| Schedule of Investments (unaudited) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds |
| |||||||
| Alabama — 6.9% |
||||||||
| Alabama Economic Settlement Authority, RB, Series A, 4.00%, 09/15/33 |
$ | 5,000 | $ | 4,960,790 | ||||
| Alabama Public School and College Authority, Refunding RB, Series A, 5.00%, 11/01/30 |
11,900 | 13,981,167 | ||||||
| Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, 5.00%, 06/01/30 |
10,000 | 10,381,950 | ||||||
| Birmingham-Jefferson Civic Center Authority, ST |
||||||||
| Series A, 5.00%, 07/01/31 |
1,100 | 1,218,136 | ||||||
| Series A, 5.00%, 07/01/32 |
1,150 | 1,272,465 | ||||||
| Series A, 5.00%, 07/01/33 |
1,600 | 1,766,117 | ||||||
| Black Belt Energy Gas District,
RB(a) |
12,025 | 11,958,357 | ||||||
| Series B-2, 4.48%, 12/01/48 |
5,000 | 4,979,020 | ||||||
| Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a) |
8,930 | 8,926,508 | ||||||
| County of Jefferson Alabama Sewer Revenue, Refunding RB, CAB(b) |
||||||||
| Series B, Senior Lien, (AGM), 0.00%, 10/01/31 |
7,375 | 4,624,420 | ||||||
| Series B, Senior Lien, (AGM), 0.00%, 10/01/32 |
6,295 | 3,667,266 | ||||||
| Series B, Senior Lien, (AGM), 0.00%, 10/01/33 |
1,275 | 697,315 | ||||||
| Homewood Educational Building Authority, Refunding RB |
||||||||
| Series A, 5.00%, 12/01/33 |
1,010 | 1,082,306 | ||||||
| Series A, 5.00%, 12/01/34 |
1,380 | 1,472,642 | ||||||
| Orange Beach Water Sewer & Fire Protection Authority, RB, 4.00%, 05/15/30 |
510 | 549,714 | ||||||
| Southeast Energy Authority A Cooperative District, RB(a) |
||||||||
| Series A-2, 5.64%, 01/01/53 |
30,265 | 30,635,867 | ||||||
| Series B-1, 5.00%, 05/01/53 |
9,375 | 9,766,163 | ||||||
| University of South Alabama, Refunding RB |
||||||||
| (AGM), 5.00%, 11/01/29 |
1,105 | 1,176,038 | ||||||
| (AGM), 5.00%, 11/01/30 |
2,000 | 2,128,394 | ||||||
|
|
|
|||||||
| 115,244,635 | ||||||||
| Arizona — 2.0% | ||||||||
| Arizona Health Facilities Authority, Refunding RB, |
||||||||
| Series B, 5.00%, 02/01/33 |
1,810 | 1,811,644 | ||||||
| Arizona Industrial Development Authority, RB(c) |
||||||||
| 4.00%, 07/01/29 |
650 | 618,343 | ||||||
| 4.50%, 07/01/29 |
765 | 747,324 | ||||||
| 4.00%, 07/01/30 |
620 | 583,290 | ||||||
| Series A, 4.00%, 07/01/29 |
4,135 | 3,930,756 | ||||||
| Arizona Sports & Tourism Authority, Refunding RB, Senior Lien, (BAM), 5.00%, 07/01/30 |
12,000 | 13,510,128 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona, RB |
||||||||
| 6.00%, 07/01/23(d) |
100 | 100,434 | ||||||
| Series A, 5.75%, 07/01/24(c) |
325 | 325,183 | ||||||
| Maricopa County Industrial Development Authority, Refunding RB |
||||||||
| 4.00%, 07/01/29(c) |
855 | 816,972 | ||||||
| Series A, 5.00%, 01/01/31 |
10,000 | 10,787,230 | ||||||
|
|
|
|||||||
| 33,231,304 | ||||||||
| Security | Par (000) |
Value | ||||||
| California — 10.5% |
||||||||
| Alameda Corridor Transportation Authority, Refunding RB, Series A, Sub Lien, (AMBAC), 0.00%, 10/01/30(b) |
$ | 10,530 | $ | 7,846,324 | ||||
| Bay Area Toll Authority, RB, Class A, 5.11%, 04/01/36(a) |
3,000 | 2,993,691 | ||||||
| Bay Area Toll Authority, Refunding RB(a) |
||||||||
| Series C, 4.31%, 04/01/56 |
4,500 | 4,558,612 | ||||||
| Series E, 4.27%, 04/01/56 |
3,250 | 3,196,147 | ||||||
| California Community Choice Financing Authority, RB(a) |
||||||||
| 2.67%, 12/01/53 |
6,750 | 6,858,196 | ||||||
| Series A, 4.00%, 10/01/52 |
8,650 | 8,678,744 | ||||||
| California Health Facilities Financing Authority, RB |
||||||||
| Series A, 5.00%, 11/15/32 |
1,600 | 1,753,728 | ||||||
| Series A, 5.00%, 11/15/33 |
1,855 | 2,025,352 | ||||||
| California Housing Finance Agency, RB, M/F Housing, Series 2021-1, Class A, 3.50%, 11/20/35 |
3,640 | 3,396,423 | ||||||
| California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/33 |
4,000 | 4,262,320 | ||||||
| California Municipal Finance Authority, RB, 4.00%, 10/01/23(e) |
2,500 | 2,509,865 | ||||||
| California Municipal Finance Authority, RB, S/F Housing, Series A, 5.00%, 08/15/30 |
1,000 | 1,013,348 | ||||||
| California Municipal Finance Authority, Refunding RB |
||||||||
| Series A, 5.00%, 07/01/30 |
1,200 | 1,273,076 | ||||||
| Series A, 5.00%, 07/01/31 |
1,050 | 1,112,120 | ||||||
| California School Finance Authority, RB(c) |
||||||||
| 5.00%, 06/01/30 |
565 | 505,807 | ||||||
| Series A, 5.00%, 06/01/29 |
280 | 283,261 | ||||||
| Series A, 4.00%, 06/01/31 |
265 | 253,620 | ||||||
| Series A, 5.00%, 06/01/32 |
1,100 | 1,105,180 | ||||||
| City of Long Beach California Harbor Revenue, ARB |
||||||||
| Series A, AMT, 5.00%, 05/15/31 |
1,200 | 1,283,669 | ||||||
| Series A, AMT, 5.00%, 05/15/32 |
1,800 | 1,922,080 | ||||||
| Series A, AMT, 5.00%, 05/15/33 |
675 | 719,689 | ||||||
| Series A, AMT, 5.00%, 05/15/34 |
1,650 | 1,755,268 | ||||||
| City of Los Angeles Department of Airports, ARB, AMT, 5.00%, 05/15/30 |
18,250 | 20,491,209 | ||||||
| Compton Unified School District, GO, CAB(b) |
||||||||
| Series B, (BAM), 0.00%, 06/01/33 |
1,000 | 701,489 | ||||||
| Series B, (BAM), 0.00%, 06/01/34 |
1,125 | 764,362 | ||||||
| Series B, (BAM), 0.00%, 06/01/35 |
1,000 | 632,462 | ||||||
| Series B, (BAM), 0.00%, 06/01/36 |
1,000 | 593,729 | ||||||
| El Camino Community College District Foundation, GO, CAB(b) |
||||||||
| Series C, Election 2002, 0.00%, 08/01/30 |
9,090 | 7,449,819 | ||||||
| Series C, Election 2002, 0.00%, 08/01/31 |
12,465 | 9,902,196 | ||||||
| Series C, Election 2002, 0.00%, 08/01/32 |
17,435 | 13,410,775 | ||||||
| Los Angeles Unified School District, GO, Series A, Election 2008, 4.00%, 07/01/33 |
3,000 | 3,103,707 | ||||||
| Monterey Peninsula Community College District, Refunding GO, CAB(b) |
||||||||
| 0.00%, 08/01/30 |
3,500 | 2,744,808 | ||||||
| 0.00%, 08/01/31 |
5,940 | 4,498,701 | ||||||
| M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29 |
2,210 | 2,373,001 | ||||||
| Norman Y Mineta San Jose International Airport SJC, Refunding RB |
||||||||
| Series A, AMT, 5.00%, 03/01/30 |
500 | 530,241 | ||||||
| Series A, AMT, 5.00%, 03/01/31 |
1,500 | 1,592,537 | ||||||
| 1 |
|
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| California (continued) |
||||||||
| Norman Y Mineta San Jose International Airport SJC, Refunding RB (continued) |
||||||||
| Series A, AMT, 5.00%, 03/01/32 |
$ | 1,000 | $ | 1,061,724 | ||||
| Series A, AMT, 5.00%, 03/01/33 |
975 | 1,033,762 | ||||||
| Series A, AMT, 5.00%, 03/01/34 |
1,250 | 1,322,679 | ||||||
| Series A, AMT, 5.00%, 03/01/35 |
2,000 | 2,110,010 | ||||||
| Poway Unified School District, GO(b) |
||||||||
| Series A, Election 2008, 0.00%, 08/01/30 |
10,000 | 8,271,020 | ||||||
| Series A, Election 2008, 0.00%, 08/01/32 |
12,500 | 9,740,525 | ||||||
| San Diego County Regional Airport Authority, ARB, Sub-Series B, AMT, 5.00%, 07/01/33 |
1,000 | 1,070,314 | ||||||
| San Rafael City Elementary School District, GO, Series C, Election 2002, (NPFGC), 0.00%, 08/01/30(b) |
6,350 | 5,218,189 | ||||||
| State of California, Refunding GO, 5.00%, 08/01/30 |
10,000 | 11,004,150 | ||||||
| Washington Township Health Care District, Refunding RB, Series B, 3.00%, 07/01/28 |
750 | 711,170 | ||||||
| Wiseburn School District, GO, Series A, Election 2007, (NPFGC), 0.00%, 08/01/30(b) |
7,505 | 6,125,641 | ||||||
|
|
|
|||||||
| 175,764,740 | ||||||||
| Colorado — 5.8% | ||||||||
| Aspen Valley Hospital District, Refunding GO, 5.00%, 12/01/30 |
620 | 721,755 | ||||||
| Central Platte Valley Metropolitan District, GO(e) |
||||||||
| Series A, 5.13%, 12/01/23 |
700 | 707,837 | ||||||
| Series A, 5.50%, 12/01/23 |
750 | 760,001 | ||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
| Series A, AMT, 5.00%, 12/01/30 |
12,780 | 14,220,894 | ||||||
| Series A, AMT, 5.00%, 12/01/33 |
25,000 | 27,050,500 | ||||||
| Series D, AMT, 5.50%, 11/15/30 |
14,000 | 16,138,024 | ||||||
| City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/30(b) |
1,000 | 765,742 | ||||||
| City & County of Denver Colorado, Refunding RB, AMT, 5.00%, 10/01/32 |
2,500 | 2,496,875 | ||||||
| Colorado Educational & Cultural Facilities Authority, Refunding RB, 4.00%, 12/01/30(c) |
1,185 | 1,120,619 | ||||||
| Colorado Health Facilities Authority, RB |
||||||||
| 5.00%, 11/01/30 |
1,000 | 1,107,415 | ||||||
| Series B, 2.63%, 05/15/29 |
2,100 | 1,888,341 | ||||||
| Series D, 4.41%, 05/15/61(a) |
7,695 | 7,713,168 | ||||||
| Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/37 |
3,000 | 2,985,192 | ||||||
| E-470 Public Highway Authority, Refunding RB, Series B, 3.57%, 09/01/39(a) |
1,475 | 1,469,855 | ||||||
| Park Creek Metropolitan District, Refunding RB |
||||||||
| Series A, Senior Lien, 5.00%, 12/01/27 |
1,500 | 1,568,835 | ||||||
| Series A, Senior Lien, 5.00%, 12/01/28 |
1,500 | 1,574,035 | ||||||
| Series A, Senior Lien, 5.00%, 12/01/30 |
1,350 | 1,416,720 | ||||||
| Series A, Senior Lien, 5.00%, 12/01/31 |
1,500 | 1,575,160 | ||||||
| Plaza Metropolitan District No. 1, Refunding TA(c) |
||||||||
| 4.00%, 12/01/23 |
1,000 | 992,486 | ||||||
| 4.10%, 12/01/24 |
5,080 | 4,990,226 | ||||||
| 4.20%, 12/01/25 |
5,280 | 5,161,015 | ||||||
| Tallyn’s Reach Metropolitan District No. 3, GO, 5.00%, 12/01/23(c)(e) |
467 | 471,895 | ||||||
|
|
|
|||||||
| 96,896,590 | ||||||||
| Security | Par (000) |
Value | ||||||
| Connecticut — 1.0% |
||||||||
| Capital Region Development Authority, Refunding RB |
||||||||
| (SAP), 5.00%, 06/15/30 |
$ | 1,095 | $ | 1,220,674 | ||||
| (SAP), 5.00%, 06/15/31 |
1,125 | 1,253,167 | ||||||
| Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/30(c) |
370 | 365,481 | ||||||
| Connecticut State Health & Educational Facilities Authority, Refunding RB |
||||||||
| Series G-1, 5.00%, 07/01/27(c) |
225 | 226,385 | ||||||
| Series G-1, 5.00%, 07/01/28(c) |
300 | 301,139 | ||||||
| Series G-1, 5.00%, 07/01/29(c) |
300 | 300,285 | ||||||
| Series G-1, 5.00%, 07/01/30(c) |
300 | 299,308 | ||||||
| Series G-1, 5.00%, 07/01/32(c) |
425 | 422,280 | ||||||
| Series G-1, 5.00%, 07/01/34(c) |
355 | 352,112 | ||||||
| Series I-1, 5.00%, 07/01/35 |
400 | 425,654 | ||||||
| State of Connecticut Special Tax Revenue, RB, |
||||||||
| Series A, 5.00%, 07/01/30 |
3,500 | 4,072,054 | ||||||
| State of Connecticut, GO, Series A, 5.00%, 04/15/33 |
7,000 | 7,768,929 | ||||||
|
|
|
|||||||
| 17,007,468 | ||||||||
| Delaware — 0.8% | ||||||||
| County of Kent Delaware, RB |
||||||||
| Series A, 5.00%, 07/01/24 |
705 | 708,330 | ||||||
| Series A, 5.00%, 07/01/25 |
805 | 811,663 | ||||||
| Series A, 5.00%, 07/01/26 |
850 | 858,717 | ||||||
| Series A, 5.00%, 07/01/27 |
890 | 898,820 | ||||||
| Series A, 5.00%, 07/01/28 |
935 | 941,994 | ||||||
| Delaware State Economic Development Authority, Refunding RB(a) |
||||||||
| Series A, 1.25%, 10/01/45 |
6,035 | 5,692,303 | ||||||
| Series B, 1.25%, 10/01/40 |
500 | 471,774 | ||||||
| Delaware State Health Facilities Authority, RB, 4.00%, 06/01/35 |
1,250 | 1,253,316 | ||||||
| Delaware Transportation Authority, Refunding RB, 5.00%, 09/01/30 |
2,000 | 2,338,936 | ||||||
|
|
|
|||||||
| 13,975,853 | ||||||||
| District of Columbia — 0.9% | ||||||||
| District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23(e) |
1,700 | 1,707,634 | ||||||
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/30 |
12,325 | 13,640,164 | ||||||
|
|
|
|||||||
| 15,347,798 | ||||||||
| Florida — 6.3% | ||||||||
| Capital Projects Finance Authority, RB, Series A-1, 5.00%, 10/01/30 |
1,000 | 1,026,447 | ||||||
| Capital Trust Agency, Inc., RB(c) |
||||||||
| Series A, 4.00%, 06/15/29 |
1,595 | 1,504,185 | ||||||
| Series A-1, 3.38%, 07/01/31 |
1,810 | 1,691,101 | ||||||
| Central Florida Expressway Authority, Refunding RB |
||||||||
| Senior Lien, 5.00%, 07/01/32 |
1,610 | 1,778,981 | ||||||
| Senior Lien, 5.00%, 07/01/33 |
2,750 | 3,030,569 | ||||||
| City of Lakeland Florida, Refunding RB, 5.00%, 11/15/30 |
3,750 | 3,988,357 | ||||||
| County of Miami-Dade Florida Water & Sewer System Revenue, RB, 5.00%, 10/01/27 |
5,000 | 5,481,175 | ||||||
| County of Miami-Dade Florida, Refunding RB, |
||||||||
| Series B, 4.00%, 04/01/32 |
6,690 | 6,967,508 | ||||||
| County of Palm Beach Florida, RB, 5.00%, 04/01/29(c) |
915 | 916,905 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
2 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Florida (continued) |
||||||||
| County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB(b) |
||||||||
| Series B, 0.00%, 06/01/30 |
$ | 2,000 | $ | 1,628,258 | ||||
| Series B, 0.00%, 06/01/31 |
1,295 | 1,019,828 | ||||||
| Series B, 0.00%, 06/01/32 |
2,495 | 1,900,868 | ||||||
| Double Branch Community Development District, Refunding SAB, Series A-1, Senior Lien, 4.13%, 05/01/31 |
1,200 | 1,200,448 | ||||||
| Florida Development Finance Corp., RB |
||||||||
| AMT, 5.00%, 05/01/29(c) |
7,430 | 6,953,700 | ||||||
| AMT, 3.00%, 06/01/32 |
3,000 | 2,296,857 | ||||||
| Florida Development Finance Corp., Refunding RB(c) |
||||||||
| 4.00%, 06/01/24 |
105 | 103,336 | ||||||
| 4.00%, 06/01/25 |
100 | 97,026 | ||||||
| 4.00%, 06/01/26 |
110 | 105,192 | ||||||
| 4.00%, 09/15/30 |
470 | 439,591 | ||||||
| Greater Orlando Aviation Authority, Refunding RB, AMT, 5.00%, 11/15/36 |
250 | 249,307 | ||||||
| Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/30 |
2,325 | 2,597,346 | ||||||
| Lakewood Ranch Stewardship District, Refunding SAB, 3.20%, 05/01/30(c) |
540 | 503,255 | ||||||
| Lakewood Ranch Stewardship District, SAB, S/F Housing, 3.40%, 05/01/30 |
375 | 353,270 | ||||||
| LT Ranch Community Development District, SAB, 3.40%, 05/01/30 |
985 | 930,269 | ||||||
| Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/30 |
1,000 | 1,019,749 | ||||||
| Orange County Convention Center/Orlando, Refunding RB, 5.00%, 10/01/30 |
11,470 | 13,103,512 | ||||||
| Palm Beach County Health Facilities Authority, RB, Series B, 5.00%, 05/15/31 |
410 | 371,557 | ||||||
| Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 11/15/32 |
19,820 | 20,222,604 | ||||||
| Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(e) |
3,825 | 3,830,944 | ||||||
| Sarasota National Community Development District, Refunding SAB, 3.50%, 05/01/31 |
1,000 | 923,831 | ||||||
| School Board of Miami-Dade County, Refunding COP, Series A, 5.00%, 05/01/32 |
9,000 | 9,546,471 | ||||||
| St Johns County Industrial Development Authority, Refunding RB |
||||||||
| 4.00%, 12/15/25 |
180 | 174,675 | ||||||
| 4.00%, 12/15/28 |
200 | 186,320 | ||||||
| 4.00%, 12/15/29 |
215 | 197,372 | ||||||
| 4.00%, 12/15/30 |
195 | 176,670 | ||||||
| 4.00%, 12/15/31 |
205 | 183,305 | ||||||
| Tolomato Community Development District, Refunding SAB, Sub-Series A-2, 3.85%, 05/01/29 |
520 | 506,749 | ||||||
| Village Community Development District No. 5, Refunding SAB |
||||||||
| 3.50%, 05/01/28 |
4,705 | 4,684,759 | ||||||
| 4.00%, 05/01/33 |
910 | 910,274 | ||||||
| 4.00%, 05/01/34 |
1,990 | 1,990,496 | ||||||
|
|
|
|||||||
| 104,793,067 | ||||||||
| Georgia — 5.3% | ||||||||
| City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/29 |
4,150 | 4,554,903 | ||||||
| Georgia Ports Authority, ARB, 5.00%, 07/01/30 |
1,175 | 1,367,510 | ||||||
| Security | Par (000) |
Value | ||||||
| Georgia (continued) |
||||||||
| Main Street Natural Gas, Inc., RB |
||||||||
| Series A, 5.00%, 05/15/29 |
$ | 1,250 | $ | 1,308,170 | ||||
| Series A, 5.00%, 05/15/30 |
8,000 | 8,374,000 | ||||||
| Series A, 4.00%, 07/01/52(a) |
3,500 | 3,503,213 | ||||||
| Series A, 4.00%, 09/01/52(a) |
15,000 | 14,875,680 | ||||||
| Series A, 5.00%, 06/01/53(a) |
11,185 | 11,781,060 | ||||||
| Series B, 5.00%, 12/01/52(a) |
20,190 | 21,148,884 | ||||||
| Series C, 4.00%, 05/01/52(a) |
5,360 | 5,330,665 | ||||||
| Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 01/01/34 |
8,000 | 8,627,408 | ||||||
| Municipal Electric Authority of Georgia, Refunding RB |
||||||||
| Series A, 5.00%, 01/01/29 |
2,000 | 2,196,932 | ||||||
| Series A, 5.00%, 01/01/30 |
1,905 | 2,123,240 | ||||||
| Series A, Subordinate, 5.00%, 01/01/29 |
1,200 | 1,318,159 | ||||||
| Series A, Subordinate, 5.00%, 01/01/30 |
1,250 | 1,393,202 | ||||||
|
|
|
|||||||
| 87,903,026 | ||||||||
| Guam — 0.2% | ||||||||
| Territory of Guam, Refunding RB |
||||||||
| Series A, 5.00%, 11/01/30 |
500 | 520,676 | ||||||
| Series F, 5.00%, 01/01/30 |
1,160 | 1,207,215 | ||||||
| Series F, 5.00%, 01/01/31 |
1,250 | 1,302,790 | ||||||
|
|
|
|||||||
| 3,030,681 | ||||||||
| Idaho — 0.0% | ||||||||
| Idaho Housing & Finance Association, RB, Series A, 4.63%, 07/01/29(c) |
175 | 170,343 | ||||||
|
|
|
|||||||
| Illinois — 12.5% | ||||||||
| Chicago Board of Education, Refunding GO, |
||||||||
| Series C, 5.00%, 12/01/30 |
7,025 | 7,235,933 | ||||||
| Chicago Housing Authority, RB, M/F Housing |
||||||||
| Series A, 5.00%, 01/01/33 |
3,000 | 3,264,612 | ||||||
| Series A, 5.00%, 01/01/35 |
1,500 | 1,624,248 | ||||||
| Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/33 |
5,000 | 5,031,955 | ||||||
| Chicago O’Hare International Airport, Refunding RB |
||||||||
| Series B, AMT, 4.00%, 01/01/27 |
5,000 | 5,001,265 | ||||||
| Series B, Senior Lien, 5.00%, 01/01/33 |
6,000 | 6,463,950 | ||||||
| Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB, 5.00%, 06/01/26 |
3,000 | 3,151,779 | ||||||
| City of Chicago Illinois Wastewater Transmission Revenue, RB |
||||||||
| 2nd Lien, 4.00%, 01/01/31 |
10,375 | 10,379,690 | ||||||
| 2nd Lien, 4.00%, 01/01/32 |
10,790 | 10,795,050 | ||||||
| 2nd Lien, 4.00%, 01/01/33 |
11,220 | 11,225,442 | ||||||
| 2nd Lien, 4.00%, 01/01/35 |
9,135 | 9,141,769 | ||||||
| City of Chicago Illinois, Refunding GO, Series B, 4.00%, 01/01/30 |
1,053 | 1,072,473 | ||||||
| Illinois Finance Authority, RB, 5.00%, 07/01/30 |
1,500 | 1,749,687 | ||||||
| Illinois Finance Authority, Refunding RB |
||||||||
| 5.00%, 08/15/30 |
4,515 | 5,223,358 | ||||||
| Series A, 4.00%, 11/01/24 |
425 | 415,858 | ||||||
| Series A, 5.00%, 11/01/26 |
460 | 451,690 | ||||||
| Series A, 5.00%, 11/01/28 |
1,745 | 1,688,275 | ||||||
| Series A, 5.00%, 11/01/29 |
1,840 | 1,766,036 | ||||||
| Series A, 5.00%, 10/01/30 |
1,000 | 1,070,055 | ||||||
| Series A, 5.00%, 11/01/30 |
1,935 | 1,844,918 | ||||||
| Series A, 5.00%, 11/15/31 |
8,415 | 8,668,098 | ||||||
| Series A, 4.00%, 10/01/32 |
1,000 | 1,035,822 | ||||||
| Series A, 5.00%, 11/15/32 |
2,075 | 2,137,526 | ||||||
| Series A, 4.00%, 02/01/33 |
12,850 | 12,858,018 | ||||||
| Series A, 5.00%, 11/15/33 |
2,125 | 2,189,207 | ||||||
| 3 |
|
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Illinois (continued) |
||||||||
| Illinois Finance Authority, Refunding RB (continued) |
||||||||
| Series B, 5.00%, 08/15/30 |
$ | 3,205 | $ | 3,389,662 | ||||
| Series B, 4.56%, 05/01/42(a) |
1,750 | 1,707,060 | ||||||
| Series C, 5.00%, 02/15/30 |
12,000 | 12,946,536 | ||||||
| Illinois State Toll Highway Authority, Refunding RB, Series A, 4.00%, 12/01/31 |
20,000 | 20,655,840 | ||||||
| Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Refunding GO, Series A, 5.00%, 01/01/30 |
6,350 | 6,783,476 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
| 5.00%, 12/15/28 |
1,200 | 1,260,102 | ||||||
| 5.00%, 12/15/30 |
1,385 | 1,452,624 | ||||||
| Sales Tax Securitization Corp., Refunding RB, |
||||||||
| Series A, 2nd Lien, 5.00%, 01/01/30 |
11,000 | 12,348,782 | ||||||
| State of Illinois, GO |
||||||||
| Series A, 5.00%, 12/01/26 |
10,805 | 11,418,519 | ||||||
| Series A, 5.00%, 12/01/28 |
9,950 | 10,676,509 | ||||||
| Series A, 5.00%, 03/01/32 |
1,500 | 1,672,694 | ||||||
| State of Illinois, Refunding GO, Series B, 5.00%, 10/01/30 |
7,000 | 7,598,430 | ||||||
| Upper Illinois River Valley Development Authority, Refunding RB, 4.00%, 01/01/31(c) |
265 | 250,784 | ||||||
|
|
|
|||||||
| 207,647,732 | ||||||||
| Indiana — 2.5% | ||||||||
| City of Indianapolis Department of Public Utilities Water System Revenue, Refunding RB, Series A, 1st Lien, 5.00%, 10/01/35 |
10,000 | 11,109,870 | ||||||
| City of Valparaiso Indiana, RB, AMT, 5.88%, 01/01/24 |
335 | 338,844 | ||||||
| Indiana Finance Authority, Refunding RB |
||||||||
| Series A, 4.00%, 05/01/23(e) |
22,565 | 22,565,000 | ||||||
| Series A, 4.13%, 12/01/26 |
3,665 | 3,594,310 | ||||||
| Series B, 4.16%, 03/01/39(a) |
1,010 | 1,004,947 | ||||||
| Northern Indiana Commuter Transportation District, RB |
||||||||
| 5.00%, 07/01/32 |
1,000 | 1,057,888 | ||||||
| 5.00%, 07/01/33 |
1,400 | 1,481,061 | ||||||
|
|
|
|||||||
| 41,151,920 | ||||||||
| Iowa(a) — 1.5% | ||||||||
| Iowa Finance Authority, RB, AMT, 1.50%, 01/01/42 |
2,750 | 2,706,688 | ||||||
| PEFA, Inc., RB, 5.00%, 09/01/49 |
21,415 | 21,972,882 | ||||||
|
|
|
|||||||
| 24,679,570 | ||||||||
| Kansas — 0.3% | ||||||||
| City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/24 |
1,550 | 1,549,612 | ||||||
| City of Manhattan Kansas, RB |
||||||||
| Series B-1, 2.88%, 06/01/28 |
375 | 331,626 | ||||||
| Series B2, 2.38%, 06/01/27 |
425 | 377,587 | ||||||
| City of Manhattan Kansas, Refunding RB, Series A, 4.00%, 06/01/26 |
315 | 300,682 | ||||||
| City of Shawnee Kansas, RB, 4.00%, 08/01/31(c) |
500 | 478,928 | ||||||
| Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A, 5.00%, 09/01/33 |
1,370 | 1,426,941 | ||||||
|
|
|
|||||||
| 4,465,376 | ||||||||
| Security | Par (000) |
Value | ||||||
| Kentucky — 0.9% |
||||||||
| Kentucky Public Energy Authority, RB, |
$ | 4,225 | $ | 4,158,997 | ||||
| Kentucky Public Transportation Infrastructure Authority, RB, CAB |
||||||||
| Series B, 0.00%, 07/01/30(b) |
1,230 | 862,124 | ||||||
| Series C, Convertible, 6.40%, 07/01/33(f) |
1,500 | 1,761,200 | ||||||
| Louisville/Jefferson County Metropolitan Government, Refunding RB, Series A, 5.00%, 10/01/32 |
7,300 | 7,693,360 | ||||||
|
|
|
|||||||
| 14,475,681 | ||||||||
| Louisiana — 1.6% | ||||||||
| City of Ruston Louisiana Sales Tax Revenue, RB |
||||||||
| (AGM), 5.00%, 06/01/29 |
1,060 | 1,126,801 | ||||||
| (AGM), 5.00%, 06/01/30 |
1,000 | 1,063,060 | ||||||
| (AGM), 5.00%, 06/01/31 |
1,020 | 1,084,362 | ||||||
| (AGM), 5.00%, 06/01/32 |
1,225 | 1,302,351 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 08/15/30 |
4,700 | 5,077,729 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, Series A, 2.00%, 06/01/30 |
1,250 | 1,124,945 | ||||||
| Louisiana Public Facilities Authority, RB(c) |
||||||||
| Series A, 5.00%, 06/01/29 |
710 | 715,164 | ||||||
| Series A, 5.00%, 04/01/30 |
520 | 501,548 | ||||||
| Series A, 5.00%, 06/01/31 |
500 | 482,124 | ||||||
| Louisiana Public Facilities Authority, Refunding RB |
||||||||
| 5.00%, 05/15/29 |
1,235 | 1,298,483 | ||||||
| 5.00%, 05/15/30 |
990 | 1,040,923 | ||||||
| 3.00%, 05/15/31 |
2,225 | 2,146,684 | ||||||
| 5.00%, 05/15/32 |
1,485 | 1,561,463 | ||||||
| 5.00%, 05/15/33 |
2,175 | 2,286,828 | ||||||
| Louisiana Stadium & Exposition District, RB, 4.00%, 07/03/23 |
1,000 | 1,000,407 | ||||||
| Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/30 |
3,000 | 3,006,720 | ||||||
| Terrebonne Levee & Conservation District Sales Tax Revenue, RB, 5.00%, 07/01/23(e) |
1,925 | 1,930,448 | ||||||
|
|
|
|||||||
| 26,750,040 | ||||||||
| Maine — 0.2% | ||||||||
| City of Portland Maine General Airport Revenue, Refunding RB |
||||||||
| 5.00%, 01/01/33 |
695 | 767,140 | ||||||
| 5.00%, 01/01/34 |
305 | 335,215 | ||||||
| 4.00%, 01/01/35 |
1,000 | 1,016,636 | ||||||
| Maine Turnpike Authority, RB |
||||||||
| 5.00%, 07/01/29 |
300 | 342,608 | ||||||
| 5.00%, 07/01/30 |
275 | 319,743 | ||||||
|
|
|
|||||||
| 2,781,342 | ||||||||
| Maryland — 1.7% | ||||||||
| Anne Arundel County Consolidated Special Taxing District, ST |
||||||||
| 4.20%, 07/01/24 |
310 | 309,841 | ||||||
| 4.90%, 07/01/30 |
1,315 | 1,318,089 | ||||||
| City of Baltimore Maryland, Refunding RB, 5.00%, 09/01/31 |
1,250 | 1,258,291 | ||||||
| County of Prince George’s Maryland, TA, 5.00%, 07/01/30(c) |
585 | 575,717 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
4 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Maryland (continued) |
||||||||
| Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/33 |
$ | 1,765 | $ | 1,906,908 | ||||
| Maryland Health & Higher Educational Facilities Authority, Refunding RB |
||||||||
| 5.00%, 07/01/29 |
2,200 | 2,278,861 | ||||||
| 5.00%, 07/01/31 |
2,400 | 2,526,917 | ||||||
| 5.00%, 07/01/32 |
500 | 537,653 | ||||||
| 5.00%, 07/01/33 |
2,585 | 2,724,858 | ||||||
| 5.00%, 07/01/34 |
775 | 828,678 | ||||||
| Series A, 5.00%, 01/01/31 |
2,865 | 2,971,472 | ||||||
| Series A, 5.00%, 01/01/32 |
3,010 | 3,122,050 | ||||||
| Series A, 5.00%, 01/01/33 |
3,165 | 3,282,960 | ||||||
| State of Maryland, GO, 1st Series, 3.00%, 03/15/34 |
5,000 | 5,043,385 | ||||||
|
|
|
|||||||
| 28,685,680 | ||||||||
| Massachusetts — 1.0% | ||||||||
| Commonwealth of Massachusetts, GO, Series I, 5.00%, 12/01/33 |
5,000 | 5,421,690 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, CAB, Series A, 0.00%, 07/01/32(b) |
4,000 | 2,958,916 | ||||||
| Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/33 |
1,070 | 1,119,905 | ||||||
| Massachusetts Development Finance Agency, Refunding RB |
||||||||
| Series A, 5.00%, 01/01/32 |
2,020 | 2,137,516 | ||||||
| Series A, 5.00%, 01/01/33 |
1,500 | 1,586,374 | ||||||
| Series A, 5.00%, 01/01/34 |
2,085 | 2,197,031 | ||||||
| Series A, 5.00%, 01/01/35 |
2,000 | 2,096,270 | ||||||
|
|
|
|||||||
| 17,517,702 | ||||||||
| Michigan — 2.6% | ||||||||
| City of Detroit Michigan, GO |
||||||||
| 5.00%, 04/01/26 |
735 | 765,572 | ||||||
| 5.00%, 04/01/27 |
580 | 609,513 | ||||||
| 5.00%, 04/01/28 |
665 | 700,100 | ||||||
| 5.00%, 04/01/29 |
665 | 700,457 | ||||||
| 5.00%, 04/01/30 |
510 | 534,984 | ||||||
| 5.00%, 04/01/31 |
735 | 769,049 | ||||||
| 5.00%, 04/01/32 |
625 | 652,084 | ||||||
| 5.00%, 04/01/33 |
830 | 864,506 | ||||||
| Michigan Finance Authority, Refunding RB |
||||||||
| 5.00%, 08/15/23(e) |
2,105 | 2,114,588 | ||||||
| 5.00%, 04/15/30 |
4,000 | 4,549,736 | ||||||
| 4.61%, 04/15/47(a) |
16,595 | 16,238,027 | ||||||
| Michigan State Housing Development Authority, RB, M/F Housing, Series A, 0.55%, 04/01/25 |
985 | 931,922 | ||||||
| Michigan Strategic Fund, RB |
||||||||
| AMT, 5.00%, 06/30/30 |
1,325 | 1,394,601 | ||||||
| AMT, 5.00%, 12/31/32 |
2,000 | 2,112,886 | ||||||
| AMT, 4.00%, 10/01/61(a) |
3,690 | 3,653,288 | ||||||
| Michigan Strategic Fund, Refunding RB |
||||||||
| 5.00%, 11/15/29 |
1,260 | 1,247,358 | ||||||
| 5.00%, 11/15/34 |
1,410 | 1,376,709 | ||||||
| Saginaw Valley State University, Refunding RB |
||||||||
| Series A, 5.00%, 07/01/31 |
2,070 | 2,218,653 | ||||||
| Security | Par (000) |
Value | ||||||
| Michigan (continued) |
||||||||
| Saginaw Valley State University, Refunding RB (continued) |
||||||||
| Series A, 5.00%, 07/01/32 |
$ | 1,430 | $ | 1,532,746 | ||||
| State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/30 |
800 | 940,693 | ||||||
|
|
|
|||||||
| 43,907,472 | ||||||||
| Minnesota — 0.5% | ||||||||
| City of Spring Lake Park Minnesota, RB, 4.00%, 06/15/29 |
1,185 | 1,124,597 | ||||||
| Minnesota Housing Finance Agency, RB, S/F Housing |
465 | 491,957 | ||||||
| Series L, AMT, (FHLMC, FNMA, GNMA), 4.95%, 07/01/30 |
490 | 520,554 | ||||||
| Sartell-St. Stephen Independent School District No 748, GO, CAB(b) |
||||||||
| Series B, 0.00%, 02/01/30 |
3,915 | 3,125,881 | ||||||
| Series B, 0.00%, 02/01/31 |
2,190 | 1,689,359 | ||||||
| Series B, 0.00%, 02/01/32 |
1,450 | 1,080,546 | ||||||
|
|
|
|||||||
| 8,032,894 | ||||||||
| Mississippi — 1.2% | ||||||||
| Mississippi Development Bank, Refunding RB |
||||||||
| Series A, (AGM), 5.00%, 03/01/30 |
2,280 | 2,405,655 | ||||||
| Series A, (AGM), 5.00%, 03/01/31 |
1,595 | 1,682,971 | ||||||
| Series A, (AGM), 5.00%, 03/01/32 |
2,000 | 2,110,380 | ||||||
| Series A, (AGM), 5.00%, 03/01/33 |
1,275 | 1,345,413 | ||||||
| State of Mississippi Gaming Tax Revenue, RB, |
||||||||
| Series E, 5.00%, 10/15/33 |
12,225 | 12,819,685 | ||||||
|
|
|
|||||||
| 20,364,104 | ||||||||
| Missouri — 0.6% | ||||||||
| Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
||||||||
| 5.00%, 05/01/30 |
3,000 | 3,000,000 | ||||||
| 5.00%, 05/15/31 |
1,175 | 1,250,078 | ||||||
| 4.00%, 05/15/32 |
1,680 | 1,730,447 | ||||||
| 4.00%, 05/15/33 |
2,000 | 2,055,282 | ||||||
| Series A, 4.00%, 11/15/33 |
2,010 | 2,015,377 | ||||||
| Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29 |
905 | 796,031 | ||||||
|
|
|
|||||||
| 10,847,215 | ||||||||
| Montana — 0.6% | ||||||||
| City of Forsyth Montana, Refunding RB, Series A, 3.90%, 03/01/31(a) |
10,050 | 10,055,075 | ||||||
|
|
|
|||||||
| Nebraska — 0.0% | ||||||||
| Elkhorn School District, GO |
||||||||
| 4.00%, 12/15/32 |
325 | 346,357 | ||||||
| 4.00%, 12/15/33 |
375 | 397,249 | ||||||
|
|
|
|||||||
| 743,606 | ||||||||
| Nevada — 0.4% | ||||||||
| County of Clark Nevada, Refunding GO, Series B, 4.00%, 11/01/34 |
5,000 | 5,172,575 | ||||||
| 5 |
|
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Nevada (continued) |
||||||||
| State of Nevada Department of Business & Industry, RB(c) |
||||||||
| Series A, 5.00%, 07/15/27 |
$ | 335 | $ | 340,857 | ||||
| Series A, 4.50%, 12/15/29 |
485 | 470,414 | ||||||
|
|
|
|||||||
| 5,983,846 | ||||||||
| New Hampshire — 0.6% | ||||||||
| New Hampshire Business Finance Authority, Refunding RB |
||||||||
| 4.00%, 01/01/28 |
285 | 274,622 | ||||||
| 4.00%, 01/01/29 |
300 | 288,084 | ||||||
| 4.00%, 01/01/30 |
280 | 267,238 | ||||||
| Class A, AMT, 4.24%, 10/01/33(a) |
7,180 | 6,971,902 | ||||||
| Series A, AMT, 4.00%, 11/01/27(c) |
2,205 | 2,064,795 | ||||||
|
|
|
|||||||
| 9,866,641 | ||||||||
| New Jersey — 16.2% | ||||||||
| Atlantic City Board of Education, Refunding GO |
||||||||
| (AGM), 4.00%, 04/01/30 |
170 | 179,077 | ||||||
| (AGM), 4.00%, 04/01/31 |
175 | 183,923 | ||||||
| Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24(d) |
620 | 627,961 | ||||||
| New Jersey Economic Development Authority, ARB |
||||||||
| AMT, 5.25%, 09/15/29 |
6,500 | 6,522,054 | ||||||
| Series A, AMT, 5.63%, 11/15/30 |
1,740 | 1,761,680 | ||||||
| Series B, AMT, 5.63%, 11/15/30 |
1,315 | 1,330,324 | ||||||
| New Jersey Economic Development Authority, RB |
||||||||
| Series A, 4.00%, 06/15/29(c) |
525 | 500,558 | ||||||
| Series A, 4.00%, 07/01/29 |
350 | 348,469 | ||||||
| Series A, 5.00%, 06/15/32 |
4,500 | 4,858,699 | ||||||
| Series C, 5.00%, 06/15/32 |
3,600 | 3,886,960 | ||||||
| Series DDD, 5.00%, 06/15/27(e) |
2,000 | 2,189,260 | ||||||
| Series QQQ, 5.00%, 06/15/30 |
600 | 673,331 | ||||||
| AMT, 5.00%, 01/01/28 |
4,705 | 4,707,988 | ||||||
| New Jersey Economic Development Authority, Refunding RB |
||||||||
| (AGM), 5.00%, 06/01/28 |
1,000 | 1,065,444 | ||||||
| 5.00%, 01/01/29 |
2,280 | 2,211,990 | ||||||
| (AGM), 5.00%, 06/01/30 |
1,500 | 1,597,922 | ||||||
| (AGM), 5.00%, 06/01/31 |
1,750 | 1,861,008 | ||||||
| (AGM), 4.00%, 06/01/32 |
2,125 | 2,154,478 | ||||||
| Series MMM, 4.00%, 06/15/35 |
5,000 | 5,095,315 | ||||||
| Sub-Series A, 4.00%, 07/01/32 |
9,855 | 10,023,254 | ||||||
| Series A, AMT, 2.20%, 10/01/39(a) |
4,000 | 3,513,084 | ||||||
| New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 |
5,000 | 4,902,375 | ||||||
| New Jersey Educational Facilities Authority, RB, |
||||||||
| Series A, 4.00%, 09/01/30 |
5,860 | 5,929,441 | ||||||
| New Jersey Health Care Facilities Financing Authority, Refunding RB |
||||||||
| 5.00%, 07/01/28 |
1,500 | 1,540,856 | ||||||
| 5.00%, 07/01/29 |
4,150 | 4,378,560 | ||||||
| 5.00%, 07/01/30 |
3,500 | 3,689,644 | ||||||
| Series A, 5.00%, 07/01/30 |
11,245 | 11,990,813 | ||||||
| New Jersey Higher Education Student Assistance Authority, RB |
||||||||
| Series 1A, AMT, 5.00%, 12/01/25 |
5,500 | 5,689,057 | ||||||
| Series 1A, AMT, 5.00%, 12/01/26 |
2,250 | 2,328,858 | ||||||
| Series A, AMT, 4.00%, 12/01/32 |
1,190 | 1,226,846 | ||||||
| Series A, AMT, 4.00%, 12/01/33 |
960 | 984,924 | ||||||
| Security | Par (000) |
Value | ||||||
| New Jersey (continued) |
||||||||
| New Jersey Higher Education Student Assistance Authority, RB (continued) |
||||||||
| Series A, AMT, 4.00%, 12/01/34 |
$ | 475 | $ | 486,703 | ||||
| Series A, AMT, 4.00%, 12/01/35 |
475 | 486,117 | ||||||
| Series B, AMT, 5.00%, 12/01/23 |
50 | 50,390 | ||||||
| Series B, AMT, 5.00%, 12/01/30(g) |
5,000 | 5,501,300 | ||||||
| New Jersey Higher Education Student Assistance Authority, Refunding RB, Series A, AMT, 5.00%, 12/01/23 |
215 | 216,676 | ||||||
| New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32 |
10,165 | 9,776,971 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
||||||||
| Series AA, 5.25%, 06/15/27 |
4,225 | 4,391,904 | ||||||
| Series AA, 5.25%, 06/15/28 |
4,500 | 4,679,158 | ||||||
| Series BB, 5.00%, 06/15/30 |
1,500 | 1,648,484 | ||||||
| Series C, (NPFGC), 0.00%, 12/15/30(b) |
45,000 | 34,658,899 | ||||||
| Series C, 5.25%, 06/15/32 |
10,000 | 10,310,540 | ||||||
| Series D, 5.00%, 06/15/32 |
5,000 | 5,150,840 | ||||||
| New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
| Series A, 5.00%, 06/15/30 |
6,600 | 6,976,787 | ||||||
| Series A, 5.00%, 12/15/30 |
21,325 | 23,322,363 | ||||||
| Newark Housing Authority, Refunding RB, (NPFGC), 5.25%, 01/01/27 |
5,000 | 5,317,355 | ||||||
| South Jersey Transportation Authority, Refunding RB, Series A, 5.00%, 11/01/33 |
500 | 508,904 | ||||||
| State of New Jersey, GO, Series A, 4.00%, 06/01/30 |
26,000 | 28,194,946 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/30 |
16,740 | 18,140,535 | ||||||
| Series A, 5.00%, 06/01/32 |
8,270 | 8,919,352 | ||||||
| Township of Irvington New Jersey, Refunding GO, Series A, (AGM), 5.00%, 07/15/24(e) |
3,450 | 3,528,415 | ||||||
|
|
|
|||||||
| 270,220,792 | ||||||||
| New Mexico — 0.1% | ||||||||
| City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/34 |
480 | 455,770 | ||||||
| City of Santa Fe New Mexico, Refunding RB, 5.00%, 05/15/32 |
1,000 | 961,565 | ||||||
| New Mexico Educational Assistance Foundation, RB |
||||||||
| Series A-1, AMT, 3.75%, 09/01/31 |
100 | 100,993 | ||||||
| Series A-1, AMT, 3.88%, 04/01/34 |
20 | 20,191 | ||||||
| Series A-2, AMT, 3.80%, 11/01/32 |
100 | 101,020 | ||||||
| Series A-2, AMT, 3.80%, 09/01/33 |
100 | 100,878 | ||||||
|
|
|
|||||||
| 1,740,417 | ||||||||
| New York — 4.5% | ||||||||
| Build NYC Resource Corp., Refunding RB, AMT, 4.50%, 01/01/25(c) |
375 | 377,694 | ||||||
| County of Nassau New York, GO |
||||||||
| Series A, (AGM), 5.00%, 04/01/34 |
4,165 | 4,631,334 | ||||||
| Series A, (AGM), 5.00%, 04/01/35 |
4,385 | 4,848,937 | ||||||
| Genesee County Funding Corp., Refunding RB, |
||||||||
| Series A, 5.00%, 12/01/30 |
500 | 546,288 | ||||||
| Hempstead Town Local Development Corp., Refunding RB |
||||||||
| 5.00%, 06/01/30 |
200 | 225,510 | ||||||
| 5.00%, 06/01/31 |
300 | 342,328 | ||||||
| 5.00%, 06/01/32 |
100 | 114,017 | ||||||
| Metropolitan Transportation Authority, Refunding RB 2nd Sub Series, (AGM), 4.02%, 11/01/32(a) |
2,875 | 2,834,327 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
6 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York (continued) |
||||||||
| Metropolitan Transportation Authority, Refunding RB (continued) |
||||||||
| Sub-Series C-1, 5.00%, 11/15/34 |
$ | 10,000 | $ | 10,631,050 | ||||
| Metropolitan Transportation Authority, Refunding RB, CAB, Series A, 0.00%, 11/15/30(b) |
13,000 | 10,006,750 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 5.00%, 08/01/30 |
4,980 | 5,481,232 | ||||||
| New York State Energy Research & Development Authority, Refunding RB, Series D, 3.50%, 10/01/29 |
9,000 | 8,819,226 | ||||||
| New York Transportation Development Corp., ARB |
||||||||
| Series A, AMT, 4.00%, 07/01/32 |
5,500 | 5,480,717 | ||||||
| Series A, AMT, 4.00%, 07/01/33 |
6,000 | 5,912,970 | ||||||
| New York Transportation Development Corp., RB |
||||||||
| AMT, 4.00%, 10/01/30 |
8,140 | 7,997,753 | ||||||
| AMT, 4.00%, 10/31/34 |
350 | 327,236 | ||||||
| New York Transportation Development Corp., Refunding ARB, AMT, 3.00%, 08/01/31 |
2,275 | 1,917,463 | ||||||
| New York Transportation Development Corp., Refunding RB |
||||||||
| Series A, AMT, 5.00%, 12/01/28 |
350 | 370,190 | ||||||
| Series A, AMT, 5.00%, 12/01/29 |
235 | 251,051 | ||||||
| Series A, AMT, 5.00%, 12/01/30 |
250 | 269,313 | ||||||
| Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 5.00%, 07/15/30 |
3,730 | 4,182,598 | ||||||
|
|
|
|||||||
| 75,567,984 | ||||||||
| North Carolina — 1.7% | ||||||||
| City of Charlotte North Carolina, Refunding GO |
||||||||
| Series A, 5.00%, 06/01/28 |
330 | 371,793 | ||||||
| Series A, 5.00%, 06/01/29 |
350 | 402,484 | ||||||
| Series A, 5.00%, 06/01/30 |
485 | 568,787 | ||||||
| North Carolina Medical Care Commission, RB |
||||||||
| 4.00%, 09/01/33 |
175 | 167,368 | ||||||
| 4.00%, 09/01/34 |
185 | 174,551 | ||||||
| Series A, 4.00%, 10/01/27 |
600 | 584,112 | ||||||
| North Carolina Medical Care Commission, Refunding RB, 5.00%, 10/01/30 |
1,500 | 1,481,268 | ||||||
| North Carolina Turnpike Authority, Refunding RB, CAB, Series C, (SAP), 0.00%, 07/01/30(b) |
550 | 402,814 | ||||||
| University of North Carolina at Chapel Hill, Refunding RB(a) |
||||||||
| Series A, 3.87%, 12/01/34 |
7,000 | 6,731,102 | ||||||
| Series A, 3.87%, 12/01/41 |
17,845 | 17,717,069 | ||||||
|
|
|
|||||||
| 28,601,348 | ||||||||
| Ohio — 1.4% | ||||||||
| Akron Bath Copley Joint Township Hospital District, Refunding RB, Class A, 5.00%, 11/15/30 |
1,010 | 1,152,761 | ||||||
| Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/31 |
460 | 467,627 | ||||||
| American Municipal Power, Inc., Refunding RB, Series A-2, 1.00%, 02/15/48(a) |
6,000 | 5,843,100 | ||||||
| Ohio Air Quality Development Authority, Refunding RB |
4,450 | 4,169,485 | ||||||
| 4.00%, 09/01/30(a) |
1,650 | 1,655,499 | ||||||
| Series A, AMT, 4.25%, 11/01/39(a) |
1,525 | 1,531,221 | ||||||
| Security | Par (000) |
Value | ||||||
| Ohio (continued) |
||||||||
| Ohio State University, RB, Class A, 5.00%, 12/01/30 |
$ | 3,320 | $ | 3,923,015 | ||||
| State of Ohio, RB |
||||||||
| AMT, (AGM), 5.00%, 12/31/29 |
1,625 | 1,684,582 | ||||||
| AMT, (AGM), 5.00%, 12/31/30 |
2,400 | 2,488,430 | ||||||
|
|
|
|||||||
| 22,915,720 | ||||||||
| Oklahoma — 0.8% | ||||||||
| Norman Regional Hospital Authority, Refunding RB |
||||||||
| 5.00%, 09/01/27 |
2,100 | 2,127,397 | ||||||
| 5.00%, 09/01/28 |
2,000 | 2,026,320 | ||||||
| 5.00%, 09/01/29 |
2,150 | 2,175,656 | ||||||
| 5.00%, 09/01/30 |
5,130 | 5,185,219 | ||||||
| Oklahoma Capitol Improvement Authority, RB, |
||||||||
| Series B, 5.00%, 07/01/30 |
2,150 | 2,470,348 | ||||||
|
|
|
|||||||
| 13,984,940 | ||||||||
| Oregon — 0.9% | ||||||||
| Oregon Health & Science University, Refunding RB, Series B, 5.00%, 07/01/35 |
7,390 | 7,875,383 | ||||||
| Oregon State Facilities Authority, Refunding RB, |
||||||||
| Series B, 5.00%, 06/01/30 |
4,750 | 5,309,878 | ||||||
| Port of Morrow Oregon, Refunding GO |
||||||||
| Series A, 4.00%, 06/01/30 |
1,205 | 1,270,474 | ||||||
| Series D, 4.00%, 12/01/30 |
880 | 929,686 | ||||||
|
|
|
|||||||
| 15,385,421 | ||||||||
| Pennsylvania — 16.7% | ||||||||
| Allegheny County Hospital Development Authority, RB, Series D2, 4.56%, 11/15/47(a) |
5,205 | 5,259,980 | ||||||
| Allegheny County Hospital Development Authority, Refunding RB |
||||||||
| Series A, 5.00%, 04/01/31 |
3,075 | 3,320,376 | ||||||
| Series A, 5.00%, 04/01/34 |
3,345 | 3,574,327 | ||||||
| Series A, 5.00%, 04/01/35 |
1,000 | 1,060,835 | ||||||
| Allentown City School District, Refunding GO, Series B, (BAM SAW), 5.00%, 02/01/31 |
4,000 | 4,444,104 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority, RB(c) |
||||||||
| 5.00%, 05/01/23 |
160 | 160,010 | ||||||
| 5.00%, 05/01/28 |
835 | 851,920 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority, Refunding RB |
||||||||
| 5.00%, 05/01/29 |
450 | 470,545 | ||||||
| 5.00%, 05/01/30 |
450 | 473,543 | ||||||
| Bucks County Industrial Development Authority, RB |
||||||||
| 5.00%, 07/01/29 |
555 | 551,469 | ||||||
| 5.00%, 07/01/30 |
700 | 692,528 | ||||||
| Chester County Health and Education Facilities Authority, Refunding RB |
||||||||
| Series A, 5.00%, 12/01/30 |
2,180 | 2,068,299 | ||||||
| Series A, 5.00%, 10/01/32 |
1,450 | 1,557,500 | ||||||
| Chester County Industrial Development Authority, SAB, 4.38%, 03/01/28(c) |
197 | 195,479 | ||||||
| City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series A, 5.00%, 07/01/30 |
5,000 | 5,678,860 | ||||||
| City of Philadelphia Pennsylvania, Refunding GO |
||||||||
| (AGM), 5.00%, 08/01/30 |
9,235 | 9,968,342 | ||||||
| (AGM), 4.00%, 08/01/32 |
6,000 | 6,188,520 | ||||||
| 7 |
|
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Pennsylvania (continued) |
||||||||
| City of Philadelphia Pennsylvania, Refunding GO (continued) |
||||||||
| Series A, 5.00%, 08/01/30 |
$ | 4,500 | $ | 4,893,903 | ||||
| Clarion County Industrial Development Authority, Refunding RB, AMT, 2.45%, 12/01/39(a) |
4,200 | 3,936,303 | ||||||
| Commonwealth Financing Authority, RB, 5.00%, 06/01/32 |
6,000 | 6,508,098 | ||||||
| Commonwealth of Pennsylvania, Refunding GO, 1st Series, 4.00%, 01/01/30 |
7,000 | 7,350,896 | ||||||
| Cumberland County Municipal Authority, Refunding RB |
||||||||
| 5.00%, 01/01/29 |
570 | 572,440 | ||||||
| 5.00%, 01/01/30 |
1,285 | 1,290,535 | ||||||
| 5.00%, 01/01/32 |
1,510 | 1,521,722 | ||||||
| Dauphin County General Authority, Refunding RB, Series A, 4.00%, 06/01/31 |
2,275 | 2,338,693 | ||||||
| East Hempfield Township Industrial Development Authority, RB(e) |
||||||||
| 5.00%, 07/01/23 |
1,280 | 1,283,053 | ||||||
| 5.00%, 07/01/25 |
825 | 860,720 | ||||||
| Geisinger Authority, Refunding RB |
||||||||
| Series A-2, 5.00%, 02/15/32 |
4,000 | 4,257,656 | ||||||
| Series A-2, 5.00%, 02/15/34 |
1,750 | 1,856,687 | ||||||
| Lancaster County Hospital Authority, Refunding RB, |
||||||||
| Series A, 3.00%, 08/15/30 |
2,535 | 2,530,792 | ||||||
| Latrobe Industrial Development Authority, Refunding RB, 5.00%, 03/01/30 |
150 | 157,664 | ||||||
| Lehigh County Industrial Development Authority, Refunding RB, Series A, 3.00%, 09/01/29 |
15,000 | 14,785,650 | ||||||
| Montgomery County Higher Education and Health Authority, Refunding RB |
||||||||
| 4.00%, 09/01/35 |
1,735 | 1,756,476 | ||||||
| 4.00%, 09/01/36 |
1,500 | 1,501,458 | ||||||
| Series A, 5.00%, 09/01/31 |
1,750 | 1,914,796 | ||||||
| Series A, 5.00%, 09/01/32 |
1,315 | 1,434,619 | ||||||
| Montgomery County Industrial Development Authority, Refunding RB |
||||||||
| 5.00%, 01/01/30 |
2,000 | 1,905,348 | ||||||
| 4.10%, 04/01/53(a) |
7,905 | 7,988,429 | ||||||
| Series A, 5.25%, 01/15/25(e) |
3,250 | 3,368,794 | ||||||
| Northampton County General Purpose Authority, RB, |
||||||||
| Series A, 5.00%, 08/15/23(e) |
10,000 | 10,048,130 | ||||||
| Northampton County General Purpose Authority, Refunding RB, 5.00%, 11/01/34 |
5,400 | 5,855,776 | ||||||
| Pennsylvania Economic Development Financing Authority, RB |
||||||||
| Series A-1, 5.00%, 04/15/30 |
2,500 | 2,811,783 | ||||||
| AMT, 5.00%, 12/31/29 |
8,750 | 9,135,520 | ||||||
| AMT, 5.00%, 06/30/30 |
3,500 | 3,734,637 | ||||||
| AMT, 5.00%, 12/31/30 |
13,100 | 13,471,123 | ||||||
| AMT, 5.00%, 12/31/34 |
16,500 | 16,849,123 | ||||||
| Pennsylvania Economic Development Financing Authority, Refunding RB, 5.00%, 03/15/31 |
4,500 | 4,788,031 | ||||||
| Pennsylvania Higher Educational Facilities Authority, RB, Series AT-1, 5.00%, 06/15/30 |
7,910 | 8,454,271 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Refunding RB |
||||||||
| 5.00%, 05/01/30 |
425 | 447,758 | ||||||
| 5.00%, 05/01/31 |
1,275 | 1,343,308 | ||||||
| 4.00%, 05/01/32 |
3,000 | 2,613,585 | ||||||
| Security | Par (000) |
Value | ||||||
| Pennsylvania (continued) |
||||||||
| Pennsylvania Higher Educational Facilities Authority, Refunding RB (continued) |
||||||||
| 5.00%, 05/01/32 |
$ | 1,750 | $ | 1,843,823 | ||||
| 5.00%, 05/01/33 |
3,320 | 3,498,201 | ||||||
| 5.00%, 05/01/35 |
1,000 | 1,052,637 | ||||||
| Pennsylvania Housing Finance Agency, RB, S/F Housing |
||||||||
| Series 137, 1.90%, 04/01/30 |
1,625 | 1,474,644 | ||||||
| Series 137, 1.95%, 10/01/30 |
875 | 789,289 | ||||||
| Pennsylvania Housing Finance Agency, Refunding RB, Series 125A, AMT, 3.40%, 10/01/32 |
9,000 | 8,674,668 | ||||||
| Pennsylvania Turnpike Commission, RB |
||||||||
| Series B, 5.00%, 12/01/29 |
800 | 911,318 | ||||||
| Series B, 5.00%, 12/01/30 |
620 | 717,967 | ||||||
| Sub-Series B-1, 5.00%, 06/01/31 |
3,000 | 3,233,298 | ||||||
| Sub-Series B-1, 5.00%, 06/01/32 |
4,075 | 4,392,887 | ||||||
| Sub-Series B-1, 5.00%, 06/01/33 |
4,000 | 4,311,856 | ||||||
| Pennsylvania Turnpike Commission, Refunding RB |
||||||||
| 2nd Series, 5.00%, 12/01/32 |
1,000 | 1,086,897 | ||||||
| 2nd Series, 5.00%, 12/01/35 |
2,005 | 2,145,530 | ||||||
| 2nd Sub Series, 5.00%, 12/01/33 |
1,815 | 1,969,291 | ||||||
| 2nd Sub Series, 5.00%, 12/01/34 |
1,500 | 1,619,471 | ||||||
| Series B, 5.00%, 12/01/30 |
330 | 382,144 | ||||||
| Sub-Series B-2, (AGM), 5.00%, 06/01/34 |
4,000 | 4,313,304 | ||||||
| Philadelphia Authority for Industrial Development, RB, 4.00%, 06/15/29 |
350 | 334,152 | ||||||
| Philadelphia Gas Works Co., RB, Series A, (AGM), 5.00%, 08/01/30 |
800 | 915,887 | ||||||
| Philadelphia Gas Works Co., Refunding RB, |
||||||||
| Series 14-T, 5.00%, 10/01/30 |
425 | 453,179 | ||||||
| Pittsburgh Water & Sewer Authority, RB, Series B, (AGM), 5.00%, 09/01/30 |
205 | 236,888 | ||||||
| Southeastern Pennsylvania Transportation Authority, RB, 5.00%, 06/01/30 |
5,000 | 5,730,315 | ||||||
| Wayne County Hospital & Health Facilities Authority, RB |
||||||||
| Series A, (GTD), 5.00%, 07/01/31 |
460 | 495,536 | ||||||
| Series A, (GTD), 4.00%, 07/01/33 |
440 | 450,851 | ||||||
| West Cornwall Township Municipal Authority, Refunding RB |
||||||||
| Series A, 4.00%, 11/15/27 |
130 | 126,407 | ||||||
| Series A, 4.00%, 11/15/28 |
105 | 101,335 | ||||||
| Series A, 4.00%, 11/15/29 |
140 | 133,033 | ||||||
| Series A, 4.00%, 11/15/30 |
190 | 179,380 | ||||||
| Series A, 4.00%, 11/15/31 |
200 | 187,655 | ||||||
| Westmoreland County Municipal Authority, Refunding RB |
||||||||
| (BAM), 5.00%, 08/15/27 |
1,500 | 1,563,879 | ||||||
| (BAM), 5.00%, 08/15/31 |
5,000 | 5,418,010 | ||||||
| (BAM), 5.00%, 08/15/32 |
17,945 | 19,427,185 | ||||||
|
|
|
|||||||
| 278,255,331 | ||||||||
| Puerto Rico — 4.4% | ||||||||
| Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.63%, 07/01/29 |
1,533 | 1,627,023 | ||||||
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB(b) |
||||||||
| Series A1, Restructured, 0.00%, 07/01/29 |
14,055 | 10,587,744 | ||||||
| Series A1, Restructured, 0.00%, 07/01/33 |
43,149 | 26,526,322 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
8 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Puerto Rico (continued) |
||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(b) |
||||||||
| Series A-1, Restructured, 0.00%, 07/01/31 |
$ | 38,523 | $ | 26,471,349 | ||||
| Series B-1, Restructured, 0.00%, 07/01/31 |
5,755 | 3,928,639 | ||||||
| Series B-1, Restructured, 0.00%, 07/01/33 |
6,477 | 4,005,785 | ||||||
|
|
|
|||||||
| 73,146,862 | ||||||||
| Rhode Island — 1.0% | ||||||||
| Rhode Island Health and Educational Building Corp., Refunding RB, 5.00%, 05/15/30 |
1,500 | 1,539,970 | ||||||
| Rhode Island Student Loan Authority, RB |
||||||||
| Series A, AMT, 5.00%, 12/01/29 |
1,950 | 2,147,465 | ||||||
| Series A, AMT, 5.00%, 12/01/30 |
1,300 | 1,448,571 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/28 |
2,750 | 2,786,402 | ||||||
| Series A, 5.00%, 06/01/29 |
4,500 | 4,560,232 | ||||||
| Series A, 5.00%, 06/01/30 |
4,215 | 4,272,088 | ||||||
|
|
|
|||||||
| 16,754,728 | ||||||||
| South Carolina — 0.8% | ||||||||
| South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/35 |
10,000 | 10,527,920 | ||||||
| South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/31 |
2,800 | 3,104,002 | ||||||
|
|
|
|||||||
| 13,631,922 | ||||||||
| Tennessee — 1.3% | ||||||||
| Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/36 |
2,000 | 1,972,348 | ||||||
| Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/31 |
6,210 | 6,316,825 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/31 |
1,300 | 1,366,271 | ||||||
| Tennergy Corp., RB, Series A, 4.00%, 12/01/51(a) |
6,000 | 6,000,246 | ||||||
| Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a) |
5,000 | 5,287,545 | ||||||
|
|
|
|||||||
| 20,943,235 | ||||||||
| Texas — 13.5% | ||||||||
| Arlington Higher Education Finance Corp., RB, 4.00%, 06/15/31 |
3,260 | 2,947,464 | ||||||
| Central Texas Regional Mobility Authority, RB, |
||||||||
| Series A, Senior Lien, 5.00%, 07/01/25(e) |
4,275 | 4,457,760 | ||||||
| Central Texas Turnpike System, RB |
||||||||
| Series C, 5.00%, 08/15/32 |
12,500 | 12,733,400 | ||||||
| Series C, 5.00%, 08/15/33 |
14,000 | 14,283,640 | ||||||
| City of Austin Texas Airport System Revenue, ARB, |
||||||||
| AMT, 5.00%, 11/15/30 |
2,000 | 2,223,478 | ||||||
| City of Austin Texas Water & Wastewater System Revenue, Refunding RB, Series C, 5.00%, 11/15/30 |
900 | 1,047,896 | ||||||
| City of Houston Texas Airport System Revenue, ARB |
||||||||
| AMT, 5.00%, 07/15/28 |
3,000 | 3,022,818 | ||||||
| Series B-1, AMT, 5.00%, 07/15/30 |
1,900 | 1,891,201 | ||||||
| City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
| Sub-Series D, 5.00%, 07/01/33 |
7,000 | 7,740,362 | ||||||
| AMT, 5.00%, 07/01/29 |
2,650 | 2,649,931 | ||||||
| Series C, AMT, 5.00%, 07/15/27 |
2,000 | 2,038,164 | ||||||
| Security | Par (000) |
Value | ||||||
| Texas (continued) |
||||||||
| City of Houston Texas Airport System Revenue, Refunding RB (continued) |
||||||||
| Sub-Series A, AMT, 5.00%, 07/01/30 |
$ | 1,200 | $ | 1,323,228 | ||||
| City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, Subordinate, 5.00%, 11/15/34 |
7,315 | 7,901,656 | ||||||
| Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/33 |
1,650 | 1,660,765 | ||||||
| Clifton Higher Education Finance Corp., Refunding RB |
||||||||
| Series A, (PSF), 4.00%, 08/15/31 |
1,250 | 1,282,270 | ||||||
| Series A, 3.95%, 12/01/32 |
1,800 | 1,760,864 | ||||||
| County of Nueces Texas, Refunding GO |
||||||||
| 4.00%, 02/15/33 |
1,165 | 1,226,623 | ||||||
| 4.00%, 02/15/35 |
725 | 752,803 | ||||||
| Dallas Fort Worth International Airport, Refunding RB, 5.00%, 11/01/32 |
5,000 | 5,800,360 | ||||||
| DeSoto Independent School District, Refunding GO, (PSF), 5.00%, 08/15/30 |
3,980 | 4,515,995 | ||||||
| Harris County Cultural Education Facilities Finance Corp., RB |
||||||||
| Series B, 5.75%, 01/01/28 |
500 | 499,958 | ||||||
| Series B, 6.38%, 01/01/33 |
40 | 40,008 | ||||||
| Harris County Cultural Education Facilities Finance Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/28 |
1,150 | 1,110,985 | ||||||
| Series A, 5.00%, 01/01/33 |
1,090 | 1,013,630 | ||||||
| Series A, 5.00%, 06/01/33 |
3,000 | 2,775,741 | ||||||
| Leander Independent School District, Refunding GO, CAB(b) |
||||||||
| Series D, (PSF), 0.00%, 08/15/24(e) |
4,610 | 2,944,941 | ||||||
| Series D, (PSF), 0.00%, 08/15/31 |
1,200 | 845,920 | ||||||
| Series D, (PSF), 0.00%, 08/15/32 |
1,875 | 1,266,621 | ||||||
| Love Field Airport Modernization Corp., ARB, AMT, 5.00%, 11/01/26 |
430 | 451,170 | ||||||
| Matagorda County Navigation District No. 1, Refunding RB |
||||||||
| Series A, (AMBAC), 4.40%, 05/01/30 |
26,120 | 26,199,431 | ||||||
| Series B-2, 4.00%, 06/01/30 |
12,995 | 12,615,117 | ||||||
| Series B, AMT, (AMBAC), 4.55%, 05/01/30 |
10,000 | 9,944,420 | ||||||
| Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, |
21,370 | 15,233,714 | ||||||
| Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(c) |
3,805 | 3,724,014 | ||||||
| New Hope Cultural Education Facilities Finance Corp., RB, Series A, 4.00%, 08/15/29(c) |
335 | 331,167 | ||||||
| Socorro Independent School District, Refunding GO, Series B, (PSF), 4.00%, 08/15/34 |
3,000 | 3,120,282 | ||||||
| Spring Branch Independent School District, GO, (PSF), 3.00%, 02/01/33 |
5,000 | 5,021,000 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
| Class F, 5.00%, 11/15/52(a) |
3,585 | 4,031,017 | ||||||
| Series A, 4.00%, 05/15/23(e) |
15,920 | 15,923,932 | ||||||
| Series B, 5.00%, 07/01/35 |
6,000 | 6,498,522 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A-1, 5.00%, 10/01/29 |
1,000 | 1,008,689 | ||||||
| 9 |
|
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Texas (continued) |
||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB |
||||||||
| 5.00%, 12/15/30 |
$ | 16,435 | $ | 17,291,526 | ||||
| 5.00%, 12/15/32 |
5,000 | 5,289,990 | ||||||
| Texas Public Finance Authority, Refunding RB, 4.00%, 12/01/31 |
1,650 | 1,719,815 | ||||||
| Texas Water Development Board, RB, 5.00%, 10/15/30 |
3,850 | 4,504,046 | ||||||
|
|
|
|||||||
| 224,666,334 | ||||||||
| Utah — 0.3% | ||||||||
| Utah Transit Authority, Refunding RB, Subordinate, 4.00%, 12/15/31 |
5,000 | 5,234,850 | ||||||
|
|
|
|||||||
| Virginia — 0.9% | ||||||||
| Dulles Town Center Community Development Authority, Refunding SAB, 4.25%, 03/01/26 |
500 | 485,238 | ||||||
| Fairfax County Economic Development Authority, RB, |
||||||||
| Series A, 5.00%, 12/01/23(e) |
2,000 | 2,020,870 | ||||||
| Hanover County Economic Development Authority, Refunding RB, 4.00%, 07/01/30(c) |
1,000 | 918,736 | ||||||
| Loudoun County Economic Development Authority, RB, Series B, 3.72%, 02/15/38(a) |
10,000 | 10,000,000 | ||||||
| Norfolk Redevelopment & Housing Authority, RB, Series B, 4.00%, 01/01/25 |
1,650 | 1,607,466 | ||||||
|
|
|
|||||||
| 15,032,310 | ||||||||
| Washington — 2.3% | ||||||||
| County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.09%, 01/01/40(a) |
5,750 | 5,626,594 | ||||||
| Port of Seattle Washington, ARB |
||||||||
| Series C, AMT, Intermediate Lien, 5.00%, 05/01/33 |
6,695 | 7,095,153 | ||||||
| Series C, AMT, Intermediate Lien, 5.00%, 05/01/34 |
6,000 | 6,342,978 | ||||||
| Washington Health Care Facilities Authority, Refunding RB, Series B, 5.00%, 08/15/35 |
9,485 | 10,079,662 | ||||||
| Washington State Convention Center Public Facilities District, RB, 4.00%, 07/01/31 |
4,240 | 4,028,263 | ||||||
| Washington State Housing Finance Commission, Refunding RB |
||||||||
| 5.00%, 07/01/28 |
1,000 | 1,001,261 | ||||||
| 5.00%, 07/01/33 |
1,320 | 1,321,670 | ||||||
| WBRP 3.2, RB |
||||||||
| Series A, 5.00%, 01/01/31 |
1,000 | 1,050,879 | ||||||
| Series A, 5.00%, 01/01/32 |
1,140 | 1,198,033 | ||||||
|
|
|
|||||||
| 37,744,493 | ||||||||
| West Virginia — 0.2% | ||||||||
| West Virginia Hospital Finance Authority, RB |
||||||||
| Series A, 5.00%, 06/01/31 |
1,950 | 2,063,509 | ||||||
| Series A, 5.00%, 06/01/33 |
1,100 | 1,160,014 | ||||||
|
|
|
|||||||
| 3,223,523 | ||||||||
| Wisconsin — 3.0% | ||||||||
| Public Finance Authority, RB(c) |
||||||||
| 4.00%, 06/15/30 |
1,520 | 1,364,758 | ||||||
| 5.00%, 01/01/31 |
650 | 645,294 | ||||||
| Class A, 5.00%, 06/15/31 |
720 | 704,162 | ||||||
| Series A, 4.00%, 07/15/29 |
645 | 598,879 | ||||||
| Series A, 4.00%, 03/01/30 |
1,305 | 1,232,771 | ||||||
| Series A, 3.75%, 06/01/30 |
345 | 320,998 | ||||||
| Public Finance Authority, Refunding RB |
||||||||
| 4.00%, 09/01/29(c) |
375 | 330,004 | ||||||
| Security | Par (000) |
Value | ||||||
| Wisconsin (continued) |
||||||||
| Public Finance Authority, Refunding RB (continued) |
||||||||
| Class A, 3.00%, 12/01/26 |
$ | 250 | $ | 235,280 | ||||
| Class C, 4.00%, 10/01/41(a) |
7,000 | 7,123,571 | ||||||
| AMT, 2.63%, 11/01/25 |
3,000 | 2,899,020 | ||||||
| Class B, AMT, 4.00%, 10/01/46(a) |
1,750 | 1,859,508 | ||||||
| Series B, AMT, 5.25%, 07/01/28 |
2,250 | 2,250,378 | ||||||
| State of Wisconsin, GO, Series A, 4.28%, 05/01/25(a) |
12,160 | 12,122,802 | ||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB |
||||||||
| 5.00%, 04/01/35 |
2,500 | 2,725,452 | ||||||
| Series C-4, 4.51%, 08/15/54(a) |
8,200 | 8,230,078 | ||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series D, (FNMA COLL), 3.00%, 09/01/32 |
7,265 | 6,678,685 | ||||||
|
|
|
|||||||
| 49,321,640 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds — 138.4% |
2,307,693,251 | |||||||
|
|
|
|||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(h)(i) |
| |||||||
| Colorado — 0.6% |
||||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
| Series A, AMT, 4.25%, 11/15/31 |
8,085 | 8,089,725 | ||||||
| Series A, AMT, 4.25%, 11/15/32 |
2,230 | 2,231,435 | ||||||
|
|
|
|||||||
| 10,321,160 | ||||||||
| Florida — 5.7% |
||||||||
| County of Broward Florida Airport System Revenue, ARB |
||||||||
| Series Q-1, 4.00%, 10/01/29 |
17,200 | 17,208,742 | ||||||
| Series Q-1, 4.00%, 10/01/30 |
18,095 | 18,104,224 | ||||||
| Series Q-1, 4.00%, 10/01/31 |
18,820 | 18,829,586 | ||||||
| Series Q-1, 4.00%, 10/01/32 |
19,575 | 19,584,964 | ||||||
| Series Q-1, 4.00%, 10/01/33 |
20,355 | 20,365,370 | ||||||
|
|
|
|||||||
| 94,092,886 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 6.3% |
|
104,414,046 | ||||||
|
|
|
|||||||
| Total Long-Term Investments — 144.7% |
|
2,412,107,297 | ||||||
|
|
|
|||||||
| S C H E D U L E O F I N V E S T M E N T S |
10 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 3.4% |
||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(j)(k) |
56,647,236 | $ | 56,641,572 | |||||
|
|
|
|||||||
| Total Short-Term Securities — 3.4% |
56,641,572 | |||||||
|
|
|
|||||||
| Total Investments — 148.1% |
2,468,748,869 | |||||||
| Other Assets Less Liabilities — 1.1% |
|
17,869,231 | ||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.2)% |
|
(69,820,567 | ) | |||||
| RVMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.0)% |
|
(749,759,935 | ) | |||||
|
|
|
|||||||
| Net Assets Applicable to Common |
|
$ | 1,667,037,598 | |||||
|
|
|
|||||||
| (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) | Zero-coupon bond. |
| (c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (e) | 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. |
| (f) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (g) | When-issued security. |
| (h) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. |
| (i) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between October 1, 2029 to November 15, 2032, is $71,728,412. |
| (j) | Affiliate of the Trust. |
| (k) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 04/30/23 |
Shares Held at 04/30/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 53,019,664 | $ | 3,660,078 | (a) | $ | — | $ | (36,685 | ) | $ | (1,485 | ) | $ | 56,641,572 | 56,647,236 | $ | 1,139,233 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access; |
| • | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for 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. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
| 11 |
|
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
BlackRock Municipal 2030 Target Term Trust (BTT) |
Fair Value Hierarchy as of Period End (continued)
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 |
$ | — | $ | 2,307,693,251 | $ | — | $ | 2,307,693,251 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 104,414,046 | — | 104,414,046 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
56,641,572 | — | — | 56,641,572 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 56,641,572 | $ | 2,412,107,297 | $ | — | $ | 2,468,748,869 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting 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 |
$ | — | $ | (69,569,982 | ) | $ | — | $ | (69,569,982 | ) | ||||||
| RVMTP Shares at Liquidation Value |
— | (750,000,000 | ) | — | (750,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (819,569,982 | ) | $ | — | $ | (819,569,982 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Portfolio Abbreviation | ||
| AGM | Assured Guaranty Municipal Corp. | |
| 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 | |
| FHLMC | Federal Home Loan Mortgage Corp. | |
| FNMA | Federal National Mortgage Association | |
| GNMA | Government National Mortgage Association | |
| GO | General Obligation Bonds | |
| GTD | GTD Guaranteed | |
| 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 | |
| ST | Special Tax | |
| TA | Tax Allocation | |
| S C H E D U L E O F I N V E S T M E N T S |
12 |