| Schedule of Investments (unaudited) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds |
||||||||
| Alabama — 3.6% | ||||||||
| Alabama Federal Aid Highway Finance Authority, RB, Series A, 5.00%, 09/01/27(a) |
$ | 7,485 | $ | 9,265,771 | ||||
| Alabama Public School and College Authority, Refunding RB, Series A, 5.00%, 11/01/30 |
11,900 | 15,623,082 | ||||||
| Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, 5.00%, 06/01/30 |
10,000 | 11,496,640 | ||||||
| Birmingham-Jefferson Civic Center Authority, ST |
||||||||
| Series A, 5.00%, 07/01/31 |
1,100 | 1,352,892 | ||||||
| Series A, 5.00%, 07/01/32 |
1,150 | 1,407,872 | ||||||
| Series A, 5.00%, 07/01/33 |
1,600 | 1,950,078 | ||||||
| Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(b) |
8,930 | 10,810,917 | ||||||
| County of Jefferson Alabama Sewer Revenue, Refunding RB, CAB(c) |
||||||||
| Series B, Senior Lien, (AGM), 0.00%, 10/01/31 |
7,375 | 4,621,463 | ||||||
| Series B, Senior Lien, (AGM), 0.00%, 10/01/32 |
6,295 | 3,661,701 | ||||||
| Series B, Senior Lien, (AGM), 0.00%, 10/01/33 |
1,275 | 691,072 | ||||||
| Homewood Educational Building Authority, Refunding RB |
||||||||
| Series A, 5.00%, 12/01/33 |
1,010 | 1,206,183 | ||||||
| Series A, 5.00%, 12/01/34 |
1,380 | 1,641,560 | ||||||
| University of South Alabama, Refunding RB |
||||||||
| (AGM), 5.00%, 11/01/29 |
1,105 | 1,316,064 | ||||||
| (AGM), 5.00%, 11/01/30 |
2,000 | 2,379,076 | ||||||
|
|
|
|||||||
| 67,424,371 | ||||||||
| Arizona — 1.9% |
||||||||
| Arizona Health Facilities Authority, Refunding RB |
||||||||
| Series A, 5.00%, 02/01/34 |
6,340 | 6,411,141 | ||||||
| Series B, 5.00%, 02/01/33 |
1,810 | 1,911,065 | ||||||
| Arizona Industrial Development Authority, RB(d) |
||||||||
| 4.00%, 07/01/29 |
705 | 769,831 | ||||||
| 4.50%, 07/01/29 |
765 | 803,010 | ||||||
| 4.00%, 07/01/30 |
685 | 728,501 | ||||||
| Series A, 4.00%, 07/01/29 |
4,135 | 4,287,838 | ||||||
| Industrial Development Authority of the City of Phoenix, RB |
||||||||
| 6.00%, 07/01/23(e) |
190 | 202,765 | ||||||
| Series A, 4.50%, 07/01/22 |
105 | 107,248 | ||||||
| Series A, 5.75%, 07/01/24(d) |
475 | 510,036 | ||||||
| Series A, 5.00%, 07/01/33 |
1,000 | 1,016,637 | ||||||
| Industrial Development Authority of the County of Pima, Refunding RB, Series A, 4.00%, 09/01/29 |
6,000 | 6,264,558 | ||||||
| Maricopa County Industrial Development Authority, Refunding RB |
||||||||
| 4.00%, 07/01/29(d) |
855 | 954,058 | ||||||
| Series A, 5.00%, 01/01/31 |
10,000 | 12,039,700 | ||||||
|
|
|
|||||||
| 36,006,388 | ||||||||
| California — 8.2% |
||||||||
| Alameda Corridor Transportation Authority, Refunding RB, Series A, Sub Lien, (AMBAC), 0.00%, 10/01/30(c) |
10,530 | 8,731,244 | ||||||
| California Health Facilities Financing Authority, RB |
||||||||
| Series A, 5.00%, 11/15/32 |
1,600 | 1,983,024 | ||||||
| Series A, 5.00%, 11/15/33 |
1,855 | 2,294,116 | ||||||
| California Housing Finance, RB, M/F Housing, Series 2021-1, Class A, 3.50%, 11/20/35 |
3,724 | 4,307,360 | ||||||
| Security | Par (000) |
Value | ||||||
| California (continued) |
||||||||
| California Infrastructure & Economic Development Bank, RB, Series D, 0.39%, 08/01/47(b) |
$ | 2,675 | $ | 2,686,358 | ||||
| California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/33 |
4,000 | 4,760,496 | ||||||
| California Municipal Finance Authority, RB, 4.00%, 10/01/33 |
2,500 | 2,646,465 | ||||||
| California Municipal Finance Authority, RB, S/F Housing, Series A, 5.00%, 08/15/30 |
1,000 | 1,082,613 | ||||||
| California Municipal Finance Authority, Refunding RB |
||||||||
| Series A, 5.00%, 07/01/30 |
1,200 | 1,446,178 | ||||||
| Series A, 5.00%, 07/01/31 |
1,050 | 1,263,775 | ||||||
| California School Finance Authority, RB(d) |
||||||||
| 5.00%, 06/01/30 |
565 | 638,265 | ||||||
| Series A, 5.00%, 06/01/29 |
290 | 321,161 | ||||||
| Series A, 4.00%, 06/01/31 |
265 | 288,003 | ||||||
| Series A, 5.00%, 06/01/32 |
1,100 | 1,245,241 | ||||||
| City of Long Beach California Harbor Revenue, ARB |
||||||||
| Series A, AMT, 5.00%, 05/15/31 |
1,200 | 1,457,960 | ||||||
| Series A, AMT, 5.00%, 05/15/32 |
1,800 | 2,184,613 | ||||||
| Series A, AMT, 5.00%, 05/15/33 |
675 | 818,311 | ||||||
| Series A, AMT, 5.00%, 05/15/34 |
1,650 | 1,998,033 | ||||||
| Compton Unified School District, GO, CAB(c) |
||||||||
| Series B, (BAM), 0.00%, 06/01/33 |
1,000 | 759,697 | ||||||
| Series B, (BAM), 0.00%, 06/01/34 |
1,125 | 822,349 | ||||||
| Series B, (BAM), 0.00%, 06/01/35 |
1,000 | 703,395 | ||||||
| Series B, (BAM), 0.00%, 06/01/36 |
1,000 | 678,386 | ||||||
| El Camino Community College District Foundation, GO, CAB(c) |
||||||||
| Series C, 0.00%, 08/01/30 |
9,090 | 7,898,474 | ||||||
| Series C, 0.00%, 08/01/31 |
12,465 | 10,539,681 | ||||||
| Series C, 0.00%, 08/01/32 |
17,435 | 14,338,823 | ||||||
| Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/29 |
14,500 | 17,418,835 | ||||||
| Los Angeles Regional Airports Improvement Corp., Refunding RB, AMT, 5.00%, 01/01/32 |
4,110 | 4,141,236 | ||||||
| Los Angeles Unified School District, GO, Series A, 4.00%, 07/01/33 |
3,000 | 3,347,877 | ||||||
| Monterey Peninsula Community College District, Refunding GO, CAB(c) |
||||||||
| 0.00%, 08/01/30 |
3,500 | 2,863,773 | ||||||
| 0.00%, 08/01/31 |
5,940 | 4,674,857 | ||||||
| M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29 |
2,350 | 2,940,936 | ||||||
| Norman Y Mineta San Jose International Airport SJC, Refunding RB |
||||||||
| Series A, AMT, 5.00%, 03/01/30 |
500 | 602,404 | ||||||
| Series A, AMT, 5.00%, 03/01/31 |
1,500 | 1,795,780 | ||||||
| Series A, AMT, 5.00%, 03/01/32 |
1,000 | 1,202,662 | ||||||
| Series A, AMT, 5.00%, 03/01/33 |
975 | 1,171,616 | ||||||
| Series A, AMT, 5.00%, 03/01/34 |
1,250 | 1,500,751 | ||||||
| Series A, AMT, 5.00%, 03/01/35 |
2,000 | 2,399,266 | ||||||
| Poway Unified School District, GO(c) |
||||||||
| Series A, 0.00%, 08/01/30 |
10,000 | 8,685,090 | ||||||
| Series A, 0.00%, 08/01/32 |
12,500 | 10,256,000 | ||||||
| San Diego County Regional Airport Authority, ARB, Sub-Series B, AMT, 5.00%, 07/01/33 |
1,000 | 1,212,450 | ||||||
| State of California, Refunding GO, 5.00%, 08/01/30 |
10,000 | 12,288,540 | ||||||
| Washington Township Health Care District, Refunding RB, Series B, 3.00%, 07/01/28 |
750 | 820,406 | ||||||
|
|
|
|||||||
| 153,216,500 | ||||||||
| 1 |
| Schedule of Investments (unaudited) (continued) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Colorado — 3.4% | ||||||||
| Central Platte Valley Metropolitan District, GO |
||||||||
| Series A, 5.13%, 12/01/29 |
$ | 700 | $ | 752,844 | ||||
| Series A, 5.50%, 12/01/29 |
750 | 812,363 | ||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/33 |
25,000 | 30,623,525 | ||||||
| City & County of Denver Colorado, RB, CAB, Series A-2, 0.00%, 08/01/30(c) |
1,000 | 819,663 | ||||||
| Colorado Educational & Cultural Facilities Authority, Refunding RB, 4.00%, 12/01/30(d) |
1,185 | 1,230,636 | ||||||
| Colorado Health Facilities Authority, Refunding RB 4.00%, 05/15/26(a) |
2,860 | 3,294,520 | ||||||
| Series A, 5.00%, 12/01/22(a) |
3,000 | 3,156,660 | ||||||
| Series A, 4.00%, 08/01/37 |
3,000 | 3,452,478 | ||||||
| E-470 Public Highway Authority, Refunding RB, Series B, 0.38%, 09/01/39(b) |
1,475 | 1,471,206 | ||||||
| Park Creek Metropolitan District, Refunding RB |
||||||||
| Series A, Senior Lien, 5.00%, 12/01/27 |
1,500 | 1,740,729 | ||||||
| Series A, Senior Lien, 5.00%, 12/01/28 |
1,500 | 1,738,723 | ||||||
| Series A, Senior Lien, 5.00%, 12/01/30 |
1,350 | 1,561,306 | ||||||
| Series A, Senior Lien, 5.00%, 12/01/31 |
1,500 | 1,733,139 | ||||||
| Plaza Metropolitan District No.1, Refunding TA(d) |
||||||||
| 4.00%, 12/01/23 |
1,000 | 1,023,139 | ||||||
| 4.10%, 12/01/24 |
5,080 | 5,198,090 | ||||||
| 4.20%, 12/01/25 |
5,280 | 5,401,387 | ||||||
| Tallyn’s Reach Metropolitan District No.3, GO, 5.00%, 12/01/23(a) |
502 | 551,459 | ||||||
|
|
|
|||||||
| 64,561,867 | ||||||||
| Connecticut — 1.0% |
||||||||
| Capital Region Development Authority, Refunding RB |
||||||||
| (SAP), 5.00%, 06/15/30 |
1,095 | 1,350,180 | ||||||
| (SAP), 5.00%, 06/15/31 |
1,125 | 1,381,893 | ||||||
| Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/30(d) |
370 | 409,962 | ||||||
| Connecticut State Health & Educational Facilities Authority, Refunding RB |
||||||||
| Series 2015-A, 0.38%, 07/01/35(b) |
5,005 | 4,989,009 | ||||||
| Series G-1, 5.00%, 07/01/27(d) |
225 | 265,511 | ||||||
| Series G-1, 5.00%, 07/01/28(d) |
300 | 360,825 | ||||||
| Series G-1, 5.00%, 07/01/29(d) |
300 | 367,101 | ||||||
| Series G-1, 5.00%, 07/01/30(d) |
300 | 365,004 | ||||||
| Series G-1, 5.00%, 07/01/32(d) |
425 | 511,667 | ||||||
| Series G-1, 5.00%, 07/01/34(d) |
355 | 423,722 | ||||||
| Series I-1, 5.00%, 07/01/35 |
400 | 477,771 | ||||||
| State of Connecticut, GO, Series A, 5.00%, 04/15/33 |
7,000 | 8,635,998 | ||||||
|
|
|
|||||||
| 19,538,643 | ||||||||
| Delaware — 0.8% |
||||||||
| County of Kent Delaware, RB |
||||||||
| Series A, 4.00%, 07/01/22. |
230 | 233,832 | ||||||
| Series A, 5.00%, 07/01/24 |
705 | 766,089 | ||||||
| Series A, 5.00%, 07/01/25 |
805 | 897,390 | ||||||
| Series A, 5.00%, 07/01/26 |
850 | 969,020 | ||||||
| Series A, 5.00%, 07/01/27 |
890 | 1,035,044 | ||||||
| Series A, 5.00%, 07/01/28 |
935 | 1,095,240 | ||||||
| Delaware State Economic Development Authority, Refunding
RB(b) |
6,035 | 6,092,224 | ||||||
| Security | Par (000) |
Value | ||||||
| Delaware (continued) |
||||||||
| Delaware State Economic Development Authority, Refunding RB(b) (continued) |
||||||||
| Series B, 1.25%, 10/01/40 |
$ | 500 | $ | 504,730 | ||||
| Delaware State Health Facilities Authority, RB, 4.00%, 06/01/35 |
1,250 | 1,413,688 | ||||||
| Delaware Transportation Authority, Refunding RB, 5.00%, 09/01/30 |
2,000 | 2,594,374 | ||||||
|
|
|
|||||||
| 15,601,631 | ||||||||
| District of Columbia — 0.9% |
||||||||
| District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23(a) |
1,700 | 1,858,688 | ||||||
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/30 |
12,325 | 15,681,455 | ||||||
|
|
|
|||||||
| 17,540,143 | ||||||||
| Florida — 7.5% |
||||||||
| Capital Projects Finance Authority, RB, Series A-1, 5.00%, 10/01/30 |
1,000 | 1,249,606 | ||||||
| Capital Trust Agency, Inc., RB(d) |
||||||||
| Series A, 4.00%, 06/15/29 |
1,790 | 1,897,602 | ||||||
| Series A-1, 3.38%, 07/01/31 |
1,810 | 1,952,150 | ||||||
| Central Florida Expressway Authority, Refunding RB |
||||||||
| Senior Lien, 5.00%, 07/01/32 |
1,610 | 1,994,169 | ||||||
| Senior Lien, 5.00%, 07/01/33 |
2,750 | 3,394,682 | ||||||
| City of Lakeland Florida, Refunding RB, 5.00%, 11/15/30 |
3,750 | 4,500,191 | ||||||
| City of Tampa Florida, Refunding RB, Series A, 4.00%, 09/01/33 |
10,000 | 10,299,290 | ||||||
| County of Broward Florida, RB |
||||||||
| Series A, AMT, (AGM), 5.00%, 04/01/30 |
600 | 638,091 | ||||||
| Series A, AMT, (AGM), 5.00%, 04/01/33 |
740 | 786,457 | ||||||
| County of Miami-Dade Florida Water & Sewer System Revenue, RB, 5.00%, 10/01/27 |
5,000 | 6,176,305 | ||||||
| County of Miami-Dade Florida, Refunding RB, Series B, 4.00%, 04/01/32 |
6,690 | 7,616,391 | ||||||
| County of Palm Beach Florida, RB, 5.00%, 04/01/29(d) |
1,000 | 1,139,370 | ||||||
| County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB(c) |
||||||||
| Series B, 0.00%, 06/01/30 |
2,000 | 1,728,528 | ||||||
| Series B, 0.00%, 06/01/31 |
1,295 | 1,088,034 | ||||||
| Series B, 0.00%, 06/01/32 |
2,495 | 2,038,213 | ||||||
| Double Branch Community Development District, Refunding SAB, Series A-1, Senior Lien, 4.13%, 05/01/31 |
1,200 | 1,261,384 | ||||||
| Florida Development Finance Corp., RB, AMT, 5.00%, 05/01/29(d) |
7,430 | 7,918,381 | ||||||
| Florida Development Finance Corp., Refunding RB |
||||||||
| 4.00%, 06/01/24 |
105 | 110,865 | ||||||
| 4.00%, 06/01/25 |
100 | 107,213 | ||||||
| 4.00%, 06/01/26 |
110 | 119,218 | ||||||
| 4.00%, 09/15/30(d) |
470 | 502,488 | ||||||
| Jacksonville Port Authority, Refunding ARB, AMT, 4.50%, 11/01/22(a) |
9,445 | 9,843,560 | ||||||
| Lakewood Ranch Stewardship District, Refunding SAB, 3.20%, 05/01/30(d) |
540 | 555,420 | ||||||
|
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) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Florida (continued) |
||||||||
| Lakewood Ranch Stewardship District, SAB, S/F Housing, 3.40%, 05/01/30 |
$ | 375 | $ | 390,189 | ||||
| LT Ranch Community Development District, SAB, 3.40%, 05/01/30 |
985 | 1,017,929 | ||||||
| Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/30 |
1,000 | 1,123,547 | ||||||
| Orange County Convention Center/Orlando, Refunding RB, 5.00%, 10/01/30 |
11,470 | 14,854,212 | ||||||
| Palm Beach County Health Facilities Authority, RB, Series B, 5.00%, 05/15/31 |
410 | 485,200 | ||||||
| Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 11/15/32 |
16,805 | 19,871,308 | ||||||
| Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(a) |
3,825 | 4,126,838 | ||||||
| Sarasota National Community Development District, Refunding SAB, 3.50%, 05/01/31 |
1,000 | 1,061,401 | ||||||
| School Board of Miami-Dade County, Refunding COP, Series A, 5.00%, 05/01/32 |
9,000 | 10,585,665 | ||||||
| St. Johns County Industrial Development Authority, Refunding RB |
||||||||
| 4.00%, 12/15/28 |
200 | 225,848 | ||||||
| 4.00%, 12/15/29 |
215 | 244,016 | ||||||
| 4.00%, 12/15/30 |
195 | 220,514 | ||||||
| 4.00%, 12/15/31 |
205 | 231,103 | ||||||
| Tolomato Community Development District, Refunding SAB, |
520 | 549,049 | ||||||
| Village Community Development District No.10, SAB |
||||||||
| 4.50%, 05/01/23 |
765 | 772,864 | ||||||
| 5.00%, 05/01/32 |
5,055 | 5,102,653 | ||||||
| Village Community Development District No.5, Refunding SAB |
||||||||
| 3.50%, 05/01/28 |
4,980 | 5,192,033 | ||||||
| 4.00%, 05/01/33 |
965 | 1,011,883 | ||||||
| 4.00%, 05/01/34 |
2,110 | 2,211,573 | ||||||
| Village Community Development District No.6, Refunding SAB, 4.00%, 05/01/29 |
5,225 | 5,295,130 | ||||||
|
|
|
|||||||
| 141,490,563 | ||||||||
| Georgia — 2.0% |
||||||||
| Georgia Ports Authority RB, 5.00%, 07/01/30(f) |
1,175 | 1,530,794 | ||||||
| Main Street Natural Gas, Inc. RB, Series C, 4.00%, 05/01/52(b) |
5,360 | 6,259,467 | ||||||
| Main Street Natural Gas, Inc., RB |
||||||||
| Series A, 5.00%, 05/15/29 |
1,250 | 1,554,804 | ||||||
| Series A, 5.00%, 05/15/30 |
8,000 | 9,922,992 | ||||||
| Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 01/01/34 |
8,000 | 9,654,680 | ||||||
| Municipal Electric Authority of Georgia, Refunding RB |
||||||||
| Series A, 5.00%, 01/01/29 |
2,000 | 2,492,668 | ||||||
| Series A, 5.00%, 01/01/30 |
1,905 | 2,407,638 | ||||||
| Series A, Subordinate, 5.00%, 01/01/29 |
1,200 | 1,495,601 | ||||||
| Series A, Subordinate, 5.00%, 01/01/30 |
1,250 | 1,579,815 | ||||||
|
|
|
|||||||
| 36,898,459 | ||||||||
| Guam — 0.2% |
||||||||
| Territory of Guam, Refunding RB Series A, 5.00%, 11/01/30 |
500 | 635,932 | ||||||
| Security | Par (000) |
Value | ||||||
| Guam (continued) |
||||||||
| Territory of Guam, Refunding RB (continued) |
||||||||
| Series F, 5.00%, 01/01/30 |
$ | 1,160 | $ | 1,437,712 | ||||
| Series F, 5.00%, 01/01/31 |
1,250 | 1,573,970 | ||||||
|
|
|
|||||||
| 3,647,614 | ||||||||
| Idaho — 0.0% |
||||||||
| Idaho Housing & Finance Association, RB, Series A, 4.63%, 07/01/29(d) |
185 | 207,771 | ||||||
|
|
|
|||||||
| Illinois — 14.2% |
||||||||
| Chicago Board of Education, Refunding GO |
||||||||
| Series C, 5.00%, 12/01/22 |
14,830 | 15,524,771 | ||||||
| Series C, 5.00%, 12/01/30 |
7,025 | 8,305,868 | ||||||
| Series F, 5.00%, 12/01/22 |
4,760 | 4,983,001 | ||||||
| Chicago Housing Authority, RB, M/F Housing |
||||||||
| Series A, (HUD SEC 8), 5.00%, 01/01/33 |
3,000 | 3,535,224 | ||||||
| Series A, (HUD SEC 8), 5.00%, 01/01/35 |
1,500 | 1,752,711 | ||||||
| Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/33 |
5,000 | 5,441,070 | ||||||
| Chicago O’Hare International Airport, Refunding RB |
||||||||
| Series B, AMT, 4.00%, 01/01/27 |
5,000 | 5,029,255 | ||||||
| Series B, Senior Lien, 5.00%, 01/01/33 |
6,000 | 7,180,914 | ||||||
| Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB, 5.00%, 06/01/26 |
3,000 | 3,565,426 | ||||||
| City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, (AGM), 5.00%, 01/01/30 |
730 | 783,240 | ||||||
| City of Chicago Illinois Wastewater Transmission Revenue, RB |
||||||||
| 2nd Lien, 4.00%, 01/01/31 |
10,375 | 10,426,875 | ||||||
| 2nd Lien, 4.00%, 01/01/32 |
10,790 | 10,843,820 | ||||||
| 2nd Lien, 4.00%, 01/01/33 |
11,220 | 11,275,842 | ||||||
| 2nd Lien, 4.00%, 01/01/35 |
9,135 | 9,180,081 | ||||||
| City of St. Charles Illinois, Refunding GO |
||||||||
| 4.00%, 12/01/30 |
1,620 | 1,683,156 | ||||||
| 4.00%, 12/01/31 |
1,715 | 1,781,501 | ||||||
| County of Cook Illinois, Refunding GO, Series C, 4.00%, 11/15/29 |
19,750 | 20,485,984 | ||||||
| Illinois Finance Authority, Refunding RB |
||||||||
| Series A, 4.00%, 11/01/24 |
425 | 445,911 | ||||||
| Series A, 5.00%, 11/01/26 |
460 | 514,973 | ||||||
| Series A, 5.00%, 11/01/28 |
1,745 | 1,987,546 | ||||||
| Series A, 5.00%, 11/01/29 |
1,840 | 2,091,660 | ||||||
| Series A, 5.00%, 10/01/30 |
1,000 | 1,193,083 | ||||||
| Series A, 5.00%, 11/01/30 |
1,935 | 2,194,514 | ||||||
| Series A, 5.00%, 11/15/31 |
8,415 | 9,611,613 | ||||||
| Series A, 4.00%, 10/01/32 |
1,000 | 1,131,729 | ||||||
| Series A, 5.00%, 11/15/32 |
2,075 | 2,367,616 | ||||||
| Series A, 4.00%, 02/01/33 |
11,000 | 11,495,979 | ||||||
| Series A, 5.00%, 11/15/33 |
2,125 | 2,422,122 | ||||||
| Series B, 5.00%, 08/15/30 |
3,205 | 3,843,266 | ||||||
| Series B, 0.74%, 05/01/42(b) |
1,750 | 1,764,303 | ||||||
| Series C, 5.00%, 02/15/30 |
12,000 | 14,562,564 | ||||||
| Illinois State Toll Highway Authority, Refunding RB, Series A, 4.00%, 12/01/31 |
20,000 | 22,569,440 | ||||||
| Kane McHenry Cook & De Kalb Counties Unit School District No.300, Refunding GO, Series A, 5.00%, 01/01/30 |
6,350 | 7,623,480 | ||||||
| 3 |
| Schedule of Investments (unaudited) (continued) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Illinois (continued) |
||||||||
| Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
| 5.00%, 12/15/28 |
$ | 1,200 | $ | 1,451,645 | ||||
| 5.00%, 12/15/30 |
1,385 | 1,666,602 | ||||||
| State of Illinois, GO |
||||||||
| Series A, 5.00%, 12/01/28 |
9,950 | 11,894,419 | ||||||
| Series A, 5.00%, 03/01/32 |
1,500 | 1,899,795 | ||||||
| Series A, 4.00%, 03/01/41 |
335 | 375,675 | ||||||
| Series D, 5.00%, 11/01/28 |
10,805 | 12,891,273 | ||||||
| State of Illinois, Refunding GO, Series B, 5.00%, 10/01/30 |
7,000 | 8,435,812 | ||||||
| Upper Illinois River Valley Development Authority, Refunding RB, 4.00%, 01/01/31(d) |
370 | 386,321 | ||||||
| Winnebago & Boone Counties School District No.205 Rockford, GO |
||||||||
| 4.00%, 02/01/29 |
9,080 | 9,486,403 | ||||||
| 4.00%, 02/01/30 |
9,835 | 10,272,677 | ||||||
|
|
|
|||||||
| 266,359,160 | ||||||||
| 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 | 12,437,230 | ||||||
| City of Valparaiso Indiana, RB, AMT, 5.88%, 01/01/24 |
800 | 845,276 | ||||||
| City of Whiting Indiana, RB, Series A, AMT, 5.00%, 03/01/46(b) |
5,500 | 5,830,132 | ||||||
| Indiana Finance Authority Refunding RB, 0.34%, 03/01/39(b) |
1,090 | 1,090,000 | ||||||
| Indiana Finance Authority, Refunding RB |
||||||||
| Series A, 4.00%, 05/01/23(a) |
22,565 | 23,787,865 | ||||||
| Series A, 4.13%, 12/01/26 |
3,665 | 4,002,213 | ||||||
| Northern Indiana Commuter Transportation District, RB |
||||||||
| 5.00%, 07/01/32 |
1,000 | 1,186,120 | ||||||
| 5.00%, 07/01/33 |
1,400 | 1,658,769 | ||||||
|
|
|
|||||||
| 50,837,605 | ||||||||
| Iowa — 2.3% |
||||||||
| Iowa Finance Authority, RB, AMT, 1.50%, 01/01/42(b) |
2,750 | 2,774,376 | ||||||
| Iowa Finance Authority, Refunding RB, 5.25%, 12/01/25 |
13,345 | 14,520,561 | ||||||
| PEFA, Inc., RB, 5.00%, 09/01/49(b) |
21,415 | 25,226,142 | ||||||
|
|
|
|||||||
| 42,521,079 | ||||||||
| Kansas — 0.1% |
||||||||
| City of Shawnee Kansas, RB, 4.00%, 08/01/31(d) |
500 | 515,964 | ||||||
| Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A, 5.00%, 09/01/33 |
1,370 | 1,585,322 | ||||||
|
|
|
|||||||
| 2,101,286 | ||||||||
| Kentucky — 0.6% |
||||||||
| Kentucky Public Transportation Infrastructure Authority, RB, CAB |
||||||||
| Series B, 0.00%, 07/01/30(c) |
1,230 | 935,394 | ||||||
| Series C, Convertible, 0.00%, 07/01/33(g) |
1,500 | 1,835,221 | ||||||
| Louisville/Jefferson County Metropolitan Government, Refunding RB, Series A, 5.00%, 10/01/32 |
7,300 | 8,673,634 | ||||||
|
|
|
|||||||
| 11,444,249 | ||||||||
| Louisiana — 2.4% |
||||||||
| City of Ruston Louisiana, RB (AGM), 5.00%, 06/01/29 |
1,060 | 1,245,542 | ||||||
| Security | Par (000) |
Value | ||||||
| Louisiana (continued) |
||||||||
| City of Ruston Louisiana, RB (continued) |
||||||||
| (AGM), 5.00%, 06/01/30 |
$ | 1,000 | $ | 1,173,890 | ||||
| (AGM), 5.00%, 06/01/31 |
1,020 | 1,196,099 | ||||||
| (AGM), 5.00%, 06/01/32 |
1,225 | 1,435,107 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Auth, Refunding RB, Series A, 2.00%, 06/01/30 |
1,250 | 1,264,261 | ||||||
| Louisiana Public Facilities Authority, RB(d) |
||||||||
| Series A, 5.00%, 06/01/29 |
710 | 770,234 | ||||||
| Series A, 5.00%, 04/01/30 |
525 | 573,304 | ||||||
| Series A, 5.00%, 06/01/31 |
500 | 550,537 | ||||||
| Louisiana Public Facilities Authority, Refunding RB |
||||||||
| 5.00%, 05/15/29 |
1,235 | 1,443,978 | ||||||
| 5.00%, 05/15/30 |
990 | 1,156,373 | ||||||
| 3.00%, 05/15/31 |
2,225 | 2,346,162 | ||||||
| 5.00%, 05/15/32 |
1,485 | 1,730,977 | ||||||
| 5.00%, 05/15/33 |
2,175 | 2,532,587 | ||||||
| Louisiana Stadium & Exposition District, RB, 4.00%, 07/03/23 |
1,000 | 1,050,070 | ||||||
| Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/30 |
3,000 | 3,224,781 | ||||||
| Port New Orleans Board of Commissioners, Refunding RB, Series B, AMT, 5.00%, 04/01/23(a) |
2,875 | 3,062,467 | ||||||
| State of Louisiana, GO, Series A, 4.00%, 05/15/23(a) |
6,540 | 6,910,373 | ||||||
| Terrebonne Levee & Conservation District, RB, 5.00%, 07/01/23(a) |
1,925 | 2,074,609 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.25%, 05/15/32 |
4,375 | 4,477,721 | ||||||
| Series A, 5.25%, 05/15/33 |
4,750 | 4,861,103 | ||||||
| Series A, 5.25%, 05/15/35 |
1,500 | 1,596,878 | ||||||
|
|
|
|||||||
| 44,677,053 | ||||||||
| Maine — 0.2% |
||||||||
| City of Portland Maine General Airport Revenue, Refunding RB |
||||||||
| 5.00%, 01/01/33 |
695 | 858,171 | ||||||
| 5.00%, 01/01/34 |
305 | 375,506 | ||||||
| 4.00%, 01/01/35 |
1,000 | 1,147,471 | ||||||
| Maine Turnpike Authority, RB |
||||||||
| 5.00%, 07/01/29 |
300 | 381,323 | ||||||
| 5.00%, 07/01/30 |
275 | 355,546 | ||||||
|
|
|
|||||||
| 3,118,017 | ||||||||
| Maryland — 1.8% |
||||||||
| Anne Arundel County Consolidated Special Taxing District, ST |
||||||||
| 4.20%, 07/01/24 |
430 | 446,836 | ||||||
| 4.90%, 07/01/30 |
1,315 | 1,395,329 | ||||||
| City of Baltimore Maryland, Refunding RB, 5.00%, 09/01/31 |
1,250 | 1,347,805 | ||||||
| County of Prince George’s Maryland, TA, 5.00%, 07/01/30(d) |
585 | 663,885 | ||||||
| Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/33 |
1,765 | 2,083,921 | ||||||
| Maryland Economic Development Corp., RB, Series D, AMT, 5.00%, 03/31/30 |
1,325 | 1,568,905 | ||||||
| Maryland Health & Higher Educational Facilities Authority, Refunding RB |
||||||||
| 5.00%, 07/01/29 |
2,200 | 2,511,190 | ||||||
| 5.00%, 07/01/31 |
2,400 | 2,810,351 | ||||||
| 5.00%, 07/01/32 |
500 | 606,881 | ||||||
| 5.00%, 07/01/33 |
2,585 | 3,033,494 | ||||||
|
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) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Maryland (continued) |
||||||||
| Maryland Health & Higher Educational Facilities Authority, Refunding RB (continued) |
||||||||
| 5.00%, 07/01/34 |
$ | 775 | $ | 938,147 | ||||
| Series A, 5.00%, 01/01/31 |
2,865 | 3,361,227 | ||||||
| Series A, 5.00%, 01/01/32 |
3,010 | 3,523,997 | ||||||
| Series A, 5.00%, 01/01/33 |
3,165 | 3,705,465 | ||||||
| State of Maryland, GO, 1st Series, 3.00%, 03/15/34 |
5,000 | 5,529,125 | ||||||
|
|
|
|||||||
| 33,526,558 | ||||||||
| Massachusetts — 1.4% |
||||||||
| Commonwealth of Massachusetts, GO, Series I, 5.00%, 12/01/33 |
5,000 | 6,011,195 | ||||||
| Commonwealth of Massachusetts, Refunding GO, Series A, (AMBAC), 5.50%, 08/01/30 |
2,500 | 3,333,665 | ||||||
| Massachusetts Bay Transportation Authority, Refunding RB, CAB, Series A, 0.00%, 07/01/32(c) |
5,500 | 4,349,554 | ||||||
| Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/33 |
1,070 | 1,270,772 | ||||||
| Massachusetts Development Finance Agency, Refunding RB |
||||||||
| Series A, 5.00%, 01/01/32 |
2,020 | 2,449,432 | ||||||
| Series A, 5.00%, 01/01/33 |
1,500 | 1,810,863 | ||||||
| Series A, 5.00%, 01/01/34 |
2,085 | 2,504,298 | ||||||
| Series A, 5.00%, 01/01/35 |
2,000 | 2,394,436 | ||||||
| Massachusetts Educational Financing Authority, Refunding RB, Series K, AMT, 5.25%, 07/01/29 |
2,980 | 3,050,501 | ||||||
|
|
|
|||||||
| 27,174,716 | ||||||||
| Michigan — 1.9% |
||||||||
| City of Detroit Michigan, GO |
||||||||
| 5.00%, 04/01/26 |
735 | 843,181 | ||||||
| 5.00%, 04/01/27 |
580 | 679,835 | ||||||
| 5.00%, 04/01/28 |
665 | 794,593 | ||||||
| 5.00%, 04/01/29 |
665 | 790,230 | ||||||
| 5.00%, 04/01/30 |
510 | 602,918 | ||||||
| 5.00%, 04/01/31 |
735 | 864,879 | ||||||
| 5.00%, 04/01/32 |
625 | 732,179 | ||||||
| 5.00%, 04/01/33 |
830 | 968,444 | ||||||
| Michigan Finance Authority, Refunding RB |
||||||||
| 5.00%, 06/01/24(a) |
2,750 | 3,077,148 | ||||||
| 5.00%, 08/15/30 |
2,105 | 2,275,703 | ||||||
| Michigan State Hospital Finance Authority, Refunding RB, Series C, 4.00%, 06/01/22(a) |
8,195 | 8,375,470 | ||||||
| Michigan State Housing Development Authority, RB, M/F Housing, Series A, 0.55%, 04/01/25 |
985 | 983,130 | ||||||
| Michigan Strategic Fund, RB |
||||||||
| AMT, 5.00%, 12/31/32 |
2,000 | 2,428,332 | ||||||
| AMT, 4.00%, 10/01/61(b) |
1,730 | 1,921,956 | ||||||
| Michigan Strategic Fund, Refunding RB |
1,260 | 1,494,674 | ||||||
| 5.00%, 11/15/34 |
1,410 | 1,644,164 | ||||||
| Saginaw Valley State University, Refunding RB |
||||||||
| Series A, 5.00%, 07/01/31 |
2,070 | 2,460,901 | ||||||
| Series A, 5.00%, 07/01/32 |
1,430 | 1,698,168 | ||||||
| State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/30 |
800 | 1,052,226 | ||||||
| State of Michigan Trunk Line Revenue Refunding RB, 5.00%, 11/15/30 |
1,000 | 1,315,283 | ||||||
|
|
|
|||||||
| 35,003,414 | ||||||||
| Security | Par (000) |
Value | ||||||
| Minnesota — 0.4% | ||||||||
| City of Spring Lake Park Minnesota, RB, 4.00%, 06/15/29 |
$ | 1,185 | $ | 1,279,389 | ||||
| Sartell-St Stephen Independent School District No.748, GO, CAB(c) |
||||||||
| Series B, (SD CRED PROG), 0.00%, 02/01/30 |
3,915 | 3,232,408 | ||||||
| Series B, (SD CRED PROG), 0.00%, 02/01/31 |
2,190 | 1,742,662 | ||||||
| Series B, (SD CRED PROG), 0.00%, 02/01/32 |
1,450 | 1,111,844 | ||||||
|
|
|
|||||||
| 7,366,303 | ||||||||
| Mississippi — 1.2% |
||||||||
| Mississippi Development Bank, Refunding RB |
||||||||
| Series A, (AGM), 5.00%, 03/01/30 |
2,280 | 2,664,542 | ||||||
| Series A, (AGM), 5.00%, 03/01/31 |
1,595 | 1,861,756 | ||||||
| Series A, (AGM), 5.00%, 03/01/32 |
2,000 | 2,331,714 | ||||||
| Series A, (AGM), 5.00%, 03/01/33 |
1,275 | 1,484,701 | ||||||
| State of Mississippi, RB, Series E, 5.00%, 10/15/33 |
12,225 | 14,106,232 | ||||||
|
|
|
|||||||
| 22,448,945 | ||||||||
| Missouri — 0.6% |
||||||||
| Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
||||||||
| 5.00%, 05/01/30 |
3,000 | 3,174,558 | ||||||
| 5.00%, 05/15/31 |
1,175 | 1,381,223 | ||||||
| 4.00%, 05/15/32 |
1,680 | 1,893,938 | ||||||
| 4.00%, 05/15/33 |
2,000 | 2,238,066 | ||||||
| Series A, 4.00%, 11/15/33 |
2,010 | 2,147,044 | ||||||
| Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29 |
970 | 977,505 | ||||||
|
|
|
|||||||
| 11,812,334 | ||||||||
| Montana — 0.6% |
||||||||
| City of Forsyth Montana, Refunding RB, Series A, 3.90%, 03/01/31(b) |
10,050 | 10,453,638 | ||||||
|
|
|
|||||||
| Nebraska — 0.6% | ||||||||
| Central Plains Energy Project, RB |
||||||||
| 5.00%, 09/01/27 |
5,000 | 5,189,240 | ||||||
| 5.00%, 09/01/32 |
4,500 | 4,670,316 | ||||||
| Elkhorn School District, GO |
||||||||
| 4.00%, 12/15/32 |
325 | 385,724 | ||||||
| 4.00%, 12/15/33 |
375 | 444,289 | ||||||
|
|
|
|||||||
| 10,689,569 | ||||||||
| Nevada(d) — 0.0% |
||||||||
| State of Nevada Department of Business & Industry, RB |
||||||||
| Series A, 5.00%, 07/15/27 |
335 | 370,468 | ||||||
| Series A, 4.50%, 12/15/29 |
590 | 646,000 | ||||||
|
|
|
|||||||
| 1,016,468 | ||||||||
| New Hampshire — 0.8% |
||||||||
| New Hampshire Business Finance Authority Refunding RB, 0.42%, 10/01/33(b) |
7,180 | 7,246,551 | ||||||
| New Hampshire Business Finance Authority, Refunding RB |
||||||||
| 4.00%, 01/01/28 |
285 | 323,460 | ||||||
| 4.00%, 01/01/29 |
300 | 340,099 | ||||||
| 4.00%, 01/01/30 |
280 | 315,356 | ||||||
| Series A, AMT, 4.00%, 11/01/27(d) |
2,205 | 2,297,813 | ||||||
| New Hampshire State Turnpike System, RB, Series C, 4.00%, 08/01/33 |
4,350 | 4,468,729 | ||||||
|
|
|
|||||||
| 14,992,008 | ||||||||
| 5 |
| Schedule of Investments (unaudited) (continued) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New Jersey — 14.6% |
||||||||
| Atlantic City Board of Education, Refunding GO |
||||||||
| (AGM), 4.00%, 04/01/30 |
$ | 170 | $ | 195,468 | ||||
| (AGM), 4.00%, 04/01/31 |
175 | 199,322 | ||||||
| Casino Reinvestment Development Authority, Inc., Refunding RB |
||||||||
| 5.00%, 11/01/21 |
2,465 | 2,465,560 | ||||||
| 5.00%, 11/01/22 |
1,890 | 1,966,657 | ||||||
| Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24 |
1,015 | 1,082,047 | ||||||
| New Jersey Economic Development Authority, RB |
||||||||
| 5.00%, 06/15/30 |
600 | 763,735 | ||||||
| Series A, 4.00%, 06/15/29(d) |
665 | 725,109 | ||||||
| Series A, 4.00%, 07/01/29 |
350 | 397,344 | ||||||
| Series A, 5.00%, 06/15/32 |
4,500 | 5,443,452 | ||||||
| Series C, 5.00%, 06/15/32 |
3,600 | 4,361,026 | ||||||
| Series DDD, 5.00%, 06/15/35 |
2,000 | 2,387,810 | ||||||
| AMT, 5.00%, 01/01/28 |
4,705 | 5,135,324 | ||||||
| Series A, AMT, 5.63%, 11/15/30 |
1,740 | 1,906,542 | ||||||
| Series B, AMT, 5.63%, 11/15/30 |
1,315 | 1,440,864 | ||||||
| New Jersey Economic Development Authority, Refunding RB |
||||||||
| 5.00%, 06/15/26 |
10,610 | 10,877,934 | ||||||
| 4.25%, 06/15/27 |
16,500 | 16,839,240 | ||||||
| (AGM), 5.00%, 06/01/28 |
1,000 | 1,205,125 | ||||||
| 5.00%, 01/01/29 |
2,280 | 2,643,462 | ||||||
| (AGM), 5.00%, 06/01/30 |
1,500 | 1,803,865 | ||||||
| (AGM), 5.00%, 06/01/31 |
1,750 | 2,102,137 | ||||||
| (AGM), 4.00%, 06/01/32 |
2,125 | 2,409,087 | ||||||
| Series BBB, 5.50%, 06/15/29 |
10,000 | 12,145,170 | ||||||
| Series MMM, 4.00%, 06/15/35 |
5,000 | 5,793,960 | ||||||
| Sub-Series A, 4.00%, 07/01/32 |
9,855 | 10,953,832 | ||||||
| New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 |
5,000 | 5,332,575 | ||||||
| New Jersey Educational Facilities Authority, RB, Series A, 4.00%, 09/01/30 |
5,860 | 6,383,480 | ||||||
| New Jersey Health Care Facilities Financing Authority, Refunding RB |
||||||||
| 5.00%, 07/01/28 |
1,500 | 1,773,633 | ||||||
| 5.00%, 07/01/29 |
4,150 | 4,929,865 | ||||||
| 5.00%, 07/01/30 |
3,500 | 4,152,561 | ||||||
| Series A, 5.00%, 07/01/30 |
11,245 | 13,391,614 | ||||||
| New Jersey Higher Education Student Assistance Authority, RB |
||||||||
| Series 1A, AMT, 5.00%, 12/01/25 |
5,500 | 6,427,349 | ||||||
| Series 1A, AMT, 5.00%, 12/01/26 |
2,250 | 2,624,890 | ||||||
| Series A, AMT, 4.00%, 12/01/32 |
2,390 | 2,607,191 | ||||||
| Series A, AMT, 4.00%, 12/01/33 |
1,915 | 2,067,333 | ||||||
| Series A, AMT, 4.00%, 12/01/34 |
955 | 1,062,289 | ||||||
| Series A, AMT, 4.00%, 12/01/35 |
955 | 1,035,832 | ||||||
| Series B, AMT, 5.00%, 12/01/23 |
50 | 54,695 | ||||||
| New Jersey Higher Education Student Assistance Authority, Refunding RB, Series A, AMT, 5.00%, 12/01/23 |
215 | 235,188 | ||||||
| New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32 |
11,085 | 12,037,113 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
||||||||
| Series AA, 5.25%, 06/15/27 |
4,225 | 4,887,750 | ||||||
| Series AA, 5.25%, 06/15/28 |
4,500 | 5,199,286 | ||||||
| Series AA, 4.00%, 06/15/30 |
10,815 | 11,065,075 | ||||||
| Security | Par (000) |
Value | ||||||
| New Jersey (continued) |
||||||||
| New Jersey Transportation Trust Fund Authority, RB (continued) |
||||||||
| Series BB, 5.00%, 06/15/30 |
$ | 1,500 | $ | 1,858,944 | ||||
| Series C, 5.25%, 06/15/32 |
10,000 | 11,327,380 | ||||||
| Series D, 5.00%, 06/15/32 |
5,000 | 5,625,345 | ||||||
| New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
| Series A, 5.00%, 06/15/30 |
6,600 | 7,722,297 | ||||||
| Series A, 5.00%, 12/15/30 |
21,325 | 26,346,099 | ||||||
| Newark Housing Authority Scholarship Foundation A New Jersey Non, Refunding RB, (NPFGC), 5.25%, 01/01/27 |
5,000 | 5,728,575 | ||||||
| South Jersey Transportation Authority, Refunding RB, Series A, 5.00%, 11/01/33 |
500 | 557,677 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/30 |
16,740 | 20,617,402 | ||||||
| Series A, 5.00%, 06/01/32 |
8,270 | 9,956,460 | ||||||
| Township of Irvington New Jersey, Refunding GO |
||||||||
| Series A, (AGM, SAW), 5.00%, 07/15/30 |
2,000 | 2,227,626 | ||||||
| Series A, (AGM, SAW), 5.00%, 07/15/31 |
1,450 | 1,613,898 | ||||||
|
|
|
|||||||
| 274,093,494 | ||||||||
| New Mexico — 1.4% |
||||||||
| City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/34 |
480 | 540,818 | ||||||
| New Mexico Educational Assistance Foundation, RB |
||||||||
| Series A-1, AMT, (GTD STD LNS), 3.75%, 09/01/31. |
6,250 | 6,577,137 | ||||||
| Series A-1, AMT, (GTD STD LNS), 3.88%, 04/01/34 |
2,000 | 2,123,022 | ||||||
| Series A-2, AMT, (GTD STD LNS), 3.80%, 11/01/32 |
5,850 | 6,144,074 | ||||||
| Series A-2, AMT, (GTD STD LNS), 3.80%, 09/01/33 |
10,000 | 10,483,220 | ||||||
|
|
|
|||||||
| 25,868,271 | ||||||||
| New York — 4.6% |
||||||||
| Build NYC Resource Corp., Refunding RB, AMT, 4.50%, 01/01/25(d) |
645 | 688,527 | ||||||
| County of Nassau New York, GO |
||||||||
| Series A, (AGM), 5.00%, 04/01/34 |
4,165 | 5,079,613 | ||||||
| Series A, (AGM), 5.00%, 04/01/35 |
4,385 | 5,336,006 | ||||||
| Hempstead Town Local Development Corp., Refunding RB |
||||||||
| 5.00%, 06/01/30 |
200 | 255,444 | ||||||
| 5.00%, 06/01/31 |
300 | 389,687 | ||||||
| 5.00%, 06/01/32 |
100 | 129,639 | ||||||
| Metropolitan Transportation Authority, Refunding RB 2nd Sub Series, (AGM), 0.83%, 11/01/32(b) |
2,875 | 2,863,678 | ||||||
| Sub-Series C-1, 5.00%, 11/15/34 |
10,000 | 11,827,610 | ||||||
| Metropolitan Transportation Authority, Refunding RB, CAB(c) |
||||||||
| Series A, 0.00%, 11/15/30 |
13,000 | 10,984,727 | ||||||
| Series C-2, 0.00%, 11/15/32 |
19,315 | 14,530,037 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 5.00%, 08/01/30 |
4,980 | 6,130,988 | ||||||
| New York Transportation Development Corp., ARB |
||||||||
| Series A, AMT, 4.00%, 07/01/32 |
5,500 | 6,007,502 | ||||||
| Series A, AMT, 4.00%, 07/01/33 |
6,000 | 6,547,212 | ||||||
| New York Transportation Development Corp., RB AMT, 4.00%, 10/01/30 |
8,140 | 9,434,333 | ||||||
|
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) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York (continued) |
||||||||
| New York Transportation Development Corp., RB (continued) AMT, 4.00%, 10/31/34 |
$ | 350 | $ | 409,013 | ||||
| New York Transportation Development Corp., Refunding RB |
||||||||
| Series A, AMT, 5.00%, 12/01/29 |
235 | 291,106 | ||||||
| Series A, Class A, AMT, 5.00%, 12/01/28 |
350 | 425,926 | ||||||
| Series A, Class A, AMT, 5.00%, 12/01/30 |
250 | 316,252 | ||||||
| Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 5.00%, 07/15/30 |
3,730 | 4,794,091 | ||||||
|
|
|
|||||||
| 86,441,391 | ||||||||
| North Carolina — 0.1% |
||||||||
| North Carolina Medical Care Commission, RB |
||||||||
| 4.00%, 09/01/33 |
175 | 204,186 | ||||||
| 4.00%, 09/01/34 |
185 | 215,253 | ||||||
| Series A, 4.00%, 10/01/27 |
600 | 692,956 | ||||||
|
|
|
|||||||
| 1,112,395 | ||||||||
| Ohio — 1.5% |
||||||||
| Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/31 |
460 | 521,436 | ||||||
| American Municipal Power, Inc., Refunding RB, Series A-2, 1.00%, 02/15/48(b) |
6,000 | 6,070,530 | ||||||
| County of Butler Ohio, Refunding RB |
||||||||
| 5.00%, 11/15/30 |
1,225 | 1,488,749 | ||||||
| 5.00%, 11/15/31 |
2,500 | 3,035,047 | ||||||
| 5.00%, 11/15/32 |
2,200 | 2,661,556 | ||||||
| County of Franklin Ohio, RB |
||||||||
| Series A, 5.25%, 07/01/28 |
470 | 470,932 | ||||||
| Series A, 5.63%, 07/01/32 |
940 | 942,009 | ||||||
| Ohio Air Quality Development Authority, Refunding RB, 3.25%, 09/01/29 |
4,450 | 4,862,150 | ||||||
| Ohio State University RB, 5.00%, 12/01/30 |
3,320 | 4,377,862 | ||||||
| State of Ohio, RB |
||||||||
| AMT, (AGM), 5.00%, 12/31/29 |
1,625 | 1,856,554 | ||||||
| AMT, (AGM), 5.00%, 12/31/30 |
2,400 | 2,738,664 | ||||||
|
|
|
|||||||
| 29,025,489 | ||||||||
| Oklahoma — 0.9% |
||||||||
| Norman Regional Hospital Authority, Refunding RB |
||||||||
| 5.00%, 09/01/27 |
2,100 | 2,482,057 | ||||||
| 5.00%, 09/01/28 |
2,000 | 2,361,350 | ||||||
| 5.00%, 09/01/29 |
2,150 | 2,535,710 | ||||||
| 5.00%, 09/01/30 |
5,130 | 6,044,099 | ||||||
| Oklahoma Capitol Improvement Authority, RB, Series B, 5.00%, 07/01/30 |
2,150 | 2,782,829 | ||||||
|
|
|
|||||||
| 16,206,045 | ||||||||
| Oregon — 0.6% |
||||||||
| Oregon Health & Science University, Refunding RB, Series B, 5.00%, 07/01/35 |
7,390 | 8,708,878 | ||||||
| Port of Morrow, Refunding GO |
||||||||
| Series A, 4.00%, 06/01/30 |
1,205 | 1,430,570 | ||||||
| Series D, 4.00%, 12/01/30 |
880 | 1,050,268 | ||||||
|
|
|
|||||||
| 11,189,716 | ||||||||
| Pennsylvania — 17.8% |
||||||||
| Allegheny County Hospital Development Authority, Refunding RB |
||||||||
| Series A, 5.00%, 04/01/31 |
3,075 | 3,770,888 | ||||||
| Series A, 5.00%, 04/01/34 |
3,345 | 4,046,778 | ||||||
| Security | Par (000) |
Value | ||||||
| Pennsylvania (continued) |
||||||||
| Allegheny County Hospital Development Authority, Refunding RB (continued) Series A, 5.00%, 04/01/35 |
$ | 1,000 | $ | 1,205,495 | ||||
| Allentown City School District Refunding GOL, Series B, (BAM, SAW), 5.00%, 02/01/31 |
4,000 | 5,039,064 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority Refunding RB(f) |
||||||||
| 5.00%, 05/01/29 |
450 | 543,740 | ||||||
| 5.00%, 05/01/30 |
450 | 550,809 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority, RB(d) |
||||||||
| 5.00%, 05/01/23 |
335 | 348,512 | ||||||
| 5.00%, 05/01/28 |
835 | 1,009,638 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority, Refunding RB |
||||||||
| Series A, 5.00%, 05/01/27 |
6,750 | 6,911,399 | ||||||
| Series A, 5.00%, 05/01/28 |
5,000 | 5,119,550 | ||||||
| Series A, 5.00%, 05/01/29 |
3,745 | 3,834,520 | ||||||
| Series A, 5.00%, 05/01/30 |
5,300 | 5,426,649 | ||||||
| Bucks County Industrial Development Authority, RB |
||||||||
| 5.00%, 07/01/29 |
555 | 677,674 | ||||||
| 5.00%, 07/01/30 |
700 | 867,783 | ||||||
| Chester County Health and Education Facilities Authority, Refunding RB |
||||||||
| Series A, 5.00%, 12/01/30 |
2,180 | 2,293,663 | ||||||
| Series A, 5.00%, 10/01/32 |
1,450 | 1,778,624 | ||||||
| Series A, 5.00%, 10/01/33 |
2,300 | 2,816,996 | ||||||
| Chester County Industrial Development Authority, SAB, 4.38%, 03/01/28(d) |
265 | 290,386 | ||||||
| City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series A, 5.00%, 07/01/30 |
5,000 | 6,491,350 | ||||||
| City of Philadelphia Pennsylvania, Refunding GO |
||||||||
| (AGM), 5.00%, 08/01/30 |
9,235 | 11,167,858 | ||||||
| (AGM), 4.00%, 08/01/32 |
6,000 | 6,818,814 | ||||||
| Series A, 5.00%, 08/01/30 |
4,500 | 5,496,939 | ||||||
| Clarion County Industrial Development Authority, Refunding RB, AMT, 2.45%, 12/01/39(b) |
4,200 | 4,507,436 | ||||||
| Commonwealth Financing Authority, RB, 5.00%, 06/01/32 |
6,000 | 7,331,880 | ||||||
| Commonwealth of Pennsylvania, Refunding GO, 1st Series, 4.00%, 01/01/30 |
7,000 | 8,097,845 | ||||||
| Cumberland County Municipal Authority, Refunding RB |
||||||||
| 5.00%, 01/01/25(a) |
645 | 736,978 | ||||||
| 5.00%, 01/01/29 |
1,080 | 1,217,992 | ||||||
| 5.00%, 01/01/30 |
2,250 | 2,535,066 | ||||||
| 5.00%, 01/01/32 |
1,510 | 1,745,243 | ||||||
| Dauphin County General Authority, Refunding RB, Series A, 4.00%, 06/01/31 |
2,275 | 2,524,183 | ||||||
| Delaware County Authority, Refunding RB |
||||||||
| 5.00%, 07/01/28 |
800 | 942,305 | ||||||
| 5.00%, 07/01/29 |
1,365 | 1,605,813 | ||||||
| 5.00%, 07/01/30 |
1,435 | 1,686,098 | ||||||
| East Hempfield Township Industrial Development Authority, RB(a) |
||||||||
| 5.00%, 07/01/23 |
1,280 | 1,380,449 | ||||||
| 5.00%, 07/01/25 |
825 | 958,488 | ||||||
| Geisinger Authority, Refunding RB Series A-2, 5.00%, 02/15/32 |
4,000 | 4,828,968 | ||||||
| 7 |
| Schedule of Investments (unaudited) (continued) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Pennsylvania (continued) |
||||||||
| Geisinger Authority, Refunding RB (continued) |
$ | 1,750 | $ | 2,106,934 | ||||
| Lancaster County Hospital Authority, Refunding RB, Series A, 3.00%, 08/15/30 |
2,535 | 2,744,003 | ||||||
| Latrobe Industrial Development Authority, Refunding RB, 5.00%, 03/01/30 |
150 | 178,791 | ||||||
| Montgomery County Higher Education and Health Authority, Refunding RB |
||||||||
| 4.00%, 09/01/34 |
3,000 | 3,499,611 | ||||||
| 4.00%, 09/01/35 |
1,735 | 2,015,794 | ||||||
| 4.00%, 09/01/36 |
1,500 | 1,734,156 | ||||||
| Series A, 5.00%, 09/01/31 |
1,750 | 2,170,593 | ||||||
| Series A, 5.00%, 09/01/32 |
1,315 | 1,623,387 | ||||||
| Montgomery County Industrial Development Authority, Refunding RB |
||||||||
| 5.00%, 05/15/22(a) |
2,500 | 2,564,498 | ||||||
| 5.00%, 01/01/30 |
2,000 | 2,145,340 | ||||||
| Series A, 5.25%, 01/15/29 |
3,250 | 3,716,232 | ||||||
| Northampton County General Purpose Authority, RB, Series A, 5.00%, 08/15/33 |
12,660 | 13,603,600 | ||||||
| Northampton County General Purpose Authority, Refunding RB, 5.00%, 11/01/34 |
5,400 | 6,585,235 | ||||||
| Pennsylvania Economic Development Financing Authority, RB |
||||||||
| Series A-1, 5.00%, 04/15/30 |
2,500 | 3,226,317 | ||||||
| AMT, 5.00%, 12/31/29 |
5,000 | 5,930,640 | ||||||
| AMT, 5.00%, 12/31/30 |
13,100 | 15,519,793 | ||||||
| AMT, 5.00%, 12/31/34 |
16,500 | 19,463,301 | ||||||
| Pennsylvania Economic Development Financing Authority, Refunding RB, 5.00%, 03/15/31 |
4,500 | 5,369,125 | ||||||
| Pennsylvania Higher Educational Facilities Authority, RB, Series AT-1, 5.00%, 06/15/30 |
7,910 | 9,438,552 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Refunding RB |
||||||||
| 5.00%, 05/01/30 |
425 | 502,829 | ||||||
| 5.00%, 05/01/31 |
1,275 | 1,506,729 | ||||||
| 4.00%, 05/01/32 |
3,000 | 3,031,005 | ||||||
| 5.00%, 05/01/32 |
1,750 | 2,065,649 | ||||||
| 5.00%, 05/01/33 |
3,320 | 3,914,114 | ||||||
| 5.00%, 05/01/35 |
1,000 | 1,176,216 | ||||||
| Pennsylvania Housing Finance Agency, Refunding RB, Series 125A, AMT, 3.40%, 10/01/32 |
9,000 | 9,524,718 | ||||||
| Pennsylvania Turnpike Commission, RB |
||||||||
| Series B, 5.00%, 12/01/29 |
800 | 1,031,384 | ||||||
| Series B, 5.00%, 12/01/30 |
620 | 812,511 | ||||||
| Sub-Series B-1, 5.00%, 06/01/31 |
3,000 | 3,647,913 | ||||||
| Sub-Series B-1, 5.00%, 06/01/32 |
4,075 | 4,948,835 | ||||||
| Sub-Series B-1, 5.00%, 06/01/33 |
4,000 | 4,850,804 | ||||||
| Pennsylvania Turnpike Commission, Refunding RB |
||||||||
| 2nd Series, 5.00%, 12/01/32 |
1,000 | 1,225,107 | ||||||
| 2nd Series, 5.00%, 12/01/35 |
2,005 | 2,424,789 | ||||||
| 2nd Sub Series, 5.00%, 12/01/33 |
1,815 | 2,212,810 | ||||||
| 2nd Sub Series, 5.00%, 12/01/34 |
1,500 | 1,821,369 | ||||||
| Sub-Series B-2, (AGM), 5.00%, 06/01/34 |
4,000 | 4,838,248 | ||||||
| Philadelphia Authority for Industrial Development, RB, 4.00%, 06/15/29 |
350 | 374,841 | ||||||
| Security | Par (000) |
Value | ||||||
| Pennsylvania (continued) |
||||||||
| Philadelphia Gas Works Co., RB, Series A, (AGM), 5.00%, 08/01/30 |
$ | 800 | $ | 1,032,610 | ||||
| Philadelphia Gas Works Co., Refunding RB, Series 14-T, 5.00%, 10/01/30 |
425 | 507,824 | ||||||
| Pittsburgh Water & Sewer Authority, RB, Series B, (AGM), 5.00%, 09/01/30 |
205 | 266,300 | ||||||
| Southeastern Pennsylvania Transportation Authority, RB, 5.00%, 06/01/30 |
5,000 | 6,435,955 | ||||||
| State Public School Building Authority, RB, (SAW), 5.00%, 04/01/22(a) |
23,630 | 24,101,205 | ||||||
| Wayne County Hospital & Health Facilities Authority, RB |
||||||||
| Series A, (GTD), 5.00%, 07/01/31 |
460 | 558,257 | ||||||
| Series A, (GTD), 4.00%, 07/01/33 |
440 | 489,917 | ||||||
| West Cornwall Township Municipal Authority, Refunding RB |
||||||||
| Series A, 4.00%, 11/15/27 |
130 | 147,116 | ||||||
| Series A, 4.00%, 11/15/28 |
105 | 119,842 | ||||||
| Series A, 4.00%, 11/15/29 |
140 | 159,767 | ||||||
| Series A, 4.00%, 11/15/30 |
190 | 218,182 | ||||||
| Series A, 4.00%, 11/15/31 |
200 | 229,646 | ||||||
| Westmoreland County Municipal Authority, Refunding RB |
||||||||
| (BAM), 5.00%, 08/15/27 |
1,500 | 1,737,992 | ||||||
| (BAM), 5.00%, 08/15/31 |
5,000 | 6,072,200 | ||||||
| (BAM), 5.00%, 08/15/32 |
17,945 | 21,761,327 | ||||||
|
|
|
|||||||
| 333,989,786 | ||||||||
| 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 | 12,263,943 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/31 |
38,523 | 30,842,438 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/33 |
43,149 | 31,927,240 | ||||||
| Series B-1, Restructured, 0.00%, 07/01/31 |
5,755 | 4,622,687 | ||||||
| Series B-1, Restructured, 0.00%, 07/01/33 |
6,477 | 4,774,682 | ||||||
|
|
|
|||||||
| 84,430,990 | ||||||||
| Rhode Island — 1.2% |
||||||||
| Rhode Island Health and Educational Building Corp., Refunding RB, 5.00%, 05/15/30 |
1,500 | 1,742,505 | ||||||
| Rhode Island Housing and Mortgage Finance Corp., RB, S/F Housing, Series 68-B, 3.00%, 10/01/31 |
8,365 | 8,674,781 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/28 |
2,750 | 3,107,327 | ||||||
| Series A, 5.00%, 06/01/29 |
4,500 | 5,079,920 | ||||||
| Series A, 5.00%, 06/01/30 |
4,215 | 4,753,546 | ||||||
|
|
|
|||||||
| 23,358,079 | ||||||||
| South Carolina — 0.8% |
||||||||
| South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/35 |
10,000 | 12,061,030 | ||||||
| South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/31 |
2,800 | 3,641,422 | ||||||
|
|
|
|||||||
| 15,702,452 | ||||||||
| Tennessee — 0.6% |
||||||||
| Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/36 |
2,000 | 2,318,930 | ||||||
|
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) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Tennessee (continued) |
||||||||
| Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/31 |
$ | 6,210 | $ | 6,944,823 | ||||
| Memphis-Shelby County Industrial Development Board, Refunding TA, Series A, 4.75%, 07/01/27 |
480 | 470,352 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/31 |
1,300 | 1,526,742 | ||||||
|
|
|
|||||||
| 11,260,847 | ||||||||
| Texas — 12.6% |
||||||||
| Arlington Higher Education Finance Corp., RB, 4.00%, 06/15/31 |
3,260 | 3,366,820 | ||||||
| Central Texas Regional Mobility Authority, RB, Series A, Senior Lien, 5.00%, 07/01/25(a) |
4,275 | 4,964,502 | ||||||
| Central Texas Turnpike System, RB |
||||||||
| Series C, 5.00%, 08/15/32 |
12,500 | 13,990,687 | ||||||
| Series C, 5.00%, 08/15/33 |
14,000 | 15,658,202 | ||||||
| City of Austin Texas Water & Wastewater System Revenue, Refunding RB, Series C, 5.00%, 11/15/30 |
900 | 1,183,076 | ||||||
| City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
| Sub-Series D, 5.00%, 07/01/33 |
7,000 | 8,622,635 | ||||||
| Sub-Series A, AMT, 5.00%, 07/01/30 |
1,200 | 1,537,774 | ||||||
| City of Houston Texas Combined Utility System Revenue, Refunding RB |
||||||||
| Series B, 1st Lien, 5.25%, 11/15/33 |
4,000 | 4,854,240 | ||||||
| Series B, 1st Lien, 5.00%, 11/15/34 |
7,315 | 8,759,822 | ||||||
| Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/33 |
1,650 | 1,805,039 | ||||||
| Clifton Higher Education Finance Corp., Refunding RB |
||||||||
| Series A, 3.10%, 12/01/22 |
325 | 329,516 | ||||||
| Series A, (PSF), 4.00%, 08/15/31 |
1,250 | 1,431,531 | ||||||
| Series A, 3.95%, 12/01/32 |
1,800 | 1,858,793 | ||||||
| Series A, (PSF), 4.00%, 08/15/33 |
1,200 | 1,366,348 | ||||||
| County of Harris Texas, Refunding RB, Series C, Senior Lien, 4.00%, 08/15/33 |
12,325 | 12,659,094 | ||||||
| County of Nueces Texas, Refunding GO |
||||||||
| 4.00%, 02/15/33 |
1,165 | 1,377,778 | ||||||
| 4.00%, 02/15/35 |
725 | 853,002 | ||||||
| Dallas Fort Worth International Airport, Refunding RB, 5.00%, 11/01/32 |
5,000 | 6,429,330 | ||||||
| DeSoto Independent School District Refunding GO, (PSF), 5.00%, 08/15/30 |
4,030 | 5,148,184 | ||||||
| Harris County Cultural Education Facilities Finance Corp., RB |
||||||||
| Series B, 5.75%, 01/01/28 |
500 | 526,804 | ||||||
| Series B, 6.38%, 01/01/33 |
460 | 487,414 | ||||||
| Harris County Cultural Education Facilities Finance Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/28 |
1,150 | 1,217,926 | ||||||
| Series A, 5.00%, 01/01/33 |
1,090 | 1,137,628 | ||||||
| Series A, 5.00%, 06/01/33 |
3,000 | 3,172,908 | ||||||
| Leander Independent School District, Refunding GO, CAB(c) |
||||||||
| Series D, (PSF), 0.00%, 08/15/31 |
1,200 | 840,241 | ||||||
| Series D, (PSF), 0.00%, 08/15/32 |
2,000 | 1,366,478 | ||||||
| Series D, (PSF), 0.00%, 08/15/33 |
4,485 | 2,912,151 | ||||||
| Security | Par (000) |
Value | ||||||
| Texas (continued) |
||||||||
| Matagorda County Navigation District No.1, Refunding RB |
||||||||
| Series A, (AMBAC), 4.40%, 05/01/30 |
$ | 26,120 | $ | 31,211,101 | ||||
| Series B-2, 4.00%, 06/01/30 |
12,995 | 13,589,989 | ||||||
| Series B, AMT, (AMBAC), 4.55%, 05/01/30 |
10,000 | 12,065,380 | ||||||
| Midland County Fresh Water Supply District No.1, RB, CAB(c) |
||||||||
| Series A, 0.00%, 09/15/31 |
6,235 | 4,641,091 | ||||||
| Series A, 0.00%, 09/15/32 |
15,135 | 10,705,848 | ||||||
| Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(d) |
3,805 | 3,998,865 | ||||||
| New Hope Cultural Education Facilities Finance Corp., RB(d) |
||||||||
| Series A, 3.63%, 08/15/22 |
100 | 99,999 | ||||||
| Series A, 4.25%, 08/15/27 |
450 | 449,406 | ||||||
| Series A, 4.00%, 08/15/29 |
335 | 379,692 | ||||||
| Red River Health Facilities Development Corp., RB |
||||||||
| 4.70%, 01/01/22(e) |
140 | 141,019 | ||||||
| 5.50%, 01/01/32 |
1,000 | 1,005,934 | ||||||
| Socorro Independent School District, Refunding GO, Series B, ( PSF), 4.00%, 08/15/34 |
3,000 | 3,455,727 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
| Series A, 4.00%, 05/15/23(a) |
20,920 | 22,103,046 | ||||||
| Series B, 5.00%, 07/01/35 |
6,000 | 7,380,744 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A-1, 5.00%, 10/01/29 |
1,000 | 1,118,036 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/30 |
10,935 | 13,900,266 | ||||||
| Texas Public Finance Authority, Refunding RB, 4.00%, 12/01/31 |
1,650 | 1,890,514 | ||||||
| Texas Transportation Commission State Highway Fund, Refunding RB, 5.00%, 10/01/22 |
1,000 | 1,043,700 | ||||||
|
|
|
|||||||
| 237,038,280 | ||||||||
| Utah — 0.3% |
||||||||
| Utah Transit Authority, Refunding RB, Subordinate, 4.00%, 12/15/31 |
5,000 | 5,659,820 | ||||||
|
|
|
|||||||
| Virginia — 0.6% |
||||||||
| Dulles Town Center Community Development Authority, Refunding SAB, 4.25%, 03/01/26 |
500 | 502,128 | ||||||
| Fairfax County Economic Development Authority, RB, Series A, 5.00%, 12/01/23(a) |
2,000 | 2,194,682 | ||||||
| Hanover County Economic Development Authority, Refunding RB |
||||||||
| Series A, 4.50%, 07/01/30 |
3,000 | 3,048,459 | ||||||
| Series A, 4.50%, 07/01/32 |
1,100 | 1,116,865 | ||||||
| Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 5.00%, 07/01/34 |
3,940 | 3,967,194 | ||||||
|
|
|
|||||||
| 10,829,328 | ||||||||
| Washington — 2.1% |
||||||||
| Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB(a) |
||||||||
| Series A, 5.00%, 09/01/22 |
1,000 | 1,039,714 | ||||||
| Series A, 5.25%, 09/01/22 |
655 | 682,371 | ||||||
| Port of Seattle Washington, ARB |
||||||||
| Series C, AMT, Intermediate Lien, 5.00%, 05/01/33 |
6,695 | 8,019,157 | ||||||
| Series C, AMT, Intermediate Lien, 5.00%, 05/01/34 |
6,000 | 7,177,644 | ||||||
| Washington Health Care Facilities Authority, Refunding RB, Series B, 5.00%, 08/15/35 |
9,485 | 11,564,122 | ||||||
| 9 |
| Schedule of Investments (unaudited) (continued) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Washington (continued) |
||||||||
| Washington State Convention Center Public Facilities District, RB, 4.00%, 07/01/31 |
$ | 4,990 | $ | 5,734,538 | ||||
| Washington State Housing Finance Commission, Refunding RB |
||||||||
| 5.00%, 07/01/28 |
1,000 | 1,070,651 | ||||||
| 5.00%, 07/01/33 |
1,100 | 1,175,944 | ||||||
| WBRP 3.2, RB |
||||||||
| Series A, 5.00%, 01/01/31 |
1,000 | 1,157,642 | ||||||
| Series A, 5.00%, 01/01/32 |
1,140 | 1,318,429 | ||||||
|
|
|
|||||||
| 38,940,212 | ||||||||
| West Virginia — 0.2% |
||||||||
| West Virginia Hospital Finance Authority, RB |
||||||||
| Series A, 5.00%, 06/01/31 |
1,950 | 2,368,279 | ||||||
| Series A, 5.00%, 06/01/33 |
1,100 | 1,332,033 | ||||||
|
|
|
|||||||
| 3,700,312 | ||||||||
| Wisconsin — 2.4% |
||||||||
| Public Finance Authority, RB |
||||||||
| 4.00%, 06/15/30(d) |
1,520 | 1,607,886 | ||||||
| 5.00%, 01/01/31(d) |
650 | 714,509 | ||||||
| 5.00%, 06/15/31(d) |
720 | 800,867 | ||||||
| 4.00%, 10/01/41(b) |
7,000 | 8,458,702 | ||||||
| Series A, 4.00%, 07/15/29(d) |
645 | 702,315 | ||||||
| Series A, 4.00%, 03/01/30(d) |
1,305 | 1,395,768 | ||||||
| Series A, 3.75%, 06/01/30(d) |
345 | 363,204 | ||||||
| Public Finance Authority, Refunding RB |
||||||||
| 3.00%, 12/01/26 |
250 | 269,615 | ||||||
| 4.00%, 09/01/29(d) |
400 | 414,138 | ||||||
| AMT, 2.63%, 11/01/25 |
3,000 | 3,194,127 | ||||||
| Series B, AMT, 5.25%, 07/01/28 |
2,250 | 2,316,022 | ||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB |
||||||||
| 4.00%, 10/01/32 |
4,520 | 4,664,654 | ||||||
| 5.00%, 04/01/35 |
2,500 | 3,099,505 | ||||||
| Series C-4, 0.69%, 08/15/54(b) |
8,200 | 8,402,614 | ||||||
| Wisconsin Housing & Economic Development Authority, RB, S/F Housing, Series D, (FNMA), 3.00%, 09/01/32 |
9,000 | 9,301,401 | ||||||
|
|
|
|||||||
| 45,705,327 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds — 128.1% |
2,406,228,586 | |||||||
|
|
|
|||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
| |||||||
| Colorado(i) — 4.4% |
||||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
| Series A, AMT, 4.25%, 11/15/29(a) |
33,820 | 35,208,748 | ||||||
| Series A, AMT, 4.25%, 11/15/30(a) |
35,210 | 36,655,826 | ||||||
| Security | Par (000) |
Value | ||||||
| Colorado (continued) |
||||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB (continued) |
||||||||
| Series A, AMT, 4.25%, 11/15/31 |
$ | 8,085 | $ | 8,416,994 | ||||
| Series A, AMT, 4.25%, 11/15/32 |
2,230 | 2,321,570 | ||||||
|
|
|
|||||||
| 82,603,138 | ||||||||
| Florida(i) — 5.2% |
||||||||
| County of Broward Florida Airport System Revenue, ARB |
||||||||
| Series Q-1, 4.00%, 10/01/29 |
17,200 | 17,768,652 | ||||||
| Series Q-1, 4.00%, 10/01/30 |
18,095 | 18,693,244 | ||||||
| Series Q-1, 4.00%, 10/01/31 |
18,820 | 19,442,213 | ||||||
| Series Q-1, 4.00%, 10/01/32 |
19,575 | 20,222,174 | ||||||
| Series Q-1, 4.00%, 10/01/33 |
20,355 | 21,027,962 | ||||||
|
|
|
|||||||
| 97,154,245 | ||||||||
| Iowa(a) — 2.3% |
||||||||
| State of Iowa Board of Regents, RB |
||||||||
| 4.00%, 09/01/28 |
3,375 | 3,478,856 | ||||||
| 4.00%, 09/01/29 |
6,525 | 6,725,787 | ||||||
| 4.00%, 09/01/30 |
6,325 | 6,519,633 | ||||||
| 4.00%, 09/01/31 |
8,650 | 8,916,178 | ||||||
| 4.00%, 09/01/32 |
7,750 | 7,988,483 | ||||||
| 4.00%, 09/01/33 |
9,375 | 9,663,488 | ||||||
|
|
|
|||||||
| 43,292,425 | ||||||||
| Nevada — 1.1% |
||||||||
| County of Clark Nevada, Refunding GO, Series B, 4.00%, 11/01/34 |
17,710 | 20,058,476 | ||||||
|
|
|
|||||||
| New Jersey — 1.9% |
||||||||
| State of New Jersey, GO, Series A, 4.00%, 06/01/30 |
30,000 | 35,923,300 | ||||||
|
|
|
|||||||
| Pennsylvania — 2.5% |
||||||||
| Commonwealth of Pennsylvania, GO, |
20,000 | 24,686,230 | ||||||
| County of Lehigh Pennsylvania, Refunding RB, 4.00%, 07/01/33 |
22,285 | 22,810,650 | ||||||
|
|
|
|||||||
| 47,496,880 | ||||||||
| Texas(i) — 4.4% |
||||||||
| San Antonio Public Facilities Corp., Refunding RB |
||||||||
| 4.00%, 09/15/30 |
15,000 | 15,468,862 | ||||||
| 4.00%, 09/15/31 |
19,475 | 20,083,740 | ||||||
| 4.00%, 09/15/32 |
18,075 | 18,639,979 | ||||||
| 4.00%, 09/15/33 |
11,000 | 11,343,832 | ||||||
|
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) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Texas (continued) |
||||||||
| San Antonio Public Facilities Corp., Refunding RB (continued) |
||||||||
| 4.00%, 09/15/34 |
$ | 11,885 | $ | 12,256,495 | ||||
| 4.00%, 09/15/35 |
4,500 | 4,640,659 | ||||||
|
|
|
|||||||
| 82,433,567 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 21.8% |
|
408,962,031 | ||||||
|
|
|
|||||||
| Total Long-Term Investments — 149.9% |
|
2,815,190,617 | ||||||
|
|
|
|||||||
| Shares | ||||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 1.2% |
||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(j)(k) |
21,701,377 | 21,703,547 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 1.2% |
|
21,703,547 | ||||||
|
|
|
|||||||
| Total Investments — 151.1% |
|
2,836,894,164 | ||||||
| Other Assets Less Liabilities — 1.2% |
|
23,822,603 | ||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.4)% |
|
(233,260,441 | ) | |||||
| RVMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (39.9)% |
|
(749,713,156 | ) | |||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% |
|
$ | 1,877,743,170 | |||||
|
|
|
|||||||
| (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. |
| (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) | 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. |
| (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 March 15, 2022 to March 1, 2026, is $171,383,041. |
| (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 October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/21 |
Shares Held at 10/31/21 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 50,951,950 | $ | — | $ | (29,245,369 | )(a) | $ | 2,060 | $ | (5,094 | ) | $ | 21,703,547 | 21,701,377 | $ | 567 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
(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 |
| 11 |
| Schedule of Investments (unaudited) (continued) October 31, 2021 |
BlackRock Municipal 2030 Target Term Trust (BTT) |
Fair Value Hierarchy as of Period End (continued)
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (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. 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.
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 |
$ | — | $ | 2,406,228,586 | $ | — | $ | 2,406,228,586 | ||||||||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 408,962,031 | — | 408,962,031 | ||||||||||||||||||
| Short-Term Securities |
||||||||||||||||||||||
| Money Market Funds |
21,703,547 | — | — | 21,703,547 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
| $ | 21,703,547 | $ | 2,815,190,617 | $ | — | $ | 2,836,894,164 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
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 |
$ | — | $ | (233,219,979 | ) | $ | — | $ | (233,219,979 | ) | ||||||||||||
| RVMTP Shares at Liquidation Value |
— | (750,000,000 | ) | — | (750,000,000 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
| $ | — | $ | (983,219,979 | ) | $ | — | $ | (983,219,979 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
| 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 | |
| FNMA |
Federal National Mortgage Association | |
| GO |
General Obligation Bonds | |
| GOL |
General Obligation Ltd. | |
| 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 | |
| Portfolio Abbreviation (continued) | ||
| 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 |