EX-BBK
|
|
|
| Schedule of Investments (unaudited)
May 31, 2019 |
|
BlackRock Municipal Bond Trust (BBK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Municipal Bonds — 135.7% |
|
|
| Alabama — 0.6% |
|
| Opelika Utilities Board, Refunding RB, 4.00%, 06/01/41 |
|
$ |
960 |
|
|
$ |
1,033,229 |
|
|
|
|
|
|
|
|
|
|
|
| Arizona — 7.5% |
|
| Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A,
5.00%, 02/01/42 |
|
|
2,200 |
|
|
|
2,346,652 |
|
| City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 07/01/45(a) |
|
|
460 |
|
|
|
483,566 |
|
| County of Pinal Arizona Electric District No.3, Refunding RB: |
|
|
|
|
|
|
|
|
| 4.75%, 07/01/21(b) |
|
|
680 |
|
|
|
726,424 |
|
| 4.75%, 07/01/31 |
|
|
3,070 |
|
|
|
3,244,591 |
|
| Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/32 |
|
|
1,500 |
|
|
|
1,892,700 |
|
| 5.00%, 12/01/37 |
|
|
2,065 |
|
|
|
2,671,552 |
|
| University Medical Center Corp., RB,
6.50%, 07/01/19(b) |
|
|
500 |
|
|
|
501,890 |
|
| University Medical Center Corp., Refunding RB, 6.00%,
07/01/21(b) |
|
|
900 |
|
|
|
981,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,848,834 |
|
|
| Arkansas — 2.3% |
|
| City of Benton Arkansas, RB, 4.00%, 06/01/39 |
|
|
505 |
|
|
|
536,891 |
|
| City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, 4.00%, 10/01/40 |
|
|
840 |
|
|
|
897,061 |
|
| City of Little Rock Arkansas, RB, 4.00%, 07/01/41 |
|
|
1,835 |
|
|
|
1,935,411 |
|
| County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42 |
|
|
465 |
|
|
|
514,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,883,941 |
|
|
| California — 19.5% |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 08/15/20(b) |
|
|
1,900 |
|
|
|
2,002,657 |
|
| California Municipal Finance Authority, RB, Orange County Civic Center Infrastructure Improvement Program,
5.00%, 06/01/43 |
|
|
500 |
|
|
|
598,720 |
|
| California Statewide Communities Development Authority, Refunding RB, Adventist Health System, Series A,
4.00%, 03/01/48 |
|
|
1,345 |
|
|
|
1,428,713 |
|
| Carlsbad California Unified School District, GO, Election of 2006, Series B, 6.00%, 05/01/34(c) |
|
|
1,000 |
|
|
|
1,205,840 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| California (continued) |
|
| City & County of San Francisco Public Utilities Commission Wastewater Revenue, Refunding RB, Sewer
System, Series B, 4.00%, 10/01/42 |
|
$ |
500 |
|
|
$ |
527,130 |
|
| City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT, 5.75%, 03/01/34 |
|
|
2,000 |
|
|
|
2,136,340 |
|
| County of San Diego Regional Airport Authority, ARB, Subordinate, Series B, AMT,
5.00%, 07/01/47 |
|
|
1,405 |
|
|
|
1,650,622 |
|
| Golden State Tobacco Securitization Corp., Refunding RB, Series A-1,
5.00%, 06/01/47 |
|
|
525 |
|
|
|
520,821 |
|
| Hartnell Community College District California, GO, CAB, Election of 2002, Series D,
7.00%, 08/01/34(c) |
|
|
1,650 |
|
|
|
1,863,444 |
|
| Norwalk-La Mirada Unified School District, GO, Refunding, CAB,
Election of 2002, Series E (AGC), 0.00%, 08/01/38(d) |
|
|
8,000 |
|
|
|
4,143,600 |
|
| Palomar Community College District, GO, CAB, Election of 2006, Series B: |
|
|
|
|
|
|
|
|
| 0.00%, 08/01/30(d) |
|
|
1,500 |
|
|
|
1,154,535 |
|
| 0.00%, 08/01/33(d) |
|
|
4,000 |
|
|
|
1,682,280 |
|
| 6.20%, 08/01/39(c) |
|
|
2,605 |
|
|
|
2,867,219 |
|
| San Diego Community College District, GO, CAB, Election of 2002, 6.00%, 08/01/33(c) |
|
|
2,800 |
|
|
|
3,604,440 |
|
| State of California, GO, Refunding, Various Purpose, 5.00%, 02/01/38 |
|
|
3,000 |
|
|
|
3,341,400 |
|
| State of California, GO, Various Purposes: |
|
|
|
|
|
|
|
|
| 6.00%, 03/01/33 |
|
|
1,000 |
|
|
|
1,034,400 |
|
| 5.50%, 03/01/40 |
|
|
2,350 |
|
|
|
2,419,020 |
|
| Visalia Unified School District, COP, (AGM), 4.00%, 05/01/48 |
|
|
1,225 |
|
|
|
1,248,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,429,370 |
|
|
| Colorado — 0.6% |
|
| Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33 |
|
|
1,070 |
|
|
|
1,077,597 |
|
|
|
|
|
|
|
|
|
|
|
| Connecticut — 1.0% |
|
| Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence &
Memorial Hospital, Series F, 5.00%, 07/01/21(b) |
|
|
550 |
|
|
|
588,010 |
|
| State of Connecticut, GO, Series E, 5.00%, 09/15/37 |
|
|
970 |
|
|
|
1,158,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,746,743 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2019 |
|
BlackRock Municipal Bond Trust (BBK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Delaware — 2.2% |
|
| County of Kent Delaware, RB, CHF-Dover, LLC-Delaware State University Project, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 07/01/40 |
|
$ |
330 |
|
|
$ |
369,128 |
|
| 5.00%, 07/01/48 |
|
|
900 |
|
|
|
998,946 |
|
| County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project,
6.00%, 10/01/40 |
|
|
1,200 |
|
|
|
1,265,064 |
|
| Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55 |
|
|
950 |
|
|
|
1,072,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,706,106 |
|
|
| Florida — 3.2% |
|
| County of Miami-Dade Florida, RB, AMT, Seaport Department, Series B, 6.00%, 10/01/31 |
|
|
4,135 |
|
|
|
4,775,263 |
|
| Stevens Plantation Community Development District, RB, Special Assessment, Series A, 7.10%, 05/01/35(e)(f) |
|
|
860 |
|
|
|
688,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,463,263 |
|
|
| Georgia — 1.7% |
|
| City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/40 |
|
|
1,500 |
|
|
|
1,739,505 |
|
| County of Georgia Housing & Finance Authority, RB, S/F Housing, Series A: |
|
|
|
|
|
|
|
|
| 3.95%, 12/01/43 |
|
|
295 |
|
|
|
311,871 |
|
| 4.00%, 12/01/48 |
|
|
210 |
|
|
|
221,747 |
|
| Main Street Natural Gas, Inc., RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 05/15/38 |
|
|
255 |
|
|
|
326,709 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Georgia (continued) |
|
| 5.00%, 05/15/43 |
|
$ |
330 |
|
|
$ |
382,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,982,206 |
|
|
| Hawaii — 0.3% |
|
| State of Hawaii Department of Budget & Finance, Refunding RB, Special Purpose, Senior Living, Kahala
Nui, 5.25%, 11/15/37 |
|
|
400 |
|
|
|
441,548 |
|
|
|
|
|
|
|
|
|
|
|
| Idaho — 0.3% |
|
| Idaho Health Facilities Authority, RB, St. Lukes Health System Project, Series A,
5.00%, 03/01/39 |
|
|
500 |
|
|
|
545,415 |
|
|
|
|
|
|
|
|
|
|
|
| Illinois — 7.4% |
|
| Chicago Board of Education, GO: |
|
|
|
|
|
|
|
|
| Dedicated Revenues, Series H, 5.00%, 12/01/36 |
|
|
235 |
|
|
|
258,437 |
|
| Project, Series C, 5.25%, 12/01/35 |
|
|
775 |
|
|
|
841,084 |
|
| Chicago Board of Education, GO, Refunding: |
|
|
|
|
|
|
|
|
| Dedicated Revenues, Series C, 5.00%, 12/01/25 |
|
|
425 |
|
|
|
475,520 |
|
| Dedicated Revenues, Series C, 5.00%, 12/01/34 |
|
|
235 |
|
|
|
260,018 |
|
| Dedicated Revenues, Series F, 5.00%, 12/01/23 |
|
|
310 |
|
|
|
336,796 |
|
| Series C, 5.00%, 12/01/25 |
|
|
335 |
|
|
|
374,821 |
|
| Chicago Board of Education, GO, Series D: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/46 |
|
|
280 |
|
|
|
305,166 |
|
| 5.00%, 12/01/46 |
|
|
725 |
|
|
|
762,207 |
|
| City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series
B, AMT, 4.00%, 01/01/29 |
|
|
1,600 |
|
|
|
1,660,144 |
|
| City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT,
5.00%, 01/01/41 |
|
|
870 |
|
|
|
954,964 |
|
| City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
665 |
|
|
|
702,752 |
|
| County of Will Illinois, GO, 5.00%, 11/15/45 |
|
|
600 |
|
|
|
675,324 |
|
| Illinois Finance Authority, RB, Chicago LLC, University of Illinois at Chicago Project, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 02/15/37 |
|
|
300 |
|
|
|
336,582 |
|
| 5.00%, 02/15/47 |
|
|
205 |
|
|
|
226,431 |
|
| 5.00%, 02/15/50 |
|
|
100 |
|
|
|
110,080 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2019 |
|
BlackRock Municipal Bond Trust (BBK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Illinois (continued) |
|
| Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| OSF Health Care System, Series A, 5.00%, 11/15/45 |
|
$ |
1,205 |
|
|
$ |
1,328,657 |
|
| OSF Healthcare System, 6.00%, 05/15/39 |
|
|
110 |
|
|
|
115,204 |
|
| Roosevelt University Project, 6.50%,
04/01/44(b) |
|
|
395 |
|
|
|
401,407 |
|
| Roosevelt University Project, 6.50%,
04/01/44(b) |
|
|
605 |
|
|
|
614,813 |
|
| Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b) |
|
|
1,150 |
|
|
|
1,251,166 |
|
| State of Illinois, GO, Series D, 5.00%, 11/01/28 |
|
|
645 |
|
|
|
741,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,733,330 |
|
|
| Iowa(g) — 0.2% |
|
| Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project, Series B, 5.25%, 12/01/50 |
|
|
250 |
|
|
|
269,940 |
|
|
|
|
|
|
|
|
|
|
|
| Kansas — 2.6% |
|
| County of Seward Kansas Unified School District No. 480 Liberal, GO, Refunding: |
|
|
|
|
|
|
|
|
| 5.00%, 09/01/22(b) |
|
|
3,280 |
|
|
|
3,646,245 |
|
| 5.00%, 09/01/39 |
|
|
720 |
|
|
|
799,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,445,675 |
|
|
| Kentucky — 3.8% |
|
| County of Boyle Kentucky, Refunding RB, Centre College of Kentucky, 5.00%, 06/01/37 |
|
|
2,500 |
|
|
|
2,904,300 |
|
| Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives,
Series A, 5.38%, 01/01/40 |
|
|
1,830 |
|
|
|
2,030,037 |
|
| Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st
Tier, Series C(c): |
|
|
|
|
|
|
|
|
| 6.45%, 07/01/34 |
|
|
500 |
|
|
|
524,940 |
|
| 6.60%, 07/01/39 |
|
|
830 |
|
|
|
858,129 |
|
| 6.75%, 07/01/43 |
|
|
270 |
|
|
|
279,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,596,629 |
|
|
| Louisiana — 1.5% |
|
| City of Alexandria Louisiana Utilities, RB, 5.00%, 05/01/39 |
|
|
860 |
|
|
|
968,936 |
|
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake
Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
|
|
1,050 |
|
|
|
1,115,247 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Louisiana (continued) |
|
| Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%,
05/01/31 |
|
$ |
400 |
|
|
$ |
421,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,505,591 |
|
|
| Maryland — 0.6% |
|
| County of Anne Arundel Maryland Consolidated, RB, Special Taxing District, Villages at Two Rivers
Project: |
|
|
|
|
|
|
|
|
| 5.13%, 07/01/36 |
|
|
170 |
|
|
|
174,224 |
|
| 5.25%, 07/01/44 |
|
|
170 |
|
|
|
174,024 |
|
| Maryland Community Development Administration, Refunding RB, S/F Housing, Series A,
4.10%, 09/01/38 |
|
|
315 |
|
|
|
338,770 |
|
| Maryland EDC, ARB, AMT, Seagirt Marine Terminal Project, 5.00%, 06/01/49 |
|
|
250 |
|
|
|
291,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
978,278 |
|
|
| Massachusetts — 4.4% |
|
| Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
|
| Emerson College Issue, Series A, 5.00%, 01/01/47 |
|
|
630 |
|
|
|
711,642 |
|
| Emerson College Issue, 5.00%, 01/01/48 |
|
|
1,115 |
|
|
|
1,274,735 |
|
| Emerson College Issue, Series A, 5.25%, 01/01/42 |
|
|
565 |
|
|
|
650,388 |
|
| UMass Darthmouth Student Housing Project, 5.00%, 10/01/48 |
|
|
830 |
|
|
|
942,432 |
|
| Worcester Polytechnic Institute, 4.00%, 09/01/49 |
|
|
1,270 |
|
|
|
1,312,405 |
|
| Massachusetts Development Finance Agency, Refunding RB: |
|
|
|
|
|
|
|
|
| Atrius Health Issue, Series A, 5.00%, 06/01/39 |
|
|
55 |
|
|
|
64,845 |
|
| Atrius Health Issue, Series A, 4.00%, 06/01/49 |
|
|
75 |
|
|
|
78,854 |
|
| Emmanuel College Issue, Series A, 5.00%, 10/01/43 |
|
|
750 |
|
|
|
841,980 |
|
| International Charter School, 5.00%, 04/15/40 |
|
|
400 |
|
|
|
428,428 |
|
| Western New England University, 5.00%, 09/01/43 |
|
|
750 |
|
|
|
866,767 |
|
| Massachusetts Housing Finance Agency, RB, M/F Housing, Series A: |
|
|
|
|
|
|
|
|
| 3.80%, 12/01/43 |
|
|
160 |
|
|
|
167,120 |
|
| 3.85%, 06/01/46 |
|
|
205 |
|
|
|
214,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,554,063 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2019 |
|
BlackRock Municipal Bond Trust (BBK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Michigan — 7.2% |
|
| Michigan Finance Authority, RB: |
|
|
|
|
|
|
|
|
| Beaumont Health Credit Group, Series A, 5.00%, 11/01/44 |
|
$ |
1,555 |
|
|
$ |
1,762,826 |
|
| Detroit Water & Sewage Disposal System, Senior Lien, Series 2014
C-2, AMT, 5.00%, 07/01/44 |
|
|
240 |
|
|
|
257,940 |
|
| Michigan Finance Authority, Refunding RB, Henry Ford Health System, 5.00%, 11/15/41 |
|
|
5,560 |
|
|
|
6,420,799 |
|
| Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%,
12/01/32 |
|
|
2,100 |
|
|
|
2,194,857 |
|
| Michigan State Housing Development Authority, RB, S/F Housing, Series A, 3.80%, 10/01/38 |
|
|
1,690 |
|
|
|
1,777,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,413,913 |
|
|
| Minnesota — 2.4% |
|
| City of Maple Grove Minnesota, Refunding RB, Maple Grove Hospital, Corp., 4.00%, 05/01/37 |
|
|
880 |
|
|
|
943,474 |
|
| City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A,
5.00%, 11/15/49 |
|
|
560 |
|
|
|
655,855 |
|
| City of Otsego Minnesota, Refunding RB, Kaleidoscope Charter School Project, Series A, 5.00%,
09/01/44 |
|
|
425 |
|
|
|
437,997 |
|
| City of State Cloud Minnesota, Refunding RB, Centracare Health System, 5.00%, 05/01/48 |
|
|
280 |
|
|
|
334,272 |
|
| Minneapolis-St. Paul Metropolitan Airports Commission, Refunding ARB,
Sub Series D, AMT, 5.00%, 01/01/41 |
|
|
290 |
|
|
|
334,889 |
|
| Minnesota Higher Education Facilities Authority, RB: |
|
|
|
|
|
|
|
|
| Augsburg College, Series B, 4.25%, 05/01/40 |
|
|
1,045 |
|
|
|
1,045,220 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Minnesota (continued) |
|
| College of St. Benedict, Series 8-K, 4.00%, 03/01/43 |
|
$ |
385 |
|
|
$ |
396,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,147,726 |
|
|
| Mississippi — 0.8% |
|
| County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project,
Series A, 5.38%, 12/01/35 |
|
|
400 |
|
|
|
433,112 |
|
| Mississippi Development Bank, RB, CAB, Special Obligation, Hinds Community College District (AGM), 5.00%,
04/01/21(b) |
|
|
845 |
|
|
|
899,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,332,716 |
|
|
| Missouri — 2.6% |
|
| Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B,
5.00%, 11/01/41 |
|
|
900 |
|
|
|
965,124 |
|
| Missouri State Health & Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
|
| A.T. Still University of Health Sciences, 5.25%, 10/01/31 |
|
|
500 |
|
|
|
538,230 |
|
| A.T. Still University of Health Sciences, 4.25%, 10/01/32 |
|
|
320 |
|
|
|
341,069 |
|
| A.T. Still University of Health Sciences, 5.00%, 10/01/39 |
|
|
500 |
|
|
|
555,875 |
|
| Heartland Regional Medical Center, 4.13%, 02/15/43 |
|
|
300 |
|
|
|
309,786 |
|
| University of Central Missouri, Series C-2,
5.00%, 10/01/34 |
|
|
1,000 |
|
|
|
1,124,860 |
|
| Missouri State Health & Educational Facilities Authority, Refunding RB, Kansas City University of
Medicine and Biosciences, Series A, 5.00%, 06/01/42 |
|
|
540 |
|
|
|
630,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,465,712 |
|
|
| Nebraska — 1.0% |
|
| Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42 |
|
|
600 |
|
|
|
650,700 |
|
| County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist
Health System, 5.00%, 11/01/45 |
|
|
400 |
|
|
|
446,720 |
|
| Nebraska Public Power District, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 01/01/32 |
|
|
250 |
|
|
|
269,540 |
|
| 4.00%, 01/01/44 |
|
|
400 |
|
|
|
411,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,778,136 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2019 |
|
BlackRock Municipal Bond Trust (BBK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Nevada — 1.0% |
|
| City of Las Vegas Nevada, RB, Special Assessment, No. 809 Summerlin Area, 5.65%, 06/01/23 |
|
$ |
610 |
|
|
$ |
619,912 |
|
| County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 07/01/36 |
|
|
1,000 |
|
|
|
1,072,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,692,472 |
|
|
| New Hampshire — 0.2% |
|
| New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(a): |
|
|
|
|
|
|
|
|
| Series B, 4.63%, 11/01/42 |
|
|
255 |
|
|
|
260,546 |
|
| Series C, AMT, 4.88%, 11/01/42 |
|
|
145 |
|
|
|
149,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
409,774 |
|
|
| New Jersey — 13.5% |
|
| New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
| Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30 |
|
|
660 |
|
|
|
757,284 |
|
| Goethals Bridge Replacement Project (AGM), AMT, 5.13%, 07/01/42 |
|
|
200 |
|
|
|
222,010 |
|
| School Facilities Construction, Series UU, 5.00%, 06/15/40 |
|
|
425 |
|
|
|
460,007 |
|
| New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project,
6.50%, 04/01/28 |
|
|
7,500 |
|
|
|
8,824,125 |
|
| New Jersey Health Care Facilities Financing Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Hospital Asset Transfer Program, 5.00%, 10/01/37 |
|
|
685 |
|
|
|
777,694 |
|
| St. Barnabas Health Care System, Series A,
4.63%, 07/01/21(b) |
|
|
510 |
|
|
|
542,436 |
|
| St. Barnabas Health Care System, Series A,
5.63%, 07/01/21(b) |
|
|
1,700 |
|
|
|
1,842,715 |
|
| St. Barnabas Health Care System, Series A, 5.00%, 07/01/25 |
|
|
500 |
|
|
|
549,030 |
|
| New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/45 |
|
|
1,860 |
|
|
|
2,107,287 |
|
| New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
| Transportation Program Bonds, Series S, 5.25%, 06/15/43 |
|
|
1,070 |
|
|
|
1,243,094 |
|
| CAB, Transportation System, Series A,
0.00%, 12/15/35(d) |
|
|
1,000 |
|
|
|
563,830 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| New Jersey (continued) |
|
| Transportation Program, Series AA, 5.00%, 06/15/45 |
|
$ |
900 |
|
|
$ |
985,662 |
|
| Transportation Program, Series AA, 5.00%, 06/15/46 |
|
|
400 |
|
|
|
437,792 |
|
| New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%,
12/15/36 |
|
|
140 |
|
|
|
161,534 |
|
| South Jersey Port Corp., RB, Marine Terminal, Series B, AMT, 5.00%, 01/01/35 |
|
|
625 |
|
|
|
714,575 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/35 |
|
|
760 |
|
|
|
888,805 |
|
| 5.25%, 06/01/46 |
|
|
1,810 |
|
|
|
2,064,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,142,420 |
|
|
| New Mexico — 0.3% |
|
| New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%,
08/01/44 |
|
|
450 |
|
|
|
510,498 |
|
|
|
|
|
|
|
|
|
|
|
| New York — 5.0% |
|
| City of New York Industrial Development Agency, RB, PILOT (AMBAC), 5.00%, 01/01/39 |
|
|
925 |
|
|
|
940,521 |
|
| City of New York Water & Sewer System, Refunding RB, 2nd Generation, Fiscal 2013, 5.00%,
06/15/47 |
|
|
1,000 |
|
|
|
1,112,490 |
|
| Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a) |
|
|
900 |
|
|
|
921,609 |
|
| Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/45 |
|
|
500 |
|
|
|
528,670 |
|
| Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |
|
|
1,160 |
|
|
|
1,159,965 |
|
| New York Liberty Development Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 |
|
|
800 |
|
|
|
823,376 |
|
| 3 World Trade Center Project, Class 2,
5.38%, 11/15/40(a) |
|
|
405 |
|
|
|
451,061 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2019 |
|
BlackRock Municipal Bond Trust (BBK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| New York (continued) |
|
| New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%,
08/01/31 |
|
$ |
1,295 |
|
|
$ |
1,361,563 |
|
| State of New York Mortgage Agency, Refunding RB, Series 211, 3.75%, 10/01/43 |
|
|
1,190 |
|
|
|
1,240,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,539,747 |
|
|
| North Dakota — 0.3% |
|
| County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A,
5.00%, 07/01/21(b) |
|
|
480 |
|
|
|
513,682 |
|
|
|
|
|
|
|
|
|
|
|
| Ohio — 4.0% |
|
| Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 6.50%, 06/01/47 |
|
|
2,000 |
|
|
|
1,999,960 |
|
| City of Dayton Ohio Airport Revenue, Refunding ARB, James M. Cox Dayton International Airport, Series A
(AGM), AMT, 4.00%, 12/01/32 |
|
|
2,000 |
|
|
|
2,071,000 |
|
| Northwest Local School District/Hamilton & Butler Counties, GO, School Improvements,
4.00%, 12/01/50 |
|
|
1,135 |
|
|
|
1,182,148 |
|
| State of Ohio, Refunding RB, University Hospitals Health System, Series A, 5.00%, 01/15/41 |
|
|
1,500 |
|
|
|
1,582,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,835,443 |
|
|
| Oklahoma — 0.9% |
|
| Oklahoma City Public Property Authority, Refunding RB, 5.00%, 10/01/39 |
|
|
720 |
|
|
|
837,864 |
|
| Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48 |
|
|
605 |
|
|
|
701,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,539,604 |
|
|
| Oregon — 1.4% |
|
| Oregon Health & Science University, RB, Series A, 4.00%, 07/01/37 |
|
|
675 |
|
|
|
748,798 |
|
| State of Oregon State Facilities Authority, Refunding RB, University of Portland Project, Series A, 5.00%,
04/01/45 |
|
|
1,475 |
|
|
|
1,670,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,419,309 |
|
|
| Pennsylvania — 6.3% |
|
| Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/33 |
|
|
335 |
|
|
|
402,804 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Pennsylvania (continued) |
|
| 5.00%, 06/01/34 |
|
$ |
750 |
|
|
$ |
898,298 |
|
| (AGM), 4.00%, 06/01/39 |
|
|
1,365 |
|
|
|
1,486,321 |
|
| County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27 |
|
|
1,695 |
|
|
|
1,758,240 |
|
| County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A, 4.00%, 09/01/49 |
|
|
495 |
|
|
|
528,002 |
|
| Delaware River Port Authority, RB: |
|
|
|
|
|
|
|
|
| 4.50%, 01/01/32 |
|
|
1,500 |
|
|
|
1,638,015 |
|
| Series D (AGM), 5.00%, 01/01/20(b) |
|
|
2,600 |
|
|
|
2,653,846 |
|
| Pottsville Hospital Authority, Refunding RB, Lehigh Valley Health Network, Series B, 5.00%, 07/01/45 |
|
|
1,250 |
|
|
|
1,428,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,793,826 |
|
|
| Puerto Rico — 4.5% |
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/39 |
|
|
315 |
|
|
|
318,308 |
|
| 5.63%, 05/15/43 |
|
|
345 |
|
|
|
348,564 |
|
| Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 07/01/33 |
|
|
1,305 |
|
|
|
1,295,212 |
|
| 5.13%, 07/01/37 |
|
|
375 |
|
|
|
372,188 |
|
| Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series
A: |
|
|
|
|
|
|
|
|
| 6.00%, 07/01/38 |
|
|
385 |
|
|
|
385,000 |
|
| 6.00%, 07/01/44 |
|
|
700 |
|
|
|
700,000 |
|
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: |
|
|
|
|
|
|
|
|
| Series A-1, 4.50%, 07/01/34 |
|
|
15 |
|
|
|
15,375 |
|
| Series A-1, 4.75%, 07/01/53 |
|
|
580 |
|
|
|
559,520 |
|
| Series A-1, 5.00%, 07/01/58 |
|
|
3,080 |
|
|
|
3,061,674 |
|
| Series A-2, 5.00%, 07/01/58 |
|
|
720 |
|
|
|
688,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,744,341 |
|
|
| Rhode Island — 3.8% |
|
| Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/43 |
|
|
900 |
|
|
|
937,665 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2019 |
|
BlackRock Municipal Bond Trust (BBK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Rhode Island (continued) |
|
| Rhode Island Health & Educational Building Corp., Refunding RB, Series A (AGM), 3.75%,
05/15/32 |
|
$ |
1,155 |
|
|
$ |
1,228,989 |
|
| Rhode Island Housing & Mortgage Finance Corp., RB, (FHA), S/F Housing, Series 3-B, 4.13%, 10/01/49 |
|
|
480 |
|
|
|
496,747 |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 06/01/40 |
|
|
1,000 |
|
|
|
1,088,900 |
|
| Series B, 4.50%, 06/01/45 |
|
|
2,730 |
|
|
|
2,775,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,527,865 |
|
|
| South Carolina — 0.8% |
|
| State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 |
|
|
1,000 |
|
|
|
1,115,250 |
|
| State of South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/36 |
|
|
175 |
|
|
|
203,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,318,282 |
|
|
| South Dakota — 0.5% |
|
| City of Rapid City South Dakota, RB, 4.00%, 12/01/48 |
|
|
740 |
|
|
|
787,730 |
|
|
|
|
|
|
|
|
|
|
|
| Tennessee — 2.9% |
|
| Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A,
5.25%, 01/01/40 |
|
|
1,950 |
|
|
|
2,154,808 |
|
| City of Johnson Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%,
08/15/42 |
|
|
800 |
|
|
|
848,032 |
|
| County of Chattanooga-Hamilton Tennessee Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44 |
|
|
875 |
|
|
|
959,928 |
|
| County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A,
5.38%, 11/01/28 |
|
|
275 |
|
|
|
279,282 |
|
| County of Nashville & Davidson Metropolitan Government Health & Educational Facilities
Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 |
|
|
675 |
|
|
|
774,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,016,214 |
|
|
| Texas — 10.9% |
|
| County of Harris Texas Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series G (NPFGC), 0.00%,
11/15/41(d) |
|
|
11,690 |
|
|
|
4,414,027 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Texas (continued) |
|
| County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co.,
Project, Series A, 6.30%, 11/01/29 |
|
$ |
1,500 |
|
|
$ |
1,534,965 |
|
| County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A,
0.00%, 09/15/38(d) |
|
|
10,760 |
|
|
|
4,965,202 |
|
| El Paso Independent School District, GO, (PSF-GTD),
4.00%, 08/15/43 |
|
|
890 |
|
|
|
974,586 |
|
| Leander ISD, GO, Refunding CAB, Series D (PSF-GTD)(d): |
|
|
|
|
|
|
|
|
| 0.00%, 08/15/24(b) |
|
|
370 |
|
|
|
201,606 |
|
| 0.00%, 08/15/35 |
|
|
3,630 |
|
|
|
1,925,534 |
|
| Red River Texas Education Financing Corp., RB, Texas Christian University Project,
5.25%, 03/15/38 |
|
|
760 |
|
|
|
848,152 |
|
| San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project,
4.00%, 09/15/42 |
|
|
1,355 |
|
|
|
1,414,037 |
|
| San Jacinto College District, GOL, Series A, 5.00%, 02/15/44 |
|
|
345 |
|
|
|
414,990 |
|
| Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC,
7.00%, 06/30/40 |
|
|
2,000 |
|
|
|
2,109,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,802,799 |
|
|
| Utah — 0.8% |
|
| Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/43 |
|
|
530 |
|
|
|
625,575 |
|
| State of Utah Charter School Finance Authority, RB, Utah Charter Academies Project,
5.00%, 10/15/48 |
|
|
360 |
|
|
|
412,067 |
|
| State of Utah Charter School Finance Authority, Refunding RB, Mountainville Academy,
4.00%, 04/15/42 |
|
|
400 |
|
|
|
416,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,453,774 |
|
|
| Vermont — 0.6% |
|
| University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/37 |
|
|
500 |
|
|
|
531,635 |
|
| Vermont Student Assistance Corp., RB, Series A, 4.13%, 06/15/30 |
|
|
500 |
|
|
|
529,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,061,085 |
|
|
| Virginia — 1.9% |
|
| Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A,
5.38%, 03/01/36 |
|
|
490 |
|
|
|
521,022 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2019 |
|
BlackRock Municipal Bond Trust (BBK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Virginia (continued) |
|
| Virginia Beach Development Authority, Refunding RB, Westminster-Canterbury on Chesapeake Bay: |
|
|
|
|
|
|
|
|
| 5.00%, 09/01/44 |
|
$ |
585 |
|
|
$ |
666,344 |
|
| 4.00%, 09/01/48 |
|
|
375 |
|
|
|
396,454 |
|
| Virginia HDA, RB, M/F Housing, Rental Housing, Series B, 4.00%, 06/01/53 |
|
|
385 |
|
|
|
404,365 |
|
| Virginia Small Business Financing Authority, RB, AMT: |
|
|
|
|
|
|
|
|
| Covanta Project, 5.00%, 01/01/48(a)(g) |
|
|
470 |
|
|
|
490,370 |
|
| Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37 |
|
|
725 |
|
|
|
802,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,280,920 |
|
|
| Washington — 0.4% |
|
| State of Washington Housing Finance Commission, Refunding RB, Horizon House Project, 5.00%, 01/01/38(a) |
|
|
600 |
|
|
|
670,872 |
|
|
|
|
|
|
|
|
|
|
|
| West Virginia — 0.8% |
|
| West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated
Group, Series A, 4.00%, 06/01/51 |
|
|
1,305 |
|
|
|
1,387,124 |
|
|
|
|
|
|
|
|
|
|
|
| Wisconsin — 1.2% |
|
| Public Finance Authority, Refunding RB, National Gypsum Co., AMT, 4.00%, 08/01/35 |
|
|
280 |
|
|
|
287,893 |
|
| Wisconsin Health & Educational Facilities Authority, Refunding RB, Milwaukee Regional Medical Center
Thermal Service, 5.00%, 04/01/44 |
|
|
800 |
|
|
|
948,712 |
|
| WPPI Energy Power Supply Systems, Refunding RB, Series A, 5.00%, 07/01/37 |
|
|
665 |
|
|
|
755,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,992,039 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 135.7%
(Cost — $211,763,689) |
|
|
|
232,819,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
|
|
| California — 1.0% |
|
| Los Angeles California Unified School District, GO, Election of 2008, Series
B-1, 5.25%, 07/01/42(i) |
|
$ |
1,451 |
|
|
$ |
1,776,278 |
|
|
|
|
|
|
|
|
|
|
|
| Connecticut — 1.7% |
|
| State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit
Group, 5.00%, 12/01/45 |
|
|
2,611 |
|
|
|
3,009,336 |
|
|
|
|
|
|
|
|
|
|
|
| New Jersey — 0.9% |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B,
5.25%, 06/15/36(i) |
|
|
1,400 |
|
|
|
1,474,124 |
|
|
|
|
|
|
|
|
|
|
|
| New York — 13.0% |
|
| City of New York, GO, Refunding Fiscal 2015,
Series B, 4.00%, 08/01/32 |
|
|
3,990 |
|
|
|
4,362,766 |
|
| City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General
Resolution, Series FF-2, 5.50%, 06/15/40 |
|
|
330 |
|
|
|
330,975 |
|
| City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2013: |
|
|
|
|
|
|
|
|
| Series BB, 4.00%, 06/15/47 |
|
|
3,660 |
|
|
|
3,822,504 |
|
| Series CC, 5.00%, 06/15/47 |
|
|
6,000 |
|
|
|
6,752,236 |
|
| Hudson Yards Infrastructure Corp., RB, Senior-Fiscal
2012(i): |
|
|
|
|
|
|
|
|
| 5.75%, 02/15/21(b) |
|
|
1,548 |
|
|
|
1,656,369 |
|
| 5.75%, 02/15/47 |
|
|
952 |
|
|
|
1,018,948 |
|
| New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%,
12/15/43 |
|
|
2,505 |
|
|
|
2,728,309 |
|
| State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%,
03/15/31 |
|
|
1,560 |
|
|
|
1,676,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,348,604 |
|
|
| Texas — 3.9% |
|
| City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43 |
|
|
2,999 |
|
|
|
3,137,190 |
|
| City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |
|
|
1,580 |
|
|
|
1,737,629 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2019 |
|
BlackRock Municipal Bond Trust (BBK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Texas (continued) |
|
| City of San Antonio Texas Water System, Refunding RB, Water System, Junior Lien, Series C,
5.00%, 05/15/46 |
|
$ |
1,515 |
|
|
$ |
1,777,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,652,575 |
|
|
| Virginia — 1.4% |
|
| Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A,
5.00%, 07/01/48 |
|
|
1,996 |
|
|
|
2,387,954 |
|
|
|
|
|
|
|
|
|
|
|
| Washington — 2.1% |
|
| Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/42 |
|
|
2,992 |
|
|
|
3,549,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
Value |
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 24.0%
(Cost — $39,317,269) |
|
$
|
41,198,768 |
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 159.7%
(Cost — $251,080,958) |
|
|
274,018,549 |
|
|
|
|
|
|
|
|
|
|
| Other Assets Less Liabilities — 1.3% |
|
|
2,190,672 |
|
|
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(14.4)% |
|
|
(24,681,726 |
) |
|
|
| VMTP Shares at Liquidation Value, Net of Deferred Offering
Costs — (46.6)% |
|
|
(79,900,000 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
$ |
171,627,495 |
|
|
|
|
|
|
|
|
| (a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may
be resold in transactions exempt from registration to qualified institutional investors. |
| (b) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full
at the date indicated, typically at a premium to par. |
| (c) |
Step-up bond that pays an initial coupon rate for the first period and then a
higher coupon rate for the following periods. Rate as of period end. |
| (e) |
Issuer filed for bankruptcy and/or is in default. |
| (f) |
Non-income producing security. |
| (g) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates
and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (h) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These
bonds serve as collateral in a secured borrowing. |
| (i) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust
could ultimately be required to pay under the agreements, which expire between August 15, 2020 to January 1, 2026, is $3,415,794. |
During
the period ended May 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliate |
|
Shares
Held at
08/31/18 |
|
|
Net
Activity |
|
|
Shares
Held at
05/31/19 |
|
|
Value at
05/31/19 |
|
|
Income |
|
|
Net
Realized
Gain (Loss) (a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class* |
|
|
2,100,576 |
|
|
|
(2,100,576 |
) |
|
|
— |
|
|
$ |
— |
|
|
$ |
22,009 |
|
|
$ |
572 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
* |
No longer held by the Fund as of period end. |
|
| |
(a) |
Includes net capital gain distributions, if applicable. |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2019 |
|
BlackRock Municipal Bond Trust (BBK) |
Portfolio Abbreviations
AGC — Assured Guarantee Corp.
AGM — Assured Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance Corp.
AMT — Alternative Minimum
Tax (subject to)
ARB — Airport Revenue Bonds
CAB — Capital Appreciation
Bonds
COP — Certificates of Participation
EDA — Economic Development
Authority
EDC — Economic Development Corp.
FHA — Federal Housing
Administration
GARB — General Airport Revenue Bonds
GO — General
Obligation Bonds
GTD — Guaranteed
IDA — Industrial Development
Authority
ISD — Independent School District
M/F — Multi-Family
NPFGC — National Public Finance Guarantee Corp.
PILOT — Payment in Lieu of
Taxes
PSF — Permanent School Fund
RB — Revenue Bonds
S/F — Single-Family
Derivative Financial Instruments Outstanding as of Period
End
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Number of
Contracts |
|
|
Expiration
Date |
|
|
Notional
Amount (000) |
|
|
Value /
Unrealized
Appreciation
(Depreciation) |
|
| Short Contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 10-Year U.S. Treasury Note |
|
|
27 |
|
|
|
09/19/19 |
|
|
$ |
3,422 |
|
|
$ |
(22,527 |
) |
| U.S. Treasury Long Bond |
|
|
72 |
|
|
|
09/19/19 |
|
|
|
11,068 |
|
|
|
(115,192 |
) |
| 5-Year U.S. Treasury Note |
|
|
16 |
|
|
|
09/30/19 |
|
|
|
1,878 |
|
|
|
(7,650 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(145,369 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2019 |
|
BlackRock Municipal Bond Trust (BBK) |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a
fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| |
• |
|
Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the
Trust has the ability to access |
| |
• |
|
Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities
in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| |
• |
|
Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority
to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of
the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within
Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include
equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based
on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of
investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.
The following
tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
| Investments: |
|
| Long-Term Investments |
|
$ |
— |
|
|
$ |
274,018,549 |
|
|
$ |
— |
|
|
$ |
274,018,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments 1 |
|
| Liabilities: |
|
| Interest rate contracts |
|
$ |
(145,369 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(145,369 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
See above Schedule of Investments for values in each state. |
|
| |
(b) |
Derivative financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on
the instrument. |
|
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement
purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Liabilities: |
|
| TOB Trust Certificates |
|
$ |
— |
|
|
$ |
(24,524,266 |
) |
|
$ |
— |
|
|
$ |
(24,524,266 |
) |
| VMTP Shares at Liquidation Value |
|
|
— |
|
|
|
(79,900,000 |
) |
|
|
— |
|
|
|
(79,900,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(104,424,266 |
) |
|
$ |
— |
|
|
$ |
(104,424,266 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|