FORM N-CSRS
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-05227
Name of Fund: BlackRock Apex Municipal Fund, Inc. (APX)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Apex Municipal Fund, Inc., 55 East 52nd Street, New York, NY 10055.
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2010
Date of reporting period: 10/31/2009
Item 1 Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS
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Semi-Annual Report |
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OCTOBER 31, 2009 | (UNAUDITED) |
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BlackRock Apex Municipal Fund, Inc. (APX) |
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BlackRock MuniAssets Fund, Inc. (MUA) |
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BlackRock MuniEnhanced Fund, Inc. (MEN) |
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BlackRock MuniHoldings Fund, Inc. (MHD) |
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BlackRock MuniHoldings Fund II, Inc. (MUH) |
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BlackRock MuniHoldings Insured Fund, Inc. (MUS) |
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BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
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BlackRock MuniVest Fund II, Inc. (MVT) |
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
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Table of Contents |
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Page |
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3 |
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Semi-Annual Report: |
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4 |
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12 |
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12 |
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Financial Statements: |
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13 |
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49 |
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51 |
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52 |
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56 |
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57 |
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65 |
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |
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72 |
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76 |
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77 |
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2 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
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Dear Shareholder |
Over the past 12 months, we have witnessed a seismic shift in market sentiment from fear and pessimism during the worst economic decline and crisis of confidence in financial markets since The Great Depression to increasing optimism amid emerging signs of recovery. The period began in the midst of an intense deterioration in global economic activity and financial markets in the final months of 2008 and the early months of 2009. The collapse of confidence resulted in massive government policy intervention on a global scale in the financial system and the economy. The tide turned dramatically in March 2009, however, on the back of new US government initiatives, as well as better-than-expected economic data and upside surprises in corporate earnings.
Not surprisingly, global equity markets endured extreme volatility over the past 12 months, starting with steep declines and heightened risk aversion in the early part of the reporting period, which eventually gave way to an impressive rally that began in March. Although there have been fits and starts along the way and a few modest corrections, the new bull market has pushed all major US indices well into positive territory for 2009. The experience in international markets was similar to that in the United States. In particular, emerging markets (which were less affected by the global credit crunch and are experiencing faster economic growth rates when compared to the developed world) have posted impressive gains since the rally began.
In fixed income markets, the flight-to-safety premium in Treasury securities prevailed during the equity market downturn, which drove yields sharply lower, but concerns about deficit spending, debt issuance, inflation and dollar weakness have kept Treasury yields range bound in recent months. As economic and market conditions began to improve in early 2009, near-zero interest rates on risk-free assets prompted many investors to reallocate money from cash investments into higher-yielding and riskier non-Treasury assets. The high yield sector was the greatest beneficiary of this move, having decisively outpaced all other taxable asset classes since the start of 2009. Similarly, the municipal bond market is on pace for its best performance year ever in 2009, following one of its worst years in 2008. Investor demand remains strong for munis, helping to create a highly favorable technical backdrop. Municipal bond mutual funds are seeing record inflows, reflecting the renewed investor interest in the asset class.
As a result of the rebound in sentiment and global market conditions, most major benchmark indexes are now in positive territory for both the 6- and 12-month periods.
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Total Returns as of October 31, 2009 |
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6-month |
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12-month |
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US equities (S&P 500 Index) |
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20.04 |
% |
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9.80 |
% |
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Small cap US equities (Russell 2000 Index) |
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16.21 |
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6.46 |
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International equities (MSCI Europe, Australasia, Far East Index) |
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31.18 |
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27.71 |
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US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index*) |
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(0.79 |
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8.12 |
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Taxable fixed income (Barclays Capital US Aggregate Bond Index) |
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5.61 |
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13.79 |
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Tax-exempt fixed income (Barclays Capital Municipal Bond Index) |
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4.99 |
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13.60 |
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High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index) |
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27.72 |
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48.65 |
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* |
Formerly a Merrill Lynch index. |
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Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index. |
The market environment has visibly improved since the beginning of the year, but a great deal of uncertainty and risk remain. Through periods of market turbulence, as ever, BlackRocks full resources are dedicated to the management of our clients assets. For additional market perspective and investment insight, visit the most recent issue of our award-winning Shareholder® magazine at www.blackrock.com/shareholdermagazine. As always, we thank you for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
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Announcement to Shareholders |
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On December 1, 2009, BlackRock, Inc. and Barclays Global Investors, N.A. combined to form one of the worlds preeminent investment management firms. The new company, operating under the BlackRock name, manages $3.19 trillion in assets** and offers clients worldwide a full complement of active management, enhanced and index investment strategies and products, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares platform of exchange traded funds.
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** |
Data is as of September 30, 2009, is subject to change, and is based on a pro forma estimate of assets under management and other data at BlackRock, Inc. and Barclays Global Investors. |
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THIS PAGE NOT PART OF YOUR FUND REPORT |
3 |
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Fund Summary as of October 31, 2009 |
BlackRock Apex Municipal Fund, Inc. |
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Investment Objective |
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BlackRock Apex Municipal Fund, Inc. (APX) (the Fund) seeks to provide shareholders with high current income exempt from federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.
No assurance can be given that the Funds investment objective will be achieved.
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Performance |
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For the six months ended October 31, 2009, the Fund returned 12.25% based on market price and 18.38% based on net asset value (NAV). For the same period, the closed-end Lipper High Yield Municipal Debt Funds category posted an average return of 19.61% on a market price basis and 22.12% on a NAV basis. All returns reflect reinvestment of dividends. The Fund moved from a premium to a discount to NAV by period end, which accounts for the difference between performance based on price and performance based on NAV. Negative performance factors included a relatively short duration stance, yield curve positioning and an above-average credit profile. Low exposure to the tobacco, long-term care and development district sectors also proved detrimental. The Funds lower degree of leverage versus many of its Lipper peers further hindered relative performance. Positive factors included concentrations in transportation and corporate-related debt.
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The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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Fund Information |
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Symbol on New York Stock Exchange (NYSE) |
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APX |
Initial Offering Date |
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July 25, 1989 |
Yield on Closing Market Price as of October 31, 2009 ($8.38)1 |
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6.66% |
Tax Equivalent Yield2 |
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10.25% |
Current Monthly Distribution per Common Share3 |
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$0.0465 |
Current Annualized Distribution per Common Share3 |
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$0.5580 |
Leverage as of October 31, 20094 |
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4% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution is not constant and is subject to change. |
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4 |
Represents tender option bond trusts (TOBs) as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Funds market price and NAV per share:
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10/31/09 |
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4/30/09 |
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Change |
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High |
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Low |
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Market Price |
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$8.38 |
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$7.72 |
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8.55 |
% |
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$8.90 |
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$7.46 |
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Net Asset Value |
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$8.78 |
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$7.67 |
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14.47 |
% |
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$9.06 |
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$7.67 |
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The following charts show the sector and credit quality allocations of the Funds long-term investments:
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Sector Allocations |
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10/31/09 |
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4/30/09 |
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Corporate |
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25 |
% |
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24 |
% |
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Health |
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24 |
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22 |
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County/City/Special District/School District |
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19 |
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20 |
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Transportation |
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9 |
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11 |
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Education |
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5 |
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6 |
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State |
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5 |
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2 |
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Utilities |
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5 |
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6 |
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Housing |
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4 |
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6 |
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Tobacco |
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4 |
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3 |
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Credit Quality Allocations5 |
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10/31/09 |
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4/30/09 |
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AAA/Aaa |
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7 |
% |
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7 |
% |
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AA/Aa |
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3 |
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5 |
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A/A |
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13 |
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12 |
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BBB/Baa |
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28 |
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23 |
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BB/Ba |
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8 |
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10 |
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B/B |
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7 |
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5 |
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CCC/Caa |
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4 |
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3 |
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Not Rated6 |
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30 |
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35 |
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5 |
Using the higher of Standard & Poors (S&Ps) or Moodys Investors Service (Moodys) ratings. |
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6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $6,443,683 representing 4% and $8,923,111 representing 5%, respectively, of the Funds long-term investments. |
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4 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
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Fund Summary as of October 31, 2009 |
BlackRock MuniAssets Fund, Inc. |
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Investment Objective |
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BlackRock MuniAssets Fund, Inc. (MUA) (the Fund) seeks to provide shareholders with current income exempt from federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.
No assurance can be given that the Funds investment objective will be achieved.
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Performance |
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For the six months ended October 31, 2009, the Fund returned 9.95% based on market price and 18.35% based on NAV. For the same period, the closed-end Lipper High Yield Municipal Debt Funds category posted an average return of 19.61% on a market price basis and 22.12% on a NAV basis. All returns reflect reinvestment of dividends. The Fund moved from a premium to a discount to NAV by period end, which accounts for the difference between performance based on price and performance based on NAV. Negative performance factors included a relatively short duration stance, yield curve positioning and an above-average credit profile. Low exposure to the tobacco, long-term care and development district sectors also proved detrimental. The Funds lower degree of leverage versus many of its Lipper peers further hindered relative performance. Positive factors included concentrations in transportation, health and corporate-related debt.
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The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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Fund Information |
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Symbol on NYSE |
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MUA |
Initial Offering Date |
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June 25, 1993 |
Yield on Closing Market Price as of October 31, 2009 ($11.58)1 |
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6.99% |
Tax Equivalent Yield2 |
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10.75% |
Current Monthly Distribution per Common Share3 |
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$0.0675 |
Current Annualized Distribution per Common Share3 |
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$0.8100 |
Leverage as of October 31, 20094 |
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4% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution is not constant and is subject to change. |
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4 |
Represents TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Funds market price and NAV per share:
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10/31/09 |
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4/30/09 |
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Change |
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High |
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Low |
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Market Price |
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$11.58 |
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$10.91 |
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6.14 |
% |
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$12.71 |
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$10.64 |
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Net Asset Value |
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$12.10 |
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$10.59 |
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14.26 |
% |
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$12.52 |
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$10.59 |
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The following charts show the sector and credit quality allocations of the Funds long-term investments:
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Sector Allocations |
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10/31/09 |
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4/30/09 |
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Corporate |
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28 |
% |
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26 |
% |
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Health |
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25 |
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25 |
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County/City/Special District/School District |
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16 |
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18 |
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Transportation |
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9 |
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12 |
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Utilities |
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6 |
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7 |
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Education |
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5 |
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4 |
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State |
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4 |
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2 |
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Housing |
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4 |
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4 |
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Tobacco |
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3 |
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2 |
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Credit Quality Allocations5 |
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10/31/09 |
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4/30/09 |
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AAA/Aaa |
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8 |
% |
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9 |
% |
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AA/Aa |
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3 |
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3 |
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A/A |
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17 |
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19 |
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BBB/Baa |
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25 |
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19 |
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BB/Ba |
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8 |
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9 |
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B/B |
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7 |
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5 |
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CCC/Caa |
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4 |
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3 |
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CC/Ca |
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1 |
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Not Rated6 |
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28 |
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32 |
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5 |
Using the higher of S&Ps or Moodys ratings. |
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6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $11,551,977 representing 4% and $12,884,659 representing 5%, respectively, of the Funds long-term investments. |
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SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
5 |
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Fund Summary as of October 31, 2009 |
BlackRock MuniEnhanced Fund, Inc. |
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Investment Objective |
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BlackRock MuniEnhanced Fund, Inc. (MEN) (the Fund) seeks to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies by investing primarily in a portfolio of long-term, investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.
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No assurance can be given that the Funds investment objective will be achieved. |
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Performance |
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For the six months ended October 31, 2009, the Fund returned 13.82% based on market price and 11.79% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.62% on a market price basis and 9.56% on a NAV basis. All returns reflect reinvestment of dividends. The Funds discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Among the factors that positively contributed to Fund performance during the reporting period were: exposure to the long end of the curve during a period of yield-curve flattening and a general tightening of credit spreads, which drove performance in the Funds holdings of insured bonds with weaker underlying credits; and the Funds concentration in the transportation and housing sectors, which outperformed during the period. Conversely, low exposure to the utilities and education sectors detracted from Fund performance as both segments performed well.
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|
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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Fund Information |
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Symbol on NYSE |
MEN |
Initial Offering Date |
March 2, 1989 |
Yield on Closing Market Price as of October 31, 2009 ($9.80)1 |
6.49% |
Tax Equivalent Yield2 |
9.98% |
Current Monthly Distribution per Common Share3 |
$0.053 |
Current Annualized Distribution per Common Share3 |
$0.636 |
Leverage as of October 31, 20094 |
39% |
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|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution is not constant and is subject to change. |
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4 |
Represents Auction Market Preferred Shares (Preferred Shares) and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Funds market price and NAV per share:
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10/31/09 |
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4/30/09 |
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Change |
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High |
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Low |
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|||||
|
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Market Price |
|
$ |
9.80 |
|
$ |
8.88 |
|
10.36 |
% |
|
$ |
10.80 |
|
$ |
8.59 |
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Net Asset Value |
|
$ |
10.59 |
|
$ |
9.77 |
|
8.39 |
% |
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$ |
11.16 |
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$ |
9.62 |
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The following charts show the sector and credit quality allocations of the Funds long-term investments:
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Sector Allocations |
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|
10/31/09 |
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4/30/09 |
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County/City/Special District/School District |
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29 |
% |
|
29 |
% |
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Transportation |
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23 |
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23 |
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State |
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18 |
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21 |
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Utilities |
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13 |
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12 |
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Health |
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5 |
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4 |
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Housing |
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5 |
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4 |
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Corporate |
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4 |
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4 |
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Education |
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3 |
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2 |
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Tobacco |
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1 |
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|
|
|
|
|
|
|
|
|||||||
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
||
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|||||||
AAA/Aaa |
|
42 |
% |
|
45 |
% |
|
AA/Aa |
|
23 |
|
|
33 |
|
|
A/A |
|
28 |
|
|
19 |
|
|
BBB/Baa |
|
5 |
|
|
3 |
|
|
Not Rated |
|
2 |
|
|
|
|
|
|
|
|
5 |
Using the higher of S&Ps or Moodys ratings. |
|
|
|
|
||
6 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Fund Summary as of October 31, 2009 |
BlackRock MuniHoldings Fund, Inc. |
|
|
Investment Objective |
|
BlackRock MuniHoldings Fund, Inc. (MHD) (the Fund) seeks to provide shareholders with current income exempt from federal income taxes by investing primarily in a portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes.
|
|
|
No assurance can be given that the Funds investment objective will be achieved. |
|
|
Performance |
|
For the six months ended October 31, 2009, the Fund returned 26.84% based on market price and 17.38% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a NAV basis. All returns reflect reinvestment of dividends. The Funds discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Positive performance factors included concentrations in health, housing and corporate-related debt. Renewed risk appetite was also beneficial, given the Funds focus on lower-rated credits. In addition, the Funds long duration stance and emphasis on longer-dated bonds were additive as yields on the long end of the curve fell substantially. Negative factors included less exposure to the tax-backed, essential services and tobacco sectors.
|
|
|
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
|
Fund Information |
|
|
|
Symbol on NYSE |
MHD |
Initial Offering Date |
May 2, 1997 |
Yield on Closing Market Price as of October 31, 2009 ($14.66)1 |
6.83% |
Tax Equivalent Yield2 |
10.51% |
Current Monthly Distribution per Common Share3 |
$0.0835 |
Current Annualized Distribution per Common Share3 |
$1.0020 |
Leverage as of October 31, 20094 |
37% |
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
4 |
Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Funds market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
10/31/09 |
|
4/30/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
||||||||||||||||
Market Price |
|
$ |
14.66 |
|
$ |
11.97 |
|
22.47 |
% |
|
$ |
15.15 |
|
$ |
11.88 |
|
Net Asset Value |
|
$ |
15.04 |
|
$ |
13.27 |
|
13.34 |
% |
|
$ |
15.84 |
|
$ |
13.27 |
|
|
The following charts show the sector and credit quality allocations of the Funds long-term investments:
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|||||||
Health |
|
25 |
% |
|
19 |
% |
|
Corporate |
|
13 |
|
15 |
|
||
County/City/Special District/School District |
|
13 |
|
|
13 |
|
|
Utilities |
|
11 |
|
|
10 |
|
|
State |
|
10 |
|
|
10 |
|
|
Education |
|
9 |
|
|
9 |
|
|
Transportation |
|
9 |
|
|
11 |
|
|
Housing |
|
8 |
|
|
9 |
|
|
Tobacco |
|
2 |
|
|
4 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|||||||
AAA/Aaa |
|
21 |
% |
|
29 |
% |
|
AA/Aa |
|
28 |
|
|
21 |
|
|
A/A |
|
26 |
|
|
24 |
|
|
BBB/Baa |
|
10 |
|
|
10 |
|
|
BB/Ba |
|
2 |
|
|
2 |
|
|
B/B |
|
2 |
|
|
1 |
|
|
CCC/Caa |
|
2 |
|
|
2 |
|
|
Not Rated2 |
|
9 |
|
|
11 |
|
|
|
|
|
5 |
Using the higher of S&Ps of Moodys Ratings. |
|
|
6 |
The investments advisor has deemed certain of these securities to be of investments grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $6,553,517 representing 2% and $6,532,075 representing 2%, respectively, of the Funds long-term investments. |
|
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
7 |
|
|
|
|
|
|
Fund Summary as of October 31, 2009 |
BlackRock MuniHoldings Fund II, Inc. |
|
|
Investment Objective |
|
BlackRock MuniHoldings Fund II, Inc. (MUH) (the Fund) seeks to provide shareholders with current income exempt from federal income taxes by investing primarily in a portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.
|
|
|
No assurance can be given that the Funds investment objective will be achieved. |
|
|
Performance |
|
For the six months ended October 31, 2009, the Fund returned 21.15% based on market price and 16.22% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a NAV basis. All returns reflect reinvestment of dividends. The Funds discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Positive performance factors included concentrations in health, housing and corporate-related debt. Renewed risk appetite was also beneficial, given the Funds focus on lower-rated credits. In addition, the Funds long duration stance and emphasis on longer-dated bonds were additive as yields on the long end of the curve fell substantially. Negative factors included less exposure to the tax-backed, essential services and tobacco sectors. During the period, cash reserves were at low levels, as returns on cash are minimal.
|
|
|
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
|
Fund Information |
|
|
|
Symbol on NYSE |
MUH |
Initial Offering Date |
February 27, 1998 |
Yield on Closing Market Price as of October 31, 2009 ($13.26)1 |
6.83% |
Tax Equivalent Yield2 |
10.51% |
Current Monthly Distribution per Common Share3 |
$0.0755 |
Current Annualized Distribution per Common Share3 |
$0.9060 |
Leverage as of October 31, 20094 |
36% |
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
4 |
Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Funds market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
10/31/09 |
|
4/30/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
||||||||||||||||
Market Price |
|
$ |
13.26 |
|
$ |
11.33 |
|
17.03 |
% |
|
$ |
14.20 |
|
$ |
11.25 |
|
Net Asset Value |
|
$ |
14.00 |
|
$ |
12.47 |
|
12.27 |
% |
|
$ |
14.72 |
|
$ |
12.46 |
|
|
The following charts show the sector and credit quality allocations of the Funds long-term investments:
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|||||||
Health |
|
24 |
% |
|
18 |
% |
|
County/City/Special District/ School District |
|
17 |
|
|
16 |
|
|
Corporate |
|
13 |
|
|
11 |
|
|
State |
|
11 |
|
|
10 |
|
|
Education |
|
9 |
|
|
11 |
|
|
Utilities |
|
9 |
|
|
9 |
|
|
Transportation |
|
8 |
|
|
13 |
|
|
Housing |
|
8 |
|
|
8 |
|
|
Tobacco |
|
1 |
|
|
4 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|||||||
AAA/Aaa |
|
18 |
% |
|
26 |
% |
|
AA/Aa |
|
34 |
|
|
26 |
|
|
A/A |
|
25 |
|
|
25 |
|
|
BBB/Baa |
|
10 |
|
|
10 |
|
|
BB/Ba |
|
1 |
|
|
1 |
|
|
B/B |
|
2 |
|
|
2 |
|
|
CCC/Caa |
|
2 |
|
|
1 |
|
|
Not Rated6 |
|
8 |
|
|
9 |
|
|
|
|
|
5 |
Using the higher of S&Ps and Moodys ratings. |
|
|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $6,984,569 representing 3% and $4,974,331 representing 2%, respectively, of the Funds long-term investments. |
|
|
|
|
||
8 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Fund Summary as of October 31, 2009 |
BlackRock MuniHoldings Insured Fund, Inc. |
|
|
Investment Objective |
|
BlackRock MuniHoldings Insured Fund, Inc. (MUS) (the Fund) seeks to provide shareholders with current income exempt from federal income taxes by investing primarily in a portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes. Under normal circumstances, the Fund invests at least 80% of its total assets in municipal bonds that are covered by insurance.
|
|
|
No assurance can be given that the Funds investment objective will be achieved. |
|
|
Performance |
|
For the six months ended October 31, 2009, the Fund returned 17.26%, based on market price and 9.60% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.62% on a market price basis and 9.56% on a NAV basis. All returns reflect reinvestment of dividends. The Funds discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Funds overweight in housing and health bonds contributed positively to results. In both sectors, the maturity range of the bonds held in the portfolio was 20 years and longer, which benefited performance as the municipal yield curve flattened. The performance of both sectors was also enhanced by the tightening in credit spreads. Conversely, the Funds overweight in pre-refunded holdings detracted from performance as lower-quality, longer-maturity assets outperformed the higher-quality, shorter-maturity issues in which the Fund was invested.
|
|
|
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
|
Fund Information |
|
|
|
Symbol on NYSE |
MUS |
Initial Offering Date |
May 1, 1998 |
Yield on Closing Market Price as of October 31, 2009 ($12.34)1 |
6.81% |
Tax Equivalent Yield2 |
10.48% |
Current Monthly Distribution per Common Share3 |
$0.07 |
Current Annualized Distribution per Common Share3 |
$0.84 |
Leverage as of October 31, 20094 |
42% |
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
4 |
Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Funds market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
10/31/09 |
|
4/30/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
||||||||||||||||
Market Price |
|
$ |
12.34 |
|
$ |
10.87 |
|
13.52 |
% |
|
$ |
13.06 |
|
$ |
10.73 |
|
Net Asset Value |
|
$ |
13.02 |
|
$ |
12.27 |
|
6.11 |
% |
|
$ |
13.81 |
|
$ |
11.98 |
|
|
The following charts show the sector and credit quality allocations of the Funds long-term investments:
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|||||||
County/City/Special District/ School District |
|
36 |
% |
|
39 |
% |
|
Utilities |
|
19 |
|
|
9 |
|
|
Transportation |
|
16 |
|
|
17 |
|
|
State |
|
13 |
|
|
17 |
|
|
Health |
|
9 |
|
|
6 |
|
|
Housing |
|
5 |
|
|
9 |
|
|
Corporate |
|
2 |
|
|
2 |
|
|
Education |
|
|
|
|
1 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|||||||
AAA/Aaa |
|
53 |
% |
|
83 |
% |
|
AA/Aa |
|
16 |
|
|
8 |
|
|
A/A |
|
26 |
|
|
8 |
|
|
BBB/Baa |
|
3 |
|
|
1 |
|
|
Not Rated6 |
|
2 |
|
|
|
|
|
|
|
|
5 |
Using the higher of S&Ps and Moodys ratings. |
|
|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $5,883,162 representing 2% and $3,333,138 representing 1%, respectively, of the Funds long-term investments. |
|
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
9 |
|
|
|
|
|
|
Fund Summary as of October 31, 2009 |
BlackRock Muni Intermediate Duration Fund, Inc. |
|
|
Investment Objective |
|
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (the Fund) seeks to provide shareholders with high current income exempt from federal income taxes by investing primarily in a portfolio of municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.
|
|
|
No assurance can be given that the Funds investment objective will be achieved. |
|
|
Performance |
|
For the six months ended October 31, 2009, the Fund returned 13.36% based on market price and 12.11% based on NAV. For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 10.23% on a market price basis and 9.33% on a NAV basis. All returns reflect reinvestment of dividends. The Funds discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Exposure to lower-rated and corporate-backed holdings contributed positively to Fund performance; these issues rebounded sharply as the municipal market rallied and credit spreads compressed. In addition, management was able to capitalize on opportunities in the new-issue market, adding discounted coupon bonds in higher-tax states, which tend to outperform as rates fall and secondary demand by the retail sector increases. The Fund also benefited from maintaining an above-average dividend to the shareholder. Despite adding both duration and positive convexity through the new-issue market, overall performance was hampered by the Funds neutral to slightly short duration bias relative to its Lipper peers. Lack of exposure to the utilities and transportation sectors, which outperformed during the period, also had a negative impact on results.
|
|
|
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
|
Fund Information |
|
|
|
Symbol on NYSE |
MUI |
Initial Offering Date |
August 1, 2003 |
Yield on Closing Market Price as of October 31, 2009 ($12.95)1 |
6.07% |
Tax Equivalent Yield2 |
9.34% |
Current Monthly Distribution per Common Share3 |
$0.0655 |
Current Annualized Distribution per Common Share3 |
$0.7860 |
Leverage as of October 31, 20094 |
39% |
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
3 |
The distribution is not constant and is subject to change. |
|
|
4 |
Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Funds market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
10/31/09 |
|
4/30/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
||||||||||||||||
Market Price |
|
$ |
12.95 |
|
$ |
11.77 |
|
10.03 |
% |
|
$ |
13.98 |
|
$ |
11.51 |
|
Net Asset Value |
|
$ |
14.20 |
|
$ |
13.05 |
|
8.81 |
% |
|
$ |
14.79 |
|
$ |
13.01 |
|
|
The following charts show the sector and credit quality allocations of the Funds long-term investments:
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|||||||
City/County/Special District/ School District |
|
24 |
% |
|
25 |
% |
|
State |
|
22 |
|
|
23 |
|
|
Transportation |
|
8 |
|
|
13 |
|
|
Corporate |
|
14 |
|
|
11 |
|
|
Health |
|
10 |
|
|
10 |
|
|
Utilities |
|
9 |
|
|
7 |
|
|
Tobacco |
|
6 |
|
|
6 |
|
|
Housing |
|
3 |
|
|
3 |
|
|
Education |
|
4 |
|
|
2 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|||||||
AAA/Aaa |
|
30 |
% |
|
36 |
% |
|
AA/Aa |
|
23 |
|
|
30 |
|
|
A/A |
|
22 |
|
|
11 |
|
|
BBB/Baa |
|
14 |
|
|
12 |
|
|
BB/Ba |
|
1 |
|
|
|
|
|
B/B |
|
1 |
|
|
1 |
|
|
CCC/Caa |
|
2 |
|
|
1 |
|
|
Not Rated6 |
|
7 |
|
|
9 |
|
|
|
|
|
5 |
Using the higher of S&Ps or Moodys ratings. |
|
|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $18,183,479 representing 2% and $16,548,864 representing 2%, respectively, of the Funds long-term investments. |
|
|
|
|
||
10 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Fund Summary as of October 31, 2009 |
BlackRock MuniVest Fund II, Inc. |
|
|
Investment Objective |
|
BlackRock MuniVest Fund II, Inc. (MVT) (the Fund) seeks to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term, investment grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes.
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No assurance can be given that the Funds investment objective will be achieved. |
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Performance |
|
For the six months ended October 31, 2009, the Fund returned 24.21%, based on market price and 19.70% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a NAV basis. All returns reflect reinvestment of dividends. The Fund moved from a discount to a premium to NAV by period end, which accounts for the difference between performance based on price and performance based on NAV. Positive performance factors included concentrations in health, transportation and corporate-related debt. Renewed risk appetite was also beneficial, given the Funds focus on lower-rated credits. In addition, the Funds long duration stance and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative factors included less exposure to the tax-backed and essential services sectors.
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The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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Fund Information |
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|
|
Symbol on NYSE |
MVT |
Initial Offering Date |
March 29, 1993 |
Yield on Closing Market Price as of October 31, 2009 ($13.94)1 |
7.19% |
Tax Equivalent Yield2 |
11.06% |
Current Monthly Distribution per Common Share3 |
$0.0835 |
Current Annualized Distribution per Common Share3 |
$1.0020 |
Leverage as of October 31, 20094 |
42% |
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|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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|
3 |
The distribution is not constant and is subject to change. |
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|
4 |
Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Funds market price and NAV per share:
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||||||||||||||||
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10/31/09 |
|
4/30/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
||||||||||||||||
Market Price |
|
$ |
13.94 |
|
$ |
11.65 |
|
19.66 |
% |
|
$ |
14.81 |
|
$ |
11.54 |
|
Net Asset Value |
|
$ |
13.78 |
|
$ |
11.95 |
|
15.31 |
% |
|
$ |
14.55 |
|
$ |
11.94 |
|
|
The following charts show the sector and credit quality allocations of the Funds long-term investments:
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|
Sector Allocations |
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|
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|
|
|
|
10/31/09 |
|
4/30/09 |
|
||
|
|||||||
Health |
|
21 |
% |
|
18 |
% |
|
Corporate |
|
17 |
|
|
16 |
|
|
State |
|
13 |
|
|
14 |
|
|
Transportation |
|
13 |
|
|
13 |
|
|
County/City/Special District/ School District |
|
12 |
|
|
13 |
|
|
Utilities |
|
11 |
|
|
11 |
|
|
Education |
|
6 |
|
|
6 |
|
|
Housing |
|
5 |
|
|
5 |
|
|
Tobacco |
|
2 |
|
|
4 |
|
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Credit Quality Allocations5 |
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|||||||
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|
|
|
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|
10/31/09 |
|
4/30/09 |
|
||
|
|||||||
AAA/Aaa |
|
20 |
% |
|
26 |
% |
|
AA/Aa |
|
34 |
|
|
28 |
|
|
A/A |
|
19 |
|
|
18 |
|
|
BBB/Baa |
|
13 |
|
|
12 |
|
|
BB/Ba |
|
1 |
|
|
1 |
|
|
B/B |
|
3 |
|
|
2 |
|
|
Not Rated6 |
|
10 |
|
|
13 |
|
|
|
|
|
5 |
Using the higher of S&Ps or Moodys ratings. |
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|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2009 and April 30, 2009, the market value of these securities was $9,091,136 representing 2% and $10,825,769 representing 3%, respectively, of the Funds long-term investments. |
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SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
11 |
|
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|
The Funds may utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.
To leverage, all of the Funds, except APX and MUA, issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the cost of assets to be obtained from leverage will be based on short-term interest rates, which normally will be lower than the income earned by each Fund on its longer-term portfolio investments. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Funds Common Shareholders will benefit from the incremental net income.
To illustrate these concepts, assume a Funds Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Fund pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased by the Fund with assets received from the Preferred Shares issuance earn the income based on long-term interest rates. In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the Funds long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental net income.
If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup on the Common Shares will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Fund pays dividends on the higher short-term interest rates whereas the Funds total portfolio earns income based on lower long-term interest rates.
Furthermore, the value of a Funds portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Funds Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds NAV positively or negatively in addition to the impact on Fund performance from leverage from Preferred Shares discussed above.
The Funds may also leverage their assets through the use of tender option bond (TOB) programs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Funds with economic benefits in periods of declining short-term interest rates, but expose the Funds to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Funds, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect each Funds NAV per share.
The use of leverage may enhance opportunities for increased income to the Funds and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Funds NAV, market price and dividend rate than a comparable portfolio without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Funds net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, each Funds net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced. The Funds may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Fund to incur losses. The use of leverage may limit each Funds ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate preferred shares issued by the Funds. Each Fund will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.
Under the Investment Company Act of 1940, the Funds are permitted to issue Preferred Shares in an amount up to 50% of their total managed assets at the time of issuance. Under normal circumstances, each Fund anticipates that the total economic leverage from Preferred Shares and/or TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of October 31, 2009, the Funds had economic leverage from Preferred Shares and TOBs as a percentage of their total managed assets as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Percent
of |
|
|
|
|
|
|
|
APX |
|
4 |
% |
|
MUA |
|
4 |
% |
|
MEN |
|
39 |
% |
|
MHD |
|
37 |
% |
|
MUH |
|
36 |
% |
|
MUS |
|
42 |
% |
|
MUI |
|
39 |
% |
|
MVT |
|
42 |
% |
|
|
|
|
|
|
|
|
|
The Funds may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset to the transaction and illiquidity of the derivative instrument. Each Funds ability to successfully use a derivative instrument depends on the investment advisors ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require a Fund to sell or purchase portfolio securities at inopportune times or for distressed values, may limit the amount of appreciation a Fund can realize on an investment or may cause a Fund to hold a security that it might otherwise sell. The Funds investments in these instruments are discussed in detail in the Notes to Financial Statements.
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||
12 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
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|
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|
|
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
||
Alabama 0.6% |
|
|
|
|
|
|
|
County of Jefferson, Alabama, RB, Series A, |
|
$ |
475 |
|
$ |
466,531 |
|
Tuscaloosa Special Care Facilities Financing Authority, |
|
|
1,255 |
|
|
502,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
968,531 |
|
|
|
|
|
|
|
|
|
Alaska 1.0% |
|
|
|
|
|
|
|
Alaska Industrial Development & Export Authority, RB, |
|
|
2,000 |
|
|
1,731,560 |
|
|
|
|
|
|
|
|
|
Arizona 4.5% |
|
|
|
|
|
|
|
Maricopa County IDA, Arizona, RB: |
|
|
|
|
|
|
|
Arizona Charter Schools Project 1, Series A, |
|
|
1,100 |
|
|
836,451 |
|
Sun King Apartments Project, Series A, |
|
|
10 |
|
|
9,881 |
|
Sun King Apartments Project, Series A, |
|
|
1,020 |
|
|
745,600 |
|
Phoenix IDA, Arizona, Refunding RB, America West |
|
|
2,950 |
|
|
1,949,124 |
|
Pima County IDA, RB, Arizona Charter School Project, |
|
|
960 |
|
|
896,064 |
|
Pima County IDA, Refunding RB, Tucson Electric Power Co., |
|
|
705 |
|
|
706,509 |
|
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/32 |
|
|
1,950 |
|
|
1,743,690 |
|
University Medical Center Corp., Arizona, RB, |
|
|
540 |
|
|
570,839 |
|
Yavapai County IDA, Arizona, RB, Yavapai Regional |
|
|
500 |
|
|
496,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,954,348 |
|
|
|
|
|
|
|
|
|
California 2.9% |
|
|
|
|
|
|
|
California Health Facilities Financing Authority, RB, |
|
|
765 |
|
|
711,312 |
|
California State, GO, Refunding, 4.50%, 10/01/36 |
|
|
1,755 |
|
|
1,475,306 |
|
California Statewide Communities Development |
|
|
|
|
|
|
|
7.00%, 11/15/29 |
|
|
400 |
|
|
429,828 |
|
7.25%, 11/15/41 |
|
|
1,440 |
|
|
1,543,925 |
|
City of Fontana, California, Special Tax, Community |
|
|
1,000 |
|
|
855,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,016,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Colorado 3.1% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Christian Living |
|
$ |
450 |
|
$ |
388,197 |
|
Elk Valley Public Improvement, RB, Public Improvement |
|
|
2,800 |
|
|
2,685,564 |
|
Plaza Metropolitan District No. 1, Colorado, TAN, |
|
|
|
|
|
|
|
Public Improvement Fee, 8.00%, 12/01/25 |
|
|
2,000 |
|
|
1,952,200 |
|
Subordinate Public Improvement Fee, |
|
|
500 |
|
|
464,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,490,276 |
|
|
|
|
|
|
|
|
|
Connecticut 2.0% |
|
|
|
|
|
|
|
Mashantucket Western Pequot Tribe, RB, 2006 |
|
|
615 |
|
|
327,752 |
|
Mashantucket Western Pequot Tribe, Refunding RB, |
|
|
1,400 |
|
|
740,796 |
|
Mohegan Tribe of Indians of Connecticut, RB, Public |
|
|
|
|
|
|
|
6.25%, 1/01/31 |
|
|
1,785 |
|
|
1,383,304 |
|
5.25%, 1/01/33 (c) |
|
|
1,500 |
|
|
1,001,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,453,717 |
|
|
|
|
|
|
|
|
|
District of Columbia 1.2% |
|
|
|
|
|
|
|
District of Columbia Tobacco Settlement Financing Corp., |
|
|
730 |
|
|
688,149 |
|
Metropolitan Washington Airports Authority, RB, CAB, |
|
|
9,770 |
|
|
1,496,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,184,718 |
|
|
|
|
|
|
|
|
|
Florida 9.1% |
|
|
|
|
|
|
|
Capital Region Community Development District, Florida, |
|
|
645 |
|
|
591,974 |
|
Hillsborough County IDA, RB, National Gypsum, AMT: |
|
|
|
|
|
|
|
Series A, 7.13%, 4/01/30 |
|
|
2,500 |
|
|
1,723,925 |
|
Series B, 7.13%, 4/01/30 |
|
|
1,560 |
|
|
1,075,729 |
|
Jacksonville Economic Development Commission, RB, |
|
|
900 |
|
|
626,292 |
|
Jacksonville Economic Development Commission, |
|
|
840 |
|
|
849,324 |
|
Lee County IDA, Florida, RB, Series A, Lee Charter |
|
|
1,810 |
|
|
1,288,521 |
|
Main Street Community Development District, Special |
|
|
345 |
|
|
299,888 |
|
Midtown Miami Community Development District, |
|
|
|
|
|
|
|
6.00%, 5/01/24 |
|
|
1,430 |
|
|
1,196,796 |
|
6.25%, 5/01/37 |
|
|
1,350 |
|
|
1,086,318 |
|
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28 |
|
|
2,140 |
|
|
1,155,258 |
|
|
|
Portfolio Abbreviations |
|
To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the list on the right.
|
|
ACA |
American Capital Access Corp. |
AGC |
Assured Guaranty Corp. |
AMBAC |
American Municipal Bond Assurance Corp. |
AMT |
Alternative Minimum Tax (subject to) |
ARB |
Airport Revenue Bonds |
BHAC |
Berkshire Hathaway Assurance Corp. |
CAB |
Capital Appreciation Bonds |
CIFG |
CDC IXIS Financial Guaranty |
COP |
Certificates of Participation |
EDA |
Economic Development Authority |
FGIC |
Financial Guaranty Insurance Co. |
FHA |
Federal Housing Administration |
FSA |
Financial Security Assurance Inc. |
GO |
General Obligation Bonds |
GNMA |
Government National Mortgage Association |
HDA |
Housing Development Authority |
HFA |
Housing Finance Agency |
IDA |
Industrial Development Authority |
IDRB |
Industrial Development Revenue Bonds |
M/F |
Multi-Family |
MBIA |
Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.) |
PSF-GTD |
Permanent School Fund Guaranteed |
RB |
Revenue Bonds |
S/F |
Single-Family |
TAN |
Tax Anticipation Notes |
VRDN |
Variable Rate Demand Note |
|
|
|
See Notes to Financial Statements. |
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|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
13 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Florida (concluded) |
|
|
|
|
|
|
|
Sarasota County Health Facilities Authority, Refunding |
|
|
|
|
|
|
|
5.50%, 1/01/27 |
|
$ |
590 |
|
$ |
494,025 |
|
5.50%, 1/01/32 |
|
|
550 |
|
|
405,994 |
|
Sarasota County Public Hospital District, RB, Sarasota |
|
|
470 |
|
|
476,787 |
|
Sumter Landing Community Development District, |
|
|
1,615 |
|
|
1,163,882 |
|
Tampa Palms Open Space & Transportation Community |
|
|
2,075 |
|
|
2,053,254 |
|
Tolomato Community Development District, Special |
|
|
1,850 |
|
|
1,408,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,896,964 |
|
|
|
|
|
|
|
|
|
Georgia 2.2% |
|
|
|
|
|
|
|
City of Atlanta, Georgia, TAN, Princeton Lakes Project, |
|
|
395 |
|
|
330,042 |
|
County of Clayton, Georgia, TAN, Ellenwood Project, |
|
|
1,640 |
|
|
1,581,846 |
|
Gainesville & Hall County Development Authority, RB, |
|
|
645 |
|
|
676,540 |
|
Rockdale County Development Authority, RB, Visy Paper |
|
|
1,680 |
|
|
1,348,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,936,594 |
|
|
|
|
|
|
|
|
|
Guam 3.3% |
|
|
|
|
|
|
|
Guam Government Waterworks Authority, RB, Water: |
|
|
|
|
|
|
|
6.00%, 7/01/25 |
|
|
515 |
|
|
515,927 |
|
5.88%, 7/01/35 |
|
|
1,600 |
|
|
1,521,664 |
|
Territory of Guam, GO, Series A: |
|
|
|
|
|
|
|
6.00%, 11/15/19 |
|
|
250 |
|
|
260,322 |
|
6.75%, 11/15/29 |
|
|
440 |
|
|
470,774 |
|
7.00%, 11/15/39 |
|
|
455 |
|
|
491,782 |
|
Territory of Guam, RB, Section 30, Series A: |
|
|
|
|
|
|
|
5.63%, 12/01/29 |
|
|
1,000 |
|
|
1,006,450 |
|
5.75%, 12/01/34 |
|
|
1,540 |
|
|
1,568,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,835,147 |
|
|
|
|
|
|
|
|
|
Illinois 4.1% |
|
|
|
|
|
|
|
City of Chicago, Illinois, Refunding RB, American Airlines, |
|
|
2,860 |
|
|
1,857,713 |
|
Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
Clare at Water Tower Project, Series A, |
|
|
2,050 |
|
|
1,031,088 |
|
Monarch Landing Inc. Facilities, Series A, |
|
|
575 |
|
|
287,500 |
|
Primary Health Care Centers Program, |
|
|
490 |
|
|
426,893 |
|
Rush University Medical Center Obligation Group, |
|
|
2,000 |
|
|
2,259,560 |
|
Lincolnshire Special Service Area No. 1, Illinois, Special |
|
|
755 |
|
|
585,827 |
|
Village of Wheeling, Illinois, TAN, North Milwaukee, |
|
|
760 |
|
|
664,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,113,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Indiana 2.6% |
|
|
|
|
|
|
|
Indiana Finance Authority, Refunding RB, Duke Energy, |
|
$ |
1,390 |
|
$ |
1,325,282 |
|
Indiana Health & Educational Facilities Financing |
|
|
1,770 |
|
|
1,676,615 |
|
Vanderburgh County Redevelopment Commission, |
|
|
820 |
|
|
771,907 |
|
Vigo County Hospital Authority, Indiana, RB, Union |
|
|
|
|
|
|
|
5.70%, 9/01/37 |
|
|
440 |
|
|
343,323 |
|
5.75%, 9/01/42 |
|
|
545 |
|
|
420,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,537,682 |
|
|
|
|
|
|
|
|
|
Louisiana 1.1% |
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & |
|
|
2,000 |
|
|
1,916,840 |
|
|
|
|
|
|
|
|
|
Maryland 1.0% |
|
|
|
|
|
|
|
Maryland Health & Higher Educational Facilities |
|
|
410 |
|
|
207,915 |
|
Maryland State Energy Financing Administration, IDRB, |
|
|
1,500 |
|
|
1,500,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,708,230 |
|
|
|
|
|
|
|
|
|
Massachusetts 2.6% |
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
Eastern Nazarene College, 5.63%, 4/01/19 |
|
|
1,245 |
|
|
1,115,595 |
|
First Mortgage, Overlook Community, Series A, |
|
|
1,845 |
|
|
1,534,505 |
|
Massachusetts Health & Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
Jordan Hospital, Series E, 6.75%, 10/01/33 |
|
|
850 |
|
|
758,463 |
|
Milton Hospital, Series C, 5.50%, 7/01/16 |
|
|
500 |
|
|
432,325 |
|
Massachusetts Industrial Finance Agency, RB, Sewer |
|
|
200 |
|
|
201,362 |
|
Massachusetts State Port Authority Special Facilities, RB, |
|
|
650 |
|
|
588,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,630,714 |
|
|
|
|
|
|
|
|
|
Michigan 2.6% |
|
|
|
|
|
|
|
Advanced Technology Academy, RB, 6.00%, 11/01/37 |
|
|
625 |
|
|
512,794 |
|
Monroe County Hospital Finance Authority, Refunding RB, |
|
|
1,260 |
|
|
966,836 |
|
Royal Oak Hospital Finance Authority, Michigan, RB, |
|
|
2,575 |
|
|
2,990,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,470,209 |
|
|
|
|
|
|
|
|
|
Missouri 0.5% |
|
|
|
|
|
|
|
Kansas City IDA, Missouri, RB, First Mortgage, Bishop |
|
|
1,000 |
|
|
840,270 |
|
|
|
|
|
|
|
|
|
Multi-State 0.4% |
|
|
|
|
|
|
|
MuniMae Tax-Exempt Bond Subsidiary LLC, 7.50%, |
|
|
700 |
|
|
649,236 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
14 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Nevada 0.7% |
|
|
|
|
|
|
|
Clark County Improvement District, Nevada, Special |
|
$ |
390 |
|
$ |
367,333 |
|
County of Clark, Nevada, RB, Nevada Power Co. Project, |
|
|
955 |
|
|
900,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,267,344 |
|
|
|
|
|
|
|
|
|
New Hampshire 0.4% |
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
|
835 |
|
|
695,572 |
|
|
|
|
|
|
|
|
|
New Jersey 9.4% |
|
|
|
|
|
|
|
Camden County Pollution Control Financing Authority, RB, |
|
|
4,885 |
|
|
4,885,782 |
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
Cigarette Tax, 5.50%, 6/15/24 |
|
|
2,170 |
|
|
2,071,265 |
|
Continental Airlines Inc. Project, AMT, |
|
|
3,050 |
|
|
2,987,505 |
|
Continental Airlines Inc. Project, AMT, |
|
|
1,000 |
|
|
854,430 |
|
New Jersey EDA, Refunding RB, Newark Airport Marriott |
|
|
1,500 |
|
|
1,476,285 |
|
New Jersey Educational Facilities Authority, Refunding RB, |
|
|
|
|
|
|
|
7.13%, 12/01/23 |
|
|
670 |
|
|
754,494 |
|
7.50%, 12/01/32 |
|
|
1,065 |
|
|
1,199,137 |
|
New Jersey Health Care Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
Pascack Valley Hospital Association, 6.63%, |
|
|
1,870 |
|
|
187 |
|
Saint Josephs Healthcare System, 6.63%, 7/01/38 |
|
|
1,680 |
|
|
1,700,210 |
|
New Jersey Transportation Trust Fund Authority, New |
|
|
2,760 |
|
|
538,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,467,826 |
|
|
|
|
|
|
|
|
|
New Mexico 2.9% |
|
|
|
|
|
|
|
Farmington, New Mexico, RB, Tucson Electric Power Co. |
|
|
5,000 |
|
|
5,003,750 |
|
|
|
|
|
|
|
|
|
New York 4.4% |
|
|
|
|
|
|
|
Dutchess County Industrial Development Agency, New |
|
|
1,000 |
|
|
972,080 |
|
Metropolitan Transportation Authority, RB, Series 2008-C, |
|
|
2,000 |
|
|
2,267,380 |
|
New York City Industrial Development Agency, RB: |
|
|
|
|
|
|
|
American Airlines, JFK International Airport, AMT, |
|
|
720 |
|
|
721,786 |
|
British Airways Plc Project, AMT, 7.63%, 12/01/32 |
|
|
1,730 |
|
|
1,617,342 |
|
Series C, 6.80%, 6/01/28 |
|
|
350 |
|
|
364,077 |
|
Special Needs Facilities Pooled Program, Series C-1, |
|
|
830 |
|
|
762,322 |
|
New York Liberty Development Corp., RB, National Sports |
|
|
630 |
|
|
63 |
|
New York State Dormitory Authority, RB, North Shore L I |
|
|
1,000 |
|
|
1,010,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,715,370 |
|
|
|
|
|
|
|
|
|
North Carolina 1.8% |
|
|
|
|
|
|
|
North Carolina Medical Care Commission, RB, First |
|
|
3,230 |
|
|
3,134,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Ohio 3.7% |
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, RB, |
|
|
|
|
|
|
|
5.13%, 6/01/24 |
|
$ |
3,490 |
|
$ |
3,096,188 |
|
6.50%, 6/01/47 |
|
|
2,685 |
|
|
2,162,982 |
|
Ohio Air Quality Development Authority, RB, Ohio Valley |
|
|
1,215 |
|
|
1,211,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,470,549 |
|
|
|
|
|
|
|
|
|
Pennsylvania 7.6% |
|
|
|
|
|
|
|
Bucks County IDA, RB, Anns Choice Inc. Facilities, |
|
|
1,160 |
|
|
1,031,205 |
|
Lancaster County Hospital Authority, RB, Brethren Village |
|
|
|
|
|
|
|
6.25%, 7/01/26 |
|
|
475 |
|
|
445,084 |
|
6.50%, 7/01/40 |
|
|
410 |
|
|
365,900 |
|
Lycoming County Authority, Refunding RB, Susquehanna |
|
|
1,590 |
|
|
1,511,867 |
|
Montgomery County IDA, Pennsylvania, RB, Mortgage, |
|
|
1,700 |
|
|
1,193,366 |
|
Pennsylvania Higher Educational Facilities Authority, |
|
|
4,035 |
|
|
3,230,461 |
|
Philadelphia Authority for Industrial Development, RB: |
|
|
|
|
|
|
|
Air Cargo, Series A, AMT, 7.50%, 1/01/25 |
|
|
1,600 |
|
|
1,412,784 |
|
Commercial Development, AMT, 7.75%, 12/01/17 |
|
|
4,460 |
|
|
4,143,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,333,695 |
|
|
|
|
|
|
|
|
|
Puerto Rico 1.9% |
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority, Refunding RB, |
|
|
2,355 |
|
|
2,277,356 |
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
|
1,000 |
|
|
1,081,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,358,856 |
|
|
|
|
|
|
|
|
|
Rhode Island 0.8% |
|
|
|
|
|
|
|
Central Falls Detention Facility Corp., Rhode Island, |
|
|
1,750 |
|
|
1,485,032 |
|
|
|
|
|
|
|
|
|
South Carolina 0.7% |
|
|
|
|
|
|
|
Connector 2000 Association Inc., RB, CAB, Senior, |
|
|
1,075 |
|
|
321,049 |
|
South Carolina Jobs Economic Development Authority, |
|
|
|
|
|
|
|
5.50%, 8/01/26 |
|
|
670 |
|
|
662,000 |
|
5.75%, 8/01/39 |
|
|
270 |
|
|
262,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,245,897 |
|
|
|
|
|
|
|
|
|
South Dakota 0.5% |
|
|
|
|
|
|
|
South Dakota Health & Educational Facilities Authority, |
|
|
810 |
|
|
823,081 |
|
|
|
|
|
|
|
|
|
Tennessee 0.1% |
|
|
|
|
|
|
|
Shelby County, Health, Educational & Housing Facilities |
|
|
245 |
|
|
202,395 |
|
|
|
|
|
|
|
|
|
Texas 7.3% |
|
|
|
|
|
|
|
Brazos River Authority, Refunding RB, AMT: |
|
|
|
|
|
|
|
TXU Electric Co. Project, Series C, |
|
|
1,475 |
|
|
1,328,459 |
|
Texas Utility Co., Series A, 7.70%, 4/01/33 |
|
|
2,530 |
|
|
1,470,183 |
|
City of Houston, Texas, RB, Special Facilities, Continental, |
|
|
1,865 |
|
|
1,731,261 |
|
Danbury Higher Education Authority Inc., RB, AW Brown |
|
|
1,000 |
|
|
787,470 |
|
Harris County Health Facilities Development Corp., |
|
|
1,110 |
|
|
1,240,647 |
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
15 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
||
Texas (concluded) |
|
|
|
|
|
|
|
Matagorda County Navigation District No. 1, Texas, |
|
$ |
850 |
|
$ |
909,959 |
|
North Texas Tollway Authority, Refunding RB, Second Tier, |
|
|
1,650 |
|
|
1,713,657 |
|
Tarrant County Cultural Education Facilities Finance |
|
|
1,710 |
|
|
1,653,074 |
|
Texas State Public Finance Authority, RB, Kipp Inc. |
|
|
2,250 |
|
|
1,928,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,762,960 |
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands 1.4% |
|
|
|
|
|
|
|
United States Virgin Islands, RB, Senior Secured, |
|
|
2,100 |
|
|
2,130,891 |
|
Virgin Islands Public Finance Authority, RB, Senior Lien, |
|
|
340 |
|
|
322,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,453,701 |
|
|
|
|
|
|
|
|
|
Utah 1.3% |
|
|
|
|
|
|
|
County of Carbon, Utah, Refunding RB, Laidlaw |
|
|
2,240 |
|
|
2,242,957 |
|
|
|
|
|
|
|
|
|
Virginia 1.7% |
|
|
|
|
|
|
|
Dulles Town Center Community Development Authority, |
|
|
2,385 |
|
|
2,212,231 |
|
Tobacco Settlement Financing Corp., Virginia, RB, Senior, |
|
|
1,250 |
|
|
851,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,063,769 |
|
|
|
|
|
|
|
|
|
Wisconsin 1.0% |
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, RB: |
|
|
1,320 |
|
|
1,234,134 |
|
Saint Johns Communities, Inc., 7.25%, 9/15/29 |
|
|
175 |
|
|
175,775 |
|
Saint Johns Communities, Inc., 7.63%, 9/15/39 |
|
|
350 |
|
|
355,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,765,117 |
|
|
|
|
|
|
|
|
|
Wyoming 1.9% |
|
|
|
|
|
|
|
County of Sweetwater, Wyoming, Refunding RB, FMC |
|
|
2,500 |
|
|
2,331,500 |
|
Wyoming Municipal Power Agency, Wyoming, RB, Series A, |
|
|
1,000 |
|
|
1,008,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,340,300 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 94.3% |
|
|
|
|
|
165,166,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia 1.7% |
|
|
|
|
|
|
|
District of Columbia Water & Sewer Authority, RB, |
|
|
2,730 |
|
|
3,051,849 |
|
|
|
|
|
|
|
|
|
Florida 3.4% |
|
|
|
|
|
|
|
County of Miami-Dade, Florida, RB, Miami International |
|
|
6,130 |
|
|
5,974,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Virginia 3.3% |
|
|
|
|
|
|
|
Virginia HDA, RB, Sub-Series H-1 (MBIA), |
|
$ |
5,710 |
|
$ |
5,756,194 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
14,782,954 |
|
|
|
|
|
|
|
|
|
Total Long-Term Investments |
|
|
|
|
|
179,949,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi 0.6% |
|
|
|
|
|
|
|
Mississippi Business Finance Corp., RB, VRDN, Waste |
|
|
1,000 |
|
|
1,010,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund 0.0% |
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.23% (j)(k) |
|
|
100,308 |
|
|
100,308 |
|
|
|
|
|
|
|
|
|
Total Short-Term Securities |
|
|
|
|
|
1,110,878 |
|
|
|
|
|
|
|
|
|
Total Investments (Cost $192,095,163*) 103.3% |
|
|
|
|
|
181,060,587 |
|
Other Assets Less Liabilities 0.9% |
|
|
|
|
|
1,456,528 |
|
Liability for Trust Certificates, Including |
|
|
|
|
|
|
|
Interest Expense and Fees Payable (4.2)% |
|
|
|
|
|
(7,291,471 |
) |
|
|
|
|
|
|
|
|
Net Assets 100.0% |
|
|
|
|
$ |
175,225,644 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
|
$ |
184,247,406 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
7,403,691 |
|
Gross unrealized depreciation |
|
|
(17,875,956 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(10,472,265 |
) |
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
|
(b) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
(c) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|
|
(d) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(e) |
Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity and is subject to mandatory redemption. |
|
|
(f) |
Security is perpetual in nature and has no stated maturity date. |
|
|
(g) |
When-issued security. Unsettled when-issued security transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
|
|
|
|
||
B.C. Ziegler |
|
$ |
1,653,074 |
|
$ |
(9,320 |
) |
|
|
|
|
|
|
|
|
|
|
(h) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
(i) |
Security may have a maturity of more than one year at time of issuance but has variable rate and demand features that qualify it as a short-term security. Rate shown is as of report date and maturity shown is the date the principal owed can be covered through demand. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
16 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
(j) |
Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Affiliate |
|
Net |
|
Income |
|
||
|
|
|
|
|
|
||
FFI Institutional Tax-Exempt Fund |
|
$ |
302 |
|
$ |
1,451 |
|
|
|
|
|
|
|
|
|
|
|
|
(k) |
Represents the current yield as of report date. |
|
|
|
|
|
Fair Value Measurements Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
Level 1 price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Funds investments:
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments
in |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
||
Level 1 Short-Term Securities |
|
$ |
100,308 |
|
Level 2 Long-Term Investments1 |
|
|
180,960,279 |
|
Level 3 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
181,060,587 |
|
|
|
|
|
|
|
|
|
|
1 |
See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
17 |
|
|
|
|
|
|
Schedule of Investments October 31, 2009 (Unaudited) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Alabama 0.5% |
|
|
|
|
|
|
|
County of Jefferson, Alabama, RB, Series A, |
|
$ |
685 |
|
$ |
672,786 |
|
Tuscaloosa Special Care Facilities Financing Authority, |
|
|
1,820 |
|
|
728,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,400,786 |
|
|
|
|
|
|
|
|
|
Alaska 0.2% |
|
|
|
|
|
|
|
Alaska Industrial Development & Export Authority, RB, |
|
|
590 |
|
|
570,241 |
|
|
|
|
|
|
|
|
|
Arizona 8.1% |
|
|
|
|
|
|
|
Coconino County Pollution Control Corp., Arizona, RB, |
|
|
|
|
|
|
|
Series A, AMT, 7.13%, 10/01/32 |
|
|
3,000 |
|
|
3,000,990 |
|
Series B, 7.00%, 10/01/32 |
|
|
2,500 |
|
|
2,502,075 |
|
Maricopa County IDA, Arizona, RB, Series A: |
|
|
|
|
|
|
|
Arizona Charter Schools Project 1, 6.63%, 7/01/20 |
|
|
1,625 |
|
|
1,235,666 |
|
Sun King Apartments Project, 6.75%, 5/01/31 |
|
|
1,615 |
|
|
1,180,533 |
|
Phoenix IDA, Arizona, Refunding RB, America West |
|
|
4,800 |
|
|
3,171,456 |
|
Pima County IDA, RB: |
|
|
|
|
|
|
|
Arizona Charter School Project, Series E, |
|
|
1,375 |
|
|
1,283,425 |
|
Arizona Charter Schools Project, Series O, |
|
|
500 |
|
|
361,485 |
|
Charter Schools, II, Series A, 6.75%, 7/01/11 (c) |
|
|
415 |
|
|
455,716 |
|
Charter Schools, II, Series A, 6.75%, 7/01/31 |
|
|
675 |
|
|
597,193 |
|
Pima County IDA, Refunding RB, Tucson Electric Power |
|
|
1,025 |
|
|
1,027,194 |
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
5.00%, 12/01/32 |
|
|
2,840 |
|
|
2,539,528 |
|
5.00%, 12/01/37 |
|
|
1,850 |
|
|
1,573,610 |
|
Show Low Improvement District, Arizona, Special |
|
|
865 |
|
|
854,265 |
|
University Medical Center Corp., Arizona, RB: |
|
|
|
|
|
|
|
6.25%, 7/01/29 |
|
|
280 |
|
|
295,991 |
|
6.50%, 7/01/39 |
|
|
500 |
|
|
527,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,606,597 |
|
|
|
|
|
|
|
|
|
California 2.8% |
|
|
|
|
|
|
|
California Health Facilities Financing Authority, RB, |
|
|
1,115 |
|
|
1,036,749 |
|
California State, GO, Refunding, 4.50%, 10/01/36 |
|
|
2,555 |
|
|
2,147,810 |
|
California Statewide Communities Development |
|
|
|
|
|
|
|
7.00%, 11/15/29 |
|
|
600 |
|
|
644,742 |
|
7.25%, 11/15/41 |
|
|
2,060 |
|
|
2,208,670 |
|
City of Fontana, California, Special Tax, Community |
|
|
1,320 |
|
|
1,129,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,167,706 |
|
|
|
|
|
|
|
|
|
Colorado 3.6% |
|
|
|
|
|
|
|
City & County of Denver, Colorado, RB, AMT (AMBAC), |
|
|
1,540 |
|
|
1,692,121 |
|
Colorado Health Facilities Authority, RB, Christian Living |
|
|
650 |
|
|
560,729 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Colorado (concluded) |
|
|
|
|
|
|
|
Elk Valley Public Improvement, RB, Public |
|
|
|
|
|
|
|
Series A, 7.10%, 9/01/14 |
|
$ |
1,395 |
|
$ |
1,424,267 |
|
Series A, 7.30%, 9/01/22 |
|
|
2,095 |
|
|
2,009,377 |
|
Series B, 7.45%, 9/01/31 |
|
|
200 |
|
|
182,450 |
|
Plaza Metropolitan District No. 1, Colorado, TAN: |
|
|
|
|
|
|
|
Public Improvement Fee, Tax Increment, |
|
|
2,850 |
|
|
2,781,885 |
|
Subordinate Public Improvement Fee, Tax Increment, |
|
|
525 |
|
|
487,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,138,360 |
|
|
|
|
|
|
|
|
|
Connecticut 2.6% |
|
|
|
|
|
|
|
Connecticut State Development Authority, RB, AFCO |
|
|
3,490 |
|
|
3,184,136 |
|
Mashantucket Western Pequot Tribe, RB, 2006 |
|
|
885 |
|
|
471,643 |
|
Mashantucket Western Pequot Tribe, Refunding RB, |
|
|
1,600 |
|
|
846,624 |
|
Mohegan Tribe of Indians of Connecticut, RB, Public |
|
|
2,610 |
|
|
2,022,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,525,049 |
|
|
|
|
|
|
|
|
|
District of Columbia 1.2% |
|
|
|
|
|
|
|
District of Columbia Tobacco Settlement Financing Corp., |
|
|
1,055 |
|
|
994,517 |
|
Metropolitan Washington Airports Authority, RB, CAB, |
|
|
7,000 |
|
|
1,957,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,952,347 |
|
|
|
|
|
|
|
|
|
Florida 9.0% |
|
|
|
|
|
|
|
Capital Region Community Development District, Florida, |
|
|
945 |
|
|
867,311 |
|
Greater Orlando Aviation Authority, Florida, RB, Special |
|
|
1,180 |
|
|
1,003,413 |
|
Harbor Bay Community Development District, Florida, |
|
|
455 |
|
|
457,370 |
|
Hillsborough County IDA, RB: |
|
|
|
|
|
|
|
National Gypsum, Series A, AMT, 7.13%, 4/01/30 |
|
|
2,000 |
|
|
1,379,140 |
|
National Gypsum, Series B, AMT, 7.13%, 4/01/30 |
|
|
1,540 |
|
|
1,061,938 |
|
Tampa General Hospital Project, 5.00%, 10/01/36 |
|
|
4,170 |
|
|
3,775,810 |
|
Jacksonville Economic Development Commission, RB, |
|
|
1,300 |
|
|
904,644 |
|
Jacksonville Economic Development Commission, |
|
|
850 |
|
|
859,435 |
|
Lee County IDA, Florida, RB, Series A, Lee Charter |
|
|
2,620 |
|
|
1,865,152 |
|
Main Street Community Development District, Special |
|
|
500 |
|
|
434,620 |
|
Midtown Miami Community Development District, |
|
|
3,255 |
|
|
2,619,233 |
|
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28 |
|
|
3,040 |
|
|
1,641,114 |
|
Sarasota County Health Facilities Authority, Refunding RB, |
|
|
|
|
|
|
|
5.50%, 1/01/27 |
|
|
860 |
|
|
720,104 |
|
5.50%, 1/01/32 |
|
|
795 |
|
|
586,845 |
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
18 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Florida (concluded) |
|
|
|
|
|
|
|
Sarasota County Public Hospital District, RB, Sarasota |
|
$ |
1,025 |
|
$ |
1,039,801 |
|
Sumter Landing Community Development District, |
|
|
2,380 |
|
|
1,715,195 |
|
Tolomato Community Development District, Special |
|
|
2,680 |
|
|
2,041,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,972,267 |
|
|
|
|
|
|
|
|
|
Georgia 2.3% |
|
|
|
|
|
|
|
City of Atlanta, Georgia, TAN, Princeton Lakes Project, |
|
|
640 |
|
|
534,752 |
|
County of Clayton, Georgia, TAN, Ellenwood Project, |
|
|
2,375 |
|
|
2,290,782 |
|
Gainesville & Hall County Development Authority, RB, |
|
|
|
|
|
|
|
6.38%, 11/15/29 |
|
|
700 |
|
|
736,274 |
|
6.63%, 11/15/39 |
|
|
235 |
|
|
246,491 |
|
Rockdale County Development Authority, RB, Visy Paper |
|
|
2,435 |
|
|
1,954,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,762,338 |
|
|
|
|
|
|
|
|
|
Guam 3.3% |
|
|
|
|
|
|
|
Guam Government Waterworks Authority, RB, Water: |
|
|
|
|
|
|
|
6.00%, 7/01/25 |
|
|
750 |
|
|
751,350 |
|
5.88%, 7/01/35 |
|
|
2,305 |
|
|
2,192,147 |
|
Territory of Guam, GO, Series A: |
|
|
|
|
|
|
|
6.00%, 11/15/19 |
|
|
365 |
|
|
380,071 |
|
6.75%, 11/15/29 |
|
|
635 |
|
|
679,412 |
|
7.00%, 11/15/39 |
|
|
660 |
|
|
713,354 |
|
Territory of Guam, RB, Section 30, Series A: |
|
|
|
|
|
|
|
5.63%, 12/01/29 |
|
|
1,460 |
|
|
1,469,417 |
|
5.75%, 12/01/34 |
|
|
2,250 |
|
|
2,291,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,476,993 |
|
|
|
|
|
|
|
|
|
Illinois 3.2% |
|
|
|
|
|
|
|
City of Chicago, Illinois, Refunding RB, American Airlines, |
|
|
4,140 |
|
|
2,689,137 |
|
Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
Clare at Water Tower Project, Series A, |
|
|
2,950 |
|
|
1,483,761 |
|
Monarch Landing Inc. Facilities, Series A, |
|
|
820 |
|
|
410,000 |
|
Primary Health Care Centers Program, |
|
|
685 |
|
|
596,779 |
|
Rush University Medical Center Obligation Group, |
|
|
1,170 |
|
|
1,321,843 |
|
Lincolnshire Special Service Area No. 1, Illinois, Special |
|
|
1,070 |
|
|
830,245 |
|
Village of Wheeling, Illinois, TAN, North Milwaukee, |
|
|
825 |
|
|
721,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,053,104 |
|
|
|
|
|
|
|
|
|
Indiana 1.6% |
|
|
|
|
|
|
|
Indiana Finance Authority, RB, Refunding Duke Energy, |
|
|
2,025 |
|
|
1,930,716 |
|
Vanderburgh County Redevelopment Commission, |
|
|
1,200 |
|
|
1,129,620 |
|
Vigo County Hospital Authority, Indiana, RB, Union |
|
|
|
|
|
|
|
5.70%, 9/01/37 |
|
|
615 |
|
|
479,872 |
|
5.75%, 9/01/42 |
|
|
765 |
|
|
590,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,130,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Louisiana 1.1% |
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & |
|
$ |
3,000 |
|
$ |
2,875,260 |
|
|
|
|
|
|
|
|
|
Maryland 1.2% |
|
|
|
|
|
|
|
Maryland Economic Development Corp., RB, Health & |
|
|
1,765 |
|
|
1,780,002 |
|
Maryland Health & Higher Educational Facilities |
|
|
590 |
|
|
299,195 |
|
Maryland State Energy Financing Administration, IDRB, |
|
|
1,080 |
|
|
1,080,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,159,424 |
|
|
|
|
|
|
|
|
|
Massachusetts 1.8% |
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, Refunding |
|
|
1,200 |
|
|
1,261,584 |
|
Massachusetts Health & Educational Facilities Authority, |
|
|
1,150 |
|
|
1,026,157 |
|
Massachusetts Port Authority, RB, Delta Air Lines Inc. |
|
|
2,400 |
|
|
1,937,568 |
|
Massachusetts State Development Finance Agency, |
|
|
500 |
|
|
393,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,618,654 |
|
|
|
|
|
|
|
|
|
Michigan 2.5% |
|
|
|
|
|
|
|
Advanced Technology Academy, RB, 6.00%, 11/01/37 |
|
|
900 |
|
|
738,423 |
|
Monroe County Hospital Finance Authority, Refunding RB, |
|
|
1,740 |
|
|
1,335,154 |
|
Royal Oak Hospital Finance Authority, Michigan, RB, |
|
|
3,735 |
|
|
4,337,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,411,369 |
|
|
|
|
|
|
|
|
|
Minnesota 0.8% |
|
|
|
|
|
|
|
City of Minneapolis, Minnesota, RB, Fairview Health |
|
|
1,785 |
|
|
1,993,434 |
|
|
|
|
|
|
|
|
|
Missouri 0.3% |
|
|
|
|
|
|
|
Kansas City IDA, Missouri, RB, First Mortgage, Bishop |
|
|
1,000 |
|
|
840,270 |
|
|
|
|
|
|
|
|
|
Multi-State 0.4% |
|
|
|
|
|
|
|
MuniMae Tax-Exempt Bond Subsidiary LLC, 7.50%, |
|
|
1,000 |
|
|
927,480 |
|
|
|
|
|
|
|
|
|
Nevada 0.7% |
|
|
|
|
|
|
|
Clark County Improvement District, Nevada, Special |
|
|
615 |
|
|
579,256 |
|
County of Clark, Nevada, RB, Nevada Power Co. Project, |
|
|
1,380 |
|
|
1,300,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,879,796 |
|
|
|
|
|
|
|
|
|
New Hampshire 0.4% |
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
|
1,165 |
|
|
970,468 |
|
|
|
|
|
|
|
|
|
New Jersey 9.7% |
|
|
|
|
|
|
|
Camden County Pollution Control Financing Authority, |
|
|
|
|
|
|
|
Series A, 7.50%, 12/01/10 |
|
|
7,250 |
|
|
7,251,160 |
|
Series B, 7.50%, 12/01/09 |
|
|
125 |
|
|
124,969 |
|
New Jersey EDA, RB, AMT: |
|
|
|
|
|
|
|
Cigarette Tax, 5.50%, 6/15/24 |
|
|
3,065 |
|
|
2,925,543 |
|
Continental Airlines Inc. Project, 6.25%, 9/15/19 |
|
|
2,000 |
|
|
1,803,040 |
|
Continental Airlines Inc. Project, 6.25%, 9/15/29 |
|
|
3,330 |
|
|
2,845,252 |
|
Continental Airlines Inc. Project, 9.00%, 6/01/33 |
|
|
1,250 |
|
|
1,304,700 |
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
19 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
Par |
|
|
Value |
|
|
|
|
|
|
|
|
|
New Jersey (concluded) |
|
|
|
|
|
|
|
New Jersey EDA, Refunding RB, Newark Airport Marriott |
|
$ |
2,500 |
|
$ |
2,460,475 |
|
New Jersey Educational Facilities Authority, Refunding |
|
|
2,510 |
|
|
2,826,135 |
|
New Jersey Health Care Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
Pascack Valley Hospital Association, |
|
|
2,000 |
|
|
200 |
|
Saint Josephs Healthcare System, 6.63%, 7/01/38 |
|
|
2,410 |
|
|
2,438,992 |
|
New Jersey Transportation Trust Fund Authority, |
|
|
3,450 |
|
|
673,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,653,630 |
|
|
|
|
|
|
|
|
|
New Mexico 1.0% |
|
|
|
|
|
|
|
Farmington, New Mexico, RB, Tucson Electric Power Co. |
|
|
2,500 |
|
|
2,501,875 |
|
|
|
|
|
|
|
|
|
New York 4.2% |
|
|
|
|
|
|
|
Dutchess County Industrial Development Agency, |
|
|
1,400 |
|
|
1,360,912 |
|
Metropolitan Transportation Authority, RB, Series 2008-C, |
|
|
3,685 |
|
|
4,177,648 |
|
New York City Industrial Development Agency, RB: |
|
|
|
|
|
|
|
American Airlines, JFK International Airport, AMT, |
|
|
1,045 |
|
|
1,047,592 |
|
British Airways Plc Project, AMT, 7.63%, 12/01/32 |
|
|
2,400 |
|
|
2,243,712 |
|
Series C, 6.80%, 6/01/28 |
|
|
510 |
|
|
530,512 |
|
Special Needs Facilities Pooled Program, Series C-1, |
|
|
1,515 |
|
|
1,341,381 |
|
New York Liberty Development Corp., RB, National Sports |
|
|
870 |
|
|
87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,701,844 |
|
|
|
|
|
|
|
|
|
North Carolina 1.5% |
|
|
|
|
|
|
|
North Carolina Medical Care Commission, North Carolina, |
|
|
1,250 |
|
|
1,477,225 |
|
North Carolina Medical Care Commission, RB, First |
|
|
2,335 |
|
|
2,265,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,742,992 |
|
|
|
|
|
|
|
|
|
Ohio 2.7% |
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, RB, |
|
|
|
|
|
|
|
Turbo, Series A-2, 5.13%, 6/01/24 |
|
|
2,270 |
|
|
2,013,853 |
|
Turbo, Series A-2, 6.50%, 6/01/47 |
|
|
3,935 |
|
|
3,169,957 |
|
Ohio Air Quality Development Authority, RB, Ohio Valley |
|
|
1,765 |
|
|
1,759,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,943,550 |
|
|
|
|
|
|
|
|
|
Pennsylvania 10.0% |
|
|
|
|
|
|
|
Allegheny County Hospital Development Authority, RB, |
|
|
3,015 |
|
|
2,317,630 |
|
Bucks County IDA, RB, Anns Choice Inc. Facilities, Series A: |
|
|
|
|
|
|
|
6.13%, 1/01/25 |
|
|
200 |
|
|
177,794 |
|
6.25%, 1/01/35 |
|
|
1,550 |
|
|
1,286,670 |
|
Lancaster County Hospital Authority, RB, Brethren Village |
|
|
|
|
|
|
|
6.25%, 7/01/26 |
|
|
685 |
|
|
641,859 |
|
6.50%, 7/01/40 |
|
|
590 |
|
|
526,540 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Pennsylvania (concluded) |
|
|
|
|
|
|
|
Lycoming County Authority, Refunding RB, Susquehanna |
|
$ |
2,310 |
|
$ |
2,196,487 |
|
Montgomery County IDA, Pennsylvania, RB, Mortgage, |
|
|
2,330 |
|
|
1,677,530 |
|
Pennsylvania Economic Development Financing |
|
|
|
|
|
|
|
National Gypsum Co., Series A, 6.25%, 11/01/27 |
|
|
3,250 |
|
|
2,057,900 |
|
Reliant Energy, Series B, 6.75%, 12/01/36 |
|
|
2,040 |
|
|
2,082,575 |
|
Pennsylvania Higher Educational Facilities Authority, RB, |
|
|
2,410 |
|
|
2,133,212 |
|
Pennsylvania Higher Educational Facilities Authority, |
|
|
3,035 |
|
|
2,429,851 |
|
Philadelphia Authority for Industrial Development, |
|
|
|
|
|
|
|
Air Cargo, Series A,7.50%, 1/01/25 |
|
|
2,270 |
|
|
2,004,387 |
|
Commercial Development, 7.75%, 12/01/17 |
|
|
6,440 |
|
|
5,982,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,514,744 |
|
|
|
|
|
|
|
|
|
Puerto Rico 2.0% |
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority, Refunding RB, |
|
|
3,425 |
|
|
3,312,078 |
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
|
1,650 |
|
|
1,784,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,096,553 |
|
|
|
|
|
|
|
|
|
Rhode Island 0.8% |
|
|
|
|
|
|
|
Central Falls Detention Facility Corp., Rhode Island, |
|
|
2,495 |
|
|
2,117,232 |
|
|
|
|
|
|
|
|
|
South Carolina 0.7% |
|
|
|
|
|
|
|
Connector 2000 Association Inc., RB, CAB, Senior, |
|
|
1,485 |
|
|
443,495 |
|
South Carolina Jobs Economic Development Authority, |
|
|
|
|
|
|
|
5.50%, 8/01/26 |
|
|
975 |
|
|
963,359 |
|
5.75%, 8/01/39 |
|
|
390 |
|
|
379,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,786,523 |
|
|
|
|
|
|
|
|
|
South Dakota 0.5% |
|
|
|
|
|
|
|
South Dakota Health & Educational Facilities Authority, |
|
|
1,175 |
|
|
1,193,976 |
|
|
|
|
|
|
|
|
|
Tennessee 0.5% |
|
|
|
|
|
|
|
Knox County Health Educational & Housing Facilities |
|
|
6,785 |
|
|
928,866 |
|
Shelby County, Health, Educational & Housing Facilities |
|
|
355 |
|
|
293,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,222,132 |
|
|
|
|
|
|
|
|
|
Texas 6.5% |
|
|
|
|
|
|
|
Brazos River Authority, Refunding RB, AMT: |
|
|
|
|
|
|
|
TXU Electric Co. Project, Series C, 5.75%, 5/01/36 |
|
|
2,885 |
|
|
2,598,375 |
|
Texas Utility Co., Series A, 7.70%, 4/01/33 |
|
|
2,550 |
|
|
1,481,805 |
|
City of Houston, Texas, RB, Special Facilities, Continental, |
|
|
2,685 |
|
|
2,492,459 |
|
Harris County Health Facilities Development Corp., |
|
|
1,500 |
|
|
1,678,080 |
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
20 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Texas (concluded) |
|
|
|
|
|
|
|
La Vernia Higher Education Finance Corp., RB, KIPP Inc., |
|
$ |
860 |
|
$ |
852,174 |
|
Matagorda County Navigation District No. 1, Texas, |
|
|
1,240 |
|
|
1,327,470 |
|
North Texas Tollway Authority, Refunding RB, Second Tier, |
|
|
2,775 |
|
|
2,882,060 |
|
Tarrant County Cultural Education Facilities Finance Corp., |
|
|
2,490 |
|
|
2,407,108 |
|
Texas State Public Finance Authority, RB, Kipp Inc. |
|
|
1,000 |
|
|
857,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,576,531 |
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands 1.4% |
|
|
|
|
|
|
|
United States Virgin Islands, RB, Senior Secured, |
|
|
3,000 |
|
|
3,044,130 |
|
Virgin Islands Public Finance Authority, RB, Senior Lien, |
|
|
500 |
|
|
474,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,518,850 |
|
|
|
|
|
|
|
|
|
Utah 0.7% |
|
|
|
|
|
|
|
County of Carbon, Utah, Refunding RB, Laidlaw |
|
|
1,660 |
|
|
1,662,191 |
|
|
|
|
|
|
|
|
|
Virginia 1.4% |
|
|
|
|
|
|
|
Dulles Town Center Community Development Authority, |
|
|
1,435 |
|
|
1,331,049 |
|
Fairfax County EDA, RB, Goodwin House Inc.: |
|
|
|
|
|
|
|
5.13%, 10/01/37 |
|
|
750 |
|
|
646,222 |
|
5.13%, 10/01/42 |
|
|
450 |
|
|
380,205 |
|
Lexington IDA, RB, Mortgage, Kendal at Lexington, |
|
|
540 |
|
|
431,725 |
|
Tobacco Settlement Financing Corp., Virginia, RB, Senior, |
|
|
1,320 |
|
|
899,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,688,425 |
|
|
|
|
|
|
|
|
|
Wisconsin 1.0% |
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, |
|
|
|
|
|
|
|
New Castle Place Project, 7.00%, 12/01/31 |
|
|
1,855 |
|
|
1,734,332 |
|
Saint Johns Communities, Inc., 7.25%, 9/15/29 |
|
|
250 |
|
|
251,107 |
|
Saint Johns Communities, Inc., 7.63%, 9/15/39 |
|
|
505 |
|
|
512,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,497,953 |
|
|
|
|
|
|
|
|
|
Wyoming 2.5% |
|
|
|
|
|
|
|
County of Sweetwater, Wyoming, Refunding RB, FMC |
|
|
3,600 |
|
|
3,357,360 |
|
Wyoming Municipal Power Agency, Wyoming, RB, |
|
|
3,030 |
|
|
3,056,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,414,024 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 94.7% |
|
|
|
|
|
241,265,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
District of Columbia 1.7% |
|
|
|
|
|
|
|
District of Columbia Water & Sewer Authority, RB, |
|
$ |
3,951 |
|
$ |
4,415,680 |
|
|
|
|
|
|
|
|
|
Florida 3.4% |
|
|
|
|
|
|
|
County of Miami-Dade, Florida, RB, Miami International |
|
|
8,870 |
|
|
8,645,589 |
|
|
|
|
|
|
|
|
|
Virginia 3.5% |
|
|
|
|
|
|
|
Virginia HDA, RB, Sub-Series H-1 (MBIA), |
|
|
8,690 |
|
|
8,760,302 |
|
|
|
|
|
|
|
|
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
21,821,571 |
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
263,087,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.23% (i)(j) |
|
|
1,000,079 |
|
|
1,000,079 |
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
1,000,079 |
|
|
|
|
|
|
|
|
|
Total Investments (Cost $279,874,948*) 103.7% |
|
|
|
|
|
264,087,146 |
|
Other Assets Less Liabilities 0.5% |
|
|
|
|
|
1,393,402 |
|
Liability
for Trust Certificates, Including |
|
|
|
|
|
(10,764,690 |
) |
|
|
|
|
|
|
|
|
Net Assets 100.0% |
|
|
|
|
$ |
254,715,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
|
$ |
268,655,317 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
10,759,278 |
|
Gross unrealized depreciation |
|
|
(26,083,095 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(15,323,817 |
) |
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
|
(b) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
(c) |
US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
(d) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|
|
(e) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(f) |
Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity and is subject to mandatory redemption. |
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
21 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
(g) |
When-issued security. Unsettled when-issued security transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
|
|
|
|
|
|
B.G. Ziegler |
|
$ |
2,456,653 |
|
$ |
(13,846 |
) |
First Southwest |
|
$ |
99,090 |
|
$ |
(550 |
) |
RBC Capital |
|
$ |
703,539 |
|
$ |
(3,905 |
) |
|
|
|
|
|
|
|
|
|
|
(h) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
(i) |
Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Affiliate |
|
Net |
|
Income |
|
||
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund |
|
$ |
(1,001,455 |
) |
$ |
2,096 |
|
|
|
|
|
|
|
|
|
|
|
|
(j) |
Represents the current yield as of report date. |
|
|
|
|
|
Fair Value Measurements Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
Level 1 price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Funds investments:
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments
in |
||
|
|
|
|
|
|
|
Assets |
||
|
|
|
|
|
Level 1 Short-Term Securities |
|
$ |
1,000,079 |
|
Level 2 Long-Term Investments1 |
|
|
263,087,067 |
|
Level 3 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
264,087,146 |
|
|
|
|
|
|
|
|
|
1 See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
22 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments October 31, 2009 (Unaudited) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
||
Alabama 1.6% |
|
|
|
|
|
|
|
Alabama Public School & College Authority, |
|
$ |
900 |
|
$ |
923,274 |
|
County of Jefferson, Alabama, RB, Series A: |
|
|
|
|
|
|
|
5.50%, 1/01/22 |
|
|
2,750 |
|
|
2,289,650 |
|
4.75%, 1/01/25 |
|
|
2,200 |
|
|
1,650,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,863,210 |
|
|
|
|
|
|
|
|
|
Alaska 0.5% |
|
|
|
|
|
|
|
Borough of Matanuska-Susitna, Alaska, RB, Goose |
|
|
1,200 |
|
|
1,379,808 |
|
|
|
|
|
|
|
|
|
California 23.7% |
|
|
|
|
|
|
|
Alameda Corridor Transportation Authority, Refunding |
|
|
|
|
|
|
|
5.55%, 10/01/24 |
|
|
10,185 |
|
|
7,774,618 |
|
5.49%, 10/01/25 |
|
|
6,000 |
|
|
4,541,820 |
|
Anaheim Public Financing Authority, California, RB, |
|
|
5,000 |
|
|
5,570,100 |
|
Antelope Valley Community College District, GO, |
|
|
600 |
|
|
618,828 |
|
Arcadia Unified School District, California, GO, CAB, |
|
|
1,600 |
|
|
246,032 |
|
Cabrillo Community College District, California, GO, |
|
|
2,400 |
|
|
413,832 |
|
California Health Facilities Financing Authority, RB, |
|
|
550 |
|
|
570,180 |
|
California State University, RB, Systemwide, Series A |
|
|
2,600 |
|
|
2,494,128 |
|
Chino Valley Unified School District COP, GO, Election of |
|
|
850 |
|
|
857,905 |
|
City of Redding, California, COP, Series A (FSA), |
|
|
1,720 |
|
|
1,746,316 |
|
Fresno Unified School District, California, GO, Election |
|
|
900 |
|
|
910,215 |
|
Los Angeles Department of Water & Power, RB, Series C |
|
|
5,160 |
|
|
5,289,103 |
|
Metropolitan Water District of Southern California, RB, |
|
|
|
|
|
|
|
5.00%, 10/01/29 |
|
|
2,965 |
|
|
3,047,634 |
|
5.00%, 10/01/36 |
|
|
1,655 |
|
|
1,678,435 |
|
Norco Redevelopment Agency, California, TAN, |
|
|
5,000 |
|
|
4,696,150 |
|
Orange County Sanitation District, COP: |
|
|
|
|
|
|
|
(MBIA), 5.00%, 2/01/33 |
|
|
7,455 |
|
|
7,548,486 |
|
Series B (FSA), 5.00%, 2/01/30 |
|
|
1,500 |
|
|
1,553,385 |
|
Series B (FSA), 5.00%, 2/01/31 |
|
|
900 |
|
|
927,522 |
|
Poway Redevelopment Agency, California, TAN, Paguay |
|
|
1,750 |
|
|
1,524,005 |
|
Sacramento City Unified School District, California, GO, |
|
|
4,150 |
|
|
4,168,011 |
|
San Mateo County Community College District, GO, |
|
|
12,740 |
|
|
4,008,004 |
|
State of California, GO: |
|
|
|
|
|
|
|
5.13%, 6/01/27 |
|
|
20 |
|
|
19,988 |
|
5.13%, 6/01/31 |
|
|
60 |
|
|
57,983 |
|
Stockton Public Financing Authority, California, RB, |
|
|
6,145 |
|
|
6,040,289 |
|
Ventura County Community College District, GO, |
|
|
2,325 |
|
|
2,386,752 |
|
West Basin Municipal Water District, California, COP, |
|
|
5,035 |
|
|
5,113,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73,802,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
||
Colorado 1.0% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Covenant |
|
|
|
|
|
|
|
5.50%, 12/01/27 |
|
$ |
1,200 |
|
$ |
1,102,020 |
|
5.50%, 12/01/33 |
|
|
675 |
|
|
592,616 |
|
Colorado Health Facilities Authority, Refunding RB, |
|
|
900 |
|
|
916,821 |
|
Colorado Housing & Finance Authority, Colorado, RB, |
|
|
415 |
|
|
443,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,055,412 |
|
|
|
|
|
|
|
|
|
District of Columbia 2.8% |
|
|
|
|
|
|
|
District of Columbia, RB, Series B-1 (MBIA), |
|
|
9,600 |
|
|
8,711,424 |
|
|
|
|
|
|
|
|
|
Florida 10.2% |
|
|
|
|
|
|
|
Broward County School Board, Florida, COP, Series A |
|
|
1,600 |
|
|
1,634,528 |
|
City of Miami, Florida, RB, Miami Revenues (MBIA), |
|
|
320 |
|
|
311,628 |
|
Collier County School Board, COP (FSA), |
|
|
3,000 |
|
|
3,065,520 |
|
County of Broward, Florida, RB, Series A, |
|
|
850 |
|
|
877,455 |
|
County of Duval, Florida, COP, Master Lease Program |
|
|
3,000 |
|
|
2,999,790 |
|
County of Miami-Dade, Florida: |
|
|
|
|
|
|
|
GO, Building Better Community Program, |
|
|
1,400 |
|
|
1,492,288 |
|
RB, Miami International Airport, AMT (Syncora), |
|
|
9,900 |
|
|
9,259,569 |
|
County of Orange, Florida, RB, Series B (MBIA), |
|
|
4,200 |
|
|
4,227,132 |
|
Hillsborough County Aviation Authority, Florida, RB, |
|
|
1,750 |
|
|
1,755,443 |
|
Miami-Dade County School Board, Florida, COP, |
|
|
|
|
|
|
|
5.25%, 5/01/31 |
|
|
1,800 |
|
|
1,848,420 |
|
5.00%, 5/01/33 |
|
|
2,000 |
|
|
2,004,120 |
|
Sarasota County Public Hospital District, RB, Sarasota |
|
|
275 |
|
|
278,971 |
|
South Florida Water Management District, COP (AGC), |
|
|
2,000 |
|
|
2,111,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,866,604 |
|
|
|
|
|
|
|
|
|
Georgia 3.7% |
|
|
|
|
|
|
|
City of Augusta, Georgia, RB (FSA), 5.25%, 10/01/39 |
|
|
2,300 |
|
|
2,372,197 |
|
Municipal Electric Authority of Georgia, RB, Series EE, |
|
|
7,475 |
|
|
9,195,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,567,494 |
|
|
|
|
|
|
|
|
|
Illinois 18.6% |
|
|
|
|
|
|
|
Chicago Board of Education, Illinois, GO, Chicago |
|
|
1,000 |
|
|
1,094,440 |
|
City of Chicago, Illinois: |
|
|
|
|
|
|
|
GO, Refunding, Series A (FSA), 5.00%, 1/01/25 |
|
|
1,500 |
|
|
1,565,370 |
|
RB, General Airport, Third Lien, Series B-2, AMT |
|
|
5,670 |
|
|
5,823,544 |
|
RB, General Airport, Third Lien, Series B-2, AMT |
|
|
2,300 |
|
|
2,355,016 |
|
RB, Project, Series A (AGC), 5.00%, 1/01/38 |
|
|
2,000 |
|
|
2,038,820 |
|
Refunding RB, General Airport, Third Lien, Series A, |
|
|
9,000 |
|
|
9,125,370 |
|
County of Cook, Illinois, GO, Capital Improvement, |
|
|
2,460 |
|
|
2,775,790 |
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
23 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
||
Illinois (concluded) |
|
|
|
|
|
|
|
Illinois Municipal Electric Agency, RB, Series A (MBIA), |
|
$ |
1,000 |
|
$ |
1,018,020 |
|
Illinois Sports Facilities Authority, RB, State Tax |
|
20,120 |
|
|
19,648,588 |
|
|
Regional Transportation Authority, RB, Series A (AMBAC), |
|
10,115 |
|
|
12,361,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,806,499 |
|
|
|
|
|
|
|
|
|
Indiana 0.1% |
|
|
|
|
|
|
|
Indiana Municipal Power Agency, Indiana, RB, Indiana |
|
400 |
|
|
410,680 |
|
|
|
|
|
|
|
|
|
|
Iowa 1.3% |
|
|
|
|
|
|
|
Iowa Finance Authority, RB, Series A (AGC), |
|
3,850 |
|
|
3,962,073 |
|
|
|
|
|
|
|
|
|
|
Louisiana 1.8% |
|
|
|
|
|
|
|
Louisiana Public Facilities Authority, Refunding RB, |
|
1,250 |
|
|
1,387,425 |
|
|
Louisiana State Gas and Fuels Tax Revenue Bonds, |
|
1,740 |
|
|
1,735,024 |
|
|
Louisiana State Transportation Authority, RB, CAB, |
|
1,235 |
|
|
471,955 |
|
|
Rapides Finance Authority, Louisiana, RB, Cleco Power |
|
2,450 |
|
|
2,061,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,655,540 |
|
|
|
|
|
|
|
|
|
Maryland 1.5% |
|
|
|
|
|
|
|
Maryland Community Development Administration, RB, |
|
4,430 |
|
|
4,551,781 |
|
|
|
|
|
|
|
|
|
|
Massachusetts 7.4% |
|
|
|
|
|
|
|
Massachusetts HFA, Massachusetts, AMT, RB: |
|
|
|
|
|
|
|
Rental Housing, Series A (FSA), 5.15%, 7/01/26 |
|
|
3,000 |
|
|
3,026,700 |
|
Rental Mortgage, Series F (FSA), 5.25%, 1/01/46 |
|
|
5,300 |
|
|
5,116,673 |
|
Massachusetts Housing Finance Agency, |
|
1,600 |
|
|
1,545,504 |
|
|
Massachusetts Port Authority, RB, Delta Air Lines Inc. |
|
|
|
|
|
|
|
5.50%, 1/01/16 |
|
|
3,100 |
|
|
2,667,395 |
|
5.50%, 1/01/18 |
|
|
4,000 |
|
|
3,288,520 |
|
5.50%, 1/01/19 |
|
|
2,775 |
|
|
2,240,313 |
|
Massachusetts State Water Resource Authority, |
|
2,700 |
|
|
2,776,653 |
|
|
Massachusetts Water Resources Authority, Refunding |
|
2,000 |
|
|
2,273,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,935,098 |
|
|
|
|
|
|
|
|
|
Michigan 5.0% |
|
|
|
|
|
|
|
City of Detroit, Michigan, RB, Second Lien: |
|
|
|
|
|
|
|
Series B (FSA), 7.50%, 7/01/33 |
|
|
700 |
|
|
864,360 |
|
Series B (FSA), 6.25%, 7/01/36 |
|
|
400 |
|
|
430,308 |
|
Series B (FSA), 7.00%, 7/01/36 |
|
|
200 |
|
|
234,718 |
|
Series E (FGIC), 5.75%, 7/01/31 |
|
|
2,500 |
|
|
2,686,825 |
|
City of Detroit, Michigan, RB, System, Second Lien, |
|
3,600 |
|
|
3,260,916 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
||
Michigan (concluded) |
|
|
|
|
|
|
|
Michigan Higher Education Student Loan Authority, |
|
$ |
1,500 |
|
$ |
1,500,285 |
|
Michigan Strategic Fund, Refunding, AMT (Syncora), RB: |
|
|
|
|
|
|
|
Detroit Edison Co. Project, Series A, |
|
1,300 |
|
|
1,217,840 |
|
|
Detroit Edison Co. Project, Series C, |
|
4,300 |
|
|
3,980,682 |
|
|
Detroit Edison Poll, Series C, 5.65%, 9/01/29 |
|
|
1,410 |
|
|
1,378,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,554,576 |
|
|
|
|
|
|
|
|
|
Minnesota 0.9% |
|
|
|
|
|
|
|
City of Minneapolis, Minnesota, RB, Fairview Health |
|
2,500 |
|
|
2,814,575 |
|
|
Dakota County Community Development Agency, RB, |
|
123 |
|
|
124,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,938,874 |
|
|
|
|
|
|
|
|
|
Nebraska 0.5% |
|
|
|
|
|
|
|
County of Washington, Nebraska, RB, Cargill Inc. |
|
1,600 |
|
|
1,617,856 |
|
|
|
|
|
|
|
|
|
|
Nevada 4.1% |
|
|
|
|
|
|
|
City of Carson City, Nevada, RB, Carson, Tahoe Hospital |
|
3,100 |
|
|
2,795,797 |
|
|
City of Las Vegas, Nevada, GO, Limited Tax, Performing |
|
850 |
|
|
927,197 |
|
|
County of Clark, Nevada, RB, Southwest Gas |
|
|
|
|
|
|
|
Series A (FGIC), 4.75%, 9/01/36 |
|
|
75 |
|
|
61,790 |
|
Series D (MBIA), 5.25%, 3/01/38 |
|
|
1,300 |
|
|
1,153,334 |
|
County of Clark, Nevada, RB, Subordinate Lien, |
|
|
|
|
|
|
|
5.00%, 7/01/30 |
|
|
1,500 |
|
|
1,508,580 |
|
5.00%, 7/01/36 |
|
|
3,200 |
|
|
3,135,136 |
|
County of Clark, Nevada, RB, System Subordinate Lien, |
|
1,475 |
|
|
1,508,969 |
|
|
Las Vegas Valley Water District, GO, Refunding, Series A |
|
1,600 |
|
|
1,655,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,745,843 |
|
|
|
|
|
|
|
|
|
New Jersey 8.2% |
|
|
|
|
|
|
|
New Jersey EDA, RB, Cigarette Tax (Radian): |
|
|
|
|
|
|
|
5.50%, 6/15/31 |
|
|
600 |
|
|
556,350 |
|
5.75%, 6/15/34 |
|
|
305 |
|
|
289,973 |
|
New Jersey EDA, RB, Motor Vehicle Surcharge, |
|
|
|
|
|
|
|
5.25%, 7/01/31 |
|
|
9,325 |
|
|
9,439,697 |
|
5.25%, 7/01/33 |
|
|
7,800 |
|
|
7,870,044 |
|
New Jersey EDA, RB, School Facilities Construction: |
|
|
|
|
|
|
|
Series O, 5.13%, 3/01/28 |
|
|
3,960 |
|
|
4,089,294 |
|
Series Z (AGC), 6.00%, 12/15/34 |
|
|
2,000 |
|
|
2,234,260 |
|
New Jersey EDA, Refunding RB, School Facilities |
|
815 |
|
|
899,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,378,701 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
24 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
New York 3.8% |
|
|
|
|
|
|
|
Erie County Industrial Development Agency, RB, City |
|
$ |
1,500 |
|
$ |
1,598,610 |
|
Metropolitan Transportation Authority, RB, Series |
|
4,000 |
|
|
4,534,760 |
|
|
New York City Transitional Finance Authority, RB, Fiscal |
|
2,750 |
|
|
2,938,155 |
|
|
New York State Dormitory Authority, RB, Education, |
|
1,200 |
|
|
1,325,232 |
|
|
Triborough Bridge & Tunnel Authority, New York, RB, |
|
1,300 |
|
|
1,373,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,770,480 |
|
|
|
|
|
|
|
|
|
Ohio 0.5% |
|
|
|
|
|
|
|
County of Montgomery, Ohio, Refunding RB, Catholic |
|
1,550 |
|
|
1,465,572 |
|
|
|
|
|
|
|
|
|
|
Oregon 0.5% |
|
|
|
|
|
|
|
Oregon State Housing & Community Services |
|
1,595 |
|
|
1,624,061 |
|
|
|
|
|
|
|
|
|
|
Pennsylvania 1.2% |
|
|
|
|
|
|
|
Pennsylvania HFA, RB, Series 99A, AMT, |
|
1,500 |
|
|
1,501,650 |
|
|
Pennsylvania Turnpike Commission, RB, CAB, |
|
3,000 |
|
|
1,865,970 |
|
|
Philadelphia School District, GO, Series E, |
|
400 |
|
|
432,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,799,732 |
|
|
|
|
|
|
|
|
|
Puerto Rico 1.5% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
3,200 |
|
|
3,451,456 |
|
|
Puerto Rico Sales Tax Financing Corp., RB, CAB, |
|
8,500 |
|
|
1,302,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,753,741 |
|
|
|
|
|
|
|
|
|
Rhode Island 2.6% |
|
|
|
|
|
|
|
Providence Public Building Authority, Rhode Island, RB, |
|
4,345 |
|
|
4,672,830 |
|
|
Rhode Island EDC, RB, Series B (FGIC), 6.50%, |
|
3,355 |
|
|
3,520,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,193,735 |
|
|
|
|
|
|
|
|
|
South Carolina 1.2% |
|
|
|
|
|
|
|
Berkeley County School District, RB, Securing Assets |
|
3,800 |
|
|
3,859,584 |
|
|
|
|
|
|
|
|
|
|
Tennessee 1.9% |
|
|
|
|
|
|
|
Knox County Health Educational & Housing Facilities |
|
1,100 |
|
|
171,523 |
|
|
Metropolitan Government Nashville & Davidson County, |
|
5,000 |
|
|
5,613,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,784,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Texas 14.7% |
|
|
|
|
|
|
|
City of Houston, Texas, Refunding RB: |
|
|
|
|
|
|
|
Combined, First Lien, Series A (AGC), |
|
$ |
2,100 |
|
$ |
2,387,196 |
|
First Lien, Series A (AGC), 5.38%, 11/15/38 |
|
|
1,350 |
|
|
1,426,842 |
|
Dallas-Fort Worth International Airport Facilities |
|
13,000 |
|
|
12,965,680 |
|
|
Lewisville ISD, Texas, GO, CAB, Refunding, School |
|
4,475 |
|
|
2,139,050 |
|
|
Mansfield ISD, Texas, GO, School Building, |
|
1,725 |
|
|
1,791,033 |
|
|
Matagorda County Navigation District No. 1, Texas, |
|
2,400 |
|
|
2,255,976 |
|
|
North Harris County Regional Water Authority, RB, |
|
2,895 |
|
|
2,926,642 |
|
|
North Texas Tollway Authority, Refunding RB, First Tier: |
|
|
|
|
|
|
|
(MBIA), 5.75%, 1/01/40 |
|
|
1,600 |
|
|
1,614,384 |
|
K-2 (AGC), 6.00%, 1/01/38 |
|
|
4,015 |
|
|
4,350,092 |
|
Series A, 6.00%, 1/01/28 |
|
|
2,795 |
|
|
2,941,626 |
|
Series K-1 (AGC), 5.75%, 1/01/38 |
|
|
3,800 |
|
|
4,024,466 |
|
Texas State Turnpike Authority, RB, First Tier, Series A |
|
7,150 |
|
|
7,040,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,863,163 |
|
|
|
|
|
|
|
|
|
Utah 1.7% |
|
|
|
|
|
|
|
Utah Transit Authority, Utah, RB, Series A (FSA), |
|
5,000 |
|
|
5,155,200 |
|
|
|
|
|
|
|
|
|
|
Vermont 0.9% |
|
|
|
|
|
|
|
Vermont HFA, Vermont, RB, Series 27, AMT (FSA), |
|
3,000 |
|
|
2,848,500 |
|
|
|
|
|
|
|
|
|
|
Washington 0.0% |
|
|
|
|
|
|
|
Port of Tacoma, Washington, GO, Series B, AMT (AGC), |
|
130 |
|
|
123,882 |
|
|
|
|
|
|
|
|
|
|
Wisconsin 1.1% |
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, RB, |
|
1,300 |
|
|
1,318,447 |
|
|
Wisconsin Housing & Economic Development Authority, |
|
2,000 |
|
|
2,017,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,336,427 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 124.5% |
|
|
|
|
|
387,383,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Municipal
Bonds Transferred to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona 0.4% |
|
|
|
|
|
|
|
Phoenix Civic Improvement Corp., RB, Junior Lien, |
|
1,200 |
|
|
1,237,056 |
|
|
|
|
|
|
|
|
|
|
California 3.0% |
|
|
|
|
|
|
|
Anaheim Public Financing Authority, California, RB, |
|
959 |
|
|
969,061 |
|
|
Los Angeles Community College District, California, GO, |
|
2,500 |
|
|
2,566,050 |
|
|
San Diego Community College District, California, GO, |
|
404 |
|
|
423,955 |
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
25 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
California (concluded) |
|
|
|
|
|
|
|
San Diego County Water Authority, COP, Refunding, |
|
$ |
2,810 |
|
$ |
2,815,789 |
|
Tamalpais Union High School District, California, GO, |
|
1,605 |
|
|
1,645,302 |
|
|
University of California, RB, Series O, 5.75%, 5/15/34 |
|
|
840 |
|
|
928,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,349,105 |
|
|
|
|
|
|
|
|
|
District of Columbia 1.0% |
|
|
|
|
|
|
|
District of Columbia, RB, Series A, 5.50%, 12/01/30 |
|
|
1,005 |
|
|
1,106,274 |
|
District of Columbia Water & Sewer Authority, RB, |
|
1,770 |
|
|
1,978,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,084,945 |
|
|
|
|
|
|
|
|
|
Florida 6.1% |
|
|
|
|
|
|
|
City of Tallahassee, Florida, RB (MBIA), |
|
7,500 |
|
|
7,558,200 |
|
|
Florida State Board of Education, GO, Series D, |
|
1,349 |
|
|
1,382,474 |
|
|
Miami-Dade County School Board, Florida, COP, |
|
10,000 |
|
|
10,020,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,961,274 |
|
|
|
|
|
|
|
|
|
Georgia 5.7% |
|
|
|
|
|
|
|
City of Atlanta, Georgia, RB, General, Series B (FSA), |
|
17,356 |
|
|
17,685,430 |
|
|
|
|
|
|
|
|
|
|
Illinois 1.3% |
|
|
|
|
|
|
|
Illinois State Toll Highway Authority, RB, Series B, |
|
1,880 |
|
|
2,009,526 |
|
|
Metropolitan Pier & Exposition Authority, Illinois, |
|
1,999 |
|
|
2,159,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,169,313 |
|
|
|
|
|
|
|
|
|
Louisiana 1.8% |
|
|
|
|
|
|
|
State of Louisiana, RB, Series A (FSA), 5.00%, 5/01/36 |
|
|
5,400 |
|
|
5,450,706 |
|
|
|
|
|
|
|
|
|
Massachusetts 3.5% |
|
|
|
|
|
|
|
Massachusetts School Building Authority, RB, Series A |
|
10,600 |
|
|
10,948,377 |
|
|
|
|
|
|
|
|
|
|
Nevada 3.5% |
|
|
|
|
|
|
|
City of Las Vegas, Nevada, GO, Limited Tax Performing |
|
3,778 |
|
|
4,093,574 |
|
|
Clark County Water Reclamation District, GO, Series B: |
|
|
|
|
|
|
|
5.50%, 7/01/29 |
|
|
4,499 |
|
|
4,888,415 |
|
5.75%, 7/01/34 |
|
|
1,829 |
|
|
1,989,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,971,013 |
|
|
|
|
|
|
|
|
|
New Hampshire 2.4% |
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
7,390 |
|
|
7,525,163 |
|
|
|
|
|
|
|
|
|
|
New Jersey 1.3% |
|
|
|
|
|
|
|
New Jersey Economic Development Authority, RB, |
|
3,850 |
|
|
3,990,409 |
|
|
|
|
|
|
|
|
|
|
New York 0.4% |
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB, |
|
1,260 |
|
|
1,389,261 |
|
|
|
|
|
|
|
|
|
|
Ohio 0.2% |
|
|
|
|
|
|
|
State of Ohio, RB, Cleveland Clinic Health, Series B, |
|
580 |
|
|
601,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
South Carolina 2.7% |
|
|
|
|
|
|
|
Charleston Educational Excellence Finance Corp., RB, |
|
|
|
|
|
|
|
Charleston County School (AGC): |
|
|
|
|
|
|
|
5.25%, 12/01/28 |
|
$ |
3,120 |
|
$ |
3,229,824 |
|
5.25%, 12/01/29 |
|
|
2,765 |
|
|
2,850,466 |
|
5.25%, 12/01/30 |
|
|
1,010 |
|
|
1,035,300 |
|
South Carolina State Public Service Authority, RB, |
|
|
1,275 |
|
|
1,361,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,477,532 |
|
|
|
|
|
|
|
|
|
Texas 0.8% |
|
|
|
|
|
|
|
Clear Creek Independent School District, Texas, GO, |
|
2,200 |
|
|
2,326,324 |
|
|
|
|
|
|
|
|
|
|
Virginia 0.9% |
|
|
|
|
|
|
|
Fairfax County IDA, Virginia, Refunding RB, Health Care, |
|
350 |
|
|
367,231 |
|
|
Virginia Housing Development Authority, RB, Sub-Series |
|
2,310 |
|
|
2,334,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,701,278 |
|
|
|
|
|
|
|
|
|
Washington 1.3% |
|
|
|
|
|
|
|
Central Puget Sound Regional Transportation Authority, |
|
4,004 |
|
|
4,132,074 |
|
|
|
|
|
|
|
|
|
|
Wisconsin 0.5% |
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, |
|
1,430 |
|
|
1,404,524 |
|
|
|
|
|
|
|
|
|
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
114,404,861 |
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
501,788,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.23% (f)(g) |
|
|
6,901,879 |
|
|
6,901,879 |
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
6,901,879 |
|
|
|
|
|
|
|
|
|
Total Investments (Cost $508,708,403*) 163.5% |
|
|
|
|
|
508,689,927 |
|
Other Assets Less Liabilities 1.7% |
|
|
|
|
|
5,222,550 |
|
Liability
for Trust Certificates, Including |
|
|
|
|
|
(60,258,646 |
) |
Preferred Shares, at Redemption Value (45.8)% |
|
|
|
|
|
(142,603,549 |
) |
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
311,050,282 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
26 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
|
$ |
448,707,922 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
17,444,918 |
|
Gross unrealized depreciation |
|
|
(17,632,205 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(187,287 |
) |
|
|
|
|
|
|
|
|
(a) |
Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date. |
|
|
(b) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(c) |
When-issued security. Unsettled when-issued security transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
|
|
|
|
||
Citigroup NA |
|
$ |
945,530 |
|
$ |
(6,577 |
) |
Morgan Stanley Capital Services, Inc. |
|
$ |
1,436,863 |
|
$ |
(10,430 |
) |
|
|
|
|
|
|
|
|
|
|
|
(d) |
US 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) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
(f) |
Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Affiliate |
|
Net |
|
Income |
|
||
|
|
|
|
|
|
||
FFI Institutional Tax-Exempt Fund |
|
$ |
3,599,386 |
|
$ |
14,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(g) |
Represents the current yield as of report date. |
|
|
|
|
|
Fair Value Measurements Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
Level 1 price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Funds investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments
in |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Level 1 Short-Term Securities |
|
$ |
6,901,879 |
|
Level 2 Long-Term Investments1 |
|
|
501,788,048 |
|
Level 3 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
508,689,927 |
|
|
|
|
|
|
|
|
|
|
|
1 |
See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
27 |
|
|
|
|
|
|
Schedule of Investments October 31, 2009 (Unaudited) |
BlackRock MuniHoldings Fund, Inc. (MHD) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
||
Alabama 2.7% |
|
|
|
|
|
|
|
Camden Industrial Development Board, Alabama, |
|
$ |
1,750 |
|
$ |
2,034,533 |
|
County of Jefferson, Alabama, RB, Series A, |
|
|
4,550 |
|
|
3,672,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,706,883 |
|
|
|
|
|
|
|
|
|
Arizona 4.6% |
|
|
|
|
|
|
|
County of Pinal, Arizona, COP, 5.00%, 12/01/29 |
|
|
1,000 |
|
|
963,140 |
|
Maricopa County IDA, Arizona, RB, Arizona Charter |
|
|
|
|
|
|
|
6.50%, 7/01/12 |
|
|
200 |
|
|
182,684 |
|
6.75%, 7/01/29 |
|
|
2,200 |
|
|
1,499,938 |
|
Phoenix IDA, Arizona, Refunding RB, America West |
|
|
2,215 |
|
|
1,463,495 |
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
5.00%, 12/01/32 |
|
|
3,505 |
|
|
3,134,171 |
|
5.00%, 12/01/37 |
|
|
2,360 |
|
|
2,007,416 |
|
Show Low Improvement District, Arizona, Special |
|
|
365 |
|
|
360,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,611,314 |
|
|
|
|
|
|
|
|
|
California 17.3% |
|
|
|
|
|
|
|
Agua Caliente Band of Cahuilla Indians, RB, |
|
|
680 |
|
|
651,630 |
|
California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
Cedars-Sinai Medical Center, 5.00%, 8/15/39 |
|
|
1,290 |
|
|
1,199,468 |
|
Saint Joseph Health System, Series A, |
|
|
1,530 |
|
|
1,586,136 |
|
California State Public Works Board, RB, Department |
|
|
3,145 |
|
|
2,973,566 |
|
California Statewide Communities Development |
|
|
|
|
|
|
|
Health Facilities, Memorial Health Services, Series A, |
|
|
3,870 |
|
|
4,010,984 |
|
John Muir Health, 5.13%, 7/01/39 |
|
|
1,510 |
|
|
1,450,974 |
|
Montebello Unified School District, California, GO, CAB |
|
|
|
|
|
|
|
5.62%, 8/01/22 |
|
|
2,405 |
|
|
1,200,528 |
|
5.61%, 8/01/23 |
|
|
2,455 |
|
|
1,138,359 |
|
San Diego Unified School District, California, GO, CAB, |
|
|
3,475 |
|
|
1,120,027 |
|
San Francisco City & County Public Utilities |
|
|
6,600 |
|
|
6,698,670 |
|
State of California, GO, Various Purpose: |
|
|
|
|
|
|
|
5.00%, 6/01/32 |
|
|
2,455 |
|
|
2,312,365 |
|
6.50%, 4/01/33 |
|
|
8,370 |
|
|
9,250,608 |
|
Tustin Unified School District, California, Special Tax, |
|
|
2,615 |
|
|
2,611,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,204,602 |
|
|
|
|
|
|
|
|
|
Colorado 4.4% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Refunding RB, |
|
|
|
|
|
|
|
5.50%, 7/01/34 |
|
|
1,485 |
|
|
1,512,755 |
|
5.00%, 7/01/39 |
|
|
1,755 |
|
|
1,651,613 |
|
Elk Valley Public Improvement, RB, Public Improvement |
|
|
2,645 |
|
|
2,387,959 |
|
Platte River Power Authority, Colorado, RB, Series HH: |
|
|
|
|
|
|
|
5.00%, 6/01/27 |
|
|
870 |
|
|
931,518 |
|
5.00%, 6/01/28 |
|
|
395 |
|
|
420,675 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Colorado (concluded) |
|
|
|
|
|
|
|
Plaza Metropolitan District No. 1, Colorado, TAN, |
|
$ |
1,000 |
|
$ |
928,630 |
|
University of Colorado, RB, Series A, 5.38%, 6/01/38 |
|
|
1,250 |
|
|
1,315,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,148,600 |
|
|
|
|
|
|
|
|
|
Connecticut 1.2% |
|
|
|
|
|
|
|
Connecticut State Development Authority, RB, AFCO |
|
|
2,735 |
|
|
2,495,304 |
|
|
|
|
|
|
|
|
|
District of Columbia 1.9% |
|
|
|
|
|
|
|
Metropolitan Washington DC Airports Authority Dulles |
|
|
|
|
|
|
|
First Senior Lien, Series A, 5.00%, 10/01/39 |
|
|
505 |
|
|
504,434 |
|
First Senior Lien, Series A, 5.25%, 10/01/44 |
|
|
790 |
|
|
809,924 |
|
Series 2nd Senior Lien-B (AGC), 7.10%, |
|
|
13,485 |
|
|
2,674,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,988,973 |
|
|
|
|
|
|
|
|
|
Florida 8.3% |
|
|
|
|
|
|
|
City of Clearwater, Florida, RB, Series A, |
|
|
1,195 |
|
|
1,221,326 |
|
County of Broward, Florida, RB, Series A, |
|
|
750 |
|
|
774,225 |
|
County of Miami-Dade, Florida, RB: |
|
|
|
|
|
|
|
CAB, Sub-Series A (MBIA), 5.65%, 10/01/37 (b) |
|
|
2,340 |
|
|
343,395 |
|
Miami International Airport, Series A, AMT (AGC), |
|
|
1,795 |
|
|
1,750,610 |
|
Greater Orlando Aviation Authority, Florida, RB, Special |
|
|
2,095 |
|
|
1,694,729 |
|
Hillsborough County IDA, RB: |
|
|
|
|
|
|
|
H. Lee Moffitt Cancer Center Project, Series A, |
|
|
3,190 |
|
|
2,920,764 |
|
National Gypsum, Series B, AMT, 7.13%, 4/01/30 |
|
|
1,900 |
|
|
1,310,183 |
|
Midtown Miami Community Development District, |
|
|
2,495 |
|
|
2,076,514 |
|
Orange County Health Facilities Authority, RB, Hospital, |
|
|
3,225 |
|
|
3,684,433 |
|
Palm Coast Park Community Development District, |
|
|
695 |
|
|
403,809 |
|
Preserve at Wilderness Lake Community Development |
|
|
1,560 |
|
|
1,230,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,410,781 |
|
|
|
|
|
|
|
|
|
Georgia 3.2% |
|
|
|
|
|
|
|
City of Atlanta, Georgia, TAN, Refunding, Atlantic Station |
|
|
|
|
|
|
|
5.25%, 12/01/20 |
|
|
1,000 |
|
|
1,080,290 |
|
5.25%, 12/01/21 |
|
|
1,950 |
|
|
2,094,066 |
|
5.25%, 12/01/22 |
|
|
950 |
|
|
1,010,059 |
|
Metropolitan Atlanta Rapid Transit Authority, RB, |
|
|
2,410 |
|
|
2,461,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,646,158 |
|
|
|
|
|
|
|
|
|
Guam 1.0% |
|
|
|
|
|
|
|
Territory of Guam, GO, Series A: |
|
|
|
|
|
|
|
6.00%, 11/15/19 |
|
|
440 |
|
|
458,168 |
|
6.75%, 11/15/29 |
|
|
770 |
|
|
823,854 |
|
7.00%, 11/15/39 |
|
|
800 |
|
|
864,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,146,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
28 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniHoldings Fund, Inc. (MHD) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Illinois 2.5% |
|
|
|
|
|
|
|
City of Chicago, Illinois, Special Assessment, Lake |
|
$ |
1,200 |
|
$ |
1,082,472 |
|
Illinois Finance Authority, RB, Monarch Landing Inc. |
|
|
1,010 |
|
|
505,000 |
|
Illinois HDA, RB, Homeowner Mortgage, Sub-Series C-2, |
|
|
3,690 |
|
|
3,712,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,299,907 |
|
|
|
|
|
|
|
|
|
Indiana 3.5% |
|
|
|
|
|
|
|
County of Saint Joseph, RB, Notre Dame Du Lac Project, |
|
|
1,570 |
|
|
1,638,389 |
|
Indiana Finance Authority Hospital Revenue, RB, |
|
|
2,300 |
|
|
2,342,113 |
|
Indiana Finance Authority, RB: |
|
|
|
|
|
|
|
Refunding Duke Energy, Series C, |
|
|
2,070 |
|
|
1,973,621 |
|
Sisters of Saint Francis Health, 5.25%, |
|
|
585 |
|
|
566,970 |
|
Indiana Municipal Power Agency, Indiana, RB, Indiana |
|
|
775 |
|
|
831,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,352,474 |
|
|
|
|
|
|
|
|
|
Kansas 1.2% |
|
|
|
|
|
|
|
Kansas Development Finance Authority, RB, Adventist |
|
|
2,465 |
|
|
2,533,059 |
|
|
|
|
|
|
|
|
|
Kentucky 1.0% |
|
|
|
|
|
|
|
Louisville & Jefferson County Metropolitan Sewer |
|
|
2,000 |
|
|
2,095,540 |
|
|
|
|
|
|
|
|
|
Louisiana 3.4% |
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & |
|
|
3,500 |
|
|
3,354,470 |
|
Louisiana Public Facilities Authority, RB, Black & Gold |
|
|
3,815 |
|
|
3,203,684 |
|
Parish of East Baton Rouge, Louisiana, RB, Series A, |
|
|
570 |
|
|
585,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,143,190 |
|
|
|
|
|
|
|
|
|
Maryland 0.9% |
|
|
|
|
|
|
|
Maryland State Energy Financing Administration, IDRB, |
|
|
1,970 |
|
|
1,970,414 |
|
|
|
|
|
|
|
|
|
Massachusetts 1.9% |
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, RB, |
|
|
1,165 |
|
|
1,182,067 |
|
Massachusetts Housing Finance Agency, |
|
|
2,900 |
|
|
2,797,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,979,900 |
|
|
|
|
|
|
|
|
|
Michigan 3.3% |
|
|
|
|
|
|
|
City of Detroit, Michigan, RB, Senior Lien, Series B |
|
|
635 |
|
|
784,098 |
|
Flint Hospital Building Authority, Michigan, Refunding |
|
|
1,310 |
|
|
1,205,134 |
|
Michigan State Hospital Finance Authority, Refunding |
|
|
2,105 |
|
|
2,017,958 |
|
Michigan Strategic Fund, Refunding RB, Detroit Edison |
|
|
3,000 |
|
|
2,964,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,971,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
Par |
|
|
Value |
|
|
|
|
|
|
|
|
|
Minnesota 1.2% |
|
|
|
|
|
|
|
City of Minneapolis, Minnesota, RB, Fairview Health |
|
$ |
2,135 |
|
$ |
2,384,304 |
|
|
|
|
|
|
|
|
|
Mississippi 2.5% |
|
|
|
|
|
|
|
Mississippi Business Finance Corp., Refunding RB, |
|
|
2,500 |
|
|
2,502,575 |
|
Mississippi Development Bank, Refunding RB, |
|
|
|
|
|
|
|
5.25%, 7/01/17 |
|
|
1,000 |
|
|
1,114,990 |
|
5.25%, 7/01/19 |
|
|
810 |
|
|
887,671 |
|
University of Southern, Mississippi, RB, Campus |
|
|
675 |
|
|
712,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,217,381 |
|
|
|
|
|
|
|
|
|
Missouri 0.5% |
|
|
|
|
|
|
|
Missouri Development Finance Board, Missouri, RB, |
|
|
1,000 |
|
|
964,500 |
|
|
|
|
|
|
|
|
|
New Hampshire 1.5% |
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority |
|
|
3,035 |
|
|
3,164,352 |
|
|
|
|
|
|
|
|
|
New Jersey 7.2% |
|
|
|
|
|
|
|
New Jersey EDA, RB, Cigarette Tax, 5.75%, 6/15/29 |
|
|
5,385 |
|
|
5,182,524 |
|
New Jersey EDA, RB, Continental Airlines Inc. |
|
|
|
|
|
|
|
6.63%, 9/15/12 |
|
|
1,000 |
|
|
979,510 |
|
6.25%, 9/15/29 |
|
|
2,950 |
|
|
2,520,568 |
|
New Jersey EDA, RB, Seabrook Village Inc., Series A, |
|
|
2,600 |
|
|
2,831,634 |
|
New Jersey State Turnpike Authority, RB, Series C (FSA), |
|
|
3,500 |
|
|
3,618,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,133,061 |
|
|
|
|
|
|
|
|
|
New York 5.2% |
|
|
|
|
|
|
|
Dutchess County Industrial Development Agency, New |
|
|
1,100 |
|
|
1,069,288 |
|
Long Island Power Authority, RB, Series A, |
|
|
1,450 |
|
|
1,554,240 |
|
Metropolitan Transportation Authority, RB, Series B, |
|
|
1,740 |
|
|
1,785,571 |
|
New York City Industrial Development Agency, RB, |
|
|
|
|
|
|
|
8.00%, 11/01/12 |
|
|
420 |
|
|
355,824 |
|
8.38%, 11/01/16 |
|
|
725 |
|
|
534,600 |
|
New York City Industrial Development Agency, RB, |
|
|
535 |
|
|
556,518 |
|
Tobacco Settlement Financing Corp., New York, RB, |
|
|
|
|
|
|
|
5.50%, 6/01/17 |
|
|
3,500 |
|
|
3,614,205 |
|
5.50%, 6/01/22 |
|
|
1,400 |
|
|
1,468,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,938,510 |
|
|
|
|
|
|
|
|
|
North Carolina 1.8% |
|
|
|
|
|
|
|
North Carolina Eastern Municipal Power Agency, North |
|
|
1,545 |
|
|
1,573,335 |
|
North Carolina Medical Care Commission, RB, Duke |
|
|
|
|
|
|
|
5.00%, 6/01/39 |
|
|
440 |
|
|
435,288 |
|
5.00%, 6/01/42 |
|
|
970 |
|
|
951,599 |
|
North Carolina Municipal Power Agency, RB, Number 1 |
|
|
740 |
|
|
746,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,706,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
29 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniHoldings Fund, Inc. (MHD) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Ohio 1.6% |
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, RB, |
|
$ |
2,160 |
|
$ |
1,740,053 |
|
County of Montgomery, Ohio, Refunding RB, Catholic |
|
|
1,755 |
|
|
1,659,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,399,458 |
|
|
|
|
|
|
|
|
|
Pennsylvania 9.6% |
|
|
|
|
|
|
|
Bucks County IDA, RB, Anns Choice Inc. Facilities, |
|
|
1,700 |
|
|
1,411,187 |
|
Montgomery County Higher Education & Health |
|
|
820 |
|
|
800,771 |
|
Pennsylvania Economic Development Financing |
|
|
|
|
|
|
|
Aqua Pennsylvania Inc. Project, 5.00%, |
|
|
1,315 |
|
|
1,305,940 |
|
National Gypsum Co., Series B, AMT, |
|
|
3,500 |
|
|
2,182,110 |
|
Pennsylvania, American Water Co. Project, |
|
|
2,520 |
|
|
2,686,345 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series B, |
|
|
4,775 |
|
|
4,750,600 |
|
Philadelphia Authority for Industrial Development, RB: |
|
|
|
|
|
|
|
Arbor House Inc. Project, Series E, |
|
|
1,105 |
|
|
1,002,478 |
|
Commercial Development, AMT, 7.75%, 12/01/17 |
|
|
725 |
|
|
673,474 |
|
Saligman House Project, Series C, |
|
|
1,245 |
|
|
1,129,489 |
|
Sayre Health Care Facilities Authority, RB, Guthrie |
|
|
3,500 |
|
|
4,209,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,151,599 |
|
|
|
|
|
|
|
|
|
Puerto Rico 2.7% |
|
|
|
|
|
|
|
Puerto Rico Industrial Medical & Environmental |
|
|
2,060 |
|
|
1,538,841 |
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
|
3,860 |
|
|
4,174,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,713,431 |
|
|
|
|
|
|
|
|
|
South Dakota 0.8% |
|
|
|
|
|
|
|
South Dakota Health & Educational Facilities Authority, |
|
|
1,825 |
|
|
1,744,773 |
|
|
|
|
|
|
|
|
|
Tennessee 3.8% |
|
|
|
|
|
|
|
Educational Funding of the South Inc., RB, Senior |
|
|
2,685 |
|
|
2,686,423 |
|
Hardeman County Correctional Facilities Corp., |
|
|
3,410 |
|
|
3,183,064 |
|
Shelby County Health Educational & Housing Facilities |
|
|
1,845 |
|
|
2,116,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,986,477 |
|
|
|
|
|
|
|
|
|
Texas 13.0% |
|
|
|
|
|
|
|
Brazos River Authority, Refunding RB, TXU Electric Co. |
|
|
2,660 |
|
|
2,395,729 |
|
Brazos River Harbor Navigation District, RB, Dow |
|
|
3,655 |
|
|
3,674,262 |
|
Harris County Health Facilities Development Corp., |
|
|
1,910 |
|
|
2,134,807 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Texas (concluded) |
|
|
|
|
|
|
|
Houston, Texas, Airport Systems Revenue, Refunding |
|
$ |
1,070 |
|
$ |
1,109,847 |
|
La Vernia Higher Education Finance Corp., RB, KIPP Inc., |
|
|
820 |
|
|
812,538 |
|
Matagorda County Hospital District, RB, FHA, |
|
|
4,500 |
|
|
4,386,195 |
|
North Texas Tollway Authority, Refunding RB, Second |
|
|
4,190 |
|
|
4,351,650 |
|
SA Energy Acquisition Public Facility Corp., RB, Gas |
|
|
|
|
|
|
|
5.50%, 8/01/23 |
|
|
2,425 |
|
|
2,471,730 |
|
5.50%, 8/01/24 |
|
|
1,100 |
|
|
1,110,989 |
|
5.50%, 8/01/25 |
|
|
1,120 |
|
|
1,119,899 |
|
Texas State Department of Housing & Community |
|
|
|
|
|
|
|
5.25%, 7/01/22 |
|
|
2,555 |
|
|
2,447,077 |
|
5.70%, 1/01/33 |
|
|
1,130 |
|
|
1,158,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,173,323 |
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands 1.7% |
|
|
|
|
|
|
|
United States Virgin Islands, RB, Senior Secured, |
|
|
3,460 |
|
|
3,510,897 |
|
|
|
|
|
|
|
|
|
Utah 0.9% |
|
|
|
|
|
|
|
City of Riverton, Utah, RB, IHC Health Services Inc., |
|
|
1,935 |
|
|
1,874,976 |
|
|
|
|
|
|
|
|
|
Vermont 1.2% |
|
|
|
|
|
|
|
Vermont Educational & Health Buildings Financing |
|
|
2,370 |
|
|
2,375,546 |
|
|
|
|
|
|
|
|
|
Virginia 0.6% |
|
|
|
|
|
|
|
Chesterfield County IDA, RB, Virginia Electric & Power, |
|
|
1,150 |
|
|
1,185,604 |
|
|
|
|
|
|
|
|
|
Washington 0.6% |
|
|
|
|
|
|
|
Seattle Housing Authority, Washington, RB, Housing, |
|
|
1,305 |
|
|
1,158,801 |
|
|
|
|
|
|
|
|
|
Wisconsin 3.9% |
|
|
|
|
|
|
|
State of Wisconsin, RB, Series A, 6.00%, 5/01/36 |
|
|
4,980 |
|
|
5,467,592 |
|
Wisconsin Health & Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
New Castle Place Project, Series A, |
|
|
825 |
|
|
771,334 |
|
SynergyHealth Inc., 6.00%, 11/15/32 |
|
|
1,755 |
|
|
1,794,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,033,817 |
|
|
|
|
|
|
|
|
|
Wyoming 0.1% |
|
|
|
|
|
|
|
Wyoming Municipal Power Agency, Wyoming, RB, |
|
|
210 |
|
|
201,558 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 122.7% |
|
|
|
|
|
256,724,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California 5.0% |
|
|
|
|
|
|
|
Bay Area Toll Authority, Refunding RB, San Francisco |
|
|
2,270 |
|
|
2,445,103 |
|
California Educational Facilities Authority, RB, University |
|
|
1,845 |
|
|
1,944,279 |
|
Los Angeles Community College District, California, GO, |
|
|
1,620 |
|
|
1,662,800 |
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
30 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniHoldings Fund, Inc. (MHD) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
||
California (concluded) |
|
|
|
|
|
|
|
San Diego Community College District, California, GO, |
|
$ |
748 |
|
$ |
785,101 |
|
Sequoia Union High School District, California, GO, |
|
|
3,494 |
|
|
3,664,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,502,106 |
|
|
|
|
|
|
|
|
|
Colorado 2.0% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB (FSA): |
|
|
|
|
|
|
|
Catholic Health, Series C-3, 5.10%, 10/01/41 |
|
|
2,580 |
|
|
2,606,574 |
|
Catholic Health, Series C-7, 5.00%, 9/01/36 |
|
|
1,650 |
|
|
1,663,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,270,219 |
|
|
|
|
|
|
|
|
|
Connecticut 3.2% |
|
|
|
|
|
|
|
Connecticut State Health & Educational Facility |
|
|
|
|
|
|
|
Series T-1, 4.70%, 7/01/29 |
|
|
3,180 |
|
|
3,351,402 |
|
Series X-3, 4.85%, 7/01/37 |
|
|
3,270 |
|
|
3,403,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,755,014 |
|
|
|
|
|
|
|
|
|
Georgia 1.1% |
|
|
|
|
|
|
|
Private Colleges & Universities Authority, Refunding RB, |
|
|
2,259 |
|
|
2,349,102 |
|
|
|
|
|
|
|
|
|
Massachusetts 2.5% |
|
|
|
|
|
|
|
Massachusetts School Building Authority, RB, Series A |
|
|
4,994 |
|
|
5,158,328 |
|
|
|
|
|
|
|
|
|
New Hampshire 0.7% |
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
|
1,409 |
|
|
1,507,854 |
|
|
|
|
|
|
|
|
|
New York 2.8% |
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB, |
|
|
1,110 |
|
|
1,202,877 |
|
Sales Tax Asset Receivable Corp., RB, Series A (AMBAC), |
|
|
4,240 |
|
|
4,640,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,843,053 |
|
|
|
|
|
|
|
|
|
North Carolina 0.5% |
|
|
|
|
|
|
|
North Carolina Capital Facilities Finance Agency, |
|
|
1,080 |
|
|
1,124,258 |
|
|
|
|
|
|
|
|
|
Ohio 4.8% |
|
|
|
|
|
|
|
State of Ohio, Refunding RB, Cleveland Clinic Health, |
|
|
9,650 |
|
|
9,957,739 |
|
|
|
|
|
|
|
|
|
Tennessee 1.1% |
|
|
|
|
|
|
|
Shelby County Health Educational & Housing Facilities |
|
|
2,250 |
|
|
2,284,245 |
|
|
|
|
|
|
|
|
|
Texas 2.3% |
|
|
|
|
|
|
|
County of Harris, Texas, RB, Senior Lien, Toll Road, |
|
|
4,620 |
|
|
4,753,056 |
|
|
|
|
|
|
|
|
|
Virginia 8.3% |
|
|
|
|
|
|
|
University of Virginia, Refunding RB, 5.00%, 6/01/40 |
|
|
3,750 |
|
|
3,955,950 |
|
Virginia HDA, RB, Sub-Series H-1 (MBIA), |
|
|
10,940 |
|
|
11,028,505 |
|
Virginia Housing Development Authority, RB, |
|
|
2,370 |
|
|
2,394,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,379,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Washington 0.9% |
|
|
|
|
|
|
|
Central Puget Sound Regional Transportation Authority, |
|
$ |
1,860 |
|
$ |
1,919,016 |
|
|
|
|
|
|
|
|
|
Wisconsin 1.9% |
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, |
|
|
3,960 |
|
|
3,889,451 |
|
|
|
|
|
|
|
|
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
77,692,568 |
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
334,417,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.23% (f)(g) |
|
|
7,810,077 |
|
|
7,810,077 |
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
7,810,077 |
|
|
|
|
|
|
|
|
|
Total Investments (Cost $344,169,675*) 163.5% |
|
|
|
|
|
342,227,181 |
|
Liabilities in Excess of Other Assets (4.1)% |
|
|
|
|
|
(8,690,101 |
) |
Liability
for Trust Certificates, Including |
|
|
|
|
|
(40,580,276 |
) |
Preferred Shares, at Redemption Value (40.0)% |
|
|
|
|
|
(83,705,855 |
) |
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
209,250,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
|
$ |
302,809,429 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
11,182,985 |
|
Gross unrealized depreciation |
|
|
(12,309,509 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(1,126,524 |
) |
|
|
|
|
|
|
(a) |
US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
(b) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(c) |
When-issued security. Unsettled when-issued security transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
|
|
|
|
||
Morgan Stanley Capital Services, Inc. |
|
$ |
4,823,773 |
|
$ |
(79,054 |
) |
Merrill Lynch |
|
$ |
566,970 |
|
$ |
(837 |
) |
RBC Capital |
|
$ |
812,538 |
|
$ |
(4,510 |
) |
Citigroup NA |
|
$ |
3,404,845 |
|
$ |
(22,872 |
) |
Goldman Sachs Bank USA |
|
$ |
800,771 |
|
$ |
(3,247 |
) |
Jefferies & Co. |
|
$ |
1,305,940 |
|
$ |
(21,934 |
) |
JPMorgan Chase Bank |
|
$ |
1,874,976 |
|
$ |
(29,586 |
) |
|
|
|
|
|
|
|
|
|
|
(d) |
Variable rate security. Rate shown is as of report date. |
|
|
(e) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
31 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniHoldings Fund, Inc. (MHD) |
|
|
(f) |
Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Affiliate |
|
Net |
|
Income |
|
||
|
|
|
|
|
|
||
FFI Institutional Tax-Exempt Fund |
|
$ |
5,899,740 |
|
$ |
10,028 |
|
|
|
|
|
|
|
|
|
(g) |
Represents the current yield as of report date. |
|
|
|
|
Fair Value Measurements Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
Level 1 price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Funds investments: |
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments
in |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Level 1 Short-Term Securities |
|
$ |
7,810,077 |
|
Level 2 Long-Term Investments1 |
|
|
334,417,104 |
|
Level 3 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
342,227,181 |
|
|
|
|
|
|
|
|
|
1 |
See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
|
|
|
32 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments October 31, 2009 (Unaudited) |
BlackRock MuniHoldings Fund II, Inc. (MUH) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Alabama 1.8% |
|
|
|
|
|
|
|
County of Jefferson, Alabama, RB, Series A, 5.00%, |
|
$ |
3,450 |
|
$ |
2,784,530 |
|
|
|
|
|
|
|
|
|
Arizona 5.5% |
|
|
|
|
|
|
|
Arizona Health Facilities Authority, Arizona, RB, Catholic |
|
|
1,000 |
|
|
1,047,140 |
|
County of Pinal, Arizona, COP, 5.00%, 12/01/29 |
|
|
1,000 |
|
|
963,140 |
|
Maricopa County IDA, Arizona, RB, Arizona Charter |
|
|
165 |
|
|
150,714 |
|
Phoenix IDA, Arizona, Refunding RB, America West |
|
|
2,060 |
|
|
1,361,083 |
|
Pima County IDA, RB, Arizona Charter Schools Project, |
|
|
955 |
|
|
844,917 |
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
5.00%, 12/01/32 |
|
|
2,535 |
|
|
2,266,797 |
|
5.00%, 12/01/37 |
|
|
1,385 |
|
|
1,178,081 |
|
Show Low Improvement District, Arizona, Special |
|
|
755 |
|
|
745,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,557,502 |
|
|
|
|
|
|
|
|
|
California 19.7% |
|
|
|
|
|
|
|
Benicia Unified School District, GO, CAB, Refunding, |
|
|
2,000 |
|
|
1,162,880 |
|
California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
Cedars-Sinai Medical Center, 5.00%, 8/15/39 |
|
|
930 |
|
|
864,732 |
|
Saint Joseph Health System, Series A, 5.75%, |
|
|
1,110 |
|
|
1,150,726 |
|
California State Public Works Board, RB, Department |
|
|
2,605 |
|
|
2,463,001 |
|
California Statewide Communities Development |
|
|
1,090 |
|
|
1,047,392 |
|
Poway Unified School District, Special Tax, Community |
|
|
1,750 |
|
|
1,654,660 |
|
San Diego Unified School District, California, GO, CAB, |
|
|
2,525 |
|
|
813,833 |
|
San Francisco City & County Public Utilities |
|
|
4,770 |
|
|
4,841,311 |
|
San Marino Unified School District, California, GO, |
|
|
|
|
|
|
|
5.50%, 7/01/17 |
|
|
1,820 |
|
|
1,319,737 |
|
5.55%, 7/01/18 |
|
|
1,945 |
|
|
1,302,956 |
|
5.60%, 7/01/19 |
|
|
2,070 |
|
|
1,301,119 |
|
State of California, GO, Various Purpose, 6.50%, |
|
|
7,325 |
|
|
8,095,663 |
|
Tustin Unified School District, California, Special Tax, |
|
|
925 |
|
|
923,687 |
|
University of California, RB, Limited Project, Series B, |
|
|
4,095 |
|
|
3,898,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,840,055 |
|
|
|
|
|
|
|
|
|
Colorado 4.1% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Refunding RB, |
|
|
|
|
|
|
|
5.50%, 7/01/34 |
|
|
1,075 |
|
|
1,095,092 |
|
5.00%, 7/01/39 |
|
|
1,270 |
|
|
1,195,184 |
|
Elk Valley Public Improvement, RB, Public Improvement |
|
|
1,100 |
|
|
1,123,078 |
|
Platte River Power Authority, Colorado, RB, Series HH, |
|
|
1,105 |
|
|
1,176,825 |
|
Plaza Metropolitan District No. 1, Colorado, TAN, Sub |
|
|
860 |
|
|
798,622 |
|
University of Colorado, RB, Series A, 5.38%, 6/01/38 |
|
|
920 |
|
|
968,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,356,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
District of Columbia 1.8% |
|
|
|
|
|
|
|
Metropolitan Washington DC Airports Authority Dulles |
|
|
|
|
|
|
|
5.00%, 10/01/39 |
|
$ |
255 |
|
$ |
254,714 |
|
5.25%, 10/01/44 |
|
|
400 |
|
|
410,088 |
|
Metropolitan Washington DC Airports Authority Dulles |
|
|
10,170 |
|
|
2,141,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,806,604 |
|
|
|
|
|
|
|
|
|
Florida 7.3% |
|
|
|
|
|
|
|
Ballantrae Community Development District, Special |
|
|
1,595 |
|
|
1,446,792 |
|
City of Clearwater, Florida, RB, Series A, 5.25%, |
|
|
870 |
|
|
889,166 |
|
County of Broward, Florida, RB, Series A, 5.25%, |
|
|
545 |
|
|
562,604 |
|
County of Miami-Dade, Florida, RB, CAB, Sub-Series A |
|
|
1,765 |
|
|
259,014 |
|
Greater Orlando Aviation Authority, Florida, RB, Special |
|
|
1,515 |
|
|
1,225,544 |
|
Hillsborough County IDA, RB: |
|
|
|
|
|
|
|
H. Lee Moffitt Cancer Center Project, Series A, |
|
|
2,310 |
|
|
2,115,036 |
|
National Gypsum, Series B, AMT, 7.13%, 4/01/30 |
|
|
1,380 |
|
|
951,607 |
|
Orange County Health Facilities Authority, RB, Hospital, |
|
|
2,400 |
|
|
2,741,904 |
|
Palm Coast Park Community Development District, |
|
|
510 |
|
|
296,320 |
|
Preserve at Wilderness Lake Community Development |
|
|
1,215 |
|
|
958,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,446,585 |
|
|
|
|
|
|
|
|
|
Georgia 2.0% |
|
|
|
|
|
|
|
City of Atlanta, Georgia, TAN, Refunding, Atlantic Station |
|
|
|
|
|
|
|
5.00%, 12/01/23 |
|
|
975 |
|
|
1,017,783 |
|
4.75%, 12/01/24 |
|
|
280 |
|
|
286,023 |
|
Metropolitan Atlanta Rapid Transit Authority, RB, |
|
|
1,740 |
|
|
1,777,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,081,164 |
|
|
|
|
|
|
|
|
|
Guam 1.0% |
|
|
|
|
|
|
|
Territory of Guam, GO, Series A: |
|
|
|
|
|
|
|
6.00%, 11/15/19 |
|
|
320 |
|
|
333,213 |
|
6.75%, 11/15/29 |
|
|
560 |
|
|
599,166 |
|
7.00%, 11/15/39 |
|
|
575 |
|
|
621,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,553,862 |
|
|
|
|
|
|
|
|
|
Idaho 1.3% |
|
|
|
|
|
|
|
Power County Industrial Development Corp., RB, |
|
|
2,000 |
|
|
2,003,680 |
|
|
|
|
|
|
|
|
|
Illinois 2.1% |
|
|
|
|
|
|
|
City of Chicago, Illinois, Special Assessment, Lake Shore |
|
|
1,000 |
|
|
902,060 |
|
Illinois Finance Authority, RB, Monarch Landing Inc. |
|
|
720 |
|
|
360,000 |
|
Illinois HDA, RB, Homeowner Mortgage, Sub-Series C-2, |
|
|
2,000 |
|
|
2,028,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,291,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
33 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniHoldings Fund II, Inc. (MUH) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Indiana 3.4% |
|
|
|
|
|
|
|
County of Saint Joseph, RB, Notre Dame Du Lac Project, |
|
$ |
1,135 |
|
$ |
1,184,441 |
|
Indiana Finance Authority Hospital Revenue, RB, |
|
|
1,660 |
|
|
1,690,395 |
|
Indiana Finance Authority, RB: |
|
|
|
|
|
|
|
Refunding Duke Energy, Series C, 4.95%, 10/01/40 |
|
|
1,520 |
|
|
1,449,229 |
|
Sisters of St. Francis Health, 5.25%, 11/01/39 (b) |
|
|
420 |
|
|
407,056 |
|
Indiana Municipal Power Agency, Indiana, RB, Indiana |
|
|
565 |
|
|
606,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,337,225 |
|
|
|
|
|
|
|
|
|
Kansas 1.2% |
|
|
|
|
|
|
|
Kansas Development Finance Authority, RB, Adventist |
|
|
1,785 |
|
|
1,834,284 |
|
|
|
|
|
|
|
|
|
Louisiana 1.8% |
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & |
|
|
2,500 |
|
|
2,396,050 |
|
Parish of East Baton Rouge, Louisiana, RB, Series A, |
|
|
420 |
|
|
431,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,827,130 |
|
|
|
|
|
|
|
|
|
Maryland 0.5% |
|
|
|
|
|
|
|
Maryland State Energy Financing Administration, IDRB, |
|
|
750 |
|
|
750,157 |
|
|
|
|
|
|
|
|
|
Massachusetts 4.0% |
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
Boston University, Series P, 5.45%, 5/15/59 |
|
|
845 |
|
|
857,379 |
|
Neville Community, Series A (GNMA), 5.75%, |
|
|
600 |
|
|
646,686 |
|
Neville Community, Series A (GNMA), 6.00%, |
|
|
1,500 |
|
|
1,574,640 |
|
Massachusetts HFA, Massachusetts, RB, Housing, |
|
|
1,140 |
|
|
1,142,337 |
|
Massachusetts HFA, Massachusetts, RB, M/F Housing, |
|
|
2,100 |
|
|
2,026,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,247,059 |
|
|
|
|
|
|
|
|
|
Michigan 3.7% |
|
|
|
|
|
|
|
City of Detroit, Michigan, RB, Senior Lien, Series B (FSA), |
|
|
460 |
|
|
568,008 |
|
Flint Hospital Building Authority, Michigan, Refunding |
|
|
1,030 |
|
|
947,548 |
|
Michigan State Hospital Finance Authority, Refunding |
|
|
1,520 |
|
|
1,457,148 |
|
Michigan Strategic Fund, Refunding RB, Detroit Edison |
|
|
2,935 |
|
|
2,869,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,842,430 |
|
|
|
|
|
|
|
|
|
Minnesota 1.1% |
|
|
|
|
|
|
|
City of Minneapolis, Minnesota, RB, Fairview Health |
|
|
1,540 |
|
|
1,719,826 |
|
|
|
|
|
|
|
|
|
Mississippi 1.6% |
|
|
|
|
|
|
|
Mississippi Business Finance Corp., RB, System Energy |
|
|
2,000 |
|
|
2,002,060 |
|
Mississippi Business Finance Corp., Refunding RB, |
|
|
500 |
|
|
500,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,502,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
Par |
|
|
Value |
|
|
|
|
|
|
|
|
|
Missouri 1.1% |
|
|
|
|
|
|
|
Kansas City IDA, Missouri, RB, First Mortgage, Bishop |
|
$ |
1,000 |
|
$ |
840,270 |
|
Missouri Development Finance Board, Missouri, RB, |
|
|
1,000 |
|
|
964,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,804,770 |
|
|
|
|
|
|
|
|
|
New Hampshire 1.0% |
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority |
|
|
1,530 |
|
|
1,595,209 |
|
|
|
|
|
|
|
|
|
New Jersey 6.5% |
|
|
|
|
|
|
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
Cigarette Tax, 5.75%, 6/15/29 |
|
|
4,050 |
|
|
3,897,720 |
|
Cigarette Tax, 5.50%, 6/15/31 |
|
|
1,890 |
|
|
1,746,114 |
|
Continental Airlines Inc. Project, AMT, |
|
|
2,000 |
|
|
1,959,020 |
|
New Jersey State Turnpike Authority, RB, Series C (FSA), |
|
|
2,500 |
|
|
2,584,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,187,729 |
|
|
|
|
|
|
|
|
|
New York 6.6% |
|
|
|
|
|
|
|
Dutchess County Industrial Development Agency, |
|
|
885 |
|
|
860,291 |
|
Long Island Power Authority, RB, Series A, 5.75%, |
|
|
1,050 |
|
|
1,125,484 |
|
Metropolitan Transportation Authority, RB, Series B, |
|
|
1,270 |
|
|
1,303,261 |
|
New York City Industrial Development Agency, RB: |
|
|
|
|
|
|
|
Continental Airlines Inc., AMT, 8.00%, 11/01/12 |
|
|
525 |
|
|
444,780 |
|
Continental Airlines Inc., AMT, 8.38%, 11/01/16 |
|
|
525 |
|
|
387,125 |
|
Series C, 6.80%, 6/01/28 |
|
|
415 |
|
|
431,691 |
|
New York City Transitional Finance Authority, RB, |
|
|
3,300 |
|
|
3,426,654 |
|
Tobacco Settlement Financing Corp., New York, RB: |
|
|
|
|
|
|
|
Asset-Backed, Series A-1, 5.50%, 6/01/15 |
|
|
1,100 |
|
|
1,116,566 |
|
Series B-1C, 5.50%, 6/01/22 |
|
|
1,100 |
|
|
1,153,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,249,488 |
|
|
|
|
|
|
|
|
|
North Carolina 2.7% |
|
|
|
|
|
|
|
North Carolina Eastern Municipal Power Agency, North |
|
|
|
|
|
|
|
Series B, 5.00%, 1/01/26 |
|
|
1,115 |
|
|
1,135,449 |
|
Series D, 6.75%, 1/01/10 (c) |
|
|
2,000 |
|
|
2,041,640 |
|
North Carolina Medical Care Commission, RB, Duke |
|
|
|
|
|
|
|
5.00%, 6/01/39 |
|
|
315 |
|
|
311,626 |
|
5.00%, 6/01/42 |
|
|
705 |
|
|
691,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,180,341 |
|
|
|
|
|
|
|
|
|
Ohio 1.6% |
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, RB, |
|
|
1,565 |
|
|
1,260,733 |
|
County of Montgomery, Ohio, Refunding RB, Catholic |
|
|
1,270 |
|
|
1,200,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,461,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniHoldings Fund II, Inc. (MUH) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Pennsylvania 7.9% |
|
|
|
|
|
|
|
Montgomery County Higher Education & Health Authority, |
|
$ |
590 |
|
$ |
576,164 |
|
Pennsylvania Economic Development Financing |
|
|
|
|
|
|
|
Aqua Pennsylvania Inc. Project, 5.00%, |
|
|
950 |
|
|
943,455 |
|
National Gypsum Co., Series A, AMT, 6.25%, |
|
|
2,750 |
|
|
1,741,300 |
|
Pennsylvania, American Water Co. Project, |
|
|
1,830 |
|
|
1,950,798 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series B, |
|
|
3,455 |
|
|
3,437,345 |
|
Philadelphia Authority for Industrial Development, RB, |
|
|
540 |
|
|
501,622 |
|
Sayre Health Care Facilities Authority, RB, Guthrie |
|
|
2,630 |
|
|
3,162,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,313,601 |
|
|
|
|
|
|
|
|
|
Puerto Rico 2.7% |
|
|
|
|
|
|
|
Puerto Rico Industrial Medical & Environmental |
|
|
1,550 |
|
|
1,157,865 |
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
|
2,790 |
|
|
3,017,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,175,250 |
|
|
|
|
|
|
|
|
|
South Dakota 0.8% |
|
|
|
|
|
|
|
South Dakota Health & Educational Facilities Authority, |
|
|
1,350 |
|
|
1,290,654 |
|
|
|
|
|
|
|
|
|
Tennessee 2.2% |
|
|
|
|
|
|
|
Hardeman County Correctional Facilities Corp., |
|
|
2,200 |
|
|
2,050,510 |
|
Shelby County Health Educational & Housing Facilities |
|
|
1,280 |
|
|
1,468,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,519,208 |
|
|
|
|
|
|
|
|
|
Texas 10.0% |
|
|
|
|
|
|
|
Brazos River Authority, Refunding RB, TXU Electric Co. |
|
|
1,930 |
|
|
1,738,254 |
|
Brazos River Harbor Navigation District, RB, Dow |
|
|
2,500 |
|
|
2,513,175 |
|
Harris County Health Facilities Development Corp., |
|
|
1,380 |
|
|
1,542,426 |
|
Houston, Texas, Airport Systems Revenue, Refunding ARB, |
|
|
775 |
|
|
803,861 |
|
La Vernia Higher Education Finance Corp., RB, KIPP Inc., |
|
|
590 |
|
|
584,631 |
|
Matagorda County Hospital District, RB, FHA, 5.00%, |
|
|
3,265 |
|
|
3,182,428 |
|
North Texas Tollway Authority, Refunding RB, Second |
|
|
3,020 |
|
|
3,136,512 |
|
SA Energy Acquisition Public Facility Corp., RB, Gas |
|
|
|
|
|
|
|
5.50%, 8/01/23 |
|
|
1,130 |
|
|
1,151,775 |
|
5.50%, 8/01/24 |
|
|
1,035 |
|
|
1,045,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,698,402 |
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands 1.7% |
|
|
|
|
|
|
|
United States Virgin Islands, RB, Senior Secured, |
|
|
2,680 |
|
|
2,719,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Utah 0.9% |
|
|
|
|
|
|
|
City of Riverton, Utah, RB, IHC Health Services Inc., |
|
$ |
1,400 |
|
$ |
1,356,572 |
|
|
|
|
|
|
|
|
|
Vermont 0.6% |
|
|
|
|
|
|
|
Vermont Educational & Health Buildings Financing |
|
|
1,000 |
|
|
919,170 |
|
|
|
|
|
|
|
|
|
Virginia 2.3% |
|
|
|
|
|
|
|
Chesterfield County IDA, RB, Virginia Electric & Power, |
|
|
425 |
|
|
438,158 |
|
Virginia HDA, RB, Series D, AMT, 6.00%, 4/01/24 |
|
|
3,200 |
|
|
3,226,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,664,750 |
|
|
|
|
|
|
|
|
|
Washington 0.5% |
|
|
|
|
|
|
|
Seattle Housing Authority, Washington, RB, Housing, |
|
|
945 |
|
|
839,132 |
|
|
|
|
|
|
|
|
|
Wisconsin 4.3% |
|
|
|
|
|
|
|
State of Wisconsin, RB, Series A, 6.00%, 5/01/36 |
|
|
3,620 |
|
|
3,974,434 |
|
Wisconsin Health & Educational Facilities Authority, RB, |
|
|
1,360 |
|
|
1,390,913 |
|
Wisconsin Housing & EDA, Refunding RB, Series C, |
|
|
1,455 |
|
|
1,336,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,702,085 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 117.3% |
|
|
|
|
|
183,460,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|||||||
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California 6.9% |
|
|
|
|
|
|
|
Bay Area Toll Authority, Refunding RB, San Francisco |
|
|
1,640 |
|
|
1,766,506 |
|
California Educational Facilities Authority, RB, University |
|
|
1,335 |
|
|
1,406,836 |
|
Los Angeles Community College District, California, GO, |
|
|
1,170 |
|
|
1,200,911 |
|
San Diego Community College District, California, GO, |
|
|
553 |
|
|
580,975 |
|
Sequoia Union High School District, California, GO, |
|
|
5,519 |
|
|
5,788,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,743,447 |
|
|
|
|
|
|
|
|
|
Colorado 2.0% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Catholic |
|
|
|
|
|
|
|
Series C3, 5.10%, 10/01/41 |
|
|
1,870 |
|
|
1,889,261 |
|
Series C7, 5.00%, 9/01/36 |
|
|
1,200 |
|
|
1,209,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,099,185 |
|
|
|
|
|
|
|
|
|
Connecticut 3.1% |
|
|
|
|
|
|
|
Connecticut State Health & Educational Facility |
|
|
|
|
|
|
|
Series T1, 4.70%, 7/01/29 |
|
|
2,300 |
|
|
2,423,970 |
|
Series X3, 4.85%, 7/01/37 |
|
|
2,370 |
|
|
2,466,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,890,808 |
|
|
|
|
|
|
|
|
|
Georgia 1.1% |
|
|
|
|
|
|
|
Private Colleges & Universities Authority, Refunding RB, |
|
|
1,649 |
|
|
1,715,052 |
|
|
|
|
|
|
|
|
|
Massachusetts 2.0% |
|
|
|
|
|
|
|
Massachusetts School Building Authority, RB, Series A |
|
|
3,000 |
|
|
3,098,095 |
|
|
|
|
|
|
|
|
|
New Hampshire 0.7% |
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
|
1,019 |
|
|
1,090,788 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
35 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniHoldings Fund II, Inc. (MUH) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
||
New York 2.8% |
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB, |
|
$ |
810 |
|
$ |
877,775 |
|
Sales Tax Asset Receivable Corp., RB, Series A (AMBAC), |
|
|
3,200 |
|
|
3,502,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,379,794 |
|
|
|
|
|
|
|
|
|
North Carolina 0.5% |
|
|
|
|
|
|
|
North Carolina Capital Facilities Finance Agency, |
|
|
800 |
|
|
832,784 |
|
|
|
|
|
|
|
|
|
Ohio 4.6% |
|
|
|
|
|
|
|
State of Ohio, Refunding RB, Cleveland Clinic Health, |
|
|
6,980 |
|
|
7,202,592 |
|
|
|
|
|
|
|
|
|
Tennessee 1.6% |
|
|
|
|
|
|
|
Shelby County Health Educational & Housing Facilities |
|
|
2,500 |
|
|
2,538,050 |
|
|
|
|
|
|
|
|
|
Texas 2.2% |
|
|
|
|
|
|
|
County of Harris, Texas, RB, Senior Lien, Toll Road, |
|
|
3,360 |
|
|
3,456,768 |
|
|
|
|
|
|
|
|
|
Virginia 8.0% |
|
|
|
|
|
|
|
University of Virginia, Refunding RB, 5.00%, 6/01/40 (e) |
|
|
2,730 |
|
|
2,879,932 |
|
Virginia HDA, RB, Sub-Series H-1 (MBIA): |
|
|
|
|
|
|
|
5.35%, 7/01/31 |
|
|
1,725 |
|
|
1,742,957 |
|
5.38%, 7/01/36 (e) |
|
|
7,900 |
|
|
7,963,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,586,800 |
|
|
|
|
|
|
|
|
|
Washington 0.9% |
|
|
|
|
|
|
|
Central Puget Sound Regional Transportation Authority, |
|
|
1,365 |
|
|
1,408,309 |
|
|
|
|
|
|
|
|
|
Wisconsin 1.8% |
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, |
|
|
2,860 |
|
|
2,809,048 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
59,851,520 |
|
|
|
|
|
|
|
|
|
Total Long-Term Investments |
|
|
|
|
|
243,311,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.23% (f)(g) |
|
|
7,912,795 |
|
|
7,912,795 |
|
|
|
|
|
|
|
|
|
Total Short-Term Securities |
|
|
|
|
|
7,912,795 |
|
|
|
|
|
|
|
|
|
Total Investments (Cost $250,814,111*) 160.6% |
|
|
|
|
|
251,224,335 |
|
Liabilities in Excess of Other Assets (5.3)% |
|
|
|
|
|
(8,201,960 |
) |
Liability for Trust Certificates, Including |
|
|
|
|
|
(31,509,694 |
) |
Preferred Shares, at Redemption Value (35.2)% |
|
|
|
|
|
(55,053,855 |
) |
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
156,458,826 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
|
$ |
218,736,473 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
8,761,596 |
|
Gross unrealized depreciation |
|
|
(7,754,113 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
1,007,483 |
|
|
|
|
|
|
|
|
(a) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(b) |
When-issued security. Unsettled when-issued security transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
|
|
|
|
||
CitiGroup Global Markets |
|
$ |
2,460,400 |
|
$ |
(16,527 |
) |
Goldman Sachs |
|
$ |
576,165 |
|
$ |
(2,336 |
) |
Jeffries & Co. |
|
$ |
943,455 |
|
$ |
(15,846 |
) |
JPMorgan Chase Bank NA |
|
$ |
2,693,310 |
|
$ |
(13,840 |
) |
Merrill Lynch & Co. |
|
$ |
407,056 |
|
$ |
(601 |
) |
Morgan Stanley Capital Services, Inc. |
|
$ |
3,491,100 |
|
$ |
(57,211 |
) |
RBC Capital |
|
$ |
584,631 |
|
$ |
(3,245 |
) |
|
|
|
|
|
|
|
|
|
|
(c) |
US 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) |
Securities represent bonds transferred to a tender option bond trust established in exchange for which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
(e) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|
|
(f) |
Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Affiliate |
|
Net |
|
Income |
|
||
|
|
|
|
|
|
||
FFI Institutional Tax-Exempt Fund |
|
$ |
7,799,969 |
|
$ |
7,305 |
|
|
|
|
|
|
|
|
|
|
|
|
(g) |
Represents current yield as of report date. |
|
|
|
|
|
|
|
|
Fair Value Measurements Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
Level 1 price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Funds investments: |
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments
in |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Level 1 Short-Term Securities |
|
$ |
7,912,795 |
|
Level 2 Long-Term Investments1 |
|
|
243,311,540 |
|
Level 3 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
251,224,335 |
|
|
|
|
|
|
|
|
|
|
1 |
See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
36 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments October 31, 2009 (Unaudited) |
BlackRock MuniHoldings Insured Fund, Inc. (MUS) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Alabama 2.6% |
|
|
|
|
|
|
|
Birmingham, Alabama, Special Care Facilities Financing |
|
$ |
2,330 |
|
$ |
2,472,083 |
|
County of Jefferson, Alabama, RB, Series A, 5.50%, |
|
|
2,170 |
|
|
1,806,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,278,825 |
|
|
|
|
|
|
|
|
|
Arkansas 3.7% |
|
|
|
|
|
|
|
Arkansas Development Finance Authority, Refunding RB, |
|
|
6,220 |
|
|
6,263,602 |
|
|
|
|
|
|
|
|
|
California 15.1% |
|
|
|
|
|
|
|
California State Public Works Board, RB, Department |
|
|
2,000 |
|
|
1,855,940 |
|
Central Unified School District, GO, Election of 2008, |
|
|
1,325 |
|
|
1,423,116 |
|
City of Vista California, COP, Community Projects (MBIA), |
|
|
3,600 |
|
|
3,327,156 |
|
County of Sacramento, California, RB, Senior, Series A |
|
|
2,100 |
|
|
2,202,039 |
|
East Side Union High School District-Santa Clara |
|
|
1,800 |
|
|
1,808,424 |
|
Modesto Schools Infrastructure Financing Agency, |
|
|
2,565 |
|
|
2,267,588 |
|
Oceanside Unified School District, California, GO, |
|
|
1,825 |
|
|
1,858,178 |
|
San Pablo Joint Powers Financing Authority, California, |
|
|
|
|
|
|
|
5.66%, 12/01/24 |
|
|
2,635 |
|
|
1,120,534 |
|
5.66%, 12/01/25 |
|
|
2,355 |
|
|
935,853 |
|
5.66%, 12/01/26 |
|
|
2,355 |
|
|
874,906 |
|
Santa Ana Unified School District, GO (MBIA), 5.00%, |
|
|
4,265 |
|
|
4,162,768 |
|
West Contra Costa Unified School District, California, |
|
|
3,480 |
|
|
3,532,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,368,841 |
|
|
|
|
|
|
|
|
|
Colorado 1.2% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Hospital, |
|
|
1,900 |
|
|
2,083,521 |
|
|
|
|
|
|
|
|
|
District of Columbia 0.2% |
|
|
|
|
|
|
|
District of Columbia, RB, Deed Tax, Housing Prod Trust |
|
|
400 |
|
|
392,548 |
|
|
|
|
|
|
|
|
|
Florida 14.4% |
|
|
|
|
|
|
|
City of Orlando, Florida, RB, Senior, 6th Cent Contract |
|
|
2,000 |
|
|
2,007,780 |
|
County of Miami-Dade, Florida, RB, CAB, Sub-Series A |
|
|
2,225 |
|
|
326,519 |
|
County of Miami-Dade, Florida, RB, Miami International |
|
|
3,900 |
|
|
3,916,458 |
|
County of Pasco, Florida, RB, Half-Cent (AMBAC), |
|
|
3,850 |
|
|
3,615,574 |
|
Jacksonville Health Facilities Authority, RB, Baptist |
|
|
4,515 |
|
|
4,382,710 |
|
Jacksonville Port Authority, RB, AMT (AGC), 6.00%, |
|
|
2,215 |
|
|
2,250,152 |
|
Orange County School Board, COP, Series A (AGC), |
|
|
7,395 |
|
|
7,698,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,197,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
||
Georgia 4.0% |
|
|
|
|
|
|
|
City of Augusta, Georgia, RB (FSA), 5.25%, 10/01/39 |
|
$ |
3,495 |
|
$ |
3,604,708 |
|
Metropolitan Atlanta Rapid Transit Authority, Refunding |
|
|
2,940 |
|
|
3,051,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,656,369 |
|
|
|
|
|
|
|
|
|
Illinois 11.6% |
|
|
|
|
|
|
|
Chicago Board of Education, Illinois, GO, Chicago |
|
|
1,200 |
|
|
1,313,328 |
|
Chicago Transit Authority, RB, Federal Transit |
|
|
2,000 |
|
|
2,269,520 |
|
City of Chicago, Illinois, RB, Series A (FSA), 5.00%, |
|
|
8,000 |
|
|
8,047,440 |
|
City of Chicago, Illinois, Refunding RB (MBIA): |
|
|
|
|
|
|
|
General Airport Third Lien, Series A, AMT, |
|
|
1,875 |
|
|
1,912,687 |
|
Second Lien, 5.50%, 1/01/30 |
|
|
1,310 |
|
|
1,413,398 |
|
Lake Cook-Dane & McHenry Counties Community Unit |
|
|
45 |
|
|
46,897 |
|
State of Illinois, GO, First Series (MBIA), 6.00%, |
|
|
4,500 |
|
|
4,536,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,539,675 |
|
|
|
|
|
|
|
|
|
Indiana 4.4% |
|
|
|
|
|
|
|
Indiana Municipal Power Agency, Indiana, RB, Series A |
|
|
6,000 |
|
|
5,923,920 |
|
Indianapolis Local Public Improvement Bond Bank, RB, |
|
|
1,430 |
|
|
1,529,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,453,634 |
|
|
|
|
|
|
|
|
|
Iowa 1.1% |
|
|
|
|
|
|
|
Iowa Finance Authority, RB, Iowa Health System (AGC), |
|
|
1,770 |
|
|
1,799,789 |
|
|
|
|
|
|
|
|
|
Kentucky 1.1% |
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, |
|
|
650 |
|
|
688,844 |
|
Kentucky State Property & Buildings Commission, |
|
|
1,000 |
|
|
1,073,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,762,244 |
|
|
|
|
|
|
|
|
|
Louisiana 1.4% |
|
|
|
|
|
|
|
Louisiana State Citizens Property Insurance Corp., RB, |
|
|
2,055 |
|
|
2,284,215 |
|
|
|
|
|
|
|
|
|
Massachusetts 1.7% |
|
|
|
|
|
|
|
Massachusetts HFA, Massachusetts, RB, AMT: |
|
|
|
|
|
|
|
Housing Development, Series A, (MBIA), 5.15%, |
|
|
315 |
|
|
316,925 |
|
Rental, Mortgage, Series C (FSA), 5.50%, 7/01/32 |
|
|
2,440 |
|
|
2,456,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,772,956 |
|
|
|
|
|
|
|
|
|
Michigan 15.1% |
|
|
|
|
|
|
|
City of Detroit, Michigan, RB: |
|
|
|
|
|
|
|
Second Lien Series B (MBIA), 5.50%, 7/01/29 |
|
|
2,410 |
|
|
2,417,784 |
|
Second Lien Series E (FGIC), 5.75%, 7/01/31 |
|
|
3,240 |
|
|
3,482,125 |
|
Senior Lien, Series B (FSA), 7.50%, 7/01/33 |
|
|
700 |
|
|
864,360 |
|
City of Detroit, Michigan, Refunding RB: |
|
|
|
|
|
|
|
Second Lien, Series C (FGIC), 5.75%, 7/01/27 |
|
|
1,580 |
|
|
1,714,474 |
|
Senior Lien, Series C-1 (FSA), 7.00%, 7/01/27 |
|
|
4,810 |
|
|
5,866,613 |
|
Senior Lien, Series C-2 (FGIC), 5.25%, 7/01/29 |
|
|
1,910 |
|
|
1,988,100 |
|
Michigan State Building Authority Revenue, RB, |
|
|
|
|
|
|
|
5.25%, 10/15/24 |
|
|
875 |
|
|
923,160 |
|
5.25%, 10/15/25 |
|
|
455 |
|
|
476,999 |
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
37 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniHoldings Insured Fund, Inc. (MUS) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|||||||
Michigan (concluded) |
|
|
|
|
|
|
|
Michigan Strategic Fund, Refunding RB (Syncora), AMT: |
|
|
|
|
|
|
|
Detroit Edison Co. Project, Series A, 5.50%, |
|
$ |
2,000 |
|
$ |
1,873,600 |
|
Detroit Edison Poll, Series B, 5.65%, 9/01/29 |
|
|
1,500 |
|
|
1,466,640 |
|
Detroit Edison Poll, Series C, 5.65%, 9/01/29 |
|
|
2,050 |
|
|
2,004,408 |
|
Royal Oak Hospital Finance Authority, Michigan, RB, |
|
|
1,910 |
|
|
2,218,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,296,518 |
|
|
|
|
|
|
|
|
|
Minnesota 3.4% |
|
|
|
|
|
|
|
City of Minneapolis, Minnesota, RB, Fairview Health |
|
|
1,325 |
|
|
1,491,725 |
|
Sauk Rapids ISD No. 47, Minnesota, GO, Series A |
|
|
4,015 |
|
|
4,233,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,725,703 |
|
|
|
|
|
|
|
|
|
Missouri 5.5% |
|
|
|
|
|
|
|
Cape Girardeau School District No. 63, Missouri, GO, |
|
|
2,000 |
|
|
2,030,000 |
|
Mehlville School District No. R-9, Missouri, COP, |
|
|
|
|
|
|
|
5.50%, 3/01/11 (b) |
|
|
5,510 |
|
|
5,872,062 |
|
5.50%, 3/01/14 |
|
|
360 |
|
|
379,390 |
|
5.50%, 3/01/15 |
|
|
405 |
|
|
426,813 |
|
5.50%, 3/01/16 |
|
|
215 |
|
|
226,580 |
|
5.50%, 3/01/17 |
|
|
280 |
|
|
295,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,229,926 |
|
|
|
|
|
|
|
|
|
Nevada 1.6% |
|
|
|
|
|
|
|
County of Clark, Nevada, RB, AMT (AMBAC): |
|
|
|
|
|
|
|
Jet Aviation Fuel Tax, Series C, 5.38%, 7/01/20 |
|
|
1,000 |
|
|
958,780 |
|
Las Vegas, McCarran, Series A-1, 5.00%, |
|
|
1,750 |
|
|
1,746,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,705,228 |
|
|
|
|
|
|
|
|
|
New Jersey 9.1% |
|
|
|
|
|
|
|
New Jersey EDA, RB, Motor Vehicle Surcharge, Series A |
|
|
6,700 |
|
|
6,760,166 |
|
New Jersey Health Care Facilities Financing Authority, |
|
|
2,100 |
|
|
2,168,187 |
|
New Jersey State Housing & Mortgage Finance Agency, |
|
|
2,400 |
|
|
2,468,136 |
|
New Jersey Transportation Trust Fund Authority, New |
|
|
3,500 |
|
|
3,919,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,316,209 |
|
|
|
|
|
|
|
|
|
New York 6.1% |
|
|
|
|
|
|
|
City of New York, New York, GO, Series E (FSA), 5.00%, |
|
|
4,000 |
|
|
4,301,680 |
|
New York City Transitional Finance Authority, RB, |
|
|
1,400 |
|
|
1,453,732 |
|
Sales Tax Asset Receivable Corp., RB, Series A |
|
|
4,095 |
|
|
4,481,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,236,530 |
|
|
|
|
|
|
|
|
|
Oregon 0.9% |
|
|
|
|
|
|
|
City of Portland, Oregon, TAN, Oregon Convention Center, |
|
|
1,400 |
|
|
1,448,538 |
|
|
|
|
|
|
|
|
|
Puerto Rico 1.4% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
|
2,115 |
|
|
2,281,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|||||||
Rhode Island 3.1% |
|
|
|
|
|
|
|
Providence Redevelopment Agency, Rhode Island, RB, |
|
$ |
5,000 |
|
$ |
5,156,250 |
|
|
|
|
|
|
|
|
|
Texas 17.8% |
|
|
|
|
|
|
|
City of Dallas, Texas, Refunding RB & Improvement |
|
|
1,250 |
|
|
1,275,813 |
|
City of Houston, Texas, Refunding RB, Combined, |
|
|
4,000 |
|
|
4,547,040 |
|
Harris County Health Facilities Development Corp., |
|
|
600 |
|
|
670,620 |
|
Lower Colorado River Authority, Refunding RB (AGC), |
|
|
2,610 |
|
|
2,722,100 |
|
Lubbock Copper Texas Independent School District, |
|
|
775 |
|
|
820,609 |
|
North Texas Tollway Authority, Refunding RB, System, |
|
|
|
|
|
|
|
5.75%, 1/01/40 |
|
|
6,710 |
|
|
6,770,323 |
|
Series A, 5.63%, 1/01/33 |
|
|
6,585 |
|
|
6,716,107 |
|
Series B, 5.75%, 1/01/40 |
|
|
6,275 |
|
|
6,331,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,854,024 |
|
|
|
|
|
|
|
|
|
Utah 1.4% |
|
|
|
|
|
|
|
City of Riverton, Utah, RB, IHC Health Services Inc., |
|
|
2,485 |
|
|
2,407,915 |
|
|
|
|
|
|
|
|
|
Virginia 1.0% |
|
|
|
|
|
|
|
Virginia Public School Authority, Virginia, RB, School |
|
|
1,500 |
|
|
1,724,055 |
|
|
|
|
|
|
|
|
|
Washington 2.5% |
|
|
|
|
|
|
|
Chelan County Public Utility District No. 1, RB, |
|
|
2,310 |
|
|
2,217,484 |
|
Snohomish County Public Utility District No. 1, |
|
|
1,810 |
|
|
1,946,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,163,741 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 131.4% |
|
|
|
|
|
220,399,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
|||||||
California 2.7% |
|
|
|
|
|
|
|
City of San Jose, California, GO, Libraries, Parks, Public |
|
|
1,259 |
|
|
1,283,911 |
|
Sequoia Union High School District, California, GO, |
|
|
3,149 |
|
|
3,303,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,586,971 |
|
|
|
|
|
|
|
|
|
Colorado 3.4% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Catholic |
|
|
5,610 |
|
|
5,667,783 |
|
|
|
|
|
|
|
|
|
District of Columbia 0.7% |
|
|
|
|
|
|
|
District of Columbia Water & Sewer Authority, RB, |
|
|
1,040 |
|
|
1,162,609 |
|
|
|
|
|
|
|
|
|
Florida 8.8% |
|
|
|
|
|
|
|
City of Saint Petersburg, Florida, Refunding RB (MBIA), |
|
|
4,302 |
|
|
4,180,129 |
|
County of Miami-Dade, Florida, GO, Building Better |
|
|
7,500 |
|
|
8,215,125 |
|
Lee County HFA, RB, Multi-County Program, Series A-2, |
|
|
2,145 |
|
|
2,301,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,696,496 |
|
|
|
|
|
See Notes to Financial Statements. |
||
|
||
38 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniHoldings Insured Fund, Inc. (MUS) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|||||||
Georgia 2.5% |
|
|
|
|
|
|
|
City of Augusta, Georgia, RB (FSA), 5.25%, 10/01/34 |
|
$ |
4,000 |
|
$ |
4,139,840 |
|
|
|
|
|
|
|
|
|
Illinois 1.6% |
|
|
|
|
|
|
|
City of Chicago, Illinois, Refunding RB, Second Lien |
|
|
2,509 |
|
|
2,626,463 |
|
|
|
|
|
|
|
|
|
Kentucky 0.9% |
|
|
|
|
|
|
|
Kentucky State Property & Buildings Commission, |
|
|
1,407 |
|
|
1,506,635 |
|
|
|
|
|
|
|
|
|
Massachusetts 6.9% |
|
|
|
|
|
|
|
Massachusetts Bay Transportation Authority, Refunding |
|
|
3,375 |
|
|
3,382,054 |
|
Massachusetts School Building Authority, RB, Series A |
|
|
8,008 |
|
|
8,271,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,653,968 |
|
|
|
|
|
|
|
|
|
Nevada 5.7% |
|
|
|
|
|
|
|
Clark County Water Reclamation District, GO (e): |
|
|
|
|
|
|
|
Limited Tax, 6.00%, 7/01/38 |
|
|
5,000 |
|
|
5,487,950 |
|
Series B, 5.50%, 7/01/29 |
|
|
3,749 |
|
|
4,073,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,561,629 |
|
|
|
|
|
|
|
|
|
Virginia 0.9% |
|
|
|
|
|
|
|
Virginia Housing Development Authority, RB, |
|
|
1,500 |
|
|
1,515,615 |
|
|
|
|
|
|
|
|
|
Washington 2.5% |
|
|
|
|
|
|
|
City of Bellevue, Washington, GO, Refunding (MBIA), |
|
|
4,002 |
|
|
4,241,318 |
|
|
|
|
|
|
|
|
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
61,359,327 |
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
281,759,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|||||||
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
|||||||
FFI Institutional Tax-Exempt Fund, 0.23% (f)(g) |
|
|
8,022,503 |
|
|
8,022,503 |
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
8,022,503 |
|
|
|
|
|
|
|
|
|
Total Investments (Cost $285,667,619*) 172.7% |
|
|
|
|
|
289,781,567 |
|
Liabilities in Excess of Other Assets (0.9)% |
|
|
|
|
|
(1,572,020 |
) |
Liability
for Trust Certificates, Including |
|
|
|
|
|
(33,409,681 |
) |
Preferred Shares, at Redemption Value (51.9)% |
|
|
|
|
|
(87,004,520 |
) |
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
167,795,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
|
$ |
251,898,376 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
10,633,424 |
|
Gross unrealized depreciation |
|
|
(6,125,274 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
4,508,150 |
|
|
|
|
|
|
|
|
(a) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(b) |
US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
(c) |
When-issued security. Unsettled when-issued security transactions were as follows: |
|
|
|
|
|
|
|
|
|
|||||||
Counterparty |
|
Value |
|
Unrealized
|
|
||
|
|||||||
JPMorgan Chase Bank NA |
|
$ |
2,407,915 |
|
$ |
(37,996 |
) |
Merrill Lynch & Co. |
|
$ |
2,468,136 |
|
$ |
1,272 |
|
|
|
|
(d) |
Securities represent underlying bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
(e) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|
|
(f) |
Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|||||||
Affiliate |
|
Net |
|
Income |
|
||
|
|||||||
FFI Institutional Tax-Exempt Fund |
|
$ |
(7,304,200 |
) |
$ |
21,985 |
|
|
|
|
|
(g) |
Represents the current yield as of report date. |
|
|
|
|
|
Fair Value Measurements Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
Level 1 price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Funds investments: |
|
|
|
|
|
|
||||
Valuation Inputs |
|
Investments
in |
|
|
|
||||
|
|
Assets |
|
|
|
|
|
||
Level 1 Short-Term Securities |
|
$ |
8,022,503 |
|
Level 2 Long-Term Investments1 |
|
|
281,759,064 |
|
Level 3 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
289,781,567 |
|
|
|
|
|
|
|
|
1 See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
39 |
|
|
|
|
|
|
Schedule of Investments October 31, 2009 (Unaudited) |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|||||||
Alabama 3.2% |
|
|
|
|
|
|
|
Birmingham Special Care Facilities Financing Authority, |
|
$ |
4,615 |
|
$ |
4,915,806 |
|
County of Jefferson Alabama, RB, Series A: |
|
|
|
|
|
|
|
5.50%, 1/01/21 |
|
|
5,500 |
|
|
4,580,840 |
|
5.25%, 1/01/23 |
|
|
6,500 |
|
|
5,409,560 |
|
Tuscaloosa Special Care Facilities Financing Authority, |
|
|
6,600 |
|
|
2,640,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,546,206 |
|
|
|
|
|
|
|
|
|
Arizona 4.4% |
|
|
|
|
|
|
|
City of Tucson, Arizona, COP (AGC): |
|
|
|
|
|
|
|
4.00%, 7/01/20 |
|
|
1,745 |
|
|
1,756,761 |
|
4.25%, 7/01/21 |
|
|
1,870 |
|
|
1,903,342 |
|
4.25%, 7/01/22 |
|
|
1,895 |
|
|
1,912,889 |
|
4.50%, 7/01/24 |
|
|
2,120 |
|
|
2,141,433 |
|
City of Tucson, Arizona, COP, Refunding (AGC), 4.00%, |
|
|
2,325 |
|
|
2,340,671 |
|
Maricopa County IDA, Arizona, RB, Arizona Charter |
|
|
2,820 |
|
|
2,144,356 |
|
Pima County IDA, RB: |
|
|
|
|
|
|
|
Arizona Charter Schools Project, Series C, 6.70%, |
|
|
975 |
|
|
903,776 |
|
Charter Schools, Series K, 6.38%, 7/01/13 (c) |
|
|
820 |
|
|
958,022 |
|
Charter Schools, Series K, 6.38%, 7/01/31 |
|
|
930 |
|
|
785,106 |
|
Pima County IDA, Refunding RB, Tucson Electric |
|
|
1,325 |
|
|
1,327,836 |
|
Salt River Project Agricultural Improvement & Power |
|
|
4,000 |
|
|
4,293,520 |
|
Vistancia Community Facilities District, Arizona, GO, |
|
|
3,135 |
|
|
3,182,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,649,737 |
|
|
|
|
|
|
|
|
|
California 16.2% |
|
|
|
|
|
|
|
Antelope Valley Healthcare District, California, RB, |
|
|
8,000 |
|
|
7,754,240 |
|
California Housing Finance Agency, RB, Home Mortgage, |
|
|
3,500 |
|
|
3,220,385 |
|
California Pollution Control Financing Authority, RB, AMT: |
|
|
|
|
|
|
|
Republic Services Inc. Project, Series B, 5.25%, |
|
|
605 |
|
|
605,363 |
|
Waste Management Inc. Project, Series A-2, 5.40%, |
|
|
1,240 |
|
|
1,227,154 |
|
California Pollution Control Financing Authority, |
|
|
17,730 |
|
|
18,259,240 |
|
California State Department of Water Resources, RB, |
|
|
5,000 |
|
|
5,586,400 |
|
California State Public Works Board, RB, Department |
|
|
10,000 |
|
|
10,122,600 |
|
California Statewide Communities Development |
|
|
2,500 |
|
|
2,591,075 |
|
City of Sacramento, California, Special Tax, North |
|
|
|
|
|
|
|
5.60%, 9/01/20 |
|
|
585 |
|
|
539,651 |
|
5.75%, 9/01/22 |
|
|
1,715 |
|
|
1,567,733 |
|
5.90%, 9/01/23 |
|
|
500 |
|
|
458,745 |
|
6.00%, 9/01/28 |
|
|
2,990 |
|
|
2,699,611 |
|
Golden State Tobacco Securitization Corp., California, |
|
|
5,000 |
|
|
5,060,500 |
|
Los Angeles Regional Airports Improvement Corp., |
|
|
1,435 |
|
|
1,391,993 |
|
Rowland Unified School District, California, GO, |
|
|
1,515 |
|
|
1,566,934 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|||||||
California (concluded) |
|
|
|
|
|
|
|
State of California, GO: |
|
|
|
|
|
|
|
5.50%, 4/01/28 |
|
$ |
15 |
|
$ |
15,270 |
|
Election of 2006, 5.50%, 4/01/14 (c) |
|
|
14,795 |
|
|
17,151,252 |
|
(MBIA), 5.25%, 2/01/27 |
|
|
5,000 |
|
|
5,014,400 |
|
Tustin Unified School District, California, Special Tax, |
|
|
2,610 |
|
|
2,606,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87,438,840 |
|
|
|
|
|
|
|
|
|
Colorado 2.1% |
|
|
|
|
|
|
|
Elk Valley Public Improvement, RB, Public Improvement |
|
|
700 |
|
|
714,686 |
|
Montrose Memorial Hospital, RB, 6.38%, 12/01/23 |
|
|
2,250 |
|
|
2,265,030 |
|
Plaza Metropolitan District No. 1, Colorado, TAN, Public |
|
|
7,500 |
|
|
7,303,725 |
|
Southlands Metropolitan District No. 1, GO, 6.75%, |
|
|
930 |
|
|
1,079,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,362,715 |
|
|
|
|
|
|
|
|
|
Connecticut 0.2% |
|
|
|
|
|
|
|
Connecticut State Development Authority, RB, |
|
|
1,160 |
|
|
1,228,208 |
|
|
|
|
|
|
|
|
|
Florida 5.4% |
|
|
|
|
|
|
|
County of Miami-Dade, Florida, RB, Miami International |
|
|
5,500 |
|
|
5,679,795 |
|
County of Miami-Dade, Florida, Refunding RB, Series C, |
|
|
8,000 |
|
|
8,557,760 |
|
Harbor Bay Community Development District, Florida, |
|
|
2,820 |
|
|
1,930,995 |
|
Highlands County Health Facilities Authority, RB, |
|
|
35 |
|
|
40,368 |
|
Midtown Miami Community Development District, |
|
|
|
|
|
|
|
Series A, 6.00%, 5/01/24 |
|
|
3,330 |
|
|
2,786,944 |
|
Series B, 6.50%, 5/01/37 |
|
|
1,950 |
|
|
1,622,926 |
|
Panther Trace II Community Development District, |
|
|
2,135 |
|
|
1,437,688 |
|
Portofino Shores Community Development District, |
|
|
1,085 |
|
|
1,004,460 |
|
South Lake County Hospital District, RB, South Lake |
|
|
2,390 |
|
|
2,453,885 |
|
Sterling Hill Community Development District, Special |
|
|
165 |
|
|
151,937 |
|
University of Florida Research Foundation Inc., RB |
|
|
4,000 |
|
|
3,494,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,161,598 |
|
|
|
|
|
|
|
|
|
Georgia 0.8% |
|
|
|
|
|
|
|
Fulton County Development Authority, Refunding RB, |
|
|
4,000 |
|
|
4,165,040 |
|
|
|
|
|
|
|
|
|
Guam 0.8% |
|
|
|
|
|
|
|
Territory of Guam, Series A: |
|
|
|
|
|
|
|
GO, 6.00%, 11/15/19 |
|
|
1,530 |
|
|
1,593,174 |
|
RB, Section 30, 5.38%, 12/01/24 |
|
|
2,620 |
|
|
2,633,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,226,222 |
|
|
|
|
|
|
|
|
|
Idaho 0.8% |
|
|
|
|
|
|
|
City of Boise City, Idaho, COP, AMT (MBIA), 5.50%, |
|
|
4,000 |
|
|
4,000,320 |
|
Idaho Housing & Finance Association, RB, S/F Mortgage, |
|
|
240 |
|
|
247,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,248,154 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
||
|
||
40 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|||||||
Illinois 6.9% |
|
|
|
|
|
|
|
City of Chicago, Illinois, RB, General, Airport 3rd Lien, |
|
|
|
|
|
|
|
(FSA), 5.75%, 1/01/23 |
|
$ |
8,130 |
|
$ |
8,350,160 |
|
(Syncora), 6.00%, 1/01/29 |
|
|
2,510 |
|
|
2,570,039 |
|
City of Chicago, Illinois, Refunding RB, General, |
|
|
2,550 |
|
|
2,649,144 |
|
Du Page & Will Counties Community School District |
|
|
8,650 |
|
|
9,399,003 |
|
Illinois Finance Authority, RB, Community Rehabilitation |
|
|
6,930 |
|
|
6,938,801 |
|
Village of Hodgkins, Illinois, RB, MBM Project, AMT, |
|
|
6,000 |
|
|
6,002,460 |
|
Village of Wheeling, Illinois, TAN, North Milwaukee, |
|
|
1,580 |
|
|
1,381,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,291,080 |
|
|
|
|
|
|
|
|
|
Indiana 0.4% |
|
|
|
|
|
|
|
County of Jasper, Indiana, Refunding RB, |
|
|
2,000 |
|
|
2,154,400 |
|
|
|
|
|
|
|
|
|
Kansas 0.9% |
|
|
|
|
|
|
|
City of Dodge City, Kansas, RB (AGC), 4.00%, 6/01/24 |
|
|
2,245 |
|
|
2,196,822 |
|
Kansas Development Finance Authority, RB: |
|
|
|
|
|
|
|
Adventist Health, 5.00%, 11/15/23 |
|
|
1,500 |
|
|
1,518,870 |
|
Adventist Sunbelt, Series D, 5.00%, 11/15/24 |
|
|
1,000 |
|
|
1,006,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,722,252 |
|
|
|
|
|
|
|
|
|
Kentucky 1.6% |
|
|
|
|
|
|
|
Kentucky State Property & Buildings Commission, |
|
|
8,000 |
|
|
8,655,840 |
|
|
|
|
|
|
|
|
|
Louisiana 3.0% |
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & |
|
|
1,300 |
|
|
1,213,251 |
|
Louisiana Public Facilities Authority, RB (MBIA): |
|
|
|
|
|
|
|
Nineteenth Judicial District Court, 5.50%, 6/01/41 |
|
|
2,000 |
|
|
2,040,000 |
|
University New Orleans Research and Technology, |
|
|
6,965 |
|
|
7,080,410 |
|
New Orleans Aviation Board, Louisiana, Refunding RB, |
|
|
850 |
|
|
949,612 |
|
Port Lake Charles, Louisiana, Refunding RB, Continental |
|
|
5,000 |
|
|
4,904,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,187,873 |
|
|
|
|
|
|
|
|
|
Maine 0.3% |
|
|
|
|
|
|
|
Portland Housing Development Corp., RB, Senior Living, |
|
|
1,965 |
|
|
1,762,133 |
|
|
|
|
|
|
|
|
|
Maryland 0.1% |
|
|
|
|
|
|
|
Maryland Industrial Development Financing Authority, |
|
|
500 |
|
|
437,720 |
|
|
|
|
|
|
|
|
|
Massachusetts 1.5% |
|
|
|
|
|
|
|
Massachusetts Bay Transportation Authority, RB, Senior, |
|
|
4,560 |
|
|
5,039,210 |
|
Massachusetts Development Finance Agency, RB, |
|
|
|
|
|
|
|
5.35%, 12/01/15 |
|
|
1,210 |
|
|
1,111,216 |
|
5.50%, 12/01/19 |
|
|
2,000 |
|
|
1,776,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,926,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|||||||
Michigan 3.9% |
|
|
|
|
|
|
|
City of Detroit, MI, Refunding RB, Second Lien, Series C |
|
$ |
4,235 |
|
$ |
4,598,575 |
|
Michigan State Hospital Finance Authority, Michigan, |
|
|
4,795 |
|
|
4,852,204 |
|
Michigan State Hospital Finance Authority, Refunding |
|
|
4,400 |
|
|
4,244,680 |
|
Wayne County Airport Authority, RB, Detroit Metropolitan |
|
|
7,665 |
|
|
7,592,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,288,255 |
|
|
|
|
|
|
|
|
|
Minnesota 1.0% |
|
|
|
|
|
|
|
Minneapolis & Saint Paul Housing & Redevelopment |
|
|
|
|
|
|
|
6.00%, 12/01/19 |
|
|
1,000 |
|
|
1,022,780 |
|
6.00%, 12/01/21 |
|
|
2,545 |
|
|
2,589,919 |
|
Minnesota State Municipal Power Agency, RB, Series A, |
|
|
2,000 |
|
|
2,068,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,680,839 |
|
|
|
|
|
|
|
|
|
Mississippi 2.7% |
|
|
|
|
|
|
|
Mississippi Business Finance Corp., RB, System Energy |
|
|
5,000 |
|
|
5,005,150 |
|
Mississippi Business Finance Corp., Refunding RB, |
|
|
2,910 |
|
|
2,912,997 |
|
Mississippi Hospital Equipment & Facilities Authority, |
|
|
6,750 |
|
|
6,428,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,346,509 |
|
|
|
|
|
|
|
|
|
Nevada 1.2% |
|
|
|
|
|
|
|
Clark County Improvement District, Nevada, Special |
|
|
2,155 |
|
|
2,029,751 |
|
County of Humboldt, Nevada, Refunding RB, Idaho |
|
|
4,300 |
|
|
4,399,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,429,167 |
|
|
|
|
|
|
|
|
|
New Jersey 12.8% |
|
|
|
|
|
|
|
Garden State Preservation Trust, RB, 2005 Series A (FSA): |
|
|
|
|
|
|
|
5.80%, 11/01/21 |
|
|
3,635 |
|
|
4,204,968 |
|
5.80%, 11/01/23 |
|
|
5,050 |
|
|
5,840,678 |
|
New Jersey EDA, RB, Cigarette Tax, 5.75%, 6/15/29 |
|
|
9,810 |
|
|
9,441,144 |
|
New Jersey EDA, RB, Continental Airlines Inc. Project, |
|
|
5,540 |
|
|
5,426,485 |
|
New Jersey EDA, RB, Motor Vehicle Surcharge, Series A |
|
|
17,900 |
|
|
18,060,742 |
|
New Jersey EDA, RB, Series B, New Jersey, American |
|
|
5,000 |
|
|
4,956,750 |
|
New Jersey EDA, Refunding RB, School Facilities |
|
|
5,000 |
|
|
4,972,200 |
|
New Jersey State Housing & Mortgage Finance Agency, |
|
|
4,500 |
|
|
4,581,945 |
|
New Jersey Transportation Trust Fund Authority, |
|
|
|
|
|
|
|
CAB, Series C, 5.70%, 12/15/25 (e) |
|
|
9,450 |
|
|
3,755,713 |
|
Series D, 5.00%, 6/15/18 |
|
|
4,215 |
|
|
4,493,232 |
|
South Jersey Port Corp., RB, Marine Terminal, Series O-1 |
|
|
1,375 |
|
|
1,425,380 |
|
University of Medicine & Dentistry of New Jersey, RB, |
|
|
|
|
|
|
|
5.50%, 12/01/23 |
|
|
1,000 |
|
|
1,011,240 |
|
5.50%, 12/01/27 |
|
|
1,000 |
|
|
1,003,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69,174,077 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
41 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|||||||
New Mexico 1.9% |
|
|
|
|
|
|
|
New Mexico Finance Authority, RB, Senior Lien, Series A |
|
$ |
9,520 |
|
$ |
10,506,177 |
|
|
|
|
|
|
|
|
|
New York 27.1% |
|
|
|
|
|
|
|
City of New York, New York, GO: |
|
|
|
|
|
|
|
Series D1, 5.13%, 12/01/26 |
|
|
4,615 |
|
|
4,853,226 |
|
Sub-Series I-1, 5.50%, 4/01/21 |
|
|
5,000 |
|
|
5,562,900 |
|
Dutchess County Industrial Development Agency, |
|
|
965 |
|
|
966,071 |
|
Long Island Power Authority, RB, Series A, 5.50%, |
|
|
1,475 |
|
|
1,590,699 |
|
Metropolitan Transportation Authority, RB: |
|
|
|
|
|
|
|
Series A, 5.00%, 11/15/25 |
|
|
1,980 |
|
|
2,043,974 |
|
Series B, 5.25%, 11/15/25 |
|
|
4,000 |
|
|
4,317,320 |
|
New York City Industrial Development Agency, RB, |
|
|
3,500 |
|
|
2,580,830 |
|
New York City Industrial Development Agency, RB, |
|
|
2,055 |
|
|
2,002,330 |
|
New York City Industrial Development Agency, |
|
|
2,740 |
|
|
2,670,459 |
|
New York City Transitional Finance Authority, RB: |
|
|
|
|
|
|
|
Fiscal 2007, Series S-1 (MBIA), 5.00%, 7/15/24 |
|
|
500 |
|
|
523,325 |
|
Fiscal 2009, Series S-3, 5.00%, 1/15/23 |
|
|
3,560 |
|
|
3,786,345 |
|
New York State Dormitory Authority, RB: |
|
|
|
|
|
|
|
Mental Health Services Facilities Improvement, |
|
|
4,000 |
|
|
4,204,120 |
|
Mount Sinai Health, Series A, 6.63%, 7/01/19 |
|
|
1,330 |
|
|
1,362,479 |
|
Mount Sinai Medical School, Series A (MBIA), |
|
|
1,000 |
|
|
1,031,120 |
|
Municipal Health Facilities, Lease, |
|
|
6,900 |
|
|
7,172,550 |
|
North Shore L I Jewish Group, 5.00%, 5/01/12 |
|
|
1,000 |
|
|
1,075,600 |
|
North Shore L I Jewish, Series E, 5.00%, 5/01/22 |
|
|
650 |
|
|
664,807 |
|
North Shore L I Jewish, Series E, 5.00%, 5/01/23 |
|
|
2,160 |
|
|
2,190,996 |
|
North Shore, Series A, 5.50%, 5/01/30 |
|
|
1,495 |
|
|
1,537,323 |
|
School District Financing Program, Series D (MBIA), |
|
|
9,540 |
|
|
9,717,635 |
|
University Rochester, Series A, 4.00%, 7/01/24 |
|
|
1,640 |
|
|
1,593,768 |
|
University Rochester, Series C, 4.00%, 7/01/24 |
|
|
625 |
|
|
607,381 |
|
Yeshiva University, 4.00%, 9/01/23 |
|
|
2,860 |
|
|
2,771,083 |
|
Yeshiva University, 4.25%, 9/01/24 |
|
|
2,750 |
|
|
2,719,145 |
|
New York State Dormitory Authority, Refunding RB, |
|
|
2,345 |
|
|
2,241,539 |
|
New York State Energy Research & Development |
|
|
2,310 |
|
|
2,317,946 |
|
New York State Environmental Facilities Corp., New York, |
|
|
7,380 |
|
|
8,622,571 |
|
New York State Thruway Authority, RB, Local Highway & |
|
|
60 |
|
|
64,912 |
|
New York State Urban Development Corp., Refunding |
|
|
8,000 |
|
|
8,532,480 |
|
Port Authority of New York & New Jersey, RB, Consolidated: |
|
|
|
|
|
|
|
131 Senior Series (CIFG), AMT, 5.00%, 12/15/17 |
|
|
5,000 |
|
|
5,178,350 |
|
153rd, 5.00%, 7/15/24 |
|
|
2,010 |
|
|
2,165,494 |
|
Sales Tax Asset Receivable Corp., RB, Series A (MBIA), |
|
|
9,070 |
|
|
9,986,705 |
|
Tobacco Settlement Financing Corp., New York, RB, |
|
|
6,510 |
|
|
6,775,803 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
New York (concluded) |
|
|
|
|
|
|
|
Tobacco Settlement Financing Corp., New York, RB: |
|
|
|
|
|
|
|
Series B-1C, 5.50%, 6/01/21 |
|
$ |
7,000 |
|
$ |
7,357,070 |
|
Series B-1C, 5.50%, 6/01/22 |
|
|
10,000 |
|
|
10,487,600 |
|
Series C-1 (FGIC), 5.50%, 6/01/20 |
|
|
9,750 |
|
|
10,277,378 |
|
United Nations Development Corp. New York, Refunding |
|
|
4,985 |
|
|
4,867,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146,420,987 |
|
|
|
|
|
|
|
|
|
North Carolina 1.2% |
|
|
|
|
|
|
|
Gaston County Industrial Facilities & Pollution Control |
|
|
3,105 |
|
|
1,834,807 |
|
North Carolina Eastern Municipal Power Agency, |
|
|
1,925 |
|
|
1,960,305 |
|
North Carolina Municipal Power Agency No. 1 Catawba, |
|
|
2,700 |
|
|
2,793,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,588,802 |
|
|
|
|
|
|
|
|
|
Northern Mariana Island 0.9% |
|
|
|
|
|
|
|
Commonwealth of the Northern Mariana Islands, GO, |
|
|
|
|
|
|
|
6.75%, 10/01/13 (c) |
|
|
3,900 |
|
|
4,575,831 |
|
6.75%, 10/01/33 |
|
|
250 |
|
|
227,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,803,794 |
|
|
|
|
|
|
|
|
|
Ohio 0.8% |
|
|
|
|
|
|
|
Ohio Air Quality Development Authority, RB, Ohio Valley |
|
|
4,300 |
|
|
4,287,186 |
|
|
|
|
|
|
|
|
|
Pennsylvania 7.6% |
|
|
|
|
|
|
|
City of Philadelphia, Pennsylvania, RB (FSA): |
|
|
|
|
|
|
|
1975 General Ordinance, 17th Series, 5.38%, |
|
|
7,490 |
|
|
7,753,723 |
|
Series A, AMT, 5.00%, 6/15/20 |
|
|
2,895 |
|
|
2,931,622 |
|
City of Philadelphia, Pennsylvania, Refunding RB, |
|
|
3,905 |
|
|
3,984,662 |
|
City of Pittsburgh, Pennsylvania, GO, Refunding, Series B |
|
|
9,630 |
|
|
10,264,328 |
|
City of Pittsburgh, Pennsylvania, GO, Series C (FSA), |
|
|
6,430 |
|
|
6,781,464 |
|
Montgomery County IDA, Pennsylvania, RB, Mortgage, |
|
|
3,500 |
|
|
2,717,085 |
|
Pennsylvania Economic Development Financing |
|
|
7,710 |
|
|
4,881,972 |
|
Sayre, Pennsylvania, Health Care Facilities Authority, RB |
|
|
|
|
|
|
|
6.25%, 12/01/15 |
|
|
455 |
|
|
474,934 |
|
6.25%, 12/01/16 |
|
|
785 |
|
|
816,761 |
|
6.25%, 12/01/18 |
|
|
385 |
|
|
398,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,005,199 |
|
|
|
|
|
|
|
|
|
Puerto Rico 14.4% |
|
|
|
|
|
|
|
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, |
|
|
3,215 |
|
|
3,280,522 |
|
Puerto Rico Electric Power Authority, RB: |
|
|
|
|
|
|
|
Series NN, 5.50%, 7/01/13 (c) |
|
|
17,935 |
|
|
20,535,037 |
|
Series TT, 5.00%, 7/01/27 |
|
|
8,500 |
|
|
8,381,680 |
|
Series WW, 5.50%, 7/01/38 |
|
|
3,000 |
|
|
3,010,020 |
|
Puerto Rico HFA, RB, Capital Fund Modernization, |
|
|
13,900 |
|
|
13,874,980 |
|
Puerto Rico Highway & Transportation Authority, RB: |
|
|
|
|
|
|
|
(FGIC), 5.75%, 7/01/21 |
|
|
4,375 |
|
|
4,429,338 |
|
Series Y (FSA), 6.25%, 7/01/21 |
|
|
3,000 |
|
|
3,291,300 |
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
42 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Puerto Rico (concluded) |
|
|
|
|
|
|
|
Puerto Rico Industrial Medical & Environmental |
|
$ |
5,390 |
|
$ |
4,026,384 |
|
Puerto Rico Public Buildings Authority, RB, |
|
|
|
|
|
|
|
Series D, 5.25%, 7/01/27 |
|
|
3,930 |
|
|
3,797,991 |
|
Series I, 5.50%, 7/01/14 (c) |
|
|
8,000 |
|
|
9,142,240 |
|
Puerto Rico Public Buildings Authority, Refunding RB, |
|
|
1,900 |
|
|
1,959,356 |
|
Puerto Rico Public Finance Corp., RB, Commonwealth, |
|
|
2,000 |
|
|
2,191,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,919,848 |
|
|
|
|
|
|
|
|
|
Rhode Island 0.5% |
|
|
|
|
|
|
|
Rhode Island Health & Educational Building Corp., |
|
|
2,500 |
|
|
2,555,275 |
|
|
|
|
|
|
|
|
|
South Carolina 2.3% |
|
|
|
|
|
|
|
County of Georgetown, South Carolina, Refunding RB, |
|
|
8,000 |
|
|
8,078,960 |
|
Medical University Hospital Authority, Refunding RB, |
|
|
4,250 |
|
|
4,363,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,442,562 |
|
|
|
|
|
|
|
|
|
South Dakota 0.4% |
|
|
|
|
|
|
|
Educational Enhancement Funding Corp., RB, Series B, |
|
|
2,200 |
|
|
2,124,210 |
|
|
|
|
|
|
|
|
|
Tennessee 2.2% |
|
|
|
|
|
|
|
Johnson City Health & Educational Facilities Board, RB, |
|
|
1,800 |
|
|
1,770,930 |
|
Memphis-Shelby County Sports Authority Inc., |
|
|
|
|
|
|
|
Series A, 5.00%, 11/01/23 |
|
|
2,695 |
|
|
2,726,747 |
|
Series A, 5.25%, 11/01/26 |
|
|
2,055 |
|
|
2,061,350 |
|
Series B, 5.00%, 11/01/22 |
|
|
1,000 |
|
|
1,014,950 |
|
Shelby County Health Educational & Housing Facilities |
|
|
|
|
|
|
|
6.75%, 12/01/18 |
|
|
3,550 |
|
|
3,305,867 |
|
7.00%, 12/01/23 |
|
|
1,450 |
|
|
1,317,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,197,140 |
|
|
|
|
|
|
|
|
|
Texas 7.2% |
|
|
|
|
|
|
|
Bexar County Health Facilities Development Corp., |
|
|
1,500 |
|
|
1,701,660 |
|
Brazos River Authority, Refunding RB, TXU Electric Co. |
|
|
7,000 |
|
|
6,304,550 |
|
Dallas-Fort Worth International Airport Facilities |
|
|
4,000 |
|
|
3,903,600 |
|
Dallas-Fort Worth International Airport Facilities |
|
|
|
|
|
|
|
Joint, Sub-Series A-2, (MBIA), 6.10%, 11/01/24 |
|
|
1,500 |
|
|
1,500,210 |
|
Series A, Sub-Series 2, 9.00%, 5/01/29 |
|
|
3,000 |
|
|
2,779,560 |
|
Gulf Coast IDA, RB, Citgo Petroleum Corp. Project, AMT, |
|
|
2,440 |
|
|
2,475,356 |
|
Gulf Coast Waste Disposal Authority, Refunding RB, |
|
|
2,000 |
|
|
2,002,280 |
|
Houston Health Facilities Development Corp., RB, |
|
|
1,500 |
|
|
1,796,655 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
Par |
|
|
Value |
|
|
|
|
|
|
|
|
|
Texas (concluded) |
|
|
|
|
|
|
|
Lower Colorado River Authority, RB, Samsung Austin |
|
$ |
7,420 |
|
$ |
7,440,553 |
|
Sabine River Authority, Texas, Refunding RB, TXU |
|
|
5,000 |
|
|
4,503,250 |
|
Texas State Affordable Housing Corp., Texas, RB, |
|
|
4,315 |
|
|
4,451,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,858,769 |
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands 1.6% |
|
|
|
|
|
|
|
United States Virgin Islands, RB, Senior Secured, |
|
|
1,860 |
|
|
1,887,361 |
|
Virgin Islands Public Finance Authority, RB, Senior |
|
|
6,750 |
|
|
6,856,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,744,349 |
|
|
|
|
|
|
|
|
|
Vermont 0.6% |
|
|
|
|
|
|
|
Vermont Educational & Health Buildings Financing |
|
|
3,000 |
|
|
3,008,520 |
|
|
|
|
|
|
|
|
|
Virginia 3.0% |
|
|
|
|
|
|
|
James City County IDA, Virginia, Refunding RB, |
|
|
|
|
|
|
|
5.75%, 3/01/17 |
|
|
3,285 |
|
|
3,177,022 |
|
6.00%, 3/01/23 |
|
|
1,150 |
|
|
1,027,387 |
|
Tobacco Settlement Financing Corp., Virginia, RB, |
|
|
7,800 |
|
|
9,051,354 |
|
Virginia Public School Authority, Refunding RB, School |
|
|
3,000 |
|
|
2,791,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,047,593 |
|
|
|
|
|
|
|
|
|
West Virginia 0.7% |
|
|
|
|
|
|
|
West Virginia Hospital Finance Authority, West Virginia, |
|
|
4,000 |
|
|
3,962,600 |
|
|
|
|
|
|
|
|
|
Wisconsin 0.4% |
|
|
|
|
|
|
|
Wisconsin Housing & EDA, RB, Series C, AMT, 4.85%, |
|
|
2,000 |
|
|
1,951,320 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 143.0% |
|
|
|
|
|
772,507,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California 5.2% |
|
|
|
|
|
|
|
City of San Jose, California, GO, Libraries, Parks, Public |
|
|
3,101 |
|
|
3,163,923 |
|
Peralta Community College District, California, GO, |
|
|
10,140 |
|
|
10,409,318 |
|
Sequoia Union High School District, California, GO, |
|
|
9,028 |
|
|
9,468,770 |
|
Tamalpais Union High School District, California, GO, |
|
|
4,875 |
|
|
4,997,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,039,422 |
|
|
|
|
|
|
|
|
|
Illinois 2.5% |
|
|
|
|
|
|
|
McHenry County Conservation District, Illinois, GO |
|
|
12,695 |
|
|
13,471,400 |
|
|
|
|
|
|
|
|
|
Massachusetts 1.6% |
|
|
|
|
|
|
|
Massachusetts School Building Authority, RB, Series A |
|
|
8,338 |
|
|
8,612,704 |
|
|
|
|
|
|
|
|
|
New Jersey 2.2% |
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, |
|
|
11,120 |
|
|
11,725,706 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
43 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
New York 5.8% |
|
|
|
|
|
|
|
City of New York, New York, GO, Sub-Series B-1, 5.25%, |
|
$ |
8,250 |
|
$ |
8,972,370 |
|
New York State Urban Development Corp., RB, State |
|
|
10,000 |
|
|
10,262,400 |
|
Sales Tax Asset Receivable Corp., RB, Series A (AMBAC), |
|
|
11,101 |
|
|
12,147,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,382,399 |
|
|
|
|
|
|
|
|
|
Washington 2.0% |
|
|
|
|
|
|
|
Snohomish County School District No. 15 Edmonds, |
|
|
10,000 |
|
|
10,855,000 |
|
|
|
|
|
|
|
|
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
104,086,631 |
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
876,594,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|||||||
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.23% (g)(h) |
|
|
8,201,224 |
|
|
8,201,224 |
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
8,201,224 |
|
|
|
|
|
|
|
|
|
Total Investments (Cost $885,925,534*) 163.8% |
|
|
|
|
|
884,795,597 |
|
Other Assets Less Liabilities 0.0% |
|
|
|
|
|
65,799 |
|
Liability
for Trust Certificates, Including |
|
|
|
|
|
(57,405,762 |
) |
Preferred Shares, at Redemption Value (53.2)% |
|
|
|
|
|
(287,238,597 |
) |
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
540,217,037 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
|
$ |
828,079,283 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
23,794,888 |
|
Gross unrealized depreciation |
|
|
(24,427,388 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(632,500 |
) |
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
|
(b) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
(c) |
US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
(d) |
When-issued security. Unsettled when-issued security transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
|
|
|
|
||
Citigroup Global Markets, Inc. |
|
$ |
4,244,680 |
|
$ |
(6,476 |
) |
Merrill Lynch & Co. |
|
$ |
6,428,363 |
|
$ |
(52,380 |
) |
|
|
|
|
|
|
|
|
|
|
(e) |
Represents a zero-coupon bond. Rate show reflects the current yield as of report date. |
|
|
(f) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
(g) |
Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Income |
|
||
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund |
|
$ |
7,797,368 |
|
$ |
19,025 |
|
|
|
|
|
|
|
|
|
|
|
|
(h) |
Represents the current yield as of report date. |
|
|
|
|
|
Fair Value Measurements Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
Level 1 price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Funds investments: |
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments
in |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Level 1 Short-Term Securities |
|
$ |
8,201,224 |
|
Level 2 Long-Term Investments1 |
|
|
876,594,373 |
|
Level 3 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
884,795,597 |
|
|
|
|
|
|
|
|
1 |
See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
44 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments October 31, 2009 (Unaudited) |
BlackRock MuniVest Fund II, Inc. (MVT) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Alabama 2.8% |
|
|
|
|
|
|
|
Prattville Industrial Development Board, Alabama, RB, |
|
$ |
3,500 |
|
$ |
2,758,210 |
|
Selma Industrial Development Board, Alabama, RB, |
|
|
5,000 |
|
|
3,940,300 |
|
Tuscaloosa Special Care Facilities Financing Authority, |
|
|
2,900 |
|
|
1,160,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,858,510 |
|
|
|
|
|
|
|
|
|
Arizona 1.5% |
|
|
|
|
|
|
|
Maricopa County Elementary School District |
|
|
1,250 |
|
|
1,302,625 |
|
Maricopa County IDA, Arizona, RB, Arizona Charter |
|
|
1,000 |
|
|
681,790 |
|
Pima County IDA, RB: |
|
|
|
|
|
|
|
Arizona Charter Schools Project, Series C, 6.75%, |
|
|
1,940 |
|
|
1,716,376 |
|
Charter Schools, II, Series A, 6.75%, 7/01/21 |
|
|
495 |
|
|
460,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,161,557 |
|
|
|
|
|
|
|
|
|
California 10.9% |
|
|
|
|
|
|
|
California Health Facilities Financing Authority, RB, |
|
|
2,200 |
|
|
2,280,718 |
|
City of Chula Vista, California, RB, San Diego Gas, |
|
|
2,500 |
|
|
2,327,975 |
|
San Francisco City & County Public Utilities |
|
|
9,475 |
|
|
9,616,651 |
|
State of California, GO, Various Purpose, 6.50%, |
|
|
14,925 |
|
|
16,495,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,720,603 |
|
|
|
|
|
|
|
|
|
Colorado 4.9% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Catholic Health |
|
|
1,060 |
|
|
1,144,853 |
|
Colorado Health Facilities Authority, Refunding RB, |
|
|
|
|
|
|
|
5.50%, 7/01/34 |
|
|
2,135 |
|
|
2,174,903 |
|
5.00%, 7/01/39 |
|
|
2,520 |
|
|
2,371,547 |
|
Colorado Housing & Finance Authority, Colorado, RB, |
|
|
120 |
|
|
128,372 |
|
Elk Valley Public Improvement, RB, Public |
|
|
|
|
|
|
|
Series A, 7.35%, 9/01/31 |
|
|
3,025 |
|
|
2,731,030 |
|
Series B, 7.45%, 9/01/31 |
|
|
400 |
|
|
364,900 |
|
Plaza Metropolitan District No. 1, Colorado, TAN, Public |
|
|
|
|
|
|
|
8.00%, 12/01/25 |
|
|
3,300 |
|
|
3,221,130 |
|
8.13%, 12/01/25 |
|
|
820 |
|
|
761,477 |
|
University of Colorado, RB, Series A, 5.75%, 6/01/28 |
|
|
750 |
|
|
847,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,746,095 |
|
|
|
|
|
|
|
|
|
Connecticut 0.5% |
|
|
|
|
|
|
|
Mohegan Tribe of Indians of Connecticut, RB, Public |
|
|
2,000 |
|
|
1,549,920 |
|
|
|
|
|
|
|
|
|
District of Columbia 2.2% |
|
|
|
|
|
|
|
Metropolitan Washington DC Airports Authority Dulles |
|
|
|
|
|
|
|
5.00%, 10/01/39 |
|
|
1,020 |
|
|
1,018,858 |
|
5.25%, 10/01/44 |
|
|
1,500 |
|
|
1,537,830 |
|
Metropolitan Washington DC Airports Authority Dulles Toll |
|
|
|
|
|
|
|
7.05%, 10/01/33 |
|
|
6,590 |
|
|
1,477,412 |
|
7.08%, 10/01/34 |
|
|
4,830 |
|
|
1,017,198 |
|
7.10%, 10/01/35 |
|
|
6,515 |
|
|
1,292,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,343,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Florida 6.6% |
|
|
|
|
|
|
|
County of Miami-Dade, Florida, RB, Miami International |
|
$ |
9,820 |
|
$ |
9,184,744 |
|
Fiddlers Creek Community Development District No. 2, |
|
|
|
|
|
|
|
Series A, 6.38%, 5/01/35 |
|
|
2,350 |
|
|
1,533,962 |
|
Series B, 5.75%, 5/01/13 |
|
|
400 |
|
|
361,560 |
|
Hillsborough County IDA, RB: |
|
|
|
|
|
|
|
H. Lee Moffitt Cancer Center Project, Series A, |
|
|
3,500 |
|
|
3,204,600 |
|
National Gypsum, Series B, AMT, 7.13%, 4/01/30 |
|
|
2,720 |
|
|
1,875,630 |
|
Midtown Miami Community Development District, |
|
|
915 |
|
|
736,282 |
|
Palm Coast Park Community Development District, |
|
|
1,230 |
|
|
714,655 |
|
Preserve at Wilderness Lake Community Development |
|
|
890 |
|
|
838,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,450,249 |
|
|
|
|
|
|
|
|
|
Georgia 5.0% |
|
|
|
|
|
|
|
Fulton County Residential Care Facilities for the Elderly |
|
|
2,000 |
|
|
1,773,060 |
|
Gainesville Redevelopment Authority, Refunding RB, |
|
|
600 |
|
|
371,892 |
|
Metropolitan Atlanta Rapid Transit Authority, RB, 3rd |
|
|
3,465 |
|
|
3,539,394 |
|
Municipal Electric Authority of Georgia, RB: |
|
|
|
|
|
|
|
Series W, 6.60%, 1/01/18 |
|
|
5,590 |
|
|
6,460,251 |
|
Series W, 6.60%, 1/01/18 (e) |
|
|
380 |
|
|
437,194 |
|
Series X, 6.50%, 1/01/20 |
|
|
1,250 |
|
|
1,460,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,042,041 |
|
|
|
|
|
|
|
|
|
Guam 1.1% |
|
|
|
|
|
|
|
Territory of Guam, GO, Series A: |
|
|
|
|
|
|
|
6.00%, 11/15/19 |
|
|
630 |
|
|
656,013 |
|
6.75%, 11/15/29 |
|
|
1,100 |
|
|
1,176,934 |
|
7.00%, 11/15/39 |
|
|
1,140 |
|
|
1,232,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,065,105 |
|
|
|
|
|
|
|
|
|
Idaho 0.0% |
|
|
|
|
|
|
|
Idaho Housing & Finance Association, RB, S/F Mortgage, |
|
|
50 |
|
|
50,079 |
|
|
|
|
|
|
|
|
|
Illinois 9.5% |
|
|
|
|
|
|
|
City of Chicago, Illinois, RB, Series C, AMT (GNMA), |
|
|
145 |
|
|
148,770 |
|
City of Chicago, Illinois, Special Assessment, Lake Shore |
|
|
800 |
|
|
721,648 |
|
City of Chicago, Illinois, TAN, Kingsbury Redevelopment |
|
|
1,000 |
|
|
995,540 |
|
Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
Advocate Health Care Network, Series D, |
|
|
5,000 |
|
|
5,496,550 |
|
Community Rehabilitation Providers Facilities, |
|
|
1,000 |
|
|
1,015,930 |
|
Friendship Village Schaumburg, Series A, |
|
|
250 |
|
|
197,770 |
|
Illinois Finance Authority, Refunding RB, Community |
|
|
550 |
|
|
550,379 |
|
Regional Transportation Authority, RB: |
|
|
|
|
|
|
|
Series A (AMBAC), 7.20%, 11/01/20 |
|
|
1,500 |
|
|
1,833,150 |
|
Series A (MBIA), 6.70%, 11/01/21 |
|
|
7,000 |
|
|
8,360,730 |
|
Series C (MBIA), 7.75%, 6/01/20 |
|
|
2,500 |
|
|
3,171,125 |
|
Village of Hodgkins, Illinois, RB, MBM Project, AMT, |
|
|
2,800 |
|
|
2,801,120 |
|
Village of Wheeling, Illinois, TAN, North Milwaukee, |
|
|
1,580 |
|
|
1,381,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,674,185 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
45 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniVest Fund II, Inc. (MVT) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Indiana 7.7% |
|
|
|
|
|
|
|
Indiana Finance Authority Hospital Revenue, RB, |
|
$ |
3,295 |
|
$ |
3,355,331 |
|
Indiana Finance Authority, RB, Refunding Duke Energy, |
|
|
2,910 |
|
|
2,774,510 |
|
Indiana Finance Authority, RB, Sisters of St. Francis |
|
|
840 |
|
|
814,111 |
|
Indiana Health & Educational Facilities Financing |
|
|
500 |
|
|
466,995 |
|
Indiana Transportation Finance Authority, Indiana, |
|
|
|
|
|
|
|
7.25%, 6/01/15 |
|
|
320 |
|
|
341,037 |
|
6.80%, 12/01/16 |
|
|
3,775 |
|
|
4,327,358 |
|
Indianapolis Local Public Improvement Bond Bank, RB, |
|
|
8,750 |
|
|
9,676,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,756,230 |
|
|
|
|
|
|
|
|
|
Louisiana 4.3% |
|
|
|
|
|
|
|
Port Lake Charles, Louisiana, Refunding RB, Continental |
|
|
8,500 |
|
|
8,337,820 |
|
Sabine River Authority, Louisiana, Refunding RB, |
|
|
3,600 |
|
|
3,638,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,976,376 |
|
|
|
|
|
|
|
|
|
Maryland 1.7% |
|
|
|
|
|
|
|
County of Montgomery, Maryland, GO, West Germantown |
|
|
1,190 |
|
|
1,214,931 |
|
Maryland Community Development Administration, RB, |
|
|
1,500 |
|
|
1,400,400 |
|
Maryland Health & Higher Educational Facilities |
|
|
|
|
|
|
|
King Farm Presbyterian Community, 5.00%, |
|
|
1,055 |
|
|
952,992 |
|
University of Maryland Medical System (MBIA), |
|
|
1,000 |
|
|
1,144,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,712,443 |
|
|
|
|
|
|
|
|
|
Massachusetts 6.3% |
|
|
|
|
|
|
|
Massachusetts HFA, Massachusetts, RB, Housing, AMT: |
|
|
|
|
|
|
|
Series A, 5.20%, 12/01/37 |
|
|
3,000 |
|
|
2,939,100 |
|
Series D, 4.85%, 6/01/40 |
|
|
2,770 |
|
|
2,527,625 |
|
Series F, 5.70%, 6/01/40 |
|
|
2,235 |
|
|
2,239,582 |
|
Massachusetts Housing Finance Agency, Massachusetts, |
|
|
2,720 |
|
|
2,636,578 |
|
Massachusetts Water Resources Authority, RB, Series A, |
|
|
6,000 |
|
|
7,299,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,642,185 |
|
|
|
|
|
|
|
|
|
Michigan 6.6% |
|
|
|
|
|
|
|
City of Detroit, Michigan, RB, Senior Lien, Series B |
|
|
910 |
|
|
1,123,668 |
|
Flint Hospital Building Authority, Michigan, Refunding |
|
|
2,890 |
|
|
2,658,655 |
|
Michigan State Hospital Finance Authority, Michigan, |
|
|
8,560 |
|
|
8,617,095 |
|
Michigan State Hospital Finance Authority, Michigan, |
|
|
7,050 |
|
|
6,114,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,514,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Mississippi 6.6% |
|
|
|
|
|
|
|
County of Lowndes, MS, Refunding RB, Weyerhaeuser Co. |
|
$ |
5,850 |
|
$ |
6,317,123 |
|
Mississippi Business Finance Corp., RB, System Energy |
|
|
5,900 |
|
|
5,906,077 |
|
Mississippi Business Finance Corp., Refunding RB, |
|
|
5,215 |
|
|
5,220,371 |
|
University of Southern Mississippi, RB, Campus |
|
|
1,065 |
|
|
1,123,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,567,178 |
|
|
|
|
|
|
|
|
|
Missouri 0.0% |
|
|
|
|
|
|
|
Missouri Housing Development Commission, RB, S/F, |
|
|
55 |
|
|
58,837 |
|
|
|
|
|
|
|
|
|
Nevada 0.2% |
|
|
|
|
|
|
|
Clark County Improvement District, Nevada, Special |
|
|
595 |
|
|
560,419 |
|
|
|
|
|
|
|
|
|
New Jersey 2.9% |
|
|
|
|
|
|
|
New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24 |
|
|
4,250 |
|
|
4,056,625 |
|
New Jersey EDA, RB, Continental Airlines Inc. Project, |
|
|
3,000 |
|
|
2,563,290 |
|
New Jersey Health Care Facilities Financing Authority, |
|
|
1,680 |
|
|
168 |
|
New Jersey State Housing & Mortgage Finance Agency, |
|
|
1,285 |
|
|
1,418,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,038,209 |
|
|
|
|
|
|
|
|
|
New Mexico 1.1% |
|
|
|
|
|
|
|
Farmington, New Mexico, RB, Tucson Electric Power Co. |
|
|
3,160 |
|
|
3,162,370 |
|
|
|
|
|
|
|
|
|
New York 8.3% |
|
|
|
|
|
|
|
Metropolitan Transportation Authority, RB, Series 2008C, |
|
|
9,405 |
|
|
10,662,354 |
|
New York City Industrial Development Agency, RB: |
|
|
|
|
|
|
|
British Airways Plc Project, AMT, 7.63%, 12/01/32 |
|
|
1,920 |
|
|
1,794,970 |
|
Series C, 6.80%, 6/01/28 |
|
|
690 |
|
|
717,752 |
|
Special Needs Facilities Pooled Program, |
|
|
890 |
|
|
860,247 |
|
New York City Transitional Finance Authority, RB, |
|
|
6,700 |
|
|
6,957,146 |
|
New York Liberty Development Corp., RB, Goldman |
|
|
1,440 |
|
|
1,408,810 |
|
Westchester County Industrial Development Agency, |
|
|
1,000 |
|
|
966,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,367,849 |
|
|
|
|
|
|
|
|
|
North Carolina 2.4% |
|
|
|
|
|
|
|
Gaston County Industrial Facilities & Pollution Control |
|
|
1,675 |
|
|
989,791 |
|
North Carolina Eastern Municipal Power Agency, |
|
|
2,225 |
|
|
2,265,807 |
|
North Carolina Medical Care Commission, |
|
|
2,000 |
|
|
1,542,780 |
|
North Carolina Medical Care Commission, RB, Duke |
|
|
|
|
|
|
|
5.00%, 6/01/39 |
|
|
630 |
|
|
623,253 |
|
5.00%, 6/01/42 |
|
|
1,400 |
|
|
1,373,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,795,073 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
46 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniVest Fund II, Inc. (MVT) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Ohio 4.4% |
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, RB, |
|
$ |
12,500 |
|
$ |
10,069,750 |
|
County of Montgomery, Ohio, Refunding RB, Catholic |
|
|
2,520 |
|
|
2,382,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,452,486 |
|
|
|
|
|
|
|
|
|
Pennsylvania 4.4% |
|
|
|
|
|
|
|
Bucks County IDA, RB, Anns Choice Inc. Facilities, |
|
|
880 |
|
|
782,294 |
|
Lancaster County Hospital Authority, RB, Brethren Village |
|
|
2,000 |
|
|
1,784,880 |
|
Montgomery County IDA, Pennsylvania, RB, Mortgage, |
|
|
|
|
|
|
|
6.13%, 2/01/28 |
|
|
470 |
|
|
338,386 |
|
6.25%, 2/01/35 |
|
|
1,090 |
|
|
765,158 |
|
Pennsylvania Economic Development Financing |
|
|
|
|
|
|
|
Aqua Pennsylvania Inc. Project, 5.00%, |
|
|
1,890 |
|
|
1,876,978 |
|
National Gypsum Co., Series B, AMT, 6.13%, |
|
|
2,000 |
|
|
1,246,920 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series B, |
|
|
4,415 |
|
|
4,392,439 |
|
Philadelphia Authority for Industrial Development, RB, |
|
|
1,265 |
|
|
1,175,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,362,151 |
|
|
|
|
|
|
|
|
|
Puerto Rico 1.6% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
|
4,255 |
|
|
4,601,783 |
|
|
|
|
|
|
|
|
|
Tennessee 0.3% |
|
|
|
|
|
|
|
Johnson City Health & Educational Facilities Board, |
|
|
1,000 |
|
|
944,030 |
|
|
|
|
|
|
|
|
|
Texas 10.2% |
|
|
|
|
|
|
|
Brazos River Authority, Refunding RB, TXU Electric Co. |
|
|
2,740 |
|
|
2,467,781 |
|
Brazos River Authority, Refunding RB, Texas Utility Co., |
|
|
1,500 |
|
|
871,650 |
|
Brazos River Harbor Navigation District, RB, Dow |
|
|
5,800 |
|
|
5,830,566 |
|
City of Houston, Texas, RB, Special Facilities, |
|
|
4,820 |
|
|
4,474,358 |
|
Guadalupe-Blanco River Authority, RB, E.I. du Pont de |
|
|
2,250 |
|
|
2,251,237 |
|
Harris County Health Facilities Development Corp., |
|
|
2,000 |
|
|
2,235,400 |
|
North Texas Toll Highway Authority, RB, First Tier, |
|
|
7,000 |
|
|
7,322,210 |
|
Port of Corpus Christi Authority of Nueces County, Texas, |
|
|
|
|
|
|
|
Series A, 6.45%, 11/01/30 |
|
|
800 |
|
|
799,088 |
|
Series B, AMT, 6.70%, 11/01/30 |
|
|
2,500 |
|
|
2,502,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,754,865 |
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands 2.2% |
|
|
|
|
|
|
|
United States Virgin Islands, RB, Senior Secured, |
|
|
6,000 |
|
|
6,088,260 |
|
|
|
|
|
|
|
|
|
Utah 1.0% |
|
|
|
|
|
|
|
City of Riverton, Utah, RB, IHC Health Services Inc., |
|
|
2,780 |
|
|
2,693,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
Virginia 1.3% |
|
|
|
|
|
|
|
Fairfax County EDA, RB, Goodwin House Inc.: |
|
|
|
|
|
|
|
5.13%, 10/01/37 |
|
$ |
1,000 |
|
$ |
861,630 |
|
5.13%, 10/01/42 |
|
|
3,440 |
|
|
2,906,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,768,086 |
|
|
|
|
|
|
|
|
|
Washington 3.6% |
|
|
|
|
|
|
|
Energy Northwest, Refunding RB, Series B, 7.13%, |
|
|
5,000 |
|
|
6,227,750 |
|
Washington Health Care Facilities Authority, Washington, |
|
|
3,700 |
|
|
3,993,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,221,012 |
|
|
|
|
|
|
|
|
|
Wisconsin 5.5% |
|
|
|
|
|
|
|
State of Wisconsin, RB, Series A, 6.00%, 5/01/36 |
|
|
7,100 |
|
|
7,795,161 |
|
Wisconsin Health & Educational Facilities Authority, RB, |
|
|
2,215 |
|
|
2,265,347 |
|
Wisconsin Housing & EDA, Refunding RB, Series C, |
|
|
2,885 |
|
|
2,650,507 |
|
Wisconsin Housing & EDA, Wisconsin, RB, Series A, |
|
|
2,650 |
|
|
2,721,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,432,539 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 127.6% |
|
|
|
|
|
359,132,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Municipal
Bonds Transferred to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California 3.5% |
|
|
|
|
|
|
|
Bay Area Toll Authority, Refunding RB, San Francisco |
|
|
3,271 |
|
|
3,522,241 |
|
California Educational Facilities Authority, RB, University |
|
|
2,610 |
|
|
2,750,444 |
|
Los Angeles Community College District, California, GO, |
|
|
2,290 |
|
|
2,350,502 |
|
San Diego Community College District, California, GO, |
|
|
1,077 |
|
|
1,130,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,753,732 |
|
|
|
|
|
|
|
|
|
Connecticut 2.2% |
|
|
|
|
|
|
|
Connecticut State Health & Educational Facility |
|
|
6,000 |
|
|
6,304,200 |
|
|
|
|
|
|
|
|
|
Illinois 6.2% |
|
|
|
|
|
|
|
City of Chicago, Illinois, Refunding RB, Second Lien |
|
|
1,320 |
|
|
1,381,247 |
|
Illinois State Toll Highway Authority, RB, Series B, 5.50%, |
|
|
2,999 |
|
|
3,206,690 |
|
Kane & De Kalb Counties Community Unit School |
|
|
5,200 |
|
|
6,035,536 |
|
Metropolitan Pier & Exposition Authority, Illinois, |
|
|
6,400 |
|
|
6,913,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,537,009 |
|
|
|
|
|
|
|
|
|
Maryland 0.8% |
|
|
|
|
|
|
|
Maryland State Transportation Authority, RB, |
|
|
2,290 |
|
|
2,374,638 |
|
|
|
|
|
|
|
|
|
Massachusetts 3.7% |
|
|
|
|
|
|
|
Massachusetts School Building Authority, RB, Series A |
|
|
10,000 |
|
|
10,329,000 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
47 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniVest Fund II, Inc. (MVT) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
New Hampshire 0.8% |
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
$ |
2,009 |
|
$ |
2,149,494 |
|
|
|
|
|
|
|
|
|
New York 2.9% |
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB: |
|
|
|
|
|
|
|
Series DD, 5.00%, 6/15/37 |
|
|
6,299 |
|
|
6,449,408 |
|
Series FF-2, 5.50%, 6/15/40 |
|
|
1,575 |
|
|
1,706,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,156,192 |
|
|
|
|
|
|
|
|
|
North Carolina 2.3% |
|
|
|
|
|
|
|
North Carolina Capital Facilities Finance Agency, |
|
|
6,239 |
|
|
6,418,947 |
|
|
|
|
|
|
|
|
|
Ohio 5.9% |
|
|
|
|
|
|
|
Ohio State Higher Educational Facility Commission, |
|
|
2,400 |
|
|
2,468,856 |
|
State of Ohio, Refunding RB, Cleveland Clinic Health, |
|
|
13,840 |
|
|
14,281,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,750,214 |
|
|
|
|
|
|
|
|
|
South Carolina 1.9% |
|
|
|
|
|
|
|
South Carolina State Public Service Authority, RB, |
|
|
4,995 |
|
|
5,335,609 |
|
|
|
|
|
|
|
|
|
Texas 7.0% |
|
|
|
|
|
|
|
Harris County Health Facilities Development |
|
|
10,000 |
|
|
12,086,900 |
|
Texas Department of Housing & Community Affairs, RB, |
|
|
4,822 |
|
|
4,827,235 |
|
Texas State University Systems, Texas, Refunding RB |
|
|
2,743 |
|
|
2,823,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,737,301 |
|
|
|
|
|
|
|
|
|
Washington 7.5% |
|
|
|
|
|
|
|
Central Puget Sound Regional Transportation Authority, |
|
|
|
|
|
|
|
5.00%, 11/01/36 |
|
|
9,000 |
|
|
9,223,650 |
|
(FSA), 5.00%, 11/01/32 |
|
|
7,693 |
|
|
7,939,152 |
|
Energy Northwest, Refunding RB, Columbia Generating, |
|
|
3,500 |
|
|
3,817,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,980,252 |
|
|
|
|
|
|
|
|
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
125,826,588 |
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
484,958,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.23% (g)(h) |
|
|
9,700,906 |
|
|
9,700,906 |
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
9,700,906 |
|
|
|
|
|
|
|
|
|
Total Investments (Cost $489,143,229*) 175.7% |
|
|
|
|
|
494,659,631 |
|
Liabilities in Excess of Other Assets (3.2)% |
|
|
|
|
|
(8,924,191 |
) |
Liability
for Trust Certificates, Including |
|
|
|
|
|
(64,132,000 |
) |
Preferred Shares, at Redemption Value (49.7)% |
|
|
|
|
|
(140,016,147 |
) |
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
281,587,293 |
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
424,705,583 |
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
23,773,596 |
|
|
Gross unrealized depreciation |
|
|
(17,886,379 |
) |
|
|
|
|
|
|
|
Net unrealized appreciation |
|
$ |
5,887,217 |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
|
(b) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
(c) |
When-issued security. Unsettled when-issued security transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
|
|
|
|
|
||
|
Merrill Lynch & Co. |
|
$ |
814,111 |
|
$ |
(1,201 |
) |
|
JPMorgan Securities |
|
$ |
2,693,764 |
|
$ |
(42,506 |
) |
|
Morgan Stanley Capital Services, Inc. |
|
$ |
6,929,186 |
|
$ |
(113,534 |
) |
|
Citigroup Global Markets, Inc. |
|
$ |
1,996,695 |
|
$ |
(12,594 |
) |
|
Jeffries & Co. |
|
$ |
1,876,978 |
|
$ |
(31,525 |
) |
|
|
|
|
|
|
|
|
|
|
|
(d) |
Represents a zero-coupon bond. Rate show reflects the current yield as of report date. |
|
|
(e) |
Security is collateralized by Municipal or US Treasury Obligations. |
|
|
(f) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
(g) |
Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Affiliate |
|
Net |
|
Income |
|
||
|
|
|
|
|
|
||
FFI Institutional Tax-Exempt Fund |
|
$ |
9,700,906 |
|
$ |
4,695 |
|
|
|
|
|
|
|
|
|
|
|
(h) |
Represents the current yield as of report date. |
|
|
|
|
Fair Value Measurements Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
Level 1 price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market- corroborated inputs) |
|
|
|
|
|
Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
|
|
|
|
|
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Funds investments: |
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments
in |
||
|
|
|
|
|
|
|
Assets |
||
|
|
|
|
|
Level 1 Short-Term Securities |
|
$ |
9,700,906 |
|
Level 2 Long-Term Investments1 |
|
|
484,958,725 |
|
Level 3 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
494,659,631 |
|
|
|
|
|
|
|
|
|
|
1 |
See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
48 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31, 2009 (Unaudited) |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value unaffiliated1 |
|
$ |
180,960,279 |
|
$ |
263,087,067 |
|
$ |
501,788,048 |
|
$ |
334,417,104 |
|
$ |
243,311,540 |
|
$ |
281,759,064 |
|
$ |
876,594,373 |
|
$ |
484,958,725 |
|
Investments at value affiliated2 |
|
|
100,308 |
|
|
1,000,079 |
|
|
6,901,879 |
|
|
7,810,077 |
|
|
7,912,795 |
|
|
8,022,503 |
|
|
8,201,224 |
|
|
9,700,906 |
|
Cash |
|
|
11,297 |
|
|
170,939 |
|
|
28,477 |
|
|
56,310 |
|
|
24,372 |
|
|
66,492 |
|
|
48,706 |
|
|
37,358 |
|
Cash held as collateral for financial futures contracts |
|
|
|
|
|
|
|
|
|
|
|
157,680 |
|
|
118,800 |
|
|
|
|
|
|
|
|
216,000 |
|
Interest receivable |
|
|
3,764,558 |
|
|
5,371,222 |
|
|
7,665,740 |
|
|
5,492,911 |
|
|
3,778,380 |
|
|
4,306,059 |
|
|
13,386,276 |
|
|
8,412,840 |
|
Investments sold receivable |
|
|
1,120,000 |
|
|
1,750,000 |
|
|
3,849,707 |
|
|
695,824 |
|
|
115,284 |
|
|
|
|
|
2,204,400 |
|
|
1,507,677 |
|
Prepaid expenses |
|
|
17,072 |
|
|
20,833 |
|
|
32,805 |
|
|
18,335 |
|
|
19,553 |
|
|
15,372 |
|
|
67,611 |
|
|
34,684 |
|
Other assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
185,973,514 |
|
|
271,400,140 |
|
|
520,266,656 |
|
|
348,648,241 |
|
|
255,280,724 |
|
|
294,169,490 |
|
|
900,564,694 |
|
|
504,868,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments purchased payable |
|
|
2,388,841 |
|
|
4,327,447 |
|
|
4,516,257 |
|
|
13,751,854 |
|
|
11,277,740 |
|
|
4,912,775 |
|
|
12,675,699 |
|
|
17,171,432 |
|
Income dividends payable Common Shares |
|
|
928,470 |
|
|
1,420,566 |
|
|
1,556,603 |
|
|
1,161,736 |
|
|
843,583 |
|
|
902,034 |
|
|
2,491,288 |
|
|
1,706,316 |
|
Investment advisory fees payable |
|
|
105,270 |
|
|
129,758 |
|
|
227,735 |
|
|
162,196 |
|
|
118,078 |
|
|
118,394 |
|
|
389,490 |
|
|
215,555 |
|
Interest expense and fees payable |
|
|
6,025 |
|
|
9,044 |
|
|
89,354 |
|
|
36,000 |
|
|
29,315 |
|
|
34,940 |
|
|
56,948 |
|
|
65,169 |
|
Other affiliates payable |
|
|
1,120 |
|
|
1,544 |
|
|
3,376 |
|
|
2,128 |
|
|
1,317 |
|
|
1,676 |
|
|
5,720 |
|
|
3,048 |
|
Officers and Directors fees payable |
|
|
561 |
|
|
816 |
|
|
648 |
|
|
674 |
|
|
507 |
|
|
554 |
|
|
68,437 |
|
|
904 |
|
Other accrued expenses payable |
|
|
32,137 |
|
|
39,461 |
|
|
49,560 |
|
|
32,573 |
|
|
17,124 |
|
|
24,510 |
|
|
72,664 |
|
|
35,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total accrued liabilities |
|
|
3,462,424 |
|
|
5,928,636 |
|
|
6,443,533 |
|
|
15,147,161 |
|
|
12,287,664 |
|
|
5,994,883 |
|
|
15,760,246 |
|
|
19,197,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust certificates3 |
|
|
7,285,446 |
|
|
10,755,646 |
|
|
60,169,292 |
|
|
40,544,276 |
|
|
31,480,379 |
|
|
33,374,741 |
|
|
57,348,814 |
|
|
64,066,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
10,747,870 |
|
|
16,684,282 |
|
|
66,612,825 |
|
|
55,691,437 |
|
|
43,768,043 |
|
|
39,369,624 |
|
|
73,109,060 |
|
|
83,264,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares at Redemption Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$25,000 per share liquidation preference, plus unpaid dividends4,5 |
|
|
|
|
|
|
|
|
142,603,549 |
|
|
83,705,855 |
|
|
55,053,855 |
|
|
87,004,520 |
|
|
287,238,597 |
|
|
140,016,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders |
|
$ |
175,225,644 |
|
$ |
254,715,858 |
|
$ |
311,050,282 |
|
$ |
209,250,949 |
|
$ |
156,458,826 |
|
$ |
167,795,346 |
|
$ |
540,217,037 |
|
$ |
281,587,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
49 |
|
|
|
Statements of Assets and Liabilities (concluded) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31, 2009 (Unaudited) |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Assets Applicable to Common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital6,7 |
|
$ |
196,411,985 |
|
$ |
296,664,822 |
|
$ |
316,511,557 |
|
$ |
207,184,538 |
|
$ |
154,187,843 |
|
$ |
173,564,169 |
|
$ |
540,501,506 |
|
$ |
279,239,492 |
|
Undistributed net investment income |
|
|
1,489,667 |
|
|
1,177,494 |
|
|
4,847,328 |
|
|
3,276,340 |
|
|
3,015,178 |
|
|
3,306,168 |
|
|
6,920,662 |
|
|
4,058,947 |
|
Accumulated net realized gain (loss) |
|
|
(11,641,432 |
) |
|
(27,338,656 |
) |
|
(10,290,127 |
) |
|
732,565 |
|
|
(1,154,419 |
) |
|
(13,188,939 |
) |
|
(6,075,194 |
) |
|
(7,227,548 |
) |
Net unrealized appreciation/depreciation |
|
|
(11,034,576 |
) |
|
(15,787,802 |
) |
|
(18,476 |
) |
|
(1,942,494 |
) |
|
410,224 |
|
|
4,113,948 |
|
|
(1,129,937 |
) |
|
5,516,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders |
|
$ |
175,225,644 |
|
$ |
254,715,858 |
|
$ |
311,050,282 |
|
$ |
209,250,949 |
|
$ |
156,458,826 |
|
$ |
167,795,346 |
|
$ |
540,217,037 |
|
$ |
281,587,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value per Common Share |
|
$ |
8.78 |
|
$ |
12.10 |
|
$ |
10.59 |
|
$ |
15.04 |
|
$ |
14.00 |
|
$ |
13.02 |
|
$ |
14.20 |
|
$ |
13.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Investments at cost unaffiliated |
|
$ |
191,994,855 |
|
$ |
278,874,869 |
|
$ |
501,806,524 |
|
$ |
336,359,598 |
|
$ |
242,901,316 |
|
$ |
277,645,116 |
|
$ |
877,724,310 |
|
$ |
479,442,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 Investments at cost affiliated |
|
$ |
100,308 |
|
$ |
1,000,079 |
|
$ |
6,901,879 |
|
$ |
7,810,077 |
|
$ |
7,912,795 |
|
$ |
8,022,503 |
|
$ |
8,201,224 |
|
$ |
9,700,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Represents short-term floating rate certificates issued by tender option bond trusts. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 Preferred Shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par value $0.025 per share |
|
|
|
|
|
|
|
|
4,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par value $0.05 per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par value $0.10 per share |
|
|
|
|
|
|
|
|
1,128 |
|
|
3,348 |
|
|
2,202 |
|
|
3,480 |
|
|
11,487 |
|
|
1,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 Preferred Shares authorized |
|
|
|
|
|
|
|
|
7,480 |
|
|
5,000 |
|
|
3,480 |
|
|
5,360 |
|
|
12,800 |
|
|
7,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 Common Shares outstanding, $0.10 par value |
|
|
19,967,092 |
|
|
21,045,429 |
|
|
29,369,874 |
|
|
13,913,010 |
|
|
11,173,277 |
|
|
12,886,200 |
|
|
38,034,934 |
|
|
20,434,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 Common Shares authorized |
|
|
150 Million |
|
|
200 Million |
|
|
200 Million |
|
|
200 Million |
|
|
200 Million |
|
|
200 Million |
|
|
200 Million |
|
|
200 Million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
50 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
6,464,704 |
|
$ |
9,344,780 |
|
$ |
13,100,320 |
|
$ |
9,256,053 |
|
$ |
6,726,641 |
|
$ |
7,187,203 |
|
$ |
22,535,298 |
|
$ |
13,899,090 |
|
Income affiliated |
|
|
1,451 |
|
|
2,096 |
|
|
14,453 |
|
|
10,028 |
|
|
7,305 |
|
|
21,985 |
|
|
21,728 |
|
|
4,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income |
|
|
6,466,155 |
|
|
9,346,876 |
|
|
13,114,773 |
|
|
9,266,081 |
|
|
6,733,946 |
|
|
7,209,188 |
|
|
22,557,026 |
|
|
13,903,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
|
566,825 |
|
|
697,679 |
|
|
1,277,150 |
|
|
892,118 |
|
|
651,664 |
|
|
790,786 |
|
|
2,403,045 |
|
|
1,172,933 |
|
Accounting services |
|
|
23,745 |
|
|
37,120 |
|
|
64,825 |
|
|
42,932 |
|
|
34,468 |
|
|
37,655 |
|
|
107,900 |
|
|
66,899 |
|
Transfer agent |
|
|
21,468 |
|
|
19,995 |
|
|
30,698 |
|
|
24,057 |
|
|
21,097 |
|
|
25,586 |
|
|
46,770 |
|
|
30,245 |
|
Professional |
|
|
19,431 |
|
|
21,558 |
|
|
28,445 |
|
|
33,381 |
|
|
31,149 |
|
|
33,267 |
|
|
49,599 |
|
|
33,632 |
|
Officer and Directors |
|
|
10,602 |
|
|
15,420 |
|
|
18,723 |
|
|
13,107 |
|
|
9,891 |
|
|
10,545 |
|
|
41,458 |
|
|
16,190 |
|
Printing |
|
|
5,415 |
|
|
7,451 |
|
|
14,570 |
|
|
17,535 |
|
|
10,046 |
|
|
8,341 |
|
|
21,906 |
|
|
12,896 |
|
Custodian |
|
|
5,243 |
|
|
6,728 |
|
|
12,898 |
|
|
8,588 |
|
|
6,836 |
|
|
7,831 |
|
|
20,493 |
|
|
11,210 |
|
Registration |
|
|
4,767 |
|
|
4,529 |
|
|
4,895 |
|
|
4,585 |
|
|
4,603 |
|
|
4,510 |
|
|
6,550 |
|
|
4,660 |
|
Commissions for Preferred Shares |
|
|
|
|
|
|
|
|
107,900 |
|
|
64,971 |
|
|
42,704 |
|
|
66,337 |
|
|
221,126 |
|
|
105,024 |
|
Miscellaneous |
|
|
20,314 |
|
|
15,309 |
|
|
42,335 |
|
|
34,420 |
|
|
30,399 |
|
|
31,274 |
|
|
59,655 |
|
|
44,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses excluding interest expense and fees |
|
|
677,810 |
|
|
825,789 |
|
|
1,602,439 |
|
|
1,135,694 |
|
|
842,857 |
|
|
1,016,132 |
|
|
2,978,502 |
|
|
1,498,656 |
|
Interest expense and fees1 |
|
|
29,004 |
|
|
42,825 |
|
|
231,337 |
|
|
118,961 |
|
|
94,324 |
|
|
110,280 |
|
|
214,866 |
|
|
174,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
706,814 |
|
|
868,614 |
|
|
1,833,776 |
|
|
1,254,655 |
|
|
937,181 |
|
|
1,126,412 |
|
|
3,193,368 |
|
|
1,673,011 |
|
Less fees waived by advisor |
|
|
(746 |
) |
|
(1,008 |
) |
|
(8,205 |
) |
|
(5,391 |
) |
|
(3,900 |
) |
|
(148,637 |
) |
|
(334,414 |
) |
|
(2,710 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived |
|
|
706,068 |
|
|
867,606 |
|
|
1,825,571 |
|
|
1,249,264 |
|
|
933,281 |
|
|
977,775 |
|
|
2,858,954 |
|
|
1,670,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
5,760,087 |
|
|
8,479,270 |
|
|
11,289,202 |
|
|
8,016,817 |
|
|
5,800,665 |
|
|
6,231,413 |
|
|
19,698,072 |
|
|
12,233,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
(530,857 |
) |
|
(554,892 |
) |
|
(2,036,094 |
) |
|
314,346 |
|
|
384,438 |
|
|
(582,430 |
) |
|
2,432,570 |
|
|
2,095,819 |
|
Financial futures contracts |
|
|
(167,615 |
) |
|
(247,779 |
) |
|
88,907 |
|
|
(96,172 |
) |
|
(64,854 |
) |
|
|
|
|
|
|
|
146,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(698,472 |
) |
|
(802,671 |
) |
|
(1,947,187 |
) |
|
218,174 |
|
|
319,584 |
|
|
(582,430 |
) |
|
2,432,570 |
|
|
2,242,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation/depreciation on investments |
|
|
22,484,872 |
|
|
32,713,419 |
|
|
24,002,195 |
|
|
23,406,343 |
|
|
16,031,593 |
|
|
9,295,430 |
|
|
38,776,823 |
|
|
33,421,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total realized and unrealized gain |
|
|
21,786,400 |
|
|
31,910,748 |
|
|
22,055,008 |
|
|
23,624,517 |
|
|
16,351,177 |
|
|
8,713,000 |
|
|
41,209,393 |
|
|
35,664,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
(546,763 |
) |
|
(278,857 |
) |
|
(148,193 |
) |
|
(229,572 |
) |
|
(2,274,471 |
) |
|
(551,882 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations |
|
$ |
27,546,487 |
|
$ |
40,390,018 |
|
$ |
32,797,447 |
|
$ |
31,362,477 |
|
$ |
22,003,649 |
|
$ |
14,714,841 |
|
$ |
58,632,994 |
|
$ |
47,346,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Related to tender option bond trusts.
|
|
|
See Notes to Financial Statements. |
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock
Apex |
|
BlackRock
MuniAssets |
|
||||||||||||||
|
|
|
|
|
|
||||||||||||||
Increase (Decrease) in Net Assets: |
|
Six
Months |
|
Period |
|
Year
Ended |
|
Six
Months |
|
Period |
|
Year
Ended |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
5,760,087 |
|
$ |
9,485,633 |
|
$ |
10,673,792 |
|
$ |
8,479,270 |
|
$ |
15,102,071 |
|
$ |
16,146,294 |
|
Net realized gain (loss) |
|
|
(698,472 |
) |
|
(1,901,804 |
) |
|
116,440 |
|
|
(802,671 |
) |
|
(1,025,903 |
) |
|
(1,507,632 |
) |
Net change in unrealized appreciation/depreciation |
|
|
22,484,872 |
|
|
(27,472,314 |
) |
|
(15,493,679 |
) |
|
32,713,419 |
|
|
(44,649,301 |
) |
|
(19,985,195 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations |
|
|
27,546,487 |
|
|
(19,888,485 |
) |
|
(4,703,447 |
) |
|
40,390,018 |
|
|
(30,573,133 |
) |
|
(5,346,533 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
and Distributions to |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(5,566,999 |
) |
|
(9,259,509 |
) |
|
(11,460,645 |
) |
|
(8,512,091 |
) |
|
(15,527,663 |
) |
|
(17,002,831 |
) |
Net realized gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(65,858 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in net assets resulting from dividends and distributions to shareholders |
|
|
(5,566,999 |
) |
|
(9,259,509 |
) |
|
(11,460,645 |
) |
|
(8,512,091 |
) |
|
(15,527,663 |
) |
|
(17,068,689 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
|
285,610 |
|
|
452,841 |
|
|
993,437 |
|
|
938,476 |
|
|
1,086,978 |
|
|
1,961,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets |
|
|
22,265,098 |
|
|
(28,695,153 |
) |
|
(15,170,655 |
) |
|
32,816,403 |
|
|
(45,013,818 |
) |
|
(20,453,850 |
) |
Beginning of period |
|
|
152,960,546 |
|
|
181,655,699 |
|
|
196,826,354 |
|
|
221,899,455 |
|
|
266,913,273 |
|
|
287,367,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period |
|
$ |
175,225,644 |
|
$ |
152,960,546 |
|
$ |
181,655,699 |
|
$ |
254,715,858 |
|
$ |
221,899,455 |
|
$ |
266,913,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income |
|
$ |
1,489,667 |
|
$ |
1,296,579 |
|
$ |
1,093,688 |
|
$ |
1,177,494 |
|
$ |
1,210,315 |
|
$ |
1,666,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
Statements of Changes in Net Assets (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock |
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Increase (Decrease) in Net Assets |
|
Six
Months |
|
Period |
|
Year Ended |
|
Six Months |
|
Year
Ended |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operations |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
11,289,202 |
|
$ |
5,158,666 |
|
$ |
21,647,889 |
|
$ |
8,016,817 |
|
$ |
14,953,226 |
|
Net realized gain (loss) |
|
|
(1,947,187 |
) |
|
(964,506 |
) |
|
(5,890,560 |
) |
|
218,174 |
|
|
796,686 |
|
Net change in unrealized appreciation/depreciation |
|
|
24,002,195 |
|
|
18,357,213 |
|
|
(54,032,922 |
) |
|
23,406,343 |
|
|
(27,850,295 |
) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(546,763 |
) |
|
(373,520 |
) |
|
(5,591,529 |
) |
|
(278,857 |
) |
|
(2,473,001 |
) |
Net realized gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(75,129 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
|
32,797,447 |
|
|
22,177,853 |
|
|
(43,867,122 |
) |
|
31,362,477 |
|
|
(14,648,513 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(8,825,647 |
) |
|
(3,788,714 |
) |
|
(15,154,855 |
) |
|
(6,796,505 |
) |
|
(11,874,169 |
) |
Net realized gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(221,635 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
|
(8,825,647 |
) |
|
(3,788,714 |
) |
|
(15,154,855 |
) |
|
(6,796,505 |
) |
|
(12,095,804 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets applicable to Common Shareholders |
|
|
23,971,800 |
|
|
18,389,139 |
|
|
(59,021,977 |
) |
|
24,565,972 |
|
|
(26,744,317 |
) |
Beginning of period |
|
|
287,078,482 |
|
|
268,689,343 |
|
|
327,711,320 |
|
|
184,684,977 |
|
|
211,429,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period |
|
$ |
311,050,282 |
|
$ |
287,078,482 |
|
$ |
268,689,343 |
|
$ |
209,250,949 |
|
$ |
184,684,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income |
|
$ |
4,847,328 |
|
$ |
2,930,536 |
|
$ |
2,372,225 |
|
$ |
3,276,340 |
|
$ |
2,334,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
53 |
|
|
|
Statements of Changes in Net Assets (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock
MuniHoldings |
|
||||||||||||
|
|
|
|
|
|
||||||||||||
Increase (Decrease) in Net Assets |
|
Six
Months |
|
Period |
|
Year Ended |
|
Six Months |
|
Year
Ended |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
5,800,665 |
|
$ |
7,995,205 |
|
$ |
11,633,362 |
|
$ |
6,231,413 |
|
$ |
11,945,370 |
|
|
Net realized gain (loss) |
|
|
319,584 |
|
|
(653,515 |
) |
|
1,066,947 |
|
|
(582,430 |
) |
|
(8,311,813 |
) |
|
Change in net unrealized appreciation/depreciation |
|
|
16,031,593 |
|
|
(12,946,433 |
) |
|
(13,811,243 |
) |
|
9,295,430 |
|
|
(7,075,567 |
) |
|
Dividends to Preferred Shareholders from net investment income |
|
|
(148,193 |
) |
|
(1,093,524 |
) |
|
(2,964,352 |
) |
|
(229,572 |
) |
|
(2,507,663 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
|
22,003,649 |
|
|
(6,698,267 |
) |
|
(4,075,286 |
) |
|
14,714,841 |
|
|
(5,949,673 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Common Shareholders |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(4,921,828 |
) |
|
(6,557,719 |
) |
|
(8,477,052 |
) |
|
(4,980,516 |
) |
|
(7,499,768 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets applicable to Common Shareholders |
|
|
17,081,821 |
|
|
(13,255,986 |
) |
|
(12,552,338 |
) |
|
9,734,325 |
|
|
(13,449,441 |
) |
|
Beginning of period |
|
|
139,377,005 |
|
|
152,632,991 |
|
|
165,185,329 |
|
|
158,061,021 |
|
|
171,510,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period |
|
$ |
156,458,826 |
|
$ |
139,377,005 |
|
$ |
152,632,991 |
|
$ |
167,795,346 |
|
$ |
158,061,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income |
|
$ |
3,015,178 |
|
$ |
2,284,534 |
|
$ |
1,985,174 |
|
$ |
3,306,168 |
|
$ |
2,284,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
Statements of Changes in Net Assets (concluded) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock
Muni Intermediate |
|
|
BlackRock
MuniVest |
|
||||||||||||||
|
|
|
|
|
||||||||||||||||
Increase (Decrease) in Net Assets |
|
Six
Months |
|
Period |
|
Year
Ended |
|
|
Six
Months |
|
Period |
|
Year
Ended |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
19,698,072 |
|
$ |
33,913,505 |
|
$ |
39,370,266 |
|
|
$ |
12,233,484 |
|
$ |
10,876,904 |
|
$ |
22,771,036 |
|
Net realized gain (loss) |
|
|
2,432,570 |
|
|
(6,621,611 |
) |
|
(994,843 |
) |
|
|
2,242,535 |
|
|
700,399 |
|
|
(5,886,789 |
) |
Change in net unrealized appreciation/depreciation |
|
|
38,776,823 |
|
|
(47,262,844 |
) |
|
(22,744,454 |
) |
|
|
33,421,966 |
|
|
18,630,931 |
|
|
(65,016,525 |
) |
Dividends to Preferred Shareholders from net investment income |
|
|
(2,274,471 |
) |
|
(8,817,093 |
) |
|
(12,598,505 |
) |
|
|
(551,882 |
) |
|
(1,057,535 |
) |
|
(6,547,531 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets to Common Shareholders resulting from operations |
|
|
58,632,994 |
|
|
(28,788,043 |
) |
|
3,032,464 |
|
|
|
47,346,103 |
|
|
29,150,699 |
|
|
(54,679,809 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(14,662,467 |
) |
|
(24,380,887 |
) |
|
(27,841,571 |
) |
|
|
(9,970,676 |
) |
|
(8,777,352 |
) |
|
(17,375,256 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
|
|
|
|
|
|
|
|
|
|
|
628,805 |
|
|
|
|
|
1,428,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets applicable to Common Shareholders |
|
|
43,970,527 |
|
|
(53,168,930 |
) |
|
(24,809,107 |
) |
|
|
38,004,232 |
|
|
20,373,347 |
|
|
(70,626,469 |
) |
Beginning of period |
|
|
496,246,510 |
|
|
549,415,440 |
|
|
574,224,547 |
|
|
|
243,583,061 |
|
|
223,209,714 |
|
|
293,836,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period |
|
$ |
540,217,037 |
|
$ |
496,246,510 |
|
$ |
549,415,440 |
|
|
$ |
281,587,293 |
|
$ |
243,583,061 |
|
$ |
223,209,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income |
|
$ |
6,920,662 |
|
$ |
4,159,528 |
|
$ |
3,452,820 |
|
|
$ |
4,058,947 |
|
$ |
2,348,021 |
|
$ |
1,127,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended October 31, 2009 (Unaudited) |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash Provided by Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations, excluding dividends to Preferred Shareholders |
|
$ |
33,344,210 |
|
$ |
31,641,334 |
|
$ |
22,151,842 |
|
$ |
14,944,413 |
|
$ |
47,897,985 |
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in interest receivable |
|
|
139,835 |
|
|
93,669 |
|
|
(59,639 |
) |
|
(485,275 |
) |
|
235,372 |
|
Decrease in other assets |
|
|
|
|
|
|
|
|
|
|
|
1,310 |
|
|
|
|
Increase in investment advisory fees payable |
|
|
28,723 |
|
|
25,991 |
|
|
18,242 |
|
|
18,167 |
|
|
37,771 |
|
Decrease in interest expense payable |
|
|
(64,852 |
) |
|
(87,722 |
) |
|
(72,150 |
) |
|
(67,954 |
) |
|
(70,822 |
) |
Increase (decrease) in other affiliates payable |
|
|
1,342 |
|
|
424 |
|
|
81 |
|
|
(64 |
) |
|
556 |
|
Decrease in accrued expenses payable |
|
|
(79,262 |
) |
|
(29,896 |
) |
|
(49,726 |
) |
|
(33,931 |
) |
|
(58,491 |
) |
Cash held as collateral for financial futures contracts |
|
|
|
|
|
(157,680 |
) |
|
(118,800 |
) |
|
|
|
|
(216,000 |
) |
Increase in Officers and Directors fees payable |
|
|
72 |
|
|
315 |
|
|
246 |
|
|
222 |
|
|
257 |
|
Net realized and unrealized gain |
|
|
(21,966,101 |
) |
|
(23,720,689 |
) |
|
(16,416,031 |
) |
|
(8,713,000 |
) |
|
(35,232,696 |
) |
Amortization of premium and discount on investments |
|
|
(800,616 |
) |
|
24,873 |
|
|
(188,088 |
) |
|
14,321 |
|
|
3,961 |
|
Proceeds from sales of long-term investments |
|
|
66,121,742 |
|
|
79,548,058 |
|
|
59,953,417 |
|
|
27,556,589 |
|
|
80,573,334 |
|
Purchases of long-term investments |
|
|
(72,113,554 |
) |
|
(78,266,865 |
) |
|
(55,225,366 |
) |
|
(40,323,484 |
) |
|
(83,274,537 |
) |
Net proceeds from sales of short-term securities |
|
|
6,412,166 |
|
|
(5,899,740 |
) |
|
(7,799,969 |
) |
|
12,304,199 |
|
|
(9,700,906 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities |
|
|
11,023,705 |
|
|
3,172,072 |
|
|
2,194,059 |
|
|
5,215,513 |
|
|
195,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Used for Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on redemption of Preferred Shares |
|
|
(16,275,000 |
) |
|
(8,225,000 |
) |
|
(5,950,000 |
) |
|
(7,200,000 |
) |
|
(10,800,000 |
) |
Cash receipts from trust certificates |
|
|
21,017,755 |
|
|
16,137,679 |
|
|
11,708,310 |
|
|
7,185,299 |
|
|
19,375,446 |
|
Cash payments for trust certificates |
|
|
(6,700,000 |
) |
|
(5,881,359 |
) |
|
(4,366,004 |
) |
|
(200,000 |
) |
|
(75,056 |
) |
Cash dividends paid to Common Shareholders |
|
|
(8,531,949 |
) |
|
(6,622,592 |
) |
|
(4,782,161 |
) |
|
(4,703,463 |
) |
|
(9,082,910 |
) |
Cash dividends paid to Preferred Shareholders |
|
|
(543,219 |
) |
|
(282,551 |
) |
|
(148,309 |
) |
|
(235,272 |
) |
|
(570,354 |
) |
Increase (decrease) in bank overdraft |
|
|
|
|
|
|
|
|
|
|
|
4,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used for financing activities |
|
|
(11,032,413 |
) |
|
(4,873,823 |
) |
|
(3,538,164 |
) |
|
(5,149,021 |
) |
|
(1,152,874 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash |
|
|
(8,708 |
) |
|
(1,701,751 |
) |
|
(1,344,105 |
) |
|
66,492 |
|
|
(957,090 |
) |
Cash at beginning of period |
|
|
37,185 |
|
|
1,758,061 |
|
|
1,368,477 |
|
|
|
|
|
994,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of period |
|
$ |
28,477 |
|
$ |
56,310 |
|
$ |
24,372 |
|
$ |
66,492 |
|
$ |
37,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the period for interest |
|
$ |
296,189 |
|
$ |
206,683 |
|
$ |
166,474 |
|
$ |
178,234 |
|
$ |
70,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncash Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital shares issued in reinvestment of dividends paid to shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
628,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A Statement of Cash Flows is presented when a Fund had a significant amount of borrowing during the period, based on the average borrowing outstanding in relation to average total assets. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
56 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
Period |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
Year Ended June 30, |
|
|||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
7.67 |
|
$ |
9.14 |
|
$ |
9.95 |
|
$ |
9.90 |
|
$ |
9.82 |
|
$ |
9.13 |
|
$ |
8.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income1 |
|
|
0.29 |
|
|
0.48 |
|
|
0.54 |
|
|
0.58 |
|
|
0.58 |
|
|
0.58 |
|
|
0.60 |
|
Net realized and unrealized gain (loss) |
|
|
1.10 |
|
|
(1.48 |
) |
|
(0.77 |
) |
|
0.06 |
|
|
0.08 |
|
|
0.69 |
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) from investment operations |
|
|
1.39 |
|
|
(1.00 |
) |
|
(0.23 |
) |
|
0.64 |
|
|
0.66 |
|
|
1.27 |
|
|
0.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.28 |
) |
|
(0.47 |
) |
|
(0.58 |
) |
|
(0.59 |
) |
|
(0.58 |
) |
|
(0.58 |
) |
|
(0.57 |
) |
Net realized gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.00 |
)2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions |
|
|
(0.28 |
) |
|
(0.47 |
) |
|
(0.58 |
) |
|
(0.59 |
) |
|
(0.58 |
) |
|
(0.58 |
) |
|
(0.57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
8.78 |
|
$ |
7.67 |
|
$ |
9.14 |
|
$ |
9.95 |
|
$ |
9.90 |
|
$ |
9.82 |
|
$ |
9.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price, end of period |
|
$ |
8.38 |
|
$ |
7.72 |
|
$ |
9.28 |
|
$ |
10.23 |
|
$ |
10.25 |
|
$ |
9.48 |
|
$ |
8.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
18.38 |
%4 |
|
(10.81 |
)%4 |
|
(2.40 |
)% |
|
6.48 |
% |
|
7.00 |
% |
|
14.67 |
% |
|
8.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on market price |
|
|
12.25 |
%4 |
|
(11.58 |
)%4 |
|
(3.61 |
)% |
|
5.73 |
% |
|
14.76 |
% |
|
22.36 |
% |
|
4.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses5 |
|
|
0.85 |
%6 |
|
0.91 |
%6 |
|
0.85 |
% |
|
0.80 |
% |
|
0.81 |
% |
|
0.80 |
% |
|
0.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived5 |
|
|
0.85 |
%6 |
|
0.91 |
%6 |
|
0.84 |
% |
|
0.80 |
% |
|
0.80 |
% |
|
0.80 |
% |
|
0.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and excluding interest expense and fees5 |
|
|
0.81 |
%6 |
|
0.84 |
%6 |
|
0.80 |
% |
|
0.80 |
% |
|
0.80 |
% |
|
0.80 |
% |
|
0.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income5 |
|
|
6.90 |
%6 |
|
7.16 |
%6 |
|
5.64 |
% |
|
5.75 |
% |
|
5.83 |
% |
|
6.11 |
% |
|
6.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
175,226 |
|
$ |
152,961 |
|
$ |
181,656 |
|
$ |
196,826 |
|
$ |
194,646 |
|
$ |
192,475 |
|
$ |
178,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover |
|
|
15 |
% |
|
20 |
% |
|
25 |
% |
|
22 |
% |
|
19 |
% |
|
22 |
% |
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Based on average shares outstanding. |
|
|
|
|
2 |
Amount is less than $(0.01) per share. |
|
|
|
|
3 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. |
|
|
|
|
4 |
Aggregate total investment return. |
|
|
|
|
5 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
|
|
6 |
Annualized. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
57 |
|
|
|
|
|
|
Financial Highlights |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
Period |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
Year Ended May 31, |
|
|||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
10.59 |
|
$ |
12.79 |
|
$ |
13.87 |
|
$ |
13.65 |
|
$ |
13.40 |
|
$ |
12.36 |
|
$ |
11.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income1 |
|
|
0.40 |
|
|
0.72 |
|
|
0.78 |
|
|
0.82 |
|
|
0.81 |
|
|
0.81 |
|
|
0.83 |
|
Net realized and unrealized gain (loss) |
|
|
1.52 |
|
|
(2.18 |
) |
|
(1.04 |
) |
|
0.24 |
|
|
0.27 |
|
|
1.04 |
|
|
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) from investment operations |
|
|
1.92 |
|
|
(1.46 |
) |
|
(0.26 |
) |
|
1.06 |
|
|
1.08 |
|
|
1.85 |
|
|
1.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.41 |
) |
|
(0.74 |
) |
|
(0.82 |
) |
|
(0.84 |
) |
|
(0.83 |
) |
|
(0.81 |
) |
|
(0.78 |
) |
Net realized gain |
|
|
|
|
|
|
|
|
(0.00 |
)2 |
|
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions |
|
|
(0.41 |
) |
|
(0.74 |
) |
|
(0.82 |
) |
|
(0.84 |
) |
|
(0.83 |
) |
|
(0.81 |
) |
|
(0.79 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
12.10 |
|
$ |
10.59 |
|
$ |
12.79 |
|
$ |
13.87 |
|
$ |
13.65 |
|
$ |
13.40 |
|
$ |
12.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price, end of period |
|
$ |
11.58 |
|
$ |
10.91 |
|
$ |
13.35 |
|
$ |
15.29 |
|
$ |
14.13 |
|
$ |
13.27 |
|
$ |
11.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
18.35 |
%4 |
|
(11.29 |
)%4 |
|
(1.90 |
)% |
|
7.72 |
% |
|
8.31 |
% |
|
15.65 |
% |
|
10.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on market price |
|
|
9.95 |
%4 |
|
(12.45 |
)%4 |
|
(7.12 |
)% |
|
14.71 |
% |
|
13.22 |
% |
|
24.39 |
% |
|
2.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses5 |
|
|
0.72 |
%6 |
|
0.77 |
%6 |
|
0.70 |
% |
|
0.68 |
% |
|
0.68 |
% |
|
0.67 |
% |
|
0.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and paid indirectly5 |
|
|
0.71 |
%6 |
|
0.76 |
%6 |
|
0.69 |
% |
|
0.68 |
% |
|
0.68 |
% |
|
0.67 |
% |
|
0.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and paid indirectly and excluding interest expense and fees5 |
|
|
0.68 |
%6 |
|
0.70 |
%6 |
|
0.66 |
% |
|
0.68 |
% |
|
0.68 |
% |
|
0.67 |
% |
|
0.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
6.98 |
%6 |
|
7.13 |
%6 |
|
5.81 |
% |
|
5.91 |
% |
|
5.97 |
% |
|
6.30 |
% |
|
6.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
$ |
254,716 |
|
$ |
221,899 |
|
$ |
266,913 |
|
$ |
287,367 |
|
$ |
280,793 |
|
$ |
273,382 |
|
$ |
252,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover |
|
|
13 |
% |
|
23 |
% |
|
23 |
% |
|
25 |
% |
|
17 |
% |
|
20 |
% |
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Based on average shares outstanding. |
|
|
|
|
2 |
Amount is less than $(0.01) per share. |
|
|
|
|
3 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. |
|
|
|
|
4 |
Aggregate total investment return. |
|
|
|
|
5 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
|
|
6 |
Annualized. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
58 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Financial Highlights |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
Period |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
Year Ended January 31, |
|
|||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
9.77 |
|
$ |
9.15 |
|
$ |
11.16 |
|
$ |
11.55 |
|
$ |
11.52 |
|
$ |
11.85 |
|
$ |
11.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income1 |
|
|
0.38 |
|
|
0.18 |
|
|
0.72 |
|
|
0.78 |
|
|
0.76 |
|
|
0.77 |
|
|
0.79 |
|
Net realized and unrealized gain (loss) |
|
|
0.76 |
|
|
0.58 |
|
|
(2.02 |
) |
|
(0.41 |
) |
|
0.06 |
|
|
(0.22 |
) |
|
0.05 |
|
Dividends to Preferred Shareholders from net investment income |
|
|
(0.02 |
) |
|
(0.01 |
) |
|
(0.19 |
) |
|
(0.24 |
) |
|
(0.22 |
) |
|
(0.16 |
) |
|
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) from investment operations |
|
|
1.12 |
|
|
0.75 |
|
|
(1.49 |
) |
|
0.13 |
|
|
0.60 |
|
|
0.39 |
|
|
0.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Common Shareholders from net investment income |
|
|
(0.30 |
) |
|
(0.13 |
) |
|
(0.52 |
) |
|
(0.52 |
) |
|
(0.57 |
) |
|
(0.72 |
) |
|
(0.73 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital charges with respect to issuance of Preferred Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
10.59 |
|
$ |
9.77 |
|
$ |
9.15 |
|
$ |
11.16 |
|
$ |
11.55 |
|
$ |
11.52 |
|
$ |
11.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price, end of period |
|
$ |
9.80 |
|
$ |
8.88 |
|
$ |
8.31 |
|
$ |
10.66 |
|
$ |
10.77 |
|
$ |
11.03 |
|
$ |
10.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
11.79 |
%3 |
|
8.40 |
%3 |
|
(13.19 |
)% |
|
1.44 |
% |
|
5.66 |
% |
|
3.63 |
% |
|
7.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on market price |
|
|
13.82 |
%3 |
|
8.48 |
%3 |
|
(17.46 |
)% |
|
3.92 |
% |
|
2.90 |
% |
|
7.58 |
% |
|
4.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses4 |
|
|
1.21 |
%6 |
|
1.46 |
%6 |
|
1.77 |
% |
|
1.72 |
% |
|
1.69 |
% |
|
1.51 |
% |
|
1.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and paid indirectly4 |
|
|
1.21 |
%6 |
|
1.45 |
%6 |
|
1.76 |
% |
|
1.72 |
% |
|
1.69 |
% |
|
1.51 |
% |
|
1.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,5 |
|
|
1.05 |
%6 |
|
1.22 |
%6 |
|
1.18 |
% |
|
1.08 |
% |
|
1.08 |
% |
|
1.07 |
% |
|
1.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income4 |
|
|
7.46 |
%6 |
|
7.72 |
%6 |
|
7.43 |
% |
|
6.85 |
% |
|
6.57 |
% |
|
6.63 |
% |
|
6.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders |
|
|
0.36 |
%6 |
|
0.56 |
%6 |
|
1.92 |
% |
|
2.08 |
% |
|
1.88 |
% |
|
1.34 |
% |
|
0.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income to Common Shareholders |
|
|
7.10 |
%6 |
|
7.16 |
%6 |
|
5.51 |
% |
|
4.77 |
% |
|
4.69 |
% |
|
5.29 |
% |
|
6.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
$ |
311,050 |
|
$ |
287,078 |
|
$ |
268,689 |
|
$ |
327,711 |
|
$ |
339,237 |
|
$ |
338,450 |
|
$ |
348,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
|
$ |
142,575 |
|
$ |
158,850 |
|
$ |
158,850 |
|
$ |
187,000 |
|
$ |
187,000 |
|
$ |
187,000 |
|
$ |
187,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover |
|
|
23 |
% |
|
6 |
% |
|
24 |
% |
|
18 |
% |
|
31 |
% |
|
22 |
% |
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
|
$ |
79,547 |
|
$ |
70,185 |
|
$ |
67,294 |
|
$ |
68,834 |
|
$ |
70,373 |
|
$ |
70,262 |
|
$ |
71,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Based on average shares outstanding. |
|
|
|
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. |
|
|
|
|
3 |
Aggregate total investment return. |
|
|
|
|
4 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
|
|
5 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
|
|
6 |
Annualized. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
59 |
|
|
|
|
|
|
Financial Highlights |
BlackRock MuniHoldings Fund, Inc. (MHD) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Year Ended April 30, |
|
|||||||||||||||
|
|
|
|
|
|||||||||||||||
|
|
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
13.27 |
|
$ |
15.20 |
|
$ |
16.51 |
|
$ |
16.14 |
|
$ |
16.31 |
|
$ |
15.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income1 |
|
|
0.58 |
|
|
1.07 |
|
|
1.16 |
|
|
1.17 |
|
|
1.16 |
|
|
1.20 |
|
Net realized and unrealized gain (loss) |
|
|
1.70 |
|
|
(1.94 |
) |
|
(1.20 |
) |
|
0.42 |
|
|
(0.00 |
)2 |
|
0.84 |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.02 |
) |
|
(0.18 |
) |
|
(0.31 |
) |
|
(0.32 |
) |
|
(0.23 |
) |
|
(0.12 |
) |
Net realized gain |
|
|
|
|
|
(0.01 |
) |
|
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) from investment operations |
|
|
2.26 |
|
|
(1.06 |
) |
|
(0.38 |
) |
|
1.27 |
|
|
0.93 |
|
|
1.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.49 |
) |
|
(0.85 |
) |
|
(0.85 |
) |
|
(0.90 |
) |
|
(1.08 |
) |
|
(1.15 |
) |
Net realized gain |
|
|
|
|
|
(0.02 |
) |
|
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions to Common Shareholders |
|
|
(0.49 |
) |
|
(0.87 |
) |
|
(0.93 |
) |
|
(0.90 |
) |
|
(1.08 |
) |
|
(1.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital charges with respect to issuance of Preferred Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
15.04 |
|
$ |
13.27 |
|
$ |
15.20 |
|
$ |
16.51 |
|
$ |
16.14 |
|
$ |
16.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price, end of period |
|
$ |
14.66 |
|
$ |
11.97 |
|
$ |
14.77 |
|
$ |
16.49 |
|
$ |
16.20 |
|
$ |
16.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
17.38 |
%4 |
|
(6.24 |
)% |
|
(2.08 |
)% |
|
8.06 |
% |
|
5.69 |
% |
|
12.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on market price |
|
|
26.84 |
%4 |
|
(12.97 |
)% |
|
(4.74 |
)% |
|
7.52 |
% |
|
7.34 |
% |
|
20.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses5 |
|
|
1.25 |
%6 |
|
1.65 |
% |
|
1.56 |
% |
|
1.54 |
% |
|
1.30 |
% |
|
1.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and paid indirectly5 |
|
|
1.25 |
%6 |
|
1.64 |
% |
|
1.56 |
% |
|
1.54 |
% |
|
1.30 |
% |
|
1.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and paid indirectly and excluding interest expense and fees5,7 |
|
|
1.13 |
%6 |
|
1.25 |
% |
|
1.20 |
% |
|
1.17 |
% |
|
1.15 |
% |
|
1.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income5 |
|
|
8.00 |
%6 |
|
7.98 |
% |
|
7.27 |
% |
|
7.14 |
% |
|
7.15 |
% |
|
7.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders |
|
|
0.28 |
%6 |
|
1.32 |
% |
|
1.96 |
% |
|
1.93 |
% |
|
1.45 |
% |
|
0.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income to Common Shareholders |
|
|
7.72 |
%6 |
|
6.66 |
% |
|
5.31 |
% |
|
5.20 |
% |
|
5.70 |
% |
|
6.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
$ |
209,251 |
|
$ |
184,685 |
|
$ |
211,429 |
|
$ |
229,376 |
|
$ |
223,658 |
|
$ |
225,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
|
$ |
83,700 |
|
$ |
91,925 |
|
$ |
125,000 |
|
$ |
125,000 |
|
$ |
125,000 |
|
$ |
110,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover |
|
|
29 |
% |
|
19 |
% |
|
30 |
% |
|
20 |
% |
|
45 |
% |
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
|
$ |
87,502 |
|
$ |
75,230 |
|
$ |
67,294 |
|
$ |
70,889 |
|
$ |
69,742 |
|
$ |
76,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Based on average shares outstanding. |
|
|
|
|
2 |
Amount is less than $(0.01) per share. |
|
|
|
|
3 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. |
|
|
|
|
4 |
Aggregate total investment return. |
|
|
|
|
5 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
|
|
6 |
Annualized. |
|
|
|
|
7 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
60 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Financial Highlights |
BlackRock MuniHoldings Fund II, Inc. (MUH) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
Period |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
Year Ended July 31, |
|
|||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
12.47 |
|
$ |
13.66 |
|
$ |
14.78 |
|
$ |
14.82 |
|
$ |
15.03 |
|
$ |
13.98 |
|
$ |
13.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income1 |
|
|
0.52 |
|
|
0.72 |
|
|
1.04 |
|
|
1.05 |
|
|
1.04 |
|
|
1.08 |
|
|
1.15 |
|
Net realized and unrealized gain (loss) |
|
|
1.46 |
|
|
(1.22 |
) |
|
(1.14 |
) |
|
(0.05 |
) |
|
(0.11 |
) |
|
1.15 |
|
|
0.50 |
|
Dividends to Preferred Shareholders from net investment income |
|
|
(0.01 |
) |
|
(0.10 |
) |
|
(0.26 |
) |
|
(0.27 |
) |
|
(0.23 |
) |
|
(0.14 |
) |
|
(0.10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) from investment operations |
|
|
1.97 |
|
|
(0.60 |
) |
|
(0.36 |
) |
|
0.73 |
|
|
0.70 |
|
|
2.09 |
|
|
1.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Common Shareholders from net investment income |
|
|
(0.44 |
) |
|
(0.59 |
) |
|
(0.76 |
) |
|
(0.77 |
) |
|
(0.91 |
) |
|
(1.04 |
) |
|
(1.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
14.00 |
|
$ |
12.47 |
|
$ |
13.66 |
|
$ |
14.78 |
|
$ |
14.82 |
|
$ |
15.03 |
|
$ |
13.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price, end of period |
|
$ |
13.26 |
|
$ |
11.33 |
|
$ |
13.01 |
|
$ |
13.99 |
|
$ |
14.12 |
|
$ |
15.25 |
|
$ |
13.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
16.22 |
%3 |
|
(3.55 |
)%3 |
|
(2.30 |
)% |
|
5.08 |
% |
|
4.89 |
% |
|
15.46 |
% |
|
11.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on market price |
|
|
21.15 |
%3 |
|
(7.99 |
)%3 |
|
(1.69 |
)% |
|
4.39 |
% |
|
(1.50 |
)% |
|
21.04 |
% |
|
10.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses4 |
|
|
1.24 |
%5 |
|
1.60 |
%5 |
|
1.55 |
% |
|
1.63 |
% |
|
1.44 |
% |
|
1.27 |
% |
|
1.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived4 |
|
|
1.24 |
%5 |
|
1.60 |
%5 |
|
1.55 |
% |
|
1.63 |
% |
|
1.44 |
% |
|
1.27 |
% |
|
1.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and excluding interest expense and fees4,6 |
|
|
1.11 |
%5 |
|
1.22 |
%5 |
|
1.18 |
% |
|
1.19 |
% |
|
1.18 |
% |
|
1.19 |
% |
|
1.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income4 |
|
|
7.71 |
%5 |
|
7.84 |
%5 |
|
7.07 |
% |
|
6.97 |
% |
|
7.04 |
% |
|
7.38 |
% |
|
8.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders |
|
|
0.20 |
%5 |
|
1.07 |
%5 |
|
1.79 |
% |
|
1.82 |
% |
|
1.55 |
% |
|
0.98 |
% |
|
0.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income to Common Shareholders |
|
|
7.51 |
%5 |
|
6.77 |
%5 |
|
5.28 |
% |
|
5.15 |
% |
|
5.49 |
% |
|
6.41 |
% |
|
7.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
$ |
156,459 |
|
$ |
139,377 |
|
$ |
152,633 |
|
$ |
165,185 |
|
$ |
165,565 |
|
$ |
167,588 |
|
$ |
155,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
|
$ |
55,050 |
|
$ |
61,000 |
|
$ |
61,000 |
|
$ |
87,000 |
|
$ |
87,000 |
|
$ |
87,000 |
|
$ |
87,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover |
|
|
26 |
% |
|
19 |
% |
|
28 |
% |
|
15 |
% |
|
49 |
% |
|
38 |
% |
|
29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
|
$ |
96,055 |
|
$ |
81,123 |
|
$ |
87,562 |
|
$ |
72,478 |
|
$ |
72,555 |
|
$ |
73,163 |
|
$ |
69,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Based on average shares outstanding. |
|
|
|
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
|
|
|
|
3 |
Aggregate total investment return. |
|
|
|
|
4 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
|
|
5 |
Annualized. |
|
|
|
|
6 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
61 |
|
|
|
|
|
|
Financial Highlights |
BlackRock MuniHoldings Insured Fund, Inc. (MUS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Year Ended April 30, |
|
|||||||||||||||
|
|
|
|
|
|||||||||||||||
|
|
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
12.27 |
|
$ |
13.31 |
|
$ |
14.10 |
|
$ |
13.80 |
|
$ |
14.44 |
|
$ |
14.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income1 |
|
|
0.48 |
|
|
0.93 |
|
|
1.05 |
|
|
0.93 |
|
|
0.97 |
|
|
1.01 |
|
Net realized and unrealized gain (loss) |
|
|
0.68 |
|
|
(1.20 |
) |
|
(0.87 |
) |
|
0.36 |
|
|
(0.50 |
) |
|
0.38 |
|
Dividends to Preferred Shareholders from net investment income |
|
|
(0.02 |
) |
|
(0.19 |
) |
|
(0.38 |
) |
|
(0.36 |
) |
|
(0.28 |
) |
|
(0.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) from investment operations |
|
|
1.14 |
|
|
(0.46 |
) |
|
(0.20 |
) |
|
0.93 |
|
|
0.19 |
|
|
1.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Common Shareholders from net investment income |
|
|
(0.39 |
) |
|
(0.58 |
) |
|
(0.59 |
) |
|
(0.63 |
) |
|
(0.83 |
) |
|
(0.91 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
13.02 |
|
$ |
12.27 |
|
$ |
13.31 |
|
$ |
14.10 |
|
$ |
13.80 |
|
$ |
14.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price, end of period |
|
$ |
12.34 |
|
$ |
10.87 |
|
$ |
11.97 |
|
$ |
13.13 |
|
$ |
13.10 |
|
$ |
13.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
9.60 |
%3 |
|
(2.52 |
)% |
|
(0.95 |
)% |
|
7.29 |
% |
|
1.46 |
% |
|
9.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on market price |
|
|
17.26 |
%3 |
|
(3.97 |
)% |
|
(4.34 |
)% |
|
5.25 |
% |
|
1.51 |
% |
|
15.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses4 |
|
|
1.36 |
%5 |
|
1.88 |
% |
|
1.64 |
% |
|
1.67 |
% |
|
1.65 |
% |
|
1.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived4 |
|
|
1.18 |
%5 |
|
1.65 |
% |
|
1.51 |
% |
|
1.56 |
% |
|
1.54 |
% |
|
1.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and excluding interest expense and fees4,6 |
|
|
1.05 |
%5 |
|
1.17 |
% |
|
1.27 |
% |
|
1.23 |
% |
|
1.24 |
% |
|
1.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income4 |
|
|
7.55 |
%5 |
|
7.69 |
% |
|
7.72 |
% |
|
6.62 |
% |
|
6.87 |
% |
|
7.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders |
|
|
0.28 |
%5 |
|
1.61 |
% |
|
2.80 |
% |
|
2.59 |
% |
|
2.00 |
% |
|
1.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income to Common Shareholders |
|
|
7.27 |
%5 |
|
6.08 |
% |
|
4.92 |
% |
|
4.03 |
% |
|
4.87 |
% |
|
6.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
$ |
167,795 |
|
$ |
158,061 |
|
$ |
171,510 |
|
$ |
181,640 |
|
$ |
177,790 |
|
$ |
185,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
|
$ |
87,000 |
|
$ |
94,200 |
|
$ |
134,000 |
|
$ |
134,000 |
|
$ |
134,000 |
|
$ |
134,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover |
|
|
10 |
% |
|
35 |
% |
|
57 |
% |
|
29 |
% |
|
59 |
% |
|
43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
|
$ |
73,218 |
|
$ |
66,951 |
|
$ |
57,008 |
|
$ |
58,903 |
|
$ |
58,181 |
|
$ |
59,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Based on average shares outstanding. |
|
|
|
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
|
|
|
|
3 |
Aggregate total investment return. |
|
|
|
|
4 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
|
|
5 |
Annualized. |
|
|
|
|
6 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
62 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
|
|
|
Financial Highlights |
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
Period |
|
|
|
|
|
|
|
|
|
Period |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Year Ended May 31, |
|
|
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
13.05 |
|
$ |
14.45 |
|
$ |
15.10 |
|
$ |
15.07 |
|
$ |
15.51 |
|
$ |
14.52 |
|
$ |
14.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
0.52 |
2 |
|
0.89 |
2 |
|
1.04 |
2 |
|
1.03 |
2 |
|
1.04 |
2 |
|
1.02 |
2 |
|
0.79 |
|
Net realized and unrealized gain (loss) |
|
|
1.08 |
|
|
(1.42 |
) |
|
(0.63 |
) |
|
0.18 |
|
|
(0.15 |
) |
|
1.15 |
|
|
0.21 |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.06 |
) |
|
(0.23 |
) |
|
(0.33 |
) |
|
(0.28 |
) |
|
(0.21 |
) |
|
(0.11 |
) |
|
(0.06 |
) |
Net realized gain |
|
|
|
|
|
|
|
|
|
|
|
(0.04 |
) |
|
(0.04 |
) |
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) from investment operations |
|
|
1.54 |
|
|
(0.76 |
) |
|
0.08 |
|
|
0.89 |
|
|
0.64 |
|
|
2.04 |
|
|
0.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.39 |
) |
|
(0.64 |
) |
|
(0.73 |
) |
|
(0.74 |
) |
|
(0.84 |
) |
|
(0.86 |
) |
|
(0.65 |
) |
Net realized gain |
|
|
|
|
|
|
|
|
|
|
|
(0.12 |
) |
|
(0.23 |
) |
|
(0.19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions to Common Shareholders |
|
|
(0.39 |
) |
|
(0.64 |
) |
|
(0.73 |
) |
|
(0.86 |
) |
|
(1.07 |
) |
|
(1.05 |
) |
|
(0.65 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital charges with respect to issuance of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.02 |
) |
Preferred Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
|
|
|
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital charges with respect to issuance of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
|
|
|
(0.10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
14.20 |
|
$ |
13.05 |
|
$ |
14.45 |
|
$ |
15.10 |
|
$ |
15.07 |
|
$ |
15.51 |
|
$ |
14.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price, end of period |
|
$ |
12.95 |
|
$ |
11.77 |
|
$ |
13.70 |
|
$ |
14.85 |
|
$ |
14.52 |
|
$ |
13.94 |
|
$ |
13.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
12.11 |
%4 |
|
(4.56 |
)%4 |
|
0.86 |
% |
|
6.14 |
% |
|
4.71 |
% |
|
15.36 |
% |
|
6.09 |
%4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on market price |
|
|
13.36 |
%4 |
|
(9.21 |
)%4 |
|
(2.76 |
)% |
|
8.34 |
% |
|
12.25 |
% |
|
14.93 |
% |
|
(8.59 |
)%4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses5 |
|
|
1.21 |
%6 |
|
1.44 |
%6 |
|
1.30 |
% |
|
1.31 |
% |
|
1.24 |
% |
|
1.07 |
% |
|
1.03 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and paid indirectly5 |
|
|
1.08 |
%6 |
|
1.25 |
%6 |
|
1.07 |
% |
|
1.07 |
% |
|
1.00 |
% |
|
0.85 |
% |
|
0.75 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and paid indirectly and excluding interest expense and fees5,7 |
|
|
1.00 |
%6 |
|
1.02 |
%6 |
|
0.90 |
% |
|
0.87 |
% |
|
0.87 |
% |
|
0.84 |
% |
|
0.75 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income5 |
|
|
7.47 |
%6 |
|
7.46 |
%6 |
|
6.97 |
% |
|
6.71 |
% |
|
6.82 |
% |
|
6.77 |
% |
|
6.51 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders |
|
|
0.86 |
%6 |
|
1.94 |
%6 |
|
2.23 |
% |
|
1.80 |
% |
|
1.36 |
% |
|
0.74 |
% |
|
0.48 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income to Common Shareholders |
|
|
6.61 |
%6 |
|
5.52 |
%6 |
|
4.74 |
% |
|
4.91 |
% |
|
5.46 |
% |
|
6.03 |
% |
|
6.03 |
%6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
$ |
540,217 |
|
$ |
496,247 |
|
$ |
549,415 |
|
$ |
574,225 |
|
$ |
573,034 |
|
$ |
589,802 |
|
$ |
552,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
|
$ |
287,175 |
|
$ |
287,175 |
|
$ |
320,000 |
|
$ |
320,000 |
|
$ |
320,000 |
|
$ |
285,000 |
|
$ |
285,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover |
|
|
17 |
% |
|
13 |
% |
|
14 |
% |
|
12 |
% |
|
49 |
% |
|
54 |
% |
|
70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
|
$ |
72,034 |
|
$ |
68,207 |
|
$ |
67,941 |
8 |
$ |
69,875 |
8 |
$ |
69,781 |
8 |
$ |
73,743 |
8 |
$ |
73,441 |
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Commencement of operations. |
|
|
|
|
2 |
Based on average shares outstanding. |
|
|
|
|
3 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. |
|
|
|
|
4 |
Aggregate total investment return. |
|
|
|
|
5 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
|
|
6 |
Annualized. |
|
|
|
|
7 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
|
|
8 |
Amounts have been recalculated to conform with current period presentation. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
63 |
|
|
|
|
|
|
Financial Highlights |
BlackRock MuniVest Fund II, Inc. (MVT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months |
|
Period |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
Year Ended October 31, |
|
|||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
11.95 |
|
$ |
10.95 |
|
$ |
14.49 |
|
$ |
15.35 |
|
$ |
15.13 |
|
$ |
15.21 |
|
$ |
14.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income1 |
|
|
0.60 |
|
|
0.53 |
|
|
1.12 |
|
|
1.16 |
|
|
1.16 |
|
|
1.19 |
|
|
1.17 |
|
Net realized and unrealized gain (loss) |
|
|
1.75 |
|
|
0.95 |
|
|
(3.49 |
) |
|
(0.84 |
) |
|
0.35 |
|
|
0.04 |
|
|
0.44 |
|
Dividends to Preferred Shareholders from net investment income |
|
|
(0.03 |
) |
|
(0.05 |
) |
|
(0.32 |
) |
|
(0.32 |
) |
|
(0.29 |
) |
|
(0.18 |
) |
|
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) from investment operations |
|
|
2.32 |
|
|
1.43 |
|
|
(2.69 |
) |
|
|
|
|
1.22 |
|
|
1.05 |
|
|
1.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Common Shareholders from net investment income |
|
|
(0.49 |
) |
|
(0.43 |
) |
|
(0.85 |
) |
|
(0.86 |
) |
|
(1.00 |
) |
|
(1.10 |
) |
|
(1.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital charges with respect to issuance of Preferred Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
13.78 |
|
$ |
11.95 |
|
$ |
10.95 |
|
$ |
14.49 |
|
$ |
15.35 |
|
$ |
15.13 |
|
$ |
15.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price, end of period |
|
$ |
13.94 |
|
$ |
11.65 |
|
$ |
9.75 |
|
$ |
13.91 |
|
$ |
16.29 |
|
$ |
15.40 |
|
$ |
15.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
19.70 |
%3 |
|
13.71 |
%3 |
|
(19.33 |
)% |
|
(0.02 |
)% |
|
8.36 |
% |
|
6.88 |
% |
|
10.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on market price |
|
|
24.21 |
%3 |
|
24.49 |
%3 |
|
(25.18 |
)% |
|
(9.56 |
)% |
|
12.98 |
% |
|
9.21 |
% |
|
14.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses4 |
|
|
1.25 |
%5 |
|
1.51 |
%5 |
|
1.67 |
% |
|
1.67 |
% |
|
1.61 |
% |
|
1.35 |
% |
|
1.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived |
|
|
1.25 |
%5 |
|
1.51 |
%5 |
|
1.67 |
% |
|
1.67 |
% |
|
1.61 |
% |
|
1.35 |
% |
|
1.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and excluding interest expense and fees4,6 |
|
|
1.12 |
%5 |
|
1.26 |
%5 |
|
1.16 |
% |
|
1.12 |
% |
|
1.11 |
% |
|
1.07 |
% |
|
0.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income4 |
|
|
9.16 |
%5 |
|
9.77 |
%5 |
|
8.03 |
% |
|
7.74 |
% |
|
7.70 |
% |
|
7.76 |
% |
|
7.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders |
|
|
0.41 |
%5 |
|
0.95 |
%5 |
|
2.31 |
% |
|
2.11 |
% |
|
1.90 |
% |
|
1.14 |
% |
|
0.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income to Common Shareholders |
|
|
8.75 |
%5 |
|
8.82 |
%5 |
|
5.72 |
% |
|
5.63 |
% |
|
5.80 |
% |
|
6.62 |
% |
|
7.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
$ |
281,587 |
|
$ |
243,583 |
|
$ |
223,210 |
|
$ |
293,836 |
|
$ |
309,975 |
|
$ |
303,701 |
|
$ |
303,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
|
$ |
140,000 |
|
$ |
150,800 |
|
$ |
150,800 |
|
$ |
175,000 |
|
$ |
175,000 |
|
$ |
175,000 |
|
$ |
135,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover |
|
|
18 |
% |
|
9 |
% |
|
49 |
% |
|
43 |
% |
|
60 |
% |
|
64 |
% |
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
|
$ |
75,286 |
|
$ |
65,388 |
|
$ |
62,019 |
|
$ |
67,004 |
|
$ |
69,307 |
|
$ |
68,389 |
|
$ |
81,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Based on average shares outstanding. |
|
|
|
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. |
|
|
|
|
3 |
Aggregate total investment return. |
|
|
|
|
4 |
Do not reflect the effects of dividends to Preferred Shareholders. |
|
|
|
|
5 |
Annualized. |
|
|
|
|
6 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
64 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
1. Organization and Significant Accounting Policies:
BlackRock Apex Municipal Fund, Inc. (APX), BlackRock MuniAssets Fund, Inc. (MUA), BlackRock MuniEnhanced Fund, Inc. (MEN), BlackRock MuniHoldings Fund, Inc. (MHD), BlackRock MuniHoldings Fund II, Inc. (MUH), BlackRock MuniHoldings Insured Fund, Inc. (MUS), BlackRock Muni Intermediate Duration Fund, Inc. (MUI) and BlackRock MuniVest Fund II, Inc. (MVT) (collectively, the Funds) are registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies. The Funds are organized as Maryland corporations. The Funds financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. The Funds determine, and make available for publication the net asset value of their Common Shares on a daily basis.
The following is a summary of significant accounting policies followed by the Funds:
Valuation: Municipal investments (including commitments to purchase such investments on a when-issued basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Funds Board of Directors (the Board). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. Financial futures contracts traded on exchanges are valued at their last sale price. Short-term securities with maturities less than 60 days may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at net asset value each business day.
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued by a method approved by each Funds Board as reflecting fair value (Fair Value Assets). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that each Fund might reasonably expect to receive from the current sale of that asset in an arms-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.
Forward Commitments and When-Issued Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds maximum amount of loss is the unrealized gain of the commitment, which is shown on the Schedules of Investments, if any.
Municipal Bonds Transferred to Tender Option Bond Trusts: The Funds leverage their assets through the use of tender option bond trusts (TOBs). A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf of the funds, transfers municipal bonds. Other funds managed by the investment advisor may also contribute municipal bonds to a TOB into which a Fund has contributed bonds. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates (TOB Residuals), which are generally issued to the participating funds that made the transfer. The TOB Residuals held by a Fund include the right of the Fund (1) to cause the holders of a proportional share of the floating rate certificates to tender their certificates at par, and (2) to transfer, within seven days, a corresponding share of the municipal bonds from the TOB to the Funds. The TOB may also be terminated without the consent of the Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors.
The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to the Fund, which typically invests the cash in additional municipal bonds. Each Funds transfer of the municipal bonds to a TOB is accounted for as a secured borrowing, therefore the municipal bonds deposited into a TOB are presented in the Funds Schedules of Investments and the proceeds from the issuance of the short-term floating rate certificates are shown as trust certificates in the Statements of Assets and Liabilities.
Interest income from the underlying security is recorded by the Funds on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of the Funds. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. At October 31, 2009, the aggregate value of the underlying municipal bonds
|
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
65 |
|
|
|
Notes to Financial Statements (continued) |
transferred to TOBs, the related liability for trust certificates and the range of interest rates on the liability for trust certificates were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying |
|
Liability |
|
Range
of |
|
|||
|
|
|
|
|
|
|
|
|
|
|
APX |
|
$ |
14,782,954 |
|
$ |
7,285,446 |
|
|
0.30% 0.51 |
% |
MUA |
|
$ |
21,821,571 |
|
$ |
10,755,646 |
|
|
0.30% 0.51 |
% |
MEN |
|
$ |
114,404,861 |
|
$ |
60,169,292 |
|
|
0.21% 0.85 |
% |
MHD |
|
$ |
77,692,568 |
|
$ |
40,544,276 |
|
|
0.20% 0.49 |
% |
MUH |
|
$ |
59,851,520 |
|
$ |
31,480,379 |
|
|
0.20% 0.49 |
% |
MUS |
|
$ |
61,359,327 |
|
$ |
33,374,741 |
|
|
0.26% 0.58 |
% |
MUI |
|
$ |
104,086,631 |
|
$ |
57,348,814 |
|
|
0.20% 0.75 |
% |
MVT |
|
$ |
125,826,588 |
|
$ |
64,066,831 |
|
|
0.22% 0.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
For the six months ended October 31, 2009, the Funds average trust certificates outstanding and the daily weighted average interest rate, including fees, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Trust |
|
Daily
Weighted |
|
||
|
|
|
|
|
|
|
|
APX |
|
$ |
7,285,446 |
|
0.79 |
% |
|
MUA |
|
$ |
10,755,646 |
|
0.79 |
% |
|
MEN |
|
$ |
56,467,231 |
|
0.81 |
% |
|
MHD |
|
$ |
35,624,271 |
|
0.66 |
% |
|
MUH |
|
$ |
28,000,622 |
|
0.66 |
% |
|
MUS |
|
$ |
31,174,455 |
|
0.70 |
% |
|
MUI |
|
$ |
54,592,194 |
|
0.78 |
% |
|
MVT |
|
$ |
55,106,766 |
|
0.62 |
% |
|
|
|
|
|
|
|
|
|
Should short-term interest rates rise, the Funds investments in TOBs may adversely affect the Funds investment income and distributions to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB may adversely affect the Funds net asset value per share.
Zero-Coupon Bonds: Each Fund may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations which provide regular interest payments.
Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (SEC) require that the Funds either deliver collateral or segregate assets in connection with certain investments (e.g., financial futures contracts) each Fund will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.
Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual method. Each Fund amortizes all premiums and discounts on debt securities.
Dividends and Distributions: Dividends from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. Dividends and distributions to Preferred Shareholders are accrued and determined as described in Note 6.
Income Taxes: It is each Funds policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.
Each Fund files US federal and various state and local tax returns. No income tax returns are currently under examination. The statutes of limitations on the Funds US federal tax returns remain open for the four periods ended as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period |
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
|
|
|
|
|
|
|
|
APX |
|
July 1, 2008 to |
|
June 30, 2008 |
|
June 30, 2007 |
|
June 30, 2006 |
|
|
|
|
|
|
|
|
|
MUA |
|
June 1, 2008 to |
|
May 31, 2008 |
|
May 31, 2007 |
|
May 31, 2006 |
|
|
|
|
|
|
|
|
|
MEN |
|
February 1, 2009 |
|
January 31, |
|
January 31, |
|
January 31, |
|
|
|
|
|
|
|
|
|
MHD |
|
April 30, 2009 |
|
April 30, 2008 |
|
April 30, 2007 |
|
April 30, 2006 |
|
|
|
|
|
|
|
|
|
MUH |
|
August 1, 2008 to |
|
July 31, 2008 |
|
July 31, 2007 |
|
July 31, 2006 |
|
|
|
|
|
|
|
|
|
MUS |
|
April 30, 2009 |
|
April 30, 2008 |
|
April 30, 2007 |
|
April 30, 2006 |
|
|
|
|
|
|
|
|
|
MUI |
|
June 1, 2008 to |
|
May 31, 2008 |
|
May 31, 2007 |
|
May 31, 2006 |
|
|
|
|
|
|
|
|
|
MVT |
|
November 1, 2008 |
|
October 31, |
|
October 31, |
|
October 31, |
|
|
|
|
|
|
|
|
|
The statutes of limitations on each of the Funds state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Recent Accounting Standards: In June 2009, amended guidance was issued by the Financial Accounting Standards Board for transfers of financial assets. This guidance is intended to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferors continuing involvement, if any, in transferred financial assets. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after November 15, 2009. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the enhanced disclosure provisions of the amended guidance should be applied to transfers that occurred both before and after the effective date of this guidance. The impact of this guidance on the Funds financial statements and disclosures, if any, is currently being assessed.
|
|
|
|
||
66 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
Notes to Financial Statements (continued) |
Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Funds Board, non-interested Directors (Independent Directors) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other certain BlackRock Closed-End Funds selected by the Independent Directors. This has approximately the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in other certain BlackRock Closed-End Funds.
The deferred compensation plan is not funded and obligations there under represent general unsecured claims against the general assets of each Fund. Each Fund may, however, elect to invest in common shares of other certain BlackRock Closed-End Funds selected by the Independent Directors in order to match its deferred compensation obligations. Investments to cover each Funds deferred compensation liability, if any, are included in other assets in the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income affiliated in the Statements of Operations.
Other: Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods.
2. Derivative Financial Instruments:
The Funds may engage in various portfolio investment strategies both to increase the return of the Fund and to hedge, or protect, its exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. See Note 1 Segregation and Collateralization for information with respect to collateral practices. Counterparty risk related to exchange-traded financial futures contracts is minimal because of the protection against defaults provided by the exchange on which they trade.
Financial Futures Contracts: The Funds may purchase or sell financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk). Financial futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recognized by the Funds as unrealized gains or losses. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives Categorized by Risk Exposure: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
The
Effect of Derivative Instruments on the Statements of Operations |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized Gain (Loss) From |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APX |
|
MUA |
|
MEN |
|
MHD |
|
MUH |
|
MVT |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial futures contracts |
|
$ |
(167,615 |
) |
$ |
(247,779 |
) |
$ |
88,907 |
|
$ |
(96,172 |
) |
$ |
(64,854 |
) |
$ |
146,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
As of October 31, 2009, there were no financial futures contracts outstanding. During the six months ended October 31, 2009, the Funds had limited activity in these transactions. |
3. Investment Advisory Agreement and Other Transactions with Affiliates:
The PNC Financial Services Group, Inc. (PNC) and Bank of America Corporation (BAC) are the largest stockholders of BlackRock, Inc. (BlackRock). Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but BAC is not.
Each Fund entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the Manager), the Funds investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services.
The Manager is responsible for the management of each Funds portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Fund. For such services, each Fund pays the Manager a monthly fee at the following annual rates of each Funds average daily net assets (including any assets attributable to the proceeds from the issuance of Preferred Shares) minus the sum of accrued liabilities as follows:
|
|
|
|
|
|
|
|
|
|
APX |
|
|
0.65 |
% |
MUA |
|
|
0.55 |
% |
MEN |
|
|
0.50 |
% |
MHD |
|
|
0.55 |
% |
MUH |
|
|
0.55 |
% |
MUS |
|
|
0.55 |
% |
MUI |
|
|
0.55 |
% |
MVT |
|
|
0.50 |
% |
|
|
|
|
|
The Manager has voluntarily agreed to waive a portion of the investment advisory fees or other expenses on MUI as a percentage of its average daily net assets as follows: 0.15% for the first five years of MUIs operations, 0.10% in year six, 0.05% in year seven and 0.00% in year eight and thereafter. MUI waived $324,958, which is included in fees waived by advisor in the Statements of Operations for MUI.
|
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
67 |
|
|
|
Notes to Financial Statements (continued) |
The Manager has voluntarily agreed to waive its advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds. These amounts are included in fees waived by advisor in the Statements of Operations. For the six months ended October 31,2009, the amounts waived were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees
Waived |
|
||
|
|
|
|
|
|
APX |
|
$ |
746 |
|
|
MUA |
|
$ |
1,008 |
|
|
MEN |
|
$ |
8,205 |
|
|
MHD |
|
$ |
5,391 |
|
|
MUH |
|
$ |
3,900 |
|
|
MUS |
|
$ |
11,461 |
|
|
MUI |
|
$ |
9,456 |
|
|
MVT |
|
$ |
2,710 |
|
|
|
|
|
|
|
The Manager, for MUS, has voluntarily agreed to waive its advisory fee on the proceeds of the Preferred Shares and TOBs that exceed 35% of the Funds average daily net assets. This amount is included in fees waived by advisor in the Statements of Operations. For the six months ended October 31, 2009, the waiver was $137,176.
The Manager has entered into a separate sub-advisory agreement with BlackRock Investment Management, LLC (BIM), an affiliate of the Manager, under which the Manager pays BIM for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by each Fund to the Manager.
For the six months ended October 31, 2009, the Funds reimbursed the Manager for certain accounting services, which are included in accounting services in the Statements of Operations. The reimbursements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reimbursement |
|
||
|
|
|
|
||
APX |
|
$ |
1,714 |
|
|
MUA |
|
$ |
2,419 |
|
|
MEN |
|
$ |
5,254 |
|
|
MHD |
|
$ |
3,373 |
|
|
MUH |
|
$ |
2,179 |
|
|
MUS |
|
$ |
2,604 |
|
|
MUI |
|
$ |
8,834 |
|
|
MVT |
|
$ |
4,714 |
|
|
|
|
|
|
|
Certain officers and/or directors of the Funds are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Manager for compensation paid to the Funds Chief Compliance Officer.
4. Investments:
Purchases and sales of investments, excluding short-term securities, for the six months ended October 31, 2009 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
Sales |
|
||
|
|
|
|
|
|
|
|
APX |
|
$ |
24,932,296 |
|
$ |
27,463,328 |
|
MUA |
|
$ |
39,040,568 |
|
$ |
30,935,906 |
|
MEN |
|
$ |
75,981,017 |
|
$ |
69,845,004 |
|
MHD |
|
$ |
83,290,587 |
|
$ |
80,076,458 |
|
MUH |
|
$ |
60,145,311 |
|
$ |
60,028,701 |
|
MUS |
|
$ |
41,089,473 |
|
$ |
26,779,091 |
|
MUI |
|
$ |
156,028,400 |
|
$ |
145,807,568 |
|
MVT |
|
$ |
96,611,456 |
|
$ |
80,491,468 |
|
|
|
|
|
|
|
|
|
5. Market and Credit Risk:
Many municipalities insure repayment of their bonds, which reduces the risk of loss due to issuer default. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.
In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds exposure to credit and counterparty risks with respect to these financial assets is approximated by their value recorded in the Funds Statements of Assets and Liabilities, less any collateral held by the Funds.
6. Capital Share Transactions:
Each Fund, except APX, is authorized to issue 200 million shares (150 million for APX), all of which were initially classified as Common Shares. The par value for each Funds Common Shares is $0.10. The par value for each Funds Preferred Shares is $0.10 except MEN, Series A, B and C, which is $0.025, and MVT Series A, B and C, which is $0.05. Each Board is authorized, however, to reclassify any unissued shares without approval of Common Shareholders. In this regard the Boards have reclassified 7,480 shares of MEN, 5,000 shares of MHD, 3,480 shares of MUH, 5,360 shares of MUS, 12,800 shares of MUI and 7,000 shares of MVT of unissued Common Shares as Preferred Shares.
Common Shares
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31, 2009 |
|
April 30, 2009 |
|
Two Years Prior* |
|
|||
|
|
|
|
|
|
|
|
|
|
|
APX |
|
35,379 |
|
|
53,658 |
|
|
103,837 |
|
|
MUA |
|
84,846 |
|
|
95,859 |
|
|
146,172 |
|
|
MVT |
|
49,636 |
|
|
|
|
|
104,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
June 30, 2008 for APX, May 31, 2008 for MUA and October 31, 2008 for MVT. |
Shares issued and outstanding remained constant for MEN, MHD, MUH, MUS and MUI for the six months ended October 31, 2009, the period ended April 30, 2009, the year ended January 31, 2009 for MEN, the year ended July 31, 2008 for MUH and the year ended May 31, 2008 for MUI.
Preferred Shares
The Preferred Shares are redeemable at the option of each Fund, in whole or in part, on any dividend payment date at their liquidation preference per share plus any accumulated and unpaid dividends whether or not declared. The Preferred Shares are also subject to mandatory redemption at their liquidation preference plus any accumulated and unpaid dividends, whether
|
|
|
|
||
68 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
Notes to Financial Statements (continued) |
or not declared, if certain requirements relating to the composition of the assets and liabilities of a Fund, as set forth in each Funds Articles Supplementary (the Governing Instrument) are not satisfied.
From time to time in the future, each Fund that has issued Preferred Shares may effect repurchases of its Preferred Shares at prices below their liquidation preference as agreed upon by the Fund and seller. Each Fund also may redeem such shares from time to time as provided in the applicable Governing Instrument. Each Fund intends to effect such redemptions and/or repurchases to the extent necessary to maintain applicable asset coverage requirements or for such other reasons as the Board may determine.
The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two Directors for each Fund. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding Preferred Shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Funds sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.
MEN, MHD, MUH, MUS, MUI and MVT had the following series of Preferred Shares outstanding, effective yields and reset frequency as of October 31, 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Preferred |
|
Effective |
|
Reset |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEN |
|
|
A1 |
|
1,525 |
|
|
0.50 |
% |
|
28 |
|
|
|
|
|
B1 |
|
1,525 |
|
|
0.40 |
% |
|
28 |
|
|
|
|
|
C1 |
|
1,525 |
|
|
0.43 |
% |
|
7 |
|
|
|
|
|
D2 |
|
1,128 |
|
|
1.47 |
% |
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MHD |
|
|
A1 |
|
1,473 |
|
|
0.43 |
% |
|
7 |
|
|
|
|
|
B1 |
|
1,473 |
|
|
0.41 |
% |
|
7 |
|
|
|
|
|
C2 |
|
402 |
|
|
1.49 |
% |
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUH |
|
|
A1 |
|
1,101 |
|
|
0.43 |
% |
|
7 |
|
|
|
|
|
B1 |
|
1,101 |
|
|
0.43 |
% |
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUS |
|
|
A1 |
|
1,740 |
|
|
0.41 |
% |
|
7 |
|
|
|
|
|
B1 |
|
1,740 |
|
|
0.43 |
% |
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUI |
|
|
M72 |
|
1,795 |
|
|
1.49 |
% |
|
7 |
|
|
|
|
|
T72 |
|
2,423 |
|
|
1.49 |
% |
|
7 |
|
|
|
|
|
W72 |
|
1,795 |
|
|
1.49 |
% |
|
7 |
|
|
|
|
|
TH72 |
|
2,423 |
|
|
1.47 |
% |
|
7 |
|
|
|
|
|
F72 |
|
1,795 |
|
|
1.49 |
% |
|
7 |
|
|
|
|
|
TH282 |
|
1,256 |
|
|
1.48 |
% |
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MVT |
|
|
A1 |
|
1,440 |
|
|
0.46 |
% |
|
28 |
|
|
|
|
|
B1 |
|
1,440 |
|
|
0.43 |
% |
|
28 |
|
|
|
|
|
C1 |
|
1,440 |
|
|
0.43 |
% |
|
7 |
|
|
|
|
|
D2 |
|
1,280 |
|
|
1.49 |
% |
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
The maximum applicable rate is the higher of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. |
|
|
2 |
The maximum applicable rate is the higher of 110% plus or times the Telerate/BBA LIBOR or 110% or 90% of the Kenny S&P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. |
Dividends on seven-day and 28-day Preferred Shares are cumulative at a rate which is reset every seven or 28 days, respectively, based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, each Fund is required to pay the maximum applicable rate on the Preferred Shares to holders of such shares for successive dividend periods until such time as the shares are successfully auctioned. The maximum applicable rate on the Preferred Shares is as footnoted in the preceding table above. The low, high and average dividend rates on the Preferred Shares for each Fund for the period were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Low |
|
High |
|
Average |
|
|||
|
|
|
|
|
|
|
|
|
|
||||
MEN |
|
|
A28 |
|
0.43 |
% |
|
1.94 |
% |
|
1.94 |
% |
|
|
|
|
B28 |
|
0.35 |
% |
|
0.79 |
% |
|
1.70 |
% |
|
|
|
|
C7 |
|
0.40 |
% |
|
0.79 |
% |
|
2.03 |
% |
|
|
|
|
D7 |
|
1.42 |
% |
|
1.68 |
% |
|
0.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MHD |
|
|
A |
|
0.40 |
% |
|
0.67 |
% |
|
1.98 |
% |
|
|
|
|
B |
|
0.35 |
% |
|
0.64 |
% |
|
2.06 |
% |
|
|
|
|
C |
|
1.46 |
% |
|
1.82 |
% |
|
0.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUH |
|
|
A |
|
0.40 |
% |
|
0.79 |
% |
|
0.51 |
% |
|
|
|
|
B |
|
0.35 |
% |
|
0.76 |
% |
|
0.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUS |
|
|
A |
|
0.35 |
% |
|
0.76 |
% |
|
0.50 |
% |
|
|
|
|
B |
|
0.40 |
% |
|
0.79 |
% |
|
0.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUI |
|
|
M7 |
|
1.46 |
% |
|
1.79 |
% |
|
1.56 |
% |
|
|
|
|
T7 |
|
1.46 |
% |
|
1.71 |
% |
|
1.56 |
% |
|
|
|
|
W7 |
|
1.45 |
% |
|
1.70 |
% |
|
1.55 |
% |
|
|
|
|
TH7 |
|
1.42 |
% |
|
1.68 |
% |
|
1.54 |
% |
|
|
|
|
F7 |
|
1.42 |
% |
|
1.79 |
% |
|
1.55 |
% |
|
|
|
|
TH28 |
|
1.49 |
% |
|
1.68 |
% |
|
1.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MVT |
|
|
A |
|
0.43 |
% |
|
0.66 |
% |
|
0.52 |
% |
|
|
|
|
B |
|
0.38 |
% |
|
0.61 |
% |
|
0.48 |
% |
|
|
|
|
C |
|
0.38 |
% |
|
0.66 |
% |
|
0.05 |
% |
|
|
|
|
D |
|
1.46 |
% |
|
1.79 |
% |
|
1.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Since February 13, 2008, the Preferred Shares of the Funds failed to clear any of their auctions. As a result, the Preferred Shares dividend rates were reset to the maximum applicable rate, which ranged from 0.35% to 1.94% for the six months ended October 31, 2009. A failed auction is not an event of default for the Funds but it has a negative impact on the liquidity of Preferred Shares. A failed auction occurs when there are more sellers of a funds auction rate preferred shares than buyers. It is impossible to predict how long this imbalance will last. A successful auction for the Funds Preferred Shares may not occur for some time, if ever, and even if liquidity does resume, Preferred Shareholders may not have the ability to sell the Preferred Shares at their liquidation preference.
The Funds may not declare dividends or make other distributions on Common Shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares is less than 200%.
The Funds pay commissions of 0.25% on the aggregate principal amount of all shares that successfully clear their auctions and 0.15% on the aggregate principal amount of all shares that fail to clear their auctions. Certain broker-dealers have individually agreed to reduce commissions for failed auctions.
|
|
|
|
||
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
69 |
|
|
|
Notes to Financial Statements (continued) |
During the six months ended October 31, 2009, MEN, MHD, MUH, MUS and MVT announced the following redemptions of Preferred Shares at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Redemption |
|
Shares |
|
Aggregate |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEN |
|
|
A |
|
|
7/14/09 |
|
|
174 |
|
|
$ |
4,350,000 |
|
|
|
|
B |
|
|
7/21/09 |
|
|
174 |
|
|
$ |
4,350,000 |
|
|
|
|
C |
|
|
6/30/09 |
|
|
174 |
|
|
$ |
4,350,000 |
|
|
|
|
D |
|
|
7/06/09 |
|
|
129 |
|
|
$ |
3,225,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MHD |
|
|
A |
|
|
7/08/09 |
|
|
145 |
|
|
$ |
3,625,000 |
|
|
|
|
B |
|
|
7/06/09 |
|
|
145 |
|
|
$ |
3,625,000 |
|
|
|
|
C |
|
|
7/07/09 |
|
|
39 |
|
|
$ |
975,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUH |
|
|
A |
|
|
7/08/09 |
|
|
119 |
|
|
$ |
2,975,000 |
|
|
|
|
B |
|
|
7/06/09 |
|
|
119 |
|
|
$ |
2,975,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUS |
|
|
A |
|
|
7/06/09 |
|
|
144 |
|
|
$ |
3,600,000 |
|
|
|
|
B |
|
|
7/07/09 |
|
|
144 |
|
|
$ |
3,600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MVT |
|
|
A |
|
|
7/30/09 |
|
|
111 |
|
|
$ |
2,775,000 |
|
|
|
|
B |
|
|
7/09/09 |
|
|
111 |
|
|
$ |
2,775,000 |
|
|
|
|
C |
|
|
7/09/09 |
|
|
111 |
|
|
$ |
2,775,000 |
|
|
|
|
D |
|
|
7/07/09 |
|
|
99 |
|
|
$ |
2,475,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares issued and outstanding for MUI remained constant during the six months ended October 31, 2009.
During the year ended April 30, 2009, MEN, MHD, MUH, MUS, MUI and MVT announced the following redemptions of Preferred Shares at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Redemption |
|
Shares |
|
Aggregate |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEN |
|
|
A |
|
|
6/17/08 |
|
|
301 |
|
|
$ |
7,525,000 |
|
|
|
|
B |
|
|
6/24/08 |
|
|
301 |
|
|
$ |
7,525,000 |
|
|
|
|
C |
|
|
6/17/08 |
|
|
301 |
|
|
$ |
7,525,000 |
|
|
|
|
D |
|
|
6/27/08 |
|
|
223 |
|
|
$ |
5,575,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MHD |
|
|
A |
|
|
6/25/08 |
|
|
582 |
|
|
$ |
14,550,000 |
|
|
|
|
B |
|
|
6/27/08 |
|
|
582 |
|
|
$ |
14,550,000 |
|
|
|
|
C |
|
|
6/24/08 |
|
|
159 |
|
|
$ |
3,975,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUH |
|
|
A |
|
|
6/25/08 |
|
|
520 |
|
|
$ |
13,000,000 |
|
|
|
|
B |
|
|
6/23/08 |
|
|
520 |
|
|
$ |
13,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUS |
|
|
A |
|
|
6/27/08 |
|
|
796 |
|
|
$ |
19,900,000 |
|
|
|
|
B |
|
|
6/24/08 |
|
|
796 |
|
|
$ |
19,900,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUI |
|
|
M7 |
|
|
6/24/08 |
|
|
205 |
|
|
$ |
5,125,000 |
|
|
|
|
T7 |
|
|
6/25/08 |
|
|
277 |
|
|
$ |
6,925,000 |
|
|
|
|
W7 |
|
|
6/26/08 |
|
|
205 |
|
|
$ |
5,125,000 |
|
|
|
|
TH7 |
|
|
6/27/08 |
|
|
277 |
|
|
$ |
6,925,000 |
|
|
|
|
F7 |
|
|
6/23/08 |
|
|
205 |
|
|
$ |
5,125,000 |
|
|
|
|
TH28 |
|
|
7/07/08 |
|
|
144 |
|
|
$ |
3,600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MVT |
|
|
A |
|
|
7/03/08 |
|
|
249 |
|
|
$ |
6,225,000 |
|
|
|
|
B |
|
|
7/10/08 |
|
|
249 |
|
|
$ |
6,225,000 |
|
|
|
|
C |
|
|
6/26/08 |
|
|
249 |
|
|
$ |
6,225,000 |
|
|
|
|
D |
|
|
6/24/08 |
|
|
221 |
|
|
$ |
5,525,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Funds financed the Preferred Share redemptions with cash received from TOB transactions.
Preferred Shares issued and outstanding remained constant for the year ended January 31, 2009 for MEN, the year ended July 31, 2008 for MUH, the year ended May 31, 2008 for MUI and the year ended October 31, 2008 for MVT.
7. Capital Loss Carryforwards:
As of April 30, 2009, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expires April 30, |
|
APX |
|
MUA |
|
MEN |
|
MUH |
|
MUS |
|
MUI |
|
MVT |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
$ |
2,075,987 |
|
$ |
2,260,830 |
|
$ |
1,955,204 |
|
$ |
689,205 |
|
|
|
|
|
|
|
|
|
|
2011 |
|
|
2,163,492 |
|
|
7,452,325 |
|
|
|
|
|
189,408 |
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
1,659,281 |
|
|
5,486,273 |
|
|
364,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
35,292 |
|
|
3,762,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
3,072,949 |
|
|
5,065,527 |
|
|
|
|
|
|
|
|
|
|
$ |
334,473 |
|
|
|
|
2016 |
|
|
|
|
|
527,784 |
|
|
2,508,309 |
|
|
|
|
$ |
623,720 |
|
|
611,323 |
|
$ |
7,239,097 |
|
2017 |
|
|
373,543 |
|
|
1,575,568 |
|
|
3,540,378 |
|
|
|
|
|
5,373,343 |
|
|
321,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
9,380,544 |
|
$ |
26,130,920 |
|
$ |
8,368,605 |
|
$ |
878,613 |
|
$ |
5,997,063 |
|
$ |
1,267,419 |
|
$ |
7,239,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
70 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
Notes to Financial Statements (concluded) |
8. Restatement Information:
Subsequent to the initial issuance of the April 30, 2006 financial statements for MHD and MUS, May 31, 2006 for MUI and July 31, 2006 for MUH, the Funds determined that the criteria for sale accounting in FAS 140 had not been met for certain transfers of municipal bonds related to investments in TOB Residuals, and that these transfers should have been accounted for as secured borrowings rather than as sales. As a result, certain financial highlights for the year ended April 30, 2005 for MHD and MUS, May 31, 2005 for MUI and July 31, 2005 and 2004 for MUH have been restated to give effect to recording the transfers of the municipal bonds as secured borrowings, including recording interest on the bonds as interest income and interest on the secured borrowings as interest expense.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
MHD Financial Highlights |
|
Previously |
|
Restated |
|
||
|
|
|
|
|
|
||
Total expenses, net of reimbursement* |
|
1.13 |
% |
|
1.15 |
% |
|
Total expenses* |
|
1.13 |
% |
|
1.15 |
% |
|
Portfolio turnover |
|
36.23 |
% |
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
MUH Financial Highlights |
|
2005 |
|
Restated |
|
2004 |
|
Restated |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Total expenses, net of reimbursement* |
|
1.19 |
% |
|
1.27 |
% |
|
1.21 |
% |
|
1.30 |
% |
|
Total expenses* |
|
1.19 |
% |
|
1.27 |
% |
|
1.22 |
% |
|
1.31 |
% |
|
Portfolio turnover |
|
45.11 |
% |
|
38 |
% |
|
31.03 |
% |
|
29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
MUS Financial Highlights |
|
Previously |
|
Restated |
|
||
|
|
|
|
|
|
||
Total expenses, net of reimbursement* |
|
1.24 |
% |
|
1.60 |
% |
|
Total expenses* |
|
1.35 |
% |
|
1.70 |
% |
|
Portfolio turnover |
|
51.81 |
% |
|
43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUI Financial Highlights |
|
Previously |
|
Restated |
|
||
|
|
|
|
|
|
||
Total expenses, net of waiver* |
|
0.84 |
% |
|
0.85 |
% |
|
Portfolio turnover |
|
54.55 |
% |
|
54 |
% |
|
|
|
|
|
|
|
|
|
|
|||||||
* Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
|
|
|
|
|
9. Subsequent Events:
Managements evaluation of the impact of all subsequent events on the Funds financial statements was completed through December 23, 2009, the date the financial statements were issued and the following items were noted:
The Funds paid a net investment income dividend in the following amounts per share on December 1, 2009 to shareholders of record on November 13, 2009:
|
|
|
|
|
|
|
|
|
|
Common
Dividend |
|
|
|
|
|
APX |
|
$ 0.0465 |
|
MUA |
|
$ 0.0675 |
|
MEN |
|
$ 0.0530 |
|
MHD |
|
$ 0.0835 |
|
MUH |
|
$ 0.0755 |
|
MUS |
|
$ 0.0700 |
|
MUI |
|
$ 0.0655 |
|
MVT |
|
$ 0.0835 |
|
|
|
|
|
The dividends declared on Preferred Shares for the period November 1, 2009 to November 30, 2009 for the Funds were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Series |
|
Dividends |
|
||
|
|
|
|
|
|
||
MEN |
|
|
A |
|
$ |
117,465 |
|
|
|
|
B |
|
$ |
118,963 |
|
|
|
|
C |
|
$ |
114,675 |
|
|
|
|
D |
|
$ |
264,584 |
|
|
|
|
|
|
|
|
|
MHD |
|
|
A |
|
$ |
111,893 |
|
|
|
|
B |
|
$ |
105,745 |
|
|
|
|
C |
|
$ |
94,196 |
|
|
|
|
|
|
|
|
|
MUH |
|
|
A |
|
$ |
9,281 |
|
|
|
|
B |
|
$ |
8,931 |
|
|
|
|
|
|
|
|
|
MUS |
|
|
A |
|
$ |
128,034 |
|
|
|
|
B |
|
$ |
129,856 |
|
|
|
|
|
|
|
|
|
MUI |
|
|
M7 |
|
$ |
52,447 |
|
|
|
|
T7 |
|
$ |
71,479 |
|
|
|
|
W7 |
|
$ |
52,788 |
|
|
|
|
TH7 |
|
$ |
70,950 |
|
|
|
|
TH28 |
|
$ |
37,382 |
|
|
|
|
F7 |
|
$ |
52,465 |
|
|
|
|
|
|
|
|
|
MVT |
|
|
A |
|
$ |
13,065 |
|
|
|
|
B |
|
$ |
12,246 |
|
|
|
|
C |
|
$ |
11,958 |
|
|
|
|
D |
|
$ |
37,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
71 |
|
|
|
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |
The Board of Directors (each, a Board and, collectively, the Boards, and the members of which are referred to as Board Members) of each of BlackRock Apex Municipal Fund, Inc. (APX), BlackRock Muni Intermediate Duration Fund, Inc. (MUI), BlackRock MuniAssets Fund, Inc. (MUA), BlackRock MuniEnhanced Fund, Inc. (MEN), BlackRock MuniHoldings Fund, Inc. (MHD), BlackRock MuniHoldings Fund II, Inc. (MUH), BlackRock Muni-Holdings Insured Fund, Inc. (MUS) and BlackRock MuniVest Fund II, Inc. (MVT, and together with APX, MUI, MUA, MEN, MHD, MUH, and MUS, each a Fund and, collectively, the Funds) met on April 14, 2009 and May 28 29, 2009 to consider the approval of its respective Funds investment advisory agreement (each, an Advisory Agreement) with BlackRock Advisors, LLC (the Manager), each Funds investment advisor. Each Board also considered the approval of a sub-advisory agreement (each, a Sub-Advisory Agreement) between its respective Fund, the Manager and BlackRock Investment Management, LLC (the Sub-Advisor). The Manager and the Sub-Advisor are referred to herein as BlackRock. The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the Agreements. Unless otherwise indicated, references to actions taken by the Board or the Boards shall mean each Board acting independently with respect to its Fund.
Activities and Composition of the Boards
Each Board consists of twelve individuals, ten of whom are not interested persons of the Funds as defined in the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Board Members). The Board Members of each Fund are responsible for the oversight of the operations of such Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chairman of each Board is an Independent Board Member. Each Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is composed of Independent Board Members (except for the Executive Committee, which has one interested Board Member) and is chaired by an Independent Board Member. In addition, each Board has established an Ad Hoc Committee on Auction Market Preferred Shares.
The Agreements
Pursuant to the 1940 Act, each Board is required to consider the continuation of the Agreements on an annual basis. In connection with this process, each Board assessed, among other things, the nature, scope and quality of the services provided to its respective Fund by the personnel of BlackRock and its affiliates, including investment management, administrative and shareholder services, oversight of fund accounting and custody, marketing services and assistance in meeting applicable legal and regulatory requirements.
Throughout the year, the Boards, acting directly and through their committees, consider at each of their meetings factors that are relevant to their annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Funds and their shareholders. Among the matters the Boards considered were: (a) investment performance for one-, three- and five-year periods, as applicable, against peer funds, and applicable benchmarks, if any, as well as senior management and portfolio managers analysis of the reasons for any out performance or underperformance against each Funds peers; (b) fees, including advisory and other amounts paid to BlackRock and its affiliates by the Funds for services such as call center and fund accounting; (c) the Funds operating expenses; (d) the resources devoted to, and compliance reports relating to, the Funds investment objectives, policies and restrictions; (e) the Funds compliance with their Code of Ethics and compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRocks and other service providers internal controls; (h) BlackRocks implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRocks implementation of the Funds valuation and liquidity procedures; and (k) periodic updates on BlackRocks business.
Board Considerations in Approving the Agreements
The Approval Process: Prior to the April 14, 2009 meeting, each Board requested and received materials specifically relating to the Agreements. Each Board is engaged in an ongoing process with BlackRock to continuously review the nature and scope of the information provided to better assist their deliberations. The materials provided in connection with the April meeting included: (a) information independently compiled and prepared by Lipper, Inc. (Lipper) on Fund fees and expenses, and the investment performance of each Fund as compared with a peer group of funds as determined by Lipper and, where applicable, a customized peer group selected by BlackRock (collectively, Peers); (b) information on the profitability of the Agreements to BlackRock and a discussion of fall-out benefits to BlackRock and its affiliates and significant shareholders; (c) a general analysis provided by BlackRock concerning investment advisory fees charged to other clients, such as institutional clients and open-end funds, under similar investment mandates, as well as the performance of such other clients; (d) the impact of economies of scale; (e) a summary of aggregate amounts paid by each Fund to BlackRock; and (f) an internal comparison of management fees classified by Lipper, if applicable.
At an in-person meeting held on April 14, 2009, each Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the April 14, 2009 meeting, the Boards presented BlackRock with questions and requests for additional information and BlackRock responded to these requests with additional written information in advance of the May 28 29, 2009 Board meeting.
At an in-person meeting held on May 28 29, 2009, each Funds Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and such Fund and the Sub-Advisory Agreement between such Fund, the Manager and the Sub-Advisor(s), each for a one-year term ending June 30, 2010. The Boards considered all factors they believed relevant with respect to the Funds, including, among other factors: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund and BlackRock portfolio management; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and certain affiliates from their relationship with the Fund; (d) economies of scale; and (e) other factors.
|
|
|
|
|
|
72 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
|
|
|
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued) |
Each Board also considered other matters it deemed important to the approval process, such as services related to the valuation and pricing of its respective Funds portfolio holdings, direct and indirect benefits to BlackRock and its affiliates and significant shareholders from their relationship with such Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Boards review. The Boards noted the willingness of BlackRock personnel to engage in open, candid discussions with the Boards. The Boards did not identify any particular information as controlling, and each Board Member may have attributed different weights to the various items considered.
A. Nature, Extent and Quality of the Services: Each Board, including its Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of its respective Fund. Throughout the year, each Board compared its respective Funds performance to the performance of a comparable group of closed-end funds, and the performance of a relevant benchmark, if any. The Boards met with BlackRocks senior management personnel responsible for investment operations, including the senior investment officers. Each Board also reviewed the materials provided by its respective Funds portfolio management team discussing such Funds performance and such Funds investment objective, strategies and outlook.
Each Board considered, among other factors, the number, education and experience of BlackRocks investment personnel generally and its respective Funds portfolio management team, investments by portfolio managers in the funds they manage, BlackRocks portfolio trading capabilities, BlackRocks use of technology, BlackRocks commitment to compliance and BlackRocks approach to training and retaining portfolio managers and other research, advisory and management personnel. Each Board also reviewed a general description of BlackRocks compensation structure with respect to its respective Funds portfolio management team and BlackRocks ability to attract and retain high-quality talent.
In addition to advisory services, each Board considered the quality of the administrative and non-investment advisory services provided to its respective Fund. BlackRock and its affiliates and significant shareholders provide the Funds with certain administrative and other services (in addition to any such services provided to the Funds by third parties) and officers and other personnel as are necessary for the operations of the Funds. In addition to investment advisory services, BlackRock and its affiliates provide the Funds with other services, including: (i) preparing disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Funds; (iii) assisting with daily accounting and pricing; (iv) preparing periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; and (viii) performing other administrative functions necessary for the operation of the Funds, such as tax reporting, fulfilling regulatory filing requirements, and call center services. The Boards reviewed the structure and duties of BlackRocks fund administration, accounting, legal and compliance departments and considered BlackRocks policies and procedures for assuring compliance with applicable laws and regulations.
B. The Investment Performance of the Funds and BlackRock: Each Board, including its Independent Board Members, also reviewed and considered the performance history of its respective Fund. In preparation for the April 14, 2009 meeting, the Boards were provided with reports, independently prepared by Lipper, which included a comprehensive analysis of each Funds performance. The Boards also reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lippers rankings. In connection with its review, each Board received and reviewed information regarding the investment performance of its respective Fund as compared to a representative group of similar funds as determined by Lipper and to all funds in such Funds applicable Lipper category and, where applicable, a customized peer group selected by BlackRock. Each Board was provided with a description of the methodology used by Lipper to select peer funds. Each Board regularly reviews the performance of its respective Fund throughout the year.
The Board of MUI noted that, in general, MUI performed better than its Peers in that MUIs performance was at or above the median of its customized Lipper peer group composite in two of the one-, three- and five-year periods reported.
The Board of each of APX and MUA noted that, in general, APX and MUA performed better than their respective Peers in that the performance of each of APX and MUA was at or above the median of its respective Lipper Performance Universe composite in each of the one-, three- and five-year periods reported.
The Board of each of MHD, MUH and MVT noted that, in general, MHD, MUH, and MVT performed better than their respective Peers in that the performance of each of MHD, MUH, and MVT was at or above the median of its respective customized Lipper peer group composite in each of the one-, three- and five-year periods reported.
The Board of MEN noted that MEN performed below the median of its customized Lipper peer group composite in the one-, three- and five-year periods reported. The Board and BlackRock reviewed the reasons for MENs underperformance during these periods compared with its Peers. The Board was informed that, among other things, over-exposure to the long-end of the municipal curve, an overweight on insured bonds with weaker underlying credits and the underperformance of municipal cash relative to MENs Bond Market Association hedges all negatively impacted MENs performance.
The Board of MUS noted that MUS performed below the median of its customized Lipper peer group composite in the one-, three- and five-year periods reported. The Board and BlackRock reviewed the reasons for MUSs underperformance during these periods compared with its Peers. The Board was informed that, among other things, overweight positions in the hospital and housing sectors and poor performance of some insured and AMT bonds held by MUS negatively impacted MUSs performance.
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
73 |
|
|
|
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued) |
For MEN and MUS the Board of each Fund and BlackRock discussed BlackRocks commitment to providing the resources necessary to assist the portfolio managers and to improve each such Funds performance.
C. Consideration of the Advisory Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Funds: Each Board, including its Independent Board Members, reviewed its respective Funds contractual advisory fee rates compared with the other funds in its respective Lipper category. Each Board also compared its respective Funds total expenses, as well as actual management fees, to those of other comparable funds. Each Board considered the services provided and the fees charged by BlackRock to other types of clients with similar investment mandates, including separately managed institutional accounts.
The Boards received and reviewed statements relating to BlackRocks financial condition and profitability with respect to the services it provided the Funds. The Boards were also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Funds. The Boards reviewed BlackRocks profitability with respect to the Funds and other funds the Boards currently oversee for the year ended December 31, 2008 compared to available aggregate profitability data provided for the year ended December 31, 2007. The Boards reviewed BlackRocks profitability with respect to other fund complexes managed by the Manager and/or its affiliates. The Boards reviewed BlackRocks assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Boards recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Manager, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited.
The Boards noted that, in general, individual fund or product line profitability of other advisors is not publicly available. Nevertheless, to the extent such information is available, the Boards considered BlackRocks overall operating margin, in general, compared to the operating margin for leading investment management firms whose operations include advising closed-end funds, among other product types. The comparison indicated that operating margins for BlackRock with respect to its registered funds are generally consistent with margins earned by similarly situated publicly traded competitors. In addition, the Boards considered, among other things, certain third-party data comparing BlackRocks operating margin with that of other publicly-traded asset management firms, which concluded that larger asset bases do not, in themselves, translate to higher profit margins.
In addition, the Boards considered the cost of the services provided to the Funds by BlackRock, and BlackRocks and its affiliates profits relating to the management and distribution of the Funds and the other funds advised by BlackRock and its affiliates. As part of their analysis, the Boards reviewed BlackRocks methodology in allocating its costs to the management of the Funds. The Boards also considered whether BlackRock has the financial resources necessary to attract and retain high-quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Boards.
Each Board noted that its respective Fund paid contractual management fees, which do not take into account any expense reimbursement or fee waivers, lower than or equal to the median contractual management fees paid by such Funds Peers.
D. Economies of Scale: Each Board, including its Independent Board Members, considered the extent to which economies of scale might be realized as the assets of its respective Fund increase and whether there should be changes in the advisory fee rate or structure in order to enable such Fund to participate in these economies of scale, for example through the use of breakpoints in the advisory fee based upon the assets of such Fund. The Boards considered that the funds in the BlackRock fund complex share some common resources and, as a result, an increase in the overall size of the complex could permit each fund to incur lower expenses than it would otherwise as a stand-alone entity. The Boards also considered BlackRocks overall operations and its efforts to expand the scale of, and improve the quality of, its operations.
The Boards noted that most closed-end fund complexes do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering and each fund is managed independently, consistent with its own investment objectives. The Boards noted that only one closed-end fund in the Fund Complex has breakpoints in its fee structure. Information provided by Lipper also revealed that only one closed-end fund complex used a complex-level breakpoint structure.
E. Other Factors: The Boards also took into account other ancillary or fallout benefits that BlackRock or its affiliates and significant shareholders may derive from their relationship with the Funds, both tangible and intangible, such as BlackRocks ability to leverage its investment professionals who manage other portfolios, an increase in BlackRocks profile in the investment advisory community, and the engagement of BlackRocks affiliates and significant shareholders as service providers to the Funds, including for administrative and distribution services. The Boards also noted that BlackRock may use third-party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.
In connection with their consideration of the Agreements, the Boards also received information regarding BlackRocks brokerage and soft dollar practices. The Boards received reports from BlackRock, which included information on brokerage commissions and trade execution practices throughout the year.
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74 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded) |
Conclusion
Each Board, including its Independent Board Members, unanimously approved the continuation of the Advisory Agreement between its respective Fund and the Manager for a one-year term ending June 30, 2010 and the Sub-Advisory Agreement between such Fund, the Manager and such Funds Sub-Advisor for a one-year term ending June 30, 2010. Based upon its evaluation of all these factors in their totality, each Board, including its Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of its respective Fund and its shareholders. In arriving at a decision to approve the Agreements, each Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for each Fund reflects the results of several years of review by such Funds Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. Certain aspects of the arrangements may be the subject of more attention in some years than in others, and the Board Members conclusions may be based in part on their consideration of these arrangements in prior years.
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SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
75 |
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Richard E. Cavanagh, Chairman of the Board and Director |
Karen P. Robards, Vice Chair of the Board, Chair of the Audit Committee and Director |
G. Nicholas Beckwith, III, Director |
Richard S. Davis, Director |
Kent Dixon, Director and Member of the Audit Committee |
Frank J. Fabozzi, Director and Member of the Audit Committee |
Kathleen F. Feldstein, Director |
James T. Flynn, Director and Member of the Audit Committee |
Henry Gabbay, Director |
Jerold B. Harris, Director |
R. Glenn Hubbard, Director |
W. Carl Kester, Director and Member of the Audit Committee |
Anne F. Ackerley, President and Chief Executive Officer |
Brendan Kyne, Vice President |
Neal J. Andrews, Chief Financial Officer |
Jay M. Fife, Treasurer |
Brian P. Kindelan, Chief Compliance Officer |
Howard B. Surloff, Secretary |
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Investment Advisor |
BlackRock Advisors, LLC |
Wilmington, DE 19809 |
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Sub-Advisor |
BlackRock Investment Management, LLC |
Plainsboro, NJ 08536 |
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Custodians |
State Street Bank and Trust Company1 |
Boston, MA 02101 |
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The Bank of New York Mellon2 |
New York, NY 10286 |
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Transfer Agent |
Common Shares: |
Computershare Trust Companies, N.A.1 |
Providence, RI 02940 |
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BNY Mellon Shareowner Services2 |
Jersey City, NJ 07310 |
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Auction Agent |
Preferred Shares: |
The Bank of New York Mellon |
New York, NY 10289 |
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Accounting Agent |
State Street Bank and Trust Company |
Princeton, NJ 08540 |
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Independent Registered Public Accounting Firm |
Deloitte & Touche LLP |
Princeton, NJ 08540 |
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Legal Counsel |
Skadden, Arps, Slate, Meagher & Flom LLP |
New York, NY 10036 |
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Address of the Funds |
100 Bellevue Parkway |
Wilmington, DE 19809 |
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1 |
For MEN and MUI. |
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2 |
For APX, MUA, MHD, MUH, MUS and MVT. |
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Effective July 31, 2009, Donald C. Burke, President and Chief Executive Officer of the Funds retired. The Funds Board wishes Mr. Burke well in his retirement. |
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Effective August 1, 2009, Anne F. Ackerley became President and Chief Executive Officer of the Funds, and Brendan Kyne became Vice President of the Funds. |
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76 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
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Proxy Results |
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The Annual Meeting of Shareholders was held on August 26, 2009 for shareholders of record on June 29, 2009 to elect director or trustee nominees of each Fund/Trust:
Approved the Class II Directors/Trustees as follows:
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Richard S. Davis |
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Frank J. Fabozzi |
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James T. Flynn |
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Karen P. Robards |
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Votes For |
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Votes |
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Votes For |
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Votes |
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Votes For |
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Votes |
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Votes For |
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Votes |
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APX |
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17,327,327 |
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660,298 |
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17,327,327 |
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660,298 |
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17,275,753 |
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711,872 |
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17,243,745 |
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743,880 |
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MUA |
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18,694,027 |
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803,094 |
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18,694,027 |
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803,094 |
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18,735,146 |
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761,975 |
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18,748,138 |
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748,983 |
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Approved the Directors as follows: |
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G. Nicholas Beckwith, III |
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Richard E. Cavanagh |
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Richard S. Davis |
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Votes For |
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Votes |
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Votes For |
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Votes |
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Votes For |
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Votes |
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MEN |
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25,824,182 |
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1,194,086 |
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25,797,168 |
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1,221,100 |
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25,721,162 |
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1,297,106 |
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MHD |
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12,176,125 |
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634,278 |
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12,204,329 |
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606,074 |
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12,126,599 |
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683,804 |
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MUH |
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9,598,904 |
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413,769 |
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9,595,244 |
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417,429 |
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9,506,287 |
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506,386 |
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MUS |
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10,894,261 |
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898,833 |
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10,848,014 |
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945,080 |
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10,851,219 |
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941,875 |
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MUI |
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33,801,462 |
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1,901,852 |
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33,792,030 |
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1,911,284 |
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33,789,362 |
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1,913,952 |
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MVT |
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17,862,425 |
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724,815 |
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17,812,708 |
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774,532 |
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17,871,610 |
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715,630 |
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Kent Dixon |
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Frank J. Fabozzi |
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Kathleen F. Feldstein |
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Votes For |
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Votes |
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Votes For |
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Votes |
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Votes For |
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Votes |
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MEN |
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25,719,934 |
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1,298,334 |
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4,295 |
1 |
116 |
1 |
25,785,461 |
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1,232,807 |
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MHD |
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12,153,322 |
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657,081 |
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1,788 |
1 |
1 |
1 |
12,169,245 |
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641,158 |
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MUH |
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9,580,309 |
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432,364 |
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1,086 |
1 |
17 |
1 |
9,600,617 |
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412,056 |
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MUS |
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10,795,869 |
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997,225 |
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2,620 |
1 |
1 |
1 |
10,834,677 |
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958,417 |
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MUI |
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33,641,737 |
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2,061,577 |
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6,322 |
1 |
14 |
1 |
33,770,645 |
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1,932,669 |
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MVT |
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17,840,821 |
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746,419 |
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4,314 |
1 |
85 |
1 |
17,746,355 |
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840,885 |
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James T. Flynn |
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Henry Gabbay |
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Jerrold B. Harris |
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Votes For |
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Votes |
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Votes For |
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Votes |
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Votes For |
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Votes |
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MEN |
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25,815,081 |
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1,203,187 |
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25,708,966 |
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1,309,302 |
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25,795,266 |
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1,223,002 |
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MHD |
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12,183,455 |
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626,948 |
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12,129,120 |
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681,283 |
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12,194,406 |
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615,997 |
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MUH |
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9,592,227 |
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420,446 |
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9,506,287 |
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506,386 |
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9,598,904 |
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413,769 |
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MUS |
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10,824,058 |
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969,036 |
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10,851,219 |
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941,875 |
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10,881,015 |
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912,079 |
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MUI |
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33,678,808 |
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2,024,506 |
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33,772,100 |
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1,931,214 |
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33,743,334 |
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1,959,980 |
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MVT |
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17,842,221 |
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745,019 |
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17,834,055 |
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753,185 |
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17,851,118 |
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736,122 |
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R. Glenn Hubbard |
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W. Carl Kester |
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Karen P. Robards |
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Votes For |
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Votes |
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Votes For |
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Votes |
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Votes For |
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Votes |
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MEN |
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25,807,542 |
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1,210,726 |
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4,274 |
1 |
137 |
1 |
25,837,049 |
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1,181,219 |
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MHD |
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12,204,978 |
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605,425 |
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1,788 |
1 |
1 |
1 |
12,213,546 |
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596,857 |
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MUH |
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9,594,404 |
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418,269 |
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1,086 |
1 |
17 |
1 |
9,604,467 |
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408,206 |
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MUS |
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10,843,190 |
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949,904 |
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2,620 |
1 |
1 |
1 |
10,839,511 |
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953,583 |
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MUI |
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33,760,864 |
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1,942,450 |
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6,322 |
1 |
14 |
1 |
33,797,096 |
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1,906,218 |
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MVT |
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17,807,533 |
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779,707 |
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4,314 |
1 |
85 |
1 |
17,767,856 |
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819,384 |
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1 Voted on by holders of Preferred Shares only. |
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SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
77 |
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Additional Information (continued) |
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Dividend Policy |
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The Funds dividend policy is to distribute all or a portion of their net investment income to their shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month. The Funds current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.
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General Information |
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Electronic Delivery
Electronic copies of most financial reports are available on the Funds websites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports by enrolling in the Funds electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.
Householding
The Funds will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called householding and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Funds at (800) 441-7762.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-Q. The Funds Forms N-Q are available on the Commissions website at http://www.sec.gov and may also be reviewed and copied at the SECs Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (202) 551-8090. The Funds Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 441-7762; (2) at www.blackrock.com; and (3) on the SECs website at http://www.sec.gov.
Availability of Proxy Voting Record
Information about how the Funds voted proxies relating to securities held in the Funds portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the SECs website at http://www.sec.gov.
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78 |
SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
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Additional Information (concluded) |
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BlackRock Privacy Principles |
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BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, Clients) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
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SEMI-ANNUAL REPORT |
OCTOBER 31, 2009 |
79 |
This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Certain of the Funds have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in the short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may affect the yield to Common Shareholders. Statements and other information herein are as dated and are subject to change.
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#CEMUN18-10/09 |
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Item 2 |
Code of Ethics Not Applicable to this semi-annual report |
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Item 3 |
Audit Committee Financial Expert Not Applicable to this semi-annual report |
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Item 4 |
Principal Accountant Fees and Services Not Applicable to this semi-annual report |
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Item 5 |
Audit Committee of Listed Registrants Not Applicable to this semi-annual report |
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Item 6 |
Investments |
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(a) The registrants Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form. |
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(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing. |
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Item 7 |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies Not Applicable to this semi-annual report |
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Item 8 |
Portfolio Managers of Closed-End Management Investment Companies Not Applicable to this semi-annual report |
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Item 9 |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers Not Applicable |
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Item 10 |
Submission of Matters to a Vote of Security Holders The registrants Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrants Secretary. There have been no material changes to these procedures. |
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Item 11 |
Controls and Procedures |
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11(a) |
The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants 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 13(a)-15(b) under the Securities Exchange Act of 1934, as amended. |
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11(b) |
There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. |
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Item 12 |
Exhibits attached hereto |
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12(a)(1) |
Code of Ethics Not Applicable to this semi-annual report |
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12(a)(2) |
Certifications Attached hereto |
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12(a)(3) |
Not Applicable |
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12(b) |
Certifications Attached hereto |
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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. |
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BlackRock Apex Municipal Fund, Inc. |
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By: |
/s/ Anne F. Ackerley |
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Anne F. Ackerley |
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Chief Executive Officer of |
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BlackRock Apex Municipal Fund, Inc. |
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Date: December 21, 2009 |
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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. |
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By: |
/s/ Anne F. Ackerley |
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Anne F. Ackerley |
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Chief Executive Officer (principal executive officer) of |
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BlackRock Apex Municipal Fund, Inc. |
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Date: December 21, 2009 |
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By: |
/s/ Neal J. Andrews |
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Neal J. Andrews |
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Chief Financial Officer (principal financial officer) of |
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BlackRock Apex Municipal Fund, Inc. |
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Date: December 21, 2009 |
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