0001193125-22-095845.txt : 20220405 0001193125-22-095845.hdr.sgml : 20220405 20220405121003 ACCESSION NUMBER: 0001193125-22-095845 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20220131 FILED AS OF DATE: 20220405 DATE AS OF CHANGE: 20220405 EFFECTIVENESS DATE: 20220405 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Municipal 2030 Target Term Trust CENTRAL INDEX KEY: 0001528437 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22603 FILM NUMBER: 22805793 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809-3700 BUSINESS PHONE: (800) 882-0052 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809-3700 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Municipal Target Term Trust DATE OF NAME CHANGE: 20120625 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Municipal 2027 Term Trust DATE OF NAME CHANGE: 20110823 N-CSRS 1 d275588dncsrs.htm BLACKROCK MUNICIPAL 2030 TARGET TERM TRUST BlackRock Municipal 2030 Target Term 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: 811-22603

 

Name of Fund:   BlackRock Municipal 2030 Target Term Trust (BTT)

 

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal 2030
Target Term 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: 07/31/2022

Date of reporting period: 01/31/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

 

LOGO

  JANUARY 31, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

 

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

Supplemental Information  (unaudited)

 

Section 19(a) Notices

BlackRock California Municipal Income Trust’s (BFZ) and BlackRock New York Municipal Income Trust’s (BNY) (collectively the “Trusts”, or individually a “Trust”) amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.

January 31, 2022

 

     Total Cumulative Distributions
for the Fiscal Period		     % Breakdown of the Total Cumulative
Distributions for the Fiscal Period		  
Trust Name    
 Net
Income		  
 		    

 Net Realized
Capital Gains
Short-Term		  
 
 		    

 Net Realized
Capital Gains
Long-Term		  
 
 		    
 Return of
Capital		  
(a)  		    

 Total Per
Common
Share		  
 
 		    
 Net
Income		  
 		    

 Net Realized
Capital Gains
Short-Term		  
 
 		    

 Net Realized
Capital Gains
Long-Term		  
 
 		    
 Return of
Capital		  
 		    

 Total Per
Common
Share		  
 
 

BFZ

   $ 0.258000     $ —     $ 0.073120     $ —     $ 0.331120       78 %      — %      22 %      — %      100 % 

BNY

     0.320640       —       —       0.021610       0.342250       94       —       —       6       100  

 

(a) 

The Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Trust is returned to the shareholder. A return of capital does not necessarily reflect the Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce the Trust’s net asset value per share.

 

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at blackrock.com.

 

 

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The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency 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 January 31, 2022
     6-Month   12-Month

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

   3.44%   23.29%

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

   (8.41)   (1.21)

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

   (3.43)   7.03

Emerging market equities
(MSCI Emerging Markets Index)

   (4.59)   (7.23)

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

   0.01   0.04

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

   (3.87)   (4.43)

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

   (3.17)   (2.97)

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

   (2.56)   (1.22)

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

   (1.55)   2.05

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

   3

Table of Contents

 

     Page  

Supplemental Information

     2  

The Markets in Review

     3  

Semi-Annual Report:

  

Municipal Market Overview

     5  

The Benefits and Risks of Leveraging

     6  

Derivative Financial Instruments

     6  

Trust Summary

     7  

Financial Statements:

  

Schedules of Investments

     13  

Statements of Assets and Liabilities

     36  

Statements of Operations

     37  

Statements of Changes in Net Assets

     38  

Statements of Cash Flows

     40  

Financial Highlights

     41  

Notes to Financial Statements

     44  

Additional Information

     55  

Glossary of Terms Used in this Report

     58  

 

 

4       

Municipal Market Overview For the Reporting Period Ended January 31, 2022

 

Municipal Market Conditions

Municipal bonds posted modestly negative total returns during the period amid rising interest rates spurred by strong economic growth and above trend inflation, waning COVID-19 variant fears, and hawkish Fed monetary policy expectations. 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 positive excess returns versus duration matched U.S. Treasuries. However, the market faced several bouts of volatility, including temporary valuation-based market corrections in February 2021 and January 2022. Shorter duration and lower credit quality strategies outperformed.

 

Technical support was helpful as robust demand outpaced supply. During the 12 months ended January 31, 2022, municipal bond funds experienced net inflows totaling $71 billion (based on data from the Investment Company Institute). However, the post-pandemic inflow cycle, which spanned 92-weeks and garnered $149 billion, came to an end late in the period with modest outflows. At the same time, the market absorbed $453 billion in issuance, a small increase from the $448 billion issued during the prior 12-month period. Taxable municipal issuance, which draws a unique buyer base, remained proportionally elevated, helping to make supply more easily digestible.

  

  

  

    S&P Municipal Bond Index

        Total Returns as of January 31, 2022    

          6 months: (2.56%)

        12 months: (1.22%)

   

A Closer Look at Yields

 

LOGO

From January 31, 2021 to January 31, 2022, yields on AAA-rated 30-year municipal bonds increased by 57 basis points (“bps”) from 1.38% to 1.95%, while ten-year rates increased by 83 bps from 0.72% to 1.55% and five-year rates increased by 100 bps from 0.22% to 1.22% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities flattening by 22 bps, led by 26 bps of flattening between ten- and 30-year maturities.

After maintaining historically tight valuations for most of the reporting period, the most recent market correction has restored value to the asset class and reset municipal-to-Treasury ratios to levels on par with their 5-year averages.

 

 

Financial Conditions of Municipal Issuers

Buoyed by successive federal aid injections, vaccine distribution, and the subsequent re-opening of the economy, states and many local governments experienced revenue growth above forecasts in 2021. Increased immunity (natural or through vaccinations), the possible weakness of future variants, and new treatments could bring the end of the pandemic closer, leading to a longer-lasting return to more normal economic activity that bodes well for state and local fiscal conditions. Any prolonged inflation in a post-COVID recovery, especially from continued worker shortages, would adversely affect state and local entities. However, wage pressures, less consumer spending and higher interest rates could be offset by increased revenue collections, particularly sales and personal income tax receipts. 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. 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 through 2022. Work-from-home policies will continue to be headwinds for mass transit farebox revenue and commercial real estate values. BlackRock anticipates that a small subset of the market, mainly non-rated stand-alone projects, will remain susceptible to credit deterioration. While credit fundamentals have improved noticeably across the municipal space, BlackRock advocates careful credit selection as the course of economic recovery remains unclear.

The opinions expressed are those of BlackRock as of January 31, 2022 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.

 

 

M U N I C I P A L   M A R K E T   O V E R V I E W

   5

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.

 

 

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Trust Summary  as of January 31, 2022     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 January 31, 2022 ($13.42)(a)

  3.85%

Tax Equivalent Yield(b)

  8.39%

Current Monthly Distribution per Common Share(c)

  $0.0430

Current Annualized Distribution per Common Share(c)

  $0.5160

Leverage as of January 31, 2022(d)

  41%

 

  (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

 

     01/31/22      07/31/21      Change      High      Low  

Closing Market Price

   $ 13.42      $ 15.01        (10.59 )%     $   15.15      $   13.42  

Net Asset Value

     15.03        16.29        (7.73 )       16.32        15.03  

Performance

Returns for the period ended January 31, 2022 were as follows:

 

                 Average Annual Total Returns  
            6-month      1 Year      5 Years      10 Years  

Trust at NAV(a)(b)

      (5.60 )%       (3.55 )%       4.47 %       4.75 % 

Trust at Market Price(a)(b)

      (8.53 )       (2.32 )       2.32        3.78  

California Customized Reference Benchmark(c)

      (3.48 )       (2.19 )       3.61        N/A  

Bloomberg Municipal Bond Index(d)

      (3.10 )       (1.89 )       3.46        3.20  

S&P® Municipal Bond Index(e)

      (2.56 )       (1.22 )       3.42        3.29  

Lipper California Municipal Debt Funds at NAV(f)

      (4.97 )       (2.90 )       4.37        5.04  

Lipper California Municipal Debt Funds at Market Price(f)

            (8.40 )       (1.57 )       3.62        4.64  

 

  (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 widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

 
  (c) 

The California Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond: California Exempt Total Return Index Unhedged (90%) and the California Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). Effective October 1, 2021, the Trust changed its reporting benchmarks from S&P Municipal Bond Index and Lipper California Municipal Debt Funds to Bloomberg Municipal Bond Index and the California Customized Reference Benchmark. The investment adviser believes the new benchmarks are more appropriate reporting benchmarks for the Fund. The California Customized Reference Benchmark commenced on September 30, 2016.

 
  (d) 

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

 
  (e) 

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

 
  (f) 

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.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.

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

 

 

T R U S T   S U M M A R Y

   7

Trust Summary  as of January 31, 2022 (continued)    BlackRock California Municipal Income Trust (BFZ)

 

The following discussion relates to the Trust’s absolute performance based on NAV:

Fixed-income assets experienced rising yields (and falling prices) during the six-month period. The Fed pivoted to a more hawkish tone on monetary policy as inflation accelerated well beyond its 2% target and labor markets improved toward its mandate of full employment.

The Trust’s positions in longer-duration securities, which were most adversely affected by rising rates, were the largest detractors from performance. (Duration is a measure of interest rate sensitivity.) While all segments of the Trust lost ground in the period, investment-grade bonds generally underperformed high yield debt. At the sector level, workforce housing bonds were the largest detractors from performance as elevated new-issue supply weighed on valuations. The Trust’s use of leverage, while augmenting income, further detracted by amplifying the effect of falling prices.

The Trust actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields rose, as prices fell, this strategy contributed to results.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

 

SECTOR ALLOCATION

 

Sector(a)(b)   01/31/22     07/31/21  

County/City/Special District/School District

     27 %      28 % 

Transportation

     14       19  

Education

     14       13  

Utilities

     13       15  

State

     13       12  

Health

     7       8  

Housing

     6       2  

Tobacco

     3       3  

Corporate

     3       — (c) 

CALL/MATURITY SCHEDULE

 

Calendar Year Ended December 31,(a)(d)

  Percentage  

2022

       6 % 

2023

       5  

2024

       3  

2025

       9  

2026

             10  

CREDIT QUALITY ALLOCATION

 

Credit Rating(a)(e)   01/31/22     07/31/21  

AAA/Aaa

     7 %      8 % 

AA/Aa

     66       69  

A

     13       11  

BBB/Baa

     1       1  

BB/Ba

     — (c)      — (c) 

B

     — (c)      — (c) 

N/R(f)

    13       11  

 

 

 

(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 January 31, 2022 and July 31, 2021, the market value of unrated securities deemed by the investment adviser to be investment grade represents 3% and less than 1% of the Trust’s total investments.

 

 

8  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Trust Summary  as of January 31, 2022    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 January 31, 2022 ($25.05)(a)

  2.99%

Tax Equivalent Yield(b)

  5.05%

Current Monthly Distribution per Common Share(c)

  $0.0624

Current Annualized Distribution per Common Share(c)

  $0.7488

Leverage as of January 31, 2022(d)

  35%

 

  (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

 

     01/31/22      07/31/21      Change      High      Low  

Closing Market Price

   $ 25.05      $ 26.27        (4.64 )%     $   26.50      $   24.58  

Net Asset Value

     25.77        27.32        (5.67 )       27.33        25.77  

Performance

Returns for the period ended January 31, 2022 were as follows:

 

                 Average Annual Total Returns  
              6-month        1 Year        5 Years       
 Since
Inception		  
(a) 

Trust at NAV(b)(c)

      (4.29 )%       (2.25 )%       5.98 %       4.99 % 

Trust at Market Price(b)(c)

      (3.24 )       (0.63 )       5.43        4.17  

Customized Reference Benchmark(d)

      (3.24 )       (2.05 )       3.81        N/A  

Bloomberg Municipal Bond Index(e)

      (3.10 )       (1.89 )       3.46        3.07  

S&P® Municipal Bond Index(f)

      (2.56 )       (1.22 )       3.42        3.13  

Lipper General & Insured Municipal Debt Funds (Leveraged) at NAV(g)(h)

      (4.43 )       (1.18 )       4.91        4.73  

Lipper General & Insured Municipal Debt Funds (Leveraged) at Market Price(g)(h)

            (9.08 )       (1.84 )       4.56        4.15  

 

  (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) 

The Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond 2030 Index (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) 2030 Total Return Index (10%). Effective October 1, 2021, the Trust changed its reporting benchmarks from S&P Municipal Bond Index and Lipper General & Insured Municipal Debt Funds (Leveraged) to Bloomberg Municipal Bond Index and the Customized Reference Benchmark. The investment adviser believes the new benchmarks are more appropriate reporting benchmarks for the Fund. The Customized Reference Benchmark commenced on September 30, 2016.

 
  (e) 

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

 
  (f) 

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

 
  (g) 

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

 
  (h) 

The average annual total returns since inception represents the annualized returns for the period from August 31, 2012 to January 31, 2022.

 

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.

 

 

T R U S T   S U M M A R Y

   9

Trust Summary  as of January 31, 2022 (continued)    BlackRock Municipal 2030 Target Term Trust (BTT)

 

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.

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:

Fixed-income assets experienced rising yields (and falling prices) during the six-month period. The Fed pivoted to a more hawkish tone on monetary policy as inflation accelerated well beyond its 2% target and labor markets improved toward its mandate of full employment.

All segments of the market were negative during the period. Holdings in the state tax-backed sector detracted the most, since it is the largest sector weighting in the portfolio. Positions in transportation and health care issues detracted, as well. Similarly, the AA and A ratings categories were the Trust’s largest allocations and thus were most significant detractors on an absolute basis. The Trust is primarily focused around eight- to 12-year maturities, which corresponds to its maturity date. This maturity band detracted the most from performance. The Trust’s use of leverage, which magnified the impact of falling prices, also detracted.

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.

Overview of the Trust’s Total Investments

 

SECTOR ALLOCATION

 

Sector(a)(b)   01/31/22     07/31/21  

Transportation

     21 %      22 % 

County/City/Special District/School District

     18       18  

Health

     18       18  

State

     15       16  

Corporate

     10       8  

Education

     7       7  

Utilities

     6       6  

Tobacco

     3       3  

Housing

     2       2  

Other

     —       — (c) 

CALL/MATURITY SCHEDULE

 

Calendar Year Ended December 31,(a)(d)   Percentage  

2022

     14 % 

2023

     9  

2024

     4  

2025

     5  

2026

     14  

CREDIT QUALITY ALLOCATION

 

Credit Rating(a)(e)   01/31/22     07/31/21  

AAA/Aaa

     3 %      3 % 

AA/Aa

     38       30  

A

     32       37  

BBB/Baa

     13       15  

BB/Ba

     4       4  

B

     — (c)      — (c) 

CCC/Caa

     — (c)      — (c) 

N/R(f)

    10       11  

 

 

 

(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 January 31, 2022 and July 31, 2021, 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.

 

 

10  

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Trust Summary  as of January 31, 2022    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.

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 January 31, 2022 ($13.32)(a)

  5.09%

Tax Equivalent Yield(b)

  10.54%

Current Monthly Distribution per Common Share(c)

  $0.0565

Current Annualized Distribution per Common Share(c)

  $0.6780

Leverage as of January 31, 2022(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 51.7%, 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 monthly distribution per Common Share, declared on March 1, 2022, was decreased to $0.0465 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

 
  (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

 

     01/31/22      07/31/21      Change      High      Low  

Closing Market Price

   $ 13.32      $ 15.49        (14.01 )%     $   15.62      $   13.31  

Net Asset Value

     14.21        15.30        (7.12 )       15.31        14.21  

Performance

Returns for the period ended January 31, 2022 were as follows:

 

                 Average Annual Total Returns  
              6-month        1 Year        5 Years        10 Years  

Trust at NAV(a)(b)

      (4.93 )%       (2.41 )%       4.01 %       4.70 % 

Trust at Market Price(a)(b)

      (11.98 )       (6.88 )       3.20        3.24  

New York Customized Reference Benchmark(c)

      (3.14 )       (1.24 )       3.57        N/A  

Bloomberg Municipal Bond Index(d)

      (3.10 )       (1.89 )       3.46        3.20  

S&P® Municipal Bond Index(e)

      (2.56 )       (1.22 )       3.42        3.29  

Lipper New York Municipal Debt Funds at NAV(f)

      (4.67 )       (1.84 )       4.00        4.28  

Lipper New York Municipal Debt Funds at Market Price(f)

            (9.68 )       (1.64 )       3.08        3.56  

 

  (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 premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.

 
  (c) 

The New York Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond: New York Exempt Total Return Index Unhedged (90%) and the New York Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). Effective October 1, 2021, the Trust changed its reporting benchmarks from S&P Municipal Bond Index and Lipper New York Municipal Debt Funds to Bloomberg Municipal Bond Index and the New York Customized Reference Benchmark. The investment adviser believes the new benchmarks are more appropriate reporting benchmarks for the Fund. The New York Customized Reference Benchmark commenced on September 30, 2016.

 
  (d) 

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

 
  (e) 

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

 
  (f) 

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.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.

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

 

 

T R U S T   S U M M A R Y

   11

Trust Summary  as of January 31, 2022 (continued)    BlackRock New York Municipal Income Trust (BNY)

 

The following discussion relates to the Trust’s absolute performance based on NAV:

Fixed-income assets experienced rising yields (and falling prices) during the semiannual period. The Fed pivoted to a more hawkish tone on monetary policy as inflation accelerated well beyond its 2% target and labor markets improved toward its mandate of full employment.

Portfolio income, while offsetting the market’s weakness to some extent, was not sufficient to make up for the decline in prices. The Trust was positioned longer on the yield curve, with a heavier weighting in bonds with maturities of 20 years and above. This positioning detracted from performance, since longer-dated bonds lagged due to their higher degree of interest-rate sensitivity. At the sector level, holdings in local tax-backed and transportation issues had the largest adverse impact on performance. The Trust’s use of leverage, while augmenting income, further detracted by amplifying the effect of falling prices.

The Trust actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields rose, as prices fell, this strategy contributed to results.

Cash was slightly elevated at the close of the period due to the investment adviser’s patience in deploying the proceeds from bonds that matured or were called. The cash weighting had a small, positive impact on performance in the environment of rising yields.

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.

Overview of the Trust’s Total Investments

 

SECTOR ALLOCATION

 

Sector(a)(b)   01/31/22     07/31/21  

County/City/Special District/School District

     23 %      22 % 

Transportation

     23       24  

Utilities

     13       14  

State

     13       14  

Education

     12       11  

Housing

     7       5  

Health

     4       5  

Corporate

     3       3  

Tobacco

     2       2  

CALL/MATURITY SCHEDULE

 

Calendar Year Ended December 31,(a)(c)   Percentage  

2022

     10 % 

2023

     13  

2024

     9  

2025

     9  

2026

     6  

CREDIT QUALITY ALLOCATION

 

Credit Rating(a)(d)   01/31/22     07/31/21  

AAA/Aaa

     10 %      10 % 

AA/Aa

     49       50  

A

     25       24  

BBB/Baa

     5       5  

BB/Ba

     1       1  

B

     1       1  

N/R(e)

    9       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) 

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) 

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 January 31, 2022 and July 31, 2021, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2% and 2%, respectively, of the Trust’s total investments.

 

 

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Schedule of Investments  (unaudited) 

January 31, 2022

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
California — 84.8%            
Corporate — 4.7%            

California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(a)

  $      17,000     $     19,540,582  

California Municipal Finance Authority, RB, Series A, AMT, 4.00%, 07/15/29

     2,340       2,604,109  
   

 

 

  
      22,144,691  
County/City/Special District/School District — 16.1%  

California Statewide Communities Development Authority, SAB

    

Series A, 5.00%, 09/02/39

     275       322,215  

Series A, 5.00%, 09/02/44

     160       184,749  

Series A, 5.00%, 09/02/48

     160       183,561  

California Statewide Communities Development Authority, SAB, S/F Housing

    

5.00%, 09/02/40

     300       355,045  

4.00%, 09/02/50

     240       257,688  

5.00%, 09/02/50

     240       280,658  

Series C, 5.00%, 09/02/44

     595       687,035  

City of San Jose California Hotel Tax Revenue, RB

    

6.13%, 05/01/31

     500       502,057  

6.50%, 05/01/36

     1,210       1,215,192  

6.50%, 05/01/42

     2,225       2,234,272  

El Dorado Irrigation District, Refunding RB, Series A, (AGM), 5.25%, 03/01/24(b)

    9,000       9,783,819  

Hayward Area Recreation & Park District, Refunding GO, Series A, 5.00%, 08/01/42

     4,950       5,839,609  

Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/42

     5,030       5,902,881  

Los Angeles County Public Works Financing Authority, Refunding RB, Series F, 4.00%, 12/01/46

     8,360       9,502,620  

Orange County Community Facilities District, ST

    

4.00%, 08/15/40

     260       278,707  

4.00%, 08/15/50

     245       260,180  

Riverside County Public Financing Authority, RB, 5.25%, 11/01/25(b)

    8,990       10,301,875  

Sacramento City Unified School District, GO, Series C, 4.00%, 08/01/42

     135       147,860  

San Diego Unified School District, GO, CAB, Series C, 0.00%, 07/01/40(c)

    7,215       4,519,837  

San Francisco Bay Area Rapid Transit District, GO, Series B-1, 3.00%, 08/01/49

     9,965       10,220,921  

San Jose Financing Authority, Refunding RB, Series A, 5.00%, 06/01/23(b)

    2,000       2,111,526  

Santa Monica Public Financing Authority, RB, 5.00%, 07/01/42

     1,250       1,462,225  

Temecula Valley Unified School District, GO, Series D, 3.00%, 08/01/44

     2,500       2,596,887  

West Contra Costa Unified School District, GO, Series A, 5.50%, 08/01/23(b)

    2,500       2,671,852  

West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44

     3,670       4,151,232  
   

 

 

  
      75,974,503  
Education — 5.7%            

California Enterprise Development Authority, RB(d)

   

Series A, 5.00%, 07/01/50

     1,200       1,294,300  

Series A, 5.00%, 07/01/55

     600       645,215  
Security  

Par

(000)

     Value  
Education (continued)            

California Enterprise Development Authority, Refunding RB(d)

    

4.00%, 06/01/36

   $           250     $          278,249  

4.00%, 06/01/61

     500       536,461  

California Municipal Finance Authority, RB(d)

   

Series A, 5.00%, 10/01/39

     220       239,576  

Series A, 5.00%, 10/01/49

     370       397,118  

Series A, 5.00%, 10/01/57

     725       774,626  

California Municipal Finance Authority, Refunding RB

    

5.00%, 08/01/34

     750       864,266  

5.00%, 08/01/39

     425       465,393  

5.00%, 08/01/48

     615       663,447  

California Public Finance Authority, RB, Series A, 5.00%, 07/01/54(d)

    285       287,559  

California School Finance Authority, RB(d)

    

5.00%, 06/01/40

     270       291,245  

4.00%, 06/01/41

     600       619,505  

5.00%, 06/01/50

     430       458,030  

5.00%, 06/01/59

     685       726,443  

Series A, 5.00%, 06/01/49

     1,000       1,061,664  

Series A, 5.00%, 06/01/58

     2,120       2,276,482  

Hastings Campus Housing Finance Authority, RB

    

Series A, 5.00%, 07/01/45

     600       701,813  

Series A, 5.00%, 07/01/61

     3,000       3,434,922  

University of California, Refunding RB

    

Series AR, 5.00%, 05/15/38

     4,250       4,875,876  

Series AZ, 5.00%, 05/15/43

     5,035       5,984,949  
   

 

 

  
      26,877,139  
Health — 2.5%            

California Health Facilities Financing Authority, Refunding RB

    

Series A, 4.00%, 08/15/48

     6,520       7,380,686  

Series B, 5.00%, 11/15/46

     3,550       4,115,206  

California Municipal Finance Authority, Refunding RB(d)

   

Series A, 5.00%, 11/01/39

     195       218,180  

Series A, 5.00%, 11/01/49

     220       241,924  
   

 

 

  
      11,955,996  
Housing — 10.2%            

California Community Housing Agency, RB, M/F Housing(d)

    

3.00%, 08/01/56

     1,155       965,931  

4.00%, 02/01/50

     360       338,079  

4.00%, 08/01/51

     1,825       1,632,147  

3.00%, 02/01/57

     1,195       941,048  

Series A, 5.00%, 04/01/49

     2,770       2,974,927  

Series A, 4.00%, 02/01/56

     2,145       2,124,615  

Series A-1, 4.00%, 08/01/50

     375       341,508  

Series A-1, 3.00%, 02/01/57

     750       630,472  

Series A-2, 4.00%, 08/01/47

     2,060       1,927,948  

California Housing Finance Agency, RB, M/F Housing 3.25%, 08/20/36

     1,995       2,130,511  

Class A, (FHLMC), 3.75%, 03/25/35

     4,980       5,574,183  

Series A, 4.25%, 01/15/35

     1       806  

City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39

     5,000       4,954,875  

CMFA Special Finance Agency VII, RB, M/F Housing, 4.00%, 08/01/47(d)

    1,095       995,665  

CMFA Special Finance Agency VIII, RB, M/F Housing, 3.00%, 08/01/56(d)

    1,440       1,178,130  
 

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   13

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value
  
Housing (continued)            

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(d)

  $           975     $          814,200  

CMFA Special Finance Agency, RB, M/F Housing(d)

   

Series A, 4.00%, 12/01/45

     910       860,721  

Series A-2, 4.00%, 08/01/45

     890       887,325  

CSCDA Community Improvement Authority, RB, M/F Housing(d)

    

4.00%, 10/01/46

     1,715       1,634,079  

2.65%, 12/01/46

     1,410       1,210,261  

4.00%, 07/01/56

     1,150       1,161,155  

3.13%, 08/01/56

     480       416,183  

4.00%, 08/01/56

     1,455       1,396,644  

3.25%, 04/01/57

     595       518,524  

4.00%, 04/01/57

     1,590       1,459,940  

4.00%, 05/01/57

     1,840       1,769,359  

3.13%, 06/01/57

     1,145       912,646  

3.25%, 10/01/58

     500       404,004  

4.00%, 06/01/58

     2,430       2,290,839  

4.00%, 12/01/58

     1,410       1,321,604  

Series A, 2.45%, 02/01/47

     605       510,899  

Series A, 5.00%, 07/01/51

     1,015       1,085,143  

Series A-2, 4.00%, 09/01/56

     2,055       2,091,965  

Series B, 4.00%, 02/01/57

     465       449,114  
   

 

 

  
      47,905,450  
State — 12.0%            

California State Public Works Board, RB

    

Series F, 5.25%, 09/01/33

     4,335       4,613,623  

Series I, 5.50%, 11/01/33

     4,940       5,312,051  

California State Public Works Board, Refunding RB, Series C, 5.00%, 11/01/34

     7,750       8,985,823  

City of Roseville California, ST, 4.00%, 09/01/45

     350       375,600  

Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/41

     8,000       9,207,656  

State of California, Refunding GO

    

5.00%, 08/01/37

     13,000       15,570,178  

3.00%, 10/01/37

     12,000       12,539,076  
   

 

 

  
      56,604,007  
Tobacco — 5.4%            

California County Tobacco Securitization Agency, Refunding RB

    

4.00%, 06/01/49

     245       273,036  

5.00%, 06/01/50

     275       313,505  

Series A, 4.00%, 06/01/49

     355       397,489  

California County Tobacco Securitization Agency, Refunding RB, CAB(c)

    

0.00%, 06/01/55

     2,425       577,085  

Series B-2, Subordinate, 0.00%, 06/01/55

     3,635       693,216  

Golden State Tobacco Securitization Corp., Refunding RB

    

0.00%, 06/01/66(c)

    2,875       445,383  

Series A-1, 5.00%, 06/01/22(b)

    475       482,125  

Series A-2, 5.00%, 06/01/22(b)

    18,670       18,949,359  

Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48

     2,635       3,036,911  
   

 

 

  
      25,168,109  
Security   Par
(000)		     Value  
Transportation — 14.6%            

City of Los Angeles Department of Airports, ARB

    

Series A, AMT, 5.00%, 05/15/37

   $ 3,520     $       4,099,850  

Series A, AMT, 5.00%, 05/15/44

     5,885       6,816,013  

Series B, AMT, 5.00%, 05/15/36

     2,600       2,942,103  

City of Los Angeles Department of Airports, Refunding ARB, Series A, AMT, Subordinate, 5.00%, 05/15/38

     5,000       5,926,165  

City of Los Angeles Department of Airports, Refunding RB, Series A, 5.00%, 05/15/39

     4,060       5,028,525  

County of Sacramento California Airport System Revenue, Refunding RB, Series A, 5.00%, 07/01/41

     13,500       15,343,344  

Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44

     4,135       4,486,963  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

    

Series A, AMT, 5.00%, 05/01/42

     16,735       19,035,209  

Series D, AMT, 5.25%, 05/01/48

     2,250       2,621,279  

Series E, AMT, 5.00%, 05/01/40

     2,000       2,349,420  
   

 

 

  
      68,648,871  
Utilities — 13.6%            

City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB,

    

Series D, 5.00%, 11/01/32

     5,000       5,972,065  

East Bay Municipal Utility District Water System Revenue, RB, Series A, 5.00%, 06/01/45

     3,245       3,796,209  

Los Angeles Department of Water & Power Water System Revenue, Refunding RB

    

Series A, 5.00%, 07/01/41

     5,000       5,823,455  

Series A, 5.25%, 07/01/44

     3,000       3,532,038  

Los Angeles Department of Water, RB

    

Series A, 5.00%, 07/01/42

     10,670       12,310,961  

Series B, 5.00%, 07/01/38

     3,000       3,404,544  

Los Angeles Department of Water, Refunding RB

    

Series A, 5.00%, 07/01/44

     1,500       1,739,545  

Series B, 5.00%, 07/01/43

     7,940       9,522,156  

Moulton-Niguel Water District, COP

    

2.00%, 09/01/41

     2,185       1,977,089  

2.00%, 09/01/42

     2,225       1,992,588  

San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 5.00%, 10/01/43

     2,485       2,978,260  

South Coast Water District Financing Authority,

    

Refunding RB, Series A, 5.00%, 02/01/44

     9,130       11,060,182  
   

 

 

  
      64,109,092  
   

 

 

  

Total Municipal Bonds in California

       399,387,858  
Puerto Rico — 6.0%            
State — 4.8%            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     2,845       3,112,894  

Series A-1, Restructured, 5.00%, 07/01/58

     10,154       11,297,544  

Series A-2, Restructured, 4.33%, 07/01/40

     2,588       2,809,274  

Series A-2, Restructured, 4.78%, 07/01/58

     2,530       2,778,041  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

    8,577       2,773,982  
   

 

 

  
      22,771,735  
 

 

 

14  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Tobacco — 0.1%            

Children’s Trust Fund, Refunding RB, 5.50%, 05/15/39

   $         505     $          519,011  
   

 

 

  
Utilities — 1.1%            

Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB

    

Series A, Senior Lien, 5.00%, 07/01/33

     3,865       3,935,169  

Series A, Senior Lien, 5.13%, 07/01/37

     1,105       1,125,407  
   

 

 

  
      5,060,576  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       28,351,322  
   

 

 

  

Total Municipal Bonds — 90.8%
(Cost: $412,319,066)

       427,739,180  
   

 

 

  
Municipal Bonds Transferred to Tender Option Bond Trusts(e)  
California — 75.8%            
County/City/Special District/School District — 29.6%  

Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/44

     11,200       13,439,373  

Palomar Community College District, GO, Series C, 5.00%, 08/01/25(b)

    15,140       17,101,750  

San Diego Unified School District, GO

    

Series I, 5.00%, 07/01/47

     10,000       11,740,385  

Series N-2, 4.00%, 07/01/46

     22,000       25,198,767  

San Francisco Bay Area Rapid Transit District, GO, Series A, 5.00%, 08/01/47

     10,615       12,419,469  

San Joaquin Delta Community College District, GO, Series C, 5.00%, 08/01/39(b)

    14,505       15,921,990  

San Jose Unified School District, GO, Series C, 4.00%, 08/01/39(b)

    6,100       6,539,118  

Santa Clara County Financing Authority, RB, Series A, 4.00%, 05/01/45

     22,230       25,143,530  

Santa Monica Community College District, GO,

    

Series A, 5.00%, 08/01/43

     10,000       12,020,415  
   

 

 

  
      139,524,797  
Education — 17.8%            

California State University, Refunding RB, Series A, 5.00%, 11/01/43

     11,792       13,280,497  

University of California, RB

    

Series AM, 5.25%, 05/15/44

     5,000       5,447,068  

Series M, 5.00%, 05/15/42

     10,000       11,637,035  

University of California, Refunding RB

    

Series AI, 5.00%, 05/15/38

     14,225       14,919,166  

Series AR, 5.00%, 05/15/41

     10,165       11,574,272  

Series BA, 4.00%, 05/15/47

     10,000       11,356,775  

Series I, 5.00%, 05/15/40

     14,065       15,613,817  
   

 

 

  
      83,828,630  
Health — 9.0%            

California Health Facilities Financing Authority, RB(b)

   

Series A, 5.00%, 08/15/23

     9,695       10,303,185  

Series A, 5.00%, 11/15/41

     11,620       13,230,735  

California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/42

     18,960       19,076,603  
   

 

 

  
      42,610,523  
State — 4.0%            

State of California, Refunding GO, 4.00%, 10/01/39

     16,620       18,888,098  
   

 

 

  
Security   Par
(000)		     Value  
Transportation — 9.0%            

City & County of San Francisco California, Refunding COP, Series A, 4.00%, 04/01/43

   $      10,865     $     11,931,752  

City of Los Angeles Department of Airports, ARB, AMT, Series D, 5.00%, 05/15/41

     18,632       20,612,856  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, AMT, Series B, 5.00%, 05/01/41

     8,720       9,782,018  
   

 

 

  
      42,326,626  
Utilities — 6.4%            

Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46

     6,412       7,242,874  

Sacramento Municipal Utility District, Refunding RB, Series H, 4.00%, 08/15/45

     20,000       22,839,450  
   

 

 

  
      30,082,324  
   

 

 

  

Total Municipal Bonds in California

       357,260,998  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 75.8%
(Cost: $344,791,156)

       357,260,998  
   

 

 

  

Total Long-Term Investments — 166.6%
(Cost: $757,110,222)

       785,000,178  
   

 

 

  
     Shares         

Short-Term Securities

 

Money Market Funds — 0.2%  

BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.01%(f)(g)

    1,114,656       1,113,987  
   

 

 

  

Total Short-Term Securities — 0.2%
(Cost: $1,113,987)

 

     1,113,987  
   

 

 

  

Total Investments — 166.8%
(Cost: $758,224,209)

 

     786,114,165  

Other Assets Less Liabilities — 3.4%

 

     15,665,401  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (33.8)%.

 

     (159,315,281 ) 

VMTP Shares at Liquidation Value — (36.4)%

 

     (171,300,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 471,164,285  
   

 

 

  

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) 

U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

(c) 

Zero-coupon bond.

(d) 

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.

(e) 

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.

(f) 

Affiliate of the Trust.

(g) 

Annualized 7-day yield as of period end.

 

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.

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   15

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock California Municipal Income Trust (BFZ)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
07/31/21		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
01/31/22		     Shares
Held at
01/31/22		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds California Money Fund, Institutional Class

   $ —     $ 1,116,625 (a)    $ —     $ (2,638 )    $ —     $ 1,113,987       1,114,656     $ 2,733     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

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

      234          03/22/22        $ 29,945        $ 194,219  

U.S. Long Bond

      106          03/22/22          16,486          141,277  

5-Year U.S. Treasury Note

      295          03/31/22          35,170          196,463  
                 

 

 

  
                  $ 531,959  
                 

 

 

  

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  

Assets — Derivative Financial Instruments

              

Futures contracts

              

Unrealized appreciation on futures contracts(a)

  $ —     $ —     $ —     $ —     $ 531,959     $ —     $ 531,959  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  (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 period ended January 31, 2022, 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

   $ —     $ —     $ —     $ —     $ 746,129     $ —     $ 746,129  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

              

Futures contracts

   $ —     $ —     $ —     $ —     $ 1,349,871     $ —     $ 1,349,871  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — short.

     $81,870,742  

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

 

 

16  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock California Municipal Income Trust (BFZ)

 

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

    $ —        $ 427,739,180        $             —        $ 427,739,180  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          357,260,998          —          357,260,998  

Short-Term Securities

                  

Money Market Funds

      1,113,987          —          —          1,113,987  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $     1,113,987        $ 785,000,178        $ —        $   786,114,165  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts

    $ 531,959        $ —        $ —        $ 531,959  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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

    $             —        $ (159,275,836 )       $             —        $ (159,275,836 ) 

VMTP Shares at Liquidation Value

      —          (171,300,000 )         —          (171,300,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (330,575,836 )       $ —        $ (330,575,836 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   17

Schedule of Investments  (unaudited)

January 31, 2022

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

 

Alabama — 4.3%

 

Alabama Federal Aid Highway Finance Authority, RB,
Series A, 5.00%, 09/01/27(a)

  $        7,485     $          8,873,348  

Alabama Public School and College Authority, Refunding RB, Series A, 5.00%, 11/01/30

     11,900       15,135,229  

Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, 5.00%, 06/01/30.

     10,000       11,143,650  

Birmingham-Jefferson Civic Center Authority, ST

    

Series A, 5.00%, 07/01/31

     1,100       1,312,968  

Series A, 5.00%, 07/01/32

     1,150       1,369,817  

Series A, 5.00%, 07/01/33

     1,600       1,902,273  

Black Belt Energy Gas District, RB, 4.00%, 10/01/52(b) .

     12,025       13,188,984  

Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(b)

    8,930       10,279,225  

County of Jefferson Alabama Sewer Revenue, Refunding RB, CAB(c)

   

Series B, Senior Lien, (AGM), 0.00%, 10/01/31

     7,375       4,580,022  

Series B, Senior Lien, (AGM), 0.00%, 10/01/32

     6,295       3,630,100  

Series B, Senior Lien, (AGM), 0.00%, 10/01/33

     1,275       685,857  

Homewood Educational Building Authority, Refunding RB

    

Series A, 5.00%, 12/01/33

     1,010       1,156,728  

Series A, 5.00%, 12/01/34

     1,380       1,576,793  

University of South Alabama, Refunding RB

    

(AGM), 5.00%, 11/01/29

     1,105       1,285,925  

(AGM), 5.00%, 11/01/30

     2,000       2,325,742  
   

 

 

  
      78,446,661  
Arizona — 1.9%  

Arizona Health Facilities Authority, Refunding RB

    

Series A, 5.00%, 02/01/34

     6,340       6,340,000  

Series B, 5.00%, 02/01/33

     1,810       1,879,924  

Arizona Industrial Development Authority, RB(d)

    

4.00%, 07/01/29

     705       749,563  

4.50%, 07/01/29

     765       793,295  

4.00%, 07/01/30

     685       710,766  

Series A, 4.00%, 07/01/29

     4,135       4,240,352  

Industrial Development Authority of the City of Phoenix, RB

    

6.00%, 07/01/23(e)

    190       199,127  

Series A, 4.50%, 07/01/22

     105       106,280  

Series A, 5.75%, 07/01/24(d)

    475       501,247  

Series A, 5.00%, 07/01/33

     1,000       1,008,882  

Industrial Development Authority of the County of Pima, Refunding RB, Series A, 4.00%, 09/01/29

     6,000       6,181,590  

Maricopa County Industrial Development Authority, Refunding RB

    

4.00%, 07/01/29(d)

    855       923,163  

Series A, 5.00%, 01/01/31

     10,000       11,587,460  
   

 

 

  
      35,221,649  
California — 8.5%  

Alameda Corridor Transportation Authority, Refunding RB, Series A, Sub Lien, (AMBAC), 0.00%, 10/01/30(c)

    10,530       8,559,458  

Bay Area Toll Authority, Refunding RB, 0.52%, 04/01/56(b)

     3,250       3,184,555  

California Community Choice Financing Authority, RB, Series A, 4.00%, 10/01/52(b)

    8,650       9,615,522  
Security   Par
(000)		     Value  
California (continued)  

California Health Facilities Financing Authority, RB

    

Series A, 5.00%, 11/15/32

   $        1,600     $          1,913,426  

Series A, 5.00%, 11/15/33

     1,855       2,216,176  

California Housing Finance Agency, RB, M/F Housing, Series 2021-1, Class A, 3.50%, 11/20/35

     3,710       4,053,711  

California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/33

     4,000       4,636,356  

California Municipal Finance Authority, RB, 4.00%, 10/01/33

     2,500       2,606,332  

California Municipal Finance Authority, RB, S/F Housing, Series A, 5.00%, 08/15/30

     1,000       1,055,756  

California Municipal Finance Authority, Refunding RB

    

Series A, 5.00%, 07/01/30

     1,200       1,388,357  

Series A, 5.00%, 07/01/31

     1,050       1,213,397  

California School Finance Authority, RB(d)

    

5.00%, 06/01/30

     565       619,791  

Series A, 5.00%, 06/01/29

     290       315,867  

Series A, 4.00%, 06/01/31

     265       278,652  

Series A, 5.00%, 06/01/32

     1,100       1,214,044  

City of Long Beach California Harbor Revenue, ARB

    

Series A, AMT, 5.00%, 05/15/31

     1,200       1,410,388  

Series A, AMT, 5.00%, 05/15/32

     1,800       2,114,435  

Series A, AMT, 5.00%, 05/15/33

     675       792,605  

Series A, AMT, 5.00%, 05/15/34

     1,650       1,936,712  

Compton Unified School District, GO, CAB(c)

   

Series B, (BAM), 0.00%, 06/01/33

     1,000       746,381  

Series B, (BAM), 0.00%, 06/01/34

     1,125       811,061  

Series B, (BAM), 0.00%, 06/01/35

     1,000       696,041  

Series B, (BAM), 0.00%, 06/01/36

     1,000       672,914  

El Camino Community College District Foundation, GO, CAB(c)

   

Series C, 0.00%, 08/01/30.

     9,090       7,682,677  

Series C, 0.00%, 08/01/31

     12,465       10,258,645  

Series C, 0.00%, 08/01/32

     17,435       13,965,923  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/27(a)

    14,500       17,182,862  

Los Angeles Unified School District, GO, Series A, 4.00%, 07/01/33

     3,000       3,240,339  

Monterey Peninsula Community College District, Refunding GO, CAB(c)

    

0.00%, 08/01/30

     3,500       2,813,667  

0.00%, 08/01/31

     5,940       4,592,214  

M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29

     2,350       2,855,654  

Norman Y Mineta San Jose International Airport SJC, Refunding RB

    

Series A, AMT, 5.00%, 03/01/30

     500       578,487  

Series A, AMT, 5.00%, 03/01/31

     1,500       1,731,654  

Series A, AMT, 5.00%, 03/01/32

     1,000       1,155,253  

Series A, AMT, 5.00%, 03/01/33

     975       1,125,597  

Series A, AMT, 5.00%, 03/01/34

     1,250       1,441,787  

Series A, AMT, 5.00%, 03/01/35

     2,000       2,304,094  

Poway Unified School District, GO(c)

   

Series A, 0.00%, 08/01/30

     10,000       8,435,790  

Series A, 0.00%, 08/01/32

     12,500       9,947,812  

San Diego County Regional Airport Authority, ARB, Sub-Series B, AMT, 5.00%, 07/01/33

     1,000       1,165,236  

State of California, Refunding GO, 5.00%, 08/01/30

     10,000       11,847,350  

Washington Township Health Care District, Refunding RB, Series B, 3.00%, 07/01/28

     750       785,112  
   

 

 

  
      155,162,090  
 

 

 

18  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Colorado — 3.6%  

Aspen Valley Hospital District, Refunding GO, 5.00%, 12/01/30

   $           620     $             787,388  

Central Platte Valley Metropolitan District, GO

    

Series A, 5.13%, 12/01/29

     700       740,081  

Series A, 5.50%, 12/01/29

     750       797,977  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/33

     25,000       29,784,775  

City & County of Denver Colorado, RB, CAB, Series A-2, 0.00%, 08/01/30(c)

    1,000       807,243  

Colorado Educational & Cultural Facilities Authority, Refunding RB, 4.00%, 12/01/30(d)

    1,185       1,200,371  

Colorado Health Facilities Authority, RB, Series B, 2.63%, 05/15/29

     1,850       1,814,406  

Colorado Health Facilities Authority, Refunding RB

    

4.00%, 05/15/26(a)

    2,860       3,183,314  

Series A, 5.00%, 12/01/22(a)

    3,000       3,108,432  

Series A, 4.00%, 08/01/37

     3,000       3,350,931  

E-470 Public Highway Authority, Refunding RB, Series B, 0.38%, 09/01/39(b)

    1,475       1,459,952  

Park Creek Metropolitan District, Refunding RB

    

Series A, Senior Lien, 5.00%, 12/01/27

     1,500       1,690,846  

Series A, Senior Lien, 5.00%, 12/01/28

     1,500       1,689,836  

Series A, Senior Lien, 5.00%, 12/01/30

     1,350       1,518,989  

Series A, Senior Lien, 5.00%, 12/01/31

     1,500       1,686,723  

Plaza Metropolitan District No.1, Refunding TA(d)

    

4.00%, 12/01/23

     1,000       1,010,275  

4.10%, 12/01/24

     5,080       5,129,911  

4.20%, 12/01/25

     5,280       5,332,135  

Tallyn’s Reach Metropolitan District No.3, GO, 5.00%, 12/01/23(a)

    481       515,766  
   

 

 

  
      65,609,351  
Connecticut — 0.8%  

Capital Region Development Authority, Refunding RB

    

(SAP), 5.00%, 06/15/30

     1,095       1,299,354  

(SAP), 5.00%, 06/15/31

     1,125       1,332,141  

Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/30(d)

    370       404,800  

Connecticut State Health & Educational Facilities Authority, Refunding RB

    

Series G-1, 5.00%, 07/01/27(d)

    225       260,788  

Series G-1, 5.00%, 07/01/28(d)

    300       354,397  

Series G-1, 5.00%, 07/01/29(d)

    300       360,487  

Series G-1, 5.00%, 07/01/30(d)

    300       358,825  

Series G-1, 5.00%, 07/01/32(d)

    425       504,459  

Series G-1, 5.00%, 07/01/34(d)

    355       417,886  

Series I-1, 5.00%, 07/01/35

     400       462,274  

State of Connecticut, GO, Series A, 5.00%, 04/15/33

     7,000       8,336,475  
   

 

 

  
      14,091,886  
Delaware — 0.8%  

County of Kent Delaware, RB

    

Series A, 4.00%, 07/01/22

     230       232,110  

Series A, 5.00%, 07/01/24

     705       754,739  

Series A, 5.00%, 07/01/25

     805       881,603  

Series A, 5.00%, 07/01/26

     850       950,192  

Series A, 5.00%, 07/01/27

     890       1,013,455  

Series A, 5.00%, 07/01/28

     935       1,072,128  

Delaware State Economic Development Authority, Refunding RB(b)

   

Series A, 1.25%, 10/01/45

     6,035       5,983,986  
Security   Par
(000)		     Value  
Delaware (continued)  

Delaware State Economic Development Authority, Refunding RB(b) (continued)

    

Series B, 1.25%, 10/01/40

   $           500     $             494,488  

Delaware State Health Facilities Authority, RB, 4.00%, 06/01/35

     1,250       1,386,917  

Delaware Transportation Authority, Refunding RB, 5.00%, 09/01/30

     2,000       2,539,806  
   

 

 

  
      15,309,424  
District of Columbia — 0.9%  

District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23(a)

    1,700       1,826,057  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB,
Series A, AMT, 5.00%, 10/01/30.

     12,325       15,298,763  
   

 

 

  
      17,124,820  
Florida — 7.8%  

Capital Projects Finance Authority, RB, Series A-1, 5.00%, 10/01/30

     1,000       1,210,097  

Capital Trust Agency, Inc., RB(d)

   

Series A, 4.00%, 06/15/29

     1,735       1,857,290  

Series A-1, 3.38%, 07/01/31

     1,810       1,899,821  

Central Florida Expressway Authority, Refunding RB

    

Senior Lien, 5.00%, 07/01/32

     1,610       1,939,778  

Senior Lien, 5.00%, 07/01/33

     2,750       3,310,148  

City of Lakeland Florida, Refunding RB, 5.00%, 11/15/30

     3,750       4,354,841  

City of Tampa Florida, Refunding RB, Series A, 4.00%, 09/01/33

     10,000       10,171,770  

County of Broward Florida, RB

    

Series A, AMT, (AGM), 5.00%, 04/01/30

     600       625,930  

Series A, AMT, (AGM), 5.00%, 04/01/33

     740       770,951  

County of Miami-Dade Florida Water & Sewer System Revenue, RB, 5.00%, 10/01/27

     5,000       5,967,015  

County of Miami-Dade Florida, Refunding RB, Series B, 4.00%, 04/01/32

     6,690       7,366,941  

County of Palm Beach Florida, RB, 5.00%, 04/01/29(d)

    1,000       1,115,269  

County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB(c)

   

Series B, 0.00%, 06/01/30

     2,000       1,681,784  

Series B, 0.00%, 06/01/31

     1,295       1,057,661  

Series B, 0.00%, 06/01/32

     2,495       1,980,299  

Double Branch Community Development District, Refunding SAB, Series A-1, Senior Lien, 4.13%, 05/01/31

     1,200       1,236,278  

Florida Development Finance Corp., RB

    

AMT, 5.00%, 05/01/29(d)

    7,430       7,844,416  

AMT, 3.00%, 06/01/32

     3,000       3,095,832  

Florida Development Finance Corp., Refunding RB

    

4.00%, 06/01/24

     105       108,948  

4.00%, 06/01/25

     100       104,859  

4.00%, 06/01/26

     110       116,171  

4.00%, 09/15/30(d)

    470       495,932  

Jacksonville Port Authority, Refunding ARB, AMT, 4.50%, 11/01/22(a)

    9,445       9,713,616  

Lakewood Ranch Stewardship District, Refunding SAB, 3.20%, 05/01/30(d)

    540       543,926  

Lakewood Ranch Stewardship District, SAB, S/F Housing, 3.40%, 05/01/30

     375       381,996  

LT Ranch Community Development District, SAB, 3.40%, 05/01/30

     985       1,003,378  
 

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   19

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/30

   $        1,000     $          1,104,915  

Orange County Convention Center/Orlando, Refunding RB, 5.00%, 10/01/30

     11,470       14,420,887  

Palm Beach County Health Facilities Authority, RB, Series B, 5.00%, 05/15/31

     410       459,739  

Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 11/15/32

     16,805       19,335,480  

Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(a)

    3,825       4,050,985  

Sarasota National Community Development District, Refunding SAB, 3.50%, 05/01/31

     1,000       1,040,831  

School Board of Miami-Dade County, Refunding COP, Series A, 5.00%, 05/01/32

     9,000       10,233,153  

St. Johns County Industrial Development Authority, Refunding RB 4.00%, 12/15/28

     200       216,725  

4.00%, 12/15/29

     215       234,832  

4.00%, 12/15/30

     195       213,357  

4.00%, 12/15/31

     205       224,188  

Tolomato Community Development District, Refunding SAB, Sub-Series A-2, 3.85%, 05/01/29

     520       538,370  

Village Community Development District No.10, SAB

    

4.50%, 05/01/23

     765       768,418  

5.00%, 05/01/32

     5,055       5,075,978  

Village Community Development District No.5, Refunding SAB

    

3.50%, 05/01/28

     4,980       5,096,721  

4.00%, 05/01/33

     965       992,024  

4.00%, 05/01/34

     2,110       2,168,407  

Village Community Development District No.6, Refunding SAB, 4.00%, 05/01/29

     5,225       5,251,747  
   

 

 

  
      141,381,704  
Georgia — 2.2%  

Georgia Ports Authority, ARB, 5.00%, 07/01/30

     1,175       1,484,409  

Main Street Natural Gas Inc., RB, Series A, 4.00%, 07/01/52(b)

    3,500       3,909,622  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/29

     1,250       1,485,043  

Series A, 5.00%, 05/15/30

     8,000       9,494,168  

Series C, 4.00%, 05/01/52(b)

    5,360       5,981,074  

Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 01/01/34

     8,000       9,444,432  

Municipal Electric Authority of Georgia, Refunding RB

    

Series A, 5.00%, 01/01/29

     2,000       2,402,428  

Series A, 5.00%, 01/01/30

     1,905       2,325,538  

Series A, Subordinate, 5.00%, 01/01/29

     1,200       1,441,457  

Series A, Subordinate, 5.00%, 01/01/30

     1,250       1,525,944  
   

 

 

  
      39,494,115  
Guam — 0.2%  

Territory of Guam, Refunding RB

    

Series A, 5.00%, 11/01/30

     500       617,253  

Series F, 5.00%, 01/01/30

     1,160       1,393,209  

Series F, 5.00%, 01/01/31

     1,250       1,524,202  
   

 

 

  
      3,534,664  
Security   Par
(000)		     Value  
Idaho — 0.0%  

Idaho Housing & Finance Association, RB, Series A, 4.63%, 07/01/29(d)

  $           185     $             202,891  
   

 

 

  
Illinois — 15.0%  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/22.

     14,830       15,347,671  

Series C, 5.00%, 12/01/30

     7,025       8,044,468  

Series F, 5.00%, 12/01/22

     4,760       4,926,157  

Chicago Housing Authority, RB, M/F Housing

    

Series A, (HUD SEC 8), 5.00%, 01/01/33

     3,000       3,422,979  

Series A, (HUD SEC 8), 5.00%, 01/01/35

     1,500       1,701,662  

Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/33

     5,000       5,320,300  

Chicago O’Hare International Airport, Refunding RB

    

Series B, AMT, 4.00%, 01/01/27

     5,000       5,013,405  

Series B, Senior Lien, 5.00%, 01/01/33

     6,000       6,967,548  

Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB, 5.00%, 06/01/26

     3,000       3,443,567  

City of Chicago Illinois Wastewater Transmission Revenue, RB

    

2nd Lien, 4.00%, 01/01/31

     10,375       10,397,949  

2nd Lien, 4.00%, 01/01/32

     10,790       10,813,533  

2nd Lien, 4.00%, 01/01/33

     11,220       11,244,123  

2nd Lien, 4.00%, 01/01/35

     9,135       9,154,174  

City of St. Charles Illinois, Refunding GO, 4.00%, 12/01/22(a)

    3,335       3,426,199  

County of Cook Illinois, Refunding GO, Series C, 4.00%, 11/15/29

     19,750       20,198,759  

Illinois Finance Authority, Refunding RB

    

Series A, 4.00%, 11/01/24

     425       438,957  

Series A, 5.00%, 11/01/26

     460       503,048  

Series A, 5.00%, 11/01/28

     1,745       1,946,438  

Series A, 5.00%, 11/01/29

     1,840       2,050,012  

Series A, 5.00%, 10/01/30

     1,000       1,152,799  

Series A, 5.00%, 11/01/30

     1,935       2,153,245  

Series A, 5.00%, 11/15/31

     8,415       9,304,423  

Series A, 4.00%, 10/01/32

     1,000       1,102,092  

Series A, 5.00%, 11/15/32

     2,075       2,292,838  

Series A, 4.00%, 02/01/33

     11,000       11,308,363  

Series A, 5.00%, 11/15/33

     2,125       2,346,546  

Series B, 5.00%, 08/15/30

     3,205       3,692,263  

Series B, 0.81%, 05/01/42(b)

    1,750       1,718,670  

Series C, 5.00%, 02/15/30

     12,000       14,063,880  

Illinois State Toll Highway Authority, Refunding RB, Series A, 4.00%, 12/01/31

     20,000       21,823,200  

Kane McHenry Cook & De Kalb Counties Unit School District No.300, Refunding GO, Series A, 5.00%, 01/01/30.

     6,350       7,393,013  

Metropolitan Pier & Exposition Authority, Refunding RB

    

5.00%, 12/15/28

     1,200       1,406,531  

5.00%, 12/15/30

     1,385       1,617,482  

Sales Tax Securitization Corp., Refunding RB, Series A, 5.00%, 01/01/30

     10,000       12,217,200  

State of Illinois, GO

    

Series A, 5.00%, 12/01/28

     9,950       11,493,275  

Series A, 5.00%, 03/01/32

     1,500       1,803,625  

Series A, 4.00%, 03/01/41

     335       369,130  

Series D, 5.00%, 11/01/28

     10,805       12,507,360  
 

 

 

20  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

State of Illinois, Refunding GO, Series B, 5.00%, 10/01/30

   $        7,000     $          8,150,534  

Upper Illinois River Valley Development Authority, Refunding RB, 4.00%, 01/01/31(d)

    370       381,087  

Winnebago & Boone Counties School District No 205 Rockford, Refunding GO 4.00%, 02/01/29

     9,080       9,344,546  

4.00%, 02/01/30

     9,835       10,118,258  
   

 

 

  
      272,121,309  
Indiana — 2.7%  

City of Indianapolis Department of Public Utilities Water System Revenue, Refunding RB, Series A, 1st Lien, 5.00%, 10/01/35

     10,000       12,036,730  

City of Valparaiso Indiana, RB, AMT, 5.88%, 01/01/24

     645       684,241  

City of Whiting Indiana, RB, Series A, AMT, 5.00%, 03/01/46(b)

     5,500       5,727,805  

Indiana Finance Authority, Refunding RB 0.41%, 03/01/39(b)

     1,090       1,073,514  

Series A, 4.00%, 05/01/23(a)

    22,565       23,433,911  

Series A, 4.13%, 12/01/26

     3,665       3,951,896  

Northern Indiana Commuter Transportation District, RB

    

5.00%, 07/01/32

     1,000       1,148,506  

5.00%, 07/01/33

     1,400       1,607,383  
   

 

 

  
      49,663,986  
Iowa — 2.3%  

Iowa Finance Authority, RB, AMT, 1.50%, 01/01/42(b)

    2,750       2,756,971  

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

     13,345       14,220,032  

PEFA, Inc., RB, 5.00%, 09/01/49(b)

    21,415       24,317,910  
   

 

 

  
      41,294,913  
Kansas — 0.1%  

City of Shawnee Kansas, RB, 4.00%, 08/01/31(d)

    500       505,131  

Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A, 5.00%, 09/01/33

     1,370       1,539,862  
   

 

 

  
      2,044,993  
Kentucky — 0.6%  

Kentucky Public Transportation Infrastructure Authority,

    

RB, CAB

    

Series B, 0.00%, 07/01/30(c)

    1,230       911,253  

Series C, Convertible, 6.40%, 07/01/33

     1,500       1,789,747  

Louisville/Jefferson County Metropolitan Government, Refunding RB, Series A, 5.00%, 10/01/32

     7,300       8,402,125  
   

 

 

  
      11,103,125  
Louisiana — 2.4%  

City of Ruston Louisiana, RB

    

(AGM), 5.00%, 06/01/29

     1,060       1,207,726  

(AGM), 5.00%, 06/01/30

     1,000       1,138,449  

(AGM), 5.00%, 06/01/31

     1,020       1,160,482  

(AGM), 5.00%, 06/01/32

     1,225       1,392,783  

Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, Series A, 2.00%, 06/01/30

     1,250       1,237,348  

Louisiana Public Facilities Authority, RB(d)

   

Series A, 5.00%, 06/01/29

     710       754,540  

Series A, 5.00%, 04/01/30

     525       561,085  

Series A, 5.00%, 06/01/31

     500       535,434  
Security   Par
(000)		     Value  
Louisiana (continued)  

Louisiana Public Facilities Authority, Refunding RB

    

5.00%, 05/15/29

   $        1,235     $          1,405,450  

5.00%, 05/15/30

     990       1,125,814  

3.00%, 05/15/31

     2,225       2,311,501  

5.00%, 05/15/32

     1,485       1,686,693  

5.00%, 05/15/33

     2,175       2,468,936  

Louisiana Stadium & Exposition District, RB, 4.00%, 07/03/23

     1,000       1,036,646  

Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/30

     3,000       3,157,572  

Port New Orleans Board of Commissioners, Refunding RB, Series B, AMT, 5.00%, 04/01/23(a)

    2,875       3,013,429  

State of Louisiana, GO, Series A, 4.00%, 05/15/23(a)

    6,540       6,808,408  

Terrebonne Levee & Conservation District, RB, 5.00%, 07/01/23(a)

     1,925       2,037,861  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 05/15/32

     4,375       4,425,789  

Series A, 5.25%, 05/15/33

     4,750       4,804,696  

Series A, 5.25%, 05/15/35

     1,500       1,574,539  
   

 

 

  
      43,845,181  
Maine — 0.2%  

City of Portland Maine General Airport Revenue, Refunding RB

    

5.00%, 01/01/33

     695       824,704  

5.00%, 01/01/34

     305       361,177  

4.00%, 01/01/35

     1,000       1,101,135  

Maine Turnpike Authority, RB 5.00%, 07/01/29

     300       369,507  

5.00%, 07/01/30

     275       344,980  
   

 

 

  
      3,001,503  
Maryland — 1.7%  

Anne Arundel County Consolidated Special Taxing District, ST

    

4.20%, 07/01/24

     430       441,289  

4.90%, 07/01/30

     1,315       1,372,625  

City of Baltimore Maryland, Refunding RB, 5.00%, 09/01/31

     1,250       1,306,664  

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

    585       646,273  

Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/33

     1,765       2,027,745  

Maryland Health & Higher Educational Facilities Authority, Refunding RB

    

5.00%, 07/01/29

     2,200       2,435,098  

5.00%, 07/01/31

     2,400       2,718,238  

5.00%, 07/01/32

     500       584,500  

5.00%, 07/01/33

     2,585       2,931,772  

5.00%, 07/01/34

     775       901,254  

Series A, 5.00%, 01/01/31

     2,865       3,231,651  

Series A, 5.00%, 01/01/32

     3,010       3,386,340  

Series A, 5.00%, 01/01/33

     3,165       3,562,429  

State of Maryland, GO, 1st Series, 3.00%, 03/15/34

     5,000       5,391,900  
   

 

 

  
      30,937,778  
Massachusetts — 1.4%  

Commonwealth of Massachusetts, GO, Series I, 5.00%, 12/01/33

     5,000       5,827,015  

Commonwealth of Massachusetts, Refunding GO, Series A, (AMBAC), 5.50%, 08/01/30

     2,500       3,230,640  
 

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   21

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Massachusetts (continued)  

Massachusetts Bay Transportation Authority, Refunding

    

RB, CAB, Series A, 0.00%, 07/01/32(c)

  $        5,500     $          4,322,973  

Massachusetts Development Finance Agency, RB,

    

Series A, 5.00%, 01/01/33

     1,070       1,219,742  

Massachusetts Development Finance Agency, Refunding RB

    

Series A, 5.00%, 01/01/32

     2,020       2,341,073  

Series A, 5.00%, 01/01/33

     1,500       1,734,771  

Series A, 5.00%, 01/01/34

     2,085       2,402,120  

Series A, 5.00%, 01/01/35

     2,000       2,300,870  

Massachusetts Educational Financing Authority, Refunding RB, Series K, AMT, 5.25%, 07/01/29

     2,235       2,267,059  
   

 

 

  
      25,646,263  
Michigan — 1.8%  

City of Detroit Michigan, GO

    

5.00%, 04/01/26

     735       828,454  

5.00%, 04/01/27

     580       667,382  

5.00%, 04/01/28

     665       779,554  

5.00%, 04/01/29

     665       775,768  

5.00%, 04/01/30

     510       592,343  

5.00%, 04/01/31

     735       850,145  

5.00%, 04/01/32

     625       720,564  

5.00%, 04/01/33

     830       953,180  

Michigan Finance Authority, Refunding RB

    

5.00%, 06/01/24(a)

    2,750       2,999,340  

5.00%, 08/15/30

     2,105       2,228,736  

Michigan State Hospital Finance Authority, Refunding RB, Series C, 4.00%, 06/01/22(a)

    8,195       8,290,414  

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 0.55%, 04/01/25

     985       959,292  

Michigan Strategic Fund, RB

    

AMT, 5.00%, 12/31/32

     2,000       2,325,268  

AMT, 4.00%, 10/01/61(b)

    1,730       1,897,704  

Michigan Strategic Fund, Refunding RB 5.00%, 11/15/29

     1,260       1,458,712  

5.00%, 11/15/34

     1,410       1,615,715  

Saginaw Valley State University, Refunding RB

    

Series A, 5.00%, 07/01/31

     2,070       2,368,186  

Series A, 5.00%, 07/01/32

     1,430       1,634,909  

State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/30

     800       1,015,841  
   

 

 

  
      32,961,507  
Minnesota — 0.4%  

City of Spring Lake Park Minnesota, RB, 4.00%, 06/15/29.

     1,185       1,244,063  

Sartell-St Stephen Independent School District No.748, GO, CAB(c)

   

Series B, (SD CRED PROG), 0.00%, 02/01/30

     3,915       3,176,443  

Series B, (SD CRED PROG), 0.00%, 02/01/31

     2,190       1,714,527  

Series B, (SD CRED PROG), 0.00%, 02/01/32

     1,450       1,095,075  
   

 

 

  
      7,230,108  
Mississippi — 1.2%  

Mississippi Development Bank, Refunding RB

    

Series A, (AGM), 5.00%, 03/01/30

     2,280       2,590,971  

Series A, (AGM), 5.00%, 03/01/31

     1,595       1,811,477  

Series A, (AGM), 5.00%, 03/01/32

     2,000       2,267,580  
Security   Par
(000)		     Value  
Mississippi (continued)  

Mississippi Development Bank, Refunding

    

RB (continued)

    

Series A, (AGM), 5.00%, 03/01/33

   $        1,275     $          1,446,236  

State of Mississippi, RB, Series E, 5.00%, 10/15/33

     12,225       13,774,641  
   

 

 

  
      21,890,905  
Missouri — 0.6%  

Health & Educational Facilities Authority of the State of Missouri, Refunding RB

    

5.00%, 05/01/30

     3,000       3,122,190  

5.00%, 05/15/31

     1,175       1,341,217  

4.00%, 05/15/32

     1,680       1,836,137  

4.00%, 05/15/33

     2,000       2,178,468  

Series A, 4.00%, 11/15/33

     2,010       2,102,804  

Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29

     970       953,189  
   

 

 

  
      11,534,005  
Montana — 0.6%  

City of Forsyth Montana, Refunding RB, Series A, 3.90%, 03/01/31(b)

    10,050       10,338,284  
   

 

 

  
Nebraska — 0.6%  

Central Plains Energy Project, RB

    

5.00%, 09/01/27

     5,000       5,117,025  

5.00%, 09/01/32

     4,500       4,602,263  

Elkhorn School District, GO 4.00%, 12/15/32

     325       377,040  

4.00%, 12/15/33

     375       434,267  
   

 

 

  
      10,530,595  
Nevada(d) — 0.1%  

State of Nevada Department of Business & Industry, RB

    

Series A, 5.00%, 07/15/27

     335       362,300  

Series A, 4.50%, 12/15/29

     540       580,524  
   

 

 

  
      942,824  
New Hampshire — 0.8%  

New Hampshire Business Finance Authority, Refunding RB

    

4.00%, 01/01/28

     285       312,478  

4.00%, 01/01/29

     300       328,787  

4.00%, 01/01/30

     280       305,497  

0.49%, 10/01/33(b)

    7,180       7,144,847  

Series A, AMT, 4.00%, 11/01/27(d)

    2,205       2,265,274  

New Hampshire State Turnpike System, RB, Series C, 4.00%, 08/01/33

     4,350       4,412,205  
   

 

 

  
      14,769,088  
New Jersey — 14.5%  

Atlantic City Board of Education, Refunding GO

    

(AGM), 4.00%, 04/01/30

     170       189,511  

(AGM), 4.00%, 04/01/31

     175       194,373  

Casino Reinvestment Development Authority, Inc., Refunding RB, 5.00%, 11/01/22

     1,890       1,945,001  

Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24

     880       933,862  

New Jersey Economic Development Authority, RB 5.00%, 06/15/30

     600       731,551  

Series A, 4.00%, 06/15/29(d)

    665       706,852  

Series A, 4.00%, 07/01/29

     350       388,248  
 

 

 

22  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey Economic Development Authority, RB (continued)

    

Series A, 5.00%, 06/15/32

   $        4,500     $          5,232,996  

Series C, 5.00%, 06/15/32

     3,600       4,186,026  

Series DDD, 5.00%, 06/15/35

     2,000       2,285,600  

AMT, 5.00%, 01/01/28

     4,705       5,020,536  

Series A, AMT, 5.63%, 11/15/30

     1,740       1,878,815  

Series B, AMT, 5.63%, 11/15/30

     1,315       1,419,909  

New Jersey Economic Development Authority, Refunding RB

    

5.00%, 06/15/22(a)

    10,610       10,750,296  

4.25%, 06/15/27(a)

    16,500       16,670,692  

(AGM), 5.00%, 06/01/28

     1,000       1,176,519  

5.00%, 01/01/29

     2,280       2,581,211  

(AGM), 5.00%, 06/01/30

     1,500       1,762,596  

(AGM), 5.00%, 06/01/31

     1,750       2,055,069  

(AGM), 4.00%, 06/01/32

     2,125       2,367,864  

Series BBB, 5.50%, 12/15/26(a)

    10,000       11,965,750  

Series MMM, 4.00%, 06/15/35

     5,000       5,549,530  

Sub-Series A, 4.00%, 07/01/32

     9,855       10,704,964  

New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31

     5,000       5,234,910  

New Jersey Educational Facilities Authority, RB, Series A, 4.00%, 09/01/30

     5,860       6,239,710  

New Jersey Health Care Facilities Financing Authority, Refunding RB

    

5.00%, 07/01/28

     1,500       1,716,750  

5.00%, 07/01/29

     4,150       4,769,220  

5.00%, 07/01/30

     3,500       4,019,284  

Series A, 5.00%, 07/01/30

     11,245       12,957,107  

New Jersey Higher Education Student Assistance Authority, RB

    

Series 1A, AMT, 5.00%, 12/01/25

     5,500       6,235,719  

Series 1A, AMT, 5.00%, 12/01/26

     2,250       2,547,254  

Series A, AMT, 4.00%, 12/01/32

     1,885       2,008,748  

Series A, AMT, 4.00%, 12/01/33

     1,515       1,601,355  

Series A, AMT, 4.00%, 12/01/34

     755       819,556  

Series A, AMT, 4.00%, 12/01/35

     755       800,896  

Series B, AMT, 5.00%, 12/01/23

     50       53,646  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series A, AMT, 5.00%, 12/01/23

     215       230,680  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32

     11,085       11,799,705  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.25%, 06/15/27

     4,225       4,749,906  

Series AA, 5.25%, 06/15/28

     4,500       5,054,747  

Series BB, 5.00%, 06/15/30

     1,500       1,787,132  

Series C, 5.25%, 06/15/32

     10,000       11,043,280  

Series D, 5.00%, 06/15/32

     5,000       5,485,195  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

Series A, 5.00%, 06/15/30

     6,600       7,488,796  

Series A, 5.00%, 12/15/30

     21,325       25,320,985  

Series AA, 4.00%, 06/15/30

     10,815       10,927,876  

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

     5,000       5,680,390  
Security   Par
(000)		     Value  
New Jersey (continued)  

South Jersey Transportation Authority, Refunding RB, Series A, 5.00%, 11/01/33

   $           500     $             544,677  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/30

     16,740       19,866,212  

Series A, 5.00%, 06/01/32

     8,270       9,767,548  

Township of Irvington New Jersey, Refunding GO, Series A, (AGM, SAW), 5.00%, 07/15/24(a)

    3,450       3,768,677  
   

 

 

  
      263,217,732  
New Mexico — 1.4%  

City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/34.

     480       530,816  

New Mexico Educational Assistance Foundation, RB

    

Series A-1, AMT, (GTD STD LNS), 3.75%, 09/01/31 .

     6,250       6,519,869  

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

     2,000       2,084,242  

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

     5,850       6,071,066  

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

     10,000       10,407,920  
   

 

 

  
      25,613,913  
New York — 3.9%  

Build NYC Resource Corp., Refunding RB, AMT, 4.50%, 01/01/25(d)

    555       586,406  

County of Nassau New York, GO

    

Series A, (AGM), 5.00%, 04/01/34

     4,165       4,928,074  

Series A, (AGM), 5.00%, 04/01/35

     4,385       5,184,175  

Hempstead Town Local Development Corp., Refunding RB

    

5.00%, 06/01/30

     200       247,274  

5.00%, 06/01/31

     300       377,174  

5.00%, 06/01/32

     100       125,519  

Metropolitan Transportation Authority, Refunding RB

    

2nd Sub Series, (AGM), 0.83%, 11/01/32(b)

    2,875       2,831,041  

Sub-Series C-1, 5.00%, 11/15/34

     10,000       11,613,080  

Metropolitan Transportation Authority, Refunding RB, CAB, Series A, 0.00%, 11/15/30(c)

    13,000       10,700,508  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 5.00%, 08/01/30.

     4,980       5,925,578  

New York Transportation Development Corp., ARB

    

Series A, AMT, 4.00%, 07/01/32

     5,500       5,829,071  

Series A, AMT, 4.00%, 07/01/33

     6,000       6,330,846  

New York Transportation Development Corp., RB

    

AMT, 4.00%, 10/01/30

     8,140       9,182,034  

AMT, 4.00%, 10/31/34

     350       394,891  

New York Transportation Development Corp.,

    

Refunding RB

    

Series A, AMT, 5.00%, 12/01/29

     235       284,655  

Series A, Class A, AMT, 5.00%, 12/01/28

     350       417,041  

Series A, Class A, AMT, 5.00%, 12/01/30

     250       310,799  

Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 5.00%, 07/15/30

     3,730       4,640,571  
   

 

 

  
      69,908,737  
North Carolina — 0.1%            

City of Charlotte, Refunding GO

    

Series A, 5.00%, 06/01/28

     330       401,875  

Series A, 5.00%, 06/01/29

     350       435,871  

Series A, 5.00%, 06/01/30

     485       616,500  

North Carolina Medical Care Commission, RB 4.00%, 09/01/33

     175       195,628  
 

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   23

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
North Carolina (continued)            

North Carolina Medical Care Commission, RB (continued)

    

4.00%, 09/01/34

   $           185     $             206,559  

Series A, 4.00%, 10/01/27

     600       666,931  
   

 

 

  
      2,523,364  
Ohio — 1.6%  

Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/31

     460       514,239  

American Municipal Power, Inc., Refunding RB, Series A-2, 1.00%, 02/15/48(b)

    6,000       5,987,340  

County of Butler Ohio, Refunding RB 5.00%, 11/15/30

     1,225       1,435,311  

5.00%, 11/15/31

     2,500       2,921,625  

5.00%, 11/15/32

     2,200       2,566,993  

County of Franklin Ohio, RB

    

Series A, 5.25%, 07/01/28

     470       471,004  

Series A, 5.63%, 07/01/32

     940       942,119  

Ohio Air Quality Development Authority, Refunding RB, 3.25%, 09/01/29

     4,450       4,593,036  

Ohio State University, RB,

    

5.00%, 12/01/30

     3,320       4,222,784  

State of Ohio, RB

    

AMT, (AGM), 5.00%, 12/31/29

     1,625       1,822,306  

AMT, (AGM), 5.00%, 12/31/30

     2,400       2,689,423  
   

 

 

  
      28,166,180  
Oklahoma — 0.9%  

Norman Regional Hospital Authority, Refunding RB

    

5.00%, 09/01/27

     2,100       2,388,712  

5.00%, 09/01/28

     2,000       2,272,996  

5.00%, 09/01/29

     2,150       2,441,587  

5.00%, 09/01/30

     5,130       5,821,622  

Oklahoma Capitol Improvement Authority, RB, Series B, 5.00%, 07/01/30

     2,150       2,690,162  
   

 

 

  
      15,615,079  
Oregon — 0.6%  

Oregon Health & Science University, Refunding RB, Series B, 5.00%, 07/01/35.

     7,390       8,501,899  

Port of Morrow, Refunding GO

    

Series A, 4.00%, 06/01/30

     1,205       1,360,601  

Series D, 4.00%, 12/01/30

     880       997,494  
   

 

 

  
      10,859,994  
Pennsylvania — 17.8%  

Allegheny County Hospital Development Authority, Refunding RB

    

Series A, 5.00%, 04/01/31

     3,075       3,637,845  

Series A, 5.00%, 04/01/34

     3,345       3,921,377  

Series A, 5.00%, 04/01/35

     1,000       1,169,380  

Allentown City School District, Refunding GO, Series B, (BAM, SAW), 5.00%, 02/01/31.

     4,000       4,880,764  

Allentown Neighborhood Improvement Zone Development Authority, RB(d)

    

5.00%, 05/01/23

     335       343,584  

5.00%, 05/01/28

     835       973,735  

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB

    

5.00%, 05/01/29(f)

    450       532,026  

5.00%, 05/01/30(f)

    450       539,239  

Series A, 5.00%, 05/01/27

     6,750       6,825,073  

Series A, 5.00%, 05/01/28

     5,000       5,055,575  

Series A, 5.00%, 05/01/29

     3,745       3,786,584  
Security   Par
(000)		     Value  
Pennsylvania (continued)  

Allentown Neighborhood Improvement Zone

    

Development Authority, Refunding RB (continued)

    

Series A, 5.00%, 05/01/30

   $        5,300     $          5,358,777  

Bucks County Industrial Development Authority, RB

    

5.00%, 07/01/29

     555       663,795  

5.00%, 07/01/30

     700       849,751  

Chester County Health and Education Facilities Authority, Refunding RB

    

Series A, 5.00%, 12/01/30

     2,180       2,310,205  

Series A, 5.00%, 10/01/32

     1,450       1,704,050  

Series A, 5.00%, 10/01/33

     2,300       2,696,410  

Chester County Industrial Development Authority, SAB, 4.38%, 03/01/28(d)

    265       284,397  

City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series A, 5.00%, 07/01/30

     5,000       6,205,455  

City of Philadelphia Pennsylvania, Refunding GO

    

(AGM), 5.00%, 08/01/30

     9,235       10,842,693  

(AGM), 4.00%, 08/01/32

     6,000       6,694,824  

Series A, 5.00%, 08/01/30

     4,500       5,312,569  

Clarion County Industrial Development Authority, Refunding RB, AMT, 2.45%, 12/01/39(b)

    4,200       4,397,992  

Commonwealth Financing Authority, RB, 5.00%, 06/01/32

     6,000       7,098,048  

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

     7,000       7,802,879  

Cumberland County Municipal Authority, Refunding RB

    

5.00%, 01/01/25(a)

    645       715,873  

5.00%, 01/01/29

     570       624,318  

5.00%, 01/01/29(a)

    510       566,039  

5.00%, 01/01/30

     1,285       1,406,442  

5.00%, 01/01/30(a)

    965       1,071,035  

5.00%, 01/01/32

     1,510       1,690,087  

Dauphin County General Authority, Refunding RB, Series A, 4.00%, 06/01/31

     2,275       2,431,998  

East Hempfield Township Industrial Development Authority, RB(a)

    

5.00%, 07/01/23

     1,280       1,353,782  

5.00%, 07/01/25

     825       929,047  

Geisinger Authority, Refunding RB

    

Series A-2, 5.00%, 02/15/32

     4,000       4,656,564  

Series A-2, 5.00%, 02/15/34

     1,750       2,034,174  

Lancaster County Hospital Authority, Refunding RB, Series A, 3.00%, 08/15/30

     2,535       2,662,125  

Latrobe Industrial Development Authority, Refunding RB, 5.00%, 03/01/30

     150       173,580  

Montgomery County Higher Education and Health Authority, Refunding RB

    

4.00%, 09/01/34

     3,000       3,349,377  

4.00%, 09/01/35

     1,735       1,928,000  

4.00%, 09/01/36

     1,500       1,662,965  

Series A, 5.00%, 09/01/31

     1,750       2,073,565  

Series A, 5.00%, 09/01/32

     1,315       1,553,344  

Montgomery County Industrial Development Authority, Refunding RB

    

5.00%, 05/15/22(a)

    2,500       2,532,240  

5.00%, 01/01/30

     2,000       2,110,422  

Series A, 5.25%, 01/15/29(a)

    3,250       3,707,255  

Northampton County General Purpose Authority, RB, Series A, 5.00%, 08/15/33

     12,660       13,346,210  

Northampton County General Purpose Authority, Refunding RB, 5.00%, 11/01/34

     5,400       6,407,089  
 

 

 

24  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Economic Development Financing Authority, RB

    

Series A-1, 5.00%, 04/15/30

   $        2,500     $          3,092,543  

AMT, 5.00%, 12/31/29

     5,000       5,705,595  

AMT, 5.00%, 12/31/30

     13,100       14,932,480  

AMT, 5.00%, 12/31/34

     16,500       18,667,192  

Pennsylvania Economic Development Financing Authority, Refunding RB, 5.00%, 03/15/31

     4,500       5,181,696  

Pennsylvania Higher Educational Facilities Authority, RB, Series AT-1, 5.00%, 06/15/30

     7,910       9,067,043  

Pennsylvania Higher Educational Facilities Authority, Refunding RB

    

5.00%, 05/01/30

     425       485,264  

5.00%, 05/01/31

     1,275       1,454,987  

4.00%, 05/01/32

     3,000       3,014,145  

5.00%, 05/01/32

     1,750       1,996,083  

5.00%, 05/01/33

     3,320       3,784,983  

5.00%, 05/01/35

     1,000       1,138,927  

Pennsylvania Housing Finance Agency, RB, S/F Housing

    

Series 137, 1.90%, 04/01/30

     1,625       1,570,008  

Series 137, 1.95%, 10/01/30

     875       844,700  

Pennsylvania Housing Finance Agency, Refunding RB, Series 125A, AMT, 3.40%, 10/01/32

     9,000       9,276,984  

Pennsylvania Turnpike Commission, RB

    

Series B, 5.00%, 12/01/29

     800       998,786  

Series B, 5.00%, 12/01/30

     620       788,880  

Sub-Series B-1, 5.00%, 06/01/31

     3,000       3,511,284  

Sub-Series B-1, 5.00%, 06/01/32

     4,075       4,766,878  

Sub-Series B-1, 5.00%, 06/01/33

     4,000       4,669,940  

Pennsylvania Turnpike Commission, Refunding RB

    

2nd Series, 5.00%, 12/01/32

     1,000       1,178,067  

2nd Series, 5.00%, 12/01/35

     2,005       2,347,179  

2nd Sub Series, 5.00%, 12/01/33

     1,815       2,132,638  

2nd Sub Series, 5.00%, 12/01/34

     1,500       1,759,511  

Sub-Series B-2, (AGM), 5.00%, 06/01/34

     4,000       4,706,048  

Philadelphia Authority for Industrial Development, RB, 4.00%, 06/15/29

     350       368,371  

Philadelphia Gas Works Co., RB, Series A, (AGM), 5.00%, 08/01/30

     800       998,502  

Philadelphia Gas Works Co., Refunding RB, Series 14-T, 5.00%, 10/01/30

     425       488,340  

Pittsburgh Water & Sewer Authority, RB, Series B, (AGM), 5.00%, 09/01/30

     205       258,831  

Southeastern Pennsylvania Transportation Authority, RB, 5.00%, 06/01/30

     5,000       6,199,560  

State Public School Building Authority, RB, (SAW), 5.00%, 04/01/22(a)

    23,630       23,804,673  

Wayne County Hospital & Health Facilities Authority, RB

    

Series A, (GTD), 5.00%, 07/01/31

     460       536,481  

Series A, (GTD), 4.00%, 07/01/33

     440       482,107  

West Cornwall Township Municipal Authority, Refunding RB

    

Series A, 4.00%, 11/15/27

     130       143,234  

Series A, 4.00%, 11/15/28

     105       116,710  

Series A, 4.00%, 11/15/29

     140       155,706  
Security   Par
(000)		     Value  
Pennsylvania (continued)  

West Cornwall Township Municipal Authority, Refunding RB (continued)

    

Series A, 4.00%, 11/15/30

   $           190     $             212,982  

Series A, 4.00%, 11/15/31

     200       224,224  

Westmoreland County Municipal Authority, Refunding RB

    

(BAM), 5.00%, 08/15/27

     1,500       1,686,374  

(BAM), 5.00%, 08/15/31

     5,000       5,880,935  

(BAM), 5.00%, 08/15/32

     17,945       21,059,104  
   

 

 

  
      322,560,533  
Puerto Rico(c) — 4.5%  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB

    

Series A-1, Restructured, 0.00%, 07/01/29

     14,055       11,890,305  

Series A-1, Restructured, 0.00%, 07/01/31

     38,523       29,908,718  

Series A-1, Restructured, 0.00%, 07/01/33

     43,149       31,128,897  

Series B-1, Restructured, 0.00%, 07/01/31

     5,755       4,483,111  

Series B-1, Restructured, 0.00%, 07/01/33

     6,477       4,668,155  
   

 

 

  
      82,079,186  
Rhode Island — 1.3%  

Rhode Island Health and Educational Building Corp., Refunding RB, 5.00%, 05/15/30

     1,500       1,685,276  

Rhode Island Housing and Mortgage Finance Corp., RB, S/F Housing, Series 68-B, 3.00%, 10/01/31

     8,365       8,495,494  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/28

     2,750       3,020,911  

Series A, 5.00%, 06/01/29

     4,500       4,940,725  

Series A, 5.00%, 06/01/30

     4,215       4,625,216  
   

 

 

  
      22,767,622  
South Carolina — 0.8%  

South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/35

     10,000       11,724,130  

South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/31

     2,800       3,532,743  
   

 

 

  
      15,256,873  
Tennessee — 0.9%  

Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/36

     2,000       2,234,906  

Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/31

     6,210       6,737,428  

Memphis-Shelby County Industrial Development Board, Refunding TA, Series A, 4.75%, 07/01/27

     480       466,574  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/31

     1,300       1,481,823  

Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(b)

    5,000       6,142,215  
   

 

 

  
      17,062,946  
Texas — 13.6%  

Arlington Higher Education Finance Corp., RB, 4.00%, 06/15/31.

     3,260       3,313,960  

Central Texas Regional Mobility Authority, RB, Series A, Senior Lien, 5.00%, 07/01/25(a)

    4,275       4,805,955  

Central Texas Turnpike System, RB Series C, 5.00%, 08/15/32

     12,500       13,645,313  
 

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   25

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

Central Texas Turnpike System, RB (continued)

    

Series C, 5.00%, 08/15/33

   $      14,000     $        15,270,024  

City of Austin Texas Water & Wastewater System Revenue, Refunding RB, Series C, 5.00%, 11/15/30

    900       1,144,112  

City of Houston Texas Airport System Revenue, Refunding RB

    

Sub-Series D, 5.00%, 07/01/33

     7,000       8,364,370  

Sub-Series A, AMT, 5.00%, 07/01/30

     1,200       1,486,775  

City of Houston Texas Combined Utility System Revenue, Refunding RB

    

Series B, 1st Lien, 5.25%, 11/15/33

     4,000       4,701,092  

Series B, 1st Lien, 5.00%, 11/15/34

     7,315       8,484,778  

Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/33

     1,650       1,763,004  

Clifton Higher Education Finance Corp., Refunding RB

    

Series A, 3.10%, 12/01/22

     165       167,302  

Series A, (PSF), 4.00%, 08/15/31

     1,250       1,388,676  

Series A, 3.95%, 12/01/32

     1,800       1,832,362  

Series A, (PSF), 4.00%, 08/15/33

     1,200       1,326,150  

County of Harris Texas, Refunding RB, Series C, Senior Lien, 4.00%, 08/15/33

     12,325       12,488,590  

County of Nueces Texas, Refunding GO

    

4.00%, 02/15/33

     1,165       1,338,939  

4.00%, 02/15/35

     725       828,281  

Dallas Fort Worth International Airport, Refunding RB, 5.00%, 11/01/32

     5,000       6,275,825  

DeSoto Independent School District, Refunding GO, (PSF), 5.00%, 08/15/30

     4,030       4,992,969  

Harris County Cultural Education Facilities Finance Corp., RB

    

Series B, 5.75%, 01/01/28

     500       518,145  

Series B, 6.38%, 01/01/33

     460       478,236  

Harris County Cultural Education Facilities Finance Corp., Refunding RB

    

Series A, 5.00%, 06/01/28

     1,150       1,194,968  

Series A, 5.00%, 01/01/33

     1,090       1,120,776  

Series A, 5.00%, 06/01/33

     3,000       3,119,118  

Leander Independent School District, Refunding GO, CAB(c)

   

Series D, (PSF), 0.00%, 08/15/31

     1,200       832,178  

Series D, (PSF), 0.00%, 08/15/32

     2,000       1,343,902  

Series D, (PSF), 0.00%, 08/15/33

     4,485       2,865,090  

Matagorda County Navigation District No.1, Refunding RB

    

Series A, (AMBAC), 4.40%, 05/01/30

     26,120       30,241,266  

Series B-2, 4.00%, 06/01/30

     12,995       13,382,576  

Series B, AMT, (AMBAC), 4.55%, 05/01/30

     10,000       11,689,960  

Midland County Fresh Water Supply District No.1, RB, CAB(c)

   

Series A, 0.00%, 09/15/31

     6,235       4,586,291  

Series A, 0.00%, 09/15/32

     15,135       10,595,923  

Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(d)

    3,805       4,000,337  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 4.00%, 08/15/29(d)

    335       366,756  

Socorro Independent School District, Refunding GO, Series B, (PSF), 4.00%, 08/15/34

     3,000       3,393,153  
Security   Par
(000)		     Value  
Texas (continued)  

Spring Branch Independent School District, 3.00%, 02/01/33

   $        5,000     $          5,365,110  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

Series A, 4.00%, 05/15/23(a)

    20,920       21,755,126  

Series B, 5.00%, 07/01/35

     6,000       7,200,240  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A-1, 5.00%, 10/01/29

     1,000       1,083,409  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB

    

5.00%, 12/15/30

     15,935       19,340,230  

5.00%, 12/15/32

     5,000       6,220,410  

Texas Public Finance Authority, Refunding RB, 4.00%, 12/01/31

     1,650       1,838,663  
   

 

 

  
      246,150,340  
Utah — 0.3%  

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

     5,000       5,474,085  
   

 

 

  
Virginia — 0.6%  

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

     500       500,417  

Fairfax County Economic Development Authority, RB, Series A, 5.00%, 12/01/23(a)

    2,000       2,146,708  

Hanover County Economic Development Authority, RB, 4.00%, 07/01/30(d)(f)

    1,000       1,037,933  

Hanover County Economic Development Authority, Refunding RB

    

Series A, 4.50%, 07/01/30

     3,000       3,027,330  

Series A, 4.50%, 07/01/32

     1,100       1,109,887  

Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 5.00%, 07/01/34

     3,940       3,942,880  
   

 

 

  
      11,765,155  
Washington — 2.1%  

Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB(a)

   

Series A, 5.00%, 09/01/22

     1,000       1,026,698  

Series A, 5.25%, 09/01/22

     655       673,601  

Port of Seattle Washington, ARB

    

Series C, AMT, Intermediate Lien, 5.00%, 05/01/33

     6,695       7,794,560  

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

     6,000       6,968,490  

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

     9,485       11,105,806  

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

     4,990       5,583,107  

Washington State Housing Finance Commission, Refunding RB

    

5.00%, 07/01/28

     1,000       1,047,096  

5.00%, 07/01/33

     1,100       1,150,168  

WBRP 3.2, RB

    

Series A, 5.00%, 01/01/31

     1,000       1,122,444  

Series A, 5.00%, 01/01/32

     1,140       1,278,879  
   

 

 

  
      37,750,849  
 

 

 

26  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
West Virginia — 0.2%  

West Virginia Hospital Finance Authority, RB

    

Series A, 5.00%, 06/01/31

   $        1,950     $          2,304,339  

Series A, 5.00%, 06/01/33

     1,100       1,296,794  
   

 

 

  
      3,601,133  
Wisconsin — 2.4%  

Public Finance Authority, RB(d)

    

4.00%, 06/15/30

     1,520       1,571,314  

5.00%, 01/01/31

     650       699,465  

5.00%, 06/15/31

     720       781,674  

Series A, 4.00%, 07/15/29

     645       688,343  

Series A, 4.00%, 03/01/30

     1,305       1,365,850  

Series A, 3.75%, 06/01/30

     345       344,907  

Public Finance Authority, Refunding RB 3.00%, 12/01/26

     250       264,657  

4.00%, 09/01/29(d)

    400       405,517  

4.00%, 10/01/41(b)

    7,000       8,206,786  

AMT, 2.63%, 11/01/25

     3,000       3,101,604  

Series B, AMT, 5.25%, 07/01/28

     2,250       2,286,866  

Wisconsin Health & Educational Facilities Authority, Refunding RB

    

4.00%, 10/01/32

     4,520       4,607,448  

5.00%, 04/01/35

     2,500       3,016,583  

Series C-4, 0.76%, 08/15/54(b)

    8,200       8,221,828  

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

     7,265       7,345,598  
   

 

 

  
      42,908,440  
   

 

 

  

Total Municipal Bonds — 131.0%
(Cost: $2,262,269,744)

       2,378,717,783  
   

 

 

  
Municipal Bonds Transferred to Tender Option Bond Trusts(g)  
Colorado(h) — 4.5%            

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

    

Series A, AMT, 4.25%, 11/15/29(a)

    33,820       34,753,074  

Series A, AMT, 4.25%, 11/15/30(a)

    35,210       36,181,423  

Series A, AMT, 4.25%, 11/15/31

     8,085       8,308,060  

Series A, AMT, 4.25%, 11/15/32

     2,230       2,291,524  
   

 

 

  
      81,534,081  
Florida(h) — 5.3%  

County of Broward Florida Airport System Revenue, ARB

    

Series Q-1, 4.00%, 10/01/29

     17,200       17,538,987  

Series Q-1, 4.00%, 10/01/30

     18,095       18,451,626  

Series Q-1, 4.00%, 10/01/31

     18,820       19,190,915  

Series Q-1, 4.00%, 10/01/32

     19,575       19,960,795  

Series Q-1, 4.00%, 10/01/33

     20,355       20,756,167  
   

 

 

  
      95,898,490  
Iowa — 2.3%  

State of Iowa Board of Regents, RB

    

4.00%, 09/01/28

     3,375       3,441,088  

4.00%, 09/01/29(a)

    6,525       6,652,769  

4.00%, 09/01/30(a)

    6,325       6,448,853  

4.00%, 09/01/31(a)

    8,650       8,819,380  
Security   Par
(000)		     Value  
Iowa (continued)  

State of Iowa Board of Regents, RB (continued)

    

4.00%, 09/01/32(a)

  $        7,750     $        7,901,757  

4.00%, 09/01/33(a)

    9,375       9,558,577  
   

 

 

  
      42,822,424  
Nevada — 1.1%  

County of Clark Nevada, Refunding GO, Series B, 4.00%, 11/01/34

     17,710       19,504,227  
   

 

 

  
New Jersey — 1.9%  

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

     30,000       34,466,490  
   

 

 

  
Pennsylvania — 2.5%  

Commonwealth of Pennsylvania, GO, 1st Series, 5.00%, 03/01/32(h)

    20,000       23,817,770  

County of Lehigh Pennsylvania, Refunding RB, 4.00%, 07/01/33

     22,285       22,564,962  
   

 

 

  
      46,382,732  
Texas(h) — 4.5%  

San Antonio Public Facilities Corp., Refunding RB

    

4.00%, 09/15/30

     15,000       15,266,600  

4.00%, 09/15/31

     19,475       19,821,136  

4.00%, 09/15/32

     18,075       18,396,253  

4.00%, 09/15/33

     11,000       11,195,507  

4.00%, 09/15/34

     11,885       12,096,236  

4.00%, 09/15/35

     4,500       4,579,980  
   

 

 

  
      81,355,712  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 22.1%
(Cost: $393,500,260)

       401,964,156  
   

 

 

  

Total Long-Term Investments — 153.1%
(Cost: $2,655,770,004)

       2,780,681,939  
   

 

 

  
     Shares         

Short-Term Securities

 

Money Market Funds — 0.1%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(i)(j)

    1,913,692       1,913,692  
   

 

 

  

Total Short-Term Securities — 0.1%
(Cost: $1,913,427)

 

     1,913,692  
   

 

 

  

Total Investments — 153.2%
(Cost: $2,657,683,431)

 

     2,782,595,631  

Other Assets Less Liabilities — 0.9%

 

     17,107,069  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.8)%

 

     (233,288,239 ) 

RVMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (41.3)%

 

     (749,721,038 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $  1,816,693,423  
   

 

 

  

 

(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) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c) 

Zero-coupon bond.

 

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   27

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal 2030 Target Term Trust (BTT)

 

(d) 

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.

(e) 

Security is collateralized by municipal bonds or U.S. Treasury obligations.

(f) 

When-issued security.

(g) 

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.

(h) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between March 15, 2022 to March 1, 2026, is $171,383,041. See Note 4 of the Notes to Financial Statements for details.

(i) 

Affiliate of the Trust.

(j) 

Annualized 7-day yield as of period end.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
07/31/21		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
01/31/22		     Shares
Held at
01/31/22		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 50,951,950     $ —     $ (49,035,294 )(a)    $ 5,198     $ (8,162 )    $ 1,913,692       1,913,692     $ 1,279     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

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

    $ —        $ 2,378,717,783        $             —        $ 2,378,717,783  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          401,964,156          —          401,964,156  

Short-Term Securities

                  

Money Market Funds

      1,913,692          —          —          1,913,692  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $     1,913,692        $ 2,780,681,939        $ —        $ 2,782,595,631  
  

 

 

       

 

 

       

 

 

       

 

 

  

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

    $             —        $ (233,219,979 )       $             —        $ (233,219,979 ) 

RVMTP Shares at Liquidation Value

      —          (750,000,000 )         —          (750,000,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (983,219,979 )       $ —        $ (983,219,979 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

28  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

 

Schedule of Investments  (unaudited) 

January 31, 2022

   

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

 

New York — 125.0%

 

Corporate — 4.2%  

Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(a)

  $             420     $           461,066  

New York Liberty Development Corp., Refunding RB, 5.25%, 10/01/35

     5,025       6,649,824  

New York State Environmental Facilities Corp., RB, AMT, 2.75%, 09/01/50(b)

    665       690,795  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     320       382,798  

AMT, 5.00%, 10/01/40

     875       1,034,818  

New York Transportation Development Corp., Refunding ARB

    

AMT, 2.25%, 08/01/26

     1,475       1,480,995  

AMT, 3.00%, 08/01/31

     1,180       1,229,595  

Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(a)

    2,710       2,797,335  
   

 

 

  
      14,727,226  
County/City/Special District/School District — 32.3%  

City of New York NY, GO, Series F-1, 5.00%, 03/01/44.

     2,000       2,449,420  

City of New York, GO

    

Series A, 5.00%, 08/01/43

     1,500       1,795,971  

Series A-1, 5.00%, 08/01/47

     2,000       2,443,992  

Series C, 5.00%, 08/01/42

     385       468,511  

Series D, 5.38%, 06/01/32

     25       25,095  

Series D-1, 4.00%, 03/01/44

     620       693,023  

Sub-Series D-1, 5.00%, 08/01/31

     1,820       1,924,368  

Sub-Series F-1, 5.00%, 04/01/43

     930       1,096,222  

Sub-Series G-1, 5.00%, 04/01/22(c)

    5,620       5,661,880  

City of New York, Refunding GO

    

Series E, 5.00%, 02/01/23(c)

    2,500       2,606,235  

Series E, 5.50%, 08/01/25

     1,180       1,258,890  

County of Nassau New York, GO

    

Series B, (AGM), 5.00%, 07/01/45

     1,000       1,182,156  

Series C, 5.00%, 10/01/29

     500       591,180  

County of Nassau New York, Refunding GO, Series C, 5.00%, 10/01/31

     1,420       1,672,493  

Erie County Industrial Development Agency, Refunding RB, Series A, (SAW), 5.00%, 05/01/28

     565       640,871  

Haverstraw-Stony Point Central School District, GO, (AGM SAW), 5.00%, 10/15/36

     120       128,294  

Hudson Yards Infrastructure Corp., Refunding RB

    

Series A, 5.00%, 02/15/39

     2,440       2,816,892  

Series A, 5.00%, 02/15/42

     2,255       2,595,620  

New York City Industrial Development Agency, RB(d)

   

(AGC), 0.00%, 03/01/35

     500       358,009  

(AGC), 0.00%, 03/01/42

     3,710       2,073,411  

(AGC), 0.00%, 03/01/45

     2,000       989,898  

New York City Industrial Development Agency, RB, CAB, (AGC), 0.00%, 03/01/39(d)

    1,000       625,076  

New York City Industrial Development Agency, Refunding RB

    

4.00%, 03/01/45

     6,000       6,628,548  

(AGM), 4.00%, 03/01/45

     360       401,833  

Class A, (AGM), 3.00%, 01/01/46

     4,750       4,789,990  

Series A, AMT, 5.00%, 07/01/22

     1,000       1,016,491  

Series A, AMT, 5.00%, 07/01/28

     1,125       1,142,058  
Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

    

4.00%, 02/01/51(e)

  $          2,000     $        2,279,848  

Series A-2, 5.00%, 08/01/38

     2,545       2,980,503  

Series B-1, 4.00%, 08/01/45

     2,145       2,429,558  

Series D-1, 5.00%, 02/01/32

     5,000       5,382,205  

Sub-Series A-3, 4.00%, 08/01/43

     1,035       1,133,739  

Sub-Series B-1, 5.00%, 11/01/35

     425       460,314  

Sub-Series B-1, 5.00%, 11/01/36

     340       367,912  

Sub-Series E-1, 5.00%, 02/01/39

     1,015       1,181,257  

Sub-Series E-1, 5.00%, 02/01/42

     2,500       2,508,310  

Sub-Series E-1, 5.00%, 02/01/43

     3,600       4,142,448  

Series C-3, Subordinate, 5.00%, 05/01/41

     2,445       2,891,633  

New York Convention Center Development Corp., RB, CAB(d)

   

Series A, Senior Lien, 0.00%, 11/15/47

     3,000       1,334,889  

Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/55

     4,000       1,241,232  

New York Convention Center Development Corp., Refunding RB

    

5.00%, 11/15/40

     5,755       6,479,693  

5.00%, 11/15/45

     7,290       8,155,112  

New York Liberty Development Corp., Refunding RB

    

Class 1, 4.00%, 09/15/35

     3,035       3,045,125  

Class 2, 5.00%, 09/15/43

     2,420       2,429,554  

Class 3, 5.00%, 03/15/44

     2,760       2,771,785  

Series 1, Class 1, 5.00%, 11/15/44(a)

    4,545       4,889,620  

Series 2, Class 2, 5.38%, 11/15/40(a)

    680       748,112  

Triborough Bridge & Tunnel Authority, Refunding RB, 4.00%, 05/15/56

     7,000       7,802,221  

Trust for Cultural Resources of The City of New York, Refunding RB, Series A, 5.00%, 08/01/23(c)

    410       435,286  
   

 

 

  
      113,166,783  
Education — 17.4%            

Albany Capital Resource Corp., Refunding RB

    

4.00%, 07/01/41

     595       631,055  

4.00%, 07/01/51

     615       638,021  

Series A, 5.00%, 12/01/33

     175       190,383  

Series A, 4.00%, 12/01/34

     130       136,131  

Amherst Development Corp., Refunding RB

    

5.00%, 10/01/43

     535       582,467  

5.00%, 10/01/48

     410       444,068  

Buffalo & Erie County Industrial Land Development Corp., Refunding RB,
Series A, 5.00%, 06/01/35

     345       379,531  

Build NYC Resource Corp., RB

    

5.00%, 02/01/33(a)

    405       422,349  

5.75%, 02/01/49(a)

    455       480,445  

Series A, 4.00%, 06/15/31

     350       378,908  

Series A, 5.13%, 05/01/38(a)

    660       730,050  

Series A, 5.50%, 05/01/48(a)

    270       299,431  

Build NYC Resource Corp., Refunding RB

    

5.00%, 06/01/33

     300       330,254  

5.00%, 06/01/35

     350       384,812  

5.00%, 06/01/40

     690       755,112  

5.00%, 08/01/47

     135       155,839  

5.00%, 11/01/47

     515       732,546  

Series A, 5.00%, 06/01/38

     750       809,108  

County of Cattaraugus New York, RB

    

5.00%, 05/01/34

     170       182,139  

5.00%, 05/01/39

     125       133,621  
 

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   29

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Education (continued)            

Dobbs Ferry Local Development Corp., RB

    

5.00%, 07/01/39

   $          1,000     $        1,084,135  

5.00%, 07/01/44

     500       538,464  

Dutchess County Local Development Corp., RB

    

5.00%, 07/01/43

     450       533,649  

5.00%, 07/01/48

     680       803,018  

Dutchess County Local Development Corp., Refunding RB

    

5.00%, 07/01/42

     755       874,795  

4.00%, 07/01/46

     1,430       1,543,582  

Geneva Development Corp., RB, 5.25%, 09/01/23(c)

    900       961,766  

Hempstead Town Local Development Corp., Refunding RB

    

5.00%, 10/01/34

     310       338,023  

5.00%, 10/01/35

     935       1,019,052  

4.00%, 07/01/37

     220       244,560  

5.00%, 07/01/47

     320       371,596  

Madison County Capital Resource Corp., Refunding RB, Series A, 4.50%, 07/01/23(c)

    1,500       1,577,350  

Monroe County Industrial Development Corp., Refunding RB, Series A, 5.00%, 07/01/23(c)

    960       1,016,237  

New York State Dormitory Authority, RB

    

1st Series, (AMBAC), 5.50%, 07/01/40

     1,440       2,040,422  

Series A, 5.25%, 01/01/34

     2,000       2,153,252  

Series A, 5.50%, 01/01/39

     2,000       2,160,762  

Series A, 5.00%, 07/01/43

     1,260       1,489,170  

Series B, 5.00%, 07/01/22(c)

    1,750       1,783,351  

New York State Dormitory Authority, Refunding RB

    

5.00%, 07/01/42

     300       305,152  

5.00%, 07/01/44

     2,130       2,303,838  

Series A, 5.00%, 07/01/22(c)

    3,285       3,346,640  

Series A, 5.25%, 07/01/23(c)

    6,820       7,243,434  

Series A, 5.00%, 07/01/24(c)

    500       546,033  

Series A, 5.00%, 07/01/33

     530       591,842  

Series A, 5.00%, 07/01/34

     250       278,428  

Series A, 5.00%, 07/01/35

     3,445       3,832,807  

Series A, 5.00%, 07/01/37

     835       928,411  

Series A, 5.00%, 07/01/38

     255       297,243  

Series A, 5.00%, 07/01/43

     2,960       3,290,629  

Series B, 5.00%, 07/01/42

     1,225       1,246,045  

Onondaga County Trust for Cultural Resources, Refunding RB, 5.00%, 05/01/40

     1,065       1,183,855  

Orange County Funding Corp., Refunding RB

    

Series A, 5.00%, 07/01/37

     540       547,547  

Series A, 5.00%, 07/01/42

     335       339,511  

Schenectady County Capital Resource Corp., Refunding RB, 5.00%, 07/01/32

     500       508,184  

Troy Capital Resource Corp., Refunding RB

    

4.00%, 08/01/35

     890       959,789  

4.00%, 09/01/40

     1,285       1,459,148  

Trust for Cultural Resources of The City of New York, Refunding RB

    

Series A, 5.00%, 07/01/37

     1,105       1,201,199  

Series A, 5.00%, 07/01/41

     500       540,536  

Yonkers Economic Development Corp., RB, Series A, 5.00%, 10/15/54

     300       332,708  
Security   Par
(000)		     Value  
Education (continued)            

Yonkers Economic Development Corp., Refunding RB

    

Series A, 5.00%, 10/15/40

   $               70     $             79,994  

Series A, 5.00%, 10/15/50

     115       129,387  
   

 

 

  
      60,821,814  
Health — 6.9%            

Buffalo & Erie County Industrial Land Development Corp., RB, 5.25%, 07/01/35.

     500       544,198  

Dutchess County Local Development Corp., RB, Series B, 4.00%, 07/01/41

     2,150       2,330,877  

Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56

     305       329,011  

Monroe County Industrial Development Corp., RB

    

4.00%, 12/01/41

     600       648,197  

5.00%, 12/01/46

     960       1,088,700  

Series A, 5.00%, 12/01/37

     1,100       1,132,656  

Monroe County Industrial Development Corp., Refunding RB

    

4.00%, 12/01/46

     530       590,431  

Series A, 5.00%, 12/01/32

     420       432,945  

Nassau County Local Economic Assistance Corp., Refunding RB, 5.00%, 07/01/22(c)

    2,800       2,852,539  

New York State Dormitory Authority, RB, Series D, 4.25%, 05/01/39

     1,000       1,007,352  

New York State Dormitory Authority, Refunding RB

    

4.00%, 07/01/38

     890       920,963  

4.00%, 07/01/39

     1,165       1,202,681  

Series A, 5.00%, 05/01/43

     3,430       3,796,259  

Oneida County Local Development Corp., Refunding RB

    

(AGM), 3.00%, 12/01/44

     1,800       1,844,480  

(AGM), 4.00%, 12/01/49

     1,100       1,195,576  

Suffolk County Economic Development Corp., RB, Series C, 5.00%, 07/01/32

     530       575,775  

Tompkins County Development Corp., Refunding RB, 5.00%, 07/01/44

     110       116,294  

Westchester County Healthcare Corp., Refunding RB, Series B, Senior Lien, 6.00%, 11/01/30

     85       85,350  

Westchester County Local Development Corp., Refunding RB

    

5.00%, 01/01/28

     675       696,221  

5.00%, 01/01/34

     1,750       1,802,031  

5.00%, 07/01/46(a)

    920       964,949  
   

 

 

  
      24,157,485  
Housing — 8.8%            

New York City Housing Development Corp., RB, M/F Housing

    

3.15%, 11/01/44

     250       251,606  

Series B-1, 5.25%, 07/01/30

     750       791,727  

Series B-1, 5.25%, 07/01/32

     2,970       3,113,466  

Series B-1, 5.00%, 07/01/33

     1,300       1,354,872  

Series C-1A, 4.20%, 11/01/44

     1,000       1,017,372  

Series F-1, (FHA), 2.50%, 11/01/51

     5,000       4,563,760  

New York City Housing Development Corp., Refunding RB, M/F Housing

    

Series B-1-A, 3.65%, 11/01/49

     1,715       1,755,033  

Series D-A1, (FHA), 2.30%, 11/01/45

     2,665       2,334,423  

New York State Housing Finance Agency RB, M/F Housing, Series G, (SONYMA), 2.60%, 11/01/46

     6,000       5,503,710  
 

 

 

30  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Housing (continued)            

New York State Housing Finance Agency, RB, M/F Housing

    

Series B, (FHLMC SONYMA, FNMA, GNMA), 4.00%, 11/01/42

   $             110     $           114,810  

Series E, (SONYMA FNMA), 4.15%, 11/01/47

     1,485       1,542,945  

Series H, 4.25%, 11/01/51

     1,000       1,053,380  

Series J-1, (SONYMA HUD SECT 8), 2.88%, 11/01/56

     2,750       2,537,766  

Series M-1, (FHA), 2.65%, 11/01/54

     1,600       1,434,801  

Series P, 3.15%, 11/01/54

     1,420       1,385,483  

State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.70%, 10/01/47

     2,000       1,928,376  
   

 

 

  
      30,683,530  
State — 12.5%            

New York City Transitional Finance Authority Building Aid Revenue, RB, Sub-Series S-1B, (SAW), 4.00%, 07/15/42

     1,500       1,675,956  

New York City Transitional Finance Authority Building Aid Revenue, Refunding RB

    

(SAW), 4.00%, 07/15/37

     1,145       1,326,408  

Series S-3, Subordinate, (SAW), 4.00%, 07/15/38

     5,715       6,397,902  

New York State Dormitory Authority, RB

    

Series A, 5.00%, 03/15/36

     1,905       2,197,640  

Series A, 5.00%, 03/15/39

     760       902,529  

Series A, 5.00%, 02/15/42

     2,250       2,563,240  

Series A, 5.00%, 03/15/43

     265       314,531  

Series B, 5.00%, 03/15/37

     2,070       2,079,715  

Series B, 5.00%, 03/15/38

     560       649,159  

Series B, 5.00%, 03/15/39

     960       1,113,041  

Series C, 4.00%, 03/15/45

     1,225       1,344,907  

New York State Dormitory Authority, Refunding RB

    

5.00%, 05/15/29

     2,000       2,024,202  

Series A, 5.25%, 03/15/39

     3,045       3,680,093  

Series E, 5.00%, 03/15/41

     2,200       2,642,471  

New York State Thruway Authority Highway & Bridge Trust Fund, Refunding RB, Series A, 5.00%, 04/01/32

     2,750       2,768,359  

New York State Thruway Authority, Refunding RB, Series A-1, 4.00%, 03/15/44

     2,500       2,813,212  

New York State Urban Development Corp., RB

    

Series A, 4.00%, 03/15/49

     4,565       5,078,471  

Series C, 5.00%, 03/15/30

     1,885       1,968,719  

Series C, 5.00%, 03/15/32

     2,000       2,087,830  
   

 

 

  
      43,628,385  
Tobacco — 3.5%            

Chautauqua Tobacco Asset Securitization Corp., Refunding RB

    

4.75%, 06/01/39

     400       417,610  

5.00%, 06/01/48

     500       520,748  

New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(a)

    1,400       1,420,797  

New York Counties Tobacco Trust VI, Refunding RB

    

Series A-2-B, 5.00%, 06/01/45

     430       468,916  

Series A-2-B, 5.00%, 06/01/51

     2,340       2,546,395  

Series C, 4.00%, 06/01/51

     2,250       2,284,873  

Niagara Tobacco Asset Securitization Corp., Refunding RB

    

5.25%, 05/15/34

     250       270,886  
Security   Par
(000)		     Value  
Tobacco (continued)            

Niagara Tobacco Asset Securitization Corp., Refunding RB (continued)

    

5.25%, 05/15/40

   $             630     $           674,417  

TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41

     910       1,020,763  

Westchester Tobacco Asset Securitization Corp., Refunding RB

    

Sub-Series C, 4.00%, 06/01/42

     1,130       1,194,178  

Sub-Series C, 5.13%, 06/01/51

     1,225       1,364,542  
   

 

 

  
      12,184,125  
Transportation — 25.6%            

Buffalo & Fort Erie Public Bridge Authority, RB, 5.00%, 01/01/47

     1,015       1,156,127  

Metropolitan Transportation Authority, RB

    

Series A-1, 5.25%, 11/15/23(c)

    1,080       1,162,598  

Series E, 5.00%, 11/15/38

     5,650       5,967,411  

Metropolitan Transportation Authority, Refunding RB

    

Series A-1, 5.25%, 11/15/57

     1,000       1,120,287  

Series B, 5.00%, 11/15/37

     1,000       1,125,813  

Series D, 5.25%, 11/15/23(c)

    1,660       1,786,957  

Series F, 5.00%, 11/15/30

     3,500       3,602,543  

Sub-Series B-1, 5.00%, 11/15/31

     1,500       1,601,024  

Sub-Series B-1, 5.00%, 11/15/51

     480       549,900  

Sub-Series B-2, 4.00%, 11/15/34

     1,750       1,961,428  

Sub-Series C-1, 5.00%, 11/15/34

     1,860       2,075,914  

MTA Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56

     5,160       5,432,267  

New York Liberty Development Corp., Refunding RB

    

Series 1, 4.00%, 02/15/43

     2,385       2,658,452  

Series 1, 2.75%, 02/15/44

     3,125       3,000,178  

Series-A, 3.00%, 11/15/51

     8,795       8,605,186  

New York State Bridge Authority, RB,
Series A, 4.00%, 01/01/51

     1,110       1,259,521  

New York State Thruway Authority, RB

    

Series A, Junior Lien, 5.00%, 01/01/41

     365       407,781  

Series A, Junior Lien, 5.25%, 01/01/56

     1,130       1,261,757  

New York State Thruway Authority, Refunding RB

    

Series J, 5.00%, 01/01/41

     2,500       2,668,450  

Series K, 5.00%, 01/01/32

     3,325       3,673,460  

Series L, 5.00%, 01/01/33

     90       106,475  

Series L, 5.00%, 01/01/34

     140       165,011  

Series L, 5.00%, 01/01/35

     170       200,220  

Series B, Subordinate, 4.00%, 01/01/45

     1,300       1,428,125  

Series B, Subordinate, 4.00%, 01/01/53

     675       740,223  

New York Transportation Development Corp., ARB

    

Series A, AMT, (AGM-CR), 4.00%, 07/01/41

     1,100       1,140,191  

Series A, AMT, 5.00%, 07/01/41

     1,040       1,123,999  

Series A, AMT, 5.00%, 07/01/46

     1,270       1,368,061  

Series A, AMT, 5.25%, 01/01/50

     7,895       8,379,658  

New York Transportation Development Corp., RB, AMT, 4.00%, 04/30/53

     2,000       2,195,226  

Port Authority of New York & New Jersey, ARB, Consolidated, 220th Series, AMT, 4.00%, 11/01/59

     2,320       2,504,885  

Port Authority of New York & New Jersey, Refunding ARB

    

Series 179, 5.00%, 12/01/38

     820       873,984  

178th Series, AMT, 5.00%, 12/01/43

     930       987,751  

195th Series, AMT, 5.00%, 04/01/36

     750       859,505  

Consolidated, 177th Series, AMT, 4.00%, 01/15/43

     1,120       1,140,260  
 

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   31

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Transportation (continued)            

Port Authority of New York & New Jersey, Refunding ARB (continued)

    

Series 178th, AMT, 5.00%, 12/01/33

   $             750     $           799,352  

Triborough Bridge & Tunnel Authority, RB

    

Series A, 5.00%, 11/15/42

     1,000       1,161,105  

Series A, 5.00%, 11/15/56

     360       441,215  

Series B, 5.00%, 11/15/40

     870       982,626  

Series B, 5.00%, 11/15/45

     310       347,720  

Series C- 2, 4.00%, 05/15/46

     5,000       5,656,160  

Triborough Bridge & Tunnel Authority, Refunding RB

    

Series A, 5.00%, 11/15/29

     810       850,451  

Series A, 5.25%, 11/15/45

     1,330       1,488,738  

Series A, 5.00%, 11/15/50

     1,000       1,104,577  

Series B, 5.00%, 11/15/38

     725       845,586  

Triborough Bridge & Tunnel Authority, Refunding RB, CAB, Series B, 0.00%, 11/15/32(d)

    2,335       1,826,633  
   

 

 

  
      89,794,791  
Utilities — 13.8%            

Long Island Power Authority, RB

    

(AGM), 0.00%, 06/01/28(d)

    3,515       3,100,782  

5.00%, 09/01/36

     340       399,655  

5.00%, 09/01/38

     3,375       4,040,297  

5.00%, 09/01/42

     290       339,142  

5.00%, 09/01/47

     1,640       1,910,758  

Series C, (AGC), 5.25%, 09/01/29

     4,000       4,947,724  

Long Island Power Authority, Refunding RB, Series B, 5.00%, 09/01/46

     515       587,861  

New York City Water & Sewer System, RB

    

3.00%, 06/15/51

     5,000       5,086,610  

Series DD-1, 4.00%, 06/15/50

     3,965       4,434,393  

Series CC-1, Subordinate, 4.00%, 06/15/51

     5,000       5,653,515  

New York City Water & Sewer System, Refunding RB

    

4.00%, 06/15/40

     1,825       2,081,854  

Series DD, 5.25%, 06/15/47

     245       285,149  

Series EE, 5.00%, 06/15/40

     700       826,043  

Series HH, 5.00%, 06/15/39

     3,500       3,913,277  

Sub-Series AA-1, 4.00%, 06/15/50

     1,000       1,124,557  

Sub-Series FF-2, Subordinate, 4.00%, 06/15/41

     455       514,070  

New York State Environmental Facilities Corp., RB

    

Series B, 5.00%, 09/15/40

     635       704,867  

Series B, Subordinate, 5.00%, 06/15/48

     1,760       2,097,010  

Utility Debt Securitization Authority, Refunding RB, Series TE, Restructured, 5.00%, 12/15/41

     5,690       6,079,941  

Western Nassau County Water Authority, RB, Series A, 5.00%, 04/01/25(c)

    250       279,878  
   

 

 

  
      48,407,383  
   

 

 

  

Total Municipal Bonds in New York

       437,571,522  
Puerto Rico — 6.2%            
State — 5.0%            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     1,731       1,893,996  

Series A-1, Restructured, 5.00%, 07/01/58

     7,731       8,601,665  

Series A-2, Restructured, 4.33%, 07/01/40

     3,004       3,260,842  

Series A-2, Restructured, 4.78%, 07/01/58

     1,544       1,695,374  
Security   Par
(000)		     Value  
State (continued)            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)

    

Series B-1, Restructured, 4.75%, 07/01/53

   $             130     $           142,552  

Series B-2, Restructured, 4.78%, 07/01/58

     126       138,447  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)

    5,916       1,913,359  
   

 

 

  
      17,646,235  
Tobacco — 0.4%            

Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43

     1,385       1,413,038  
   

 

 

  
Utilities — 0.8%            

Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB

    

Series A, Senior Lien, 5.00%, 07/01/33

     2,160       2,199,215  

Series A, Senior Lien, 5.13%, 07/01/37

     620       631,450  
   

 

 

  
      2,830,665  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       21,889,938  
   

 

 

  

Total Municipal Bonds — 131.2%
(Cost: $438,258,872)

       459,461,460  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

New York — 28.1%            
County/City/Special District/School District — 4.4%  

City of New York, GO

    

Sub-Series I-1, 5.00%, 03/01/36

     2,250       2,421,453  

Sub-Series-D1, Series D, 5.00%, 12/01/43(g)

    4,000       4,760,558  

City of New York, Refunding GO, Series B, 4.00%, 08/01/32

     1,790       1,901,401  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series F-1, 5.00%, 05/01/38

     1,424       1,660,029  

New York Liberty Development Corp., Refunding RB, Class 1, 5.00%, 09/15/40

     4,695       4,716,516  
   

 

 

  
      15,459,957  
Education — 1.2%            

Trust for Cultural Resources of The City of New York, Refunding RB, Series A, 5.00%, 08/01/23(c)

    4,037       4,286,651  
   

 

 

  
Housing — 1.6%            

New York City Housing Development Corp., Refunding RB, Series A, 4.25%, 11/01/43

     5,360       5,754,574  
   

 

 

  
State — 3.3%            

New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/32

     1,000       1,194,032  

New York State Dormitory Authority, Refunding RB, Series C, 5.00%, 03/15/39

     1,000       1,187,645  

New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/47

     3,503       3,841,027  
 

 

 

32  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
State (continued)            

Sales Tax Asset Receivable Corp., Refunding RB(c)

   

Series A, 4.00%, 10/15/24

   $          2,850     $         3,070,809  

Series A, 5.00%, 10/15/31

     1,995       2,202,171  
   

 

 

  
      11,495,684  
Transportation — 10.9%            

New York State Thruway Authority, Refunding RB(g)

   

Series B, Subordinate, 4.00%, 01/01/45

     5,998       6,589,394  

Series B, Subordinate, 4.00%, 01/01/53

     4,489       4,922,728  

Port Authority of New York & New Jersey, ARB, AMT, Series 221, 4.00%, 07/15/60

     2,864       3,110,134  

Port Authority of New York & New Jersey, Refunding ARB

    

194th Series, 5.25%, 10/15/55

     2,925       3,300,823  

Consolidated, Series 211, 5.00%, 09/01/48

     4,760       5,606,395  

Triborough Bridge & Tunnel Authority, RB, Series A, 4.00%, 11/15/54(g)

    8,059       9,080,372  

Triborough Bridge & Tunnel Authority, Refunding RB

    

Series A, 5.00%, 11/15/46

     3,000       3,399,631  

Series C-2, 5.00%, 11/15/42

     1,665       1,975,594  
   

 

 

  
      37,985,071  
Utilities — 6.7%            

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60.

     7,126       7,915,482  

Utility Debt Securitization Authority, Refunding RB

    

Series A, Restructured, 5.00%, 12/15/35

     3,000       3,457,746  

Series B, 4.00%, 12/15/35

     840       928,703  

Series TE, Restructured, 5.00%, 12/15/41

     10,587       11,312,330  
   

 

 

  
      23,614,261  
   

 

 

  

Total Municipal Bonds in New York

       98,596,198  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 28.1%
(Cost: $93,791,161)

 

     98,596,198  
 

 

 

  
Total Long-Term Investments — 159.3%
    (Cost: $532,050,033)		     558,057,658  
   

 

 

  
Security   Shares    

    

Value

  

Short-Term Securities

 

Money Market Funds — 6.9%  

BlackRock Liquidity Funds New York Money Fund Portfolio, 0.01%(h)(i)

    24,108,143       $      24,108,143  
   

 

 

  

Total Short-Term Securities — 6.9%
(Cost: $24,108,143)

 

     24,108,143  
 

 

 

  

Total Investments — 166.2%
(Cost: $556,158,176)

 

     582,165,801  

Other Assets Less Liabilities — 0.5%

 

     1,584,949  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.6)%

 

     (54,514,752 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (51.1)%

 

     (179,045,017 ) 
 

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

     $ 350,190,981  
   

 

 

  

 

(a)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c) 

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.

(d) 

Zero-coupon bond.

(e) 

When-issued security.

(f) 

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.

(g) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between December 1, 2026 to May 15, 2028, is $14,850,375.

See Note 4 of the Notes to Financial Statements for details.

(h) 

Affiliate of the Trust.

(i) 

Annualized 7-day yield as of period end.

 

 

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 six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer

   

Value at

07/31/21

     

Purchases

at Cost

     

Proceeds

from Sales

     

Net

Realized

Gain (Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

     

Value at

01/31/22

     

Shares

Held at

01/31/22

     

Income

     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds New York Money Fund Portfolio

    $ 8,503,848      $ 15,604,295 (a)     $ —      $ —      $ —      $ 24,108,143        24,108,143      $ 271      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   33

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock New York Municipal Income Trust (BNY)

 

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

      86          03/22/22        $  11,005        $ 157,587  

U.S. Long Bond

      72          03/22/22          11,198          223,152  

5-Year U.S. Treasury Note

      72          03/31/22          8,584          86,467  
                 

 

 

  
                  $ 467,206  
                 

 

 

  

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  

Assets — Derivative Financial Instruments

                                 

Futures contracts

                                 

Unrealized appreciation on futures contracts(a)

   $  —        $  —        $ —        $ —        $  467,206        $ —        $  467,206  
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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 period ended January 31, 2022, 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

    $  —        $  —        $ —        $ —        $ 14,422        $ —        $ 14,422  
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                                 

Futures contracts

    $ —        $ —        $ —        $ —        $  1,579,581        $ —        $
 		  
1,579,581		  
 
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

         

Average notional value of contracts — short

    $ 37,363,301  

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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

    $  —        $  459,461,460        $  —        $  459,461,460  

Municipal Bonds Transferred to Tender Option Bond Trusts.

      —          98,596,198          —          98,596,198  

 

 

34  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued)

January 31, 2022

   

BlackRock New York Municipal Income Trust (BNY)

 

Fair Value Hierarchy as of Period End (continued)

 

      Level 1        Level 2                Level 3        Total  

Short-Term Securities

                  

Money Market Funds

    $ 24,108,143        $ —        $ —        $ 24,108,143  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 24,108,143        $ 558,057,658        $ —        $ 582,165,801  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts.

    $ 467,206        $ —        $ —        $ 467,206  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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

    $ —        $ (54,502,256 )       $ —        $ (54,502,256 ) 

VRDP Shares at Liquidation Value

      —          (179,400,000 )         —          (179,400,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (233,902,256 )       $ —        $ (233,902,256 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

S C H E D U L E   O F   I N V E S  T M E N T S

   35

 

Statements of Assets and Liabilities (unaudited) 

January 31, 2022

 

 

     BFZ      BTT      BNY  

ASSETS

        

Investments, at value — unaffiliated(a)

  $  785,000,178      $  2,780,681,939      $  558,057,658  

Investments, at value — affiliated(b)

    1,113,987        1,913,692        24,108,143  

Cash pledged for futures contracts

     1,005,000        —        453,000  

Receivables:

        

Investments sold

     8,200,847        5,862,125        15,000  

Dividends — affiliated

     9        9        101  

Interest — unaffiliated

     8,460,337        25,310,004        5,162,777  

From the Manager

     —        —        70,588  

Variation margin on futures contracts

     23,188        —        15,750  

Prepaid expenses

     7,223        17,108        31,326  
 

 

 

     

 

 

     

 

 

  

Total assets

     803,810,769        2,813,784,877        587,914,343  
 

 

 

     

 

 

     

 

 

  

ACCRUED LIABILITIES

        

Payables:

        

Investments purchased

     75,365        8,402,498        2,288,720  

Accounting services fees

     19,332        114,403        36,409  

Custodian fees

     3,980        11,276        3,110  

Income dividend distributions — Common Shares

     1,347,692        4,399,548        1,392,027  

Interest expense and fees

     39,445        68,260        12,496  

Investment advisory fees

     395,471        965,939        285,625  

Trustees’ and Officer’s fees

     83,582        17,209        60,304  

Other accrued expenses

     4,519        12,878        17,980  

Professional fees

     64,243        107,934        49,978  

Transfer agent fees

     17,226        50,492        24,176  

Variation margin on futures contracts

     19,793        —        5,264  
 

 

 

     

 

 

     

 

 

  

Total accrued liabilities

     2,070,648        14,150,437        4,176,089  
 

 

 

     

 

 

     

 

 

  

OTHER LIABILITIES

        

TOB Trust Certificates

     159,275,836        233,219,979        54,502,256  

RVMTP Shares, at liquidation value of $5,000,000 per share, net of deferred offering costs(c)(d)(e)

    —        749,721,038        —  

VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e)

    —        —        179,045,017  

VMTP Shares, at liquidation value of $100,000 per share(c)(d)(e)

    171,300,000        —        —  
 

 

 

     

 

 

     

 

 

  

Total other liabilities

     330,575,836        982,941,017        233,547,273  
 

 

 

     

 

 

     

 

 

  

Total liabilities

     332,646,484        997,091,454        237,723,362  
 

 

 

     

 

 

     

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

   $ 471,164,285      $ 1,816,693,423      $ 350,190,981  
 

 

 

     

 

 

     

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF

        

Paid-in capital(f)(g)(h)

  $ 439,679,321      $ 1,680,559,310      $ 337,017,973  

Accumulated earnings

     31,484,964        136,134,113        13,173,008  
 

 

 

     

 

 

     

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

   $ 471,164,285      $ 1,816,693,423      $ 350,190,981  
 

 

 

     

 

 

     

 

 

  

Net asset value per Common Share

   $ 15.03      $ 25.77      $ 14.21  
 

 

 

     

 

 

     

 

 

  

(a) Investments, at cost — unaffiliated

   $ 757,110,222      $ 2,655,770,004      $ 532,050,033  

(b) Investments, at cost — affiliated

   $ 1,113,987      $ 1,913,427      $ 24,108,143  

(c) Preferred Shares outstanding

     1,713        150        1,794  

(d) Preferred Shares authorized

     1,713        150        Unlimited  

(e) Par value per Preferred Share

   $ 0.001      $ 0.001      $ 0.001  

(f) Common Shares outstanding

     31,341,683        70,505,571        24,637,649  

(g) Common Shares authorized

     Unlimited        Unlimited        Unlimited  

(h) Par value per Common Share

   $ 0.001      $ 0.001      $ 0.001  

See notes to financial statements.

 

 

36  

2 0 2 2  B L A C K R O C K  S E M I-A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

 

Statements of Operations  (unaudited)

Six Months Ended January 31, 2022

 

     BFZ     BTT     BNY  

INVESTMENT INCOME

      

Dividends — affiliated.

   $ 2,733     $ 1,279     $ 271  

Interest — unaffiliated

     12,374,062       43,622,244       10,215,113  
 

 

 

    

 

 

    

 

 

  

Total investment income

     12,376,795       43,623,523       10,215,384  
 

 

 

    

 

 

    

 

 

  

EXPENSES

      

Investment advisory

     2,378,793       5,796,268       1,713,815  

Professional

     26,684       28,812       21,725  

Accounting services

     23,023       138,129       51,901  

Transfer agent

     15,482       35,825       17,183  

Trustees and Officer

     15,087       56,181       12,825  

Registration

     5,566       12,358       2,502  

Custodian

     5,192       13,657       3,816  

Liquidity fees

     —       —       9,211  

Remarketing fees on Preferred Shares

     —       —       9,044  

Miscellaneous

     36,856       44,302       47,944  
 

 

 

    

 

 

    

 

 

  

Total expenses excluding interest expense, fees and amortization of offering costs

     2,506,683       6,125,532       1,889,966  

Interest expense, fees and amortization of offering costs(a)

    1,260,313       3,268,262       1,036,608  
 

 

 

    

 

 

    

 

 

  

Total expenses

     3,766,996       9,393,794       2,926,574  

Less:

      

Fees waived and/or reimbursed by the Manager

     (10 )      (2,163 )      —  
 

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     3,766,986       9,391,631       2,926,574  
 

 

 

    

 

 

    

 

 

  

Net investment income

     8,609,809       34,231,892       7,288,810  
 

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

      

Net realized gain (loss) from:

      

Investments — unaffiliated

     3,955,752       3,082,815       650,979  

Investments — affiliated

     (2,638 )      5,198       —  

Futures contracts

     746,129       —       14,422  
 

 

 

    

 

 

    

 

 

  
    4,699,243       3,088,013       665,401  
 

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on:

      

Investments — unaffiliated

     (43,772,410 )      (120,249,296 )      (27,906,351 ) 

Investments — affiliated

     —       (8,162 )      —  

Futures contracts

     1,349,871       —       1,579,581  
 

 

 

    

 

 

    

 

 

  
    (42,422,539 )      (120,257,458 )      (26,326,770 ) 
 

 

 

    

 

 

    

 

 

  

Net realized and unrealized loss

     (37,723,296 )      (117,169,445 )      (25,661,369 ) 
 

 

 

    

 

 

    

 

 

  

NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS

   $ (29,113,487 )    $ (82,937,553 )    $ (18,372,559 ) 
 

 

 

    

 

 

    

 

 

  

 

(a) 

Related to TOB Trusts, VMTP Shares, RVMTP Shares and/or VRDP Shares.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

   37

 

Statements of Changes in Net Assets

 

    BFZ     BTT  
     Six Months Ended
01/31/22
(unaudited)		     Year Ended
07/31/21		    

Six Months Ended
01/31/22

(unaudited)

    

Year Ended

07/31/21

  

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

 

OPERATIONS

        

Net investment income

   $ 8,609,809     $ 16,844,879     $ 34,231,892     $ 70,469,877  

Net realized gain

     4,699,243       5,284,184       3,088,013       7,080,617  

Net change in unrealized appreciation (depreciation)

     (42,422,539 )      6,080,558       (120,257,458 )      46,399,740  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

     (29,113,487 )      28,209,621       (82,937,553 )      123,950,234  
 

 

 

    

 

 

    

 

 

    

 

 

  

DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

       

Decrease in net assets resulting from distributions to Common Shareholders

     (10,377,858 )      (15,094,334 )      (26,397,286 )      (52,794,572 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

        

Redemption of shares resulting from share repurchase program (including transaction costs)

     —       (2,813,059 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

        

Total increase (decrease) in net assets applicable to Common Shareholders

     (39,491,345 )      10,302,228       (109,334,839 )      71,155,662  

Beginning of period

     510,655,630       500,353,402       1,926,028,262       1,854,872,600  
 

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $ 471,164,285     $ 510,655,630     $ 1,816,693,423     $ 1,926,028,262  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

38  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

 

Statements of Changes in Net Assets   (continued)

 

    BNY  
     Six Months Ended
01/31/22
(unaudited)		     Year Ended
07/31/21		  

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

 

OPERATIONS

    

Net investment income

   $ 7,288,810     $ 10,829,434  

Net realized gain.

     665,401       1,054,844  

Net change in unrealized appreciation (depreciation)

     (26,326,770 )      5,496,520  
 

 

 

    

 

 

  

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

     (18,372,559 )      17,380,798  
 

 

 

    

 

 

  

DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

   

Decrease in net assets resulting from distributions to Common Shareholders

     (8,430,258 )(b)      (11,402,477 ) 
 

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

    

Net proceeds from the issuance of common shares due to reorganization

     —       174,624,251  

Reinvestment of common distributions

     349,246       197,657  

Redemption of shares resulting from share repurchase program (including transaction costs)

     —       (129 ) 
 

 

 

    

 

 

  

Net increase in net assets derived from capital share transactions

     349,246       174,821,779  
 

 

 

    

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

    

Total increase (decrease) in net assets applicable to Common Shareholders

     (26,453,571 )      180,800,100  

Beginning of period

     376,644,552       195,844,452  
 

 

 

    

 

 

  

End of period

   $ 350,190,981     $ 376,644,552  
 

 

 

    

 

 

  

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(b)

A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

   39

 

Statements of Cash Flows   (unaudited)

Six Months Ended January 31, 2022

 

     BFZ     BTT     BNY  

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES

      

Net decrease in net assets resulting from operations

   $ (29,113,487 )    $ (82,937,553 )    $ (18,372,559 ) 

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities

      

Proceeds from sales of long-term investments.

     171,616,751       48,852,652       77,295,414  

Purchases of long-term investments

     (189,733,090 )      (112,727,497 )      (46,960,214 ) 

Net proceeds from sales (purchases) of short-term securities

     (1,116,625 )      49,035,294       (15,604,295 ) 

Amortization of premium and accretion of discount on investments and other fees.

     3,816,264       8,084,301       1,855,570  

Net realized gain on investments

     (3,953,114 )      (3,088,013 )      (650,979 ) 

Net unrealized depreciation on investments

     43,772,410       120,257,458       27,906,351  

(Increase) Decrease in Assets

      

Receivables

      

Dividends — affiliated

     (3 )      258       (30 ) 

From the Manager

     —       —       109,756  

Interest — unaffiliated

     105,117       (874,346 )      373,354  

Variation margin on futures contracts

     (23,188 )      —       (15,750 ) 

Prepaid expenses

     18,770       (13,683 )      11,221  

Increase (Decrease) in Liabilities

      

Payables

      

Accounting services fees

     (23,304 )      (136,567 )      (62,837 ) 

Custodian fees

     (3,561 )      (13,469 )      (4,971 ) 

Interest expense and fees

     5,544       10,174       (839 ) 

Investment advisory fees

     (10,904 )      (18,881 )      (7,936 ) 

Trustees’ and Officer’s fees

     (23,992 )      4,435       (11,990 ) 

Other accrued expenses

     (5,866 )      (59,509 )      (25,311 ) 

Professional fees

     (30,001 )      (44,024 )      (21,647 ) 

Transfer agent fees

     (645 )      50,492       24,176  

Variation margin on futures contracts

     (102,430 )      —       (115,175 ) 
 

 

 

    

 

 

    

 

 

  

Net cash provided by (used for) operating activities

     (4,805,354 )      26,381,522       25,721,309  
 

 

 

    

 

 

    

 

 

  

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

      

Cash dividends paid to Common Shareholders.

     (10,377,858 )      (26,397,286 )      (8,079,697 ) 

Repayments of TOB Trust Certificates

     (1,978,234 )      (450,000 )      (18,214,288 ) 

Repayments of Loan for TOB Trust Certificates

     (1,978,234 )      (450,000 )      (443,289 ) 

Proceeds from TOB Trust Certificates

     17,978,234       450,000       443,289  

Proceeds from Loan for TOB Trust Certificates

     1,978,234       450,000       443,289  

Decrease in bank overdraft

     (377,788 )      —       —  

Amortization of deferred offering costs

     —       15,764       9,682  
 

 

 

    

 

 

    

 

 

  

Net cash provided by (used for) for financing activities

     5,244,354       (26,381,522 )      (25,841,014 ) 
 

 

 

    

 

 

    

 

 

  

CASH

      

Net increase (decrease) in restricted and unrestricted cash

     439,000       —       (119,705 ) 

Restricted and unrestricted cash at beginning of period

     566,000       —       572,705  
 

 

 

    

 

 

    

 

 

  

Restricted and unrestricted cash at end of period

   $ 1,005,000     $ —     $ 453,000  
 

 

 

    

 

 

    

 

 

  

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

      

Cash paid during the period for interest expense

   $ 1,254,769     $ 3,242,324     $ 1,027,765  
 

 

 

    

 

 

    

 

 

  

NON-CASH FINANCING ACTIVITIES

      

Reinvestment of common distributions

   $ —     $ —     $ 349,246  
 

 

 

    

 

 

    

 

 

  

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES

      

Cash pledged

      

Futures contracts

     1,005,000       —       453,000  
 

 

 

    

 

 

    

 

 

  
  $ 1,005,000     $ —     $ 453,000  
 

 

 

    

 

 

    

 

 

  

See notes to financial statements.

 

 

40  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights  

(For a share outstanding throughout each period)

 

    BFZ  
   

Six Months Ended
01/31/22

(unaudited)

     Year Ended July 31,  
     2021     2020     2019     2018     2017  
             

Net asset value, beginning of period.

   $ 16.29     $ 15.86     $ 15.25     $ 14.81     $ 15.34     $ 16.35  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

    0.27       0.54       0.48       0.52       0.65       0.73  

Net realized and unrealized gain (loss)

     (1.20 )      0.37       0.60       0.63       (0.51 )      (0.97 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     (0.93 )      0.91       1.08       1.15       0.14       (0.24 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Common Shareholders(b)

           

From net investment income

     (0.26 )      (0.48 )      (0.47 )      (0.55 )      (0.67 )      (0.77 ) 

From net realized gain

     (0.07 )      —       —       (0.16 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions to Common Shareholders

     (0.33 )      (0.48 )      (0.47 )      (0.71 )      (0.67 )      (0.77 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 15.03     $ 16.29     $ 15.86     $ 15.25     $ 14.81     $ 15.34  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price, end of period

   $ 13.42     $ 15.01     $ 13.79     $ 13.50     $ 12.75     $ 14.71  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return Applicable to Common Shareholders(c)

           

Based on net asset value.

     (5.60 )%(d)      6.24 %      7.69 %      8.89 %      1.41 %      (1.22 )% 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Based on market price

     (8.53 )%(d)      12.59 %      5.77 %      11.96 %      (8.95 )%      (7.59 )% 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets Applicable to Common Shareholders(e)

           

Total expenses

     1.50 %(f)       1.49 %      2.17 %      2.76 %      2.41 %      2.14 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.50 %(f)       1.49 %      2.17 %      2.76 %      2.41 %      2.14 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs(g)

    1.00 %(f)       1.01 %      1.02 %      1.06 %      1.05 %      1.07 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income to Common Shareholders

     3.42 %(f)       3.37 %      3.14 %      3.56 %      4.33 %      4.73 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

            

Net assets applicable to Common Shareholders, end of period (000)

   $ 471,164     $ 510,656     $ 500,353     $ 486,586     $ 472,407     $ 489,328  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

   $ 171,300     $ 171,300     $ 171,300     $ 171,300     $ 171,300     $ 171,300  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

   $ 375,052     $ 398,106     $ 392,092     $ 384,055     $ 375,778     $ 385,656  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Borrowings outstanding, end of period (000)

   $ 159,276     $ 143,276     $ 143,276     $ 156,312     $ 157,126     $ 169,863  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     22 %      19 %      38 %      51 %      45 %      38 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) 

Based on average Common Shares outstanding.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) 

Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) 

Aggregate total return.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Annualized.

(g) 

Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.

 

 

F I N A N C I A L    H I G H L I G H T  S

   41

Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

    BTT  
   

Six Months Ended
01/31/22

(unaudited)

     Year Ended July 31,  
     2021     2020     2019     2018     2017  
             

Net asset value, beginning of period

   $ 27.32     $ 26.31     $ 25.60     $ 23.62     $ 23.83     $ 25.38  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

    0.49       1.00       0.92       0.80       0.85       0.90  

Net realized and unrealized gain (loss)

     (1.67 )      0.76       0.54       1.93       (0.21 )      (1.50 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     (1.18 )      1.76       1.46       2.73       0.64       (0.60 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Common Shareholders from net investment income(b)

    (0.37 )      (0.75 )      (0.75 )      (0.75 )      (0.85 )      (0.95 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 25.77     $ 27.32     $ 26.31     $ 25.60     $ 23.62     $ 23.83  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price, end of period

   $ 25.05     $ 26.27     $ 24.78     $ 23.49     $ 21.43     $ 23.14  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return Applicable to Common Shareholders(c)

           

Based on net asset value

     (4.29 )%(d)       6.92 %      6.04 %      12.17 %      3.04 %      (2.14 )% 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Based on market price

     (3.24 )%(d)       9.16 %      8.84 %      13.45 %      (3.73 )%      (0.51 )% 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets Applicable to Common Shareholders(e)

           

Total expenses

     0.99 %(f)       1.01 %      1.56 %      2.07 %      1.76 %      1.49 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.99 %(f)       1.01 %      1.56 %      2.07 %      1.76 %      1.49 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs(g)

    0.64 %(f)       0.65 %      0.67 %      0.69 %      0.69 %      0.68 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income to Common Shareholders

     3.59 %(f)       3.74 %      3.60 %      3.31 %      3.55 %      3.80 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

            

Net assets applicable to Common Shareholders, end of period (000)

   $ 1,816,693     $ 1,926,028     $ 1,854,873     $ 1,804,738     $ 1,665,198     $ 1,679,841  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

RVMTP Shares outstanding at $5,000,000 liquidation value, end of period (000)

   $ 750,000     $ 750,000     $ 750,000     $ 750,000     $ 750,000     $ 750,000  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per RVMTP Shares at $5,000,000 liquidation value, end of period

   $ 342,226     $ 356,804     $ 347,316     $ 340,632     $ 16,101,317     $ 16,198,941  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Borrowings outstanding, end of period (000)

   $ 233,220     $ 233,220     $ 261,820     $ 261,820     $ 261,820     $ 184,115  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     2 %      9 %      5 %      21 %      23 %      32 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) 

Based on average Common Shares outstanding.

 

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

 

(c) 

Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

 

(d) 

Aggregate total return.

 

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

 

(f) 

Annualized.

 

(g) 

Interest expense, fees and amortization of offering costs related to TOB Trusts and/or RVMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.

 

 

42  

2 0 2 2   B L A C KR O C K   S E M I-A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

    BNY  
   

Six Months Ended
01/31/22

(unaudited)

     Year Ended July 31,  
    2021     2020     2019     2018     2017  
             

Net asset value, beginning of period.

   $ 15.30     $ 15.09     $ 15.09     $ 14.52     $ 15.04     $ 15.94  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

    0.30       0.66       0.61       0.58       0.60       0.67  

Net realized and unrealized gain (loss)

     (1.05 )      0.28       (0.05 )      0.52       (0.48 )      (0.85 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     (0.75 )      0.94       0.56       1.10       0.12       (0.18 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Common Shareholders from net investment income(b)

    (0.34 )(c)       (0.73 )      (0.56 )      (0.53 )      (0.64 )      (0.72 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 14.21     $ 15.30     $ 15.09     $ 15.09     $ 14.52     $ 15.04  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price, end of period

   $ 13.32     $ 15.49     $ 14.10     $ 13.81     $ 12.53     $ 15.37  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return Applicable to Common Shareholders(d)

           

Based on net asset value.

     (4.93 )%(e)      6.55 %      4.12 %      8.33 %      1.13 %      (0.93 )% 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Based on market price

     (11.98 )%(e)      15.45 %      6.30 %      14.88 %      (14.61 )%      (3.43 )% 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets Applicable to Common Shareholders(f)

           

Total expenses

     1.58 %(g)       1.74 %(h)       2.36 %      2.73 %      2.45 %      2.15 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.58 %(g)       1.74 %(h)       2.36 %      2.73 %      2.45 %      2.14 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs

     1.02 %(g)(i)      1.16 %(h)(j)      1.16 %(k)       1.14 %(k)       1.12 %(k)       1.12 %(k)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income to Common Shareholders

     3.93 %(g)       4.35 %      4.06 %      3.98 %      4.06 %      4.45 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

            

Net assets applicable to Common Shareholders, end of period (000)

   $ 350,191     $ 376,645     $ 195,844     $ 195,868     $ 188,452     $ 195,029  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VRDP Shares outstanding at $ 100,000 liquidation value, end of period (000)

   $ 179,400     $ 179,400     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per VRDP Shares at $ 100,000 liquidation value, end of period

   $ 295,201     $ 309,947     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VMTP Shares outstanding at $ 100,000 liquidation value, end of period (000)

   $ —     $ —     $ 94,500     $ 94,500     $ 94,500     $ 94,500  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per VMTP Shares at $ 100,000 liquidation value, end of period

   $ —     $ —     $ 307,243     $ 307,268     $ 299,420     $ 306,379  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Borrowings outstanding, end of period (000)

   $ 54,502     $ 72,273     $ 42,523     $ 35,517     $ 31,865     $ 32,047  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     8 %      12 %      17 %      23 %      9 %      16 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) 

Based on average Common Shares outstanding.

 

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

 

(c) 

A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

 

(d) 

Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

 

(e) 

Aggregate total return.

 

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

 

(g) 

Annualized.

 

(h) 

Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering cost would have been 1.69%, 1.69% and 1.11%, respectively.

 

(i) 

Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

 

(j)

Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP/VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

 

(k) 

Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T  S

   43

Notes to Financial Statements  (unaudited)

 

1.

ORGANIZATION

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:

 

Trust Name   Herein Referred To As    Organized    Diversification
Classification

BlackRock California Municipal Income Trust

   BFZ    Delaware    Diversified

BlackRock Municipal 2030 Target Term Trust

   BTT    Delaware    Diversified

BlackRock New York Municipal Income Trust

   BNY    Delaware    Diversified

The Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of open-end non-index fixed-income funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

Prior Year Reorganization: The Board and shareholders of BNY (the “Acquiring Trust”) and the Board and shareholders of each of BlackRock New York Municipal Income Quality Trust (“BSE”) and BlackRock New York Municipal Income Trust II (“BFY”) (individually, a “Target Fund” and collectively the “Target Funds”) approved the reorganization of each Target Fund into the Acquiring Trust. As a result, the Acquiring Trust acquired substantially all of the assets and assumed substantially all of the liabilities of each Target Fund in exchange for an equal aggregate value of newly-issued Common Shares and Preferred Shares of the Acquiring Trust.

Each Common Shareholder of a Target Fund received Common Shares of the Acquiring Trust in an amount equal to the aggregate NAV of such Common Shareholder’s Target Fund Common Shares, as determined at the close of business on April 9, 2021, less the costs of the Target Fund’s reorganizations. Cash was distributed for any fractional shares.

Each Preferred Shareholder of a Target Fund received Preferred Shares of the Acquiring Trust in an amount equal to the aggregate liquidation preference of the Target Fund’s Preferred Shares held by such Preferred Shareholder prior to the Target Fund’s reorganization.

The reorganizations were accomplished by a tax-free exchange of Common Shares and Preferred Shares of the Acquiring Trust in the following amounts and at the following conversion ratios:

 

Target Funds   Target
Fund’s
Share
Class		    Shares Prior to
Reorganization		    Conversion
Ratio		    BNY’s
Share
Class		    Shares of
BNY

BSE

   Common    6,519,660    0.99230421    Common    6,469,482(a)

BFY

   Common    5,004,922    1.03013075    Common    5,155,719(a)

BSE

   VRDP    405    1    VRDP    405   

BFY

   VRDP    444    1    VRDP    444   

 

  (a)

Net of fractional shares redeemed.

 

Each Target Fund’s net assets and composition of net assets on April 9, 2021, the valuation date of the reorganization were as follows:

 

     BSE    BFY

Net assets applicable to Common Shareholders

   $97,179,129    $77,445,122

Paid-in-capital

   88,938,448    69,414,009

Accumulated earnings

   8,240,681    8,031,113

For financial reporting purposes, assets received and shares issued by the Acquiring Trust were recorded at fair value. However, the cost basis of the investments received from the Target Funds was carried forward to align ongoing reporting of the Acquiring Trust’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The net assets applicable to Common Shareholders of the Acquiring Trust before the reorganizations were $195,030,274. The aggregate net assets applicable to Common Shareholders of the Acquiring Trust immediately after the reorganizations amounted to $369,654,525. Each Target Fund’s fair value and cost of financial instruments prior to the reorganization were as follows:

 

Target Funds   Fair Value of
Investments		    Cost of
Investments		    TOB Trust
Certificates		    Preferred
Shares Value

BSE

   $160,831,765    $149,307,403    $24,950,172    $40,500,000

BFY

   132,426,866    121,683,946    12,569,988    44,400,000

The purpose of these transactions was to combine three funds managed by the Manager with similar or substantially similar (but not identical) investment objectives and similar investment strategies, policies and restrictions and portfolio compositions. Each reorganization was a tax-free event and was effective on April 12, 2021.

 

 

44  

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Notes to Financial Statements  (unaudited) (continued)

 

Assuming the reorganization had been completed on August 1, 2020, the beginning of the fiscal reporting period of the Acquiring Trust, the pro forma results of operations for the year ended July 31, 2021, are as follows:

 

  •  

Net investment income: $15,926,720

 

  •  

Net realized and change in unrealized gain/loss on investments: $5,586,398

 

  •  

Net increase in net assets resulting from operations: $21,513,118

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that have been included in the Acquiring Trust’s Statements of Operations since April 12, 2021.

Reorganization costs incurred in connection with the reorganization were expensed by BNY.

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., futures contracts) or certain borrowings (e.g., TOB Trust transactions) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investments or borrowings to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions from net investment income are declared monthly and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Distributions to Preferred Shareholders are accrued and determined as described in Note 10.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

 

 

N O T E S  T O  F I N A N C I A L  S  T A T E M E N T S

   45

Notes to Financial Statements  (unaudited) (continued)

 

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

 

  •  

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset- backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

 

  •  

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

 

  •  

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access;

 

  •  

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Forward Commitments, When-Issued and Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trusts’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Municipal Bonds Transferred to TOB Trusts: Certain Trusts leverage their assets through the use of “TOB Trust” transactions. The funds transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (“TOB Trust Certificates”), which are sold to third-party investors, and residual inverse floating rate interests (“TOB Residuals”), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust

 

 

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Notes to Financial Statements  (unaudited) (continued)

 

Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a fund has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.

TOB Trusts are supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.

The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Trusts) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

While a fund’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. Each Fund’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a Fund. A Fund typically invests the cash received in additional municipal bonds.

Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a Fund’s Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a Fund’s payable to the holder of the TOB Trust Certificates, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, a Fund incurred non-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of offering costs in the Statements of Operations. Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:

 

Trust Name         Interest Expense      Liquidity Fees      Other Expenses      Total

BFZ

      $ 57,801      $  339,192      $ 101,044      $498,037

BTT

        118,422        390,505        307,066      815,993

BNY

          27,529        138,816        47,066      213,411

For the six months ended January 31, 2022, the following table is a summary of each Trust’s TOB Trusts:

 

Trust Name    


 Underlying
Municipal Bonds
Transferred to
TOB Trusts		  
 
 
(a) 		     

 Liability for
TOB Trust
Certificates		  
 
(b)  		   

Range of

Interest Rates on TOB Trust Certificates at

Period End

   

Average

TOB Trust Certificates Outstanding

   

Daily Weighted

Average Rate

of Interest and

Other Expenses

on TOB Trusts

BFZ

   $ 357,260,998      $ 159,275,836      0.06% — 0.15%     $  151,578,286    0.65%

BTT

     401,964,156        233,219,979      0.09   — 0.31        233,166,174    0.69   

BNY

     98,596,198        54,502,256      0.07   — 0.14        66,179,112    0.64   

 

  (a) 

The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Trusts, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Trusts, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments.

 
  (b)

TOB Trusts may be structured on a non-recourse or recourse basis. When a Trust invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Trust invests in a TOB Trust on a recourse basis, a Trust enters into a reimbursement agreement with the Liquidity Provider where a Trust is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Trust invests in a recourse TOB Trust, a Trust will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Trust at January 31, 2022, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a fund at January 31, 2022.

 

 

 

N O T E S  T O  F I N A N C I A L  S  T A T E M E N T S

   47

Notes to Financial Statements  (unaudited) (continued)

 

For the six months ended January 31, 2022, the following table is a summary of each Trust’s Loan for TOB Trust Certificates:    

 

Trust Name   Loans
Outstanding
at Period End		      Range of
Interest Rates
on Loans at
Period End		     Average
Loans
Outstanding		      Daily Weighted
Average Rate
of Interest and
Other Expenses
on Loans		  

BFZ

   $ —        — %    $ 21,503        0.68%  

BTT

     —        —       53,804        0.69     

BNY

     —        —       16,864        0.78     

 

5.

DERIVATIVE FINANCIAL INSTRUMENTS

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

 

6.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust, except BTT, pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of each Trust’s managed assets:

 

     BFZ     BNY  

Investment advisory fees

     0.58 %      0.55 % 

For purposes of calculating these fees, for each Trust except for BTT, “managed assets” are determined as total assets of the Trust (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

For such services, BTT pays the Manager a monthly fee at an annual rate equal to 0.40% of the average daily value of the Trust’s managed assets.

Expense Waivers and Reimbursements: With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2022, the amounts waived were as follows:

 

Trust Name   Fees Waived and/or Reimbursed
by the Manager		  

BFZ

   $ 10  

BTT

     2,163  

 

 

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Notes to Financial Statements  (unaudited) (continued)

 

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the six months ended January 31, 2022, there were no fees waived by the Manager pursuant to this arrangement.

Trustees and Officers: Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

 

7.

PURCHASES AND SALES

For the six months ended January 31, 2022, purchases and sales of investments, excluding short-term investments, were as follows:

 

Trust Name   Purchases      Sales  

BFZ

   $ 189,808,455      $ 179,817,598  

BTT

     118,134,257        54,589,777  

BNY

     49,248,934        77,270,414  

 

8.

INCOME TAX INFORMATION

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of January 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

As of July 31, 2021, the Trusts had non-expiring capital loss carryforwards, subject to limitations, amounts available to offset future realized capital gains as follows:

 

Trust Name   Non-Expiring  

BFZ

   $ 1,192,776  

BTT

     18,290,957  

BNY

     14,286,943  

As of January 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

Trust Name   Tax Cost      Gross Unrealized
Appreciation		      Gross Unrealized
Depreciation		     Net Unrealized
Appreciation
(Depreciation)		  

BFZ

   $ 599,714,064      $ 35,387,652      $ (7,731,429 )    $ 27,656,223  

BTT

     2,425,518,065        133,682,903        (9,825,316 )      123,857,587  

BNY

     501,818,098        30,763,370        (4,450,717 )      26,312,653  

 

9.

PRINCIPAL RISKS

In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments.

The Trusts may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Trusts reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Trust.

A Trust structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.

Should short-term interest rates rise, the Trusts’ investments in the TOB Trusts may adversely affect the Trusts’ net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Trusts’ NAVs per share.

 

 

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Notes to Financial Statements  (unaudited) (continued)

 

The U.S. Securities and Exchange Commission (“SEC”) and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the “Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Trusts’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Trusts, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.

Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk: Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Investment Objective Risk: There is no assurance that BTT will achieve its investment objectives, including its investment objective of returning $25.00 per share. As BTT approaches its scheduled termination date, it is expected that the maturity of BTT’s portfolio securities will shorten, which is likely to reduce BTT’s income and distributions to shareholders.

Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Trust’s portfolio are disclosed in its Schedule of Investments.

Certain Trusts invest a substantial amount of their assets in issuers located in a single state or limited number of states. When a Trust concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.

 

 

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Notes to Financial Statements  (unaudited) (continued)

 

Certain Trusts invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Trust concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Certain Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Trusts may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Trusts may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trusts is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Each Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for each Trust’s Common Shares is $0.001. The par value for each Trust’s Preferred Shares outstanding is $0.001. Each Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

Common Shares

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

 

Trust Name   Six Months Ended
01/31/22		      Year Ended
07/31/21		  

BNY

     23,267        13,107  

For the six months ended January 31, 2022 and the year ended July 31, 2021, shares issued and outstanding remained constant for BFZ and BTT.

For the year ended July 31, 2021, Common Shares issued and outstanding increased by 11,625,210 as a result of the reorganization of BNY.

For the year ended July 31, 2021, Common Shares issued and outstanding decreased by 9 as a result of a redemption of fractional shares from the reorganization of BNY.

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2020 through November 30, 2021, each of BFZ and BNY may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2020, subject to certain conditions. From December 1, 2021 through November 30, 2022, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2021 for each Trust (other than BTT) or November 18, 2021 (for BTT) subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts. For the six months ended January 31, 2022, BNY and BTT did not repurchase any shares.

The total cost of the shares repurchased is reflected in BFZ’s Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs were as follows:

 

     BFZ  
     Shares      Amounts  

Six Months Ended January 31, 2022

     —      $ —  

Year Ended July 31, 2021

     209,100        2,813,059  

Preferred Shares

A Trust’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Trust and distribution of assets upon dissolution or liquidation of the Trust. The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Trust fails to maintain asset coverage of at least 200% of the liquidation preference of the Trust’s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, a Trust is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Trust fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.

Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share) and vote together with holders of Common Shares (one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board, (ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) a separate class vote to amend the Preferred Share governing documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Trust’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

 

 

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   51

Notes to Financial Statements  (unaudited) (continued)

 

VRDP Shares

BNY (for purposes of this section, a “VRDP Trust”) has issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP Shares include a liquidity feature and may be subject to a special rate period. As of period end, the VRDP Shares outstanding were as follows:

 

Trust Name   Issue
Date		      Shares
Issued		      Aggregate
Principal		      Maturity
Date		  

BNY

     03/31/21        945      $ 94,500,000        03/31/51  
      04/12/21        849        84,900,000        03/31/51  

Redemption Terms: A VRDP Trust is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, a VRDP Trust is required to begin to segregate liquid assets with the Trust’s custodian to fund the redemption. In addition, a VRDP Trust is required to redeem certain of its outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of a VRDP Trust. The redemption price per VRDP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.

Liquidity Feature: VRDP Shares are subject to a fee agreement between the VRDP Trust and the liquidity provider that requires a per annum liquidity fee and, in some cases, an upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations. As of period end, the fee agreement is set to expire, unless renewed or terminated in advance, as follows:

 

     BNY  

Expiration date

     04/30/23  

The VRDP Shares are also subject to a purchase agreement in connection with the liquidity feature. In the event a purchase agreement is not renewed or is terminated in advance, and the VRDP Shares do not become subject to a purchase agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the purchase agreement. In the event of such mandatory purchase, a VRDP Trust is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, the VRDP Trust is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance that a VRDP Trust will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.

Remarketing: A VRDP Trust may incur remarketing fees on the aggregate principal amount of all its VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. During any special rate period (as described below), a VRDP Trust may incur nominal or no remarketing fees.

Ratings: As of period end, the VRDP Shares were assigned the following ratings:

 

Trust Name   Moody’s Investors
Service, Inc.
Long-Term
Ratings		      Fitch Ratings, Inc.
Long-Term
Ratings		  

BNY

     Aa2        AA  

Special Rate Period: A VRDP Trust has commenced a “special rate period” with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any remarketing and the dividend rate will be based on a predetermined methodology. During a special rate period, short-term ratings on VRDP Shares are withdrawn. As of period end, BNY’s special rate period has commenced on March 31, 2021 and has a current expiration date of April 15, 2023.

Prior to the expiration date, the VRDP Trust and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.

During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by the VRDP Trust on the maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) the VRDP Trust is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) the VRDP Trust will pay dividends monthly based on the sum of an agreed upon reference rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares and (vi) the VRDP Trust will pay nominal or no fees to the liquidity provider and remarketing agent.

Dividends: Except during the Special Rate Period as described above, dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. A change in the short-term credit rating of the liquidity provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either short-term rating. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed.

For the six months ended January 31, 2022, the annualized dividend rate for the VRDP Shares was 0.91%.

For the six months ended January 31, 2022, VRDP Shares issued and outstanding of the VRDP Trust remained constant.

VMTP Shares

 

 

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Notes to Financial Statements  (unaudited) (continued)

 

BFZ (for purposes of this section, a “VMTP Trust”) has issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act. The VMTP Shares are subject to certain restrictions on transfer, and a VMTP Trust may also be required to register its VMTP Shares for sale under the Securities Act under certain circumstances. As of period end, the VMTP Shares outstanding and assigned long-term ratings were as follows:

 

Trust Name   Issue
Date		      Shares
Issued		      Aggregate
Principal		      Term
Redemption
Date		      Moody’s
Rating		      Fitch
Rating		  

BFZ

     03/22/12        1,713      $ 171,300,000        03/30/23        Aa2        AA  

Redemption Terms: A VMTP Trust is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that a term will be extended further or that any VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to the term redemption date, a VMTP Trust is required to begin to segregate liquid assets with its custodian to fund the redemption. In addition, a VMTP Trust is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, VMTP Shares may be redeemed, in whole or in part, at any time at the option of the VMTP Trust. The redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.

Dividends: Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index or to a percentage of the one-month LIBOR rate, as set forth in the VMTP Shares governing instrument. The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by the ratings agencies then rating the VMTP Shares.

The dividend rate on VMTP Shares is subject to a step-up spread if the VMTP Trust fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.

For the six months ended January 31, 2022, the average annualized dividend rate for the VMTP Shares was 0.89%.

For the six months ended January 31, 2022, VMTP Shares issued and outstanding of BFZ remained constant.

RVMTP Shares

BTT has issued Series W-7 RVMTP Shares, $5,000,000 liquidation preference per share, in privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act. The RVMTP Shares are subject to certain restrictions on transfer outside of a remarketing. As of period end, the RVMTP Shares outstanding of BTT were as follows:

 

Trust Name   Issue
Date		      Shares
Issued		      Shares
Outstanding		      Aggregate
Principal		      Term
Redemption
Date		  

BTT

     01/10/13        50        50      $  250,000,000        12/31/30  
    01/10/13        50        50        250,000,000        12/31/30  
      02/20/13        50        50        250,000,000        12/31/30  

Redemption Terms: BTT is required to redeem its RVMTP Shares on the term redemption date or within six months of an unsuccessful remarketing, unless earlier redeemed or repurchased. There is no assurance that RVMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the RVMTP Shares. In addition, BTT is required to redeem certain of its outstanding RVMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, RVMTP Shares may be redeemed, in whole or in part, at any time at the option of BTT. The redemption price per RVMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends. The RVMTP Shares are subject to certain restrictions on transfer outside of a remarketing. The RVMTP Shares are subject to remarketing upon 90 days’ notice by holders of the RVMTP Shares and 30 days’ notice by BTT. Each remarketing must be at least six months apart from the last remarketing. A holder of RVMTP Shares may submit notice of remarketing only if such holder requests a remarketing of at least the lesser of (i) $100,000,000 of RVMTP Shares or (ii) all of the RVMTP Shares held by such holder.

Dividends: Dividends on the RVMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to a percentage of the one-month LIBOR rate. The fixed rate spread may be adjusted at each remarketing or upon the agreement of BTT and the then-holder(s) of the RVMTP Shares. In the event that all of the RVMTP Shares submitted for remarketing are not successfully remarketed, a failed remarketing would occur, and all holders would retain their RVMTP Shares. In the event of a failed remarketing, the fixed rate spread would be set at the fixed rate spread applicable to such failed remarketing. BTT has the right to reject any fixed spread determined at a remarketing, and such rejection would result in a failed remarketing and the fixed rate spread would be set at the fixed rate spread applicable to such failed remarketing. The fixed rate spread applicable due to a failed remarketing depends on whether the remarketing was pursuant to a mandatory or non-mandatory tender. In the case of a failed remarketing following a mandatory tender, the failed remarketing spread would be the sum of the last applicable spread in effect immediately prior to the failed remarketing date for such failed remarketing plus 0.75%. In the case of a failed remarketing not associated with a mandatory tender, the failed remarketing spread would be the sum of the last applicable spread in effect immediately prior to the failed remarketing date for such failed remarketing plus 0.25%.

For the six months ended January 31, 2022, the average annualized dividend rate for the RVMTP Shares was 0.65%.

 

 

N O T E S  T O  F I N A N C I A L  S  T A T E M E N T S

   53

Notes to Financial Statements  (unaudited) (continued)

 

Remarketing: In the event of a failed remarketing that is not subsequently cured, BTT will be required to redeem the RVMTP Shares subject to such failed remarketing on a date that is approximately six months from the remarketing date for such failed remarketing, provided that no redemption of any RVMTP Share may occur within one year of the date of issuance of such RVMTP Share. At the date of issuance and as of period end, the RVMTP Shares were assigned long-term ratings of Aa2 from Moody’s and AA from Fitch. The dividend rate on the RVMTP Shares is subject to a step-up spread if BTT fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.

During the six months ended January 31, 2022, no RVMTP Shares were tendered for remarketing.

For the six months ended January 31, 2022, RVMTP Shares issued and outstanding of BTT remained constant.

Offering Costs: The Trusts incurred costs in connection with the issuance of VRDP, VMTP and RVMTP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VRDP, VMTP and RVMTP Shares with the exception of any upfront fees paid by a VRDP Trust to the liquidity provider which, if any, were amortized over the life of the liquidity agreement. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.

Financial Reporting: The VRDP, VMTP and RVMTP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP, VMTP and RVMTP Shares, is recorded as a liability in the Statements of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP, VMTP and RVMTP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VRDP, VMTP and RVMTP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP, VMTP and RVMTP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP, VMTP and RVMTP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:

 

Trust Name   Dividends Accrued      Deferred Offering
Costs Amortization		  

BFZ

   $ 762,276      $ —  

BTT

     2,436,505        15,764  

BNY

    
 813,515
  
      9,682  

 

11.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

The Trusts declared and paid or will pay distributions to Common Shareholders and Preferred Shareholders as follows:

 

Trust Name   Declaration
Date		      Record
Date		     

Payable/

Paid Date

      Dividend Per
Common Share		  

BFZ

     02/01/22        02/15/22        03/01/22      $ 0.043000  
    03/01/22        03/15/22        04/01/22        0.043000  

BTT

     02/01/22        02/15/22        03/01/22        0.062400  
    03/01/22        03/15/22        04/01/22        0.062400  

BNY.

     02/01/22        02/15/22        03/01/22        0.056500  
      03/01/22        03/15/22        04/01/22        0.046500  

The Trusts declared and paid or will pay distributions to Preferred Shareholders as follows:

 

    

Preferred Shares(a)

Trust Name   Shares   Series    Declared

BFZ

   VMTP   W-7    $ 119,253

BTT

   RVMTP   W-7    386,362

BNY

   VRDP   W-7    138,654

(a)  Dividends declared for period February 1, 2022 to February 28, 2022.

       

 

 

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Additional Information

 

Trust Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trusts will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Environmental, Social and Governance (“ESG”) Integration

Although a Trust does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Trust management will consider ESG characteristics as part of the investment process for actively managed Trusts. These considerations will vary depending on a Trust’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Trust management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Trust. The ESG characteristics utilized in a Trust’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Trust. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Trust may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Trust’s exposure to certain companies or industries and a Trust may forego certain investment opportunities. While Trust management views ESG considerations as having the potential to contribute to a Trust’s long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

The following information is a summary of certain changes since July 31, 2021. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.

Except if noted otherwise herein, there were no changes to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

 

A D D I T I O N A L  I N F O R M A T  I O N

   55

Additional Information (continued)

 

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Trust and Service Providers

 

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

VRDP Liquidity Provider

Bank of America, N.A.

New York, NY 10036

 

 

 

 

 

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Additional information  (continued)

 

Trust and Service Providers (continued)    

 

VRDP Remarketing Agent   Legal Counsel
BofA Securities, Inc.   Willkie Farr & Gallagher LLP
New York, NY 10036   New York, NY 10019
VRDP Tender and Paying Agent, VMTP Redemption and Paying Agent and RVMTPTender and Paying Agent   Address of the Trusts
  100 Bellevue Parkway
The Bank of New York Mellon   Wilmington, DE 19809
New York, NY 10286  
Independent Registered Public Accounting Firm  
Deloitte & Touche LLP  
Boston, MA 02116  

 

 

A D D I T I O N A L  I N F O R M A T I O N  

  57

 

Glossary of Terms Used in this Report

 

Portfolio Abbreviation
AGC    Assured Guaranty Corp.
AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMBAC    AMBAC Assurance Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
FHA    Federal Housing Administration
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
GTD    GTD Guaranteed
HUD SECT 8    U.S. Department of Housing and Urban Development
       Section 8
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAP    Subject to Appropriations
SAW    State Aid Withholding
SONYMA    State of New York Mortgage Agency
ST    Special Tax
TA    Tax Allocation

 

 

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Want to know more?

blackrock.com | 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of NAV and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

CEF-01/22-SAR

 

 

LOGO

   LOGO

(b) Not Applicable

 

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

 

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

 

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

 

Item 5 –

Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

 

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

 

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

 

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report.

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

 

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

 

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

 

Item 11 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies – Not Applicable

 

Item 13 –

Exhibits attached hereto

 

2

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

 

 

3

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Municipal 2030 Target Term Trust

 

  By:     

/s/ John M. Perlowski                            

       John M. Perlowski
       Chief Executive Officer (principal executive officer) of
       BlackRock Municipal 2030 Target Term Trust

Date: March 23, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

  By:     

/s/ John M. Perlowski                            

       John M. Perlowski
       Chief Executive Officer (principal executive officer) of
       BlackRock Municipal 2030 Target Term Trust

Date: March 23, 2022

 

  By:     

/s/ Trent Walker                                    

       Trent Walker
       Chief Financial Officer (principal financial officer) of
       BlackRock Municipal 2030 Target Term Trust

Date: March 23, 2022

 

 

4

EX-99.CERT 2 d275588dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 Certification Pursuant to Section 302

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Municipal 2030 Target Term Trust, certify that:

1.            I have reviewed this report on Form N-CSR of BlackRock Municipal 2030 Target Term Trust;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)            designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)            designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)            evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)            disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)            all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)            any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 23, 2022

/s/ John M. Perlowski        

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Municipal 2030 Target Term Trust

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Municipal 2030 Target Term Trust, certify that:

1.            I have reviewed this report on Form N-CSR of BlackRock Municipal 2030 Target Term Trust;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)            designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)            designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)            evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)            disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)            all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)            any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 23, 2022

/s/ Trent Walker        

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Municipal 2030 Target Term Trust

 

 EX-99.906CERT 3 d275588dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 Certification Pursuant to Section 906

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and

Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Municipal 2030 Target Term Trust (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant’s Report on Form N-CSR for the period ended January 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: March 23, 2022

/s/ John M. Perlowski        

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Municipal 2030 Target Term Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Municipal 2030 Target Term Trust (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant’s Report on Form N-CSR for the period ended January 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: March 23, 2022

/s/ Trent Walker        

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Municipal 2030 Target Term Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

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