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: 811-10331
Name of Fund: | BlackRock California Municipal Income Trust (BFZ) |
Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
Name and address of agent for
service: John M. Perlowski, Chief Executive Officer, BlackRock California
Municipal Income Trust, 55 East 52nd Street, New York, NY 10055
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2021
Date of reporting period: 07/31/2021
Item 1 | Report to Stockholders |
(a) The Report to Shareholders is attached herewith.
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JULY 31, 2021 |
2021 Annual Report
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BlackRock California Municipal Income Trust (BFZ)
BlackRock Municipal 2030 Target Term Trust (BTT)
BlackRock New York Municipal Income Trust (BNY)
Not FDIC Insured May Lose Value No Bank Guarantee
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Dear Shareholder,
The 12-month reporting period as of July 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or COVID-19) pandemic. The United States, along with most of the world, began the reporting period emerging from a severe recession, prompted by pandemic-related restrictions that disrupted many aspects of daily life. However, easing restrictions and robust government intervention led to a strong rebound, and the economy grew at a significant pace for the reporting period, eventually regaining the output lost from the pandemic.
Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets rebounded substantially.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the Fed) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.
The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the likelihood of less bond purchasing and the possibility of higher rates in 2023.
Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.
Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and Chinese government bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in todays markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC
Total Returns as of July 31, 2021 | ||||||
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6-Month
|
12-Month
| ||||
U.S. large cap equities
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19.19% | 36.45% | ||||
U.S. small cap equities
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7.86 | 51.97 | ||||
International equities
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10.83 | 30.31 | ||||
Emerging market equities
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(2.76) | 20.64 | ||||
3-month Treasury bills
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0.02 | 0.08 | ||||
U.S. Treasury securities
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(0.59) | (5.12) | ||||
U.S. investment grade bonds
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0.21 | (0.70) | ||||
Tax-exempt municipal bonds
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1.38 | 3.47 | ||||
U.S. high yield bonds
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3.66 | 10.62 |
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
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Municipal Market Overview For the Reporting Period Ended July 31, 2021
Municipal bonds posted positive total returns during the period despite rising interest rates as the economy normalized from the pandemic-induced economic shutdown. The asset class benefited from favorable supply and demand dynamics and improved credit fundamentals amid considerable fiscal stimulus and a quicker-than-expected rebound in state and local government revenues. As a result, municipal bonds generated substantial excess returns versus duration-matched U.S. Treasuries, and longer duration and lower credit quality strategies outperformed. Despite broad strength, the market contended with brief periods of volatility surrounding U.S. election uncertainty as well as a temporary valuation-based market correction in late February.
Technical support was strong throughout the period as robust demand outpaced supply. During the 12 months ended July 31, 2021, municipal bond funds experienced net inflows totaling $98 billion, with January 2021 producing the largest monthly net inflow on record (based on data from the Investment Company Institute). For the same period, the market absorbed $471 billion in issuance, notably elevated compared to the $450 billion issued during the prior 12-month period. However, taxable municipal issuance, which typically draws a different and unique buyer base, was proportionally elevated, making supply less onerous on the traditional tax-exempt market. |
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S&P Municipal Bond Index Total Returns as of July 31, 2021 6 months: 1.38% 12 months: 3.47%
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A Closer Look at Yields
From July 31, 2020 to July 31, 2021, yields on AAA-rated 30-year municipal bonds increased by 2 basis points (bps) from 1.37% to 1.39%, while ten-year rates increased by 17 bps from 0.65% to 0.82% and five-year rates increased by 13 bps from 0.23% to 0.36% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve steepened over the 12-month period with the spread between two- and 30-year maturities steepening by 9 bps, led by 24 bps of steepening between two- and ten-year maturities.
Consistent municipal outperformance has resulted in stretched valuations. After dislocating at the height of the pandemic, municipal-to-U.S. Treasury ratios posted all-time lows in February 2021 and remained well below historical averages.
Financial Conditions of Municipal Issuers
The COVID-19 pandemic has been an unprecedented shock to the system impacting nearly every sector in the municipal market. Fortunately, most states and municipalities were in excellent fiscal health before the crisis, and the federal government delivered another $350 billion injection. Direct state and local government aid has provided additional support to own-source government tax receipts, which continue to outperform the dire predictions made in early 2020. Essential public services such as power, water, and sewer remain protected segments. State housing authority bonds, flagship universities, and strong national and regional health systems have absorbed the impact of the economic shock. While some segments still confront financial pressures, the combination of new federal stimulus and vaccine distribution is boosting economic activity and, consequently, increasing revenue receipts in these sectors as well. Critical providers (safety net hospitals, mass transit systems, airports) with limited resources may still experience fiscal strain but the additional aid and the re-opening of the economy will continue to support operating results in the second half of 2021, despite the surging delta variant of the coronavirus. BlackRock anticipates that a small subset of the market, mainly non-rated stand-alone projects, will remain susceptible to credit deterioration. However, the risk of new mandated lockdowns is significantly diminished, and we expect limited impact on the high fundamental quality of state and local governments as well as essential service providers. While credit fundamentals have improved noticeably across the municipal space, BlackRock advocates careful credit selection as the market must still navigate near-term uncertainty.
The opinions expressed are those of BlackRock as of July 31, 2021 and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.
The S&P Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the AMT. Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.
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2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
The Benefits and Risks of Leveraging
The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value (NAV) of, their common shares (Common Shares). However, there is no guarantee that these objectives can be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trusts shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.
To illustrate these concepts, assume a Trusts Common Shares capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Trusts financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trusts financing cost of leverage is significantly lower than the income earned on a Trusts longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (Common Shareholders) are the beneficiaries of the incremental net income.
However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed a Trusts return on assets purchased with leverage proceeds, income to shareholders is lower than if a Trust had not used leverage. Furthermore, the value of the Trusts portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of each Trusts obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Trusts intended leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Trusts NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Trusts Common Shares than if the Trust were not leveraged. In addition, each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trust to incur losses. The use of leverage may limit a Trusts ability to invest in certain types of securities or use certain types of hedging strategies. Each Trust incurs expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares. Moreover, to the extent the calculation of each Trusts investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts investment adviser will be higher than if the Trusts did not use leverage.
To obtain leverage, each Trust has issued Variable Rate Demand Preferred Shares (VRDP Shares), Variable Rate Muni Term Preferred Shares (VMTP Shares) or Remarketable Variable Rate Muni Term Preferred Shares (RVMTP Shares) (collectively, Preferred Shares) and/or leveraged its assets through the use of tender option bond trusts (TOB Trusts) as described in the Notes to Financial Statements.
Under the Investment Company Act of 1940, as amended (the 1940 Act), each Trust is permitted to issue debt up to 33 1/3% of its total managed assets or equity securities (e.g., Preferred Shares) up to 50% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by the Preferred Shares governing instruments or by agencies rating the Preferred Shares, which may be more stringent than those imposed by the 1940 Act.
If a Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Trusts obligations under the TOB Trust (including accrued interest), then the TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.
Derivative Financial Instruments
The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Trusts successful use of a derivative financial instrument depends on the investment advisers ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S |
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Trust Summary as of July 31, 2021 | BlackRock California Municipal Income Trust (BFZ) |
Investment Objective
BlackRock California Municipal Income Trusts (BFZ) (the Trust) investment objective is to provide current income exempt from regular U.S. federal income and California income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and California income taxes. The Trust invests, under normal market conditions, at least 80% of its assets in municipal obligations that are investment grade quality, or are considered by the Trusts investment adviser to be of comparable quality, at the time of investment. The Trust may invest directly in securities or synthetically through the use of derivatives.
No assurance can be given that the Trusts investment objective will be achieved.
Trust Information
Symbol on New York Stock Exchange |
BFZ | |
Initial Offering Date |
July 27, 2001 | |
Yield on Closing Market Price as of July 31, 2021 ($15.01)(a) |
3.44% | |
Tax Equivalent Yield(b) |
7.49% | |
Current Monthly Distribution per Common Share(c) |
$0.0430 | |
Current Annualized Distribution per Common Share(c) |
$0.5160 | |
Leverage as of July 31, 2021(d) |
38% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 54.1%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The distribution rate is not constant and is subject to change. |
(d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
07/31/21 | 07/31/20 | Change | High | Low | ||||||||||||||||
Closing Market Price |
$ | 15.01 | $ | 13.79 | 8.85 | % | $ | 15.13 | $ | 13.00 | ||||||||||
Net Asset Value |
16.29 | 15.86 | 2.71 | 16.36 | 15.33 |
TOTAL RETURN BASED ON A $10,000 INVESTMENT
(a) | Represents the Trusts closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) | A broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. |
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2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Summary as of July 31, 2021 (continued) | BlackRock California Municipal Income Trust (BFZ) |
Performance Summary for the Period Ended July 31, 2021
Returns for the period ended July 31, 2021 were as follows:
Average Annual Total Returns | ||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||
Trust at NAV(a)(b) |
6.24 | % | 4.53 | % | 7.04 | % | ||||||
Trust at Market Price(a)(b) |
12.59 | 2.33 | 6.74 | |||||||||
Lipper California Municipal Debt Funds at NAV(c) |
5.82 | 4.23 | 7.01 | |||||||||
Lipper California Municipal Debt Funds at Market Price(c) |
11.62 | 3.53 | 7.64 | |||||||||
S&P® Municipal Bond Index |
3.47 | 3.34 | 4.29 | |||||||||
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trusts use of leverage. |
(b) | The Trusts discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
More information about the Trusts historical performance can be found in the Closed End Funds section of blackrock.com.
The following discussion relates to the Trusts absolute performance based on NAV:
Despite rising yields (and falling prices) for U.S. Treasuries, municipal bonds produced healthy gains in the past 12 months. Tax-exempt bonds continued to rally off of their pandemic-driven lows due to the release of multiple coronavirus vaccines, better-than-expected growth, improving municipal finances and robust investor demand. The prospect of substantial fiscal stimulus and higher taxes were additional tailwinds for the market. These factors led to a decline in yield spreads versus U.S. Treasuries, fueling positive returns for municipal debt.
Following the outbreak of the pandemic in early 2020, the consensus expectation was that state and local issuers in California would be challenged by a sizable decline in revenues. Instead, the states credit rating stabilized at a strong AA level, reflecting its diversified economy, rising property values and strong performance for the equity market. The outward migration of residents and businesses looking to flee the states higher taxes did not result in credit deterioration. Instead, many wealthy residents looked to reduce their tax burdens by purchasing tax-exempt California municipal bonds of all credit qualities. The resulting record inflows into municipal bond funds created a dramatic imbalance in demand relative to the available supply of securities. In this favorable environment, yields declined (as prices rose) and yield spreads tightened significantly.
The Trusts positions in long-duration securities delivered strong returns as yields declined and the yield curve flattened. (Duration is a measure of interest rate sensitivity.) Positions in high-yield securities and bonds on the lower end of the investment-grade spectrum were also leading contributors, as lower-quality bonds significantly outperformed the broader market. At the sector level, positions in transportation, tax-backed local, school district, utility and education issues made the largest contributions.
The use of leverage, which added to the Trusts income and amplified the effect of rising prices, was a further positive. The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that long-term U.S. Treasury yields rose, as prices fell, this strategy contributed to performance.
While all segments of the Trust posted gains, its positions in shorter-term debt produced lower relative returns.
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.
T R U S T S U M M A R Y |
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Trust Summary as of July 31, 2021 (continued) | BlackRock California Municipal Income Trust (BFZ) |
Overview of the Trusts Total Investments
SECTOR ALLOCATION
Sector(a)(b) | 07/31/21 | 07/31/20 | ||||||
County/City/Special District/School District |
28 | % | 30 | % | ||||
Transportation |
19 | 22 | ||||||
Utilities |
15 | 16 | ||||||
Education |
13 | 11 | ||||||
State |
12 | 8 | ||||||
Health |
8 | 9 | ||||||
Tobacco |
3 | 3 | ||||||
Housing |
2 | 1 | ||||||
Corporate |
| (c) | |
CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(a)(d) | Percentage | |||||||
2021 |
2 | % | ||||||
2022 |
3 | |||||||
2023 |
3 | |||||||
2024 |
2 | |||||||
2025 |
5 |
CREDIT QUALITY ALLOCATION
Credit Rating(a)(e) | 07/31/21 | 07/31/20 | ||||||
AAA/Aaa |
8 | % | 9 | % | ||||
AA/Aa |
69 | 68 | ||||||
A |
11 | 14 | ||||||
BBB/Baa |
1 | | (c) | |||||
BB/Ba |
| (c) | | (c) | ||||
B |
| (c) | 1 | |||||
CC |
| 1 | ||||||
N/R |
11 | (f) | 7 |
(a) | Excludes short-term securities. |
(b) | For Trust compliance purposes, the Trusts sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Rounds to less than 1% of total investments. |
(d) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(e) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moodys Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(f) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2021, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Trusts total investments. |
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2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Summary as of July 31, 2021 | BlackRock Municipal 2030 Target Term Trust (BTT) |
Investment Objective
BlackRock Municipal 2030 Target Term Trusts (BTT) (the Trust) investment objectives are to provide current income exempt from regular U.S. federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial offering price per share) to holders of common shares on or about December 31, 2030. The Trust seeks to achieve its investment objectives by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trusts investment adviser to be of comparable quality, at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar weighted average effective maturity approximately equal to the Trusts maturity date. The Trust may invest directly in securities or synthetically through the use of derivatives.
There is no assurance that the Trust will achieve its investment objectives, including its investment objective of returning $25.00 per share.
Trust Information
Symbol on New York Stock Exchange |
BTT | |
Initial Offering Date |
August 30, 2012 | |
Termination Date (on or about) |
December 31, 2030 | |
Yield on Closing Market Price as of July 31, 2021 ($26.27)(a) |
2.85% | |
Tax Equivalent Yield(b) |
4.81% | |
Current Monthly Distribution per Common Share(c) |
$0.0624 | |
Current Annualized Distribution per Common Share(c) |
$0.7488 | |
Leverage as of July 31, 2021(d) |
34% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The distribution rate is not constant and is subject to change. |
(d) | Represents RVMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to RVMTP Shares and TOB Trusts, minus the sum of accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging. |
Market Price and Net Asset Value Per Share Summary
07/31/21 | 07/31/20 | Change | High | Low | ||||||||||||||||
Closing Market Price |
$ | 26.27 | $ | 24.78 | 6.01 | % | $ | 26.38 | $ | 24.34 | ||||||||||
Net Asset Value |
27.32 | 26.31 | 3.84 | 27.33 | 26.01 |
TOTAL RETURN BASED ON A $10,000 INVESTMENT
BTT commenced operations on August 30, 2012.
(a) | Represents the Trusts closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) | A broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. |
T R U S T S U M M A R Y |
9 |
Trust Summary as of July 31, 2021 (continued) | BlackRock Municipal 2030 Target Term Trust (BTT) |
Performance Summary for the Period Ended July 31, 2021
Returns for the period ended July 31, 2021 were as follows:
Average Annual Total Returns | ||||||||||||
1 Year | 5 Years | |
Since Inception |
(a) | ||||||||
Trust at NAV(b)(c) |
6.92 | % | 5.10 | % | 5.80 | % | ||||||
Trust at Market Price(b)(c) |
9.16 | 5.25 | 4.79 | |||||||||
Lipper General & Insured Municipal Debt Funds (Leveraged) at NAV(d) |
9.15 | 4.65 | 5.58 | (e) | ||||||||
Lipper General & Insured Municipal Debt Funds (Leveraged) at Market Price(d) |
15.20 | 4.90 | 5.51 | (e) | ||||||||
S&P® Municipal Bond Index |
3.47 | 3.34 | 3.61 |
(a) | BTT commenced operations on August 30, 2012. |
(b) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trusts use of leverage. |
(c) | The Trusts discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(d) | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. |
(e) | The average annual total returns since inception represents the annualized returns for the period from August 31, 2012 to July 31, 2021. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
More information about the Trusts historical performance can be found in the Closed End Funds section of blackrock.com.
The following discussion relates to the Trusts absolute performance based on NAV:
Despite rising yields (and falling prices) for U.S. Treasuries, municipal bonds produced healthy gains in the past 12 months. Tax-exempt bonds continued to rally off of their pandemic-driven lows due to the release of multiple coronavirus vaccines, better-than-expected growth, improving municipal finances and robust investor demand. The prospect of substantial fiscal stimulus and higher taxes were additional tailwinds for the market. These factors led to a decline in yield spreads versus U.S. Treasuries, fueling positive returns for municipal debt.
Holdings in the state tax-backed sector made the largest contribution to performance, led by positions in Puerto Rico and lower-rated states such as Illinois, New Jersey and Pennsylvania. Revenue sectors, including health care and transportation, also experienced meaningful price appreciation.
Positions in lower-rated issues, more generally, outpaced higher-rated securities. This trend was partially a reflection of federal aid packages that supported the financial system and helped municipalities better navigate the pandemic. The investment adviser added to the Funds high yield allocation throughout the period given the highly supportive supply-and-demand backdrop in the market, as well as the improving fundamental outlook stemming from resurgent economic growth and robust federal support at the state and local levels.
Longer-dated issues also delivered strong returns. The use of leverage also augmented performance by boosting income and amplifying the effect of rising prices. Conversely, reinvestment risk remained a headwind since the proceeds from bonds that matured or were called needed to be reinvested at lower yields compared with those issued when yields were higher.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
10 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Summary as of July 31, 2021 (continued) | BlackRock Municipal 2030 Target Term Trust (BTT) |
Overview of the Trusts Total Investments
SECTOR ALLOCATION
Sector(a)(b) | 07/31/21 | 07/31/20 | ||||||
Transportation |
22 | % | 24 | % | ||||
County/City/Special District/School District |
18 | 14 | ||||||
Health |
18 | 17 | ||||||
State |
16 | 16 | ||||||
Corporate |
8 | 8 | ||||||
Education |
7 | 8 | ||||||
Utilities |
6 | 8 | ||||||
Tobacco |
3 | 3 | ||||||
Housing |
2 | 2 | ||||||
Other |
| (c) | |
CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(a)(d) | Percentage | |||||||
2021 |
| %(c) | ||||||
2022 |
18 | |||||||
2023 |
10 | |||||||
2024 |
5 | |||||||
2025 |
5 |
CREDIT QUALITY ALLOCATION
Credit Rating(a)(e) | 07/31/21 | 07/31/20 | ||||||
AAA/Aaa |
3 | % | 3 | % | ||||
AA/Aa |
30 | 30 | ||||||
A |
37 | 41 | ||||||
BBB/Baa |
15 | 14 | ||||||
BB/Ba |
4 | 3 | ||||||
B |
| (c) | | |||||
CCC/Caa |
| (c) | | |||||
N/R(f) |
11 | 9 |
(a) | Excludes short-term securities. |
(b) | For Trust compliance purposes, the Trusts sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Rounds to less than 1% of total investments. |
(d) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(e) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moodys Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(f) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2021 and July 31, 2020, the market value of unrated securities deemed by the investment adviser to be investment grade each represents less than 1% of the Trusts total investments. |
T R U S T S U M M A R Y |
11 |
Trust Summary as of July 31, 2021 | BlackRock New York Municipal Income Trust (BNY) |
Investment Objective
BlackRock New York Municipal Income Trusts (BNY) (the Trust) investment objective is to provide current income exempt from regular U.S. federal income tax and New York State and New York City personal income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City personal income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trusts investment adviser to be of comparable quality, at the time of investment. The Trust may invest directly in securities or synthetically through the use of derivatives.
On June 16, 2020, the Board of Directors or the Board of Trustees, as applicable, of BlackRock New York Municipal Income Quality Trust (BSE) and BlackRock New York Municipal Income Trust II (BFY) and the Trust each approved the reorganizations of BSE and BFY into BNY. At a special shareholder meeting on January 21, 2021, the requisite shareholders of the Trust, BSE and BFY approved the reorganization, which was effective April 12, 2021.
No assurance can be given that the Trusts investment objective will be achieved.
Trust Information
Symbol on New York Stock Exchange |
BNY | |
Initial Offering Date |
July 27, 2001 | |
Yield on Closing Market Price as of July 31, 2021 ($15.49)(a) |
4.38% | |
Tax Equivalent Yield(b) |
8.69% | |
Current Monthly Distribution per Common Share(c) |
$0.0565 | |
Current Annualized Distribution per Common Share(c) |
$0.6780 | |
Leverage as of July 31, 2021(d) |
40% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 49.62%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The distribution rate is not constant and is subject to change. |
(d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
07/31/21 | 07/31/20 | Change | High | Low | ||||||||||||||||
Closing Market Price |
$ | 15.49 | $ | 14.10 | 9.86 | % | $ | 16.07 | $ | 13.34 | ||||||||||
Net Asset Value |
15.30 | 15.09 | 1.39 | 15.41 | 14.69 |
TOTAL RETURN BASED ON A $10,000 INVESTMENT
(a) | Represents the Trusts closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) | A broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. |
12 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Summary as of July 31, 2021 (continued) | BlackRock New York Municipal Income Trust (BNY) |
Performance Summary for the Period Ended July 31, 2021
Returns for the period ended July 31, 2021 were as follows:
Average Annual Total Returns | ||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||
Trust at NAV(a)(b) |
6.55 | % | 3.78 | % | 6.39 | % | ||||||
Trust at Market Price(a)(b) |
15.45 | 3.06 | 6.27 | |||||||||
Lipper New York Municipal Debt Funds at NAV(c) |
6.89 | 3.84 | 5.95 | |||||||||
Lipper New York Municipal Debt Funds at Market Price(c) |
14.29 | 3.26 | 6.36 | |||||||||
S&P® Municipal Bond Index |
3.47 | 3.34 | 4.29 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trusts use of leverage. |
(b) | The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
More information about the Trusts historical performance can be found in the Closed End Funds section of blackrock.com.
The following discussion relates to the Trusts absolute performance based on NAV:
Despite rising yields (and falling prices) for U.S. Treasuries, municipal bonds produced healthy gains in the past 12 months. Tax-exempt bonds continued to rally off of their pandemic-driven lows due to the release of multiple coronavirus vaccines, better-than-expected growth, improving municipal finances and robust investor demand. The prospect of substantial fiscal stimulus and higher taxes were additional tailwinds for the market. These factors led to a decline in yield spreads versus U.S. Treasuries, fueling positive returns for municipal debt.
New York municipal bonds exceeded the return of the national indexes. The state, which experienced an above-average impact from the coronavirus-induced downturn, outperformed in the subsequent recovery.
Income and the compression of yield spreads played the largest role in the Trusts positive return. Yield curve positioning further aided performance due to the strong showing for longer-dated securities with maturities of 20 years and above. From a credit quality standpoint, positions in A and AA rated securities were key contributors. Additionally, lower-rated holdingsparticularly Puerto Ricoperformed well on the strength of investors robust appetite for yield. At the sector level, holdings in transportation, local tax-backed and state tax-backed issues added to performance.
The use of leverage, which added to the Trusts income and amplified the effect of rising prices, was a further positive. The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that long-term U.S. Treasury yields rose, as prices fell, this strategy contributed to performance.
Reinvestment risk remained a headwind since the proceeds from bonds that matured or were called needed to be reinvested at lower yields compared to bonds that were issued when yields were higher. In addition, holdings in short-duration, seasoned issuesincluding pre-refunded securitiesunderperformed relative to longer-dated maturities.
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.
T R U S T S U M M A R Y |
13 |
Trust Summary as of July 31, 2021 (continued) | BlackRock New York Municipal Income Trust (BNY) |
Overview of the Trusts Total Investments
SECTOR ALLOCATION
Sector(a)(b) |
07/31/21 |
07/31/20 |
||||||
Transportation |
24 | % | 24 | % | ||||
County/City/Special District/School District |
22 | 23 | ||||||
Utilities |
14 | 13 | ||||||
State |
14 | 11 | ||||||
Education |
11 | 13 | ||||||
Housing |
5 | 4 | ||||||
Health |
5 | 7 | ||||||
Corporate |
3 | 3 | ||||||
Tobacco |
2 | 2 |
CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(a)(c) |
Percentage |
|||
2021 |
6 | % | ||
2022 |
8 | |||
2023 |
11 | |||
2024 |
8 | |||
2025 |
4 |
CREDIT QUALITY ALLOCATION
Credit Rating(a)(d) |
07/31/21 |
07/31/20 |
||||||
AAA/Aaa |
10 | % | 10 | % | ||||
AA/Aa |
50 | 48 | ||||||
A |
24 | 24 | ||||||
BBB/Baa |
5 | 8 | ||||||
BB/Ba |
1 | 1 | ||||||
B |
1 | 1 | ||||||
CC |
| | (e) | |||||
N/R(f) |
9 | 8 |
(a) | Excludes short-term securities. |
(b) | For Trust compliance purposes, the Trusts sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moodys Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | Rounds to less than 1% of total investments. |
(f) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2021 and July 31, 2020, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2% and 1%, respectively, of the Trusts total investments. |
14 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
July 31, 2021 |
BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Municipal Bonds |
||||||||
California 88.5% |
||||||||
Corporate 0.6% | ||||||||
California Municipal Finance Authority, RB, Series A, AMT, 4.00%, 07/15/29 |
$ | 2,640 | $ | 3,077,712 | ||||
|
|
|||||||
County/City/Special District/School District 21.0% | ||||||||
California Statewide Communities Development Authority, SAB |
||||||||
Series A, 5.00%, 09/02/39 |
275 | 342,202 | ||||||
Series A, 5.00%, 09/02/44 |
160 | 196,686 | ||||||
Series A, 5.00%, 09/02/48 |
160 | 194,294 | ||||||
California Statewide Communities Development Authority, SAB, S/F Housing |
||||||||
5.00%, 09/02/40 |
300 | 369,450 | ||||||
4.00%, 09/02/50 |
240 | 266,443 | ||||||
5.00%, 09/02/50 |
240 | 291,118 | ||||||
Series C, 5.00%, 09/02/44 |
595 | 731,428 | ||||||
City of San Jose California Hotel Tax |
||||||||
6.13%, 05/01/31 |
500 | 501,835 | ||||||
6.50%, 05/01/36 |
1,210 | 1,214,719 | ||||||
6.50%, 05/01/42 |
2,225 | 2,233,522 | ||||||
El Dorado Irrigation District, Refunding RB, Series A, (AGM), 5.25%, 03/01/24(a) |
9,000 | 10,184,670 | ||||||
Foothill-De Anza Community College District, Refunding GO, Series A, 3.00%, 08/01/39 |
4,940 | 5,623,400 | ||||||
Fremont Union High School District, GO, Series A, 4.00%, 08/01/40 |
3,000 | 3,526,380 | ||||||
Glendale Community College District, GO, Series A, 5.25%, 08/01/41 |
5,000 | 6,299,150 | ||||||
Hayward Area Recreation & Park District, Refunding GO, Series A, 5.00%, 08/01/42 |
4,950 | 6,164,581 | ||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/42 |
5,030 | 6,241,727 | ||||||
Orange County Community Facilities District, ST |
||||||||
4.00%, 08/15/40 |
260 | 300,004 | ||||||
4.00%, 08/15/50 |
245 | 280,062 | ||||||
Riverside County Public Financing Authority, RB, 5.25%, 11/01/45 |
8,990 | 10,671,130 | ||||||
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/41 |
8,000 | 9,663,840 | ||||||
San Diego Unified School District, GO |
||||||||
Series D2, 4.00%, 07/01/50 |
7,000 | 8,393,490 | ||||||
Series L, 4.00%, 07/01/49 |
3,000 | 3,580,980 | ||||||
San Diego Unified School District, GO, CAB, Series C, 0.00%, 07/01/40(b) |
7,215 | 5,003,747 | ||||||
San Francisco Bay Area Rapid Transit District, GO, Series B-1, 3.00%, 08/01/49 |
9,965 | 10,921,441 | ||||||
San Jose Financing Authority, Refunding RB, Series A, 5.00%, 06/01/23(a) |
2,000 | 2,177,960 | ||||||
San Leandro Unified School District, GO, Series A, 5.75%, 08/01/41 |
3,060 | 3,060,000 | ||||||
Santa Monica Public Financing Authority, RB, 5.00%, 07/01/42 |
1,250 | 1,544,037 | ||||||
West Contra Costa Unified School District, GO, Series A, 5.50%, 08/01/23(a) |
2,500 | 2,769,850 | ||||||
West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44 |
3,670 | 4,407,009 | ||||||
|
|
|||||||
107,155,155 | ||||||||
Education 5.7% | ||||||||
California Enterprise Development Authority, RB(c) Series A, 5.00%, 07/01/50 |
1,200 | 1,342,356 |
Security | Par (000) |
Value | ||||||
Education (continued) | ||||||||
California Enterprise Development Authority, |
$ | 600 | $ | 666,798 | ||||
California Enterprise Development Authority, Refunding RB(c) |
||||||||
4.00%, 06/01/36 |
250 | 296,757 | ||||||
4.00%, 06/01/61 |
500 | 563,725 | ||||||
California Municipal Finance Authority, RB(c) |
||||||||
Series A, 5.00%, 10/01/39 |
220 | 252,864 | ||||||
Series A, 5.00%, 10/01/49 |
370 | 416,043 | ||||||
Series A, 5.00%, 10/01/57 |
725 | 807,512 | ||||||
California Municipal Finance Authority, |
||||||||
5.00%, 08/01/34 |
750 | 868,800 | ||||||
5.00%, 08/01/39 |
425 | 485,754 | ||||||
5.00%, 08/01/48 |
615 | 690,059 | ||||||
California Public Finance Authority, RB, Series A, 5.00%, 07/01/54(c) |
285 | 302,624 | ||||||
California School Finance Authority, RB(c) |
||||||||
5.00%, 06/01/40 |
270 | 307,765 | ||||||
4.00%, 06/01/41 |
600 | 656,310 | ||||||
5.00%, 06/01/50 |
430 | 480,396 | ||||||
5.00%, 06/01/59 |
685 | 758,665 | ||||||
Series A, 5.00%, 06/01/49 |
1,000 | 1,096,660 | ||||||
Series A, 5.00%, 06/01/58 |
2,120 | 2,351,674 | ||||||
California Statewide Communities Development Authority, RB, 5.00%, 06/01/51(c) |
240 | 287,369 | ||||||
Hastings Campus Housing Finance Authority, RB |
||||||||
Series A, 5.00%, 07/01/45 |
600 | 730,710 | ||||||
Series A, 5.00%, 07/01/61 |
3,600 | 4,290,660 | ||||||
University of California, Refunding RB |
||||||||
Series AR, 5.00%, 05/15/38 |
4,250 | 5,150,490 | ||||||
Series AZ, 5.00%, 05/15/43 |
5,035 | 6,397,370 | ||||||
|
|
|||||||
29,201,361 | ||||||||
Health 3.8% | ||||||||
California Health Facilities Financing Authority, Refunding RB |
||||||||
Series A, 5.25%, 11/01/41 |
8,500 | 8,607,525 | ||||||
Series A, 4.00%, 04/01/49 |
3,000 | 3,545,310 | ||||||
Series A, 4.00%, 08/15/50 |
2,000 | 2,401,980 | ||||||
Series B, 5.00%, 11/15/46 |
3,275 | 3,966,451 | ||||||
California Municipal Finance Authority, Refunding RB(c) |
||||||||
Series A, 5.00%, 11/01/39 |
195 | 226,046 | ||||||
Series A, 5.00%, 11/01/49 |
220 | 250,901 | ||||||
California Public Finance Authority, RB(c) |
||||||||
5.00%, 11/15/36 |
120 | 142,227 | ||||||
5.00%, 11/15/46 |
120 | 139,553 | ||||||
5.00%, 11/15/51 |
120 | 139,042 | ||||||
5.00%, 11/15/56 |
120 | 138,534 | ||||||
|
|
|||||||
19,557,569 | ||||||||
Housing 3.7% | ||||||||
California Community Housing Agency, RB, M/F Housing(c) |
||||||||
4.00%, 08/01/46 |
660 | 738,896 | ||||||
3.00%, 08/01/56 |
1,205 | 1,257,996 | ||||||
Series A, 5.00%, 04/01/49 |
2,770 | 3,174,614 | ||||||
Series A, 4.00%, 02/01/56 |
2,145 | 2,347,927 | ||||||
Series A-2, 4.00%, 08/01/47 |
2,060 | 2,280,461 | ||||||
California Housing Finance, RB, M/F Housing, Series A, 4.25%, 01/15/35 |
1 | 885 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing 2.65%, 12/01/46(c) |
1,410 | 1,458,335 |
S C H E D U L E O F I N V E S T M E N T S |
15 |
Schedule of Investments (continued) July 31, 2021 |
BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Housing (continued) | ||||||||
CSCDA Community Improvement Authority, RB, M/F Housing (continued) |
||||||||
4.00%, 07/01/56(c) |
$ | 1,150 | $ | 1,255,903 | ||||
4.00%, 08/01/56(c) |
1,455 | 1,623,896 | ||||||
3.00%, 12/01/56 |
1,155 | 1,199,190 | ||||||
Series A, 5.00%, 07/01/51(c) |
1,015 | 1,204,095 | ||||||
Series A-2, 4.00%, 09/01/56(c) |
2,055 | 2,300,223 | ||||||
|
|
|||||||
18,842,421 | ||||||||
State 10.3% | ||||||||
California State Public Works Board, RB |
||||||||
Series F, 5.25%, 09/01/33 |
4,335 | 4,779,468 | ||||||
Series I, 5.50%, 11/01/33 |
4,940 | 5,514,967 | ||||||
California State Public Works Board, Refunding RB, Series C, 5.00%, 11/01/34 |
7,750 | 9,516,225 | ||||||
City of Roseville California, ST, 4.00%, 09/01/45 |
350 | 397,309 | ||||||
State of California, Refunding GO |
||||||||
5.00%, 08/01/37 |
13,000 | 16,595,670 | ||||||
3.00%, 10/01/37 |
14,000 | 15,591,100 | ||||||
|
|
|||||||
52,394,739 | ||||||||
Tobacco 5.0% | ||||||||
California County Tobacco Securitization Agency, Refunding RB |
||||||||
4.00%, 06/01/49 |
245 | 291,606 | ||||||
5.00%, 06/01/50 |
275 | 329,032 | ||||||
Series A, 4.00%, 06/01/49 |
355 | 423,583 | ||||||
California County Tobacco Securitization Agency, |
2,425 | 612,676 | ||||||
Series B-2, Subordinate, 0.00%, 06/01/55 |
3,635 | 740,886 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB |
||||||||
Series A-1, 5.00%, 06/01/47 |
475 | 490,965 | ||||||
Series A-2, 5.00%, 06/01/47 |
18,670 | 19,297,499 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 |
2,635 | 3,230,536 | ||||||
|
|
|||||||
25,416,783 | ||||||||
Transportation 22.0% | ||||||||
City & County of San Francisco California, RB, (FNMA COLL), 2.55%, 07/01/39 |
5,000 | 5,329,700 | ||||||
City of Los Angeles Department of Airports, ARB |
||||||||
Series A, AMT, 5.00%, 05/15/29 |
2,045 | 2,214,960 | ||||||
Series A, AMT, 5.00%, 05/15/37 |
3,520 | 4,381,344 | ||||||
Series A, AMT, 5.00%, 05/15/44 |
5,885 | 7,280,392 | ||||||
Series B, AMT, 5.00%, 05/15/36 |
2,600 | 3,108,612 | ||||||
Sub-Series A, AMT, 5.00%, 05/15/42 |
26,875 | 31,882,619 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, Series A, AMT, Subordinate, 5.00%, 05/15/38 |
5,000 | 6,330,300 | ||||||
City of Los Angeles Department of Airports, Refunding RB, Series A, 5.00%, 05/15/39 |
4,060 | 5,293,306 | ||||||
County of Sacramento California Airport System Revenue, Refunding RB, Series A, 5.00%, 07/01/41 |
13,500 | 16,273,170 | ||||||
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44 |
4,135 | 4,657,416 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB Series A, AMT, 5.00%, 05/01/42 |
16,735 | 20,252,864 |
Security | Par (000) |
Value | ||||||
Transportation (continued) | ||||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB (continued) |
||||||||
Series D, AMT, 5.25%, 05/01/48 |
$ | 2,250 | $ | 2,805,165 | ||||
Series E, AMT, 5.00%, 05/01/40 |
2,000 | 2,509,800 | ||||||
|
|
|||||||
112,319,648 | ||||||||
Utilities 16.4% | ||||||||
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB |
||||||||
Series A, 5.00%, 11/01/50 |
10,000 | 13,041,200 | ||||||
Series D, 5.00%, 11/01/32 |
5,000 | 6,335,500 | ||||||
East Bay Municipal Utility District Water System Revenue, RB |
||||||||
Series A, 5.00%, 06/01/45 |
3,245 | 3,996,509 | ||||||
Series C, 4.00%, 06/01/45 |
4,000 | 4,469,920 | ||||||
Los Angeles Department of Water, RB |
||||||||
Series A, 5.00%, 07/01/42 |
10,670 | 13,107,135 | ||||||
Series B, 5.00%, 07/01/38 |
3,000 | 3,583,590 | ||||||
Los Angeles Department of Water, Refunding RB |
||||||||
Series A, 5.00%, 07/01/41 |
5,000 | 6,128,050 | ||||||
Series A, 5.00%, 07/01/44 |
1,500 | 1,839,615 | ||||||
Series A, 5.25%, 07/01/44 |
3,000 | 3,718,890 | ||||||
Series B, 5.00%, 07/01/43 |
7,150 | 9,074,065 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 5.00%, 10/01/43 |
2,485 | 3,113,084 | ||||||
Santa Clara Valley Water District, Refunding RB, Series A, 5.00%, 06/01/45 |
2,890 | 3,800,090 | ||||||
South Coast Water District Financing Authority, Refunding RB, Series A, 5.00%, 02/01/44 |
9,130 | 11,686,400 | ||||||
|
|
|||||||
83,894,048 | ||||||||
|
|
|||||||
Total Municipal Bonds in California |
451,859,436 | |||||||
Puerto Rico 5.8% | ||||||||
State 4.7% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
2,845 | 3,272,746 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
10,154 | 11,830,730 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
2,588 | 2,939,580 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
2,530 | 2,908,994 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(b) |
8,577 | 2,865,404 | ||||||
|
|
|||||||
23,817,454 | ||||||||
Tobacco 0.1% | ||||||||
Childrens Trust Fund, Refunding RB, 5.50%, 05/15/39 |
505 | 517,468 | ||||||
|
|
|||||||
Utilities 1.0% | ||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB |
||||||||
Series A, Senior Lien, 5.00%, 07/01/33 |
3,865 | 4,002,478 | ||||||
Series A, Senior Lien, 5.13%, 07/01/37 |
1,105 | 1,142,968 | ||||||
|
|
|||||||
5,145,446 | ||||||||
|
|
|||||||
Total Municipal Bonds in Puerto Rico |
29,480,368 | |||||||
|
|
|||||||
Total Municipal Bonds 94.3% |
481,339,804 | |||||||
|
|
16 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2021 |
BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(d) |
| |||||||
California 66.0% |
| |||||||
County/City/Special District/School District 23.6% | ||||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, |
$ | 11,200 | $ | 14,266,336 | ||||
Palomar Community College District, GO, Series C, 5.00%, 08/01/25(a) |
15,140 | 17,972,543 | ||||||
San Diego Unified School District, GO, Series I, 5.00%, 07/01/47 |
10,000 | 12,370,600 | ||||||
San Francisco Bay Area Rapid Transit District, GO, Series A, 5.00%, 08/01/47 |
10,615 | 13,095,936 | ||||||
San Joaquin Delta Community College District, GO, Series C, 5.00%, 08/01/24(a) |
14,505 | 16,581,673 | ||||||
San Jose Unified School District, GO, Series C, 4.00%, 08/01/24(a) |
6,100 | 6,797,535 | ||||||
Santa Clara County Financing Authority, RB, Series A, 4.00%, 05/01/45 |
22,230 | 26,683,336 | ||||||
Santa Monica Community College District, GO, Series A, 5.00%, 08/01/43 |
10,000 | 12,702,100 | ||||||
|
|
|||||||
120,470,059 | ||||||||
Education 14.9% |
||||||||
California State University, Refunding RB, Series A, 5.00%, 11/01/43 |
11,792 | 13,964,960 | ||||||
University of California, RB |
||||||||
Series AM, 5.25%, 05/15/44 |
5,000 | 5,677,632 | ||||||
Series M, 5.00%, 05/15/42 |
10,000 | 12,318,100 | ||||||
University of California, Refunding RB |
||||||||
Series AI, 5.00%, 05/15/38 |
14,225 | 15,429,717 | ||||||
Series AR, 5.00%, 05/15/41 |
10,165 | 12,287,961 | ||||||
Series I, 5.00%, 05/15/40 |
14,065 | 16,370,396 | ||||||
|
|
|||||||
76,048,766 | ||||||||
Health 8.6% |
||||||||
California Health Facilities Financing Authority, RB(a) |
||||||||
Series A, 5.00%, 08/15/23 |
9,695 | 10,662,657 | ||||||
Series A, 5.00%, 11/15/25 |
11,620 | 13,931,218 | ||||||
California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/42 |
18,960 | 19,550,225 | ||||||
|
|
|||||||
44,144,100 |
Security | Par (000) |
Value | ||||||
State 3.9% | ||||||||
State of California, Refunding GO, 4.00%, 10/01/39 |
$ | 16,620 | $ | 20,141,446 | ||||
|
|
|||||||
Transportation 8.7% |
||||||||
City & County of San Francisco California, Refunding COP, Series A, 4.00%, 04/01/43 |
10,865 | 12,663,911 | ||||||
City of Los Angeles Department of Airports, ARB, AMT, Series D, 5.00%, 05/15/41 |
18,632 | 21,554,863 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, AMT, Series B, 5.00%, 05/01/41 |
8,720 | 10,346,890 | ||||||
|
|
|||||||
44,565,664 | ||||||||
Utilities 6.3% |
||||||||
Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46 |
6,412 | 7,615,404 | ||||||
Sacramento Municipal Utility District, Refunding RB, Series H, 4.00%, 08/15/45 |
20,000 | 24,317,000 | ||||||
|
|
|||||||
31,932,404 | ||||||||
|
|
|||||||
Total Municipal Bonds in California |
337,302,439 | |||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 66.0% |
||||||||
(Cost: $309,650,676) |
337,302,439 | |||||||
|
|
|||||||
Total Investments 160.3% |
|
|||||||
(Cost: $746,979,877) |
|
818,642,243 | ||||||
Other Assets Less Liabilities 1.3% |
|
6,623,124 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (28.1)%. |
|
(143,309,737 | ) | |||||
VMTP Shares at Liquidation Value (33.5)% |
|
(171,300,000 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 510,655,630 | ||||||
|
|
(a) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(b) | Zero-coupon bond. |
(c) | 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. |
(d) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
For Trust compliance purposes, the Trusts sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended July 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/20 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/21 |
Shares Held at 07/31/21 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class(a) |
$ | 614,041 | $ | | $ | (615,295 | )(b) | $ | 1,254 | $ | | $ | | | $ | 302 | $ | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
S C H E D U L E O F I N V E S T M E N T S |
17 |
Schedule of Investments (continued) | BlackRock California Municipal Income Trust (BFZ) | |
July 31, 2021 |
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 |
129 | 09/21/21 | $ | 17,355 | $ | (224,218 | ) | |||||||||
U.S. Long Bond |
78 | 09/21/21 | 12,868 | (501,375 | ) | |||||||||||
5-Year U.S. Treasury Note |
113 | 09/30/21 | 14,067 | (92,319 | ) | |||||||||||
|
|
|||||||||||||||
$ | (817,912 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Liabilities Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | | $ | | $ | | $ | | $ | 817,912 | $ | | $ | 817,912 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current days variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the year ended July 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | 1,319,056 | $ | | $ | 1,319,056 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | | $ | | $ | | $ | | $ | (817,912 | ) | $ | | $ | (817,912 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts |
||||
Average notional value of contracts short |
$ | 35,878,504 |
For more information about the Trusts investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
18 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) | BlackRock California Municipal Income Trust (BFZ) | |
July 31, 2021 |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trusts policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trusts financial instruments categorized in the fair value hierarchy. The breakdown of the Trusts financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ | | $ | 481,339,804 | $ | | $ | 481,339,804 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
| 337,302,439 | | 337,302,439 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | 818,642,243 | $ | | $ | 818,642,243 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Interest Rate Contracts |
$ | (817,912) | $ | | $ | | $ | (817,912 | ) | |||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts 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 fair value hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ | | $ | (143,275,836) | $ | | $ | (143,275,836) | ||||||||
VMTP Shares at Liquidation Value |
| (171,300,000) | | (171,300,000) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | (314,575,836) | $ | | $ | (314,575,836) | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments July 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Municipal Bonds |
||||||||
Alabama 3.6% |
||||||||
Alabama Federal Aid Highway |
||||||||
Series A, 5.00%, 09/01/33 |
$ | 3,985 | $ | 4,992,249 | ||||
Series A, 5.00%, 09/01/34 |
3,500 | 4,379,445 | ||||||
Alabama Public School and College Authority, Refunding RB, Series A, 5.00%, 11/01/30 |
11,900 | 16,260,160 | ||||||
Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, 5.00%, 06/01/30 |
10,000 | 11,680,500 | ||||||
Birmingham-Jefferson Civic Center Authority, ST |
||||||||
Series A, 5.00%, 07/01/31 |
1,100 | 1,352,736 | ||||||
Series A, 5.00%, 07/01/32 |
1,150 | 1,408,416 | ||||||
Series A, 5.00%, 07/01/33 |
1,600 | 1,953,536 | ||||||
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a) |
8,930 | 11,262,427 | ||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB, CAB(b) |
||||||||
Series B, Senior Lien, (AGM), 0.00%, 10/01/31 |
7,375 | 4,621,101 | ||||||
Series B, Senior Lien, (AGM), 0.00%, 10/01/32 |
6,295 | 3,662,242 | ||||||
Series B, Senior Lien, (AGM), 0.00%, 10/01/33 |
1,275 | 690,782 | ||||||
Homewood Educational Building Authority, Refunding RB |
||||||||
Series A, 5.00%, 12/01/33 |
1,010 | 1,241,482 | ||||||
Series A, 5.00%, 12/01/34 |
1,380 | 1,693,881 | ||||||
University of South Alabama, Refunding RB |
||||||||
(AGM), 5.00%, 11/01/29 |
1,105 | 1,339,293 | ||||||
(AGM), 5.00%, 11/01/30 |
2,000 | 2,421,540 | ||||||
|
|
|||||||
68,959,790 | ||||||||
Arizona 1.9% | ||||||||
Arizona Health Facilities Authority, Refunding RB |
||||||||
Series A, 5.00%, 02/01/34 |
6,340 | 6,489,560 | ||||||
Series B, 5.00%, 02/01/33 |
1,810 | 1,937,533 | ||||||
Arizona Industrial Development Authority, RB(c) |
||||||||
4.00%, 07/01/29 |
705 | 790,545 | ||||||
4.50%, 07/01/29 |
765 | 818,787 | ||||||
4.00%, 07/01/30 |
685 | 749,630 | ||||||
Series A, 4.00%, 07/01/29 |
4,135 | 4,367,842 | ||||||
Industrial Development Authority of the City of Phoenix, RB |
||||||||
6.00%, 07/01/23(d) |
190 | 205,861 | ||||||
Series A, 4.50%, 07/01/22 |
105 | 108,228 | ||||||
Series A, 5.75%, 07/01/24(c) |
475 | 517,455 | ||||||
Series A, 5.00%, 07/01/33 |
1,000 | 1,026,470 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB, Series A, |
6,000 | 6,345,180 | ||||||
Maricopa County Industrial Development Authority, |
||||||||
4.00%, 07/01/29(c) |
855 | 979,933 | ||||||
Series A, 5.00%, 01/01/31 |
10,000 | 12,284,800 | ||||||
|
|
|||||||
36,621,824 | ||||||||
California 8.2% | ||||||||
Alameda Corridor Transportation Authority, Refunding RB, Series A, Sub Lien, (AMBAC), 0.00%, 10/01/30(b) |
10,530 | 8,978,510 | ||||||
California Health Facilities Financing Authority, RB |
||||||||
Series A, 5.00%, 11/15/32 |
1,600 | 2,018,448 | ||||||
Series A, 5.00%, 11/15/33 |
1,855 | 2,332,180 |
Security | Par (000) |
Value | ||||||
California (continued) | ||||||||
California Housing Finance, RB, M/F Housing, Series 2021-1, Class A, 3.50%, 11/20/35 |
$ | 3,737 | $ | 4,456,711 | ||||
California Infrastructure & Economic Development Bank, Refunding RB, Series D, |
2,675 | 2,680,425 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/33 |
4,000 | 5,013,760 | ||||||
California Municipal Finance Authority, RB, |
2,500 | 2,652,750 | ||||||
California Municipal Finance Authority, RB, S/F Housing, Series A, 5.00%, 08/15/30 |
1,000 | 1,099,960 | ||||||
California Municipal Finance Authority, |
||||||||
Series A, 5.00%, 07/01/30 |
1,200 | 1,482,720 | ||||||
Series A, 5.00%, 07/01/31 |
1,050 | 1,296,708 | ||||||
California School Finance Authority, RB(c) |
||||||||
5.00%, 06/01/30 |
565 | 659,886 | ||||||
Series A, 5.00%, 06/01/29 |
290 | 330,612 | ||||||
Series A, 4.00%, 06/01/31 |
265 | 295,263 | ||||||
Series A, 5.00%, 06/01/32 |
1,100 | 1,274,636 | ||||||
City of Long Beach California Harbor Revenue, ARB |
||||||||
Series A, AMT, 5.00%, 05/15/31 |
1,200 | 1,487,952 | ||||||
Series A, AMT, 5.00%, 05/15/32 |
1,800 | 2,230,236 | ||||||
Series A, AMT, 5.00%, 05/15/33 |
675 | 835,711 | ||||||
Series A, AMT, 5.00%, 05/15/34 |
1,650 | 2,041,264 | ||||||
Compton Unified School District, GO, CAB(b) |
||||||||
Series B, (BAM), 0.00%, 06/01/33 |
1,000 | 780,000 | ||||||
Series B, (BAM), 0.00%, 06/01/34 |
1,125 | 844,065 | ||||||
Series B, (BAM), 0.00%, 06/01/35 |
1,000 | 721,950 | ||||||
Series B, (BAM), 0.00%, 06/01/36 |
1,000 | 693,990 | ||||||
El Camino Community College District Foundation, GO, CAB(b) |
||||||||
Series C, 0.00%, 08/01/30 |
9,090 | 8,108,825 | ||||||
Series C, 0.00%, 08/01/31 |
12,465 | 10,850,658 | ||||||
Series C, 0.00%, 08/01/32 |
17,435 | 14,773,722 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/29 |
14,500 | 17,967,530 | ||||||
Los Angeles Regional Airports Improvement Corp., Refunding RB, AMT, 5.00%, 01/01/32 |
4,110 | 4,189,446 | ||||||
Los Angeles Unified School District, GO, Series A, 4.00%, 07/01/33 |
3,000 | 3,406,710 | ||||||
Monterey Peninsula Community College District, Refunding GO, CAB(b) |
||||||||
0.00%, 08/01/30 |
3,500 | 2,908,150 | ||||||
0.00%, 08/01/31 |
5,940 | 4,756,217 | ||||||
M-S-R Energy Authority, RB, Series C, |
2,445 | 3,110,187 | ||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB |
||||||||
Series A, AMT, 5.00%, 03/01/30 |
500 | 614,375 | ||||||
Series A, AMT, 5.00%, 03/01/31 |
1,500 | 1,841,850 | ||||||
Series A, AMT, 5.00%, 03/01/32 |
1,000 | 1,226,950 | ||||||
Series A, AMT, 5.00%, 03/01/33 |
975 | 1,195,282 | ||||||
Series A, AMT, 5.00%, 03/01/34 |
1,250 | 1,531,200 | ||||||
Series A, AMT, 5.00%, 03/01/35 |
2,000 | 2,447,940 | ||||||
Poway Unified School District, GO(b) |
||||||||
Series A, 0.00%, 08/01/30 |
10,000 | 8,891,300 | ||||||
Series A, 0.00%, 08/01/32 |
12,500 | 10,567,625 | ||||||
San Diego County Regional Airport Authority, ARB, Sub-Series B, AMT, 5.00%, 07/01/33 |
1,000 | 1,236,580 |
20 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
California (continued) |
||||||||
State of California, Refunding GO, |
$ | 10,000 | $ | 12,609,400 | ||||
Washington Township Health Care District, Refunding RB, Series B, 3.00%, 07/01/28 |
750 | 827,025 | ||||||
|
|
|||||||
157,268,709 | ||||||||
Colorado 3.4% | ||||||||
Central Platte Valley Metropolitan District, GO |
||||||||
Series A, 5.13%, 12/01/29 |
700 | 761,887 | ||||||
Series A, 5.50%, 12/01/29 |
750 | 822,743 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/33 |
25,000 | 31,489,750 | ||||||
City & County of Denver Colorado, RB, CAB, Series A-2, 0.00%, 08/01/30(b) |
1,000 | 826,390 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB, 4.00%, 12/01/30(c) |
1,185 | 1,255,152 | ||||||
Colorado Health Facilities Authority, |
||||||||
4.00%, 05/15/26(e) |
2,860 | 3,349,060 | ||||||
Series A, 5.00%, 12/01/22(e) |
3,000 | 3,194,580 | ||||||
Series A, 4.00%, 08/01/37 |
3,000 | 3,601,200 | ||||||
E-470 Public Highway Authority, Refunding RB, Series B, 0.38%, 09/01/39(a) |
1,475 | 1,478,516 | ||||||
Park Creek Metropolitan District, Refunding RB |
||||||||
Series A, Senior Lien, 5.00%, 12/01/27 |
1,500 | 1,759,575 | ||||||
Series A, Senior Lien, 5.00%, 12/01/28 |
1,500 | 1,757,850 | ||||||
Series A, Senior Lien, 5.00%, 12/01/30 |
1,350 | 1,579,081 | ||||||
Series A, Senior Lien, 5.00%, 12/01/31 |
1,500 | 1,752,930 | ||||||
Plaza Metropolitan District No.1, Refunding TA(c) |
||||||||
4.00%, 12/01/23 |
1,000 | 1,034,140 | ||||||
4.10%, 12/01/24 |
5,080 | 5,254,752 | ||||||
4.20%, 12/01/25 |
5,280 | 5,462,530 | ||||||
Tallyns Reach Metropolitan District No.3, GO, 5.00%, 12/01/23(e) |
502 | 558,751 | ||||||
|
|
|||||||
65,938,887 | ||||||||
Connecticut 1.0% | ||||||||
Capital Region Development Authority, Refunding RB |
||||||||
(SAP), 5.00%, 06/15/30 |
1,095 | 1,379,437 | ||||||
(SAP), 5.00%, 06/15/31 |
1,125 | 1,412,168 | ||||||
Connecticut State Health & Educational Facilities Authority, RB, Series A, |
370 | 416,498 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB |
||||||||
Series 2015-A, 0.38%, 07/01/35(a) |
5,005 | 5,022,467 | ||||||
Series G-1, 5.00%, 07/01/27(c) |
225 | 268,193 | ||||||
Series G-1, 5.00%, 07/01/28(c) |
300 | 365,148 | ||||||
Series G-1, 5.00%, 07/01/29(c) |
300 | 372,336 | ||||||
Series G-1, 5.00%, 07/01/30(c) |
300 | 370,818 | ||||||
Series G-1, 5.00%, 07/01/32(c) |
425 | 521,896 | ||||||
Series G-1, 5.00%, 07/01/34(c) |
355 | 433,416 | ||||||
Series I-1, 5.00%, 07/01/35 |
400 | 484,664 | ||||||
State of Connecticut, GO, Series A, |
7,000 | 8,895,530 | ||||||
|
|
|||||||
19,942,571 | ||||||||
Delaware 0.8% | ||||||||
County of Kent Delaware, RB |
||||||||
Series A, 4.00%, 07/01/22 |
230 | 235,808 | ||||||
Series A, 5.00%, 07/01/24 |
705 | 777,728 | ||||||
Series A, 5.00%, 07/01/25 |
805 | 913,232 | ||||||
Series A, 5.00%, 07/01/26 |
850 | 989,137 | ||||||
Series A, 5.00%, 07/01/27 |
890 | 1,060,159 |
Security | Par (000) |
Value | ||||||
Delaware (continued) |
||||||||
County of Kent Delaware, RB (continued) |
||||||||
Series A, 5.00%, 07/01/28 |
$ | 935 | $ | 1,123,234 | ||||
Delaware State Economic Development Authority, Refunding RB(a) |
||||||||
Series A, 1.25%, 10/01/45 |
6,035 | 6,148,156 | ||||||
Series B, 1.25%, 10/01/40 |
500 | 505,770 | ||||||
Delaware State Health Facilities Authority, RB, 4.00%, 06/01/35 |
1,250 | 1,478,500 | ||||||
Delaware Transportation Authority, Refunding RB, 5.00%, 09/01/30 |
2,000 | 2,693,160 | ||||||
|
|
|||||||
15,924,884 | ||||||||
District of Columbia 1.0% | ||||||||
District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23(e) |
1,700 | 1,888,683 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/30 |
12,325 | 16,525,360 | ||||||
|
|
|||||||
18,414,043 | ||||||||
Florida 7.5% | ||||||||
Capital Projects Finance Authority, RB, Series A-1, 5.00%, 10/01/30 |
1,000 | 1,280,260 | ||||||
Capital Trust Agency, Inc., RB(c) |
||||||||
Series A, 4.00%, 06/15/29 |
1,790 | 1,914,727 | ||||||
Series A-1, 3.38%, 07/01/31 |
1,810 | 2,011,471 | ||||||
Central Florida Expressway Authority, |
||||||||
Senior Lien, 5.00%, 07/01/32 |
1,610 | 2,052,315 | ||||||
Senior Lien, 5.00%, 07/01/33 |
2,750 | 3,493,600 | ||||||
City of Lakeland Florida, Refunding RB, 5.00%, 11/15/30 |
3,750 | 4,599,600 | ||||||
City of Tampa Florida, Refunding RB, Series A, 4.00%, 09/01/33 |
10,000 | 10,424,100 | ||||||
County of Broward Florida, RB |
||||||||
Series A, AMT, (AGM), 5.00%, 04/01/30 |
600 | 645,036 | ||||||
Series A, AMT, (AGM), 5.00%, 04/01/33 |
740 | 794,812 | ||||||
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 5.00%, 10/01/27 |
5,000 | 6,322,100 | ||||||
County of Miami-Dade Florida, Refunding RB, Series B, 4.00%, 04/01/32 |
6,690 | 7,750,833 | ||||||
County of Palm Beach Florida, RB, 5.00%, 04/01/29(c) |
1,000 | 1,125,830 | ||||||
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB(b) |
||||||||
Series B, 0.00%, 06/01/30 |
2,000 | 1,783,460 | ||||||
Series B, 0.00%, 06/01/31 |
1,295 | 1,127,414 | ||||||
Series B, 0.00%, 06/01/32 |
2,495 | 2,116,234 | ||||||
Double Branch Community Development District, Refunding SAB, Series A-1, Senior Lien, 4.13%, 05/01/31 |
1,200 | 1,275,312 | ||||||
Florida Development Finance Corp., RB, AMT, 5.00%, 05/01/29(c) |
7,430 | 7,990,296 | ||||||
Florida Development Finance Corp., |
||||||||
4.00%, 06/01/24 |
105 | 111,539 | ||||||
4.00%, 06/01/25 |
100 | 107,895 | ||||||
4.00%, 06/01/26 |
110 | 120,107 | ||||||
4.00%, 09/15/30(c) |
470 | 520,765 | ||||||
Jacksonville Port Authority, Refunding ARB, AMT, 4.50%, 11/01/22(e) |
9,445 | 9,938,596 | ||||||
Lakewood Ranch Stewardship District, Refunding SAB, 3.20%, 05/01/30(c) |
540 | 568,102 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (continued) July 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Florida (continued) |
||||||||
Lakewood Ranch Stewardship District, SAB, S/F Housing, 3.40%, 05/01/30 |
$ | 375 | $ | 399,218 | ||||
LT Ranch Community Development District, SAB, 3.40%, 05/01/30 |
985 | 1,040,436 | ||||||
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/30 |
1,000 | 1,139,300 | ||||||
Orange County Convention Center/Orlando, Refunding RB, 5.00%, 10/01/30 |
11,470 | 15,505,375 | ||||||
Palm Beach County Health Facilities Authority, RB, Series B, 5.00%, 05/15/31 |
410 | 491,992 | ||||||
Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 11/15/32 |
16,805 | 20,271,871 | ||||||
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(e) |
3,825 | 4,182,217 | ||||||
Sarasota National Community Development District, Refunding SAB, 3.50%, 05/01/31 |
1,000 | 1,081,710 | ||||||
School Board of Miami-Dade County, Refunding COP, Series A, |
9,000 | 10,796,760 | ||||||
St. Johns County Industrial Development Authority, Refunding RB |
||||||||
4.00%, 12/15/28 |
200 | 229,614 | ||||||
4.00%, 12/15/29 |
215 | 247,796 | ||||||
4.00%, 12/15/30 |
195 | 224,178 | ||||||
4.00%, 12/15/31 |
205 | 235,182 | ||||||
Tolomato Community Development District, Refunding SAB, Sub-Series A-2, |
520 | 559,863 | ||||||
Village Community Development District No.10, SAB |
||||||||
4.50%, 05/01/23 |
785 | 797,741 | ||||||
5.00%, 05/01/32 |
5,125 | 5,206,077 | ||||||
Village Community Development District No.5, Refunding SAB |
||||||||
3.50%, 05/01/28 |
5,080 | 5,348,173 | ||||||
4.00%, 05/01/33 |
985 | 1,043,785 | ||||||
4.00%, 05/01/34 |
2,150 | 2,277,452 | ||||||
Village Community Development District No.6, Refunding SAB, 4.00%, 05/01/29 |
5,330 | 5,450,245 | ||||||
|
|
|||||||
144,603,389 | ||||||||
Georgia 1.6% | ||||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/29 |
1,250 | 1,589,363 | ||||||
Series A, 5.00%, 05/15/30 |
8,000 | 10,151,200 | ||||||
Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 01/01/34 |
8,000 | 9,970,320 | ||||||
Municipal Electric Authority of Georgia, Refunding RB |
||||||||
Series A, 5.00%, 01/01/29 |
2,000 | 2,577,120 | ||||||
Series A, 5.00%, 01/01/30 |
1,905 | 2,500,827 | ||||||
Series A, Subordinate, 5.00%, 01/01/29 |
1,200 | 1,546,272 | ||||||
Series A, Subordinate, 5.00%, 01/01/30 |
1,250 | 1,640,962 | ||||||
|
|
|||||||
29,976,064 | ||||||||
Guam 0.2% | ||||||||
Territory of Guam, Refunding RB |
||||||||
Series A, 5.00%, 11/01/30 |
500 | 650,430 | ||||||
Series F, 5.00%, 01/01/30(f) |
1,160 | 1,471,031 | ||||||
Series F, 5.00%, 01/01/31(f) |
1,250 | 1,615,562 | ||||||
|
|
|||||||
3,737,023 |
Security | Par (000) |
Value | ||||||
Idaho 0.0% | ||||||||
Idaho Housing & Finance Association, RB, Series A, 4.63%, 07/01/29(c) |
$ | 185 | $ | 212,178 | ||||
|
|
|||||||
Illinois 14.1% | ||||||||
Chicago Board of Education, Refunding GO |
||||||||
Series C, 5.00%, 12/01/22 |
14,830 | 15,705,711 | ||||||
Series C, 5.00%, 12/01/30 |
7,025 | 8,678,193 | ||||||
Series F, 5.00%, 12/01/22 |
4,760 | 5,041,078 | ||||||
Chicago Housing Authority, RB, M/F Housing |
||||||||
Series A, (HUD SEC 8), 5.00%, 01/01/33 |
3,000 | 3,638,040 | ||||||
Series A, (HUD SEC 8), 5.00%, 01/01/35 |
1,500 | 1,805,520 | ||||||
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/33 |
5,000 | 5,518,600 | ||||||
Chicago OHare International Airport, |
||||||||
Series B, AMT, 4.00%, 01/01/27 |
5,000 | 5,075,950 | ||||||
Series B, Senior Lien, 5.00%, 01/01/33 |
6,000 | 7,329,180 | ||||||
Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB, 5.00%, 06/01/26 |
3,000 | 3,632,750 | ||||||
City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, (AGM), 5.00%, 01/01/30 |
730 | 793,313 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB |
||||||||
2nd Lien, 4.00%, 01/01/31 |
10,375 | 10,501,782 | ||||||
2nd Lien, 4.00%, 01/01/32 |
10,790 | 10,921,854 | ||||||
2nd Lien, 4.00%, 01/01/33 |
11,220 | 11,356,435 | ||||||
2nd Lien, 4.00%, 01/01/35 |
9,135 | 9,245,168 | ||||||
City of St. Charles Illinois, Refunding GO |
||||||||
4.00%, 12/01/30 |
1,620 | 1,701,454 | ||||||
4.00%, 12/01/31 |
1,715 | 1,800,870 | ||||||
County of Cook Illinois, Refunding GO, Series C, 4.00%, 11/15/29 |
19,750 | 20,692,865 | ||||||
Illinois Finance Authority, Refunding RB |
||||||||
Series A, 4.00%, 11/01/24 |
425 | 451,537 | ||||||
Series A, 5.00%, 11/01/26 |
460 | 525,762 | ||||||
Series A, 5.00%, 11/01/28 |
1,745 | 2,031,145 | ||||||
Series A, 5.00%, 11/01/29 |
1,840 | 2,137,583 | ||||||
Series A, 5.00%, 10/01/30 |
1,000 | 1,207,950 | ||||||
Series A, 5.00%, 11/01/30 |
1,935 | 2,243,516 | ||||||
Series A, 5.00%, 11/15/31 |
8,415 | 9,764,682 | ||||||
Series A, 4.00%, 10/01/32 |
1,000 | 1,152,010 | ||||||
Series A, 5.00%, 11/15/32 |
2,075 | 2,405,631 | ||||||
Series A, 4.00%, 02/01/33 |
11,000 | 11,633,270 | ||||||
Series A, 5.00%, 11/15/33 |
2,125 | 2,461,409 | ||||||
Series B, 5.00%, 08/15/30 |
3,205 | 3,915,516 | ||||||
Series B, 0.72%, 05/01/42(a) |
1,750 | 1,754,130 | ||||||
Series C, 5.00%, 02/15/30 |
12,000 | 14,758,200 | ||||||
Illinois State Toll Highway Authority, Refunding RB, Series A, 4.00%, 12/01/31 |
20,000 | 22,998,600 | ||||||
Kane McHenry Cook & De Kalb Counties Unit School District No.300, Refunding GO, Series A, 5.00%, 01/01/30 |
6,350 | 7,793,165 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
5.00%, 12/15/28 |
1,200 | 1,487,964 | ||||||
5.00%, 12/15/30 |
1,385 | 1,707,802 | ||||||
State of Illinois, GO |
||||||||
Series A, 5.00%, 12/01/28 |
9,950 | 12,381,183 | ||||||
Series A, 5.00%, 03/01/32 |
1,500 | 1,972,380 | ||||||
Series A, 4.00%, 03/01/41 |
335 | 396,486 |
22 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Illinois (continued) |
||||||||
State of Illinois, GO (continued) |
||||||||
Series D, 5.00%, 11/01/28 |
$ | 10,805 | $ | 13,344,823 | ||||
State of Illinois, Refunding GO, Series B, |
7,000 | 8,799,560 | ||||||
Upper Illinois River Valley Development Authority, Refunding RB, 4.00%, 01/01/31(c) |
370 | 396,337 | ||||||
Winnebago & Boone Counties School District No.205 Rockford, GO |
||||||||
4.00%, 02/01/29 |
9,080 | 9,560,150 | ||||||
4.00%, 02/01/30 |
9,835 | 10,352,616 | ||||||
|
|
|||||||
271,072,170 | ||||||||
Indiana 2.6% | ||||||||
City of Indianapolis Department of Public Utilities Water System Revenue, Refunding RB, Series A, 1st Lien, 5.00%, 10/01/35 |
10,000 | 12,737,000 | ||||||
City of Valparaiso Indiana, RB, AMT, |
800 | 849,464 | ||||||
City of Whiting Indiana, RB, Series A, AMT, 5.00%, 03/01/46(a) |
5,500 | 5,914,865 | ||||||
Indiana Finance Authority, Refunding RB |
||||||||
Series A, 4.00%, 05/01/23(e) |
22,565 | 24,080,691 | ||||||
Series A, 4.13%, 12/01/26 |
3,665 | 4,066,318 | ||||||
Northern Indiana Commuter Transportation District, RB |
||||||||
5.00%, 07/01/32 |
1,000 | 1,206,080 | ||||||
5.00%, 07/01/33 |
1,400 | 1,687,112 | ||||||
|
|
|||||||
50,541,530 | ||||||||
Iowa 2.2% | ||||||||
Iowa Finance Authority, RB, AMT, |
2,750 | 2,779,123 | ||||||
Iowa Finance Authority, Refunding RB, |
13,345 | 14,707,391 | ||||||
PEFA, Inc., RB, 5.00%, 09/01/49(a) |
21,415 | 25,919,859 | ||||||
|
|
|||||||
43,406,373 | ||||||||
Kansas 0.1% | ||||||||
City of Shawnee Kansas, RB, 4.00%, 08/01/31(c) |
500 | 528,000 | ||||||
Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A, 5.00%, 09/01/33 |
1,370 | 1,606,941 | ||||||
|
|
|||||||
2,134,941 | ||||||||
Kentucky 0.6% | ||||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB |
||||||||
Series B, 0.00%, 07/01/30(b) |
1,230 | 960,778 | ||||||
Series C, Convertible, 6.40%, 07/01/33(g) |
1,500 | 1,872,195 | ||||||
Louisville/Jefferson County Metropolitan Government, Refunding RB, Series A, |
7,300 | 8,885,049 | ||||||
|
|
|||||||
11,718,022 | ||||||||
Louisiana 2.8% | ||||||||
City of Ruston Louisiana, RB |
||||||||
(AGM), 5.00%, 06/01/29 |
1,060 | 1,270,389 | ||||||
(AGM), 5.00%, 06/01/30 |
1,000 | 1,197,410 | ||||||
(AGM), 5.00%, 06/01/31 |
1,020 | 1,220,359 | ||||||
(AGM), 5.00%, 06/01/32 |
1,225 | 1,464,353 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth, Refunding RB, Series A, 2.00%, 06/01/30 |
1,250 | 1,287,237 | ||||||
Louisiana Public Facilities Authority, RB(c) |
710 | 790,003 |
Security | Par (000) |
Value | ||||||
Louisiana (continued) | ||||||||
Louisiana Public Facilities Authority, RB(c) (continued) |
||||||||
Series A, 5.00%, 04/01/30 |
$ | 525 | $ | 591,675 | ||||
Series A, 5.00%, 06/01/31 |
500 | 567,770 | ||||||
Louisiana Public Facilities Authority, Refunding RB |
||||||||
5.00%, 05/15/29 |
1,235 | 1,484,569 | ||||||
5.00%, 05/15/30 |
990 | 1,188,841 | ||||||
3.00%, 05/15/31 |
2,225 | 2,419,265 | ||||||
5.00%, 05/15/32 |
1,485 | 1,779,683 | ||||||
5.00%, 05/15/33 |
2,175 | 2,603,932 | ||||||
Louisiana Stadium & Exposition District, RB, |
1,000 | 1,056,740 | ||||||
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/30 |
3,000 | 3,261,210 | ||||||
Parish of St. John the Baptist Louisiana, |
||||||||
2.00%, 06/01/37(a) |
2,250 | 2,292,300 | ||||||
2.10%, 06/01/37(a) |
1,305 | 1,347,726 | ||||||
Sub-Series B-1, 2.13%, 06/01/37(a) |
1,800 | 1,860,228 | ||||||
Sub-Series B-1, 2.38%, 06/01/37(a) |
3,260 | 3,441,615 | ||||||
Port New Orleans Board of Commissioners, Refunding RB, Series B, AMT, 5.00%, 04/01/23(e) |
2,875 | 3,100,486 | ||||||
State of Louisiana, GO, Series A, |
6,540 | 6,997,015 | ||||||
Terrebonne Levee & Conservation District, RB, 5.00%, 07/01/23(e) |
1,925 | 2,105,911 | ||||||
Tobacco Settlement Financing Corp., |
||||||||
Series A, 5.25%, 05/15/32 |
4,375 | 4,532,500 | ||||||
Series A, 5.25%, 05/15/33 |
4,750 | 4,920,335 | ||||||
Series A, 5.25%, 05/15/35 |
1,500 | 1,618,380 | ||||||
|
|
|||||||
54,399,932 | ||||||||
Maine 0.2% | ||||||||
City of Portland Maine General Airport Revenue, Refunding RB |
||||||||
5.00%, 01/01/33 |
695 | 874,678 | ||||||
5.00%, 01/01/34 |
305 | 382,970 | ||||||
4.00%, 01/01/35 |
1,000 | 1,167,740 | ||||||
Maine Turnpike Authority, RB |
||||||||
5.00%, 07/01/29 |
300 | 395,883 | ||||||
5.00%, 07/01/30 |
275 | 370,571 | ||||||
|
|
|||||||
3,191,842 | ||||||||
Maryland 1.8% | ||||||||
Anne Arundel County Consolidated Special Taxing District, ST |
||||||||
4.20%, 07/01/24 |
430 | 442,393 | ||||||
4.90%, 07/01/30 |
1,315 | 1,374,412 | ||||||
City of Baltimore Maryland, Refunding RB, |
1,250 | 1,364,812 | ||||||
County of Prince Georges Maryland, TA, |
585 | 667,426 | ||||||
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/33 |
1,765 | 2,135,809 | ||||||
Maryland Economic Development Corp., RB, Series D, AMT, 5.00%, 03/31/30 |
1,325 | 1,599,209 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB |
||||||||
5.00%, 07/01/29 |
2,200 | 2,561,130 | ||||||
5.00%, 07/01/31 |
2,400 | 2,874,696 | ||||||
5.00%, 07/01/32 |
500 | 622,715 | ||||||
5.00%, 07/01/33 |
2,585 | 3,105,005 | ||||||
5.00%, 07/01/34 |
775 | 963,449 |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (continued) July 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Maryland (continued) |
||||||||
Maryland Health & Higher Educational Facilities |
||||||||
Authority, Refunding RB (continued) |
||||||||
Series A, 5.00%, 01/01/31 |
$ | 2,865 | $ | 3,396,515 | ||||
Series A, 5.00%, 01/01/32 |
3,010 | 3,562,756 | ||||||
Series A, 5.00%, 01/01/33 |
3,165 | 3,746,221 | ||||||
State of Maryland, GO, 1st Series, |
5,000 | 5,691,000 | ||||||
|
|
|||||||
34,107,548 | ||||||||
Massachusetts 1.4% | ||||||||
Commonwealth of Massachusetts, GO, Series I, 5.00%, 12/01/33 |
5,000 | 6,164,050 | ||||||
Commonwealth of Massachusetts, Refunding GO, Series A, (AMBAC), 5.50%, 08/01/30 |
2,500 | 3,468,000 | ||||||
Massachusetts Bay Transportation Authority, Refunding RB, CAB, Series A, |
5,500 | 4,402,145 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/33 |
1,070 | 1,300,264 | ||||||
Massachusetts Development Finance Agency, Refunding RB |
||||||||
Series A, 5.00%, 01/01/32 |
2,020 | 2,511,102 | ||||||
Series A, 5.00%, 01/01/33 |
1,500 | 1,856,460 | ||||||
Series A, 5.00%, 01/01/34 |
2,085 | 2,570,680 | ||||||
Series A, 5.00%, 01/01/35 |
2,000 | 2,450,640 | ||||||
Massachusetts Educational Financing Authority, Refunding RB, Series K, AMT, 5.25%, 07/01/29 |
2,980 | 3,081,052 | ||||||
|
|
|||||||
27,804,393 | ||||||||
Michigan 1.6% | ||||||||
City of Detroit Michigan, GO |
||||||||
5.00%, 04/01/26 |
735 | 860,046 | ||||||
5.00%, 04/01/27 |
580 | 696,621 | ||||||
5.00%, 04/01/28 |
665 | 817,764 | ||||||
5.00%, 04/01/29 |
665 | 814,452 | ||||||
5.00%, 04/01/30 |
510 | 622,307 | ||||||
5.00%, 04/01/31 |
735 | 893,914 | ||||||
5.00%, 04/01/32 |
625 | 757,700 | ||||||
5.00%, 04/01/33 |
830 | 1,003,180 | ||||||
Michigan Finance Authority, Refunding RB |
||||||||
5.00%, 06/01/24(e) |
2,750 | 3,126,117 | ||||||
5.00%, 08/15/30 |
2,105 | 2,306,680 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, Series C, 4.00%, 06/01/22(e) |
8,195 | 8,461,419 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 0.55%, 04/01/25 |
985 | 986,743 | ||||||
Michigan Strategic Fund, RB, AMT, |
2,000 | 2,490,840 | ||||||
Michigan Strategic Fund, Refunding RB |
||||||||
5.00%, 11/15/29 |
1,260 | 1,507,439 | ||||||
5.00%, 11/15/34 |
1,410 | 1,664,576 | ||||||
Saginaw Valley State University, Refunding RB |
||||||||
Series A, 5.00%, 07/01/31 |
2,070 | 2,502,609 | ||||||
Series A, 5.00%, 07/01/32 |
1,430 | 1,727,011 | ||||||
|
|
|||||||
31,239,418 | ||||||||
Minnesota 0.4% | ||||||||
City of Spring Lake Park Minnesota, RB, |
1,185 | 1,308,489 | ||||||
Sartell-St Stephen Independent School District No.748, GO,
CAB(b) |
3,915 | 3,269,730 |
Security | Par (000) |
Value | ||||||
Minnesota (continued) |
||||||||
Sartell-St Stephen Independent School District No.748, GO, CAB(b) (continued) |
||||||||
Series B, (SD CRED PROG), 0.00%, 02/01/31 |
$ | 2,190 | $ | 1,764,789 | ||||
Series B, (SD CRED PROG), 0.00%, 02/01/32 |
1,450 | 1,126,389 | ||||||
|
|
|||||||
7,469,397 | ||||||||
Mississippi 1.2% | ||||||||
Mississippi Development Bank, Refunding RB |
||||||||
Series A, (AGM), 5.00%, 03/01/30 |
2,280 | 2,716,301 | ||||||
Series A, (AGM), 5.00%, 03/01/31 |
1,595 | 1,897,954 | ||||||
Series A, (AGM), 5.00%, 03/01/32 |
2,000 | 2,376,980 | ||||||
Series A, (AGM), 5.00%, 03/01/33 |
1,275 | 1,513,578 | ||||||
State of Mississippi, RB, Series E, |
12,225 | 14,346,527 | ||||||
|
|
|||||||
22,851,340 | ||||||||
Missouri 0.6% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
||||||||
5.00%, 05/01/30 |
3,000 | 3,245,400 | ||||||
5.00%, 05/15/31 |
1,175 | 1,416,874 | ||||||
4.00%, 05/15/32 |
1,680 | 1,944,919 | ||||||
4.00%, 05/15/33 |
2,000 | 2,313,080 | ||||||
Series A, 4.00%, 11/15/33 |
2,010 | 2,176,348 | ||||||
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, |
970 | 986,296 | ||||||
|
|
|||||||
12,082,917 | ||||||||
Montana 0.5% | ||||||||
City of Forsyth Montana, Refunding RB, Series A, 3.90%, 03/01/31(a) |
10,050 | 10,608,378 | ||||||
|
|
|||||||
Nebraska 0.6% | ||||||||
Central Plains Energy Project, RB |
||||||||
5.00%, 09/01/27 |
5,000 | 5,249,150 | ||||||
5.00%, 09/01/32 |
4,500 | 4,724,235 | ||||||
Elkhorn School District, GO |
||||||||
4.00%, 12/15/32 |
325 | 401,112 | ||||||
4.00%, 12/15/33 |
375 | 461,261 | ||||||
|
|
|||||||
10,835,758 | ||||||||
Nevada(c) 0.0% | ||||||||
State of Nevada Department of Business & Industry, RB |
||||||||
Series A, 5.00%, 07/15/27 |
335 | 377,890 | ||||||
Series A, 4.50%, 12/15/29 |
590 | 657,284 | ||||||
|
|
|||||||
1,035,174 | ||||||||
New Hampshire 0.8% | ||||||||
New Hampshire Business Finance Authority Refunding RB, 0.40%, 10/01/33(a) |
7,180 | 7,191,983 | ||||||
New Hampshire Business Finance Authority, Refunding RB |
||||||||
4.00%, 01/01/28 |
285 | 327,166 | ||||||
4.00%, 01/01/29 |
300 | 343,992 | ||||||
4.00%, 01/01/30 |
280 | 320,032 | ||||||
Series A, AMT, 4.00%, 11/01/27(c) |
2,205 | 2,306,254 | ||||||
New Hampshire State Turnpike System, RB, Series C, 4.00%, 08/01/33 |
4,350 | 4,513,777 | ||||||
|
|
|||||||
15,003,204 |
24 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
New Jersey 14.5% | ||||||||
Atlantic City Board of Education, Refunding GO |
||||||||
(AGM), 4.00%, 04/01/30 |
$ | 170 | $ | 200,535 | ||||
(AGM), 4.00%, 04/01/31 |
175 | 204,223 | ||||||
Casino Reinvestment Development Authority, Inc., Refunding RB |
||||||||
5.00%, 11/01/21 |
2,465 | 2,488,541 | ||||||
5.00%, 11/01/22 |
1,890 | 1,981,438 | ||||||
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24 |
1,015 | 1,095,236 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
5.00%, 06/15/30 |
600 | 789,930 | ||||||
Series A, 4.00%, 06/15/29(c) |
665 | 738,017 | ||||||
Series A, 4.00%, 07/01/29 |
350 | 402,139 | ||||||
Series A, 5.00%, 06/15/32 |
4,500 | 5,591,295 | ||||||
Series C, 5.00%, 06/15/32 |
3,600 | 4,481,748 | ||||||
Series DDD, 5.00%, 06/15/35 |
2,000 | 2,458,600 | ||||||
AMT, 5.00%, 01/01/28 |
4,705 | 5,201,142 | ||||||
Series A, AMT, 5.63%, 11/15/30 |
1,740 | 1,959,518 | ||||||
Series B, AMT, 5.63%, 11/15/30 |
1,315 | 1,480,900 | ||||||
New Jersey Economic Development Authority, Refunding RB |
||||||||
5.00%, 06/15/26 |
10,610 | 11,024,214 | ||||||
4.25%, 06/15/27 |
16,500 | 17,037,075 | ||||||
(AGM), 5.00%, 06/01/28 |
1,000 | 1,218,680 | ||||||
5.00%, 01/01/29 |
2,280 | 2,733,811 | ||||||
(AGM), 5.00%, 06/01/30 |
1,500 | 1,825,740 | ||||||
(AGM), 5.00%, 06/01/31 |
1,750 | 2,128,735 | ||||||
(AGM), 4.00%, 06/01/32 |
2,125 | 2,439,904 | ||||||
Series BBB, 5.50%, 06/15/29 |
10,000 | 12,452,700 | ||||||
Series MMM, 4.00%, 06/15/35 |
5,000 | 5,975,700 | ||||||
Sub-Series A, 4.00%, 07/01/32 |
9,855 | 11,142,162 | ||||||
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 |
5,000 | 5,364,400 | ||||||
New Jersey Educational Facilities Authority, RB, Series A, 4.00%, 09/01/30 |
5,860 | 6,484,383 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB |
||||||||
5.00%, 07/01/28 |
1,500 | 1,795,395 | ||||||
5.00%, 07/01/29 |
4,150 | 5,015,356 | ||||||
5.00%, 07/01/30 |
3,500 | 4,225,377 | ||||||
Series A, 5.00%, 07/01/30 |
11,245 | 13,652,105 | ||||||
New Jersey Higher Education Student Assistance Authority, RB |
||||||||
Series 1A, AMT, 5.00%, 12/01/25 |
5,500 | 6,530,975 | ||||||
Series 1A, AMT, 5.00%, 12/01/26 |
2,250 | 2,668,252 | ||||||
Series A, AMT, 4.00%, 12/01/32 |
2,390 | 2,676,059 | ||||||
Series A, AMT, 4.00%, 12/01/33 |
1,915 | 2,118,699 | ||||||
Series A, AMT, 4.00%, 12/01/34 |
955 | 1,088,729 | ||||||
Series A, AMT, 4.00%, 12/01/35 |
955 | 1,062,275 | ||||||
Series B, AMT, 5.00%, 12/01/23 |
50 | 55,415 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series A, AMT, 5.00%, 12/01/23 |
215 | 238,285 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, |
11,595 | 12,609,447 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series AA, 5.25%, 06/15/27 |
4,225 | 4,984,697 | ||||||
Series AA, 5.25%, 06/15/28 |
4,500 | 5,303,880 | ||||||
Series AA, 4.00%, 06/15/30 |
10,815 | 11,181,088 |
Security | Par (000) |
Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Transportation Trust Fund Authority, RB (continued) |
||||||||
Series BB, 5.00%, 06/15/30 |
$ | 1,500 | $ | 1,911,225 | ||||
Series C, 5.25%, 06/15/32 |
10,000 | 11,542,400 | ||||||
Series D, 5.00%, 06/15/32 |
5,000 | 5,729,600 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
Series A, 5.00%, 06/15/30 |
6,600 | 7,875,384 | ||||||
Series A, 5.00%, 12/15/30 |
21,325 | 27,080,831 | ||||||
Newark Housing Authority Scholarship |
5,000 | 5,884,150 | ||||||
South Jersey Transportation Authority, Refunding RB, Series A, 5.00%, 11/01/33 |
500 | 568,970 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/30 |
16,740 | 21,274,364 | ||||||
Series A, 5.00%, 06/01/32 |
8,270 | 10,418,794 | ||||||
Township of Irvington New Jersey, Refunding GO |
||||||||
Series A, (AGM, SAW), 5.00%, 07/15/30 |
2,000 | 2,259,960 | ||||||
Series A, (AGM, SAW), 5.00%, 07/15/31 |
1,450 | 1,637,456 | ||||||
|
|
|||||||
280,289,934 | ||||||||
New Mexico 1.4% | ||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/34 |
480 | 547,891 | ||||||
New Mexico Educational Assistance Foundation, RB |
||||||||
Series A-1, AMT, (GTD STD LNS), |
6,250 | 6,638,063 | ||||||
Series A-1, AMT, (GTD STD LNS), |
2,000 | 2,145,360 | ||||||
Series A-2, AMT, (GTD STD LNS), |
5,850 | 6,219,720 | ||||||
Series A-2, AMT, (GTD STD LNS), |
10,000 | 10,584,600 | ||||||
|
|
|||||||
26,135,634 | ||||||||
New York 4.7% | ||||||||
Build NYC Resource Corp., Refunding RB, AMT, 4.50%, 01/01/25(c) |
645 | 697,051 | ||||||
County of Nassau New York, GO |
||||||||
Series A, (AGM), 5.00%, 04/01/34 |
4,165 | 5,220,494 | ||||||
Series A, (AGM), 5.00%, 04/01/35 |
4,385 | 5,485,240 | ||||||
Hempstead Town Local Development Corp., Refunding RB |
||||||||
5.00%, 06/01/30 |
200 | 264,600 | ||||||
5.00%, 06/01/31 |
300 | 404,367 | ||||||
5.00%, 06/01/32 |
100 | 134,132 | ||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
2nd Sub Series, (AGM), 0.83%, 11/01/32(a) |
2,875 | 2,890,396 | ||||||
Sub-Series C-1, 5.00%, 11/15/34 |
10,000 | 12,442,300 | ||||||
Metropolitan Transportation Authority, Refunding RB, CAB(b) |
||||||||
Series A, 0.00%, 11/15/30 |
13,000 | 11,265,280 | ||||||
Series C-2, 0.00%, 11/15/32 |
19,315 | 15,639,162 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 5.00%, 08/01/30 |
4,980 | 6,289,342 | ||||||
New York Transportation Development Corp., ARB |
||||||||
Series A, AMT, 4.00%, 07/01/32 |
5,500 | 6,077,720 | ||||||
Series A, AMT, 4.00%, 07/01/33 |
6,000 | 6,626,220 | ||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 4.00%, 10/01/30 |
8,140 | 9,816,759 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (continued) July 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
New York (continued) |
||||||||
New York Transportation Development Corp., RB (continued) |
||||||||
AMT, 4.00%, 10/31/34 |
$ | 350 | $ | 430,640 | ||||
New York Transportation Development Corp., Refunding RB |
||||||||
Series A, AMT, 5.00%, 12/01/29 |
235 | 306,602 | ||||||
Series A, Class A, AMT, 5.00%, 12/01/28 |
350 | 447,325 | ||||||
Series A, Class A, AMT, 5.00%, 12/01/30 |
250 | 332,683 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, |
3,730 | 4,960,825 | ||||||
|
|
|||||||
89,731,138 | ||||||||
North Carolina 0.1% | ||||||||
North Carolina Medical Care Commission, RB |
||||||||
4.00%, 09/01/33 |
175 | 207,935 | ||||||
4.00%, 09/01/34 |
185 | 219,042 | ||||||
Series A, 4.00%, 10/01/27 |
600 | 701,292 | ||||||
|
|
|||||||
1,128,269 | ||||||||
Ohio 1.3% | ||||||||
Allen County Port Authority, Refunding RB, |
460 | 536,664 | ||||||
American Municipal Power, Inc., Refunding RB, Series A-2, 1.00%, 02/15/48(a) |
6,000 | 6,106,440 | ||||||
County of Butler Ohio, Refunding RB |
||||||||
5.00%, 11/15/30 |
1,225 | 1,531,789 | ||||||
5.00%, 11/15/31 |
2,500 | 3,121,650 | ||||||
5.00%, 11/15/32 |
2,200 | 2,738,296 | ||||||
County of Franklin Ohio, RB |
||||||||
Series A, 5.25%, 07/01/28 |
470 | 470,921 | ||||||
Series A, 5.63%, 07/01/32 |
940 | 942,011 | ||||||
Ohio Air Quality Development Authority, Refunding RB, 3.25%, 09/01/29 |
4,450 | 4,904,612 | ||||||
State of Ohio, RB |
||||||||
AMT, (AGM), 5.00%, 12/31/29 |
1,625 | 1,880,060 | ||||||
AMT, (AGM), 5.00%, 12/31/30 |
2,400 | 2,773,968 | ||||||
|
|
|||||||
25,006,411 | ||||||||
Oklahoma 0.9% | ||||||||
Norman Regional Hospital Authority, Refunding RB |
||||||||
5.00%, 09/01/27 |
2,100 | 2,509,227 | ||||||
5.00%, 09/01/28 |
2,000 | 2,388,040 | ||||||
5.00%, 09/01/29 |
2,150 | 2,565,230 | ||||||
5.00%, 09/01/30 |
5,130 | 6,116,550 | ||||||
Oklahoma Capitol Improvement Authority, RB, Series B, 5.00%, 07/01/30 |
2,150 | 2,893,728 | ||||||
|
|
|||||||
16,472,775 | ||||||||
Oregon 0.6% | ||||||||
Oregon Health & Science University, Refunding RB, Series B, 5.00%, 07/01/35 |
7,390 | 8,921,577 | ||||||
Port of Morrow, Refunding GO |
||||||||
Series A, 4.00%, 06/01/30 |
1,205 | 1,437,119 | ||||||
Series D, 4.00%, 12/01/30 |
880 | 1,057,417 | ||||||
|
|
|||||||
11,416,113 | ||||||||
Pennsylvania 17.4% | ||||||||
Allegheny County Hospital Development Authority, Refunding RB |
||||||||
Series A, 5.00%, 04/01/31 |
3,075 | 3,887,138 | ||||||
Series A, 5.00%, 04/01/34 |
3,345 | 4,194,362 |
Security | Par (000) |
Value | ||||||
Pennsylvania (continued) | ||||||||
Allegheny County Hospital Development Authority, Refunding RB (continued) |
||||||||
Series A, 5.00%, 04/01/35 |
$ | 1,000 | $ | 1,250,980 | ||||
Allentown Neighborhood Improvement Zone Development Authority, RB(c) |
||||||||
5.00%, 05/01/23 |
335 | 352,289 | ||||||
5.00%, 05/01/28 |
835 | 1,025,756 | ||||||
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB |
||||||||
Series A, 5.00%, 05/01/27 |
6,750 | 6,997,320 | ||||||
Series A, 5.00%, 05/01/28 |
5,000 | 5,179,400 | ||||||
Series A, 5.00%, 05/01/29 |
3,745 | 3,878,022 | ||||||
Series A, 5.00%, 05/01/30 |
5,300 | 5,488,309 | ||||||
Bucks County Industrial Development Authority, RB |
||||||||
5.00%, 07/01/29 |
555 | 683,716 | ||||||
5.00%, 07/01/30 |
700 | 877,268 | ||||||
Chester County Health and Education Facilities Authority, Refunding RB |
||||||||
Series A, 5.00%, 12/01/30 |
2,180 | 2,283,463 | ||||||
Series A, 5.00%, 10/01/32 |
1,450 | 1,820,954 | ||||||
Series A, 5.00%, 10/01/33 |
2,300 | 2,884,867 | ||||||
Chester County Industrial Development Authority, SAB, 4.38%, 03/01/28(c) |
265 | 300,279 | ||||||
City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series A, 5.00%, 07/01/30 |
5,000 | 6,693,650 | ||||||
City of Philadelphia Pennsylvania, Refunding GO |
||||||||
(AGM), 5.00%, 08/01/30 |
9,235 | 11,451,215 | ||||||
(AGM), 4.00%, 08/01/32 |
6,000 | 7,020,300 | ||||||
Series A, 5.00%, 08/01/30 |
4,500 | 5,634,090 | ||||||
Clarion County Industrial Development Authority, Refunding RB, AMT, 2.45%, 12/01/39(a) |
4,200 | 4,637,094 | ||||||
Commonwealth Financing Authority, RB, |
6,000 | 7,569,780 | ||||||
Commonwealth of Pennsylvania, Refunding GO, |
7,000 | 8,278,340 | ||||||
Cumberland County Municipal Authority, Refunding RB |
||||||||
5.00%, 01/01/25(e) |
645 | 749,361 | ||||||
5.00%, 01/01/29 |
1,080 | 1,226,513 | ||||||
5.00%, 01/01/30 |
2,250 | 2,553,615 | ||||||
5.00%, 01/01/32 |
1,510 | 1,763,182 | ||||||
Dauphin County General Authority, Refunding RB, Series A, 4.00%, 06/01/31 |
2,275 | 2,572,183 | ||||||
Delaware County Authority, Refunding RB |
||||||||
5.00%, 07/01/28 |
800 | 961,712 | ||||||
5.00%, 07/01/29 |
1,365 | 1,639,679 | ||||||
5.00%, 07/01/30 |
1,435 | 1,722,301 | ||||||
East Hempfield Township Industrial Development Authority, RB(e) |
||||||||
5.00%, 07/01/23 |
1,280 | 1,399,347 | ||||||
5.00%, 07/01/25 |
825 | 976,033 | ||||||
Geisinger Authority, Refunding RB |
||||||||
Series A-2, 5.00%, 02/15/32 |
4,000 | 4,936,320 | ||||||
Series A-2, 5.00%, 02/15/34 |
1,750 | 2,155,405 | ||||||
Lancaster County Hospital Authority, Refunding RB, Series A, 3.00%, 08/15/30 |
2,535 | 2,809,262 | ||||||
Latrobe Industrial Development Authority, Refunding RB, 5.00%, 03/01/30 |
150 | 185,222 |
26 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Pennsylvania (continued) |
||||||||
Montgomery County Higher Education and Health Authority, Refunding RB |
||||||||
4.00%, 09/01/34 |
$ | 3,000 | $ | 3,567,960 | ||||
4.00%, 09/01/35 |
1,735 | 2,056,010 | ||||||
4.00%, 09/01/36 |
1,500 | 1,770,585 | ||||||
Series A, 5.00%, 09/01/31 |
1,750 | 2,200,817 | ||||||
Series A, 5.00%, 09/01/32 |
1,315 | 1,646,932 | ||||||
Montgomery County Industrial Development Authority, Refunding RB |
||||||||
5.00%, 05/15/22(e) |
2,500 | 2,595,675 | ||||||
5.00%, 01/01/30 |
2,000 | 2,122,600 | ||||||
Series A, 5.25%, 01/15/29 |
3,250 | 3,759,340 | ||||||
Northampton County General Purpose Authority, RB, Series A, 5.00%, 08/15/33 |
12,660 | 13,842,191 | ||||||
Northampton County General Purpose Authority, Refunding RB, 5.00%, 11/01/34 |
5,400 | 6,725,646 | ||||||
Pennsylvania Economic Development Financing Authority, RB |
||||||||
Series A-1, 5.00%, 04/15/30 |
2,500 | 3,323,300 | ||||||
AMT, 5.00%, 12/31/29 |
5,000 | 5,976,550 | ||||||
AMT, 5.00%, 12/31/30 |
13,100 | 15,631,575 | ||||||
AMT, 5.00%, 12/31/34 |
16,500 | 19,568,010 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, 5.00%, 03/15/31 |
4,500 | 5,474,250 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, Series AT-1, 5.00%, 06/15/30 |
7,910 | 9,530,601 | ||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB |
||||||||
5.00%, 05/01/30 |
425 | 511,551 | ||||||
5.00%, 05/01/31 |
1,275 | 1,532,537 | ||||||
4.00%, 05/01/32 |
3,000 | 3,047,130 | ||||||
5.00%, 05/01/32 |
1,750 | 2,100,525 | ||||||
5.00%, 05/01/33 |
3,320 | 3,979,750 | ||||||
5.00%, 05/01/35 |
1,000 | 1,196,260 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, Series 125A, AMT, |
9,000 | 9,695,070 | ||||||
Pennsylvania Turnpike Commission, RB |
||||||||
Series B, 5.00%, 12/01/29 |
800 | 1,064,328 | ||||||
Series B, 5.00%, 12/01/30 |
620 | 841,600 | ||||||
Sub-Series B-1, 5.00%, 06/01/31 |
3,000 | 3,739,620 | ||||||
Sub-Series B-1, 5.00%, 06/01/32 |
4,075 | 5,074,597 | ||||||
Sub-Series B-1, 5.00%, 06/01/33 |
4,000 | 4,976,160 | ||||||
Pennsylvania Turnpike Commission, Refunding RB |
||||||||
2nd Series, 5.00%, 12/01/32 |
1,000 | 1,257,760 | ||||||
2nd Series, 5.00%, 12/01/35 |
2,005 | 2,500,055 | ||||||
2nd Sub Series, 5.00%, 12/01/33 |
1,815 | 2,275,502 | ||||||
2nd Sub Series, 5.00%, 12/01/34 |
1,500 | 1,875,615 | ||||||
Sub-Series B-2, (AGM), 5.00%, 06/01/34 |
4,000 | 4,969,280 | ||||||
Philadelphia Authority for Industrial Development, RB, 4.00%, 06/15/29 |
350 | 379,782 | ||||||
Philadelphia Gas Works Co., RB, Series A, (AGM), 5.00%, 08/01/30 |
800 | 1,063,816 | ||||||
Philadelphia Gas Works Co., Refunding RB, Series 14-T, 5.00%, 10/01/30 |
425 | 514,301 | ||||||
Pittsburgh Water & Sewer Authority, RB, |
205 | 274,206 | ||||||
Southeastern Pennsylvania Transportation Authority, RB, 5.00%, 06/01/30 |
5,000 | 6,650,300 |
Security | Par (000) |
Value | ||||||
Pennsylvania (continued) | ||||||||
State Public School Building Authority, RB, (SAW), 5.00%, 04/01/22(e) |
$ | 23,630 | $ | 24,393,485 | ||||
Wayne County Hospital & Health Facilities Authority, RB |
||||||||
Series A, (CNTY GTD), 5.00%, 07/01/31 |
460 | 573,813 | ||||||
Series A, (CNTY GTD), 4.00%, 07/01/33 |
440 | 507,223 | ||||||
West Cornwall Township Municipal Authority, Refunding RB |
||||||||
Series A, 4.00%, 11/15/27 |
130 | 149,566 | ||||||
Series A, 4.00%, 11/15/28 |
105 | 122,464 | ||||||
Series A, 4.00%, 11/15/29 |
140 | 164,129 | ||||||
Series A, 4.00%, 11/15/30 |
190 | 224,073 | ||||||
Series A, 4.00%, 11/15/31 |
200 | 235,088 | ||||||
Westmoreland County Municipal Authority, Refunding RB |
||||||||
(BAM), 5.00%, 08/15/27 |
1,500 | 1,775,355 | ||||||
(BAM), 5.00%, 08/15/31 |
5,000 | 6,268,250 | ||||||
(BAM), 5.00%, 08/15/32 |
17,945 | 22,474,139 | ||||||
|
|
|||||||
334,238,099 | ||||||||
Puerto Rico(b) 4.4% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB |
||||||||
Series A-1, Restructured, 0.00%, 07/01/29 |
14,055 | 12,369,384 | ||||||
Series A-1, Restructured, 0.00%, 07/01/31 |
38,523 | 31,069,185 | ||||||
Series A-1, Restructured, 0.00%, 07/01/33 |
43,149 | 32,316,012 | ||||||
Series B-1, Restructured, 0.00%, 07/01/31 |
5,755 | 4,657,291 | ||||||
Series B-1, Restructured, 0.00%, 07/01/33 |
6,477 | 4,819,859 | ||||||
|
|
|||||||
85,231,731 | ||||||||
Rhode Island 1.2% | ||||||||
Rhode Island Health and Educational Building Corp., Refunding RB, 5.00%, 05/15/30 |
1,500 | 1,793,415 | ||||||
Rhode Island Housing and Mortgage Finance Corp., RB, S/F Housing, Series 68-B, |
8,365 | 8,872,003 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/28 |
2,750 | 3,174,022 | ||||||
Series A, 5.00%, 06/01/29 |
4,500 | 5,189,760 | ||||||
Series A, 5.00%, 06/01/30 |
4,215 | 4,857,408 | ||||||
|
|
|||||||
23,886,608 | ||||||||
South Carolina 0.8% | ||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, |
10,000 | 12,423,600 | ||||||
South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/31 |
2,800 | 3,722,376 | ||||||
|
|
|||||||
16,145,976 | ||||||||
Tennessee 0.6% | ||||||||
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, |
2,000 | 2,368,000 | ||||||
Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/31 |
6,210 | 7,015,561 | ||||||
Memphis-Shelby County Industrial Development Board, Refunding TA, Series A, 4.75%, 07/01/27 |
480 | 475,335 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/31 |
1,300 | 1,565,928 | ||||||
|
|
|||||||
11,424,824 |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (continued) July 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Texas 12.3% |
||||||||
Arlington Higher Education Finance Corp., RB, 4.00%, 06/15/31 |
$ | 3,260 | $ | 3,427,042 | ||||
Central Texas Regional Mobility Authority, RB |
||||||||
Series A, Senior Lien, 5.00%, 01/01/30 |
1,600 | 1,870,144 | ||||||
Series A, Senior Lien, 5.00%, 01/01/31 |
1,175 | 1,372,612 | ||||||
Series A, Senior Lien, 5.00%, 01/01/33 |
1,500 | 1,750,305 | ||||||
Central Texas Turnpike System, RB |
||||||||
Series C, 5.00%, 08/15/32 |
12,500 | 14,157,625 | ||||||
Series C, 5.00%, 08/15/33 |
14,000 | 15,849,120 | ||||||
City of Austin Texas Water & Wastewater System Revenue, Refunding RB, |
900 | 1,230,354 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
Sub-Series D, 5.00%, 07/01/33 |
7,000 | 8,882,790 | ||||||
Sub-Series A, AMT, 5.00%, 07/01/30 |
1,200 | 1,580,412 | ||||||
City of Houston Texas Combined Utility System Revenue, Refunding RB |
||||||||
Series B, 1st Lien, 5.25%, 11/15/33 |
4,000 | 4,963,320 | ||||||
Series B, 1st Lien, 5.00%, 11/15/34 |
7,315 | 8,965,483 | ||||||
Clifton Higher Education Finance Corp., RB, |
1,650 | 1,835,014 | ||||||
Clifton Higher Education Finance Corp., |
||||||||
Series A, 3.10%, 12/01/22 |
325 | 331,916 | ||||||
Series A, (PSF), 4.00%, 08/15/31 |
1,250 | 1,460,962 | ||||||
Series A, 3.95%, 12/01/32 |
1,800 | 1,875,708 | ||||||
Series A, (PSF), 4.00%, 08/15/33 |
1,200 | 1,399,872 | ||||||
County of Harris Texas, Refunding RB, Series C, Senior Lien, 4.00%, 08/15/33 |
12,325 | 12,784,846 | ||||||
County of Nueces Texas, Refunding GO |
||||||||
4.00%, 02/15/33 |
1,165 | 1,414,496 | ||||||
4.00%, 02/15/35 |
725 | 876,018 | ||||||
Dallas Fort Worth International Airport, |
||||||||
5.00%, 11/01/32 |
5,000 | 6,766,500 | ||||||
Harris County Cultural Education Facilities Finance |
||||||||
Series B, 5.75%, 01/01/28 |
500 | 531,440 | ||||||
Series B, 6.38%, 01/01/33 |
460 | 492,421 | ||||||
Harris County Cultural Education Facilities Finance |
||||||||
Series A, 5.00%, 06/01/28 |
1,150 | 1,217,402 | ||||||
Series A, 5.00%, 01/01/33 |
1,090 | 1,145,852 | ||||||
Series A, 5.00%, 06/01/33 |
3,000 | 3,179,820 | ||||||
Leander Independent School District, Refunding GO, CAB(b) |
||||||||
Series D, (PSF), 0.00%, 08/15/31 |
1,200 | 846,960 | ||||||
Series D, (PSF), 0.00%, 08/15/32 |
2,000 | 1,378,360 | ||||||
Series D, (PSF), 0.00%, 08/15/33 |
4,485 | 2,939,604 | ||||||
Matagorda County Navigation District No.1, Refunding RB |
||||||||
Series A, (AMBAC), 4.40%, 05/01/30 |
26,120 | 32,724,703 | ||||||
Series B-2, 4.00%, 06/01/30 |
12,995 | 13,797,701 | ||||||
Series B, AMT, (AMBAC), 4.55%, 05/01/30 |
10,000 | 12,652,000 | ||||||
Midland County Fresh Water Supply District No.1, RB, CAB(b) |
||||||||
Series A, 0.00%, 09/15/31 |
6,235 | 4,718,586 | ||||||
Series A, 0.00%, 09/15/32 |
15,135 | 10,879,492 |
Security | Par (000) |
Value | ||||||
Texas (continued) |
||||||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(c) |
$ | 3,805 | $ | 4,014,389 | ||||
New Hope Cultural Education Facilities Finance |
||||||||
Series A, 3.63%, 08/15/22 |
100 | 100,171 | ||||||
Series A, 4.25%, 08/15/27 |
450 | 450,783 | ||||||
Series A, 4.00%, 08/15/29 |
335 | 384,825 | ||||||
Red River Health Facilities Development Corp., RB |
||||||||
4.70%, 01/01/22 |
140 | 141,877 | ||||||
5.50%, 01/01/32 |
1,000 | 1,014,490 | ||||||
Socorro Independent School District, Refunding GO, Series B, (PSF), 4.00%, 08/15/34 |
3,000 | 3,542,700 | ||||||
Tarrant County Cultural Education Facilities Finance |
||||||||
Series A, 4.00%, 05/15/23(e) |
20,920 | 22,379,379 | ||||||
Series B, 5.00%, 07/01/35 |
6,000 | 7,548,600 | ||||||
Tarrant County Cultural Education Facilities Finance |
1,000 | 1,126,520 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, |
10,935 | 14,595,491 | ||||||
Texas Public Finance Authority, Refunding RB, 4.00%, 12/01/31 |
1,650 | 1,909,743 | ||||||
Texas Transportation Commission State Highway |
1,000 | 1,057,740 | ||||||
|
|
|||||||
237,565,588 | ||||||||
Utah 0.3% | ||||||||
Utah Transit Authority, Refunding RB, Subordinate, |
5,000 | 5,817,400 | ||||||
|
|
|||||||
Virginia 0.6% | ||||||||
Dulles Town Center Community Development |
500 | 505,130 | ||||||
Fairfax County Economic Development Authority, RB, Series A, 5.00%, 12/01/23(e) |
2,000 | 2,226,640 | ||||||
Hanover County Economic Development Authority, |
||||||||
Series A, 4.50%, 07/01/30 |
3,000 | 3,067,470 | ||||||
Series A, 4.50%, 07/01/32 |
1,100 | 1,124,013 | ||||||
Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 5.00%, 07/01/34 |
3,940 | 4,015,372 | ||||||
|
|
|||||||
10,938,625 | ||||||||
Washington 2.1% | ||||||||
Greater Wenatchee Regional Events Center Public |
||||||||
Series A, 5.00%, 09/01/27 |
1,000 | 1,031,590 | ||||||
Series A, 5.25%, 09/01/32 |
655 | 674,965 | ||||||
Port of Seattle Washington, ARB |
||||||||
Series C, AMT, Intermediate Lien, |
6,695 | 8,197,157 | ||||||
Series C, AMT, Intermediate Lien, |
6,000 | 7,340,520 | ||||||
Washington Health Care Facilities Authority, |
9,485 | 11,885,748 | ||||||
Washington State Convention Center Public Facilities District, RB, |
4,990 | 5,959,008 | ||||||
Washington State Housing Finance Commission, Refunding RB |
||||||||
5.00%, 07/01/28 |
1,000 | 1,076,380 | ||||||
5.00%, 07/01/33 |
1,100 | 1,182,236 |
28 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Washington (continued) |
| |||||||
WBRP 3.2, RB |
||||||||
Series A, 5.00%, 01/01/31 |
$ | 1,000 | $ | 1,177,400 | ||||
Series A, 5.00%, 01/01/32 |
1,140 | 1,341,233 | ||||||
|
|
|||||||
39,866,237 | ||||||||
West Virginia 0.2% | ||||||||
West Virginia Hospital Finance Authority, RB |
||||||||
Series A, 5.00%, 06/01/31 |
1,950 | 2,412,423 | ||||||
Series A, 5.00%, 06/01/33 |
1,100 | 1,358,500 | ||||||
|
|
|||||||
3,770,923 | ||||||||
Wisconsin 1.9% | ||||||||
Public Finance Authority, RB(c) |
||||||||
4.00%, 06/15/30 |
1,520 | 1,657,423 | ||||||
5.00%, 01/01/31 |
650 | 738,452 | ||||||
Series A, 4.00%, 07/15/29 |
645 | 719,569 | ||||||
Series A, 4.00%, 03/01/30 |
1,305 | 1,413,433 | ||||||
Series A, 3.75%, 06/01/30 |
345 | 375,001 | ||||||
Public Finance Authority, Refunding RB |
||||||||
3.00%, 12/01/26 |
250 | 271,270 | ||||||
4.00%, 09/01/29(c) |
400 | 415,216 | ||||||
AMT, 2.63%, 11/01/25 |
3,000 | 3,261,390 | ||||||
Series B, AMT, 5.25%, 07/01/28 |
2,250 | 2,350,080 | ||||||
Wisconsin Health & Educational Facilities |
||||||||
4.00%, 10/01/32 |
4,520 | 4,711,286 | ||||||
5.00%, 04/01/35 |
2,500 | 3,209,425 | ||||||
Series C-4, 0.67%, 08/15/54(a) |
8,200 | 8,364,910 | ||||||
Wisconsin Housing & Economic |
9,000 | 9,429,480 | ||||||
|
|
|||||||
36,916,935 | ||||||||
|
|
|||||||
Total Municipal Bonds 126.0% |
2,427,084,919 | |||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
| |||||||
Colorado 4.3% |
||||||||
City & County of Denver Colorado Airport |
||||||||
Series A, AMT, 4.25%, 11/15/29(e)(i) |
33,820 | 35,523,869 | ||||||
Series A, AMT, 4.25%, 11/15/30(e) |
35,210 | 36,983,898 | ||||||
Series A, AMT, 4.25%, 11/15/31 |
8,085 | 8,492,327 | ||||||
Series A, AMT, 4.25%, 11/15/32 |
2,230 | 2,342,349 | ||||||
|
|
|||||||
83,342,443 | ||||||||
Florida 5.1% | ||||||||
County of Broward Florida Airport System |
||||||||
Series Q-1, 4.00%, 10/01/29(i) |
17,200 | 17,968,717 | ||||||
Series Q-1, 4.00%, 10/01/30 |
18,095 | 18,903,718 | ||||||
Series Q-1, 4.00%, 10/01/31 |
18,820 | 19,661,120 | ||||||
Series Q-1, 4.00%, 10/01/32 |
19,575 | 20,449,863 | ||||||
Series Q-1, 4.00%, 10/01/33 |
20,355 | 21,264,723 | ||||||
|
|
|||||||
98,248,141 | ||||||||
Iowa 2.3% | ||||||||
State of Iowa Board of Regents, RB |
||||||||
4.00%, 09/01/28 |
3,375 | 3,515,221 | ||||||
4.00%, 09/01/29 |
6,525 | 6,796,094 | ||||||
4.00%, 09/01/30 |
6,325 | 6,587,785 |
Security | Par (000) |
Value | ||||||
Iowa (continued) | ||||||||
State of Iowa Board of Regents, |
||||||||
4.00%, 09/01/31 |
$ | 8,650 | $ | 9,009,382 | ||||
4.00%, 09/01/32 |
7,750 | 8,071,989 | ||||||
4.00%, 09/01/33 |
9,375 | 9,764,503 | ||||||
|
|
|||||||
43,744,974 | ||||||||
Nevada 1.1% | ||||||||
County of Clark Nevada, Refunding GO, |
17,710 | 20,595,134 | ||||||
|