N-CSR 1 d204695dncsr.htm BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

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

Registrant’s 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.


 

LOGO

  JULY 31, 2021

 

  

2021 Annual Report

 

 

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

 


The Markets in Review

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 today’s markets.

Sincerely,

 

 

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

 

Total Returns as of July 31, 2021

 

      

 

 6-Month 

 

 

 

 12-Month 

 

   

 

U.S. large cap equities
(S&P 500® Index)

 

  19.19%   36.45%
   

 

U.S. small cap equities
(Russell 2000® Index)

 

  7.86   51.97
   

 

International equities
(MSCI Europe, Australasia,
Far East Index)

 

  10.83   30.31
   

 

Emerging market equities
(MSCI Emerging Markets Index)

 

  (2.76)   20.64
   

 

3-month Treasury bills
(ICE BofA 3-Month
U.S. Treasury Bill Index)

 

  0.02   0.08
   

 

U.S. Treasury securities
(ICE BofA 10-Year
U.S. Treasury Index)

 

  (0.59)   (5.12)
   

 

U.S. investment grade bonds
(Bloomberg Barclays
U.S. Aggregate Bond Index)

 

  0.21   (0.70)
   

 

Tax-exempt municipal bonds
(S&P Municipal Bond Index)

 

  1.38   3.47
   

 

U.S. high yield bonds
(Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)

 

  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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Table of Contents

 

      Page  

The Markets in Review

  

 

2

 

Annual Report:

  

Municipal Market Overview

  

 

4

 

The Benefits and Risks of Leveraging

  

 

5

 

Derivative Financial Instruments

  

 

5

 

Trust Summary

  

 

6

 

Financial Statements:

  

Schedules of Investments

  

 

15

 

Statements of Assets and Liabilities

  

 

38

 

Statements of Operations

  

 

39

 

Statements of Changes in Net Assets

  

 

40

 

Statements of Cash Flows

  

 

42

 

Financial Highlights

  

 

44

 

Notes to Financial Statements

  

 

47

 

Report of Independent Registered Public Accounting Firm

  

 

59

 

Important Tax Information

  

 

60

 

Disclosure of Investment Advisory Agreements

  

 

61

 

Investment Objectives, Policies and Risks

  

 

65

 

Automatic Dividend Reinvestment Plan

  

 

73

 

Trustee and Officer Information

  

 

74

 

Additional Information

  

 

78

 

Glossary of Terms Used in this Report

  

 

81

 

 

 

        

  3


Municipal Market Overview  For the Reporting Period Ended July 31, 2021

 

Municipal Market Conditions

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.

 

    

 

 

    S&P Municipal Bond Index

        Total Returns as of July 31, 2021             

          6 months:  1.38%

        12 months:  3.47%

 

   
   
   
   

A Closer Look at Yields

 

 

LOGO

 

 

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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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 Trust’s 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 Trust’s 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 Trust’s 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 Trust’s financing cost of leverage is significantly lower than the income earned on a Trust’s 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 Trust’s 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 Trust’s 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 Trust’s intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Trust’s 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 Trust’s 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 Trust’s 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 Trust’s 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 Trust’s 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 adviser’s 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.

 

 

H E    E N E F I T S     A N D    I S K S    O F    E V E R A G I N G     /    D E R I V A T I V E    I N A N C I A L    N S T R U M E N T S

  5


Trust Summary  as of July 31, 2021     BlackRock California Municipal Income Trust (BFZ)

 

Investment Objective

BlackRock California Municipal Income Trust’s (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 Trust’s 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 Trust’s 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

 

 

LOGO

 

  (a) 

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

 
  (b) 

A broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market.

 

 

 

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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 Trust’s use of leverage.

 
  (b) 

The Trust’s 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 Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s 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 state’s 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 state’s 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 Trust’s 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 Trust’s 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.

 

 

R U S T    U M M A R Y

  7


Trust Summary  as of July 31, 2021 (continued)    BlackRock California Municipal Income Trust (BFZ)

 

Overview of the Trust’s 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 Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

(c) 

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 Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

(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 Trust’s total investments.

 

 

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Trust Summary  as of July 31, 2021     BlackRock Municipal 2030 Target Term Trust (BTT)

 

Investment Objective

BlackRock Municipal 2030 Target Term Trust’s (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 Trust’s 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 Trust’s 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

 

 

LOGO

BTT commenced operations on August 30, 2012.

  (a) 

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

 
  (b) 

A broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market.

 

 

 

R U S T    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 Trust’s use of leverage.

 
  (c) 

The Trust’s 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 Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s 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 Fund’s 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 O  C K    N N U A L    E P O R T    T O    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 Trust’s 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 Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

(c) 

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 Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

(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 Trust’s total investments.

 

 

R U S T    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 Trust’s (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 Trust’s 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 Trust’s 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

 

 

LOGO

 

  (a) 

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

 
  (b) 

A broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market.

 

 

 

12  

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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 Trust’s 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 Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s 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 Trust’s 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 holdings—particularly Puerto Rico—performed 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 Trust’s 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 issues—including pre-refunded securities—underperformed 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.

 

 

R U S T    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 Trust’s 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 Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

(c) 

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

(d) 

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

(e) 

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 Trust’s total investments.

 

 

14  

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Schedule of Investments  

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
Revenue, RB

   

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,
RB(c) (continued)
Series A, 5.00%, 07/01/55

  $ 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,
Refunding RB

   

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  
 

 

 

C H E D U L E    O F    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,
Refunding RB, CAB(b)
0.00%, 06/01/55

    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%            

Children’s 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%
(Cost: $437,329,201)

      481,339,804  
   

 

 

 
 

 

 

16  

2 0 2 1    B L A C K O  C K    N N U A L    E P O R T    T O    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,
5.00%, 07/01/44

  $  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 Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

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).

 

 

 

C H E D U L E     O F    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 day’s 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 Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

 

 

18  

2 0 2 1    B L A C K O  C K    N N U A L    E P O R T    T O    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 Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s 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.

 

 

C H E D U L E    O F    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
Finance Authority, RB

   

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,
4.00%, 09/01/29

    6,000       6,345,180  

Maricopa County Industrial Development Authority,
Refunding RB

   

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,
0.37%, 08/01/47(a)

    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,
4.00%, 10/01/33

    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,
Refunding RB

   

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,
6.13%, 11/01/29

    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 O  C K    N N U A L    E P O R T    T O    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,
5.00%, 08/01/30

  $  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,
Refunding RB

   

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  

Tallyn’s 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,
5.00%, 01/01/30(c)

    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,
5.00%, 04/15/33

    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,
Refunding RB

   

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.,
Refunding RB

   

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  
 

 

 

C H E D U L E    O F    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,
5.00%, 05/01/32

    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,
3.85%, 05/01/29

    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 O’Hare International Airport,
Refunding RB

   

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 O  C K    N N U A L    E P O R T    T O    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,
5.00%, 10/01/30

    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,
5.88%, 01/01/24

    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,
1.50%, 01/01/42(a)

    2,750       2,779,123  

Iowa Finance Authority, Refunding RB,
5.25%, 12/01/25

    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,
5.00%, 10/01/32

    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)
Series A, 5.00%, 06/01/29

    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,
4.00%, 07/03/23

    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,
Refunding RB

   

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,
4.00%, 05/15/23(e)

    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.,
Refunding RB

   

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,
5.00%, 09/01/31

    1,250       1,364,812  

County of Prince George’s Maryland, TA,
5.00%, 07/01/30(c)

    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  
 

 

 

C H E D U L E    O F    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,
3.00%, 03/15/34

    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,
0.00%, 07/01/32(b)

    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,
5.00%, 12/31/32

    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,
4.00%, 06/15/29

    1,185       1,308,489  

Sartell-St Stephen Independent School District No.748, GO, CAB(b)
Series B, (SD CRED PROG), 0.00%, 02/01/30

    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,
5.00%, 10/15/33

     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,
3.88%, 11/15/29

    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 O  C K    N N U A L    E P O R T    T O    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,
3.80%, 10/01/32

    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
Foundation A New Jersey Non,
Refunding RB, (NPFGC),
5.25%, 01/01/27

    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),
3.75%, 09/01/31

    6,250       6,638,063  

Series A-1, AMT, (GTD STD LNS),
3.88%, 04/01/34

    2,000       2,145,360  

Series A-2, AMT, (GTD STD LNS),
3.80%, 11/01/32

    5,850       6,219,720  

Series A-2, AMT, (GTD STD LNS),
3.80%, 09/01/33

    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  
 

 

 

C H E D U L E    O F    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,
5.00%, 07/15/30

    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,
Series A, 4.00%, 12/01/31

    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,
5.00%, 06/01/32

    6,000       7,569,780  

Commonwealth of Pennsylvania, Refunding GO,
1st Series, 4.00%, 01/01/30

    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 O  C K    N N U A L    E P O R T    T O    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,
3.40%, 10/01/32

    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,
Series B, (AGM), 5.00%, 09/01/30

    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,
3.00%, 10/01/31

    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,
5.00%, 05/01/35

    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,
4.00%, 08/01/36

    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  
 

 

 

C H E D U L E    O F    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,
Series C, 5.00%, 11/15/30

    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,
6.00%, 08/15/33

    1,650       1,835,014  

Clifton Higher Education Finance Corp.,
Refunding RB

   

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,
Refunding RB,

   

5.00%, 11/01/32

    5,000       6,766,500  

Harris County Cultural Education Facilities Finance
Corp., RB

   

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
Corp., Refunding RB

   

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
Corp., RB(c)

   

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
Corp., RB

   

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
Corp., Refunding RB, Series A-1,
5.00%, 10/01/29

    1,000       1,126,520  

Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB, 5.00%, 12/15/30

    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
Fund, Refunding RB, 5.00%, 10/01/22

    1,000       1,057,740  
   

 

 

 
      237,565,588  
Utah — 0.3%  

Utah Transit Authority, Refunding RB, Subordinate,
4.00%, 12/15/31

    5,000       5,817,400  
   

 

 

 
Virginia — 0.6%  

Dulles Town Center Community Development
Authority, Refunding SAB, 4.25%, 03/01/26

    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,
Refunding RB

   

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
Facilities District, Refunding RB

   

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,
5.00%, 05/01/33

    6,695       8,197,157  

Series C, AMT, Intermediate Lien,
5.00%, 05/01/34

    6,000       7,340,520  

Washington Health Care Facilities Authority,
Refunding RB, Series B, 5.00%, 08/15/35

    9,485       11,885,748  

Washington State Convention Center Public Facilities District, RB,
4.00%, 07/01/31

    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 O  C K    N N U A L    E P O R T    T O    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
Authority, Refunding RB

   

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
Development Authority, RB, S/F Housing, Series D, (FNMA), 3.00%, 09/01/32

    9,000       9,429,480  
   

 

 

 
      36,916,935  
   

 

 

 

Total Municipal Bonds — 126.0%
(Cost: $2,202,545,609)

      2,427,084,919  
   

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

Colorado — 4.3%

   

City & County of Denver Colorado Airport
System Revenue, Refunding ARB

   

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
Revenue, ARB

   

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,
RB (continued)

   

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,
Series B, 4.00%, 11/01/34

    17,710       20,595,134  
   

 

 

 
New Jersey — 2.0%            

State of New Jersey, GO, Series A,
4.00%, 06/01/30

    30,000