UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05739
Name of Fund: BlackRock MuniEnhanced Fund, Inc. (MEN)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock MuniEnhanced Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2009
Date of reporting period: 04/30/2009
Item 1 – Report to Stockholders
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EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS |
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Annual Report |
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APRIL 30, 2009 |
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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) |
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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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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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51 |
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53 |
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55 |
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59 |
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60 |
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68 |
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77 |
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81 |
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84 |
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2 |
ANNUAL REPORT |
APRIL 30, 2009 |
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The past 12 months reveal a tale of two markets — one of investor pessimism and decided weakness, and another of optimism and some early signs of recovery. The majority of the past year was characterized by the former as the global financial crisis erupted into the worst recession in decades. Economic data were uniformly poor and daily headlines recounted the downfalls of storied financial firms, volatile swings in global financial markets, and monumental government actions that included widespread (and globally coordinated) monetary and quantitative easing by central banks and large-scale fiscal stimuli. Sentiment improved noticeably in March 2009, however, on the back of new program announcements by the Treasury and Federal Reserve Board, as well as signs of improved economic performance, such as in retail sales, consumer confidence and select areas of the housing market.
Against this backdrop, US equities contended with unprecedented levels of volatility, posting steep declines early, and then pared some of those losses in March and April. The experience in international markets was similar to that in the United States, though there was a marked divergence in regional performance. Notably, emerging economies, which lagged most developed regions through the downturn, were among the market leaders during the late-period rally.
In fixed income markets, while risk aversion remained a dominant theme overall, relatively attractive yields and distressed valuations, alongside a more favorable macro environment, eventually captured investor attention, leading to a modest recovery in non-Treasury assets. A notable example from the opposite end of the credit spectrum was the high yield sector, which generally outperformed in the first four months of 2009 after extraordinary challenges and severe underperformance last year. At the same time, the new year ushered in a return to normalcy for the tax-exempt market, which had registered one of its worst years on record in 2008.
All told, the major benchmark indexes posted mixed results for the current reporting period, reflective of a bifurcated market.
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Total Returns as of April 30, 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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(8.53 |
)% |
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(35.31 |
)% |
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Small cap US equities (Russell 2000 Index) |
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(8.40 |
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(30.74 |
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International equities (MSCI Europe, Australasia, Far East Index) |
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(2.64 |
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(42.76 |
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US Treasury securities (Merrill Lynch 10-Year US Treasury Index) |
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8.98 |
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9.30 |
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Taxable fixed income (Barclays Capital US Aggregate Bond Index) |
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7.74 |
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3.84 |
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Tax-exempt fixed income (Barclays Capital Municipal Bond Index) |
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8.20 |
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3.11 |
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High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index) |
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16.39 |
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(12.55 |
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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.
On June 16, 2009, BlackRock, Inc. announced that it received written notice from Barclays PLC (“Barclays”) in which Barclays’ Board of Directors had accepted BlackRock’s offer to acquire Barclays Global Investors (“BGI”). Barclays also notified BlackRock that its Board will recommend the transaction to Barclays’ shareholders for approval at a special meeting to be held in early August 2009. The combination of BlackRock and BGI will bring together market leaders in active and index strategies to create the preeminent asset management firm. The transaction is expected to close in the fourth quarter 2009 following approval by Barclays’ shareholders, the receipt of client consents and regulatory approvals, and satisfaction of customary closing conditions.
Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. We thank you for entrusting BlackRock with your investments and look forward to continuing to serve you in the months and years ahead.
Sincerely,
Rob Kapito
President, BlackRock
Advisors, LLC
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THIS PAGE NOT PART OF YOUR FUND REPORT |
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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 is exempt from federal income taxes in the opinion of bond counsel to the issuer. No assurance can be given that the Fund’s investment objective will be achieved.
The Fund’s year end was changed to April 30.
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Performance |
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For the 10 months ended April 30, 2009, the Fund returned (11.58)% based on market price and (10.81)% 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 (17.67)% on a market price basis and (16.21)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Factors that contributed to the Fund’s outperformance included an up-in-quality bias and a below-market duration stance, offset somewhat by a moderately below-average distribution yield. Recent efforts to lengthen duration and increase credit risk exposure have proven to be beneficial, given the sharp recovery in credit spreads and overall improved market tone.
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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 |
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APX |
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Initial Offering Date |
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July 25, 1989 |
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Yield on Closing Market Price as of April 30, 2009 ($7.72)1 |
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7.23% |
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Tax Equivalent Yield2 |
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11.12% |
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Current Monthly Distribution per Common Share3 |
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$0.0465 |
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Current Annualized Distribution per Common Share3 |
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$0.5580 |
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Leverage as of April 30, 20094 |
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5% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution is not constant and is subject to change. |
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4 |
Represents tender option bond trusts (“TOBs”) as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
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4/30/09 |
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6/30/08 |
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Change |
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High |
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Low |
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Market Price |
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$ |
7.72 |
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$ |
9.28 |
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(16.81 |
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$ |
9.70 |
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$ |
5.55 |
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Net Asset Value |
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$ |
7.67 |
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$ |
9.14 |
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(16.08 |
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$ |
9.21 |
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$ |
6.91 |
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The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:
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Sector Allocations |
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4/30/09 |
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6/30/08 |
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Corporate |
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24 |
% |
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21 |
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Health |
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22 |
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26 |
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County/City/Special District/School District |
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20 |
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23 |
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Transportation |
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11 |
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9 |
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Education |
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6 |
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5 |
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Housing |
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6 |
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7 |
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Utilities |
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6 |
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4 |
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Tobacco |
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3 |
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2 |
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State |
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2 |
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3 |
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Credit Quality Allocations5 |
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4/30/09 |
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6/30/08 |
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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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5 |
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7 |
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A/A |
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12 |
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4 |
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BBB/Baa |
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23 |
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18 |
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BB/Ba |
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10 |
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11 |
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B/B |
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5 |
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5 |
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CCC/Caa |
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3 |
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4 |
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CC/Ca |
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— |
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1 |
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Not Rated6 |
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35 |
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43 |
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5 |
Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings. |
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6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of April 30, 2009 and June 30, 2008, the market value of these securities was $8,923,111 representing 6% and $8,940,500, representing 5%, respectively, of the Fund’s long-term investments. |
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4 |
ANNUAL REPORT |
APRIL 30, 2009 |
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Fund Summary as of April 30, 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 Fund’s investment objective will be achieved.
The Fund’s year end was changed to April 30.
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Performance |
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For the 11 months ended April 30, 2009, the Fund returned (12.45)% based on market price and (11.29)% based on NAV. For the same period, the closed-end Lipper High Yield Municipal Debt Funds category posted an average return of (18.93)% on a market price basis and (17.73)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Factors contributing to the Fund’s outperformance include an up-in-quality bias and a below-market duration stance, offset somewhat by a moderately below-average distribution yield. Recent efforts to lengthen duration and increase credit risk exposure have proven to be beneficial, given the sharp recovery in credit spreads and overall improved market tone.
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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 |
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MUA |
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Initial Offering Date |
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June 25, 1993 |
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Yield on Closing Market Price as of April 30, 2009 ($10.91)1 |
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7.42% |
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Tax Equivalent Yield2 |
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11.42% |
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Current Monthly Distribution per Common Share3 |
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$0.0675 |
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Current Annualized Distribution per Common Share3 |
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$0.8100 |
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Leverage as of April 30, 20094 |
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5% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution is not constant and is subject to change. |
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4 |
Represents TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 12. |
The table below summarizes the changes in the Fund’s market price and NAV per share:
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4/30/09 |
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5/31/08 |
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Change |
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High |
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Low |
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Market Price |
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$ |
10.91 |
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$ |
13.35 |
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(18.28 |
)% |
$ |
13.55 |
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$ |
7.28 |
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Net Asset Value |
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$ |
10.59 |
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$ |
12.79 |
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(17.20 |
)% |
$ |
12.84 |
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$ |
9.54 |
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The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:
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Sector Allocations |
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4/30/09 |
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5/31/08 |
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Corporate |
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26 |
% |
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27 |
% |
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Health |
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25 |
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26 |
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County/City/Special District/School District |
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18 |
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19 |
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Transportation |
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12 |
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6 |
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Utilities |
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7 |
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7 |
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Education |
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4 |
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9 |
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Housing |
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4 |
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1 |
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State |
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2 |
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3 |
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Tobacco |
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2 |
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2 |
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Credit Quality Allocations5 |
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4/30/09 |
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5/31/08 |
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AAA/Aaa |
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9 |
% |
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12 |
% |
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AA/Aa |
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3 |
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4 |
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A/A |
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19 |
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7 |
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BBB/Baa |
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19 |
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15 |
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BB/Ba |
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9 |
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10 |
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B/B |
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5 |
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5 |
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CCC/Caa |
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3 |
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4 |
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CC/Ca |
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1 |
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— |
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Not Rated6 |
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32 |
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43 |
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5 |
Using the higher of S&P’s or Moody’s ratings. |
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6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of April 30, 2009 and May 31, 2008 the market value of these securities was $12,884,659 representing 6% and $12,388,252 representing 5%, respectively, of the Fund’s long-term investments. |
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ANNUAL REPORT |
APRIL 30, 2009 |
5 |
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Fund Summary as of April 30, 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 is exempt from federal income taxes in the opinion of the bond counsel to the issuer. No assurance can be given that the Fund’s investment objective will be achieved.
The Fund’s year end was changed to April 30.
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Performance |
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For the three months ended April 30, 2009, the Fund returned 8.48% based on market price and 8.40% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of 6.96% on a market price basis and 5.92% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. During the period, the Fund benefited from its above-average yield. Performance also was aided by our constructive market positioning during a period of declining yields, a higher-than-average exposure to the longer end of the yield curve (as it flattened) and, finally, the stabilization of credit spreads, which began to tighten toward the end of the period. The Fund is more sensitive to credit spreads, in general, since the downgrades of the monoline insurers and, in particular, because of greater-than-average exposure to weaker underlying insured bonds. The municipal market generally returned to more typical functioning after an extended period of volatility, which allowed us to continue upgrading the Fund’s overall credit quality.
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 |
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MEN |
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Initial Offering Date |
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March 2, 1989 |
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Yield on Closing Market Price as of April 30, 2009 ($8.88)1 |
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5.81% |
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Tax Equivalent Yield2 |
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8.94% |
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Current Monthly Distribution per Common Share3 |
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$0.043 |
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Current Annualized Distribution per Common Share3 |
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$0.516 |
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Leverage as of April 30, 20094 |
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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. |
|
|
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
|
|
|
3 |
The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.0505. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
|
|
|
|
|
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 Fund’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
4/30/09 |
|
1/31/09 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price |
|
$ |
8.88 |
|
$ |
8.31 |
|
6.86 |
% |
$ |
8.99 |
|
$ |
7.59 |
|
|
|
Net Asset Value |
|
$ |
9.77 |
|
$ |
9.15 |
|
6.78 |
% |
$ |
9.94 |
|
$ |
9.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
||
|
|
|
4/30/09 |
|
1/31/09 |
|
||
|
|
|
|
|
|
|
||
|
County/City/Special District/School District |
|
29 |
% |
|
26 |
% |
|
|
Transportation |
|
23 |
|
|
24 |
|
|
|
State |
|
21 |
|
|
22 |
|
|
|
Utilities |
|
12 |
|
|
14 |
|
|
|
Corporate |
|
4 |
|
|
4 |
|
|
|
Health |
|
4 |
|
|
5 |
|
|
|
Housing |
|
4 |
|
|
3 |
|
|
|
Education |
|
2 |
|
|
1 |
|
|
|
Tobacco |
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
|
1/31/09 |
|
|
|
|
|
|
|
|
|
AAA/Aaa |
|
45 |
% |
47 |
% |
|
AA/Aa |
|
33 |
|
30 |
|
|
A/A |
|
19 |
|
20 |
|
|
BBB/Baa |
|
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
||
|
6 |
ANNUAL REPORT |
APRIL 30, 2009 |
|
|
|
|
|
|
|
|
|
|
Fund Summary as of April 30, 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 Fund’s investment objective will be achieved.
|
|
|
|
|
Performance |
|
|
For the 12 months ended April 30, 2009, the Fund returned (12.97)%, based on market price and (6.24)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (9.85)% on a market price basis and (9.02)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Portfolio positioning, with respect to duration, was generally neutral, while a bias toward limiting exposure to longer-dated bonds proved to be beneficial, given a steepening yield curve environment. In general, the Fund’s credit profile consistently reflected a high level of exposure to the lower end of the ratings spectrum. While this strategy generates an above-average dividend yield, it also subjects the Fund to additional volatility during periods when credit spreads are fluctuating. Consequently, performance tended to suffer late in 2008 when spreads widened, but more recently, the strong rebound in lower-rated bonds allowed the Fund to generate a strong competitive return, while maintaining the historically attractive dividend.
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 New York Stock Exchange |
|
MHD |
|
Initial Offering Date |
|
May 2, 1997 |
|
Yield on Closing Market Price as of April 30, 2009 ($11.97)1 |
|
7.12% |
|
Tax Equivalent Yield2 |
|
10.95% |
|
Current Monthly Distribution per Common Share3 |
|
$0.071 |
|
Current Annualized Distribution per Common Share3 |
|
$0.852 |
|
Leverage as of April 30, 20094 |
|
40% |
|
|
|
|
|
|
|
|
|
|
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 Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.0835. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
|
|
|
|
|
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 Fund’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
4/30/09 |
|
4/30/08 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
11.97 |
|
$ |
14.77 |
|
(18.96 |
)% |
$ |
15.20 |
|
$ |
7.53 |
|
|
|
Net Asset Value |
|
$ |
13.27 |
|
$ |
15.20 |
|
(12.70 |
)% |
$ |
15.36 |
|
$ |
11.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
|
4/30/08 |
|
||
|
|
|
|
|
|
|
||
|
Health |
|
19 |
% |
|
19 |
% |
|
|
Corporate |
|
15 |
|
|
20 |
|
|
|
County/City/Special District/School District |
|
13 |
|
|
25 |
|
|
|
Transportation |
|
11 |
|
|
7 |
|
|
|
State |
|
10 |
|
|
8 |
|
|
|
Utilities |
|
10 |
|
|
7 |
|
|
|
Education |
|
9 |
|
|
4 |
|
|
|
Housing |
|
9 |
|
|
5 |
|
|
|
Tobacco |
|
4 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
|
4/30/08 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
29 |
% |
|
40 |
% |
|
|
AA/Aa |
|
21 |
|
|
12 |
|
|
|
A/A |
|
24 |
|
|
18 |
|
|
|
BBB/Baa |
|
10 |
|
|
8 |
|
|
|
BB/Ba |
|
2 |
|
|
1 |
|
|
|
B/B |
|
1 |
|
|
2 |
|
|
|
CCC/Caa |
|
2 |
|
|
2 |
|
|
|
Not Rated6 |
|
11 |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of April 30, 2009 and 2008, the market value of these securities was $6,532,075 representing 2% and $10,735,995 representing 3%, respectively, of the Fund’s long-term investments. |
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
APRIL 30, 2009 |
7 |
|
|
|
|
|
|
|
|
|
|
Fund Summary as of April 30, 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 Fund’s investment objective will be achieved.
The Fund’s year end was changed to April 30.
|
|
|
|
|
Performance |
|
|
For the nine months ended April 30, 2009, the Fund returned (7.99)% based on market price and (3.55)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (6.02)% on a market price basis and (7.10)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Portfolio positioning, with respect to duration, was generally neutral, while a bias toward limiting exposure to longer-dated bonds proved to be beneficial, given a steepening yield curve environment. In general, the Fund’s credit profile consistently reflected a high level of exposure to the lower end of the ratings spectrum. While this strategy generates an above-average dividend yield, it also subjects the Fund to additional volatility during periods when credit spreads are fluctuating. Consequently, performance tended to suffer late in 2008 when spreads widened, but more recently, the strong rebound in lower-rated bonds allowed the Fund to generate a strong competitive return, while maintaining the historically attractive dividend.
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 New York Stock Exchange |
|
MUH |
|
Initial Offering Date |
|
February 27, 1998 |
|
Yield on Closing Market Price as of April 30, 2009 ($11.33)1 |
|
6.67% |
|
Tax Equivalent Yield2 |
|
10.26% |
|
Current Monthly Distribution per Common Share3 |
|
$0.063 |
|
Current Annualized Distribution per Common Share3 |
|
$0.756 |
|
Leverage as of April 30, 20094 |
|
38% |
|
|
|
|
|
|
|
|
|
|
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 Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.0755. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
|
|
|
|
|
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 Fund’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
4/30/09 |
|
7/31/08 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
11.33 |
|
$ |
13.01 |
|
(12.91 |
)% |
$ |
13.15 |
|
$ |
7.08 |
|
|
|
Net Asset Value |
|
$ |
12.47 |
|
$ |
13.66 |
|
(8.71 |
)% |
$ |
13.95 |
|
$ |
10.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
|
7/31/08 |
|
||
|
|
|
|
|
|
|
||
|
Health |
|
18 |
% |
|
20 |
% |
|
|
County/City/Special District/School District |
|
16 |
|
|
25 |
|
|
|
Transportation |
|
13 |
|
|
9 |
|
|
|
Corporate |
|
11 |
|
|
14 |
|
|
|
Education |
|
11 |
|
|
5 |
|
|
|
State |
|
10 |
|
|
7 |
|
|
|
Utilities |
|
9 |
|
|
9 |
|
|
|
Housing |
|
8 |
|
|
7 |
|
|
|
Tobacco |
|
4 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
|
7/31/08 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
26 |
% |
|
37 |
% |
|
|
AA/Aa |
|
26 |
|
|
20 |
|
|
|
A/A |
|
25 |
|
|
18 |
|
|
|
BBB/Baa |
|
10 |
|
|
8 |
|
|
|
BB/Ba |
|
1 |
|
|
1 |
|
|
|
B/B |
|
2 |
|
|
1 |
|
|
|
CCC/Caa |
|
1 |
|
|
2 |
|
|
|
Not Rated6 |
|
9 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of April 30, 2009 and July 31, 2008, the market value of these securities was $4,974,331 representing 2% and $4,249,701 representing 2%, respectively, of the Fund’s long-term investments. |
|
|
|
|
|
|
||
|
8 |
ANNUAL REPORT |
APRIL 30, 2009 |
|
|
|
|
|
|
|
|
|
|
Fund Summary as of April 30, 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 Fund’s investment objective will be achieved.
|
|
|
|
|
Performance |
|
|
For the 12 months ended April 30, 2009, the Fund returned (3.97)%, based on market price and (2.52)% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of (2.77)% on a market price basis and (3.22)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Sector allocation continued to play a significant role in determining how the Fund performed during the past year. The Fund was significantly overweight in pre-refunded securities within the one- to five-year maturity range, which benefited comparative performance. Notably, according to the S&P/Investor Tools Main Municipal Bond Index, the pre-refunded sector was the best-performing sector for the past twelve months. Conversely, exposure to healthcare and housing issues detracted from results for the period. At period end, the Fund’s cash position remains elevated and will be deployed opportunistically.
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 New York Stock Exchange |
|
|
MUS |
|
|
Initial Offering Date |
|
|
May 1, 1998 |
|
|
Yield on Closing Market Price as of April 30, 2009 ($10.87)1 |
|
|
5.35% |
|
|
Tax Equivalent Yield2 |
|
|
8.23% |
|
|
Current Monthly Distribution per Common Share3 |
|
|
$0.0485 |
|
|
Current Annualized Distribution per Common Share3 |
|
|
$0.5820 |
|
|
Leverage as of April 30, 20094 |
|
|
43% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.066. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
|
|
|
|
|
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 Fund’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
4/30/09 |
|
4/30/08 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
10.87 |
|
$ |
11.97 |
|
(9.19 |
)% |
|
$ |
12.23 |
|
$ |
6.84 |
|
|
Net Asset Value |
|
$ |
12.27 |
|
$ |
13.31 |
|
(7.81 |
)% |
|
$ |
13.51 |
|
$ |
9.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
|
4/30/08 |
|
||
|
|
|
|
|
|
|
|
|
|
County/City/Special District/School District |
|
|
42% |
|
|
39% |
|
|
Transportation |
|
|
17 |
|
|
17 |
|
|
Utilities |
|
|
14 |
|
|
9 |
|
|
State |
|
|
12 |
|
|
17 |
|
|
Health |
|
|
7 |
|
|
6 |
|
|
Housing |
|
|
6 |
|
|
9 |
|
|
Corporate |
|
|
2 |
|
|
2 |
|
|
Education |
|
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
|
4/30/08 |
|
||
|
|
|
|
|
|
|
|
|
|
AAA/Aaa |
|
|
50% |
|
|
83% |
|
|
AA/Aa |
|
|
39 |
|
|
8 |
|
|
A/A |
|
|
6 |
|
|
8 |
|
|
BBB/Baa |
|
|
4 |
|
|
1 |
|
|
Not Rated |
|
|
16 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of April 30, 2009, the market value of these securities was $3,333,138 representing 1% of the Fund’s long-term investments. |
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
APRIL 30, 2009 |
9 |
|
|
|
|
|
|
|
|
|
|
Fund Summary as of April 30, 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 Fund’s investment objective will be achieved.
The Fund’s year end was changed to April 30.
|
|
|
|
|
Performance |
|
|
For the 11 months ended April 30, 2009, the Fund returned (9.21)% based on market price and (4.56)% based on NAV. For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of (2.86)% on a market price basis and (3.27)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Negatively affecting the Fund’s performance were its lower-rated holdings, which underperformed the market as credit spreads widened and liquidity became scarcer. The Fund’s underweight in tax-backed and utility credits, which were some of the better-performing sectors, also hindered results. Adding to returns were the Fund’s overweight in pre-refunded bonds, a greater-than-average distribution rate and its largely neutral duration positioning during a period of extreme volatility and historical municipal underperformance versus Treasuries. Many of the trends in place at the close of the calendar year showed signs of reversing as liquidity returned to the municipal market and credit spreads began to narrow. We seek to capitalize on opportunities in the new-issue market as anxious issuers, prohibited from issuing debt due to recent market forces, have provided many attractive values in their rush to tap the loosening credit markets. The Fund maintains a neutral to slightly long duration bias.
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 New York Stock Exchange |
|
|
MUI |
|
|
Initial Offering Date |
|
|
August 1, 2003 |
|
|
Yield on Closing Market Price as of April 30, 2009 ($11.77)1 |
|
|
5.91% |
|
|
Tax Equivalent Yield2 |
|
|
9.09% |
|
|
Current Monthly Distribution per Common Share3 |
|
|
$0.058 |
|
|
Current Annualized Distribution per Common Share3 |
|
|
$0.696 |
|
|
Leverage as of April 30, 20094 |
|
|
41% |
|
|
|
||||
|
|
|
|
|
|
1 |
Yield on closing market
price is calculated by dividing the current annualized distribution per share
by the closing market price. |
|
|
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
|
|
|
3 |
The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.0655. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
|
|
|
|
|
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 Fund’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
|
5/31/08 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price |
|
$ |
11.77 |
|
$ |
13.70 |
|
(14.09 |
)% |
|
$ |
13.78 |
|
$ |
7.82 |
|
|
Net Asset Value |
|
$ |
13.05 |
|
$ |
14.45 |
|
(9.69 |
)% |
|
$ |
14.51 |
|
$ |
11.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
5/31/08 |
|
|
|
|
|
City/County/Special/District/School District |
25% |
21% |
|
Industrial & Pollution Control |
23 |
22 |
|
Transportation |
13 |
11 |
|
Corporate |
11 |
13 |
|
Health |
10 |
14 |
|
Utilities |
7 |
7 |
|
Tobacco |
6 |
6 |
|
Housing |
3 |
3 |
|
Education |
2 |
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
5/31/08 |
|
|
|
|
|
AAA/Aaa |
36% |
47% |
|
AA/Aa |
30 |
11 |
|
A/A |
11 |
11 |
|
BBB/Baa |
12 |
14 |
|
BB/Ba |
— |
1 |
|
B/B |
1 |
1 |
|
CCC/Caa |
1 |
3 |
|
Not Rated6 |
9 |
12 |
|
|
|
|
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of April 30, 2009 and May 31, 2008, the market value of these securities was $16,548,864 representing 2% and $20,190,323 representing 2%, respectively, of the Fund’s long-term investments. |
|
|
|
|
|
|
||
|
10 |
ANNUAL REPORT |
APRIL 30, 2009 |
|
|
|
|
|
|
|
|
|
|
Fund Summary as of April 30, 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. No assurance can be given that the Fund’s investment objective will be achieved.
The Fund’s year end was changed to April 30.
|
|
|
|
|
Performance |
|
|
For the six months ended April 30, 2009, the Fund returned 24.49%, based on market price and 13.71% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.50% on a market price basis and 9.58% on a NAV basis. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance, based on price and performance based on NAV. Portfolio positioning, with respect to duration and yield curve, was generally neutral relative to the Fund’s peer group. In general, the Fund’s credit profile consistently reflected a high level of exposure to the lower end of the ratings spectrum. While this strategy generates an above-average dividend yield, it also subjects the Fund to additional volatility during periods when credit spreads are fluctuating. Consequently, performance tended to suffer late in 2008 when spreads widened, but more recently, the strong rebound in lower-rated bonds has allowed the Fund to generate a strong competitive return, while maintaining the historically attractive dividend.
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 New York Stock Exchange |
MVT |
|
Initial Offering Date |
March 29, 1993 |
|
Yield on Closing Market Price as of April 30, 2009 ($11.65)1 |
7.31% |
|
Tax Equivalent Yield2 |
11.25% |
|
Current Monthly Distribution per Common Share3 |
$0.071 |
|
Current Annualized Distribution per Common Share3 |
$0.852 |
|
Leverage as of April 30, 20094 |
45% |
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market
price is calculated by dividing the current annualized distribution per share
by the closing market price. |
|
|
|
|
|
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
|
|
|
3 |
The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.0835. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
|
|
|
|
|
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 Fund’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
4/30/09 |
|
10/31/08 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
11.65 |
|
$ |
9.75 |
|
19.49 |
% |
|
$ |
12.00 |
|
$ |
7.51 |
|
|
Net Asset Value |
|
$ |
11.95 |
|
$ |
10.95 |
|
9.13 |
% |
|
$ |
11.95 |
|
$ |
9.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following unaudited charts show the sector and credit quality allocations of the Fund’s long-term investments:
|
|
|
|
|
|
|
|
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
10/31/08 |
|
|
|
|
|
Health |
18% |
18% |
|
Corporate |
16 |
19 |
|
State |
14 |
14 |
|
County/City/Special District/School District |
13 |
14 |
|
Transportation |
13 |
11 |
|
Utilities |
11 |
11 |
|
Education |
6 |
4 |
|
Housing |
5 |
4 |
|
Tobacco |
4 |
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
4/30/09 |
10/31/08 |
|
|
|
|
|
AAA/Aaa |
26% |
29% |
|
AA/Aa |
28 |
22 |
|
A/A |
18 |
16 |
|
BBB/Baa |
12 |
14 |
|
BB/Ba |
1 |
2 |
|
B/B |
2 |
1 |
|
Not Rated6 |
13 |
16 |
|
|
|
|
|
|
|
|
|
|
5 |
Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
6 |
The investment advisor has deemed certain of these securities to be of investment grade quality. As of April 30, 2009 and October 31, 2008, the market value of these securities was $10,825,769 representing 3% and $9,997,993 representing 2%, respectively, of the Fund’s long-term investments. |
|
|
|
|
|
|
|
|
|
ANNUAL REPORT |
APRIL 30, 2009 |
11 |
|
|
|
|
|
|
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 BlackRock Apex Municipal Fund, Inc. and BlackRock MuniAssets Fund, Inc., 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 Fund’s Common Shareholders will benefit from the incremental yield.
To illustrate these concepts, assume a Fund’s 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 Fund’s total portfolio of $150 million earns 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 Fund’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental yield.
Conversely, 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 Fund’s total portfolio earns income based on lower long-term interest rates. If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental yield pickup on the Common Shares will be reduced or eliminated completely.
Furthermore, the value of the Fund’s 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 Fund’s Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Fund’s NAV positively or negatively in addition to the impact on Fund performance from leverage from Preferred Shares discussed above.
The Funds may also, from time to time, 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 Fund’s NAV per share.
The use of leverage may enhance opportunities for increased returns 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, the Funds’ net income will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders will be reduced. The Funds may be required to sell portfolio securities at inopportune times or below fair market values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Funds to incur losses. The use of leverage may limit the 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 a Fund. The Funds will incur expenses in connection with the use of leverage, all of which are borne by the holders of the Common Shares and may reduce returns on 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 April 30, 2009, the Funds had economic leverage from Preferred Shares and TOBs as a percentage of their total managed assets as follows:
|
|
|
|
|
|
|
|
Percent
of |
|
|
|
|
BlackRock Apex Municipal Fund, Inc. |
5% |
|
BlackRock MuniAssets Fund, Inc. |
5% |
|
BlackRock MuniEnhanced Fund, Inc. |
42% |
|
BlackRock MuniHoldings Fund, Inc. |
40% |
|
BlackRock MuniHoldings Fund II, Inc. |
38% |
|
BlackRock MuniHoldings Insured Fund, Inc. |
43% |
|
BlackRock Muni Intermediate Duration Fund, Inc. |
41% |
|
BlackRock MuniVest Fund II, Inc. |
45% |
|
|
|
|
|
|
|
|
|
The Funds may invest in various derivative instruments, including swap agreements and futures, and other instruments specified in 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, possible default of the other party to the transaction and illiquidity of the derivative instrument. The Funds’ ability to successfully use a derivative instrument depends on the Advisor’s 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 prices other than current market 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.
|
|
|
|
|
|
||
|
12 |
ANNUAL REPORT |
APRIL 30, 2009 |
|
|
|
|
|
|
|
|
|
|
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Alabama — 0.6% |
|
|
|
|
|
|
|
|
Jefferson County, Alabama, Limited Obligation School |
|
$ |
475 |
|
$ |
435,618 |
|
|
Tuscaloosa, Alabama, Special Care Facilities Financing |
|
|
1,255 |
|
|
535,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
970,737 |
|
|
|
|
|
|
|
|
|
|
|
Alaska — 1.1% |
|
|
|
|
|
|
|
|
Alaska Industrial Development and Expert Authority |
|
|
2,000 |
|
|
1,650,040 |
|
|
|
|
|
|
|
|
|
|
|
Arizona — 3.9% |
|
|
|
|
|
|
|
|
Maricopa County, Arizona, IDA, Education Revenue |
|
|
1,100 |
|
|
826,221 |
|
|
Maricopa County, Arizona, IDA, M/F Housing Revenue |
|
|
|
|
|
|
|
|
6%, 11/01/10 |
|
|
15 |
|
|
14,750 |
|
|
6.75%, 5/01/31 |
|
|
1,020 |
|
|
717,335 |
|
|
Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding |
|
|
2,950 |
|
|
1,814,221 |
|
|
Pima County, Arizona, IDA, Education Revenue Bonds |
|
|
960 |
|
|
714,403 |
|
|
Salt Verde Financial Corp., Arizona, Senior Gas |
|
|
|
|
|
|
|
|
5%, 12/01/32 |
|
|
1,950 |
|
|
1,354,061 |
|
|
5%, 12/01/37 |
|
|
230 |
|
|
154,960 |
|
|
Yavapai County, Arizona, IDA, Hospital Facility Revenue |
|
|
500 |
|
|
394,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,990,416 |
|
|
|
|
|
|
|
|
|
|
|
California — 2.6% |
|
|
|
|
|
|
|
|
Fontana, California, Special Tax, Refunding (Community |
|
|
1,000 |
|
|
748,840 |
|
|
San Jose, California, Airport Revenue Refunding Bonds, |
|
|
2,220 |
|
|
2,028,791 |
|
|
Southern California Public Power Authority, Natural Gas |
|
|
1,435 |
|
|
1,147,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,925,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Colorado — 4.1% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Revenue Refunding |
|
$ |
450 |
|
$ |
346,657 |
|
|
Elk Valley, Colorado, Public Improvement Revenue Bonds |
|
|
2,800 |
|
|
2,457,308 |
|
|
North Range Metropolitan District Number 1, Colorado, |
|
|
1,235 |
|
|
1,403,429 |
|
|
Plaza Metropolitan District Number 1, Colorado, Tax |
|
|
|
|
|
|
|
|
8%, 12/01/25 |
|
|
2,000 |
|
|
1,696,020 |
|
|
8.125%, 12/01/25 |
|
|
500 |
|
|
384,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,287,664 |
|
|
|
|
|
|
|
|
|
|
|
Connecticut — 0.9% |
|
|
|
|
|
|
|
|
Connecticut State Development Authority, Airport Facility |
|
|
490 |
|
|
433,106 |
|
|
Mashantucket Western Pequot Tribe, Connecticut, Revenue |
|
|
615 |
|
|
292,746 |
|
|
Mohegan Tribe Indians Gaming Authority, Connecticut, |
|
|
1,500 |
|
|
712,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,438,382 |
|
|
|
|
|
|
|
|
|
|
|
Florida — 10.2% |
|
|
|
|
|
|
|
|
Capital Region Community Development District, Florida, |
|
|
645 |
|
|
455,086 |
|
|
Halifax Hospital Medical Center, Florida, Hospital |
|
|
840 |
|
|
599,659 |
|
|
Hillsborough County, Florida, IDA, Exempt Facilities |
|
|
|
|
|
|
|
|
Series A, 7.125%, 4/01/30 |
|
|
2,500 |
|
|
1,284,175 |
|
|
Series B, 7.125%, 4/01/30 |
|
|
1,060 |
|
|
544,490 |
|
|
Jacksonville, Florida, Economic Development |
|
|
915 |
|
|
784,127 |
|
|
Jacksonville, Florida, Economic Development |
|
|
900 |
|
|
459,603 |
|
|
Lakewood Ranch, Florida, Community Development |
|
|
725 |
|
|
796,702 |
|
|
Lee County, Florida, IDA, IDR (Lee Charter Foundation), |
|
|
1,810 |
|
|
1,024,351 |
|
|
Midtown Miami, Florida, Community Development District, |
|
|
|
|
|
|
|
|
6%, 5/01/24 |
|
|
1,430 |
|
|
1,019,762 |
|
|
6.25%, 5/01/37 |
|
|
1,350 |
|
|
862,839 |
|
|
|
|
|
|
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.
|
|
|
|
AMT |
Alternative Minimum Tax (subject to) |
|
CABS |
Capital Appreciation Bonds |
|
COP |
Certificates of Participation |
|
EDA |
Economic Development Authority |
|
EDR |
Economic Development Revenue Bonds |
|
GO |
General Obligation Bonds |
|
HDA |
Housing Development Authority |
|
HFA |
Housing Finance Agency |
|
IDA |
Industrial Development Authority |
|
IDB |
Industrial Development Bonds |
|
IDR |
Industrial Development Revenue Bonds |
|
M/F |
Multi-Family |
|
PCR |
Pollution Control Revenue Bonds |
|
S/F |
Single-Family |
|
VRDN |
Variable Rate Demand Notes |
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
ANNUAL REPORT |
APRIL 30, 2009 |
13 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Florida (concluded) |
|
|
|
|
|
|
|
|
Orlando, Florida, Urban Community Development District, |
|
$ |
1,405 |
|
$ |
1,551,120 |
|
|
Santa Rosa Bay Bridge Authority, Florida, Revenue |
|
|
2,140 |
|
|
1,223,973 |
|
|
Sarasota County, Florida, Health Facilities Authority, |
|
|
|
|
|
|
|
|
5.50%, 1/01/27 |
|
|
590 |
|
|
406,528 |
|
|
5.50%, 1/01/32 |
|
|
550 |
|
|
353,447 |
|
|
Sumter Landing Community Development District, |
|
|
1,645 |
|
|
1,021,068 |
|
|
Tampa Palms, Florida, Open Space and Transportation |
|
|
2,075 |
|
|
1,954,920 |
|
|
Tolomato Community Development District, Florida, |
|
|
1,850 |
|
|
1,244,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,585,994 |
|
|
|
|
|
|
|
|
|
|
|
Georgia — 2.0% |
|
|
|
|
|
|
|
|
Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes |
|
|
395 |
|
|
263,311 |
|
|
Clayton County, Georgia, Tax Allocation Bonds |
|
|
1,640 |
|
|
1,386,292 |
|
|
Main Street Natural Gas, Inc., Georgia, Gas Project |
|
|
650 |
|
|
242,131 |
|
|
Rockdale County, Georgia, Development Authority |
|
|
1,680 |
|
|
1,115,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,007,069 |
|
|
|
|
|
|
|
|
|
|
|
Illinois — 5.1% |
|
|
|
|
|
|
|
|
Chicago, Illinois, O’Hare International Airport, Special |
|
|
2,860 |
|
|
1,086,800 |
|
|
Illinois State Finance Authority Revenue Bonds: |
|
|
|
|
|
|
|
|
(Clare At Water Tower Project), Series A, |
|
|
2,050 |
|
|
1,019,998 |
|
|
(Landing At Plymouth Place Project), Series A, |
|
|
430 |
|
|
273,243 |
|
|
(Monarch Landing, Inc. Project), Series A, |
|
|
575 |
|
|
348,341 |
|
|
(Primary Health Care Centers Program), |
|
|
490 |
|
|
367,206 |
|
|
(Rush University Medical Center Obligated Group |
|
|
2,000 |
|
|
2,105,100 |
|
|
Lincolnshire, Illinois, Special Service Area Number 1, |
|
|
755 |
|
|
481,109 |
|
|
Lombard, Illinois, Public Facilities Corporation, First Tier |
|
|
2,400 |
|
|
1,597,728 |
|
|
Village of Wheeling, Illinois, Revenue Bonds (North |
|
|
760 |
|
|
583,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,862,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Indiana — 1.7% |
|
|
|
|
|
|
|
|
Indiana Health and Educational Facilities Financing |
|
$ |
1,770 |
|
$ |
1,372,069 |
|
|
Vanderburgh County, Indiana, Redevelopment |
|
|
820 |
|
|
656,927 |
|
|
Vigo County, Indiana, Hospital Authority Revenue Bonds |
|
|
|
|
|
|
|
|
5.70%, 9/01/37 |
|
|
440 |
|
|
289,379 |
|
|
5.75%, 9/01/42 |
|
|
545 |
|
|
353,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,671,824 |
|
|
|
|
|
|
|
|
|
|
|
Louisiana — 2.7% |
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities |
|
|
2,000 |
|
|
1,392,100 |
|
|
Louisiana Public Facilities Authority, Hospital Revenue |
|
|
1,300 |
|
|
1,106,651 |
|
|
Saint John Baptist Parish, Louisiana, Revenue Bonds |
|
|
2,050 |
|
|
1,568,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,066,796 |
|
|
|
|
|
|
|
|
|
|
|
Maryland — 1.0% |
|
|
|
|
|
|
|
|
Baltimore, Maryland, Convention Center Hotel Revenue |
|
|
385 |
|
|
230,992 |
|
|
Maryland State Energy Financing Administration, |
|
|
1,500 |
|
|
1,138,815 |
|
|
Maryland State Health and Higher Educational Facilities |
|
|
410 |
|
|
209,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,579,764 |
|
|
|
|
|
|
|
|
|
|
|
Massachusetts — 2.8% |
|
|
|
|
|
|
|
|
Massachusetts State Development Finance Agency, |
|
|
1,845 |
|
|
1,231,556 |
|
|
Massachusetts State Development Finance Agency, |
|
|
1,245 |
|
|
1,030,860 |
|
|
Massachusetts State Health and Educational Facilities |
|
|
850 |
|
|
616,981 |
|
|
Massachusetts State Health and Educational Facilities |
|
|
|
|
|
|
|
|
(Bay Cove Human Services Issue), Series A, |
|
|
820 |
|
|
578,535 |
|
|
(Milton Hospital), Series, 5.50%, 7/01/16 |
|
|
500 |
|
|
369,775 |
|
|
Massachusetts State Industrial Finance Agency |
|
|
500 |
|
|
501,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,328,957 |
|
|
|
|
|
|
|
|
|
|
|
Michigan — 2.6% |
|
|
|
|
|
|
|
|
Advanced Technology Academy, Michigan, Revenue |
|
|
625 |
|
|
438,369 |
|
|
Monroe County, Michigan, Hospital Financing Authority, |
|
|
1,260 |
|
|
734,366 |
|
|
Royal Oak, Michigan, Hospital Finance Authority, Hospital |
|
|
2,575 |
|
|
2,865,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,038,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
||
|
14 |
ANNUAL REPORT |
APRIL 30, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Missouri — 0.5% |
|
|
|
|
|
|
|
|
Kansas City, Missouri, IDA, First Mortgage Health |
|
$ |
1,000 |
|
$ |
694,750 |
|
|
|
|
|
|
|
|
|
|
|
Nevada — 0.7% |
|
|
|
|
|
|
|
|
Clark County, Nevada, IDR (Nevada Power Company |
|
|
955 |
|
|
729,782 |
|
|
Clark County, Nevada, Improvement District Number 142, |
|
|
400 |
|
|
291,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,021,634 |
|
|
|
|
|
|
|
|
|
|
|
New Hampshire — 0.4% |
|
|
|
|
|
|
|
|
New Hampshire Health and Education Facilities Authority, |
|
|
835 |
|
|
574,756 |
|
|
|
|
|
|
|
|
|
|
|
New Jersey — 10.4% |
|
|
|
|
|
|
|
|
Camden County, New Jersey, Pollution Control Financing |
|
|
6,000 |
|
|
5,973,000 |
|
|
New Jersey EDA, Cigarette Tax Revenue Bonds, |
|
|
2,170 |
|
|
1,690,734 |
|
|
New Jersey EDA, IDR, Refunding (Newark Airport |
|
|
1,500 |
|
|
1,350,240 |
|
|
New Jersey EDA, Special Facility Revenue Bonds |
|
|
|
|
|
|
|
|
6.625%, 9/15/12 |
|
|
3,050 |
|
|
2,661,155 |
|
|
6.25%, 9/15/29 |
|
|
1,000 |
|
|
639,500 |
|
|
New Jersey Health Care Facilities Financing Authority |
|
|
1,870 |
|
|
48,433 |
|
|
New Jersey Health Care Facilities Financing Authority, |
|
|
1,680 |
|
|
1,302,437 |
|
|
New Jersey State Transportation Trust Fund Authority, |
|
|
2,760 |
|
|
529,258 |
|
|
New Jersey State Educational Facilities Authority, |
|
|
|
|
|
|
|
|
7.125%, 12/01/23 |
|
|
670 |
|
|
696,056 |
|
|
7.50%, 12/01/32 |
|
|
1,065 |
|
|
1,085,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,976,059 |
|
|
|
|
|
|
|
|
|
|
|
New Mexico — 3.3% |
|
|
|
|
|
|
|
|
Farmington, New Mexico, PCR, Refunding (Tucson |
|
|
5,000 |
|
|
5,001,050 |
|
|
|
|
|
|
|
|
|
|
|
New York — 4.9% |
|
|
|
|
|
|
|
|
Dutchess County, New York, IDA, Civic Facility Revenue |
|
|
1,000 |
|
|
896,860 |
|
|
Metropolitan Transportation Authority, New York, Revenue |
|
|
2,000 |
|
|
2,207,020 |
|
|
New York City, New York, City IDA, Civic Facility |
|
|
|
|
|
|
|
|
Series C, 6.80%, 6/01/28 |
|
|
350 |
|
|
343,381 |
|
|
(Special Needs Facility Pooled Program), |
|
|
830 |
|
|
652,778 |
|
|
New York City, New York, City IDA, Special Facility |
|
|
|
|
|
|
|
|
(American Airlines, Inc. — JFK International Airport), |
|
|
720 |
|
|
560,160 |
|
|
(British Airways Plc Project), AMT, 7.625%, 12/01/32 |
|
|
1,730 |
|
|
1,163,494 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
New York (concluded) |
|
|
|
|
|
|
|
|
New York Liberty Development Corporation Revenue |
|
$ |
630 |
|
$ |
630 |
|
|
New York State Dormitory Authority, Non-State |
|
|
2,040 |
|
|
1,734,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,558,609 |
|
|
|
|
|
|
|
|
|
|
|
North Carolina — 1.7% |
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, Health |
|
|
3,230 |
|
|
2,596,500 |
|
|
|
|
|
|
|
|
|
|
|
Ohio — 3.2% |
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, |
|
|
|
|
|
|
|
|
5.125%, 6/01/24 |
|
|
4,025 |
|
|
3,159,786 |
|
|
6.50%, 6/01/47 |
|
|
2,685 |
|
|
1,658,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,818,310 |
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania — 7.9% |
|
|
|
|
|
|
|
|
Bucks County, Pennsylvania, IDA, Retirement Community |
|
|
1,160 |
|
|
846,208 |
|
|
Chester County, Pennsylvania, Health and Education |
|
|
1,750 |
|
|
2,107,490 |
|
|
Harrisburg, Pennsylvania, Authority, University Revenue |
|
|
600 |
|
|
445,566 |
|
|
Lancaster County, Pennsylvania, Hospital Authority |
|
|
|
|
|
|
|
|
6.25%, 7/01/26 |
|
|
475 |
|
|
402,748 |
|
|
6.50%, 7/01/40 |
|
|
410 |
|
|
323,966 |
|
|
Montgomery County, Pennsylvania, IDA, Revenue Bonds |
|
|
1,700 |
|
|
1,039,924 |
|
|
Pennsylvania Economic Development Financing |
|
|
1,940 |
|
|
1,784,742 |
|
|
Philadelphia, Pennsylvania, Authority for IDR: |
|
|
|
|
|
|
|
|
(Air Cargo), AMT, Series A, 7.50%, 1/01/25 |
|
|
1,600 |
|
|
1,333,024 |
|
|
Commercial Development, 7.75%, 12/01/17 |
|
|
4,460 |
|
|
3,805,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,089,208 |
|
|
|
|
|
|
|
|
|
|
|
Rhode Island — 0.8% |
|
|
|
|
|
|
|
|
Central Falls, Rhode Island, Detention Facility |
|
|
1,750 |
|
|
1,198,785 |
|
|
|
|
|
|
|
|
|
|
|
South Carolina — 2.8% |
|
|
|
|
|
|
|
|
Connector 2000 Association, Inc., South Carolina, |
|
|
1,075 |
|
|
587,681 |
|
|
South Carolina Housing Finance and Development |
|
|
4,000 |
|
|
3,661,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,249,281 |
|
|
|
|
|
|
|
|
|
|
|
Tennessee — 1.0% |
|
|
|
|
|
|
|
|
Shelby County, Tennessee, Health, Educational and |
|
|
|
|
|
|
|
|
6.25%, 12/01/34 |
|
|
245 |
|
|
160,032 |
|
|
Series A, 7.25%, 12/01/34 |
|
|
1,800 |
|
|
1,341,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,501,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
ANNUAL REPORT |
APRIL 30, 2009 |
15 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Texas — 5.7% |
|
|
|
|
|
|
|
|
Brazos River Authority, Texas, PCR, Refunding (TXU |
|
|
|
|
|
|
|
|
Series A, 7.70%, 4/01/33 |
|
$ |
2,530 |
|
$ |
1,037,730 |
|
|
Series C, 5.75%, 5/01/36 (m) |
|
|
1,475 |
|
|
870,250 |
|
|
Danbury, Texas, Higher Education Authority Revenue |
|
|
1,000 |
|
|
698,570 |
|
|
Harris County, Texas, Health Facilities Development |
|
|
1,110 |
|
|
1,176,744 |
|
|
Houston, Texas, Airport System, Special Facilities |
|
|
1,865 |
|
|
1,379,988 |
|
|
North Texas Tollway Authority, System Revenue Refunding |
|
|
2,250 |
|
|
2,255,243 |
|
|
Texas State Public Financing Authority, Charter School |
|
|
2,250 |
|
|
1,377,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,795,570 |
|
|
|
|
|
|
|
|
|
|
|
Utah — 1.5% |
|
|
|
|
|
|
|
|
Carbon County, Utah, Solid Waste Disposal, Revenue |
|
|
2,240 |
|
|
2,241,232 |
|
|
|
|
|
|
|
|
|
|
|
Virginia — 1.9% |
|
|
|
|
|
|
|
|
Dulles Town Center, Virginia, Community Development |
|
|
2,385 |
|
|
1,716,222 |
|
|
King George County, Virginia, IDA, Solid Waste Disposal |
|
|
500 |
|
|
500,000 |
|
|
Tobacco Settlement Financing Corporation of Virginia, |
|
|
1,250 |
|
|
667,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,883,997 |
|
|
|
|
|
|
|
|
|
|
|
West Virginia — 0.5% |
|
|
|
|
|
|
|
|
Princeton, West Virginia, Hospital Revenue Refunding |
|
|
795 |
|
|
740,105 |
|
|
|
|
|
|
|
|
|
|
|
Wisconsin — 0.7% |
|
|
|
|
|
|
|
|
Wisconsin State Health and Educational Facilities |
|
|
1,320 |
|
|
995,676 |
|
|
|
|
|
|
|
|
|
|
|
Wyoming — 1.8% |
|
|
|
|
|
|
|
|
Sweetwater County, Wyoming, Solid Waste Disposal, |
|
|
2,500 |
|
|
1,849,900 |
|
|
Wyoming Municipal Power Agency, Power Supply |
|
|
1,000 |
|
|
957,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,807,590 |
|
|
|
|
|
|
|
|
|
|
|
Guam — 0.8% |
|
|
|
|
|
|
|
|
Guam Government Waterworks Authority, Water and |
|
|
1,600 |
|
|
1,268,000 |
|
|
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands — 1.1% |
|
|
|
|
|
|
|
|
Virgin Islands Government Refinery Facilities, Revenue |
|
|
2,100 |
|
|
1,647,009 |
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds — 92.9% |
|
|
|
|
|
142,063,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
District of Columbia — 1.9% |
|
|
|
|
|
|
|
|
District of Columbia, Water and Sewer Authority, Public |
|
$ |
2,730 |
|
$ |
2,946,171 |
|
|
|
|
|
|
|
|
|
|
|
Florida — 3.7% |
|
|
|
|
|
|
|
|
Miami-Dade County, Florida, Aviation Revenue |
|
|
6,130 |
|
|
5,617,593 |
|
|
|
|
|
|
|
|
|
|
|
Virginia — 3.7% |
|
|
|
|
|
|
|
|
Virginia State, HDA, Commonwealth Mortgage Revenue |
|
|
5,710 |
|
|
5,725,189 |
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
14,288,953 |
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments |
|
|
|
|
|
156,352,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Short-Term Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi — 0.7% |
|
|
|
|
|
|
|
|
Mississippi Business
Finance Corporation, Solid Waste |
|
|
1,000 |
|
|
1,004,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund — 0.0% |
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.72% (k)(l) |
|
|
100,006 |
|
|
100,006 |
|
|
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
1,104,986 |
|
|
|
|
|
|
|
|
|
|
|
Total
Investments |
|
|
|
|
|
157,456,987 |
|
|
Other Assets Less Liabilities — 1.8% |
|
|
|
|
|
2,797,170 |
|
|
Liability
for Trust Certificates, Including |
|
|
|
|
|
(7,293,611 |
) |
|
|
|
|
|
|
|
|
|
|
Net Assets — 100.0% |
|
|
|
|
$ |
152,960,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
183,184,165 |
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
2,951,969 |
|
|
Gross unrealized depreciation |
|
|
(35,964,593 |
) |
|
|
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(33,012,624 |
) |
|
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
|
|
|
(b) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
|
|
(c) |
AMBAC Insured. |
|
|
|
|
(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) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
|
|
(f) |
ACA Insured. |
|
|
|
|
(g) |
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. |
|
|
|
|
(h) |
Assured Guaranty Insured. |
|
|
|
|
(i) |
NPFGC Insured. |
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
||
|
16 |
ANNUAL REPORT |
APRIL 30, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Apex Municipal Fund, Inc. (APX) |
|
|
|
|
(j) |
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 recovered through demand. |
|
|
|
|
(k) |
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 |
|
$ |
(4,405,068 |
) |
$ |
31,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(l) |
Represents the current yield as of report date. |
|
|
|
|
|
|
(m) |
Variable rate security. Rate shown is as of report date. |
|
|
|
|
|
|
• |
Effective July 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of 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 securities |
|
|
|
|
|
|
• |
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 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 circumstance, to the extent observable inputs are not available (including the Fund’s 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 Fund’s 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 April 30, 2009 in determining the fair valuation of the Fund’s investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments
in |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Level 1 |
|
$ |
100,006 |
|
|
Level 2 |
|
|
157,356,981 |
|
|
Level 3 |
|
|
— |
|
|
|
|
|
|
|
|
Total |
|
$ |
157,456,987 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
ANNUAL REPORT |
APRIL 30, 2009 |
17 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2009 |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Alabama — 0.6% |
|
|
|
|
|
|
|
|
Jefferson County, Alabama, Limited Obligation School |
|
$ |
685 |
|
$ |
628,207 |
|
|
Tuscaloosa, Alabama, Special Care Facilities Financing |
|
|
1,820 |
|
|
776,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,404,237 |
|
|
|
|
|
|
|
|
|
|
|
Alaska — 0.3% |
|
|
|
|
|
|
|
|
Alaska Industrial Development and Export Authority |
|
|
590 |
|
|
555,225 |
|
|
|
|
|
|
|
|
|
|
|
Arizona — 7.5% |
|
|
|
|
|
|
|
|
Coconino County, Arizona, Pollution Control |
|
|
|
|
|
|
|
|
AMT, Series A, 7.125%, 10/01/32 |
|
|
3,000 |
|
|
2,780,340 |
|
|
Series B, 7%, 10/01/32 |
|
|
2,500 |
|
|
2,343,275 |
|
|
Maricopa County, Arizona, IDA, Education Revenue |
|
|
1,625 |
|
|
1,220,554 |
|
|
Maricopa County, Arizona, IDA, M/F Housing Revenue |
|
|
1,615 |
|
|
1,135,781 |
|
|
Phoenix, Arizona, IDA, Airport Facility, Revenue |
|
|
4,800 |
|
|
2,951,952 |
|
|
Pima County, Arizona, IDA, Education Revenue Bonds |
|
|
1,375 |
|
|
1,023,234 |
|
|
Pima County, Arizona, IDA, Education Revenue |
|
|
|
|
|
|
|
|
Series A, 6.75%, 7/01/11 (c) |
|
|
415 |
|
|
463,787 |
|
|
Series A, 6.75%, 7/01/31 |
|
|
675 |
|
|
474,167 |
|
|
Series O, 5.25%, 7/01/31 |
|
|
500 |
|
|
284,580 |
|
|
Salt Verde Financial Corporation, Arizona, Senior Gas |
|
|
|
|
|
|
|
|
5%, 12/01/32 |
|
|
2,840 |
|
|
1,972,068 |
|
|
5%, 12/01/37 |
|
|
1,850 |
|
|
1,246,419 |
|
|
Show Low, Arizona, Improvement District Number 5, |
|
|
865 |
|
|
814,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,710,312 |
|
|
|
|
|
|
|
|
|
|
|
California — 3.8% |
|
|
|
|
|
|
|
|
California State, Various Purpose, GO, 5.25%, 11/01/25 |
|
|
1,900 |
|
|
1,906,194 |
|
|
Fontana, California, Special Tax, Refunding (Community |
|
|
1,320 |
|
|
988,469 |
|
|
San Jose, California, Airport Revenue Refunding Bonds, |
|
|
4,290 |
|
|
3,920,502 |
|
|
Southern California Public Power Authority, Natural Gas |
|
|
2,085 |
|
|
1,667,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,482,477 |
|
|
|
|
|
|
|
|
|
|
|
Colorado — 4.7% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Revenue Refunding |
|
|
650 |
|
|
500,728 |
|
|
Denver, Colorado, City and County Airport Revenue |
|
|
1,540 |
|
|
1,657,302 |
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
|||
|
|
|
|
|
|
|
|||
|
Colorado (concluded) |
|
|
|
|
|
|
|
|
|
Elk Valley, Colorado, Public Improvement Revenue Bonds |
|
|
|
|
|
|
|
|
|
Series A, 7.10%, 9/01/14 |
|
$ |
1,410 |
|
$ |
1,389,851 |
|
|
|
Series A, 7.30%, 9/01/22 |
|
|
2,095 |
|
|
1,838,593 |
|
|
|
Series B, 7.45%, 9/01/31 |
|
|
260 |
|
|
208,832 |
|
|
|
North Range Metropolitan District Number 1, Colorado, |
|
|
1,760 |
|
|
2,000,029 |
|
|
|
Plaza Metropolitan District Number 1, Colorado, Tax |
|
|
|
|
|
|
|
|
|
8%, 12/01/25 |
|
|
2,850 |
|
|
2,416,829 |
|
|
|
8.125%, 12/01/25 |
|
|
525 |
|
|
403,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,415,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut — 1.8% |
|
|
|
|
|
|
|
|
|
Connecticut State Development Authority, Airport |
|
|
680 |
|
|
601,045 |
|
|
|
Connecticut State Development Authority, IDR (AFCO |
|
|
3,490 |
|
|
3,010,579 |
|
|
|
Mashantucket Western Pequot Tribe, Connecticut, |
|
|
885 |
|
|
421,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,032,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida — 10.0% |
|
|
|
|
|
|
|
|
|
Capital Region Community Development District, |
|
|
945 |
|
|
666,754 |
|
|
|
Greater Orlando Aviation Authority, Florida, Airport |
|
|
1,180 |
|
|
743,553 |
|
|
|
Halifax Hospital Medical Center, Florida, Hospital |
|
|
1,160 |
|
|
828,101 |
|
|
|
Harbor Bay, Florida, Community Development District, |
|
|
455 |
|
|
419,451 |
|
|
|
Hillsborough County, Florida, IDA, Exempt Facilities |
|
|
|
|
|
|
|
|
|
Series A, 7.125%, 4/01/30 |
|
|
2,000 |
|
|
1,027,340 |
|
|
|
Series B, 7.125%, 4/01/30 |
|
|
1,540 |
|
|
791,052 |
|
|
|
Hillsborough County, Florida, IDA, Hospital Revenue |
|
|
4,170 |
|
|
3,078,794 |
|
|
|
Jacksonville, Florida, Economic Development |
|
|
920 |
|
|
788,412 |
|
|
|
Jacksonville, Florida, Economic Development |
|
|
1,300 |
|
|
663,871 |
|
|
|
Lee County, Florida, IDA, IDR (Lee Charter Foundation), |
|
|
2,620 |
|
|
1,482,763 |
|
|
|
Midtown Miami, Florida, Community Development |
|
|
3,255 |
|
|
2,080,401 |
|
|
|
Orlando, Florida, Urban Community Development District, |
|
|
2,245 |
|
|
2,478,480 |
|
|
|
Santa Rosa Bay Bridge Authority, Florida, Revenue |
|
|
3,040 |
|
|
1,738,728 |
|
|
|
Sarasota County, Florida, Health Facilities Authority, |
|
|
|
|
|
|
|
|
|
5.50%, 1/01/27 |
|
|
860 |
|
|
592,566 |
|
|
|
5.50%, 1/01/32 |
|
|
795 |
|
|
510,891 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
18 |
ANNUAL REPORT |
APRIL 30, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Florida (concluded) |
|
|
|
|
|
|
|
|
Sumter Landing Community Development District, Florida, |
|
$ |
2,405 |
|
$ |
1,492,808 |
|
|
Tolomato Community Development District, Florida, |
|
|
2,680 |
|
|
1,802,327 |
|
|
Waterchase, Florida, Community Development District, |
|
|
870 |
|
|
956,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,142,448 |
|
|
|
|
|
|
|
|
|
|
|
Georgia — 2.0% |
|
|
|
|
|
|
|
|
Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes |
|
|
640 |
|
|
426,630 |
|
|
Clayton County, Georgia, Tax Allocation Bonds |
|
|
2,375 |
|
|
2,007,588 |
|
|
Main Street Natural Gas, Inc., Georgia, Gas Project |
|
|
940 |
|
|
350,159 |
|
|
Rockdale County, Georgia, Development Authority |
|
|
2,435 |
|
|
1,616,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,400,949 |
|
|
|
|
|
|
|
|
|
|
|
Guam — 0.8% |
|
|
|
|
|
|
|
|
Guam Government Waterworks Authority, Water and |
|
|
2,305 |
|
|
1,826,712 |
|
|
|
|
|
|
|
|
|
|
|
Illinois — 3.9% |
|
|
|
|
|
|
|
|
Chicago, Illinois, O’Hare International Airport, Special |
|
|
4,140 |
|
|
1,573,200 |
|
|
Illinois State Finance Authority Revenue Bonds: |
|
|
|
|
|
|
|
|
(Clare At Water Tower Project), Series A, |
|
|
2,950 |
|
|
1,467,802 |
|
|
(Landing At Plymouth Place Project), Series A, |
|
|
600 |
|
|
381,270 |
|
|
(Monarch Landing, Inc. Project), Series A, |
|
|
820 |
|
|
496,764 |
|
|
(Primary Health Care Centers Program), |
|
|
685 |
|
|
513,339 |
|
|
(Rush University Medical Center Obligated Group |
|
|
1,170 |
|
|
1,231,483 |
|
|
Lincolnshire, Illinois, Special Service Area Number 1, |
|
|
1,070 |
|
|
681,836 |
|
|
Lombard, Illinois, Public Facilities Corporation, First Tier |
|
|
2,600 |
|
|
1,730,872 |
|
|
Village of Wheeling, Illinois, Revenue Bonds (North |
|
|
825 |
|
|
633,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,709,927 |
|
|
|
|
|
|
|
|
|
|
|
Indiana — 0.8% |
|
|
|
|
|
|
|
|
Vanderburgh County, Indiana, Redevelopment |
|
|
1,200 |
|
|
961,356 |
|
|
Vigo County, Indiana, Hospital Authority Revenue Bonds |
|
|
|
|
|
|
|
|
5.70%, 9/01/37 |
|
|
615 |
|
|
404,473 |
|
|
5.75%, 9/01/42 |
|
|
765 |
|
|
496,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,861,954 |
|
|
|
|
|
|
|
|
|
|
|
Iowa — 1.1% |
|
|
|
|
|
|
|
|
Iowa Finance Authority, Health Care Facilities, Revenue |
|
|
2,165 |
|
|
2,544,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Louisiana — 2.7% |
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities |
|
$ |
3,000 |
|
$ |
2,088,150 |
|
|
Louisiana Public Facilities Authority, Hospital Revenue |
|
|
1,870 |
|
|
1,591,875 |
|
|
Saint John Baptist Parish, Louisiana, Revenue |
|
|
2,950 |
|
|
2,256,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,936,480 |
|
|
|
|
|
|
|
|
|
|
|
Maryland — 1.4% |
|
|
|
|
|
|
|
|
Maryland State Economic Development Corporation |
|
|
1,765 |
|
|
1,646,286 |
|
|
Maryland State Energy Financing Administration, |
|
|
1,500 |
|
|
1,138,815 |
|
|
Maryland State Health and Higher Educational Facilities |
|
|
590 |
|
|
302,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,087,234 |
|
|
|
|
|
|
|
|
|
|
|
Massachusetts — 1.7% |
|
|
|
|
|
|
|
|
Massachusetts State Health and Educational Facilities |
|
|
1,150 |
|
|
834,739 |
|
|
Massachusetts State Health and Educational Facilities |
|
|
1,930 |
|
|
1,361,673 |
|
|
Massachusetts State Port Authority, Special Facilities |
|
|
2,400 |
|
|
1,510,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,707,044 |
|
|
|
|
|
|
|
|
|
|
|
Michigan — 2.6% |
|
|
|
|
|
|
|
|
Advanced Technology Academy, Michigan, Revenue |
|
|
900 |
|
|
631,251 |
|
|
Monroe County, Michigan, Hospital Financing Authority, |
|
|
1,740 |
|
|
1,014,124 |
|
|
Royal Oak, Michigan, Hospital Finance Authority, |
|
|
3,735 |
|
|
4,156,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,801,534 |
|
|
|
|
|
|
|
|
|
|
|
Minnesota — 0.8% |
|
|
|
|
|
|
|
|
Minneapolis, Minnesota, Health Care System Revenue |
|
|
1,785 |
|
|
1,857,453 |
|
|
|
|
|
|
|
|
|
|
|
Missouri — 0.3% |
|
|
|
|
|
|
|
|
Kansas City, Missouri, IDA, First Mortgage Health |
|
|
1,000 |
|
|
694,750 |
|
|
|
|
|
|
|
|
|
|
|
Nevada — 0.7% |
|
|
|
|
|
|
|
|
Clark County, Nevada, IDR (Nevada Power Company |
|
|
1,380 |
|
|
1,054,555 |
|
|
Clark County, Nevada, Improvement District Number 142, |
|
|
630 |
|
|
459,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,514,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
||
|
ANNUAL REPORT |
APRIL 30, 2009 |
19 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
New Hampshire — 0.4% |
|
|
|
|
|
|
|
|
New Hampshire Health and Education Facilities |
|
$ |
1,165 |
|
$ |
801,904 |
|
|
|
|
|
|
|
|
|
|
|
New Jersey — 11.4% |
|
|
|
|
|
|
|
|
Camden County, New Jersey, Pollution Control Financing |
|
|
|
|
|
|
|
|
Series A, 7.50%, 12/01/10 |
|
|
9,000 |
|
|
8,959,500 |
|
|
Series B, 7.50%, 12/01/09 |
|
|
125 |
|
|
125,255 |
|
|
New Jersey EDA, Cigarette Tax Revenue Bonds, |
|
|
3,065 |
|
|
2,388,064 |
|
|
New Jersey EDA, IDR, Refunding (Newark Airport |
|
|
2,500 |
|
|
2,250,400 |
|
|
New Jersey EDA, Retirement Community Revenue Bonds |
|
|
1,665 |
|
|
1,891,024 |
|
|
New Jersey EDA, Special Facility Revenue Bonds |
|
|
|
|
|
|
|
|
6.25%, 9/15/19 |
|
|
2,000 |
|
|
1,460,020 |
|
|
6.25%, 9/15/29 |
|
|
3,330 |
|
|
2,129,535 |
|
|
9%, 6/01/33 |
|
|
1,250 |
|
|
1,057,987 |
|
|
New Jersey Health Care Facilities Financing Authority |
|
|
2,000 |
|
|
51,800 |
|
|
New Jersey Health Care Facilities Financing Authority, |
|
|
2,410 |
|
|
1,868,377 |
|
|
New Jersey State Educational Facilities Authority, |
|
|
2,510 |
|
|
2,557,715 |
|
|
New Jersey State Transportation Trust Fund Authority, |
|
|
3,450 |
|
|
661,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,401,249 |
|
|
|
|
|
|
|
|
|
|
|
New Mexico — 1.1% |
|
|
|
|
|
|
|
|
Farmington, New Mexico, PCR, Refunding (Tucson |
|
|
2,500 |
|
|
2,500,525 |
|
|
|
|
|
|
|
|
|
|
|
New York — 6.1% |
|
|
|
|
|
|
|
|
Dutchess County, New York, IDA, Civic Facility Revenue |
|
|
1,400 |
|
|
1,255,604 |
|
|
Metropolitan Transportation Authority, New York, |
|
|
3,685 |
|
|
4,066,434 |
|
|
New York City, New York, City IDA, Civic Facility |
|
|
|
|
|
|
|
|
Series C, 6.80%, 6/01/28 |
|
|
510 |
|
|
500,356 |
|
|
(Special Needs Facilities Pooled Program), |
|
|
1,515 |
|
|
1,166,611 |
|
|
New York City, New York, City IDA, Special Facility |
|
|
1,045 |
|
|
813,010 |
|
|
New York City, New York, City IDA, Special Facility |
|
|
2,400 |
|
|
1,614,096 |
|
|
New York Liberty Development Corp. Revenue Bonds |
|
|
870 |
|
|
870 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
New York (concluded) |
|
|
|
|
|
|
|
|
New York State Dormitory Authority, Non-State |
|
|
|
|
|
|
|
|
(Mount Sinai-NYU Medical Center Health System), |
|
$ |
1,470 |
|
$ |
1,400,836 |
|
|
(New York University Hospital Center), Series A, |
|
|
2,960 |
|
|
2,516,414 |
|
|
Westchester County, New York, IDA, Continuing Care |
|
|
100 |
|
|
116,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,450,806 |
|
|
|
|
|
|
|
|
|
|
|
North Carolina — 1.5% |
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, Health Care |
|
|
2,335 |
|
|
1,877,036 |
|
|
North Carolina Medical Care Commission, Retirement |
|
|
1,250 |
|
|
1,499,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,376,923 |
|
|
|
|
|
|
|
|
|
|
|
Ohio — 2.0% |
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, |
|
|
|
|
|
|
|
|
5.125%, 6/01/24 |
|
|
2,390 |
|
|
1,876,246 |
|
|
6.50%, 6/01/47 |
|
|
3,935 |
|
|
2,430,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,306,895 |
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania — 8.9% |
|
|
|
|
|
|
|
|
Allegheny County, Pennsylvania, Hospital |
|
|
3,015 |
|
|
1,596,654 |
|
|
Bucks County, Pennsylvania, IDA, Retirement Community |
|
|
|
|
|
|
|
|
6.125%, 1/01/25 |
|
|
200 |
|
|
145,898 |
|
|
6.25%, 1/01/35 |
|
|
1,550 |
|
|
1,046,916 |
|
|
Harrisburg, Pennsylvania, Authority, University Revenue |
|
|
900 |
|
|
668,349 |
|
|
Lancaster County, Pennsylvania, Hospital Authority |
|
|
|
|
|
|
|
|
6.25%, 7/01/26 |
|
|
685 |
|
|
580,805 |
|
|
6.50%, 7/01/40 |
|
|
590 |
|
|
466,194 |
|
|
Montgomery County, Pennsylvania, IDA, Revenue |
|
|
2,330 |
|
|
1,527,338 |
|
|
Pennsylvania Economic Development Financing |
|
|
|
|
|
|
|
|
(National Gypsum Company), AMT, Series A, |
|
|
3,250 |
|
|
1,686,945 |
|
|
(Reliant Energy), AMT, Series B, 6.75%, 12/01/36 |
|
|
2,810 |
|
|
2,585,116 |
|
|
Pennsylvania State Higher Educational Facilities |
|
|
2,410 |
|
|
1,998,107 |
|
|
Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), |
|
|
2,270 |
|
|
1,891,228 |
|
|
Philadelphia, Pennsylvania, Authority for IDR, |
|
|
6,440 |
|
|
5,494,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,688,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
20 |
ANNUAL REPORT |
APRIL 30, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Rhode Island — 0.8% |
|
|
|
|
|
|
|
|
Central Falls, Rhode Island, Detention Facility |
|
$ |
2,495 |
|
$ |
1,709,125 |
|
|
|
|
|
|
|
|
|
|
|
South Carolina — 0.4% |
|
|
|
|
|
|
|
|
Connector 2000 Association, Inc., South Carolina, |
|
|
1,485 |
|
|
811,820 |
|
|
|
|
|
|
|
|
|
|
|
Tennessee — 1.3% |
|
|
|
|
|
|
|
|
Knox County, Tennessee, Health, Educational and |
|
|
6,785 |
|
|
693,563 |
|
|
Shelby County, Tennessee, Health, Educational and |
|
|
|
|
|
|
|
|
6.25%, 12/01/34 |
|
|
355 |
|
|
231,882 |
|
|
Series A, 7.25%, 12/01/34 |
|
|
2,500 |
|
|
1,862,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,787,970 |
|
|
|
|
|
|
|
|
|
|
|
Texas — 4.5% |
|
|
|
|
|
|
|
|
Brazos River Authority, Texas, PCR, Refunding: |
|
|
|
|
|
|
|
|
(TXU Energy Company LLC Project), AMT, Series A, |
|
|
2,550 |
|
|
1,045,933 |
|
|
(TXU Energy Company Project), AMT, Series C, |
|
|
2,885 |
|
|
1,702,150 |
|
|
Harris County, Texas, Health Facilities Development |
|
|
1,500 |
|
|
1,586,820 |
|
|
Houston, Texas, Airport System, Special Facilities |
|
|
2,685 |
|
|
1,986,739 |
|
|
North Texas Tollway Authority, System Revenue |
|
|
3,675 |
|
|
3,683,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,005,205 |
|
|
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands — 1.1% |
|
|
|
|
|
|
|
|
Virgin Islands Government Refinery Facilities, Revenue |
|
|
3,000 |
|
|
2,352,870 |
|
|
|
|
|
|
|
|
|
|
|
Utah — 0.7% |
|
|
|
|
|
|
|
|
Carbon County, Utah, Solid Waste Disposal, Revenue |
|
|
1,660 |
|
|
1,660,913 |
|
|
|
|
|
|
|
|
|
|
|
Virginia — 1.3% |
|
|
|
|
|
|
|
|
Dulles Town Center, Virginia, Community Development |
|
|
1,435 |
|
|
1,032,612 |
|
|
Fairfax County, Virginia, EDA, Residential Care Facilities, |
|
|
|
|
|
|
|
|
5.125%, 10/01/37 |
|
|
750 |
|
|
523,253 |
|
|
5.125%, 10/01/42 |
|
|
450 |
|
|
305,676 |
|
|
Lexington, Virginia, IDA, Residential Care Facility, |
|
|
540 |
|
|
366,557 |
|
|
Tobacco Settlement Financing Corporation of Virginia, |
|
|
1,320 |
|
|
705,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,933,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Washington — 0.5% |
|
|
|
|
|
|
|
|
Washington State Housing Financing Commission, |
|
$ |
1,750 |
|
$ |
1,005,358 |
|
|
|
|
|
|
|
|
|
|
|
Wisconsin — 0.6% |
|
|
|
|
|
|
|
|
Wisconsin State Health and Educational Facilities |
|
|
1,855 |
|
|
1,399,227 |
|
|
|
|
|
|
|
|
|
|
|
Wyoming — 2.5% |
|
|
|
|
|
|
|
|
Sweetwater County, Wyoming, Solid Waste Disposal, |
|
|
3,600 |
|
|
2,663,856 |
|
|
Wyoming Municipal Power Agency, Power Supply |
|
|
3,030 |
|
|
2,901,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,565,657 |
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds — 92.6% |
|
|
|
|
|
205,444,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia — 1.9% |
|
|
|
|
|
|
|
|
District of Columbia, Water and Sewer Authority, Public |
|
|
3,951 |
|
|
4,262,775 |
|
|
|
|
|
|
|
|
|
|
|
Florida — 3.7% |
|
|
|
|
|
|
|
|
Miami-Dade County, Florida, Aviation Revenue |
|
|
8,870 |
|
|
8,128,557 |
|
|
|
|
|
|
|
|
|
|
|
Virginia — 3.9% |
|
|
|
|
|
|
|
|
Virginia State, HDA, Commonwealth Mortgage Revenue |
|
|
8,690 |
|
|
8,713,115 |
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
21,104,447 |
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments |
|
|
|
|
|
226,549,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Short-Term Securities |
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund — 0.9% |
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.72% (i)(j) |
|
|
2,001,534 |
|
|
2,001,534 |
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Securities |
|
|
|
|
|
2,001,534 |
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
|
|
|
|
228,550,632 |
|
|
Other Assets Less Liabilities — 1.9% |
|
|
|
|
|
4,118,934 |
|
|
Liability for Trust Certificates, Including |
|
|
|
|
|
(10,770,111 |
) |
|
|
|
|
|
|
|
|
|
|
Net Assets — 100.0% |
|
|
|
|
$ |
221,899,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
ANNUAL REPORT |
APRIL 30, 2009 |
21 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniAssets Fund, Inc. (MUA) |
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
265,956,396 |
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
4,346,799 |
|
|
Gross unrealized depreciation |
|
|
(52,508,209 |
) |
|
|
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(48,161,410 |
) |
|
|
|
|
|
|
|
|
|
|
(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) |
AMBAC Insured. |
|
|
|
|
(e) |
Represents a zero-coupon bond. Rate shown 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 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. |
|
|
|
|
(g) |
Assured Guaranty Insured. |
|
|
|
|
(h) |
NPFGC Insured. |
|
|
|
|
(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 |
|
|
(1,198,907 |
) |
$ |
106,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(j) |
Represents the current yield as of report date. |
|
|
|
|
|
|
(k) |
Variable rate security. Rate shown is as of report date. |
|
|
|
|
|
|
• |
Effective June 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of 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 securities |
|
|
|
|
|
|
• |
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 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 circumstance, to the extent observable inputs are not available (including the Fund’s 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 Fund’s 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 April 30, 2009 in determining the fair valuation of the Fund’s investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments
in |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Level 1 |
|
$ |
2,001,534 |
|
|
Level 2 |
|
|
226,549,098 |
|
|
Level 3 |
|
|
— |
|
|
|
|
|
|
|
|
Total |
|
$ |
228,550,632 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
||
|
22 |
ANNUAL REPORT |
APRIL 30, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2009 |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Alabama — 1.1% |
|
|
|
|
|
|
|
|
Jefferson County, Alabama, Limited Obligation School |
|
|
|
|
|
|
|
|
5.50%, 1/01/22 |
|
$ |
2,750 |
|
$ |
1,707,420 |
|
|
4.75%, 1/01/25 |
|
|
2,200 |
|
|
1,323,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,031,160 |
|
|
|
|
|
|
|
|
|
|
|
Arizona — 0.6% |
|
|
|
|
|
|
|
|
Salt Verde Financial Corporation, Arizona, Senior Gas |
|
|
2,640 |
|
|
1,778,674 |
|
|
|
|
|
|
|
|
|
|
|
California — 23.9% |
|
|
|
|
|
|
|
|
Alameda Corridor Transportation Authority, California, |
|
|
|
|
|
|
|
|
5.543%, 10/01/24 |
|
|
10,285 |
|
|
7,643,915 |
|
|
5.496%, 10/01/25 |
|
|
6,000 |
|
|
4,385,100 |
|
|
Anaheim, California, Public Financing Authority, Lease |
|
|
5,000 |
|
|
5,684,900 |
|
|
Antelope Valley, California, Community College District, |
|
|
600 |
|
|
596,346 |
|
|
Arcadia, California, Unified School District, GO (Election |
|
|
1,600 |
|
|
224,832 |
|
|
Cabrillo, California, Community College District, GO |
|
|
2,400 |
|
|
389,040 |
|
|
California State, GO, Refunding: |
|
|
|
|
|
|
|
|
5.125%, 6/01/27 |
|
|
20 |
|
|
19,709 |
|
|
5.125%, 6/01/31 |
|
|
60 |
|
|
56,993 |
|
|
California State University, Systemwide Revenue Bonds, |
|
|
2,600 |
|
|
2,493,192 |
|
|
Chino Valley, California, Unified School District, GO |
|
|
850 |
|
|
845,622 |
|
|
Fresno, California, Unified School District, GO (Election |
|
|
900 |
|
|
891,792 |
|
|
Los Angeles, California, Department of Water and Power, |
|
|
5,160 |
|
|
5,185,284 |
|
|
Metropolitan Water District of Southern California, |
|
|
|
|
|
|
|
|
5%, 10/01/29 |
|
|
2,965 |
|
|
3,002,359 |
|
|
5%, 10/01/36 |
|
|
1,655 |
|
|
1,658,840 |
|
|
Norco, California, Redevelopment Agency, Tax Allocation |
|
|
5,000 |
|
|
4,617,200 |
|
|
Orange County, California, Sanitation District, COP: |
|
|
|
|
|
|
|
|
5%, 2/01/30 (c) |
|
|
1,500 |
|
|
1,507,545 |
|
|
5%, 2/01/31 (c) |
|
|
900 |
|
|
901,080 |
|
|
5%, 2/01/33 (d)(f) |
|
|
7,455 |
|
|
7,382,836 |
|
|
Poway, California, Redevelopment Agency, Tax Allocation |
|
|
1,750 |
|
|
1,442,228 |
|
|
Redding, California, Electric System, COP, Series A, 5%, |
|
|
1,720 |
|
|
1,684,809 |
|
|
Sacramento, California, Unified School District, GO |
|
|
4,150 |
|
|
4,096,341 |
|
|
San Diego, California, Community College District, GO |
|
|
400 |
|
|
403,756 |
|
|
Stockton, California, Public Financing Authority, Lease |
|
|
6,145 |
|
|
5,475,134 |
|
|
University of California Revenue Bonds, Series O, |
|
|
850 |
|
|
890,936 |
|
|
Ventura County, California, Community College District, |
|
|
2,325 |
|
|
2,303,796 |
|
|
West Basin, California, Municipal Water District, COP, |
|
|
5,035 |
|
|
4,931,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,714,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Colorado — 1.3% |
|
|
|
|
|
|
|
|
Colorado HFA, Revenue Refunding Bonds (S/F Program), |
|
$ |
420 |
|
$ |
451,336 |
|
|
Colorado Health Facilities Authority Revenue Bonds |
|
|
|
|
|
|
|
|
5.50%, 12/01/27 |
|
|
1,200 |
|
|
906,516 |
|
|
5.50%, 12/01/33 |
|
|
675 |
|
|
470,617 |
|
|
Denver, Colorado, City and County Airport, Revenue |
|
|
2,000 |
|
|
2,019,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,848,249 |
|
|
|
|
|
|
|
|
|
|
|
District of Columbia — 2.9% |
|
|
|
|
|
|
|
|
District of Columbia, Ballpark Revenue Bonds, Series B-1, |
|
|
9,600 |
|
|
7,373,280 |
|
|
District of Columbia, Income Tax Revenue Bonds, Series A, |
|
|
1,000 |
|
|
1,059,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,432,510 |
|
|
|
|
|
|
|
|
|
|
|
Florida — 7.9% |
|
|
|
|
|
|
|
|
Broward County, Florida, School Board, COP, Series A, |
|
|
1,600 |
|
|
1,565,584 |
|
|
Broward County, Florida, Water and Sewer Utility |
|
|
850 |
|
|
849,371 |
|
|
Duval County, Florida, School Board, COP (Master Lease |
|
|
2,300 |
|
|
2,173,500 |
|
|
Hillsborough County, Florida, Aviation Authority Revenue |
|
|
1,750 |
|
|
1,631,822 |
|
|
Miami, Florida, Special Obligation Revenue Bonds |
|
|
820 |
|
|
753,293 |
|
|
Miami-Dade County, Florida, Aviation Revenue |
|
|
9,900 |
|
|
8,536,869 |
|
|
Miami-Dade County, Florida, GO (Building Better |
|
|
1,400 |
|
|
1,423,814 |
|
|
Miami-Dade County, Florida, School Board, COP, |
|
|
1,800 |
|
|
1,797,660 |
|
|
Orange County, Florida, Sales Tax Revenue Refunding |
|
|
4,200 |
|
|
4,044,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,776,303 |
|
|
|
|
|
|
|
|
|
|
|
Georgia — 6.2% |
|
|
|
|
|
|
|
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds: |
|
|
|
|
|
|
|
|
5%, 11/01/34 (c) |
|
|
1,800 |
|
|
1,779,534 |
|
|
Series A, 5%, 11/01/33 (d) |
|
|
1,000 |
|
|
886,510 |
|
|
Series A, 5%, 11/01/39 (d) |
|
|
4,250 |
|
|
3,690,232 |
|
|
Augusta, Georgia, Water and Sewer Revenue Bonds, |
|
|
2,300 |
|
|
2,331,257 |
|
|
Georgia Municipal Electric Authority, Power Revenue |
|
|
7,475 |
|
|
9,131,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,818,694 |
|
|
|
|
|
|
|
|
|
|
|
Illinois — 18.4% |
|
|
|
|
|
|
|
|
Chicago, Illinois, O’Hare International Airport, General |
|
|
|
|
|
|
|
|
5.75%, 1/01/23 (c) |
|
|
5,670 |
|
|
5,752,782 |
|
|
6%, 1/01/29 (j) |
|
|
2,300 |
|
|
2,253,011 |
|
|
Chicago, Illinois, O’Hare International Airport, General |
|
|
9,100 |
|
|
9,076,249 |
|
|
Cook County, Illinois, Capital Improvement, GO, Series C, |
|
|
2,460 |
|
|
2,808,680 |
|
|
Illinois Sports Facilities Authority, State Tax Supported |
|
|
20,120 |
|
|
18,320,266 |
|
|
Illinois State Toll Highway Authority Revenue Bonds, |
|
|
1,875 |
|
|
1,942,837 |
|
|
Regional Transportation Authority, Illinois, Revenue |
|
|
10,115 |
|
|
12,533,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,687,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
ANNUAL REPORT |
APRIL 30, 2009 |
23 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Indiana — 0.1% |
|
|
|
|
|
|
|
|
Indiana Municipal Power Agency, Power Supply System |
|
$ |
400 |
|
$ |
402,076 |
|
|
|
|
|
|
|
|
|
|
|
Louisiana — 6.3% |
|
|
|
|
|
|
|
|
East Baton Rouge, Louisiana, Sewerage Commission, |
|
|
250 |
|
|
242,908 |
|
|
Louisiana Local Government Environmental Facilities |
|
|
3,600 |
|
|
3,250,224 |
|
|
Louisiana Public Facilities Authority, Revenue |
|
|
1,500 |
|
|
1,619,355 |
|
|
Louisiana State Gas and Fuels Tax Revenue Bonds, |
|
|
|
|
|
|
|
|
4.75%, 5/01/39 |
|
|
4,075 |
|
|
3,899,245 |
|
|
5%, 5/01/36 |
|
|
5,400 |
|
|
5,412,636 |
|
|
Louisiana State Transportation Authority, Senior Lien Toll |
|
|
3,735 |
|
|
1,172,902 |
|
|
Rapides Financing Authority, Louisiana, Revenue Bonds |
|
|
3,650 |
|
|
2,457,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,055,107 |
|
|
|
|
|
|
|
|
|
|
|
Maryland — 1.6% |
|
|
|
|
|
|
|
|
Maryland State Community Development Administration, |
|
|
4,645 |
|
|
4,676,679 |
|
|
|
|
|
|
|
|
|
|
|
Massachusetts — 4.7% |
|
|
|
|
|
|
|
|
Massachusetts State Port Authority, Special Facilities |
|
|
|
|
|
|
|
|
5.50%, 1/01/16 |
|
|
3,100 |
|
|
2,418,558 |
|
|
5.50%, 1/01/18 |
|
|
4,000 |
|
|
2,680,720 |
|
|
5.50%, 1/01/19 |
|
|
2,775 |
|
|
1,746,668 |
|
|
Massachusetts State, HFA, Rental Housing Mortgage |
|
|
5,600 |
|
|
5,094,488 |
|
|
Massachusetts State, HFA, S/F Housing Revenue |
|
|
1,600 |
|
|
1,457,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,397,458 |
|
|
|
|
|
|
|
|
|
|
|
Michigan — 5.0% |
|
|
|
|
|
|
|
|
Detroit, Michigan, Sewage Disposal System, Second |
|
|
3,600 |
|
|
3,010,860 |
|
|
Detroit, Michigan, Sewage Disposal System, Second |
|
|
2,500 |
|
|
2,562,425 |
|
|
Detroit, Michigan, Water Supply System Revenue Bonds, |
|
|
|
|
|
|
|
|
6.25%, 7/01/36 |
|
|
400 |
|
|
417,392 |
|
|
7%, 7/01/36 |
|
|
200 |
|
|
220,974 |
|
|
Michigan Higher Education Student Loan Authority, |
|
|
1,500 |
|
|
1,282,545 |
|
|
Michigan State Strategic Fund, Limited Obligation |
|
|
|
|
|
|
|
|
Series A, 5.50%, 6/01/30 |
|
|
1,300 |
|
|
1,131,689 |
|
|
Series C, 5.65%, 9/01/29 |
|
|
2,400 |
|
|
2,156,424 |
|
|
Series C, 5.45%, 12/15/32 |
|
|
4,300 |
|
|
3,648,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,430,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Minnesota — 1.2% |
|
|
|
|
|
|
|
|
Dakota County, Minnesota, Community Development |
|
$ |
128 |
|
$ |
127,036 |
|
|
Minneapolis, Minnesota, Health Care System, Revenue |
|
|
2,950 |
|
|
3,198,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,325,603 |
|
|
|
|
|
|
|
|
|
|
|
Nebraska — 0.6% |
|
|
|
|
|
|
|
|
Washington County, Nebraska, Wastewater Facilities |
|
|
1,600 |
|
|
1,561,328 |
|
|
|
|
|
|
|
|
|
|
|
Nevada — 7.2% |
|
|
|
|
|
|
|
|
Carson City, Nevada, Hospital Revenue Bonds |
|
|
3,100 |
|
|
2,235,906 |
|
|
Clark County, Nevada, Airport System Subordinate Lien |
|
|
|
|
|
|
|
|
5%, 7/01/30 |
|
|
1,500 |
|
|
1,417,515 |
|
|
5%, 7/01/36 |
|
|
3,200 |
|
|
2,950,080 |
|
|
Clark County, Nevada, IDR (Southwest Gas Corporation |
|
|
|
|
|
|
|
|
Series A, 4.75%, 9/01/36 |
|
|
75 |
|
|
49,287 |
|
|
Series D, 5.25%, 3/01/38 (d) |
|
|
1,300 |
|
|
933,036 |
|
|
Clark County, Nevada, Water Reclamation District, |
|
|
|
|
|
|
|
|
5.50%, 7/01/29 |
|
|
4,500 |
|
|
4,702,905 |
|
|
5.75%, 7/01/34 |
|
|
1,825 |
|
|
1,934,427 |
|
|
Las Vegas Valley Water District, Nevada, GO, Refunding, |
|
|
1,600 |
|
|
1,616,656 |
|
|
Las Vegas, Nevada, Limited Tax, GO (Performing |
|
|
|
|
|
|
|
|
6%, 4/01/34 |
|
|
850 |
|
|
874,913 |
|
|
6%, 4/01/39 |
|
|
3,780 |
|
|
3,894,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,609,259 |
|
|
|
|
|
|
|
|
|
|
|
New Jersey — 8.3% |
|
|
|
|
|
|
|
|
New Jersey EDA, Cigarette Tax Revenue Bonds (i): |
|
|
|
|
|
|
|
|
5.50%, 6/15/31 |
|
|
600 |
|
|
419,928 |
|
|
5.75%, 6/15/34 |
|
|
305 |
|
|
217,032 |
|
|
New Jersey EDA, Motor Vehicle Surcharge Revenue |
|
|
|
|
|
|
|
|
5.25%, 7/01/31 |
|
|
9,325 |
|
|
9,312,132 |
|
|
5.25%, 7/01/33 |
|
|
7,800 |
|
|
7,778,238 |
|
|
New Jersey EDA, School Facilities Construction |
|
|
|
|
|
|
|
|
Series O, 5.125%, 3/01/28 |
|
|
3,960 |
|
|
4,016,509 |
|
|
Series Z, 6%, 12/15/34 (h) |
|
|
2,000 |
|
|
2,206,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,949,839 |
|
|
|
|
|
|
|
|
|
|
|
New York — 5.5% |
|
|
|
|
|
|
|
|
Erie County, New York, IDA, School Facility Revenue |
|
|
1,500 |
|
|
1,543,560 |
|
|
Metropolitan Transportation Authority, New York, |
|
|
4,000 |
|
|
4,414,040 |
|
|
Metropolitan Transportation Authority, New York, |
|
|
2,050 |
|
|
1,981,141 |
|
|
New York City, New York, City Municipal Water Finance |
|
|
1,250 |
|
|
1,342,088 |
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
24 |
ANNUAL REPORT |
APRIL 30, 2009 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
New York (concluded) |
|
|
|
|
|
|
|
|
New York City, New York, City Transitional Finance |
|
$ |
2,750 |
|
$ |
2,791,085 |
|
|
New York State Dormitory Authority, State Personal |
|
|
1,200 |
|
|
1,295,604 |
|
|
Tobacco Settlement Financing Corporation of New York |
|
|
2,300 |
|
|
2,322,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,690,196 |
|
|
|
|
|
|
|
|
|
|
|
Oregon — 0.6% |
|
|
|
|
|
|
|
|
Oregon State Housing and Community Services |
|
|
1,850 |
|
|
1,839,585 |
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania — 0.6% |
|
|
|
|
|
|
|
|
Pennsylvania HFA, S/F Mortgage Revenue Refunding |
|
|
1,500 |
|
|
1,411,410 |
|
|
Philadelphia, Pennsylvania, School District, GO, Series E, |
|
|
400 |
|
|
422,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,834,202 |
|
|
|
|
|
|
|
|
|
|
|
Rhode Island — 2.9% |
|
|
|
|
|
|
|
|
Providence, Rhode Island, Public Building Authority, |
|
|
4,345 |
|
|
4,772,548 |
|
|
Rhode Island State Economic Development |
|
|
3,355 |
|
|
3,608,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,380,817 |
|
|
|
|
|
|
|
|
|
|
|
South Carolina — 5.7% |
|
|
|
|
|
|
|
|
Berkeley County, South Carolina, School District, |
|
|
3,800 |
|
|
3,734,070 |
|
|
Kershaw County, South Carolina, Public Schools |
|
|
2,365 |
|
|
2,308,453 |
|
|
Scago Educational Facilities Corporation for Pickens |
|
|
9,200 |
|
|
8,885,544 |
|
|
South Carolina State Public Service Authority, Revenue |
|
|
1,275 |
|
|
1,338,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,266,345 |
|
|
|
|
|
|
|
|
|
|
|
Tennessee — 2.8% |
|
|
|
|
|
|
|
|
Knox County, Tennessee, Health, Educational and |
|
|
4,100 |
|
|
490,237 |
|
|
Metropolitan Government of Nashville and Davidson |
|
|
5,000 |
|
|
5,356,150 |
|
|
Tennessee Energy Acquisition Corporation, Gas |
|
|
2,610 |
|
|
2,108,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,955,084 |
|
|
|
|
|
|
|
|
|
|
|
Texas — 15.2% |
|
|
|
|
|
|
|
|
Dallas-Fort Worth, Texas, International Airport Revenue |
|
|
13,000 |
|
|
12,330,630 |
|
|
Dallas-Fort Worth, Texas, International Airport, Joint |
|
|
600 |
|
|
601,056 |
|
|
Houston, Texas, Combined Utility System, First |
|
|
2,100 |
|
|
2,235,135 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Texas (concluded) |
|
|
|
|
|
|
|
|
Lewisville, Texas, Independent School District, Capital |
|
$ |
4,475 |
|
$ |
1,966,226 |
|
|
Mansfield, Texas, Independent School District, GO, |
|
|
1,725 |
|
|
1,758,310 |
|
|
Matagorda County, Texas, Navigation District Number 1, |
|
|
2,400 |
|
|
1,877,736 |
|
|
North Harris County, Texas, Regional Water Authority, |
|
|
5,720 |
|
|
5,585,637 |
|
|
North Texas Tollway Authority, System Revenue |
|
|
|
|
|
|
|
|
5.75%, 1/01/40 (d) |
|
|
1,600 |
|
|
1,605,264 |
|
|
Series A, 6%, 1/01/25 |
|
|
625 |
|
|
656,813 |
|
|
Series K-1, 5.75%, 1/01/38 (h) |
|
|
3,800 |
|
|
3,971,646 |
|
|
Series K-2, 6%, 1/01/38 (h) |
|
|
4,015 |
|
|
4,287,819 |
|
|
Texas State Turnpike Authority, Central Texas Turnpike |
|
|
7,150 |
|
|
6,827,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,703,593 |
|
|
|
|
|
|
|
|
|
|
|
Utah — 1.8% |
|
|
|
|
|
|
|
|
Utah Transit Authority, Sales Tax Revenue Bonds, |
|
|
5,000 |
|
|
5,080,300 |
|
|
|
|
|
|
|
|
|
|
|
Vermont — 0.9% |
|
|
|
|
|
|
|
|
Vermont HFA, S/F Housing Revenue Bonds, AMT, |
|
|
3,000 |
|
|
2,640,630 |
|
|
|
|
|
|
|
|
|
|
|
Virginia — 0.1% |
|
|
|
|
|
|
|
|
Fairfax County, Virginia, IDA, Health Care Revenue |
|
|
350 |
|
|
354,028 |
|
|
|
|
|
|
|
|
|
|
|
Washington — 0.2% |
|
|
|
|
|
|
|
|
Port of Tacoma, Washington, GO, AMT, Series B, 4.875%, |
|
|
515 |
|
|
435,082 |
|
|
|
|
|
|
|
|
|
|
|
Wisconsin — 0.7% |
|
|
|
|
|
|
|
|
Wisconsin State Health and Educational Facilities |
|
|
2,125 |
|
|
2,033,583 |
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds — 134.3% |
|
|
|
|
|
385,709,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California — 1.8% |
|
|
|
|
|
|
|
|
Anaheim, California, Public Financing Authority, Electric |
|
|
959 |
|
|
944,206 |
|
|
San Diego County, California, Water Authority, Water |
|
|
2,810 |
|
|
2,763,719 |
|
|
Tamalpais, California, Union High School District, GO |
|
|
1,605 |
|
|
1,568,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,276,122 |
|
|
|
|
|
|
|
|
|
|
|
District of Columbia — 0.7% |
|
|
|
|
|
|
|
|
District of Columbia, Water and Sewer Authority, Public |
|
|
1,770 |
|
|
1,910,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
ANNUAL REPORT |
APRIL 30, 2009 |
25 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniEnhanced Fund, Inc. (MEN) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Florida — 4.0% |
|
|
|
|
|
|
|
|
Miami-Dade County, Florida, School Board, COP, |
|
$ |
12,000 |
|
$ |
11,561,520 |
|
|
|
|
|
|
|
|
|
|
|
Georgia — 6.1% |
|
|
|
|
|
|
|
|
Atlanta, Georgia, Airport General Revenue Refunding |
|
|
17,356 |
|
|
17,471,902 |
|
|
|
|
|
|
|
|
|
|
|
Illinois — 0.7% |
|
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, |
|
|
1,999 |
|
|
2,105,227 |
|
|
|
|
|
|
|
|
|
|
|
Massachusetts — 3.8% |
|
|
|
|
|
|
|
|
Massachusetts State School Building Authority, |
|
|
10,600 |
|
|
10,799,235 |
|
|
|
|
|
|
|
|
|
|
|
New Hampshire — 2.6% |
|
|
|
|
|
|
|
|
New Hampshire Health and Education Facilities |
|
|
7,390 |
|
|
7,450,524 |
|
|
|
|
|
|
|
|
|
|
|
New Jersey — 5.3% |
|
|
|
|
|
|
|
|
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, |
|
|
15,250 |
|
|
15,064,103 |
|
|
|
|
|
|
|
|
|
|
|
South Carolina — 2.4% |
|
|
|
|
|
|
|
|
Charleston Educational Excellence Financing |
|
|
|
|
|
|
|
|
5.25%, 12/01/28 |
|
|
3,120 |
|
|
3,144,024 |
|
|
5.25%, 12/01/29 |
|
|
2,765 |
|
|
2,772,493 |
|
|
5.25%, 12/01/30 |
|
|
1,010 |
|
|
1,006,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,922,588 |
|
|
|
|
|
|
|
|
|
|
|
Texas — 0.8% |
|
|
|
|
|
|
|
|
Clear Creek Texas Independent School District, |
|
|
2,200 |
|
|
2,263,723 |
|
|
|
|
|
|
|
|
|
|
|
Virginia — 0.8% |
|
|
|
|
|
|
|
|
Virginia State, HDA, Commonwealth Mortgage Revenue |
|
|
2,310 |
|
|
2,322,012 |
|
|
|
|
|
|
|
|
|
|
|
Washington — 1.4% |
|
|
|
|
|
|
|
|
Central Puget Sound Regional Transportation Authority, |
|
|
4,004 |
|
|
4,040,079 |
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
87,187,189 |
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments |
|
|
|
|
|
472,896,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Pennsylvania — 3.5% |
|
|
|
|
|
|
|
|
Philadelphia, Pennsylvania, GO, Refunding, Series B, |
|
$ |
10,000 |
|
$ |
10,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market — 1.1% |
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.72% (s)(t) |
|
|
3,302,493 |
|
|
3,302,493 |
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Securities |
|
|
|
|
|
13,302,493 |
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost — $510,220,034*) — 169.3% |
|
|
|
|
|
486,199,363 |
|
|
Other Assets Less Liabilities — 2.0% |
|
|
|
|
|
5,759,867 |
|
|
Liability for Trust Certificates, Including |
|
|
|
|
|
(46,005,743 |
) |
|
Preferred Shares, at Redemption Value — (55.3)% |
|
|
|
|
|
(158,875,005 |
) |
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares — 100.0% |
|
|
|
|
$ |
287,078,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|