Shares      Series      Declared  

BFZ

  $ 0.0550      $ 0.0550         VMTP        W-7      $ 257,232  

BFO

    0.0260        0.0260         N/A        N/A        N/A  

BTT

    0.0718        0.0718         RVMTP        W-7        970,890  

BBF

    0.0665        0.0665         VRDP        W-7        77,288  

BNJ

    0.0635        0.0635         VMTP        W-7        88,747  

BNY

    0.0505        0.0505               VMTP        W-7        141,905  

 

  (a)  Net investment income dividend paid on March 1, 2018 to Common Shareholders of record on February 15, 2018.  
  (b)  Net investment income dividend declared on March 1, 2018, payable to Common Shareholders of record on March 15, 2018.  
  (c)  Dividends declared for period February 1, 2018 to February 28, 2018.  

 

 

NOTES TO FINANCIAL STATEMENTS      75  


Trustee and Officer Information  

 

Richard E. Cavanagh, Chair of the Board and Trustee

Karen P. Robards, Vice Chair of the Board and Trustee

Michael J. Castellano, Trustee

Cynthia L. Egan, Trustee

Frank J. Fabozzi, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Catherine A. Lynch, Trustee

Barbara G. Novick, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Jonathan Diorio, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Janey Ahn, Secretary

 

Effective December 31, 2017, Jerrold B. Harris retired as a Trustee of the Trusts.

As of the date of this report, the portfolio managers of BFZ are Walter O’Connor, Ted Jaeckel and Michael Perilli. Mr. Perilli joined BFZ’s portfolio management team effective February 1, 2018. Mr. Perilli has been a Vice President of BlackRock, Inc. since 2014, and an Associate thereof from 2008 to 2014.

Effective February 16, 2018, Barbara G. Novick resigned, and Robert Fairbairn was appointed, as an interested Trustee of the Trusts.

 

Investment Adviser

BlackRock Advisors, LLC

  VRDP Tender and Paying Agent, VMTP Tender and Paying Agent and RVMTP Redemption and Paying Agent
Wilmington, DE 19809   The Bank of New York Mellon
  New York, NY 10286
 
Accounting Agent and Custodian   VRDP Liquidity Provider
State Street Bank and Trust Company   Barclays Bank PLC
Boston, MA 02111   New York, NY 10019
 
Transfer Agent   VRDP Remarketing Agent
Computershare Trust Company, N.A.   Barclays Capital, Inc.
Canton, MA 02021   New York, NY 10019
 
  Independent Registered Public Accounting Firm
  Deloitte & Touche LLP
  Boston, MA 02116
 
  Legal Counsel
  Skadden, Arps, Slate, Meagher & Flom LLP
  Boston, MA 02116
 
  Address of the Trusts
  100 Bellevue Parkway
  Wilmington, DE 19809

 

 

 

76    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Additional Information  

 

Trust Certification

Certain Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

Dividend Policy

Each Trust’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 Trusts 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 Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

During the period, there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. Except as disclosed on page 76, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, 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 Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room or how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Trusts’ Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com; or by calling (800) 882-0052; and (2) on the SEC’s website at http://www.sec.gov.

 

 

ADDITIONAL INFORMATION      77  


Additional Information  (continued)

 

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of http://www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

 

 

78    2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Glossary of Terms Used in this Report

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMBAC    American Municipal Bond Assurance Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
BARB    Building Aid Revenue Bonds
CAB    Capital Appreciation Bonds
CIFG    CIFG Assurance North America, Inc.
COP    Certificates of Participation
EDA    Economic Development Authority
EDC    Economic Development Corp.
ERB    Education Revenue Bonds
FHA    Federal Housing Administration
GAN    Grant Anticipation Notes
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
HFA    Housing Finance Agency
IDA    Industrial Development Authority
IDB    Industrial Development Board
ISD    Independent School District
LRB    Lease Revenue Bonds
M/F    Multi-Family
MRB    Mortgage Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
PILOT    Payment in Lieu of Taxes
PSF-GTD    Permanent School Fund Guaranteed
RB    Revenue Bonds
S/F    Single-Family
SONYMA    State of New York Mortgage Agency
 

 

 

GLOSSARY OF TERMS USED IN THIS REPORT      79  


This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

 

LOGO

 

CEF-BK6-1/18-SAR   LOGO


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 to this semi-annual report
Item 6 –   Investments
  (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
  (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report
Item 8 –   Portfolio Managers of Closed-End Management Investment Companies
  (a) Not Applicable to this semi-annual report.
 

(b)  As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 –   Purchases of Equity Securities by Closed-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 Rule 30a-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 Rule 30a-3(b) under the 1940 Act and Rule 13a-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 Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –  

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

 

 

2


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

 

3


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 New Jersey Municipal Income Trust

By:       /s/ John M. Perlowski                            
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock New Jersey Municipal Income Trust
 

Date: April 4, 2018

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 New Jersey Municipal Income Trust

Date: April 4, 2018

By:       /s/ Neal J. Andrews                                
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock New Jersey Municipal Income Trust

Date: April 4, 2018

 

4

EX-99.CERT 2 d524547dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 Certification Pursuant to Section 302

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock New Jersey Municipal Income Trust, certify that:

1.        I have reviewed this report on Form N-CSR of BlackRock New Jersey Municipal Income Trust;

2.        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)        designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)        designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)        evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)        disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.        The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)        all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)        any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: April 4, 2018

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock New Jersey Municipal Income Trust


EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

 

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock New Jersey Municipal Income Trust, certify that:

1.        I have reviewed this report on Form N-CSR of BlackRock New Jersey Municipal Income Trust;

2.        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)        designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)        designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)        evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)        disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.        The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)        all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)        any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: April 4, 2018

/s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock New Jersey Municipal Income Trust

EX-99.906CERT 3 d524547dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 Certification Pursuant to Section 906

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and

Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock New Jersey Municipal Income Trust (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant’s Report on Form N-CSR for the period ended January 31, 2018 (the “Report”) fully complies with the requirements of Section 13a of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: April 4, 2018

 

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock New Jersey Municipal Income Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock New Jersey Municipal Income Trust (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant’s Report on Form N-CSR for the period ended January 31, 2018 (the “Report”) fully complies with the requirements of Section 13a of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: April 4, 2018

 

/s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock New Jersey Municipal Income Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

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