Name of Fund: |
Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
Income Trust II, 50 Hudson Yards, New York, NY 10001
|
JULY 31, 2023 |
|
2023 Annual Report |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Total Returns as of July 31, 2023 | ||||
6-Month |
12-Month | |||
U.S. large cap equities (S&P 500® Index) |
13.52% | 13.02% | ||
U.S. small cap equities (Russell 2000® Index) |
4.51 | 7.91 | ||
International equities (MSCI Europe, Australasia, Far East Index) |
6.65 | 16.79 | ||
Emerging market equities (MSCI Emerging Markets Index) |
3.26 | 8.35 | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |
2.34 | 3.96 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
(2.08) | (7.56) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
(1.02) | (3.37) | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
0.20 | 0.93 | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
2.92 | 4.42 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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Municipal Market Overview For the Reporting Period Ended July 31, 2023 |
During the 12-month period ended July 31, 2023, municipal bond funds experienced net outflows totaling $52 billion (based on data from the Investment Company Institute), transitioning from the largest outflow cycle on record in 2022 to mixed in 2023. At the same time, the market contended with just $324 billion in issuance, well below the $422 billion issued during the prior 12-months. However, elevated bid-wanted activity filled some of the gap as investors raised cash to meet redemptions, portfolio leverage was repositioned, and the Federal Deposit Insurance Corporation (“FDIC”) liquidated collapsed bank assets. |
Bloomberg Municipal Bond Index(a) Total Returns as of July 31, 2023 6 months: 0.20% 12 months: 0.93% |
Source: Thomson Municipal Market Data. |
From July 31, 2022, to July 31, 2023, yields on AAA-rated 30-year municipal bonds increased by 62 basis points (“bps”) from 2.89% to 3.51%, ten-year yields increased by 36 bps from 2.21% to 2.57%, five-year yields increased by 86 bps from 1.80% to 2.66%, and two-year yields increased by 140 bps from 1.60% to 3.00% (as measured by Refinitiv Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities flattening by 78 bps to a slope of 51 bps. Still, the curve remained relatively steep compared to the deeply inverted U.S. Treasury curve. Outperformance throughout the period prompted historically rich valuations across the curve. Municipal-to-Treasury ratios tightened well through their 5-year averages led by short and intermediate maturities. |
(a) | The Bloomberg 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 not an indication of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index. |
4 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S |
5 |
Trust Summary as of July 31, 2023 | BlackRock Municipal Income Quality Trust (BYM) |
Symbol on New York Stock Exchange |
BYM | |
Initial Offering Date |
October 31, 2002 | |
Yield on Closing Market Price as of July 31, 2023 ($ 11.23)(a) |
4.06% | |
Tax Equivalent Yield(b) |
6.86% | |
Current Monthly Distribution per Common Share(c) |
$0.038000 | |
Current Annualized Distribution per Common Share(c) |
$0.456000 | |
Leverage as of July 31, 2023(d) |
35% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, 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. |
(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 its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
07/31/23 | 07/31/22 | Change | High | Low | ||||||||||||||||
Closing Market Price |
$ | 11.23 | $ | 13.34 | (15.82 | )% | $ | 14.00 | $ | 10.18 | ||||||||||
Net Asset Value |
12.73 | 13.56 | (6.12 | ) | 13.65 | 11.41 |
(a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
6 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Summary as of July 31, 2023 (continued) | BlackRock Municipal Income Quality Trust (BYM) |
Average Annual Total Returns | ||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||
Trust at NAV(a)(b) |
(1.81 | )% | 1.63 | % | 4.29 | % | ||||||
Trust at Market Price(a)(b) |
(11.95 | ) | 1.17 | 3.67 | ||||||||
Customized Reference Benchmark(c) |
0.74 | 1.96 | N/A | |||||||||
Bloomberg Municipal Bond Index |
0.93 | 1.87 | 2.81 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |
(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) | The Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield ex AMT (non-Investment Grade) Total Return Index (10%). The Customized Reference Benchmark commenced on September 30, 2016. |
T R U S T S U M M A R Y |
7 |
Trust Summary as of July 31, 2023 (continued) | BlackRock Municipal Income Quality Trust (BYM) |
SECTOR ALLOCATION |
| |||
Sector(a)(b) | Percentage of Total Investments |
|||
County/City/Special District/School District |
23.2 | % | ||
Transportation |
16.6 | |||
Health |
15.9 | |||
Utilities |
12.8 | |||
State |
10.6 | |||
Education |
6.2 | |||
Tobacco |
5.3 | |||
Corporate |
5.2 | |||
Housing |
4.2 |
CALL/MATURITY SCHEDULE |
| |||
Calendar Year Ended December 31,(a)(c) | Percentage | |||
2023 |
8.0 | % | ||
2024 |
5.7 | |||
2025 |
11.4 | |||
2026 |
3.5 | |||
2027 |
7.3 |
CREDIT QUALITY ALLOCATION |
| |||
Credit Rating(a)(d) | Percentage of Total Investments |
|||
AAA/Aaa |
11.0 | % | ||
AA/Aa |
43.8 | |||
A |
24.3 | |||
BBB/Baa |
7.3 | |||
BB/Ba |
2.5 | |||
B |
0.3 | |||
N/R(e) |
10.8 |
(a) | Excludes short-term securities. |
(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. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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. |
(e) | 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, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments. |
8 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Summary as of July 31, 2023 | BlackRock Municipal Income Trust II (BLE) |
Symbol on New York Stock Exchange |
BLE | |
Initial Offering Date |
July 30, 2002 | |
Yield on Closing Market Price as of July 31, 2023 ($ 10.45)(a) |
3.90% | |
Tax Equivalent Yield(b) |
6.59% | |
Current Monthly Distribution per Common Share(c) |
$0.034000 | |
Current Annualized Distribution per Common Share(c) |
$0.408000 | |
Leverage as of July 31, 2023(d) |
37% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, 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. |
(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 its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
07/31/23 | 07/31/22 | Change | High | Low | ||||||||||||||||
Closing Market Price |
$ | 10.45 | $ | 11.77 | (11.21 | )% | $ | 11.95 | $ | 9.43 | ||||||||||
Net Asset Value |
12.09 | 12.60 | (4.05 | ) | 12.72 | 10.62 |
(a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
T R U S T S U M M A R Y |
9 |
Trust Summary as of July 31, 2023 (continued) | BlackRock Municipal Income Trust II (BLE) |
Average Annual Total Returns | ||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||
Trust at NAV(a)(b) |
0.39 | % | 1.11 | % | 4.20 | % | ||||||
Trust at Market Price(a)(b) |
(7.11 | ) | (0.35 | ) | 2.97 | |||||||
National Customized Reference Benchmark(c) |
0.82 | 1.98 | N/A | |||||||||
Bloomberg Municipal Bond Index |
0.93 | 1.87 | 2.81 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |
(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) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
10 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Summary as of July 31, 2023 (continued) | BlackRock Municipal Income Trust II (BLE) |
SECTOR ALLOCATION |
| |||
Sector(a)(b) | Percentage of Total Investments |
|||
Transportation |
23.5 | % | ||
County/City/Special District/School District |
16.2 | |||
State |
13.1 | |||
Health |
12.8 | |||
Corporate |
10.6 | |||
Utilities |
8.3 | |||
Education |
6.0 | |||
Housing |
5.4 | |||
Tobacco |
4.1 |
CALL/MATURITY SCHEDULE |
| |||
Calendar Year Ended December 31,(a)(c) | Percentage | |||
2023 |
10.0 | % | ||
2024 |
7.1 | |||
2025 |
3.8 | |||
2026 |
5.7 | |||
2027 |
5.1 |
CREDIT QUALITY ALLOCATION |
| |||
Credit Rating(a)(d) | Percentage of Total Investments |
|||
AAA/Aaa |
4.5 | % | ||
AA/Aa |
35.6 | |||
A |
35.1 | |||
BBB/Baa |
12.4 | |||
BB/Ba |
2.7 | |||
B |
0.9 | |||
N/R(e) |
8.8 |
(a) | Excludes short-term securities. |
(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. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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. |
(e) | 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, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments. |
T R U S T S U M M A R Y |
11 |
Trust Summary as of July 31, 2023 | BlackRock MuniVest Fund, Inc. (MVF) |
Symbol on New York Stock Exchange |
MVF | |
Initial Offering Date |
September 29, 1988 | |
Yield on Closing Market Price as of July 31, 2023 ($ 6.83)(a) |
3.69% | |
Tax Equivalent Yield(b) |
6.23% | |
Current Monthly Distribution per Common Share(c) |
$0.021000 | |
Current Annualized Distribution per Common Share(c) |
$0.252000 | |
Leverage as of July 31, 2023(d) |
35% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, 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. |
(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 its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
07/31/23 | 07/31/22 | Change | High | Low | ||||||||||||||||
Closing Market Price |
$ | 6.83 | $ | 7.81 | (12.55 | )% | $ | 7.87 | $ | 6.35 | ||||||||||
Net Asset Value |
7.90 | 8.37 | (5.62 | ) | 8.44 | 7.16 |
(a) | Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
12 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Summary as of July 31, 2023 (continued) | BlackRock MuniVest Fund, Inc. (MVF) |
Average Annual Total Returns | ||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||
Trust at NAV(a)(b) |
(1.57 | )% | 1.18 | % | 3.73 | % | ||||||
Trust at Market Price(a)(b) |
(8.80 | ) | (0.44 | ) | 2.28 | |||||||
National Customized Reference Benchmark(c) |
0.82 | 1.98 | N/A | |||||||||
Bloomberg Municipal Bond Index |
0.93 | 1.87 | 2.81 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |
(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) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
T R U S T S U M M A R Y |
13 |
Trust Summary as of July 31, 2023 (continued) | BlackRock MuniVest Fund, Inc. (MVF) |
SECTOR ALLOCATION |
| |||
Sector(a)(b) | Percentage of Total Investments |
|||
Health |
21.5 | % | ||
Transportation |
20.2 | |||
County/City/Special District/School District |
14.3 | |||
State |
12.7 | |||
Education |
9.2 | |||
Corporate |
7.9 | |||
Housing |
5.2 | |||
Utilities |
4.7 | |||
Tobacco |
4.3 |
CALL/MATURITY SCHEDULE |
| |||
Calendar Year Ended December 31,(a)(c) | Percentage | |||
2023 |
13.9 | % | ||
2024 |
7.9 | |||
2025 |
7.1 | |||
2026 |
5.6 | |||
2027 |
16.4 |
CREDIT QUALITY ALLOCATION |
| |||
Credit Rating(a)(d) | Percentage of Total Investments |
|||
AAA/Aaa |
8.1 | % | ||
AA/Aa |
40.6 | |||
A |
22.4 | |||
BBB/Baa |
9.1 | |||
BB/Ba |
4.3 | |||
B |
2.2 | |||
N/R(e) |
13.3 |
(a) | Excludes short-term securities. |
(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. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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. |
(e) | 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, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments. |
14 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments July 31, 2023 |
BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama — 4.2% | ||||||||
Black Belt Energy Gas District, RB, 4.00%, 10/01/52(a) |
$ | 3,830 | $ | 3,781,045 | ||||
Black Belt Energy Gas District, Refunding RB, Series D-1, 5.50%, 06/01/49(a)(b) |
2,875 | 3,026,530 | ||||||
City of Birmingham Alabama, GO, CAB, Series A‑1, Convertible, 5.00%, 03/01/45(c)(d) |
1,165 | 1,208,380 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A, 5.25%, 01/01/54(a) |
5,685 | 6,033,018 | ||||||
|
|
|||||||
14,048,973 | ||||||||
Arizona(e) — 0.8% | ||||||||
Arizona Industrial Development Authority, RB |
||||||||
4.38%, 07/01/39 |
725 | 630,874 | ||||||
Series A, 5.00%, 07/01/49 |
690 | 610,432 | ||||||
Series A, 5.00%, 07/01/54 |
530 | 458,478 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49 |
685 | 605,180 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/54 |
360 | 321,332 | ||||||
|
|
|||||||
2,626,296 | ||||||||
California — 14.9% | ||||||||
California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56(e) |
155 | 101,805 | ||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62(e) |
475 | 465,258 | ||||||
California Health Facilities Financing Authority, Refunding RB, Sub-Series A-2, 5.00%, 11/01/47 |
1,465 | 1,664,808 | ||||||
California Infrastructure & Economic Development Bank, RB, Series A, 1st Lien, (AMBAC), 5.00%, 01/01/28(c) |
10,100 | 11,140,371 | ||||||
California State Public Works Board, RB, Series I, 5.50%, 11/01/33 |
1,415 | 1,423,325 | ||||||
California Statewide Communities Development Authority, Refunding RB, 4.00%, 03/01/48 |
3,175 | 2,842,358 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(e) |
||||||||
5.00%, 09/01/37 |
130 | 127,832 | ||||||
4.00%, 10/01/56 |
195 | 160,850 | ||||||
4.00%, 12/01/56 |
230 | 163,142 | ||||||
Series A, 4.00%, 06/01/58 |
1,170 | 911,101 | ||||||
Senior Lien, 3.13%, 06/01/57 |
690 | 472,378 | ||||||
Series A, Senior Lien, 4.00%, 12/01/58 |
955 | 735,350 | ||||||
Los Angeles County Facilities, Inc., RB, Series A, 4.00%, 12/01/48 |
3,370 | 3,294,485 | ||||||
Mount San Antonio Community College District, Refunding GO, CAB, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/28(d) |
1,580 | 1,471,355 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |
4,100 | 3,861,757 | ||||||
Riverside County Redevelopment Successor Agency, Refunding TA, Series A, (BAM), 4.00%, 10/01/39 |
2,650 | 2,679,161 | ||||||
San Diego County Regional Airport Authority, ARB, Series A, Subordinate, 4.00%, 07/01/51 |
2,730 | 2,700,330 | ||||||
San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38(f) |
2,000 | 1,120,028 | ||||||
San Diego Unified School District, GO, CAB(f) |
||||||||
Series K-2, 0.00%, 07/01/38 |
1,745 | 939,559 | ||||||
Series K-2, 0.00%, 07/01/39 |
2,115 | 1,081,947 | ||||||
Series K-2, 0.00%, 07/01/40 |
2,715 | 1,324,358 |
Security | Par (000) |
Value |
||||||
California (continued) | ||||||||
San Diego Unified School District, GO, CAB(f) (continued) |
|
|||||||
Series G, Election 2008, 0.00%, 01/01/24(c) |
$ | 3,425 | $ | 1,761,195 | ||||
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(f) |
1,400 | 1,100,848 | ||||||
State of California, Refunding GO, 4.00%, 03/01/46 |
2,695 | 2,716,549 | ||||||
Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/37(f) |
10,000 | 5,653,970 | ||||||
|
|
|||||||
49,914,120 | ||||||||
Colorado — 1.9% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series B, 5.25%, 11/15/53 |
5,000 | 5,481,275 | ||||||
Sabell Metropolitan District, GO, Series A, 5.00%, 12/01/50(e) |
1,055 | 909,905 | ||||||
|
|
|||||||
6,391,180 | ||||||||
Connecticut — 0.3% | ||||||||
Connecticut State Health & Educational Facilities Authority, RB, 4.25%, 07/15/53 |
1,170 | 1,131,360 | ||||||
|
|
|||||||
Delaware — 0.8% | ||||||||
County of Kent Delaware, RB |
||||||||
Series A, 5.00%, 07/01/40 |
770 | 752,293 | ||||||
Series A, 5.00%, 07/01/48 |
2,110 | 1,949,341 | ||||||
|
|
|||||||
2,701,634 | ||||||||
District of Columbia — 3.2% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 |
9,225 | 9,466,953 | ||||||
Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/37 |
1,140 | 1,211,991 | ||||||
|
|
|||||||
10,678,944 | ||||||||
Florida — 7.2% | ||||||||
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 |
1,795 | 1,814,433 | ||||||
Capital Trust Agency, Inc., RB(e) |
||||||||
Series A, 5.00%, 06/01/45 |
615 | 545,697 | ||||||
Series A, 5.50%, 06/01/57 |
220 | 199,707 | ||||||
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 4.00%, 10/01/49 . |
2,665 | 2,554,458 | ||||||
County of Miami-Dade Seaport Department, ARB, Series A, 6.00%, 10/01/23(c) |
2,770 | 2,781,559 | ||||||
County of Pasco Florida, RB, (AGM), 5.00%, 09/01/48 |
3,090 | 3,297,073 | ||||||
Florida Development Finance Corp., RB |
||||||||
6.50%, 06/30/57(e) |
420 | 409,763 | ||||||
Series A, 5.00%, 06/15/56 |
580 | 551,050 | ||||||
Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40(e) |
340 | 307,532 | ||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40 |
3,910 | 3,980,357 | ||||||
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52 |
4,000 | 3,731,940 | ||||||
Orange County Health Facilities Authority, Refunding RB |
||||||||
5.00%, 08/01/41 |
630 | 648,900 | ||||||
5.00%, 08/01/47 |
1,845 | 1,900,350 | ||||||
Preserve at South Branch Community Development District, SAB |
||||||||
4.00%, 11/01/39 |
300 | 262,760 |
S C H E D U L E O F I N V E S T M E N T S |
15 |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value |
||||||
Florida (continued) | ||||||||
Preserve at South Branch Community Development District, SAB (continued) |
||||||||
4.00%, 11/01/50 |
$ | 500 | $ | 394,754 | ||||
Village Community Development District No. 15, SAB, 5.25%, 05/01/54(e) |
280 | 283,455 | ||||||
Westside Community Development District, Refunding SAB(e) |
||||||||
4.10%, 05/01/37 |
260 | 235,890 | ||||||
4.13%, 05/01/38 |
260 | 234,435 | ||||||
|
|
|||||||
24,134,113 | ||||||||
Georgia — 2.2% | ||||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(e) |
245 | 219,481 | ||||||
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(c) |
545 | 563,522 | ||||||
Georgia Housing & Finance Authority, RB, S/F Housing |
||||||||
Series A, 3.95%, 12/01/43 |
275 | 274,945 | ||||||
Series A, 4.00%, 12/01/48 |
410 | 404,525 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/38 |
595 | 602,586 | ||||||
Series A, 5.00%, 05/15/43 |
775 | 773,134 | ||||||
Series B, 5.00%, 12/01/52(a) |
4,355 | 4,503,384 | ||||||
|
|
|||||||
7,341,577 | ||||||||
Idaho — 0.5% | ||||||||
Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/57 |
1,510 | 1,604,435 | ||||||
|
|
|||||||
Illinois — 12.9% | ||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/34 |
1,620 | 1,686,629 | ||||||
Series A, 5.00%, 12/01/40 |
1,540 | 1,557,105 | ||||||
Series A, 5.00%, 12/01/47 |
450 | 443,551 | ||||||
Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42 |
3,300 | 3,452,995 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/49 |
3,500 | 3,545,112 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 |
4,565 | 4,937,399 | ||||||
Cook County Community College District No. 508, GO |
||||||||
5.13%, 12/01/38 |
7,700 | 7,715,231 | ||||||
5.50%, 12/01/38 |
1,000 | 1,003,953 | ||||||
Illinois Finance Authority, RB |
||||||||
Series A, 5.00%, 02/15/47 |
565 | 534,363 | ||||||
Series A, 5.00%, 02/15/50 |
310 | 288,989 | ||||||
Illinois Finance Authority, Refunding RB |
||||||||
Series C, 4.13%, 08/15/37 |
3,130 | 3,068,711 | ||||||
Series C, 5.00%, 08/15/44 |
390 | 394,193 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 10/01/43 |
3,000 | 2,693,229 | ||||||
Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, (FHLMC, FNMA, GNMA), 4.65%, 10/01/43(b) |
1,905 | 1,918,093 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 |
7,020 | 7,194,461 |
Security | Par (000) |
Value |
||||||
Illinois (continued) | ||||||||
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 |
$ | 670 | $ | 680,185 | ||||
State of Illinois, GO, 5.50%, 05/01/39 |
1,840 | 1,992,810 | ||||||
|
|
|||||||
43,107,009 | ||||||||
Indiana — 0.1% | ||||||||
Indiana Finance Authority, RB, Series A, 4.00%, 11/01/51 |
525 | 493,644 | ||||||
|
|
|||||||
Louisiana — 0.5% | ||||||||
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 |
1,575 | 1,688,805 | ||||||
|
|
|||||||
Massachusetts — 2.0% | ||||||||
Massachusetts Development Finance Agency, RB |
||||||||
5.00%, 10/01/48 |
1,970 | 1,824,687 | ||||||
Series A, 5.00%, 01/01/47 |
2,370 | 2,373,346 | ||||||
Massachusetts Development Finance Agency, Refunding RB |
||||||||
5.00%, 07/01/37 |
190 | 192,012 | ||||||
5.00%, 09/01/43 |
1,750 | 1,717,478 | ||||||
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.85%, 06/01/46 |
490 | 428,849 | ||||||
|
|
|||||||
6,536,372 | ||||||||
Michigan — 4.1% | ||||||||
Michigan Finance Authority, RB, Series S, 5.00%, 11/01/44 |
5,860 | 5,984,267 | ||||||
Michigan Finance Authority, Refunding RB, 5.00%, 11/15/41 |
2,235 | 2,289,901 | ||||||
Michigan State Building Authority, Refunding RB |
||||||||
Series I, 5.00%, 10/15/45 |
965 | 989,736 | ||||||
Series II, 4.00%, 10/15/47(b) |
335 | 324,679 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 3.80%, 10/01/38 |
3,965 | 3,763,197 | ||||||
Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(c) |
430 | 431,945 | ||||||
|
|
|||||||
13,783,725 | ||||||||
Minnesota — 0.4% | ||||||||
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49 |
1,315 | 1,333,869 | ||||||
|
|
|||||||
Nevada — 0.8% | ||||||||
City of Las Vegas Nevada Special Improvement District No. 611, SAB |
||||||||
4.00%, 06/01/40 |
445 | 380,833 | ||||||
4.13%, 06/01/50 |
1,135 | 891,596 | ||||||
Tahoe-Douglas Visitors Authority, RB |
||||||||
5.00%, 07/01/40 |
760 | 765,403 | ||||||
5.00%, 07/01/45 |
530 | 519,201 | ||||||
|
|
|||||||
2,557,033 | ||||||||
New Hampshire — 0.1% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Series A, 3.63%, 07/01/43(a)(e) |
450 | 342,328 | ||||||
|
|
|||||||
New Jersey — 8.0% | ||||||||
Camden County Improvement Authority, RB, 6.00%, 06/15/62 |
500 | 518,806 | ||||||
New Jersey Economic Development Authority, RB(c) |
||||||||
Series DDD, 5.00%, 06/15/27 |
375 | 405,202 | ||||||
Series WW, 5.00%, 06/15/25 |
1,620 | 1,673,582 | ||||||
Series WW, 5.25%, 06/15/25 |
550 | 570,711 |
16 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value |
||||||
New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, Refunding RB, Sub‑Series A, 4.00%, 07/01/32 |
$ | 930 | $ | 937,746 | ||||
New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 10/01/37 |
1,605 | 1,697,342 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series BB, 4.00%, 06/15/50 |
3,000 | 2,856,756 | ||||||
Series D, 5.00%, 06/15/32 |
900 | 921,325 | ||||||
Series S, 5.25%, 06/15/43 |
2,150 | 2,288,565 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB(f) |
||||||||
Series A, 0.00%, 12/15/35 |
4,050 | 2,426,744 | ||||||
Series A, 0.00%, 12/15/38 |
5,845 | 3,019,018 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
Series A, 5.00%, 12/15/36 |
340 | 363,543 | ||||||
Series A, 4.00%, 06/15/40 |
1,690 | 1,656,028 | ||||||
South Jersey Port Corp., ARB, Series A, 5.00%, 01/01/49 |
720 | 737,894 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/35 |
1,750 | 1,867,028 | ||||||
Series A, 5.25%, 06/01/46 |
1,725 | 1,798,887 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
2,920 | 2,914,621 | ||||||
|
|
|||||||
26,653,798 | ||||||||
New Mexico — 0.0% | ||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |
175 | 151,418 | ||||||
|
|
|||||||
New York — 11.4% | ||||||||
City of New York, GO, Series B, 5.25%, 10/01/47 |
100 | 111,731 | ||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series C-1, 5.25%, 11/15/55 |
1,135 | 1,185,703 | ||||||
Series C-1, 5.00%, 11/15/56 |
1,690 | 1,715,200 | ||||||
New York City Municipal Water Finance Authority, RB |
||||||||
Series AA-1, 4.00%, 06/15/51 |
12,400 | 12,059,025 | ||||||
Series AA-1, 5.25%, 06/15/52 |
230 | 256,909 | ||||||
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 4.13%, 06/15/46 |
5,670 | 5,666,502 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series A-1, Subordinate, 4.00%, 08/01/48 |
1,320 | 1,289,305 | ||||||
New York Liberty Development Corp., Refunding RB, Series 1, 5.00%, 11/15/44(e) |
1,240 | 1,210,190 | ||||||
New York State Thruway Authority, Refunding RB, Series A-1, 4.00%, 03/15/54 |
4,115 | 3,995,496 | ||||||
State of New York Mortgage Agency, Refunding RB, Series 211, 3.75%, 10/01/43 |
2,810 | 2,510,409 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
||||||||
Series A, 4.00%, 05/15/48 |
1,000 | 987,928 | ||||||
Series A, 5.00%, 05/15/48 |
1,000 | 1,099,902 | ||||||
Series A, 4.13%, 05/15/53 |
1,000 | 985,332 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series D-2, Senior Lien, 5.50%, 05/15/52 |
4,340 | 4,876,085 | ||||||
|
|
|||||||
37,949,717 | ||||||||
North Dakota — 0.1% | ||||||||
North Dakota Housing Finance Agency, RB, S/F Housing, Class A, 3.70%, 01/01/46 |
495 | 437,022 | ||||||
|
|
Security | Par (000) |
Value |
||||||
Ohio — 4.2% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB |
||||||||
Series A-2, 3.00%, 06/01/48 |
$ | 1,085 | $ | 830,188 | ||||
Series B-2, Class 2, 5.00%, 06/01/55 |
5,905 | 5,498,730 | ||||||
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/43 |
5,175 | 5,175,729 | ||||||
Northwest Local School District/Hamilton & Butler Counties, GO, 4.00%, 12/01/50 |
2,645 | 2,564,550 | ||||||
|
|
|||||||
14,069,197 | ||||||||
Oregon — 0.5% | ||||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(f) |
1,115 | 581,703 | ||||||
Washington & Multnomah Counties School District No. 48J Beaverton, GO, CAB, Series D, Convertible, (GTD), 5.00%, 06/15/36(d) |
945 | 1,020,585 | ||||||
|
|
|||||||
1,602,288 | ||||||||
Pennsylvania — 6.4% | ||||||||
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 |
205 | 154,734 | ||||||
Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39 |
3,230 | 3,186,560 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49 |
1,145 | 1,045,805 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 02/15/52 |
800 | 747,684 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49 |
5,000 | 4,759,095 | ||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.25%, 09/01/50 |
4,245 | 4,272,737 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 2022, 4.25%, 10/01/47 |
2,415 | 2,271,662 | ||||||
Pennsylvania Turnpike Commission, RB |
||||||||
Series B, 5.00%, 12/01/40 |
1,060 | 1,090,487 | ||||||
Series C, 5.50%, 12/01/23(c) |
630 | 634,337 | ||||||
Series A, Subordinate, 4.00%, 12/01/46 |
1,605 | 1,550,574 | ||||||
Pennsylvania Turnpike Commission, Refunding RB |
||||||||
Series A, 5.00%, 12/01/38 |
695 | 710,546 | ||||||
Series A-1, 5.00%, 12/01/40 |
850 | 869,936 | ||||||
|
|
|||||||
21,294,157 | ||||||||
Puerto Rico — 4.9% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
6,639 | 6,273,092 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
5,423 | 5,291,080 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
349 | 328,382 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
1,688 | 1,596,549 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 |
536 | 506,337 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 |
520 | 489,404 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(f) |
6,226 | 1,755,215 | ||||||
|
|
|||||||
16,240,059 | ||||||||
South Carolina — 5.2% | ||||||||
South Carolina Jobs-Economic Development Authority, RB(e) |
||||||||
5.00%, 01/01/55 |
1,095 | 919,370 | ||||||
7.50%, 08/15/62 |
505 | 467,406 |
S C H E D U L E O F I N V E S T M E N T S |
17 |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value |
||||||
South Carolina (continued) | ||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, 4.00%, 12/01/44 |
$ | 1,645 | $ | 1,575,199 | ||||
South Carolina Public Service Authority, RB |
||||||||
Series A, 5.50%, 12/01/54 |
6,960 | 7,023,301 | ||||||
Series E, 5.50%, 12/01/53 |
1,610 | 1,620,647 | ||||||
South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38 |
2,360 | 2,371,960 | ||||||
Spartanburg Regional Health Services District, Refunding RB, Series A, 4.00%, 04/15/43 |
3,500 | 3,272,042 | ||||||
|
|
|||||||
17,249,925 | ||||||||
South Dakota — 0.5% | ||||||||
City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26(c) |
1,760 | 1,822,441 | ||||||
|
|
|||||||
Tennessee — 1.2% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 |
35 | 35,866 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |
1,575 | 1,673,291 | ||||||
Tennessee Housing Development Agency, RB, S/F Housing, Series 2, 4.35%, 01/01/48 |
2,500 | 2,404,617 | ||||||
|
|
|||||||
4,113,774 | ||||||||
Texas — 20.5% | ||||||||
Arlington Higher Education Finance Corp., RB(e) |
||||||||
7.50%, 04/01/62 |
530 | 519,765 | ||||||
7.88%, 11/01/62 |
450 | 460,001 | ||||||
City of Lubbock Texas Electric Light & Power System Revenue, Refunding RB, 4.00%, 04/15/51 |
5,200 | 4,866,217 | ||||||
Coppell Independent School District, Refunding GO, (PSF), 0.00%, 08/15/30(f) |
10,030 | 8,064,983 | ||||||
County of Harris Texas, Refunding GO(f) |
||||||||
(NPFGC), 0.00%, 08/15/25 |
7,485 | 7,023,670 | ||||||
(NPFGC), 0.00%, 08/15/28 |
10,915 | 9,363,138 | ||||||
Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48 |
755 | 733,137 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33 |
1,090 | 1,095,694 | ||||||
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48(b) |
570 | 626,270 | ||||||
Grand Parkway Transportation Corp., RB, CAB, Series B, Convertible, 5.80%, 10/01/23(d) |
2,365 | 2,562,586 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 3.00%, 10/01/51 |
3,900 | 2,881,616 | ||||||
Harris County-Houston Sports Authority, Refunding RB(f) |
||||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(c) |
5,965 | 2,499,132 | ||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/38 |
10,925 | 4,497,003 | ||||||
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/38 |
5,785 | 2,624,359 | ||||||
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/39 |
6,160 | 2,615,733 | ||||||
Katy Independent School District, GO, (PSF), 4.00%, 02/15/52 |
3,000 | 2,850,057 | ||||||
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c)(f) |
3,775 | 1,870,966 | ||||||
Lower Colorado River Authority, Refunding RB, (AGM), 5.25%, 05/15/53 |
2,615 | 2,858,995 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(f) |
2,340 | 1,323,083 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(e) |
580 | 506,427 |
Security | Par (000) |
Value |
||||||
Texas (continued) | ||||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 4.00%, 08/15/40 |
$ | 4,000 | $ | 4,008,980 | ||||
North Texas Tollway Authority, RB(c) |
||||||||
Series B, 0.00%, 09/01/31(f) |
1,975 | 976,995 | ||||||
Series C, Convertible, 6.75%, 09/01/31(d) |
2,500 | 3,227,430 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
330 | 283,747 | ||||||
|
|
|||||||
68,339,984 | ||||||||
Utah(e) — 0.2% | ||||||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49 |
235 | 206,268 | ||||||
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55 |
450 | 392,396 | ||||||
|
|
|||||||
598,664 | ||||||||
Virginia — 6.1% | ||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/52 |
5,215 | 5,025,310 | ||||||
Henrico County Economic Development Authority, RB, Class A, 5.00%, 10/01/47 |
5,750 | 5,869,008 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
1,225 | 1,152,246 | ||||||
Virginia Beach Development Authority, Refunding RB |
||||||||
5.00%, 09/01/40 |
1,230 | 1,140,288 | ||||||
4.00%, 09/01/48 |
885 | 661,095 | ||||||
Virginia College Building Authority, RB, 4.00%, 02/01/42 |
5,000 | 5,067,300 | ||||||
Virginia Housing Development Authority, RB, M/F Housing |
||||||||
Series B, 4.00%, 06/01/53 |
895 | 782,458 | ||||||
Series G, 5.15%, 11/01/52 |
505 | 524,488 | ||||||
|
|
|||||||
20,222,193 | ||||||||
Washington — 1.6% | ||||||||
Washington Health Care Facilities Authority, Refunding RB, 5.00%, 10/01/38 |
3,885 | 3,968,850 | ||||||
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/38(e) |
1,400 | 1,226,719 | ||||||
|
|
|||||||
5,195,569 | ||||||||
West Virginia — 0.8% | ||||||||
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51 |
3,050 | 2,766,435 | ||||||
|
|
|||||||
Wisconsin — 1.9% | ||||||||
Public Finance Authority, RB |
||||||||
5.00%, 10/15/51(e) |
270 | 232,616 | ||||||
Class A, 5.00%, 06/15/51(e) |
305 | 240,281 | ||||||
Class A, 6.00%, 06/15/52 |
175 | 159,261 | ||||||
Class A, 5.00%, 06/15/56(e) |
400 | 307,717 | ||||||
Class A, 6.13%, 06/15/57 |
200 | 183,569 | ||||||
Series A, 5.00%, 07/15/39(e) |
120 | 111,692 | ||||||
Series A, 5.00%, 10/15/40(e) |
1,260 | 1,141,128 | ||||||
Series A, 5.00%, 07/15/49(e) |
455 | 397,641 | ||||||
Series A, 5.00%, 07/15/54(e) |
215 | 183,608 | ||||||
Series A, 5.00%, 07/01/55(e) |
395 | 328,789 | ||||||
Series A-1, 4.50%, 01/01/35(e) |
675 | 600,782 |
18 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value |
||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, Refunding RB, 5.00%, 09/01/39(e) |
$ | 375 | $ | 312,760 | ||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/44 |
1,895 | 2,007,872 | ||||||
|
|
|||||||
6,207,716 | ||||||||
|
|
|||||||
Total Municipal Bonds — 130.4% (Cost: $429,977,666) |
435,329,774 | |||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(g) |
| |||||||
California — 3.0% | ||||||||
San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB, Series B, 4.00%, 11/01/51 |
10,000 | 9,919,050 | ||||||
|
|
|||||||
Indiana — 3.0% | ||||||||
Indiana Finance Authority, RB, Series A, 4.00%, 11/01/51 |
10,685 | 10,046,836 | ||||||
|
|
|||||||
Kansas — 1.7% | ||||||||
Wyandotte County Unified School District No. 500 Kansas City, GO, Series A, 5.50%, 09/01/47(c) |
5,363 | 5,768,936 | ||||||
|
|
|||||||
Nebraska — 1.6% | ||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a) |
5,220 | 5,412,369 | ||||||
|
|
|||||||
New York — 10.5% | ||||||||
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 06/15/35 |
1,845 | 1,883,383 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series B-1, Subordinate, 4.00%, 08/01/36 |
7,350 | 7,541,438 | ||||||
New York State Dormitory Authority, Refunding RB, Series C, 4.00%, 07/01/49 |
8,955 | 8,777,073 | ||||||
New York State Urban Development Corp., RB, Series A-1, 5.00%, 03/15/43 |
5,720 | 5,725,520 | ||||||
Port Authority of New York & New Jersey, Refunding RB, Series 230, 5.25%, 12/01/52(h) |
10,000 | 11,051,890 | ||||||
|
|
|||||||
34,979,304 | ||||||||
Virginia — 1.2% | ||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 |
4,000 | 3,824,238 | ||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 21.0% |
|
|||||||
(Cost: $69,264,006) |
69,950,733 | |||||||
|
|
|||||||
Total Long-Term Investments — 151.4% (Cost: $499,241,672) |
|
505,280,507 | ||||||
|
|
Security | Shares |
Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 2.3% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.57%(i)(j) |
7,645,975 | $ | 7,645,975 | |||||
|
|
|||||||
Total Short-Term Securities — 2.3% (Cost: $7,645,878) |
|
7,645,975 | ||||||
|
|
|||||||
Total Investments — 153.7% (Cost: $506,887,550) |
|
512,926,482 | ||||||
Liabilities in Excess of Other Assets — (0.5)% |
|
(1,371,329 | ) | |||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.1)% |
|
(40,537,455 | ) | |||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (41.1)% |
|
(137,200,000 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares — 100.0% |
|
$ | 333,817,698 | |||||
|
|
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | When-issued security. |
(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) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(e) | 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. |
(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 the 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 June 1, 2030, is $6,934,789. See Note 4 of the Notes to Financial Statements for details. |
(i) | Affiliate of the Trust. |
(j) | Annualized 7-day yield as of period end. |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Quality Trust (BYM) |
Affiliated Issuer | Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/23 |
Shares Held at 07/31/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | — | $ | 7,643,376 | (a) | $ | — | $ | 2,502 | $ | 97 | $ | 7,645,975 | 7,645,975 | $ | 198,484 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Treasury Note |
37 | 09/20/23 | $ | 4,124 | $ | (12,193 | ) | |||||||||
U.S. Long Bond |
45 | 09/20/23 | 5,608 | (24,422 | ) | |||||||||||
5-Year U.S. Treasury Note |
39 | 09/29/23 | 4,168 | (10,106 | ) | |||||||||||
|
|
|||||||||||||||
$ | (46,721 | ) | ||||||||||||||
|
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | — | $ | — | $ | 46,721 | $ | — | $ | 46,721 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 585,602 | $ | — | $ | 585,602 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 290,150 | $ | — | $ | 290,150 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 33,054,834 | ||
|
20 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Quality Trust (BYM) |
|
||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||
Investments |
||||||||||||||||||||||||||||
Long-Term Investments |
||||||||||||||||||||||||||||
Municipal Bonds |
$ | — | $ | 435,329,774 | $ | — | $ | 435,329,774 | ||||||||||||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 69,950,733 | — | 69,950,733 | ||||||||||||||||||||||||
Short-Term Securities |
||||||||||||||||||||||||||||
Money Market Funds |
7,645,975 | — | — | 7,645,975 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 7,645,975 | $ | 505,280,507 | $ | — | $ | 512,926,482 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Derivative Financial Instruments(a) |
||||||||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||
Interest Rate Contracts |
$ | (46,721 | ) | $ | — | $ | — | $ | (46,721 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
|
||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||
TOB Trust Certificates |
$ | — | $ | (40,183,237 | ) | $ | — | $ | (40,183,237 | ) | ||||||||||||||||||
VMTP Shares at Liquidation Value |
— | (137,200,000 | ) | — | (137,200,000 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | — | $ | (177,383,237 | ) | $ | — | $ | (177,383,237 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments July 31, 2023 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Municipal Bonds |
| |||||||
Alabama — 3.9% | ||||||||
Black Belt Energy Gas District, RB, 4.00%, 10/01/52(a) |
$ | 2,925 | $ | 2,887,613 | ||||
County of Jefferson Alabama Sewer Revenue, Refunding RB |
||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 |
540 | 547,385 | ||||||
Series A, Senior Lien, (AGM), 5.25%, 10/01/48 |
1,320 | 1,341,264 | ||||||
Series D, Sub Lien, 7.00%, 10/01/51 |
4,335 | 4,564,365 | ||||||
Health Care Authority of the City of Huntsville, RB, Series B-1, (AGM), 3.00%, 06/01/50 |
2,375 | 1,753,132 | ||||||
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
1,170 | 1,189,941 | ||||||
Southeast Energy Authority A Cooperative District, RB(a) |
||||||||
Series A, 4.00%, 11/01/51 |
5,290 | 5,210,740 | ||||||
Series A-1, 5.50%, 01/01/53 |
1,960 | 2,103,723 | ||||||
Series B, 4.00%, 12/01/51 |
3,500 | 3,449,883 | ||||||
|
|
|||||||
23,048,046 | ||||||||
Arizona — 2.6% | ||||||||
Arizona Industrial Development Authority, RB(b) |
||||||||
4.38%, 07/01/39 |
225 | 195,788 | ||||||
Series A, 5.00%, 07/01/49 |
210 | 185,784 | ||||||
Series A, 5.00%, 07/01/54 |
165 | 142,734 | ||||||
Arizona Industrial Development Authority, Refunding RB, Series A, 5.38%, 07/01/50(b) |
1,185 | 1,099,594 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
500 | 431,200 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) |
1,825 | 1,681,860 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, Series A, 5.00%, 07/01/35(b) |
275 | 269,635 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49(b) |
350 | 312,880 | ||||||
Maricopa County Industrial Development Authority, RB, 6.38%, 07/01/58(b) |
620 | 623,347 | ||||||
Maricopa County Industrial Development Authority, Refunding RB |
||||||||
5.00%, 07/01/54(b) |
210 | 187,444 | ||||||
Series A, 4.13%, 09/01/38 |
820 | 794,759 | ||||||
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40 |
1,250 | 1,089,871 | ||||||
Salt Verde Financial Corp., RB |
||||||||
5.00%, 12/01/32 |
5,635 | 5,905,204 | ||||||
5.00%, 12/01/37 |
2,000 | 2,065,038 | ||||||
|
|
|||||||
14,985,138 | ||||||||
Arkansas — 0.7% | ||||||||
Arkansas Development Finance Authority, RB |
||||||||
AMT, 5.70%, 05/01/53 |
975 | 991,899 | ||||||
Series A, AMT, 4.50%, 09/01/49(b) |
1,920 | 1,741,920 | ||||||
Series A, AMT, 4.75%, 09/01/49(b) |
1,175 | 1,119,572 | ||||||
|
|
|||||||
3,853,391 | ||||||||
California — 12.5% | ||||||||
California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(a) |
11,505 | 11,452,042 | ||||||
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36 |
350 | 349,994 |
Security | Par (000) |
Value | ||||||
California (continued) | ||||||||
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46 |
$ | 2,315 | $ | 2,754,438 | ||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) |
855 | 837,464 | ||||||
California Health Facilities Financing Authority, Refunding RB |
||||||||
5.00%, 08/01/55 |
1,500 | 1,581,539 | ||||||
Series A, 4.00%, 03/01/39 |
890 | 865,770 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 |
780 | 700,038 | ||||||
California Municipal Finance Authority, RB, S/F Housing |
||||||||
Series A, 5.25%, 08/15/39 |
205 | 205,714 | ||||||
Series A, 5.25%, 08/15/49 |
510 | 511,245 | ||||||
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b) |
2,130 | 2,130,300 | ||||||
California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51(b) |
1,700 | 1,700,025 | ||||||
California State Public Works Board, RB |
||||||||
Series F, 5.25%, 09/01/33 |
2,015 | 2,018,466 | ||||||
Series I, 5.50%, 11/01/31 |
3,100 | 3,118,169 | ||||||
Series I, 5.50%, 11/01/33 |
1,500 | 1,508,825 | ||||||
Series I, 5.00%, 11/01/38 |
1,065 | 1,071,359 | ||||||
California Statewide Communities Development Authority, Refunding RB(b) |
||||||||
Series A, 5.00%, 06/01/36 |
990 | 985,855 | ||||||
Series A, 5.00%, 06/01/46 |
1,220 | 1,146,915 | ||||||
City of Los Angeles Department of Airports, ARB |
||||||||
AMT, 5.25%, 05/15/47 |
4,400 | 4,766,005 | ||||||
Series B, AMT, 5.00%, 05/15/46 |
4,050 | 4,112,390 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, AMT, Subordinate, 5.00%, 05/15/46 |
1,265 | 1,343,470 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) |
||||||||
4.00%, 10/01/56 |
245 | 202,093 | ||||||
4.00%, 12/01/56 |
355 | 251,807 | ||||||
Series A, 4.00%, 06/01/58 |
1,500 | 1,168,079 | ||||||
Senior Lien, 3.13%, 06/01/57 |
1,290 | 883,142 | ||||||
Series A, Senior Lien, 4.00%, 12/01/58 |
655 | 504,350 | ||||||
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52 |
2,405 | 2,466,378 | ||||||
Kern Community College District, GO, Series C, 5.50%, 11/01/23(c) |
2,155 | 2,167,178 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |
3,810 | 3,588,609 | ||||||
Riverside County Public Financing Authority, RB, 5.25%, 11/01/25(c) |
2,000 | 2,102,924 | ||||||
Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46 |
2,255 | 2,167,391 | ||||||
Sacramento Area Flood Control Agency, Refunding SAB |
||||||||
5.00%, 10/01/43 |
4,725 | 4,943,569 | ||||||
5.00%, 10/01/47 |
3,345 | 3,481,208 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |
||||||||
Series A, AMT, 5.50%, 05/01/28 |
720 | 721,007 | ||||||
Series A, AMT, 5.25%, 05/01/33 |
560 | 560,454 |
22 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
California (continued) | ||||||||
San Marcos Unified School District, GO, CAB(d) |
||||||||
Series B, Election 2010, 0.00%, 08/01/33 |
$ | 3,000 | $ | 2,228,472 | ||||
Series B, Election 2010, 0.00%, 08/01/43 |
2,500 | 1,121,810 | ||||||
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(c) |
490 | 492,421 | ||||||
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 |
830 | 844,742 | ||||||
|
|
|||||||
73,055,657 | ||||||||
Colorado — 2.0% | ||||||||
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |
250 | 227,094 | ||||||
City & County of Denver Colorado Airport System Revenue, ARB |
||||||||
Series B, 5.25%, 11/15/32 |
1,750 | 1,760,420 | ||||||
Series A, AMT, 5.50%, 11/15/28 |
500 | 502,579 | ||||||
Series A, AMT, 5.50%, 11/15/30 |
225 | 226,167 | ||||||
Series A, AMT, 5.50%, 11/15/31 |
270 | 271,404 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
Series A, AMT, 4.13%, 11/15/53 |
1,290 | 1,190,606 | ||||||
Series D, AMT, 5.75%, 11/15/45 |
1,315 | 1,482,069 | ||||||
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38(d) . |
1,835 | 946,106 | ||||||
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(b) |
320 | 294,120 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(b) |
425 | 369,506 | ||||||
Colorado Health Facilities Authority, RB |
||||||||
5.25%, 11/01/39 |
595 | 643,768 | ||||||
5.50%, 11/01/47 |
370 | 396,027 | ||||||
5.25%, 11/01/52 |
920 | 976,565 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44 |
495 | 511,988 | ||||||
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
1,325 | 1,334,903 | ||||||
Denver International Business Center Metropolitan District No. 1, GO, Series A, 4.00%, 12/01/48 |
495 | 429,209 | ||||||
|
|
|||||||
11,562,531 | ||||||||
Connecticut — 0.5% | ||||||||
State of Connecticut, GO, Series A, 4.00%, 01/15/37 |
3,015 | 3,107,841 | ||||||
|
|
|||||||
Delaware — 0.2% | ||||||||
Delaware Transportation Authority, RB, 5.00%, 06/01/55 |
1,260 | 1,281,451 | ||||||
|
|
|||||||
District of Columbia — 4.9% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 |
11,165 | 11,457,836 | ||||||
District of Columbia, Refunding RB, 5.00%, 10/01/48 |
2,525 | 2,591,370 | ||||||
District of Columbia, TA, 5.13%, 06/01/41 |
690 | 690,860 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |
5,280 | 5,660,524 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |
5,985 | 5,644,262 |
Security | Par (000) |
Value | ||||||
District of Columbia (continued) | ||||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB |
||||||||
Series A, 4.00%, 07/15/46 |
$ | 1,310 | $ | 1,290,323 | ||||
Series A, 4.13%, 07/15/47 |
1,285 | 1,287,701 | ||||||
|
|
|||||||
28,622,876 | ||||||||
Florida — 6.3% | ||||||||
Brevard County Health Facilities Authority, Refunding RB |
||||||||
Series A, 5.00%, 04/01/47 |
2,460 | 2,558,949 | ||||||
Series A, 5.00%, 04/01/52 |
850 | 882,115 | ||||||
Capital Trust Agency, Inc., RB |
||||||||
Series A, 5.00%, 06/01/45(b) |
190 | 168,589 | ||||||
Series A, 5.00%, 12/15/49 |
140 | 135,889 | ||||||
Series A, 5.00%, 12/15/54 |
125 | 120,408 | ||||||
Series A, 5.50%, 06/01/57(b) |
100 | 90,776 | ||||||
Celebration Pointe Community Development District No. 1, SAB |
||||||||
5.00%, 05/01/32 |
200 | 201,761 | ||||||
5.00%, 05/01/48 |
530 | 508,532 | ||||||
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 |
1,450 | 1,459,974 | ||||||
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/45 |
575 | 583,811 | ||||||
County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46 |
2,230 | 2,334,462 | ||||||
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 5.25%, 10/01/23(c) |
500 | 501,482 | ||||||
County of Miami-Dade Seaport Department, ARB(c) |
||||||||
Series A, 5.50%, 10/01/23 |
2,125 | 2,132,182 | ||||||
Series A, 6.00%, 10/01/23 |
7,515 | 7,546,360 | ||||||
Series B, AMT, 6.00%, 10/01/23 |
1,775 | 1,781,074 | ||||||
Series B, AMT, 6.25%, 10/01/23 |
310 | 311,185 | ||||||
County of Miami-Dade Seaport Department, Refunding RB |
||||||||
Series A, AMT, 5.25%, 10/01/52 |
1,455 | 1,532,434 | ||||||
Series D, AMT, 6.00%, 10/01/23(c) |
735 | 737,515 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d) |
||||||||
Series A-2, 0.00%, 10/01/46 |
1,665 | 484,636 | ||||||
Series A-2, 0.00%, 10/01/47 |
1,610 | 445,698 | ||||||
Series A-2, 0.00%, 10/01/48 |
1,135 | 295,812 | ||||||
Series A-2, 0.00%, 10/01/49 |
935 | 230,600 | ||||||
County of Pasco Florida, RB |
||||||||
(AGM), 5.00%, 09/01/48 |
5,330 | 5,687,185 | ||||||
(AGM), 5.75%, 09/01/54 |
955 | 1,070,935 | ||||||
Florida Development Finance Corp., RB |
||||||||
6.50%, 06/30/57(b) |
750 | 731,719 | ||||||
Series A, 5.00%, 06/15/56 |
115 | 109,260 | ||||||
AMT, 5.00%, 05/01/29(b) |
180 | 170,242 | ||||||
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b) |
105 | 84,291 | ||||||
Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/23(c) |
1,170 | 1,173,063 | ||||||
Lakewood Ranch Stewardship District, SAB |
||||||||
5.25%, 05/01/37 |
180 | 181,246 | ||||||
5.38%, 05/01/47 |
185 | 183,874 |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Florida (continued) | ||||||||
Lee County Housing Finance Authority, RB, S/F Housing, Series A‑2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 |
$ | 15 | $ | 15,006 | ||||
Orange County Health Facilities Authority, Refunding RB, 5.00%, 08/01/41 |
1,000 | 1,030,000 | ||||||
Osceola Chain Lakes Community Development District, SAB |
||||||||
4.00%, 05/01/40 |
270 | 235,255 | ||||||
4.00%, 05/01/50 |
260 | 206,013 | ||||||
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(e)(f) |
1,670 | 1,057,991 | ||||||
|
|
|||||||
36,980,324 | ||||||||
Georgia — 4.1% | ||||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |
435 | 389,691 | ||||||
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(c) |
715 | 739,300 | ||||||
Georgia Ports Authority, ARB, 4.00%, 07/01/47 |
1,480 | 1,463,566 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/35 |
540 | 562,635 | ||||||
Series A, 5.00%, 05/15/36 |
540 | 556,814 | ||||||
Series A, 5.00%, 05/15/37 |
595 | 607,382 | ||||||
Series A, 5.00%, 05/15/38 |
325 | 329,143 | ||||||
Series A, 5.00%, 05/15/49 |
7,195 | 7,123,885 | ||||||
Series A, 5.00%, 06/01/53(a) |
5,160 | 5,357,375 | ||||||
Municipal Electric Authority of Georgia, RB |
||||||||
4.00%, 01/01/49 |
1,200 | 1,039,804 | ||||||
4.00%, 01/01/59 |
3,525 | 3,199,635 | ||||||
Series A, 5.00%, 07/01/52 |
1,870 | 1,914,164 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, 4.00%, 01/01/51 |
520 | 444,433 | ||||||
|
|
|||||||
23,727,827 | ||||||||
Hawaii — 0.4% | ||||||||
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/45 |
1,000 | 1,008,490 | ||||||
State of Hawaii Airports System Revenue, COP |
||||||||
AMT, 5.25%, 08/01/25 |
250 | 250,149 | ||||||
AMT, 5.25%, 08/01/26 |
810 | 810,494 | ||||||
|
|
|||||||
2,069,133 | ||||||||
Idaho — 0.6% | ||||||||
Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/52 |
1,250 | 1,335,563 | ||||||
Idaho Housing & Finance Association, Refunding RB |
||||||||
(GTD), 4.00%, 05/01/42 |
1,400 | 1,344,472 | ||||||
(GTD), 4.00%, 05/01/52 |
1,095 | 970,111 | ||||||
|
|
|||||||
3,650,146 | ||||||||
Illinois — 12.3% | ||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/34 |
1,035 | 1,077,568 | ||||||
Series A, 5.00%, 12/01/40 |
535 | 540,942 | ||||||
Series A, 5.00%, 12/01/47 |
100 | 98,567 | ||||||
Series C, 5.25%, 12/01/35 |
2,790 | 2,817,272 | ||||||
Series D, 5.00%, 12/01/46 |
3,605 | 3,534,447 | ||||||
Series H, 5.00%, 12/01/36 |
495 | 503,132 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series C, 5.00%, 12/01/25 |
1,215 | 1,223,675 | ||||||
Series D, 5.00%, 12/01/27 |
1,600 | 1,635,298 | ||||||
Series D, 5.00%, 12/01/31 |
150 | 154,038 |
Security | Par (000) |
Value | ||||||
Illinois (continued) | ||||||||
Chicago Board of Education, Refunding GO (continued) |
||||||||
Series F, 5.00%, 12/01/23 |
$ | 290 | $ | 290,063 | ||||
Series G, 5.00%, 12/01/34 |
710 | 728,574 | ||||||
Chicago Midway International Airport, Refunding RB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41 |
1,010 | 1,012,925 | ||||||
Chicago O’Hare International Airport, ARB, Class A, AMT, Senior Lien, 5.50%, 01/01/55 |
2,565 | 2,752,019 | ||||||
Chicago O’Hare International Airport, Refunding ARB, Series B, Senior Lien, 5.00%, 01/01/53 |
1,585 | 1,662,285 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, 5.00%, 12/01/46 |
1,385 | 1,423,092 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49 |
2,210 | 1,980,038 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/48 |
2,665 | 2,905,831 | ||||||
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/48 |
1,430 | 1,564,064 | ||||||
Cook County Community College District No. 508, GO |
||||||||
5.50%, 12/01/38 |
2,670 | 2,680,554 | ||||||
5.25%, 12/01/43 |
3,850 | 3,857,146 | ||||||
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/37 |
480 | 481,780 | ||||||
Illinois Finance Authority, Refunding RB |
||||||||
Series A, 4.00%, 07/15/47 |
3,920 | 3,742,890 | ||||||
Series C, 4.00%, 02/15/27(c) |
70 | 72,710 | ||||||
Series C, 4.00%, 02/15/41 |
1,470 | 1,462,509 | ||||||
Series C, 5.00%, 02/15/41 |
1,600 | 1,668,304 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 |
3,575 | 3,882,311 | ||||||
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38 |
2,000 | 2,049,888 | ||||||
Metropolitan Pier & Exposition Authority, RB |
||||||||
Series A, 5.50%, 06/15/53 |
280 | 286,036 | ||||||
Series A, 5.00%, 06/15/57 |
2,745 | 2,786,729 | ||||||
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56(d) |
2,165 | 439,701 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
4.00%, 06/15/50 |
1,680 | 1,551,312 | ||||||
Series B, (AGM), 0.00%, 06/15/44(d) |
8,680 | 3,404,200 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(d) |
3,020 | 670,380 | ||||||
State of Illinois, GO |
||||||||
5.25%, 02/01/31 |
730 | 734,499 | ||||||
5.25%, 02/01/32 |
2,500 | 2,515,737 | ||||||
5.00%, 02/01/39 |
1,640 | 1,642,667 | ||||||
Series A, 5.00%, 04/01/35 |
3,500 | 3,500,854 | ||||||
Series A, 5.00%, 04/01/38 |
5,020 | 5,021,225 | ||||||
Series B, 5.25%, 05/01/43 |
1,115 | 1,186,359 | ||||||
Series D, 5.00%, 11/01/28 |
505 | 538,084 | ||||||
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 |
180 | 191,154 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 |
1,360 | 1,376,776 | ||||||
|
|
|||||||
71,647,635 |
24 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Indiana — 1.0% | ||||||||
City of Valparaiso Indiana, RB |
||||||||
AMT, 6.75%, 01/01/34 |
$ | 1,090 | $ | 1,099,584 | ||||
AMT, 7.00%, 01/01/44 |
4,625 | 4,664,655 | ||||||
|
|
|||||||
5,764,239 | ||||||||
Iowa — 0.0% | ||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39 |
245 | 229,976 | ||||||
|
|
|||||||
Kansas — 0.1% | ||||||||
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 |
400 | 364,953 | ||||||
|
|
|||||||
Kentucky — 1.8% | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44 |
1,115 | 1,151,540 | ||||||
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24(d) |
5,000 | 4,803,285 | ||||||
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a) |
2,950 | 2,891,416 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43(g) |
1,655 | 1,935,832 | ||||||
|
|
|||||||
10,782,073 | ||||||||
Louisiana — 0.6% | ||||||||
Lafayette Parish School Board Sale Tax Revenue, RB |
||||||||
4.00%, 04/01/48 |
555 | 544,037 | ||||||
4.00%, 04/01/53 |
355 | 345,851 | ||||||
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29 |
1,000 | 1,007,039 | ||||||
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48 |
995 | 1,000,806 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |
780 | 781,124 | ||||||
|
|
|||||||
3,678,857 | ||||||||
Maryland — 0.4% | ||||||||
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 |
135 | 130,688 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 |
1,550 | 1,612,400 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series 2017, 5.00%, 12/01/46 |
455 | 469,206 | ||||||
|
|
|||||||
2,212,294 | ||||||||
Massachusetts — 2.8% | ||||||||
Commonwealth of Massachusetts, GO |
||||||||
Series C, 5.00%, 10/01/47 |
1,810 | 1,982,884 | ||||||
Series C, 5.00%, 10/01/52 |
1,875 | 2,037,112 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |
4,555 | 4,561,432 | ||||||
Massachusetts Development Finance Agency, Refunding RB |
||||||||
5.00%, 01/01/41 |
525 | 525,951 | ||||||
5.00%, 01/01/45 |
375 | 375,334 | ||||||
5.00%, 07/01/47 |
4,985 | 5,109,620 |
Security | Par (000) |
Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47 |
$ | 685 | $ | 663,909 | ||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
1,220 | 1,287,073 | ||||||
|
|
|||||||
16,543,315 | ||||||||
Michigan — 6.8% | ||||||||
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 |
5 | 5,011 | ||||||
City of Lansing Michigan, Refunding GO, Series B, (AGM), 5.00%, 06/01/48 |
3,450 | 3,747,190 | ||||||
Grand Traverse County Hospital Finance Authority, RB, Series A, 5.00%, 07/01/44 |
1,110 | 1,154,484 | ||||||
Michigan Finance Authority, RB, 4.00%, 02/15/50 |
5,250 | 4,914,199 | ||||||
Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52 |
555 | 535,476 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing |
||||||||
Series A, 5.00%, 10/01/48 |
12,960 | 13,348,696 | ||||||
Series A, AMT, 4.15%, 10/01/53 |
4,615 | 4,151,548 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
1,680 | 1,699,930 | ||||||
State of Michigan Trunk Line Revenue, RB, 4.00%, 11/15/44 |
10,000 | 9,847,410 | ||||||
|
|
|||||||
39,403,944 | ||||||||
Minnesota — 2.5% | ||||||||
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49 |
1,790 | 1,815,685 | ||||||
Duluth Economic Development Authority, Refunding RB |
||||||||
Series A, 4.25%, 02/15/48 |
5,685 | 5,319,488 | ||||||
Series A, 5.25%, 02/15/53 |
615 | 626,515 | ||||||
Series A, 5.25%, 02/15/58 |
3,050 | 3,106,770 | ||||||
Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47 |
1,495 | 1,585,669 | ||||||
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 |
2,130 | 2,279,671 | ||||||
|
|
|||||||
14,733,798 | ||||||||
Mississippi — 0.3% | ||||||||
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40 |
1,190 | 1,200,163 | ||||||
Mississippi State University Educational Building Corp., Refunding RB, 5.25%, 08/01/23(c) |
260 | 260,000 | ||||||
|
|
|||||||
1,460,163 | ||||||||
Missouri — 1.5% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
||||||||
Series A, 4.00%, 07/01/46 |
1,830 | 1,768,920 | ||||||
Series C, 4.00%, 11/15/49 |
3,455 | 3,242,625 | ||||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 |
3,435 | 3,513,345 | ||||||
St Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37 |
500 | 456,870 | ||||||
|
|
|||||||
8,981,760 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value |
||||||
New Hampshire(b) — 0.6% | ||||||||
New Hampshire Business Finance Authority, Refunding RB |
||||||||
Series B, 4.63%, 11/01/42 |
$ | 2,350 | $ | 2,039,506 | ||||
Series B, AMT, 3.75%, 07/01/45(a) |
270 | 208,735 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
1,260 | 1,129,373 | ||||||
|
|
|||||||
3,377,614 | ||||||||
New Jersey — 11.9% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB |
||||||||
5.25%, 11/01/39 |
2,390 | 2,413,845 | ||||||
5.25%, 11/01/44 |
2,250 | 2,261,612 | ||||||
Middlesex County Improvement Authority, RB, |
||||||||
Series B, 6.25%, 01/01/37(e)(f) |
645 | 6,624 | ||||||
New Jersey Economic Development Authority, ARB, |
||||||||
AMT, 5.13%, 09/15/23 |
880 | 879,344 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
5.00%, 12/15/28(c) |
1,375 | 1,534,096 | ||||||
5.00%, 06/15/43 |
2,335 | 2,454,512 | ||||||
Series EEE, 5.00%, 06/15/48 |
6,405 | 6,725,737 | ||||||
AMT, (AGM), 5.00%, 01/01/31 |
530 | 532,046 | ||||||
AMT, 5.38%, 01/01/43 |
1,500 | 1,503,559 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 |
1,570 | 1,579,845 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(c) |
775 | 840,456 | ||||||
New Jersey Economic Development Authority, Refunding SAB |
||||||||
6.50%, 04/01/28 |
6,251 | 6,428,846 | ||||||
5.75%, 04/01/31 |
705 | 673,970 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |
4,980 | 4,812,846 | ||||||
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 |
1,810 | 1,655,973 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49 |
665 | 538,401 | ||||||
New Jersey Transportation Trust Fund Authority, RB Series A, 5.00%, 06/15/28 |
500 | 524,457 | ||||||
Series AA, 5.00%, 06/15/45 |
415 | 419,737 | ||||||
Series AA, 4.00%, 06/15/50 |
1,730 | 1,648,387 | ||||||
Series S, 5.25%, 06/15/43 |
1,145 | 1,218,794 | ||||||
Series S, 5.00%, 06/15/46 |
4,980 | 5,234,040 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40 |
7,330 | 7,416,795 | ||||||
New Jersey Turnpike Authority, RB Series B, 5.00%, 01/01/46 |
5,385 | 5,917,894 | ||||||
Series E, 5.00%, 01/01/45 |
2,810 | 2,857,354 | ||||||
Tobacco Settlement Financing Corp., Refunding RB Series A, 5.00%, 06/01/35 |
1,605 | 1,712,331 | ||||||
Series A, 5.25%, 06/01/46 |
4,415 | 4,604,108 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
2,955 | 2,949,557 | ||||||
|
|
|||||||
69,345,166 | ||||||||
New Mexico — 0.0% | ||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |
100 | 86,525 | ||||||
|
|
Security | Par (000) |
Value |
||||||
New York — 19.1% | ||||||||
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35 |
$ | 500 | $ | 514,597 | ||||
City of New York, GO |
||||||||
Series A-1, 4.00%, 09/01/46 |
1,550 | 1,515,382 | ||||||
Series B, 5.25%, 10/01/39 |
1,030 | 1,178,212 | ||||||
Series B, 5.25%, 10/01/40 |
790 | 901,219 | ||||||
Series C, 5.00%, 08/01/43 |
1,870 | 2,030,685 | ||||||
Series D-1, 4.00%, 03/01/42 |
455 | 456,024 | ||||||
Series F-1, 4.00%, 03/01/47 |
4,410 | 4,337,164 | ||||||
Metropolitan Transportation Authority, RB |
||||||||
Series B, 5.25%, 11/15/39 |
910 | 920,118 | ||||||
Series C, 4.00%, 11/15/33 |
100 | 100,012 | ||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series C-1, 5.00%, 11/15/25 |
100 | 102,431 | ||||||
Series C-1, 5.00%, 11/15/26 |
65 | 67,518 | ||||||
Series C-1, 4.75%, 11/15/45 |
6,795 | 6,892,148 | ||||||
Series C-1, 5.00%, 11/15/50 |
575 | 591,952 | ||||||
Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 |
1,760 | 1,685,124 | ||||||
New York City Housing Development Corp., RB, M/F Housing, Series H, Sustainability Bonds, 2.55%, 11/01/45 |
925 | 646,306 | ||||||
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52 |
1,080 | 1,206,355 | ||||||
New York City Municipal Water Finance Authority, Refunding RB |
||||||||
Series BB-1, 4.00%, 06/15/45 |
810 | 798,104 | ||||||
Series DD, 4.13%, 06/15/46 |
7,250 | 7,245,527 | ||||||
Series DD, 4.13%, 06/15/47 |
3,430 | 3,435,210 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
Sub-Series B-1, 4.00%, 11/01/45 |
5,000 | 4,857,340 | ||||||
Series A-1, Subordinate, 4.00%, 08/01/48 |
2,240 | 2,187,911 | ||||||
Series B-1, Subordinate, 4.00%, 08/01/48 |
2,500 | 2,435,665 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/47 |
3,260 | 3,511,682 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, |
||||||||
Series A, 6.25%, 06/01/41(b) |
3,200 | 3,200,870 | ||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Class 2, 5.38%, 11/15/40(b) |
1,175 | 1,179,375 | ||||||
Series 1, 5.00%, 11/15/44(b) |
6,110 | 5,963,116 | ||||||
Series A, 2.88%, 11/15/46 |
530 | 387,442 | ||||||
Series A, 3.00%, 11/15/51 |
2,040 | 1,480,552 | ||||||
Series A, (BAM-TCRS), 3.00%, 11/15/51 |
1,270 | 938,436 | ||||||
New York State Dormitory Authority, Refunding RB |
||||||||
Series A, 4.00%, 03/15/44 |
1,200 | 1,183,080 | ||||||
Series A, 5.00%, 03/15/45 |
1,530 | 1,627,147 | ||||||
Series A, 4.00%, 03/15/47 |
3,830 | 3,804,377 | ||||||
Series A, 4.00%, 03/15/48 |
1,420 | 1,392,862 | ||||||
New York State Thruway Authority, Refunding RB |
||||||||
Series A, 4.00%, 03/15/42 |
750 | 756,102 | ||||||
Series B, Subordinate, 4.00%, 01/01/45 |
3,110 | 3,038,974 | ||||||
New York State Urban Development Corp., RB, |
||||||||
Series A, 4.00%, 03/15/49 |
4,625 | 4,486,879 | ||||||
New York State Urban Development Corp., Refunding RB |
||||||||
4.00%, 03/15/45 |
6,575 | 6,528,771 | ||||||
4.00%, 03/15/49 |
2,205 | 2,141,401 | ||||||
New York Transportation Development Corp., ARB AMT, 5.00%, 12/01/40 |
2,250 | 2,359,231 | ||||||
Series A, AMT, 5.00%, 07/01/46 |
1,600 | 1,604,374 |
26 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value |
||||||
New York (continued) | ||||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 5.00%, 10/01/35 |
$ | 1,910 | $ | 1,999,845 | ||||
AMT, 4.00%, 10/31/46 |
425 | 374,824 | ||||||
Port Authority of New York & New Jersey, ARB 4.00%, 09/01/45 |
2,500 | 2,451,840 | ||||||
218th Series, AMT, 4.00%, 11/01/47 |
380 | 354,300 | ||||||
Port Authority of New York & New Jersey, Refunding ARB |
||||||||
194th Series, 5.25%, 10/15/55 |
3,605 | 3,713,374 | ||||||
Series 223, AMT, 4.00%, 07/15/41 |
1,150 | 1,125,190 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
||||||||
Series A, 4.00%, 05/15/48 |
6,855 | 6,772,246 | ||||||
Series A, 5.00%, 05/15/48 |
900 | 989,912 | ||||||
Series A, 5.25%, 05/15/57 |
1,640 | 1,814,817 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49 |
945 | 1,011,084 | ||||||
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 |
976 | 980,561 | ||||||
Westchester Tobacco Asset Securitization Corp., |
||||||||
Refunding RB, Sub-Series C, 4.00%, 06/01/42 |
195 | 191,737 | ||||||
|
|
|||||||
111,469,405 | ||||||||
North Carolina — 0.4% | ||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53 |
2,325 | 2,503,030 | ||||||
|
|
|||||||
North Dakota — 0.2% | ||||||||
County of Cass North Dakota, Refunding RB, |
||||||||
Series B, 5.25%, 02/15/58 |
1,035 | 1,060,264 | ||||||
|
|
|||||||
Ohio — 2.5% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB |
||||||||
Series A-2, 4.00%, 06/01/48 |
915 | 840,397 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 |
8,555 | 7,966,407 | ||||||
County of Franklin Ohio, RB, Series 2017, 5.00%, 12/01/46 |
435 | 447,128 | ||||||
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 |
590 | 679,901 | ||||||
County of Hamilton Ohio, Refunding RB 4.00%, 08/15/50 |
2,415 | 2,206,796 | ||||||
Series A, 3.75%, 08/15/50 |
1,155 | 992,413 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) |
860 | 788,776 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 |
870 | 871,982 | ||||||
|
|
|||||||
14,793,800 | ||||||||
Oklahoma — 0.6% | ||||||||
Oklahoma Development Finance Authority, RB, |
||||||||
Series B, 5.50%, 08/15/52 |
1,640 | 1,627,441 | ||||||
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 |
240 | 235,770 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45 |
1,435 | 1,381,248 | ||||||
|
|
|||||||
3,244,459 |
Security | Par (000) |
Value |
||||||
Oregon — 2.4% | ||||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d) |
$ | 1,445 | $ | 753,867 | ||||
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d) |
470 | 249,553 | ||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48 |
11,630 | 12,870,851 | ||||||
|
|
|||||||
13,874,271 | ||||||||
Pennsylvania — 4.2% | ||||||||
Montgomery County Higher Education and Health Authority, Refunding RB 4.00%, 09/01/51 |
2,260 | 2,053,237 | ||||||
Series A, 5.00%, 09/01/48 |
385 | 394,319 | ||||||
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |
205 | 191,823 | ||||||
Pennsylvania Economic Development Financing Authority, RB |
||||||||
AMT, 5.00%, 06/30/42 |
3,680 | 3,699,846 | ||||||
AMT, 5.75%, 06/30/48 |
1,405 | 1,557,839 | ||||||
AMT, 5.25%, 06/30/53 |
2,330 | 2,440,922 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
480 | 480,151 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 |
3,695 | 3,601,539 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53 |
2,990 | 2,884,713 | ||||||
Pennsylvania Turnpike Commission, RB |
||||||||
Series A, 5.00%, 12/01/44 |
1,535 | 1,557,301 | ||||||
Series A, Subordinate, 4.00%, 12/01/46 |
2,065 | 1,994,976 | ||||||
Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50 |
810 | 784,163 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, |
||||||||
Series C, 4.00%, 12/01/51 |
2,355 | 2,261,525 | ||||||
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 |
440 | 464,444 | ||||||
|
|
|||||||
24,366,798 | ||||||||
Puerto Rico — 4.8% | ||||||||
Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31 |
1,596 | 1,738,889 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
5,908 | 5,582,381 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
11,913 | 11,623,204 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
3,256 | 3,063,648 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
2,333 | 2,206,605 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 |
164 | 154,924 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 |
159 | 149,645 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d) |
12,023 | 3,389,488 | ||||||
|
|
|||||||
27,908,784 | ||||||||
Rhode Island — 0.3% | ||||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 |
250 | 238,112 |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Rhode Island (continued) | ||||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/35 |
$ | 800 | $ | 805,085 | ||||
Series A, 5.00%, 06/01/40 |
950 | 950,335 | ||||||
|
|
|||||||
1,993,532 | ||||||||
South Carolina — 4.9% | ||||||||
County of Charleston South Carolina, ARB, 5.25%, 12/01/23(c) |
3,295 | 3,315,004 | ||||||
South Carolina Jobs-Economic Development Authority, RB(b) |
||||||||
5.00%, 01/01/40 |
385 | 354,243 | ||||||
5.00%, 01/01/55 |
335 | 281,268 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB |
||||||||
5.00%, 02/01/38 |
2,710 | 2,782,961 | ||||||
Series A, 5.00%, 05/01/43 |
2,430 | 2,471,118 | ||||||
Series A, 5.00%, 05/01/48 |
3,395 | 3,422,045 | ||||||
South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25(c) |
1,085 | 1,115,929 | ||||||
South Carolina Public Service Authority, RB |
||||||||
Series A, 5.50%, 12/01/54 |
4,810 | 4,853,747 | ||||||
Series E, 5.50%, 12/01/53 |
2,040 | 2,053,491 | ||||||
South Carolina Public Service Authority, Refunding RB |
||||||||
Series A, 5.00%, 12/01/50 |
1,755 | 1,774,038 | ||||||
Series A, 5.00%, 12/01/55 |
465 | 470,539 | ||||||
Series C, 5.00%, 12/01/46 |
1,795 | 1,809,891 | ||||||
Series E, 5.25%, 12/01/55 |
3,750 | 3,828,566 | ||||||
|
|
|||||||
28,532,840 | ||||||||
Tennessee — 1.5% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 |
740 | 758,308 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB |
||||||||
Series A, 4.00%, 10/01/49 |
445 | 343,598 | ||||||
Series A, 5.25%, 10/01/58 |
2,445 | 2,353,149 | ||||||
Metropolitan Nashville Airport Authority, ARB |
||||||||
Series B, AMT, 5.25%, 07/01/35 |
950 | 1,062,985 | ||||||
Series B, AMT, 5.50%, 07/01/36 |
795 | 900,190 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |
3,130 | 3,325,334 | ||||||
|
|
|||||||
8,743,564 | ||||||||
Texas — 12.0% | ||||||||
Arlington Higher Education Finance Corp., RB(b) |
||||||||
7.50%, 04/01/62 |
965 | 946,364 | ||||||
7.88%, 11/01/62 |
815 | 833,113 | ||||||
City of Austin Texas Airport System Revenue, ARB |
||||||||
AMT, 5.00%, 11/15/39 |
665 | 672,991 | ||||||
Series B, AMT, 5.00%, 11/15/44 |
1,980 | 2,066,199 | ||||||
City of Houston Texas Airport System Revenue, ARB, |
||||||||
Series A, AMT, 6.63%, 07/15/38 |
150 | 150,007 | ||||||
City of Houston Texas Airport System Revenue, |
||||||||
Refunding ARB, AMT, 5.00%, 07/15/27 |
100 | 101,445 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
AMT, 5.00%, 07/01/29 |
595 | 596,200 | ||||||
Series A, AMT, 5.00%, 07/01/27 |
100 | 101,582 | ||||||
Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 |
5,180 | 5,595,674 |
Security | Par (000) |
Value | ||||||
Texas (continued) | ||||||||
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 |
$ | 230 | $ | 230,339 | ||||
Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48 |
1,415 | 1,374,024 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series E, AMT, 5.50%, 11/01/27 |
2,500 | 2,510,647 | ||||||
Denton Independent School District, GO, (PSF), |
||||||||
5.00%, 08/15/48(h) |
2,975 | 3,268,689 | ||||||
Fort Worth Independent School District, GO, (PSF), |
||||||||
4.00%, 02/15/48 |
670 | 649,165 | ||||||
Harris County-Houston Sports Authority, Refunding RB(d) |
||||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(c) |
2,300 | 1,088,411 | ||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/36 |
13,075 | 6,073,756 | ||||||
Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 |
4,750 | 2,083,464 | ||||||
Klein Independent School District, GO, (PSF), 4.00%, 08/01/47 |
5,185 | 5,034,267 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d) |
10,540 | 5,642,568 | ||||||
New Caney Independent School District, Refunding GO, (PSF), 5.00%, 02/15/53(h) |
5,185 | 5,633,907 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) |
180 | 157,167 | ||||||
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(c)(d) |
640 | 316,596 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |
3,185 | 3,186,312 | ||||||
Port Authority of Houston of Harris County Texas, ARB, 4.00%, 10/01/46 |
2,110 | 2,061,761 | ||||||
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48 |
1,370 | 1,431,772 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
5.00%, 11/15/51 |
1,280 | 1,364,028 | ||||||
Series A, 4.00%, 07/01/53 |
1,435 | 1,316,389 | ||||||
Series A, 5.00%, 07/01/53 |
880 | 937,207 | ||||||
Series B, 5.00%, 07/01/48 |
4,955 | 5,156,728 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
95 | 81,685 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49 |
1,240 | 1,162,567 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB |
||||||||
AMT, 5.00%, 06/30/58 |
3,110 | 3,126,284 | ||||||
AMT, Senior Lien, 5.00%, 12/31/55 |
975 | 961,873 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB(d) |
||||||||
0.00%, 08/01/40 |
500 | 209,139 | ||||||
0.00%, 08/01/41 |
2,000 | 788,792 | ||||||
0.00%, 08/01/42 |
2,345 | 871,880 | ||||||
Texas Water Development Board, RB |
||||||||
4.45%, 10/15/36 |
675 | 729,861 | ||||||
4.00%, 10/15/45 |
1,810 | 1,785,549 | ||||||
|
|
|||||||
70,298,402 | ||||||||
Utah — 1.2% | ||||||||
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/48 |
955 | 983,043 |
28 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Utah (continued) | ||||||||
City of Salt Lake City Utah Airport Revenue, RB, Series A, AMT, 5.25%, 07/01/48(h) |
$ | 5,235 | $ | 5,630,305 | ||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39(b) |
100 | 93,436 | ||||||
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40(b) |
135 | 127,192 | ||||||
|
|
|||||||
6,833,976 | ||||||||
Vermont — 0.0% | ||||||||
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36 |
220 | 209,269 | ||||||
|
|
|||||||
Virginia — 2.4% | ||||||||
Ballston Quarter Community Development Authority, TA |
||||||||
Series A, 5.00%, 03/01/26 |
290 | 278,729 | ||||||
Series A, 5.13%, 03/01/31 |
755 | 640,589 | ||||||
Hampton Roads Transportation Accountability Commission, RB |
||||||||
Series A, 4.00%, 07/01/52 |
2,780 | 2,678,880 | ||||||
Series A, Senior Lien, 4.00%, 07/01/50 |
1,265 | 1,224,824 | ||||||
Series A, Senior Lien, 4.00%, 07/01/55 |
1,575 | 1,517,698 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, |
||||||||
Series B-1, 5.00%, 06/01/47 |
1,010 | 950,015 | ||||||
Virginia Housing Development Authority, RB, M/F |
||||||||
Housing, Series G, 5.05%, 11/01/47 |
1,825 | 1,896,170 | ||||||
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 12/01/49 |
5,310 | 5,054,568 | ||||||
|
|
|||||||
14,241,473 | ||||||||
Washington — 1.2% | ||||||||
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project, Refunding RB, Series A, 5.00%, 01/01/26(c) |
2,335 | 2,438,392 | ||||||
Port of Seattle Washington, ARB |
||||||||
Series A, AMT, 5.00%, 05/01/43 |
1,615 | 1,658,481 | ||||||
Series C, AMT, 5.00%, 04/01/40 |
1,050 | 1,060,569 | ||||||
Washington State Housing Finance Commission, |
||||||||
Refunding RB, 5.00%, 01/01/43(b) |
2,165 | 1,799,894 | ||||||
|
|
|||||||
6,957,336 | ||||||||
West Virginia — 0.1% | ||||||||
City of Martinsburg West Verginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43 |
570 | 546,368 | ||||||
|
|
|||||||
Wisconsin — 2.4% | ||||||||
Public Finance Authority, RB |
||||||||
Series A, 5.00%, 07/01/55(b) |
120 | 99,885 | ||||||
Series A-1, 4.50%, 01/01/35(b) |
205 | 182,460 | ||||||
AMT, 4.00%, 09/30/51 |
5,615 | 4,656,132 | ||||||
AMT, 4.00%, 03/31/56 |
1,835 | 1,489,055 | ||||||
Public Finance Authority, Refunding RB(b) |
||||||||
5.00%, 09/01/49 |
120 | 90,904 | ||||||
5.25%, 05/15/52 |
735 | 640,230 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB |
||||||||
4.00%, 12/01/46 |
3,075 | 2,905,404 |
Security | Par (000) |
Value | ||||||
Wisconsin (continued) | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB (continued) |
||||||||
4.00%, 12/01/51 |
$ | 3,280 | $ | 3,105,222 | ||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 |
660 | 661,648 | ||||||
|
|
|||||||
13,830,940 | ||||||||
|
|
|||||||
Total Municipal Bonds — 141.5% (Cost: $826,324,636) |
825,965,184 | |||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
| |||||||
Alabama — 1.2% | ||||||||
Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53(a) |
6,702 | 7,019,190 | ||||||
|
|
|||||||
Colorado — 1.4% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series A, AMT, 5.50%, 11/15/53 |
7,685 | 8,327,532 | ||||||
|
|
|||||||
District of Columbia — 0.4% | ||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 |
2,361 | 2,281,613 | ||||||
|
|
|||||||
Florida — 0.9% | ||||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(j) |
5,672 | 5,057,949 | ||||||
|
|
|||||||
Georgia — 1.6% | ||||||||
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52(a) |
9,020 | 9,327,329 | ||||||
|
|
|||||||
Iowa — 0.4% | ||||||||
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 |
2,740 | 2,549,884 | ||||||
|
|
|||||||
Nebraska — 0.9% | ||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a) |
5,241 | 5,434,341 | ||||||
|
|
|||||||
New York — 1.2% | ||||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |
4,810 | 4,692,249 | ||||||
Port Authority of New York & New Jersey, RB, Series 221, AMT, 4.00%, 07/15/55 |
2,820 | 2,604,405 | ||||||
|
|
|||||||
7,296,654 | ||||||||
Rhode Island — 0.9% | ||||||||
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 |
5,570 | 5,247,561 | ||||||
|
|
|||||||
West Virginia — 0.7% | ||||||||
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(j) |
4,222 | 3,908,210 | ||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Wisconsin — 1.0% |
||||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing |
||||||||
Series A, 4.10%, 11/01/43 |
$ | 2,658 | $ | 2,477,151 | ||||
Series A, 4.45%, 05/01/57 |
3,322 | 3,096,439 | ||||||
|
|
|||||||
5,573,590 | ||||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.6% (Cost: $64,056,645) |
|
62,023,853 | ||||||
|
|
|||||||
Total Long-Term Investments — 152.1% (Cost: $890,381,281) |
|
887,989,037 | ||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities |
||||||||
Money Market Funds — 6.5% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.57%(k)(l) |
37,886,667 | 37,886,667 | ||||||
|
|
|||||||
Total Short-Term Securities — 6.5% (Cost: $37,883,278) |
|
37,886,667 | ||||||
|
|
|||||||
Total Investments — 158.6% (Cost: $928,264,559) |
|
925,875,704 | ||||||
Liabilities in Excess of Other Assets — (0.9)% |
|
(5,463,430 | ) | |||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.8)% |
|
(34,105,249 | ) | |||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (51.9)% |
|
(302,700,000 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares — 100.0%. |
$ | 583,607,025 | ||||||
|
|
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(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) | Zero-coupon bond. |
(e) | Issuer filed for bankruptcy and/or is in default. |
(f) | Non-income producing security. |
(g) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(h) | When-issued security. |
(i) | 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. |
(j) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between June 1, 2026 to February 15, 2028, is $5,152,987. |
(k) | Affiliate of the Trust. |
(l) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/23 |
Shares Held at 07/31/23 |
Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$2,826,073 | $ | 35,055,164 | (a) | $ | — | $ | 2,674 | $ | 2,756 | $ | 37,886,667 | 37,886,667 | $507,342 | $ — | |||||||||||||||
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
30 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Trust II (BLE) |
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Treasury Note |
67 | 09/20/23 | $ | 7,468 | $ | 185,212 | ||||||||||
U.S. Long Bond |
75 | 09/20/23 | 9,347 | 260,658 | ||||||||||||
5-Year U.S. Treasury Note |
61 | 09/29/23 | 6,520 | 146,209 | ||||||||||||
|
|
|||||||||||||||
$ | 592,079 | |||||||||||||||
|
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | — | $ | — | $ | 592,079 | $ | — | $ | 592,079 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 7,745,741 | $ | — | $ | 7,745,741 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 4,088,709 | $ | — | $ | 4,088,709 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 78,559,002 | ||
|
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (continued) July 31, 2023 |
BlackRock Municipal Income Trust II (BLE) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ | — | $ | 825,965,184 | $ | — | $ | 825,965,184 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 62,023,853 | — | 62,023,853 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
37,886,667 | — | — | 37,886,667 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 37,886,667 | $ | 887,989,037 | $ | — | $ | 925,875,704 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Interest Rate Contracts |
$ | 592,079 | $ | — | $ | — | $ | 592,079 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ | — | $ | (33,811,898 | ) | $ | — | $ | (33,811,898 | ) | ||||||
VMTP Shares at Liquidation Value |
— | (302,700,000 | ) | — | (302,700,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | (336,511,898 | ) | $ | — | $ | (336,511,898 | ) | |||||||
|
|
|
|
|
|
|
|
32 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments July 31, 2023 |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Municipal Bonds |
||||||||
Alabama — 3.0% | ||||||||
Black Belt Energy Gas District, RB(a) |
||||||||
Series B-2, 4.60%, 12/01/48 |
$ | 2,500 | $ | 2,494,663 | ||||
Series F, 5.50%, 11/01/53 |
1,590 | 1,676,798 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A-2, 5.81%, 01/01/53(a) |
9,645 | 9,739,386 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b) |
1,610 | 1,453,025 | ||||||
|
|
|||||||
15,363,872 | ||||||||
Arizona — 1.8% | ||||||||
Arizona Industrial Development Authority, RB, Series A, (BAM), 4.00%, 06/01/44 |
1,435 | 1,385,942 | ||||||
Arizona Industrial Development Authority, Refunding RB(b) |
||||||||
Series A, 5.38%, 07/01/50 |
2,500 | 2,319,820 | ||||||
Series G, 5.00%, 07/01/47 |
715 | 638,809 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
1,030 | 888,272 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB(b) |
||||||||
5.00%, 07/01/45 |
700 | 648,501 | ||||||
Series A, 5.00%, 07/01/35 |
1,125 | 1,103,051 | ||||||
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 |
1,805 | 1,863,697 | ||||||
|
|
|||||||
8,848,092 | ||||||||
Arkansas — 0.8% | ||||||||
Arkansas Development Finance Authority, RB |
||||||||
AMT, 5.70%, 05/01/53 |
810 | 824,040 | ||||||
Series A, AMT, 4.75%, 09/01/49(b) |
3,550 | 3,382,536 | ||||||
|
|
|||||||
4,206,576 | ||||||||
California — 5.0% | ||||||||
Bay Area Toll Authority, Refunding RB, Series C, 4.43%, 04/01/56(a) |
2,000 | 2,048,666 | ||||||
California Community Choice Financing Authority, RB, Series B-2, 4.43%, 02/01/52(a) |
3,500 | 3,355,020 | ||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) |
715 | 700,335 | ||||||
California Health Facilities Financing Authority, Refunding RB, Series A, 3.00%, 08/15/51 |
5,395 | 4,055,939 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43 |
2,800 | 2,864,971 | ||||||
California Pollution Control Financing Authority, RB, AMT, 4.10%, 11/01/42(a)(b) |
1,235 | 1,235,000 | ||||||
City of Los Angeles California, RB, 5.00%, 06/27/24 |
5,000 | 5,081,575 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) |
||||||||
4.00%, 10/01/56 |
205 | 169,099 | ||||||
4.00%, 12/01/56 |
315 | 223,434 | ||||||
Series A, 4.00%, 06/01/58 |
1,270 | 988,973 | ||||||
Senior Lien, 3.13%, 06/01/57 |
1,080 | 739,375 | ||||||
Series A, Senior Lien, 4.00%, 12/01/58 |
535 | 411,950 | ||||||
Poway Unified School District, Refunding GO, Series B, 0.00%, 08/01/46(c) |
10,000 | 3,572,120 | ||||||
|
|
|||||||
25,446,457 | ||||||||
Colorado — 2.9% | ||||||||
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |
1,025 | 931,086 |
Security | Par (000) |
Value | ||||||
Colorado (continued) | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/48 |
$ | 3,300 | $ | 3,389,034 | ||||
Colorado Health Facilities Authority, RB 5.50%, 11/01/47 |
395 | 422,786 | ||||||
Series D, 4.53%, 05/15/61(a) |
2,515 | 2,551,898 | ||||||
Colorado Health Facilities Authority, Refunding RB, |
||||||||
Series A, 5.00%, 08/01/44 |
3,840 | 3,971,785 | ||||||
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
2,000 | 2,014,948 | ||||||
E-470 Public Highway Authority, Refunding RB, Series B, 3.90%, 09/01/39(a) |
510 | 508,236 | ||||||
Serenity Ridge Metropolitan District No. 2, GO, Series A, 5.13%, 12/01/23(d) |
1,000 | 1,035,286 | ||||||
|
|
|||||||
14,825,059 | ||||||||
Connecticut — 3.4% | ||||||||
Connecticut Housing Finance Authority, RB, S/F Housing, Series C-2, (FHLMC, FNMA, GNMA), 3.80%, 11/15/52(a) |
10,000 | 10,000,000 | ||||||
State of Connecticut Special Tax Revenue, RB, Series A, 5.25%, 07/01/42 |
3,275 | 3,738,904 | ||||||
State of Connecticut, GO, Series A, 5.00%, 04/15/38 |
3,325 | 3,568,862 | ||||||
|
|
|||||||
17,307,766 | ||||||||
Delaware — 0.5% | ||||||||
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48 |
2,670 | 2,717,734 | ||||||
|
|
|||||||
District of Columbia — 0.2% | ||||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |
910 | 975,583 | ||||||
|
|
|||||||
Florida — 9.5% | ||||||||
Celebration Pointe Community Development District No. 1, SAB |
||||||||
5.00%, 05/01/32 |
790 | 796,961 | ||||||
5.00%, 05/01/48 |
2,160 | 2,072,509 | ||||||
County of Broward Florida Tourist Development Tax Revenue, Refunding RB, 4.00%, 09/01/51 |
3,300 | 3,193,159 | ||||||
County of Miami-Dade Seaport Department, Refunding RB |
||||||||
Series A-2, (AGM), 4.00%, 10/01/49 |
3,300 | 3,205,818 | ||||||
Series A, AMT, 5.00%, 10/01/39 |
1,975 | 2,092,613 | ||||||
Series A-1, AMT, (AGM), 4.00%, 10/01/45 |
6,400 | 5,998,938 | ||||||
Florida Development Finance Corp., RB, 6.50%, 06/30/57(b) |
645 | 629,278 | ||||||
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/52 |
5,000 | 4,614,930 | ||||||
Highlands County Health Facilities Authority, Refunding RB, 3.85%, 11/15/56(a) |
9,000 | 9,000,000 | ||||||
Lakewood Ranch Stewardship District, SAB |
||||||||
4.63%, 05/01/27 |
205 | 205,727 | ||||||
5.25%, 05/01/37 |
470 | 473,252 | ||||||
5.38%, 05/01/47 |
770 | 765,314 | ||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45 |
4,625 | 4,692,631 | ||||||
Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35 |
8,900 | 8,907,049 |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (continued) July 31, 2023 |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Florida (continued) | ||||||||
Palm Beach County Health Facilities Authority, RB, Series B, 4.00%, 11/15/41 |
$ | 300 | $ | 248,146 | ||||
Sarasota County Health Facilities Authority, RB, 5.00%, 05/15/48 |
605 | 545,578 | ||||||
University of Florida Department of Housing & Residence Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), 3.00%, 07/01/51 |
1,000 | 752,378 | ||||||
|
|
|||||||
48,194,281 | ||||||||
Georgia — 1.8% | ||||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |
375 | 335,941 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/49 |
1,855 | 1,836,665 | ||||||
Series B, 5.00%, 12/01/52(a) |
4,035 | 4,172,480 | ||||||
Municipal Electric Authority of Georgia, RB, 5.00%, 01/01/48 |
2,745 | 2,757,534 | ||||||
|
|
|||||||
9,102,620 | ||||||||
Illinois — 9.3% | ||||||||
Chicago Board of Education, GO |
||||||||
Series C, 5.25%, 12/01/35 |
2,785 | 2,812,223 | ||||||
Series D, 5.00%, 12/01/46 |
3,570 | 3,500,132 | ||||||
Series H, 5.00%, 12/01/36 |
865 | 879,210 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series C, 5.00%, 12/01/25 |
1,200 | 1,208,568 | ||||||
Series D, 5.00%, 12/01/25 |
1,560 | 1,571,138 | ||||||
Series G, 5.00%, 12/01/34 |
865 | 887,628 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, Refunding RB, Series C, 2nd Lien, 5.00%, 01/01/39 |
1,000 | 1,011,218 | ||||||
Cook County Community College District No. 508, GO, 5.25%, 12/01/31 |
5,000 | 5,013,065 | ||||||
Illinois Finance Authority, Refunding RB, Series C, 5.00%, 02/15/41 |
3,600 | 3,753,684 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42 |
985 | 1,010,076 | ||||||
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/40 |
10,980 | 11,318,261 | ||||||
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56(c) |
8,755 | 1,778,097 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM-TCRS), 0.00%, 12/15/54(c) |
12,215 | 2,769,483 | ||||||
State of Illinois, GO, Series D, 5.00%, 11/01/27 |
6,965 | 7,404,359 | ||||||
Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23 |
1,915 | 1,916,314 | ||||||
|
|
|||||||
46,833,456 | ||||||||
Indiana — 0.4% | ||||||||
City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34 |
2,250 | 2,269,784 | ||||||
|
|
|||||||
Iowa — 1.1% | ||||||||
Iowa Finance Authority, RB |
||||||||
5.00%, 05/15/36 |
1,050 | 887,219 | ||||||
Series A, 5.00%, 05/15/48 |
6,750 | 4,921,283 | ||||||
|
|
|||||||
5,808,502 | ||||||||
Kansas — 0.3% | ||||||||
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 |
1,530 | 1,395,946 | ||||||
|
|
Security | Par (000) |
Value | ||||||
Louisiana — 2.0% | ||||||||
City of Shreveport Louisiana Water & Sewer Revenue, RB, Series B, Junior Lien, (AGM), 4.00%, 12/01/49 |
$ | 11,095 | $ | 10,180,728 | ||||
|
|
|||||||
Maryland — 4.4% | ||||||||
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 |
545 | 527,591 | ||||||
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42 |
4,935 | 5,071,887 | ||||||
Maryland Community Development Administration, Refunding RB, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49(e) |
2,155 | 2,180,517 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, 5.00%, 12/31/40 |
1,500 | 1,562,949 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/45 |
2,560 | 2,463,309 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.00%, 07/01/40 |
6,350 | 6,436,659 | ||||||
Maryland Stadium Authority, RB, Series A, (NGFGC), 5.00%, 05/01/47 |
3,630 | 3,797,027 | ||||||
|
|
|||||||
22,039,939 | ||||||||
Massachusetts — 1.0% | ||||||||
Commonwealth of Massachusetts, GO, Series B, 3.00%, 04/01/49 |
2,680 | 2,102,615 | ||||||
Massachusetts Development Finance Agency, RB |
||||||||
Series A, 5.25%, 01/01/42 |
1,895 | 1,916,486 | ||||||
Series A, 5.00%, 01/01/47 |
845 | 846,193 | ||||||
|
|
|||||||
4,865,294 | ||||||||
Michigan — 1.7% | ||||||||
Michigan Finance Authority, Refunding RB |
||||||||
4.00%, 09/01/46 |
1,200 | 1,071,423 | ||||||
4.73%, 04/15/47(a) |
5,595 | 5,589,903 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
1,775 | 1,796,057 | ||||||
|
|
|||||||
8,457,383 | ||||||||
Minnesota — 1.3% | ||||||||
City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45 |
1,500 | 1,312,506 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52(b) |
695 | 662,055 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43 |
1,940 | 1,748,803 | ||||||
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42 |
2,945 | 3,097,581 | ||||||
|
|
|||||||
6,820,945 | ||||||||
Mississippi — 1.9% | ||||||||
Mississippi Development Bank, Refunding RB, Series A, (AGM), 4.00%, 03/01/41 |
3,000 | 2,966,352 | ||||||
State of Mississippi Gaming Tax Revenue, RB |
||||||||
Series A, 5.00%, 10/15/37 |
1,105 | 1,154,503 | ||||||
Series A, 4.00%, 10/15/38 |
5,535 | 5,275,530 | ||||||
|
|
|||||||
9,396,385 | ||||||||
Missouri — 1.9% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 |
10,000 | 9,351,470 | ||||||
|
|
34 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Montana — 0.1% | ||||||||
Montana Board of Housing, RB, S/F Housing |
||||||||
Series B-2, 3.50%, 12/01/42 |
$ | 205 | $ | 199,583 | ||||
Series B-2, 3.60%, 12/01/47 |
310 | 309,908 | ||||||
|
|
|||||||
509,491 | ||||||||
Nebraska — 1.0% | ||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a) |
4,765 | 4,940,600 | ||||||
|
|
|||||||
Nevada — 3.3% | ||||||||
Carson City Nevada, Refunding RB, 5.00%, 09/01/42 |
2,250 | 2,273,686 | ||||||
City of Reno Nevada, Refunding RB, Series A-1, (AGM), 4.00%, 06/01/43 |
5,230 | 5,069,512 | ||||||
County of Clark Nevada, GO, Series A, 5.00%, 06/01/37 |
1,500 | 1,613,794 | ||||||
Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51 |
7,875 | 7,602,659 | ||||||
|
|
|||||||
16,559,651 | ||||||||
New Jersey — 7.7% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44 |
1,400 | 1,407,226 | ||||||
New Jersey Economic Development Authority, ARB, Series A, AMT, 5.63%, 11/15/30 |
1,530 | 1,550,211 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
AMT, 5.13%, 01/01/34 |
1,050 | 1,053,609 | ||||||
AMT, 5.38%, 01/01/43 |
10,000 | 10,023,730 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series UU, 5.00%, 06/15/40 |
2,755 | 2,792,146 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
Series B, AMT, 4.00%, 12/01/41 |
2,305 | 2,272,069 | ||||||
Series C, AMT, Subordinate, 5.00%, 12/01/52 |
2,615 | 2,694,122 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32 |
3,755 | 3,610,590 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Class BB, 4.00%, 06/15/50 |
1,000 | 946,225 | ||||||
Series AA, 5.25%, 06/15/41 |
780 | 802,193 | ||||||
Series AA, 5.00%, 06/15/44 |
4,450 | 4,490,468 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/38(c) |
7,260 | 3,749,884 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/46 |
3,000 | 3,091,821 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
515 | 514,051 | ||||||
|
|
|||||||
38,998,345 | ||||||||
New York — 14.3% | ||||||||
Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b) |
2,145 | 2,187,186 | ||||||
City of New York, GO |
||||||||
4.52%, 04/01/42(a) |
8,000 | 8,000,000 | ||||||
Series C, 4.00%, 08/01/37 |
4,000 | 4,098,340 | ||||||
Series F-1, 4.00%, 08/01/41 |
4,355 | 4,373,618 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
4,435 | 4,155,595 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
Series B-1, Subordinate, 4.00%, 08/01/45 |
16,920 | 16,516,035 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/47 |
990 | 1,066,431 | ||||||
New York Counties Tobacco Trust IV, Refunding RB |
||||||||
Series A, 5.00%, 06/01/38 |
3,595 | 3,491,230 | ||||||
Series A, 6.25%, 06/01/41(b) |
3,200 | 3,200,870 |
Security | Par (000) |
Value | ||||||
New York (continued) | ||||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Class 2, 5.38%, 11/15/40(b) |
$ | 1,145 | $ | 1,149,263 | ||||
Series 1, 4.00%, 02/15/43 |
4,250 | 4,190,190 | ||||||
Series A, 3.00%, 11/15/51 |
415 | 301,191 | ||||||
New York State Dormitory Authority, Refunding RB |
||||||||
4.00%, 03/15/49 |
5,000 | 4,887,595 | ||||||
Series A, 4.00%, 03/15/41 |
3,750 | 3,779,921 | ||||||
New York State Thruway Authority, RB, Second Series, 4.13%, 03/15/56 |
3,325 | 3,254,809 | ||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 5.00%, 10/01/35 |
1,975 | 2,067,902 | ||||||
AMT, 4.00%, 04/30/53 |
1,175 | 1,001,212 | ||||||
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 |
1,785 | 1,815,234 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 |
2,740 | 2,754,467 | ||||||
|
|
|||||||
72,291,089 | ||||||||
North Carolina — 1.9% | ||||||||
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.20%, 12/01/41(a) |
9,935 | 9,852,629 | ||||||
|
|
|||||||
Ohio — 4.9% | ||||||||
Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/40 |
950 | 849,250 | ||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
7,305 | 6,802,409 | ||||||
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 |
525 | 604,997 | ||||||
County of Montgomery Ohio, RB, 5.45%, 11/13/23(d) |
7,430 | 7,471,667 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) |
485 | 444,833 | ||||||
Ohio Higher Educational Facility Commission, Refunding RB, Series B, 4.21%, 12/01/42(a) |
4,665 | 4,721,866 | ||||||
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50 |
4,420 | 4,116,315 | ||||||
|
|
|||||||
25,011,337 | ||||||||
Oklahoma — 1.7% | ||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |
1,625 | 1,612,556 | ||||||
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
7,000 | 6,839,616 | ||||||
|
|
|||||||
8,452,172 | ||||||||
Pennsylvania — 9.3% | ||||||||
Allegheny County Hospital Development Authority, RB, Series D2, 4.68%, 11/15/47(a) |
2,600 | 2,651,809 | ||||||
Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40 |
2,360 | 2,297,458 | ||||||
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44 |
1,000 | 1,013,818 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB |
||||||||
4.00%, 09/01/51 |
4,000 | 3,634,048 | ||||||
Series A, 5.00%, 09/01/48 |
2,440 | 2,499,063 | ||||||
Montgomery County Industrial Development Authority, Refunding RB, 5.25%, 01/01/40 |
4,170 | 3,800,313 | ||||||
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38 |
1,855 | 1,858,541 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (continued) July 31, 2023 |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value |
||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Economic Development Financing Authority, RB |
||||||||
AMT, 5.00%, 12/31/38 |
$ | 2,565 | $ | 2,593,059 | ||||
AMT, 5.50%, 06/30/43 |
985 | 1,084,612 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 125B, AMT, 3.65%, 10/01/42 |
7,000 | 6,216,826 | ||||||
Pennsylvania Turnpike Commission, RB |
||||||||
Series A-1, 5.00%, 12/01/41 |
440 | 454,663 | ||||||
Sub-Series B-1, 5.25%, 06/01/47 |
5,680 | 5,934,055 | ||||||
Series A, Subordinate, 5.00%, 12/01/37 |
940 | 1,009,503 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, 2nd Series, 5.00%, 12/01/41 |
1,700 | 1,784,391 | ||||||
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 |
2,440 | 2,575,554 | ||||||
Pittsburgh School District, GO, (SAW), 3.00%, 09/01/41 |
2,315 | 1,985,182 | ||||||
Springfield School District/Delaware County, GO |
||||||||
(SAW), 5.00%, 03/01/40 |
2,955 | 3,156,442 | ||||||
(SAW), 5.00%, 03/01/43 |
2,145 | 2,277,164 | ||||||
|
|
|||||||
46,826,501 | ||||||||
Puerto Rico — 4.2% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
3,376 | 3,189,932 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
10,292 | 10,041,637 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
3,133 | 2,947,915 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
2,240 | 2,118,643 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) |
10,130 | 2,855,819 | ||||||
|
|
|||||||
21,153,946 | ||||||||
South Carolina — 1.0% | ||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43 |
2,690 | 2,735,517 | ||||||
South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |
2,500 | 2,552,378 | ||||||
|
|
|||||||
5,287,895 | ||||||||
Texas — 8.1% | ||||||||
Arlington Higher Education Finance Corp., RB(b) |
||||||||
7.50%, 04/01/62 |
790 | 774,744 | ||||||
7.88%, 11/01/62 |
685 | 700,224 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
AMT, 5.00%, 07/01/29 |
2,135 | 2,139,306 | ||||||
Sub-Series A, AMT, 4.00%, 07/01/46 |
2,880 | 2,690,127 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 4.00%, 02/01/42 |
5,000 | 5,011,490 | ||||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |
1,695 | 1,642,291 | ||||||
Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53 |
1,575 | 1,481,765 | ||||||
North Texas Tollway Authority, Refunding RB |
||||||||
Series A, 5.00%, 01/01/38 |
5,000 | 5,121,540 | ||||||
Series A, 5.00%, 01/01/48 |
5,350 | 5,555,654 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |
3,070 | 3,271,536 |
Security | Par (000) |
Value |
||||||
Texas (continued) | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB 5.00%, 11/15/40 |
$ | 3,250 | $ | 2,907,128 | ||||
Series A-1, 5.00%, 10/01/44 |
3,500 | 3,450,878 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB |
||||||||
5.00%, 12/15/31 |
2,260 | 2,349,356 | ||||||
5.00%, 12/15/32 |
3,480 | 3,631,223 | ||||||
|
|
|||||||
40,727,262 | ||||||||
Utah — 3.5% | ||||||||
City of Murray Utah, RB, Series A, 3.95%, 05/15/36(a) |
15,000 | 15,000,000 | ||||||
City of Salt Lake City Utah Airport Revenue, RB(e) |
||||||||
Series A, AMT, 5.25%, 07/01/48 |
1,150 | 1,236,839 | ||||||
Series A, AMT, 5.50%, 07/01/53 |
1,325 | 1,459,822 | ||||||
|
|
|||||||
17,696,661 | ||||||||
Virginia — 4.0% | ||||||||
Ballston Quarter Community Development Authority, TA |
||||||||
Series A, AMT, 5.38%, 03/01/36 |
405 | 324,173 | ||||||
Series A, AMT, 5.50%, 03/01/46 |
1,415 | 1,034,294 | ||||||
Loudoun County Economic Development Authority, RB, Series B, 4.02%, 02/15/38(a) |
7,500 | 7,500,000 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
3,665 | 3,447,332 | ||||||
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52 |
7,895 | 7,944,075 | ||||||
|
|
|||||||
20,249,874 | ||||||||
Washington — 2.4% | ||||||||
Central Puget Sound Regional Transit Authority, RB, Series 2015, Class 2A, 4.18%, 11/01/45(a) |
6,000 | 5,908,674 | ||||||
County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.21%, 01/01/40(a) |
1,825 | 1,804,880 | ||||||
Port of Seattle Washington, ARB |
||||||||
Series A, AMT, 5.00%, 05/01/43 |
1,295 | 1,329,865 | ||||||
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 |
1,450 | 1,488,760 | ||||||
Washington Health Care Facilities Authority, Refunding RB, 4.00%, 09/01/50 |
2,000 | 1,816,382 | ||||||
|
|
|||||||
12,348,561 | ||||||||
West Virginia — 0.9% | ||||||||
West Virginia Parkways Authority, RB, Senior Lien, 4.00%, 06/01/51 |
5,000 | 4,706,150 | ||||||
|
|
|||||||
Wisconsin — 2.4% | ||||||||
Public Finance Authority, RB(b) |
||||||||
Series A, 5.00%, 06/01/36 |
200 | 191,984 | ||||||
Series A, 5.00%, 06/01/51 |
680 | 590,425 | ||||||
Series A, 5.00%, 06/01/61 |
870 | 731,913 | ||||||
Public Finance Authority, Refunding RB |
||||||||
Series A, 5.00%, 11/15/49 |
1,095 | 1,015,904 | ||||||
Series B, AMT, 5.00%, 07/01/42 |
1,000 | 999,637 | ||||||
State of Wisconsin, GO, Series A, 4.40%, 05/01/25(a) |
4,135 | 4,154,625 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/44 |
4,080 | 4,323,017 | ||||||
|
|
|||||||
12,007,505 |
36 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value |
||||||
Wyoming — 0.1% | ||||||||
Wyoming Community Development Authority, Refunding RB, S/F Housing, Series 1, 4.40%, 12/01/43 |
$ | 500 | $ | 501,723 | ||||
|
|
|||||||
Total Municipal Bonds — 125.0% (Cost: $640,692,421) |
|
632,529,264 | ||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
| |||||||
New York — 1.9% | ||||||||
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47 |
10,000 | 9,760,165 | ||||||
|
|
|||||||
Oregon — 0.1% | ||||||||
State of Oregon Housing & Community Services Department, RB, M/F Housing, Series A, AMT, 4.95%, 07/01/30 |
600 | 599,989 | ||||||
|
|
|||||||
Pennsylvania — 1.5% | ||||||||
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/38(g) |
7,250 | 7,401,750 | ||||||
|
|
|||||||
Texas — 6.5% | ||||||||
Harris County Health Facilities Development Corp., Refunding RB, Series B, 5.75%, 07/01/27(h) |
16,860 | 17,860,135 | ||||||
North Fort Bend Water Authority, Refunding RB, Series A, 4.00%, 12/15/58 |
15,945 | 14,886,605 | ||||||
|
|
|||||||
32,746,740 | ||||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.0% (Cost: $49,922,108) |
50,508,644 | |||||||
|
|
|||||||
Total Long-Term Investments — 135.0% (Cost: $690,614,529) |
683,037,908 | |||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities |
||||||||
Money Market Funds — 18.1% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.57%(i)(j) |
91,513,818 | 91,513,818 | ||||||
|
|
|||||||
Total Short-Term Securities — 18.1% (Cost: $91,505,702) |
|
91,513,818 | ||||||
|
|
|||||||
Total Investments — 153.1% (Cost: $782,120,231) |
774,551,726 | |||||||
Other Assets Less Liabilities — 0.2% |
622,051 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.1)% |
(25,612,706 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (48.2)% |
(243,800,000 | ) | ||||||
|
|
|||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 505,761,071 | ||||||
|
|
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(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) | Zero-coupon bond. |
(d) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(e) | When-issued security. |
(f) | 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 the 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 March 1, 2026, is $3,774,028. See Note 4 of the Notes to Financial Statements for details. |
(h) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(i) | Affiliate of the Trust. |
(j) | Annualized 7-day yield as of period end. |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (continued) July 31, 2023 |
BlackRock MuniVest Fund, Inc. (MVF) |
Affiliated Issuer | Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/23 |
Shares Held at 07/31/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 9,003,003 | $ | 82,523,683 | (a) | $ | — | $ | (19,547 | ) | $ | 6,679 | $ | 91,513,818 | 91,513,818 | $ | 1,233,163 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 6,148,905 | $ | — | $ | 6,148,905 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 1,256,691 | $ | — | $ | 1,256,691 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 35,846,477 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ | — | $ | 632,529,264 | $ | — | $ | 632,529,264 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 50,508,644 | — | 50,508,644 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
91,513,818 | — | — | 91,513,818 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 91,513,818 | $ | 683,037,908 | $ | — | $ | 774,551,726 | |||||||||
|
|
|
|
|
|
|
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ | — | $ | (25,429,753 | ) | $ | — | $ | (25,429,753 | ) | ||||||
VMTP Shares at Liquidation Value |
— | (243,800,000 | ) | — | (243,800,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | (269,229,753 | ) | $ | — | $ | (269,229,753 | ) | |||||||
|
|
|
|
|
|
|
|
38 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
BYM | BLE | MVF | ||||||||||
ASSETS |
||||||||||||
Investments, at value — unaffiliated(a) |
$ | 505,280,507 | $ | 887,989,037 | $ | 683,037,908 | ||||||
Investments, at value — affiliated(b) |
7,645,975 | 37,886,667 | 91,513,818 | |||||||||
Cash pledged for futures contracts |
305,000 | 513,000 | — | |||||||||
Receivables: |
||||||||||||
Investments sold |
224,404 | 10,050 | — | |||||||||
Dividends — affiliated |
18,175 | 90,877 | 206,036 | |||||||||
Interest — unaffiliated |
4,607,115 | 9,314,369 | 6,091,168 | |||||||||
Deferred offering costs |
— | 117,733 | — | |||||||||
Prepaid expenses |
19,762 | 65,069 | 12,576 | |||||||||
|
|
|
|
|
|
|||||||
Total assets |
518,100,938 | 935,986,802 | 780,861,506 | |||||||||
|
|
|
|
|
|
|||||||
ACCRUED LIABILITIES |
||||||||||||
Bank overdraft |
63,016 | 77,570 | 58,322 | |||||||||
Payables: |
||||||||||||
Investments purchased |
5,868,165 | 14,545,297 | 4,859,357 | |||||||||
Accounting services fees |
29,302 | 29,304 | 47,400 | |||||||||
Capital shares redeemed |
131,706 | 156,490 | 107,527 | |||||||||
Custodian fees |
2,878 | 5,322 | 4,041 | |||||||||
Income dividend distributions — Common Shares |
46,415 | 53,604 | 78,619 | |||||||||
Interest expense and fees |
354,218 | 293,351 | 182,953 | |||||||||
Investment advisory fees |
238,601 | 427,148 | 322,142 | |||||||||
Trustees’ and Officer’s fees |
61,497 | 98,671 | 111,381 | |||||||||
Other accrued expenses |
6,553 | 64,899 | 9,782 | |||||||||
Professional fees |
55,143 | 45,965 | 63,804 | |||||||||
Transfer agent fees |
16,151 | 26,141 | 25,354 | |||||||||
Variation margin on futures contracts |
26,358 | 44,117 | — | |||||||||
|
|
|
|
|
|
|||||||
Total accrued liabilities |
6,900,003 | 15,867,879 | 5,870,682 | |||||||||
|
|
|
|
|
|
|||||||
OTHER LIABILITIES |
||||||||||||
TOB Trust Certificates |
40,183,237 | 33,811,898 | 25,429,753 | |||||||||
VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e) |
137,200,000 | 302,700,000 | 243,800,000 | |||||||||
|
|
|
|
|
|
|||||||
Total other liabilities |
177,383,237 | 336,511,898 | 269,229,753 | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
184,283,240 | 352,379,777 | 275,100,435 | |||||||||
|
|
|
|
|
|
|||||||
Commitments and contingent liabilities |
||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 333,817,698 | $ | 583,607,025 | $ | 505,761,071 | ||||||
|
|
|
|
|
|
|||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
||||||||||||
Paid-in capital(f)(g)(h) |
$ | 359,589,685 | $ | 659,388,553 | $ | 569,697,447 | ||||||
Accumulated loss |
(25,771,987 | ) | (75,781,528 | ) | (63,936,376 | ) | ||||||
|
|
|
|
|
|
|||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 333,817,698 | $ | 583,607,025 | $ | 505,761,071 | ||||||
|
|
|
|
|
|
|||||||
Net asset value per Common Share |
$ | 12.73 | $ | 12.09 | $ | 7.90 | ||||||
|
|
|
|
|
|
|||||||
(a) Investments, at cost — unaffiliated |
$ | 499,241,672 | $ | 890,381,281 | $ | 690,614,529 | ||||||
(b) Investments, at cost — affiliated |
$ | 7,645,878 | $ | 37,883,278 | $ | 91,505,702 | ||||||
(c) Preferred Shares outstanding |
1,372 | 2,438 | ||||||||||
(d) Preferred Shares authorized |
Unlimited | Unlimited | 10,000,000 | |||||||||
(e) Par value per Preferred Share |
$ | 0.001 | $ | 0.001 | $ | 0.10 | ||||||
(f) Common Shares outstanding |
26,230,724 | 64,050,398 | ||||||||||
(g) Common Shares authorized |
Unlimited | Unlimited | 150,000,000 | |||||||||
(h) Par value per Common Share |
$ | 0.001 | $ | 0.001 | $ | 0.10 |
F I N A N C I A L S T A T E M E N T S |
39 |
BYM | BLE | MVF | ||||||||||
INVESTMENT INCOME |
||||||||||||
Dividends — affiliated |
$ | 198,484 | $ | 507,342 | $ | 1,233,163 | ||||||
Interest — unaffiliated |
22,922,585 | 40,873,619 | 31,218,009 | |||||||||
|
|
|
|
|
|
|||||||
Total investment income |
23,121,069 | 41,380,961 | 32,451,172 | |||||||||
|
|
|
|
|
|
|||||||
EXPENSES |
||||||||||||
Investment advisory |
2,897,680 | 5,200,604 | 3,957,555 | |||||||||
Accounting services |
69,008 | 69,010 | 108,728 | |||||||||
Professional |
67,469 | 45,392 | 76,699 | |||||||||
Transfer agent |
38,079 | 61,023 | 54,127 | |||||||||
Trustees and Officer |
20,571 | 34,085 | 30,652 | |||||||||
Printing and postage |
11,043 | 9,801 | 11,592 | |||||||||
Custodian |
9,857 | 14,195 | 20,122 | |||||||||
Registration |
8,969 | 33,417 | 21,887 | |||||||||
Miscellaneous |
72,496 | 56,964 | 72,042 | |||||||||
|
|
|
|
|
|
|||||||
Total expenses excluding interest expense, fees and amortization of offering costs |
3,195,172 | 5,524,491 | 4,353,404 | |||||||||
Interest expense, fees and amortization of offering costs(a) |
7,307,956 | 14,276,250 | 11,146,415 | |||||||||
|
|
|
|
|
|
|||||||
Total expenses |
10,503,128 | 19,800,741 | 15,499,819 | |||||||||
Less: |
||||||||||||
Fees waived and/or reimbursed by the Manager |
(8,097 | ) | (18,230 | ) | (46,166 | ) | ||||||
|
|
|
|
|
|
|||||||
Total expenses after fees waived and/or reimbursed |
10,495,031 | 19,782,511 | 15,453,653 | |||||||||
|
|
|
|
|
|
|||||||
Net investment income |
12,626,038 | 21,598,450 | 16,997,519 | |||||||||
|
|
|
|
|
|
|||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments — unaffiliated |
(13,906,786 | ) | (50,629,769 | ) | (34,828,047 | ) | ||||||
Investments — affiliated |
2,502 | 2,674 | (19,547 | ) | ||||||||
Futures contracts |
585,602 | 7,745,741 | 6,148,905 | |||||||||
|
|
|
|
|
|
|||||||
(13,318,682 | ) | (42,881,354 | ) | (28,698,689 | ) | |||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments — unaffiliated |
(8,364,224 | ) | 14,246,992 | (2,305,793 | ) | |||||||
Investments — affiliated |
97 | 2,756 | 6,679 | |||||||||
Futures contracts |
290,150 | 4,088,709 | 1,256,691 | |||||||||
|
|
|
|
|
|
|||||||
(8,073,977 | ) | 18,338,457 | (1,042,423 | ) | ||||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized loss |
(21,392,659 | ) | (24,542,897 | ) | (29,741,112 | ) | ||||||
|
|
|
|
|
|
|||||||
NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |
$ | (8,766,621 | ) | $ | (2,944,447 | ) | $ | (12,743,593 | ) | |||
|
|
|
|
|
|
(a) | Related to TOB Trusts and/or VMTP Shares. |
40 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
BYM | BLE | |||||||||||||||||||||||||||
Year Ended 07/31/23 |
Period from 09/01/21 to 07/31/22 |
Year Ended 08/31/21 |
Year Ended 07/31/23 |
Period from 09/01/21 to 07/31/22 |
Year Ended 08/31/21 |
|||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||
Net investment income |
$ | 12,626,038 | $ | 15,369,485 | $ | 18,442,119 | $ | 21,598,450 | $ | 27,809,433 | $ | 22,845,790 | ||||||||||||||||
Net realized gain (loss) |
(13,318,682 | ) | (5,555,585 | ) | 1,130,070 | (42,881,354 | ) | (1,310,413 | ) | (1,085,434 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(8,073,977 | ) | (56,114,762 | ) | 8,574,911 | 18,338,457 | (121,558,020 | ) | 15,056,145 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(8,766,621 | ) | (46,300,862 | ) | 28,147,100 | (2,944,447 | ) | (95,059,000 | ) | 36,816,501 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |
||||||||||||||||||||||||||||
From net investment income |
(12,227,037 | ) | (16,852,955 | ) | (18,114,969 | ) | (19,188,396 | ) | (30,868,262 | ) | (23,759,629 | ) | ||||||||||||||||
Return of capital |
(1,290,853 | ) | — | — | (3,788,120 | ) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Decrease in net assets resulting from distributions to Common Shareholders |
(13,517,890 | ) | (16,852,955 | ) | (18,114,969 | ) | (22,976,516 | ) | (30,868,262 | ) | (23,759,629 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||
Net proceeds from the issuance of common shares |
— | — | — | — | 2,684,598 | — | ||||||||||||||||||||||
Net proceeds from the issuance of common shares due to reorganization |
— | — | — | — | — | 376,530,043 | ||||||||||||||||||||||
Reinvestment of common distributions |
89,709 | 70,326 | 74,214 | — | 371,902 | 598,608 | ||||||||||||||||||||||
Redemption of shares resulting from share repurchase program (including transaction costs) |
(2,148,748 | ) | — | — | (6,114,272 | ) | — | — | ||||||||||||||||||||
Redemption of common shares due to reorgnization |
— | — | — | — | — | (379 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(2,059,039 | ) | 70,326 | 74,214 | (6,114,272 | ) | 3,056,500 | 377,128,272 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(24,343,550 | ) | (63,083,491 | ) | 10,106,345 | (32,035,235 | ) | (122,870,762 | ) | 390,185,144 | ||||||||||||||||||
Beginning of period |
358,161,248 | 421,244,739 | 411,138,394 | 615,642,260 | 738,513,022 | 348,327,878 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 333,817,698 | $ | 358,161,248 | $ | 421,244,739 | $ | 583,607,025 | $ | 615,642,260 | $ | 738,513,022 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
F I N A N C I A L S T A T E M E N T S |
41 |
MVF | ||||||||||||
Year Ended 07/31/23 |
Period from 09/01/21 to 07/31/22 |
Year Ended 08/31/21 |
||||||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
|
|||||||||||
OPERATIONS |
||||||||||||
Net investment income |
$ | 16,997,519 | $ | 22,799,115 | $ | 26,743,153 | ||||||
Net realized gain (loss) |
(28,698,689 | ) | (7,690,116 | ) | 2,243,779 | |||||||
Net change in unrealized appreciation (depreciation) |
(1,042,423 | ) | (102,488,132 | ) | 28,082,486 | |||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(12,743,593 | ) | (87,379,133 | ) | 57,069,418 | |||||||
|
|
|
|
|
|
|||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |
||||||||||||
From net investment income |
(16,465,493 | ) | (23,905,170 | ) | (26,064,221 | ) | ||||||
Return of capital |
(2,175,326 | ) | — | — | ||||||||
|
|
|
|
|
|
|||||||
Decrease in net assets resulting from distributions to Common Shareholders |
(18,640,819 | ) | (23,905,170 | ) | (26,064,221 | ) | ||||||
|
|
|
|
|
|
|||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||
Redemption of shares resulting from share repurchase program (including transaction costs) |
(5,324,949 | ) | — | — | ||||||||
|
|
|
|
|
|
|||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(36,709,361 | ) | (111,284,303 | ) | 31,005,197 | |||||||
Beginning of period |
542,470,432 | 653,754,735 | 622,749,538 | |||||||||
|
|
|
|
|
|
|||||||
End of period |
$ | 505,761,071 | $ | 542,470,432 | $ | 653,754,735 | ||||||
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
42 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
BYM | BLE | MVF | ||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
||||||||||||
Net decrease in net assets resulting from operations |
$ | (8,766,621 | ) | $ | (2,944,447 | ) | $ | (12,743,593 | ) | |||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: |
||||||||||||
Proceeds from sales of long-term investments |
187,507,554 | 443,420,962 | 426,505,692 | |||||||||
Purchases of long-term investments |
(129,325,984 | ) | (336,953,577 | ) | (273,413,059 | ) | ||||||
Net purchases of short-term securities |
(7,643,376 | ) | (35,055,164 | ) | (87,607,583 | ) | ||||||
Amortization of premium and accretion of discount on investments and other fees |
(1,516,091 | ) | 1,611,421 | 2,265,860 | ||||||||
Net realized loss on investments |
13,904,284 | 50,627,095 | 34,847,594 | |||||||||
Net unrealized (appreciation) depreciation on investments |
8,364,127 | (14,249,748 | ) | 2,299,114 | ||||||||
(Increase) Decrease in Assets |
||||||||||||
Receivables |
||||||||||||
Dividends — affiliated |
(16,682 | ) | (87,376 | ) | (195,781 | ) | ||||||
Interest — unaffiliated |
(11,030 | ) | 966,992 | 1,518,880 | ||||||||
Prepaid expenses |
8,458 | (44,434 | ) | 8,364 | ||||||||
Deferred offering costs |
— | (2,879 | ) | — | ||||||||
Increase (Decrease) in Liabilities |
||||||||||||
Payables |
||||||||||||
Accounting services fees |
(16,729 | ) | (16,725 | ) | (42,119 | ) | ||||||
Custodian fees |
(1,696 | ) | (2,901 | ) | (3,177 | ) | ||||||
Interest expense and fees |
201,845 | 61,808 | 12,768 | |||||||||
Investment advisory fees |
(278,341 | ) | (435,363 | ) | (388,133 | ) | ||||||
Trustees’ and Officer’s fees |
1,405 | 1,917 | (10,438 | ) | ||||||||
Other accrued expenses |
(6,999 | ) | (9,361 | ) | (2,302 | ) | ||||||
Professional fees |
(11,094 | ) | (50,180 | ) | (6,869 | ) | ||||||
Transfer agent fees |
(8,237 | ) | (10,349 | ) | (15,009 | ) | ||||||
Variation margin on futures contracts |
4,129 | 4,466 | (52,434 | ) | ||||||||
|
|
|
|
|
|
|||||||
Net cash provided by operating activities |
62,388,922 | 106,832,157 | 92,977,775 | |||||||||
|
|
|
|
|
|
|||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
||||||||||||
Cash dividends paid to Common Shareholders |
(14,913,852 | ) | (25,463,458 | ) | (20,734,218 | ) | ||||||
Payments for offering costs |
— | (10,764 | ) | — | ||||||||
Repayments of TOB Trust Certificates |
(54,396,432 | ) | (94,041,831 | ) | (81,447,101 | ) | ||||||
Repayments of Loan for TOB Trust Certificates |
(646,800 | ) | — | — | ||||||||
Net payments on Common Shares redeemed including change in redemptions payable |
(2,017,042 | ) | (5,957,782 | ) | (5,217,422 | ) | ||||||
Proceeds from TOB Trust Certificates |
9,125,808 | 16,726,938 | 12,974,997 | |||||||||
Proceeds from Loan for TOB Trust Certificates |
646,800 | — | — | |||||||||
Increase (decrease) in bank overdraft |
(494,404 | ) | 58,740 | 42,969 | ||||||||
|
|
|
|
|
|
|||||||
Net cash used for financing activities |
(62,695,922 | ) | (108,688,157 | ) | (94,380,775 | ) | ||||||
|
|
|
|
|
|
|||||||
CASH |
||||||||||||
Net decrease in restricted and unrestricted cash |
(307,000 | ) | (1,856,000 | ) | (1,403,000 | ) | ||||||
Restricted and unrestricted cash at beginning of year |
612,000 | 2,369,000 | 1,403,000 | |||||||||
|
|
|
|
|
|
|||||||
Restricted and unrestricted cash at end of year |
$ | 305,000 | $ | 513,000 | $ | — | ||||||
|
|
|
|
|
|
|||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
||||||||||||
Cash paid during the year for interest expense |
$ | 7,106,111 | $ | 14,214,442 | $ | 11,133,647 | ||||||
|
|
|
|
|
|
|||||||
NON-CASH FINANCING ACTIVITIES |
||||||||||||
Reinvestment of common distributions |
$ | 89,709 | $ | — | $ | — | ||||||
|
|
|
|
|
|
|||||||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |
||||||||||||
Cash pledged |
||||||||||||
Futures contracts |
305,000 | 513,000 | — | |||||||||
|
|
|
|
|
|
|||||||
$ | 305,000 | $ | 513,000 | $ | — | |||||||
|
|
|
|
|
|
F I N A N C I A L S T A T E M E N T S |
43 |
BYM | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended 07/31/23 |
Period from 09/01/21 to 07/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.56 | $ | 15.95 | $ | 15.57 | $ | 15.72 | $ | 14.70 | $ | 15.32 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net investment income(a) |
0.48 | 0.58 | 0.70 | 0.66 | 0.61 | 0.67 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.80 | ) | (2.33 | ) | 0.37 | (0.23 | ) | 1.04 | (0.62 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(0.32 | ) | (1.75 | ) | 1.07 | 0.43 | 1.65 | 0.05 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Distributions to Common Shareholders(b) |
||||||||||||||||||||||||||||||||||||||||||||
From net investment income |
(0.46 | ) | (0.64 | ) | (0.69 | ) | (0.58 | ) | (0.63 | ) | (0.67 | ) | ||||||||||||||||||||||||||||||||
Return of capital |
(0.05 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
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Total distributions to Common Shareholders |
(0.51 | ) | (0.64 | ) | (0.69 | ) | (0.58 | ) | (0.63 | ) | (0.67 | ) | ||||||||||||||||||||||||||||||||
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Net asset value, end of period |
$ | 12.73 | $ | 13.56 | $ | 15.95 | $ | 15.57 | $ | 15.72 | $ | 14.70 | ||||||||||||||||||||||||||||||||
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Market price, end of period |
$ | 11.23 | $ | 13.34 | $ | 16.06 | $ | 14.19 | $ | 14.19 | $ | 13.09 | ||||||||||||||||||||||||||||||||
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Total Return Applicable to Common Shareholders(c) |
||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(1.81 | )% | (10.99 | )%(d) | 7.14 | % | 3.20 | % | 12.12 | % | 0.80 | % | ||||||||||||||||||||||||||||||||
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Based on market price |
(11.95 | )% | (13.04 | )%(d) | 18.36 | % | 4.19 | % | 13.66 | % | (7.34 | )% | ||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets Applicable to Common Shareholders(e) |
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Total expenses |
3.15 | % | 1.68 | %(f) | 1.49 | % | 2.02 | % | 2.53 | % | 2.23 | % | ||||||||||||||||||||||||||||||||
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Total expenses after fees waived and/or reimbursed |
3.15 | % | 1.68 | %(f) | 1.49 | % | 2.02 | % | 2.53 | % | 2.23 | % | ||||||||||||||||||||||||||||||||
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Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(g) |
0.96 | % | 0.97 | %(f) | 0.96 | % | 0.98 | % | 0.98 | % | 0.97 | % | ||||||||||||||||||||||||||||||||
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Net investment income to Common Shareholders |
3.79 | % | 4.35 | %(f) | 4.41 | % | 4.31 | % | 4.13 | % | 4.50 | % | ||||||||||||||||||||||||||||||||
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Supplemental Data |
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Net assets applicable to Common Shareholders, end of period (000) |
$ | 333,818 | $ | 358,161 | $ | 421,245 | $ | 411,138 | $ | 415,127 | $ | 388,149 | ||||||||||||||||||||||||||||||||
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VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 137,200 | $ | 137,200 | $ | 137,200 | $ | 137,200 | $ | 137,200 | $ | 137,200 | ||||||||||||||||||||||||||||||||
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Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 288,190 | (h) | $ | 258,385 | (h) | $ | 407,030 | (i) | $ | 399,664 | (i) | $ | 402,571 | (i) | $ | 382,907 | (i) | ||||||||||||||||||||||||||
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TOB Trust Certificates, end of period (000) |
$ | 40,183 | $ | 88,933 | $ | 107,358 | $ | 121,029 | $ | 118,726 | $ | 111,781 | ||||||||||||||||||||||||||||||||
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Asset coverage per $1,000 of TOB Trust Certificates, end of period(j) |
$ | 12,722 | $ | 6,570 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate |
26 | % | 32 | % | 5 | % | 13 | % | 15 | % | 30 | % | ||||||||||||||||||||||||||||||||
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(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) | Not annualized. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Annualized. |
(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. |
(h) | Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(i) | Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares) from the Trust’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(j) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
44 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
BLE | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended 07/31/23 |
Period from 09/01/21 to 07/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
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Net asset value, beginning of period |
$ | 12.60 | $ | 15.18 | $ | 14.79 | $ | 15.16 | $ | 14.55 | $ | 15.17 | ||||||||||||||||||||||||||||||||
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Net investment income(a) |
0.44 | 0.57 | 0.69 | 0.73 | 0.71 | 0.76 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.48 | ) | (2.52 | ) | 0.44 | (0.40 | ) | 0.60 | (0.60 | ) | ||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations |
(0.04 | ) | (1.95 | ) | 1.13 | 0.33 | 1.31 | 0.16 | ||||||||||||||||||||||||||||||||||||
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Distributions to Common Shareholders(b) |
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From net investment income |
(0.39 | ) | (0.63 | ) | (0.74 | ) | (0.70 | ) | (0.70 | ) | (0.78 | ) | ||||||||||||||||||||||||||||||||
Return of capital |
(0.08 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
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Total distributions to Common Shareholders |
(0.47 | ) | (0.63 | ) | (0.74 | ) | (0.70 | ) | (0.70 | ) | (0.78 | ) | ||||||||||||||||||||||||||||||||
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Net asset value, end of period |
$ | 12.09 | $ | 12.60 | $ | 15.18 | $ | 14.79 | $ | 15.16 | $ | 14.55 | ||||||||||||||||||||||||||||||||
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Market price, end of period |
$ | 10.45 | $ | 11.77 | $ | 16.10 | $ | 14.83 | $ | 15.48 | $ | 13.77 | ||||||||||||||||||||||||||||||||
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Total Return Applicable to Common Shareholders(c) |
||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
0.39 | % | (12.94 | )%(d) | 7.82 | % | 2.37 | % | 9.52 | % | 1.35 | % | ||||||||||||||||||||||||||||||||
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Based on market price |
(7.11 | )% | (23.32 | )%(d) | 14.05 | % | 0.52 | % | 18.17 | % | (5.82 | )% | ||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets Applicable to Common Shareholders(e) |
||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
3.43 | % | 1.74 | %(f) | 1.60 | %(g) | 2.03 | %(h) | 2.55 | % | 2.32 | % | ||||||||||||||||||||||||||||||||
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Total expenses after fees waived and/or reimbursed |
3.43 | % | 1.74 | %(f) | 1.57 | %(g) | 2.00 | %(h) | 2.55 | % | 2.31 | % | ||||||||||||||||||||||||||||||||
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Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i) |
0.96 | % | 0.94 | %(f) | 1.00 | %(g) | 0.99 | %(h) | 0.98 | % | 0.98 | % | ||||||||||||||||||||||||||||||||
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Net investment income to Common Shareholders |
3.74 | % | 4.50 | %(f) | 4.54 | % | 4.96 | % | 4.86 | % | 5.12 | % | ||||||||||||||||||||||||||||||||
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Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 583,607 | $ | 615,642 | $ | 738,513 | $ | 348,328 | $ | 356,649 | $ | 342,437 | ||||||||||||||||||||||||||||||||
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VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 302,700 | $ | 302,700 | $ | 302,700 | $ | 151,300 | $ | 151,300 | $ | 151,300 | ||||||||||||||||||||||||||||||||
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Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 273,428 | (j) | $ | 247,830 | (j) | $ | 343,975 | (k) | $ | 330,223 | (k) | $ | 335,723 | (k) | $ | 326,330 | (k) | ||||||||||||||||||||||||||
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TOB Trust Certificates, end of period (000) |
$ | 33,812 | $ | 113,752 | $ | 155,988 | $ | 73,763 | $ | 59,519 | $ | 67,497 | ||||||||||||||||||||||||||||||||
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Asset coverage per $1,000 of TOB Trust Certificates, end of period(l) |
$ | 27,213 | $ | 9,073 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate |
37 | % | 27 | % | 15 | % | 19 | % | 18 | % | 7 | % | ||||||||||||||||||||||||||||||||
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(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) | Not annualized. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Annualized. |
(g) | Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs would have been 1.56%, 1.56% and 0.99%, respectively. |
(h) | Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs would have been 2.00%, 2.00% and 0.98%, respectively. |
(i) | 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. |
(j) | Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(k) | Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares) from the Trust’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(l) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
F I N A N C I A L H I G H L I G H T S |
45 |
MVF | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended 07/31/23 |
Period from 09/01/21 to 07/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.37 | $ | 10.08 | $ | 9.60 | $ | 9.83 | $ | 9.35 | $ | 9.75 | ||||||||||||||||||||||||||||||||
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Net investment income(a) |
0.26 | 0.35 | 0.41 | 0.43 | 0.44 | 0.51 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.44 | ) | (1.69 | ) | 0.47 | (0.25 | ) | 0.50 | (0.39 | ) | ||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations |
(0.18 | ) | (1.34 | ) | 0.88 | 0.18 | 0.94 | 0.12 | ||||||||||||||||||||||||||||||||||||
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Distributions to Common Shareholders(b) |
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From net investment income |
(0.26 | ) | (0.37 | ) | (0.40 | ) | (0.41 | ) | (0.46 | ) | (0.52 | ) | ||||||||||||||||||||||||||||||||
Return of capital |
(0.03 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
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Total distributions to Common Shareholders |
(0.29 | ) | (0.37 | ) | (0.40 | ) | (0.41 | ) | (0.46 | ) | (0.52 | ) | ||||||||||||||||||||||||||||||||
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Net asset value, end of period |
$ | 7.90 | $ | 8.37 | $ | 10.08 | $ | 9.60 | $ | 9.83 | $ | 9.35 | ||||||||||||||||||||||||||||||||
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Market price, end of period |
$ | 6.83 | $ | 7.81 | $ | 9.80 | $ | 8.77 | $ | 9.49 | $ | 8.81 | ||||||||||||||||||||||||||||||||
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Total Return Applicable to Common Shareholders(c) |
||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(1.57 | )% | (13.30 | )%(d) | 9.62 | % | 2.30 | % | 10.76 | % | 1.52 | % | ||||||||||||||||||||||||||||||||
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Based on market price |
(8.80 | )% | (16.79 | )%(d) | 16.66 | % | (3.19 | )% | 13.47 | % | (5.22 | )% | ||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets Applicable to Common Shareholders(e) |
||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
3.07 | % | 1.58 | %(f) | 1.34 | % | 1.77 | % | 2.29 | % | 2.16 | % | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
3.06 | % | 1.58 | %(f) | 1.34 | % | 1.77 | % | 2.29 | % | 2.16 | % | ||||||||||||||||||||||||||||||||
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Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(g) |
0.85 | % | 0.86 | %(f) | 0.84 | % | 0.85 | % | 0.87 | % | 0.89 | % | ||||||||||||||||||||||||||||||||
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Net investment income to Common Shareholders |
3.37 | % | 4.18 | %(f) | 4.17 | % | 4.48 | % | 4.74 | % | 5.35 | % | ||||||||||||||||||||||||||||||||
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Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 505,761 | $ | 542,470 | $ | 653,755 | $ | 622,750 | $ | 637,636 | $ | 605,972 | ||||||||||||||||||||||||||||||||
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VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 243,800 | $ | 243,800 | $ | 243,800 | $ | 243,800 | $ | 243,800 | $ | 243,800 | ||||||||||||||||||||||||||||||||
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Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 287,855 | (h) | $ | 260,636 | (h) | $ | 368,152 | (i) | $ | 355,435 | (i) | $ | 361,541 | (i) | $ | 348,553 | (i) | ||||||||||||||||||||||||||
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TOB Trust Certificates, end of period (000) |
$ | 25,430 | $ | 93,902 | $ | 106,029 | $ | 97,266 | $ | 100,463 | $ | 112,817 | ||||||||||||||||||||||||||||||||
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Asset coverage per $1,000 of TOB Trust Certificates, end of period(j) |
$ | 30,475 | $ | 9,373 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate |
37 | % | 26 | % | 13 | % | 18 | % | 31 | % | 21 | % | ||||||||||||||||||||||||||||||||
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(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) | Not annualized. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Annualized. |
(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. |
(h) | Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(i) | Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares) from the Trust’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(j) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
46 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Name | Herein Referred To As | Organized | Diversification Classification | |||
BlackRock Municipal Income Quality Trust |
BYM | Delaware | Diversified | |||
BlackRock Municipal Income Trust II |
BLE | Delaware | Diversified | |||
BlackRock MuniVest Fund, Inc. |
MVF | Maryland | Diversified |
Target Funds | Target Fund’s Share Class |
Shares Prior to Reorganization |
Conversion Ratio |
BLE’s Share Class |
Shares of BLE |
|||||||
BSD |
Common | 7,309,381 | 0.97816190 | Common | 7,149,748 | (a) | ||||||
MFT |
Common | 8,481,587 | 0.95690286 | Common | 8,116,045 | (a) | ||||||
BBF |
Common | 10,232,375 | 0.95732884 | Common | 9,795,743 | (a) | ||||||
BSD |
VMTP | 429 | 1 | VMTP | 429 | |||||||
MFT |
VMTP | 565 | 1 | VMTP | 565 | |||||||
BBF |
VMTP | 520 | 1 | VMTP | 520 |
(a) | Net of fractional shares redeemed. |
BSD | MFT | BBF | ||||
Net assets applicable to Common Shareholders |
$107,419,054 | $121,937,458 | $147,173,531 | |||
Paid-in-capital |
94,046,930 | 113,183,132 | 133,279,579 | |||
Accumulated earnings |
13,372,124 | 8,754,326 | 13,893,952 |
Target Funds | Fair Value of Investments |
Cost of Investments |
TOB Trust Certificates |
Preferred Shares Value | ||||
BSD |
$175,642,719 | $160,134,612 | $29,381,544 | $42,900,000 | ||||
MFT |
199,974,622 | 183,080,385 | 27,570,183 | 56,500,000 | ||||
BBF |
228,740,575 | 208,822,701 | 35,319,194 | 52,000,000 |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
47 |
• | Net investment income (loss): $33,072,194 |
• | Net realized and change in unrealized gain/loss on investments: $24,768,855 |
• | Net increase in net assets resulting from operations: $57,841,049 |
48 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
• | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• | 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); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
49 |
Trust Name | Interest Expense | Liquidity Fees | Other Expenses | Total | ||||||||||||
BYM |
$ | 1,458,884 | $ | 211,438 | $ | 80,839 | $ | 1,751,161 | ||||||||
BLE |
1,632,712 | 263,326 | 112,447 | 2,008,485 | ||||||||||||
MVF |
1,040,644 | 170,737 | 59,179 | 1,270,560 |
Trust Name | 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 |
|||||||||||||||
BYM |
$ | 69,950,733 | $ | 40,183,237 | 4.00% — 4.07 | % | $ | 56,020,889 | 3.12 | % | ||||||||||
BLE |
62,023,853 | 33,811,898 | 4.01 — 4.28 | 64,344,574 | 3.12 | |||||||||||||||
MVF |
50,508,644 | 25,429,753 | 3.99 — 4.04 | 42,196,386 | 3.01 |
(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 in the Schedules of Investments. |
(b) | TOB Trusts may be 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 to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Trust invests in a TOB Trust on a recourse basis, a Trust enters into a reimbursement agreement with the Liquidity Provider where a Trust is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Trust invests in a recourse TOB Trust, a Trust will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Trust at July 31, 2023, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Trust at July 31, 2023. |
50 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Name | 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 |
||||||||||||
BYM |
$ | — | — | % | $ | 79,742 | 0.71 | % |
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Trust Name | Investment Advisory Fees |
|||
BYM |
0.55 | % | ||
BLE |
0.55 |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
51 |
Trust Name | Fees Waived and/or Reimbursed by the Manager |
|||
BYM |
$ | 8,097 | ||
BLE |
18,230 | |||
MVF |
46,166 |
Trust Name | Purchases | Sales | Net Realized Gain (Loss) |
|||||||||
MVF |
$ | 16,208,020 | $ | — | $ | — |
Trust Name | Purchases | Sales | ||||||
BYM |
$ | 133,947,425 | $ | 182,129,688 | ||||
BLE |
337,472,138 | 442,813,415 | ||||||
MVF |
271,483,907 | 406,411,645 |
Trust Name | Paid‑in Capital | Accumulated Earnings (Loss) |
||||||
MVF |
$ | (51 | ) | $ | 51 |
Trust Name | Year Ended 07/31/23 |
Period from 09/01/21 to 07/31/22 |
Year Ended 08/31/21 |
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BYM |
||||||||||||
Tax-exempt income |
$ | 17,748,286 | $ | 18,536,828 | $ | 19,515,934 | ||||||
Ordinary income |
35,546 | — | 766 | |||||||||
Return of capital |
1,290,853 | — | — | |||||||||
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$ | 19,074,685 | $ | 18,536,828 | $ | 19,516,700 | |||||||
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52 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Name | Year Ended 07/31/23 |
Period from 09/01/21 to 07/31/22 |
Year Ended 08/31/21 |
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BLE |
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Tax-exempt income |
$ | 31,254,146 | $ | 34,546,170 | $ | 25,894,836 | ||||||
Ordinary income |
202,015 | 38,368 | 12,881 | |||||||||
Return of capital |
3,788,120 | — | — | |||||||||
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$ | 35,244,281 | $ | 34,584,538 | $ | 25,907,717 | |||||||
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MVF |
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Tax-exempt income |
$ | 26,302,068 | $ | 26,882,530 | $ | 28,554,249 | ||||||
Ordinary income |
39,280 | 15,527 | 802 | |||||||||
Return of capital |
2,175,326 | — | — | |||||||||
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$ | 28,516,674 | $ | 26,898,057 | $ | 28,555,051 | |||||||
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Trust Name | Non-Expiring Capital Loss Carryforwards(a) |
Net Unrealized Gains (Losses)(b) |
Total | |||||||||
BYM |
$ | (31,348,149 | ) | $ | 5,576,162 | $ | (25,771,987 | ) | ||||
BLE |
(73,139,451 | ) | (2,642,077 | ) | (75,781,528 | ) | ||||||
MVF |
(55,735,208 | ) | (8,201,168 | ) | (63,936,376 | ) |
(a) | Amounts available to offset future realized capital gains. |
(b) | The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, amortization methods for premiums on fixed income securities, treatment of residual interests in tender option bond trusts and the deferral of compensation to trustees. |
Trust Name | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
BYM |
$ | 467,107,513 | $ | 15,475,556 | $ | (9,839,824 | ) | $ | 5,635,732 | |||||||
BLE |
894,556,398 | 15,413,511 | (17,906,103 | ) | (2,492,592 | ) | ||||||||||
MVF |
757,212,846 | 6,935,840 | (15,026,713 | ) | (8,090,873 | ) |
9. | PRINCIPAL RISKS |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
53 |
54 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
10. | CAPITAL SHARE TRANSACTIONS |
Trust Name | Year Ended 07/31/23 |
Period from 09/01/21 to 07/31/22 |
Year Ended 08/31/21 |
|||||||||
BYM |
6,598 | 4,409 | 4,589 | |||||||||
BLE |
— | 24,988 | 39,663 |
BYM | ||||||||
Shares | Amounts | |||||||
Year Ended July 31, 2023 |
191,145 | $ | 2,148,748 |
BLE | ||||||||
Shares | Amounts | |||||||
Year Ended July 31, 2023 |
583,612 | $ | 6,114,272 |
MVF | ||||||||
Shares | Amounts | |||||||
Year Ended July 31, 2023 |
785,973 | $ | 5,324,949 |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
55 |
Trust Name | Issue Date |
Shares Issued |
Aggregate Principal |
Term Redemption Date |
Moody’s Rating |
Fitch Rating |
||||||||||||||||||
BYM |
12/16/2011 | 1,372 | $ | 137,200,000 | 07/02/24 | Aa1 | AA | |||||||||||||||||
BLE |
12/16/2011 | 1,513 | 151,300,000 | 07/02/24 | Aa1 | AA | ||||||||||||||||||
04/12/2021 | 1,514 | 151,400,000 | 07/02/24 | Aa1 | AA | |||||||||||||||||||
MVF |
12/16/2011 | 2,438 | 243,800,000 | 07/02/24 | Aa1 | AA |
BYM | BLE | MVF | ||||||||||
Dividend rates |
4.05 | % | 4.05 | % | 4.05 | % |
56 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Name | Dividends Accrued | Deferred Offering Costs Amortization |
||||||
BYM |
$ | 5,556,795 | $ | — | ||||
BLE |
12,267,765 | — | ||||||
MVF |
9,875,855 | — |
11. | SUBSEQUENT EVENTS |
Trust Name | Declaration Date |
Record Date |
Payable/ Paid Date |
Dividend Per Common Share |
||||||||||||
BYM |
08/01/23 | 08/15/23 | 09/01/23 | $ | 0.038000 | |||||||||||
09/01/23 | 09/15/23 | 10/02/23 | 0.038000 | |||||||||||||
BLE |
08/01/23 | 08/15/23 | 09/01/23 | 0.034000 | ||||||||||||
09/01/23 | 09/15/23 | 10/02/23 | 0.034000 | |||||||||||||
MVF |
08/01/23 | 08/15/23 | 09/01/23 | 0.021000 | ||||||||||||
09/01/23 | 09/15/23 | 10/02/23 | 0.021000 |
Preferred Shares(a) | ||||||||||||
Trust Name | Shares | Series | Declared | |||||||||
BYM |
VMTP | W-7 | $ | 572,537 | ||||||||
BLE |
VMTP | W-7 | 1,263,171 | |||||||||
MVF |
VMTP | W-7 | 1,017,381 |
(a) | Dividends declared for period August 1, 2023 to August 31, 2023. |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
57 |
Fund | Statements of Changes in Net Assets | Financial Highlights | ||
BlackRock Municipal Income Quality Trust, BlackRock Municipal Income Trust II, and BlackRock MuniVest Fund, Inc. | For the year ended July 31, 2023, for the period from September 1, 2021, through July 31, 2022, and for the year ended August 31, 2021 | For the year ended July 31, 2023, for the period from September 1, 2021, through July 31, 2022, and for each of the four years in the period ended August 31, 2021 |
58 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Name | Exempt‑Interest Dividends |
|||
BYM |
$ | 18,055,772 | ||
BLE |
33,711,688 | |||
MVF |
26,603,961 |
Trust Name | Interest Dividends |
|||
BYM |
$ | 30,745 | ||
BLE |
107,567 | |||
MVF |
29,175 |
Trust Name | Interest Related Dividends |
|||
BYM |
$ | 30,745 | ||
BLE |
107,567 | |||
MVF |
29,175 |
I M P O R T A N T T A X I N F O R M A T I O N |
59 |
60 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S |
61 |
62 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S |
63 |
64 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |
65 |
66 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |
67 |
• | Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. 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 Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund’s investments would be expected to decreaseby10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.)The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management. |
To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities. |
These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change. |
A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance. |
• | Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. |
• | Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. |
• | Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. |
• | General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. |
• | Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. |
• | Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The Fund’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax. |
• | Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. |
• | Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money. |
• | Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. |
• | Tax-Exempt Status Risk — The Fund and its investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Fund nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. |
68 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
• | the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage; |
• | the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund must pay will reduce the return to the common shareholders; |
• | the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares; |
• | leverage may increase operating costs, which may reduce total return. |
I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |
69 |
• | Leverage Risk — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested. |
• | Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose value. |
• | Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. |
• | Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. |
• | Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. |
• | Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. |
• | Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets. |
• | Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. |
• | Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences. |
• | Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. |
70 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |
71 |
BLE | ||||
Shareholder Transaction Expenses |
||||
Maximum sales load ( |
% | |||
Offering expenses borne by the Trust (as a percentage of offering price)(a) |
% | |||
|
$ for open market purchases of |
| ||
Dividend reinvestment plan fees |
common shares | (b) | ||
Dividend reinvestment plan sale transaction fee |
$2.50 | (b) |
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) |
||||
Investment advisory fees(c)(d) |
% | |||
Other expenses |
||||
Miscellaneous |
||||
Interest expense(e) |
||||
Acquired fund fees and expenses(f) |
||||
Total annual expenses(f) |
||||
Fee waivers(d) |
||||
Total annual Trust operating expenses after fee waivers(d) |
(a) | |
(b) | |
(c) | |
(d) | |
(e) | |
|
(f) | |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Total expenses incurred | $ | $ | $ | $ |
72 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
NYSE Market Price Per Common Share |
NAV per Common Share on Date of Market Price |
Premium/ (Discount) on Date of Market Price |
||||||||||||||||||||||||||
During Quarter Ended |
High | Low | High | Low | High | Low | Trading Volume | |||||||||||||||||||||
July 31, 2023 |
$ | $ | $ | $ | ( |
)% | ( |
)% | 6,080,318 | |||||||||||||||||||
April 30, 2023 |
( |
) | ( |
) | 6,088,596 | |||||||||||||||||||||||
January 31, 2023 |
( |
) | ( |
) | 11,943,475 | |||||||||||||||||||||||
October 31, 2022 |
( |
) | ( |
) | 9,345,902 | |||||||||||||||||||||||
July 31, 2022 |
( |
) | ( |
) | 5,099,259 | |||||||||||||||||||||||
May 31, 2022 |
( |
) | ( |
) | 11,216,795 | |||||||||||||||||||||||
February 28, 2022 |
( |
) | 8,082,836 | |||||||||||||||||||||||||
November 30, 2021 |
( |
) | 4,325,591 | |||||||||||||||||||||||||
August 31, 2021 |
4,954,334 | |||||||||||||||||||||||||||
May 31, 2021 |
( |
) | 5,273,595 | |||||||||||||||||||||||||
February 26, 2021 |
( |
) | 2,122,958 | |||||||||||||||||||||||||
November 30, 2020 |
( |
) | 2,112,424 |
Fiscal Year Ended |
|
Total Amount Outstanding (000) |
|
Asset Coverage |
|
Liquidation Preference |
(a) |
|
Average Market Value (000 |
) |
Type of Senior Security |
| ||||||||
July 31, 2023 |
$ | $ | (b) | $ | $ | (c) | TOBs | |||||||||||||
July 31, 2023 |
(d) | VMTP Shares | ||||||||||||||||||
July 31, 2022 |
(b) | (c) | TOBs | |||||||||||||||||
July 31, 2022 |
(d) | VMTP Shares | ||||||||||||||||||
August 31, 2021 |
(e) | VMTP Shares | ||||||||||||||||||
August 31, 2020 |
(e) | VMTP Shares | ||||||||||||||||||
August 31, 2019 |
(e) | VMTP Shares | ||||||||||||||||||
August 31, 2018 |
(e) | VMTP Shares | ||||||||||||||||||
August 31, 2017 |
(e) | VMTP Shares | ||||||||||||||||||
August 31, 2016 |
(e) | VMTP Shares | ||||||||||||||||||
August 31, 2015 |
(e) | VMTP Shares | ||||||||||||||||||
August 31, 2014 |
(e) | VMTP Shares | ||||||||||||||||||
August 31, 2013 |
(e) | VMTP Shares |
(a) | |
(b) | |
(c) | |
(d) | |
(e) | |
S H A R E H O L D E R U P D A T E |
73 |
74 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Independent Trustees(a) | ||||||||
Name Year of Birth(b) |
Position(s) Held (Length of Service)(c) |
Principal Occupation(s) During Past 5 Years | Number of BlackRock‑Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
R. Glenn Hubbard 1958 |
Chair of the Board (Since 2022) Trustee (Since 2007) |
Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. | 70 RICs consisting of 104 Portfolios | ADP (data and information services) from 2004 to 2020; Metropolitan Life Insurance Company (insurance); TotalEnergies SE (multi-energy) | ||||
W. Carl Kester(d) 1951 |
Vice Chair of the Board (Since 2022) Trustee (Since 2007) |
Baker Foundation Professor and George Fisher Baker Jr. Professor of Business Administration, Emeritus, Harvard Business School since 2022; George Fisher Baker Jr. Professor of Business Administration, Harvard Business School from 2008 to 2022; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. | 72 RICs consisting of 106 Portfolios | None | ||||
Cynthia L. Egan 1955 |
Trustee (Since 2016) |
Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. | 70 RICs consisting of 104 Portfolios | Unum (insurance); The Hanover Insurance Group (Board Chair); Huntsman Corporation (Lead Independent Director and non-Executive Vice Chair of the Board) (chemical products) | ||||
Frank J. Fabozzi(d) 1948 |
Trustee (Since 2007) |
Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) from 2011 to 2022; Professor of Practice, Johns Hopkins University since 2021; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year; Adjunct Professor of Finance, Carnegie Mellon University in fall 2020 semester. | 72 RICs consisting of 106 Portfolios | None | ||||
Lorenzo A. Flores 1964 |
Trustee (Since 2021) |
Vice Chairman, Kioxia, Inc. since 2019; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. | 70 RICs consisting of 104 Portfolios | None | ||||
Stayce D. Harris 1959 |
Trustee (Since 2021) |
Lieutenant General, Inspector General of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. | 70 RICs consisting of 104 Portfolios | KULR Technology Group, Inc. in 2021; The Boeing Company (airplane manufacturer) |
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
75 |
Independent Trustees(a) (continued) | ||||||||
Name Year of Birth(b) |
Position(s) Held (Length of Service)(c) |
Principal Occupation(s) During Past 5 Years | Number of BlackRock‑Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
J. Phillip Holloman 1955 |
Trustee (Since 2021) |
President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. | 70 RICs consisting of 104 Portfolios | PulteGroup, Inc. (home construction); Rockwell Automation Inc. (industrial automation) | ||||
Catherine A. Lynch(d) 1961 |
Trustee (Since 2016) |
Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. | 72 RICs consisting of 106 Portfolios | PennyMac Mortgage Investment Trust | ||||
Interested Trustees(a)(e) | ||||||||
Name Year of Birth(b) |
Position(s) Held (Length of Service)(c) |
Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
Robert Fairbairn 1965 |
Trustee (Since 2018) |
Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. | 98 RICs consisting of 273 Portfolios | None | ||||
John M. Perlowski(d) 1964 |
Trustee (Since 2015) President and Chief Executive Officer (Since 2010) |
Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 100 RICs consisting of 275 Portfolios | None |
(a) | The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
(b) | Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. |
(c) | Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; and W. Carl Kester, 1995. |
(d) | Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund. |
(e) | Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex. |
76 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Officers Who Are Not Trustees(a) | ||||
Name Year of Birth(b) |
Position(s) Held (Length of Service) |
Principal Occupation(s) During Past 5 Years | ||
Jonathan Diorio 1980 |
Vice President (Since 2015) |
Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015. | ||
Trent Walker 1974 |
Chief Financial Officer (Since 2021) | Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO‑sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Jay M. Fife 1970 |
Treasurer (Since 2007) |
Managing Director of BlackRock, Inc. since 2007. | ||
Aaron Wasserman 1974 |
Chief Compliance Officer (Since 2023) |
Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex from 2014 to 2023. | ||
Janey Ahn 1975 |
Secretary (Since 2012) |
Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. |
(a) | The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
(b) | Officers of the Trust serve at the pleasure of the Board. |
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
77 |
Lorenzo A. Flores | R. Glenn Hubbard | John M. Perlowski | W. Carl Kester | |||||||||||||||||||||||||||||
Trust Name | Votes For | Votes Withheld | Votes For | Votes Withheld | Votes For | Votes Withheld | Votes For | Votes Withheld | ||||||||||||||||||||||||
BYM |
20,703,784 | 1,149,192 | 20,790,848 | 1,062,128 | 20,721,950 | 1,131,026 | 1,372 | 0 | ||||||||||||||||||||||||
BLE |
32,748,336 | 5,633,425 | 33,329,468 | 5,052,293 | 33,523,702 | 4,858,059 | 3,027 | 0 | ||||||||||||||||||||||||
MVF |
45,013,371 | 11,676,452 | 46,071,089 | 10,618,734 | 46,670,528 | 10,019,295 | 2,438 | 0 |
78 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
A D D I T I O N A L I N F O R M A T I O N |
79 |
Investment Adviser | Independent Registered Public Accounting Firm | |
BlackRock Advisors, LLC | Deloitte & Touche LLP | |
Wilmington, DE 19809 | Boston, MA 02116 | |
Accounting Agent and Custodian | Legal Counsel | |
State Street Bank and Trust Company | Willkie Farr & Gallagher LLP | |
Boston, MA 02114 | New York, NY 10019 | |
Transfer Agent | Address of the Trusts | |
Computershare Trust Company, N.A. | 100 Bellevue Parkway | |
Canton, MA 02021 | Wilmington, DE 19809 | |
VMTP Redemption and Paying Agent | ||
The Bank of New York Mellon | ||
New York, NY 10286 |
80 | 2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | AMBAC Assurance Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAM | Build America Mutual Assurance Co. | |
BAM-TCRS | Build America Mutual Assurance Co.- Transferable Custodial Receipts | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
GTD | GTD Guaranteed | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
PSF | Permanent School Fund | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
SAN | State Aid Notes | |
SAW | State Aid Withholding | |
ST | Special Tax | |
TA | Tax Allocation |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
81 |
|
(b) Not Applicable
Item 2 – | Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4. |
Item 3 – | Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Frank J. Fabozzi
Lorenzo A. Flores
Catherine A. Lynch
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 – | Principal Accountant Fees and Services |
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees | (b) Audit-Related Fees1 |
(c) Tax Fees2 | (d) All Other Fees | |||||||||||||
Entity Name | Current End |
Previous End3 |
Current End |
Previous End3 |
Current End |
Previous End3 |
Current End |
Previous End3 | ||||||||
BlackRock Municipal Income Trust II | $29,580 | $32,742 | $2,000 | $4,000 | $16,100 | $15,500 | $407 | $218 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
2
Current Fiscal Year End | Previous Fiscal Year End3 | |||
(b) Audit-Related Fees1 |
$0 | $0 | ||
(c) Tax Fees2 |
$0 | $0 | ||
(d) All Other Fees4 |
$2,154,000 | $2,098,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 The registrant changed its fiscal year end from August 31 to July 31 effective July 31, 2022 whereby this fiscal year consists of the eleven months ended July 31, 2022.
4 Non-audit fees of $2,154,000 and $2,098,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
3
(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name | Current Fiscal Year End |
Previous Fiscal Year End1 | ||
BlackRock Municipal Income Trust II | $18,507 | $19,718 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End |
Previous Fiscal Year End1 | |
$2,154,000 |
$2,098,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
1 The registrant changed its fiscal year end from August 31 to July 31 effective July 31, 2022 whereby this fiscal year consists of the eleven months ended July 31, 2022.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) – Not Applicable
(j) – Not Applicable
Item 5 – | Audit Committee of Listed Registrant |
(a) The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
Frank J. Fabozzi
Lorenzo A. Flores
J. Phillip Holloman
Catherine A. Lynch
(b) Not Applicable
4
Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) 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 – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL, a copy of the Fund’s Global Corporate Governance & Engagement Principles are attached as Exhibit 99.GLOBAL.CORP.GOV and a copy of the Fund’s Corporate Governance and Proxy Voting Guidelines for U.S. Securities are attached as Exhibit 99.US.CORP.GOV. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov. |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies |
(a)(1) As of the date of filing this Report:
The registrant is managed by a team of investment professionals comprised Walter O’Connor, CFA, Managing Director at BlackRock, Phillip Soccio, CFA, Director at BlackRock, Kevin Maloney, CFA, Director at BlackRock, Christian Romaglino, CFA, Director at BlackRock, Michael Kalinoski, CFA, Director at BlackRock and Kristi Manidis, Director at BlackRock. Each of the foregoing investment professional is a member of BlackRock’s municipal tax-exempt management group and is jointly responsible for the day-to-day management of the registrant’s portfolio, which includes setting the registrant’s overall investment strategy, overseeing the management of the registrant and/or selection of its investments. Messrs. O’Connor and Soccio have been members of the registrant’s portfolio management team since 2006 and 2022, respectively. Messrs. Maloney, Romaglino and Kalinoski and Ms. Manidis have been members of the registrant’s portfolio management team since 2023.
5
Portfolio Manager |
Biography | |
Walter O’Connor, CFA |
Managing Director of BlackRock since 2006; Managing Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2003 to 2006; Director of MLIM from 1998 to 2003. | |
Phillip Soccio, CFA |
Director of BlackRock since 2009; Vice President of BlackRock from 2005 to 2008. | |
Kevin Maloney, CFA |
Director of BlackRock since 2021; Vice President of BlackRock from 2018 to 2020; Associate of BlackRock from 2014 to 2017; Analyst of BlackRock from 2011 to 2013. | |
Christian Romaglino, CFA |
Director of BlackRock since 2017; Portfolio Manager for the Municipal Mutual Fund Desk within BlackRock’s Global Fixed Income Group since 2017; Portfolio Manager of Brown Brothers Harriman from 2007 to 2017. | |
Michael Kalinoski, CFA |
Director of BlackRock since 2006; Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 1999 to 2006. | |
Kristi Manidis |
Director of BlackRock, Inc. since 2016; Vice President of BlackRock, Inc. from 2011 to 2015; Associate of BlackRock, Inc. from 2009 to 2011; Analyst of BlackRock, Inc. from 2006 to 2008. | |
(a)(2) As of July 31, 2023:
(ii) Number of Other Accounts Managed and Assets by Account Type |
(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based | |||||||||||
(i) Name of Portfolio Manager |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | ||||||
Walter O’Connor, CFA | 33 | 0 | 0 | 0 | 0 | 0 | ||||||
$32.55 Billion | $0 | $0 | $0 | $0 | $0 | |||||||
Phillip Soccio, CFA | 34 | 0 | 0 | 0 | 0 | 0 | ||||||
$31.68 Billion | $0 | $0 | $0 | $0 | $0 | |||||||
Kevin Maloney, CFA | 36 | 0 | 0 | 0 | 0 | 0 | ||||||
$38.61 Billion | $0 | $0 | $0 | $0 | $0 | |||||||
Christian Romaglino, CFA | 34 | 0 | 0 | 0 | 0 | 0 | ||||||
$17.02 Billion | $0 | $0 | $0 | $0 | $0 | |||||||
Michael Kalinoski, CFA | 34 | 0 | 0 | 0 | 0 | 0 | ||||||
$36.39 Billion | $0 | $0 | $0 | $0 | $0 | |||||||
Kristi Manidis | 38 | 0 | 2 | 0 | 0 | 0 | ||||||
$23.81 Billion | $0 | $1.03 Billion | $0 | $0 | $0 |
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(iv) Portfolio Manager Potential Material Conflicts of Interest
BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of this Fund are not entitled to receive a portion of incentive fees of other accounts.
As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.
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(a)(3) As of July 31, 2023:
Portfolio Manager Compensation Overview
The discussion below describes the portfolio managers’ compensation as of July 31, 2023.
BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.
Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.
Discretionary Incentive Compensation. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: A combination of market-based indices (e.g., Bloomberg Municipal Bond Index), certain customized indices and certain fund industry peer groups.
Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.
Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.
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For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.
Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:
Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($330,000 for 2023). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.
(a)(4) Beneficial Ownership of Securities – As of July 31, 2023:
Portfolio Manager | Dollar Range of Equity Securities of the Fund Beneficially Owned | |
Walter O’Connor, CFA |
$1 - $ 10,000 | |
Phillip Soccio, CFA |
$1 - $ 10,000 | |
Kevin Maloney, CFA |
None | |
Christian Romaglino, CFA |
$1 - $ 10,000 | |
Michael Kalinoski, CFA |
$50,001 - $100,000 | |
Kristi Manidis |
None |
(b) Not Applicable
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Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Period | (a) Total
|
(b) Average Price Paid per Share |
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs1 | ||||
February 1-28, 2023 | 0 | $— | 0 | 2,361,961 | ||||
March 1-31, 2023 | 125,406 | $10.4735 | 125,406 | 2,236,555 | ||||
April 1-30, 2023 | 81,984 | $10.4604 | 81,984 | 2,154,571 | ||||
May 1-31, 2023 | 101,873 | $10.1432 | 101,873 | 2,052,698 | ||||
June 1-30, 2023 | 93,424 | $10.3270 | 93,424 | 1,959,274 | ||||
July 1-31, 2023 | 100,053 | $10.4786 | 100,053 | 1,859,221 | ||||
Total: |
502,740 | 10.37825598 | 502,740 | 1,859,221 |
1 On September 8, 2022, the Fund announced a continuation of its open market share repurchase program. Commencing on December 1, 2022, the Fund may repurchase through November 30, 2023, up to 5% of its common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions.
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 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 |
Item 13 – | Exhibits attached hereto |
(a)(1) Code of Ethics – See Item 2
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
(c) Consent of Independent Registered Public Accounting Firm
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Municipal Income Trust II
By: |
/s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Municipal Income Trust II |
Date: September 22, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Municipal Income Trust II |
Date: September 22, 2023
By: |
/s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock Municipal Income Trust II |
Date: September 22, 2023
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