Edgar Filing: BlackRock Municipal 2030 Target Term Trust

BlackRock Municipal 2030 Target Term Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22603

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Target Term Trust, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 07/31/2016

Date of reporting period: 07/31/2016

Item 1 –

Report to Stockholders

JULY 31, 2016

ANNUAL REPORT

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Municipal 2020 Term Trust (BFO)

BlackRock Municipal 2030 Target Term Trust (BTT)

BlackRock Municipal Income Investment Trust (BBF)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Municipal Income Trust (BNY)

Not FDIC Insured • May Lose Value • No Bank Guarantee


Table of Contents


	Page
The Markets in Review		3
Annual Report:
Municipal Market Overview		4
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summaries		6
Financial Statements:
Schedules of Investments		18
Statements of Assets and Liabilities		52
Statements of Operations		54
Statements of Changes in Net Assets		56
Statements of Cash Flows		59
Financial Highlights		60
Notes to Financial Statements		66
Report of Independent Registered Public Accounting Firm		79
Important Tax Information		79
Disclosure of Investment Advisory Agreements		80
Automatic Dividend Reinvestment Plans		85
Officers and Trustees		86
Additional Information		89



2	ANNUAL REPORT	JULY 31, 2016

The Markets in Review

Dear Shareholder,

Uneven economic outlooks and the divergence of monetary policies across regions have been the overarching themes driving financial markets over the past couple of years. In the latter half of 2015, as U.S. growth outpaced other developed markets, investors were focused largely on the timing of the Federal Reserve’s (the “Fed”) decision to end its near-zero interest rate policy. The Fed ultimately hiked rates in December, whereas the European Central Bank and the Bank of Japan took additional steps to stimulate growth, even introducing negative interest rates. The U.S. dollar had strengthened considerably ahead of these developments, causing profit challenges for U.S. companies that generate revenues overseas, and pressuring emerging market currencies and commodities prices.

Also during this time period, oil prices collapsed due to excess global supply. China, one of the world’s largest consumers of oil, was another notable source of stress for financial markets as the country showed signs of slowing economic growth and took measures to devalue its currency. Declining confidence in the country’s policymakers stoked investors’ worries about the potential impact of China’s weakness on the global economy. Global market volatility increased and risk assets (such as equities and high yield bonds) suffered in this environment.

The elevated market volatility spilled over into 2016, but as the first quarter wore on, fears of a global recession began to fade, allowing markets to calm and risk assets to rebound. Central bank stimulus in Europe and Japan, combined with a more tempered outlook for rate hikes in the United States, helped bolster financial markets. A softening in U.S. dollar strength brought relief to U.S. exporters and emerging market economies. Oil prices rebounded as the world’s largest producers agreed to reduce supply.

Volatility spiked again in late June when the United Kingdom shocked investors with its vote to leave the European Union. Uncertainty around how the British exit might affect the global economy and political landscape drove investors to high-quality assets, pushing already low global yields to even lower levels. But markets recovered swiftly in July as economic data suggested that the negative impact had thus far been contained to the United Kingdom and investors returned to risk assets.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to adjust accordingly as market conditions change over time. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of July 31, 2016
	6-month			12-month
U.S. large cap equities (S&P 500^® Index)		13.29	%		5.61	%
U.S. small cap equities (Russell 2000^® Index)		18.76			0.00
International equities (MSCI Europe, Australasia, Far East Index)		8.25			(7.53	)
Emerging market equities (MSCI Emerging Markets Index)		19.52			(0.75	)
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.17			0.22
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		5.01			8.53
U.S. investment grade bonds (Barclays U.S. Aggregate Bond Index)		4.54			5.94
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.27			7.06
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		13.84			5.01
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.



		THIS PAGE NOT PART OF YOUR FUND REPORT				3


Municipal Market Overview

For the Reporting Period Ended July 31, 2016

Municipal Market Conditions

Municipal bonds generated positive performance for the period due to falling interest rates and a favorable supply-and-demand environment. Interest rates were volatile in 2015 (bond prices rise as rates fall) leading up to a long-awaited rate hike from the Fed that ultimately came in December. However, ongoing reassurance from the Fed that rates would be increased gradually and would likely remain low overall resulted in strong demand for fixed income investments. Investors favored the relative yield and stability of municipal bonds amid bouts of volatility resulting from uneven U.S. economic data, volatile oil prices, global growth concerns, geopolitical risks (particularly the U.K.’s decision to leave the European Union), and widening central bank divergence — i.e., policy easing outside the United States while the Fed was posturing to commence policy tightening. During the 12 months ended July 31, 2016, municipal bond funds garnered net inflows of approximately $49 billion (based on data from the Investment Company Institute).

For the same 12-month period, total new issuance remained relatively strong from a historical perspective at $386 billion (though lower than the $417 billion issued in the prior 12-month period). A noteworthy portion of new supply during this period was attributable to refinancing activity (roughly 59%) as issuers continued to take advantage of low interest rates and a flatter yield curve to reduce their borrowing costs.

S&P Municipal Bond Index

Total Returns as of July 31, 2016

6 months: 3.27%

12 months: 7.06%

A Closer Look at Yields

LOGO

From July 31, 2015 to July 31, 2016, yields on AAA-rated 30-year municipal bonds decreased by 100 basis points (“bps”) from 3.12% to 2.12%, while 10-year rates fell by 79 bps from 2.19% to 1.40% and 5-year rates decreased 46 bps from 1.30% to 0.84% (as measured by Thomson Municipal Market Data). The municipal yield curve experienced significant flattening over the 12-month period with the spread between 2- and 30-year maturities flattening by 90 bps and the spread between 2- and 10-year maturities flattening by 69 bps.

During the same time period, on a relative basis, tax-exempt municipal bonds broadly outperformed U.S. Treasuries with the greatest outperformance experienced in longer-term issues. In absolute terms, the positive performance of municipal bonds was driven largely by falling interest rates as well as a supply/demand imbalance within the municipal market as investors sought income and incremental yield in an environment where opportunities became increasingly scarce. More broadly, municipal bonds benefited from the greater appeal of tax-exempt investing in light of the higher tax rates implemented in 2014. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers

The majority of municipal credits remain strong, despite well-publicized distress among a few issuers. Four of the five states with the largest amount of debt outstanding — California, New York, Texas and Florida—have exhibited markedly improved credit fundamentals during the slow national recovery. However, several states with the largest unfunded pension liabilities have seen their bond prices decline noticeably and remain vulnerable to additional price deterioration. On the local level, Chicago’s credit quality downgrade is an outlier relative to other cities due to its larger pension liability and inadequate funding remedies. BlackRock maintains the view that municipal bond defaults will remain minimal and in the periphery while the overall market is fundamentally sound. We continue to advocate careful credit research and believe that a thoughtful approach to structure and security selection remains imperative amid uncertainty in a modestly improving economic environment.

The opinions expressed are those of BlackRock as of July 31, 2016, and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

The Standard & Poor’s Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the US municipal bond market. All bonds in the index are exempt from US federal income taxes or subject to the alternative minimum tax. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.



4	ANNUAL REPORT	JULY 31, 2016


The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, these objectives cannot be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Trusts (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trusts’ shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share NAV.

To illustrate these concepts, assume a Trust’s Common Shares capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust’s financing cost of leverage is significantly lower than the income earned on the Trusts’ longer-term investments acquired from leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Trusts’ return on assets purchased with leverage proceeds, income to shareholders is lower than if the Trusts had not used leverage. Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the value of the Trusts’ obligations under their respective leverage arrangements generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively. Changes in the future direction of interest rates are very

difficult to predict accurately, and there is no assurance that a Trust’s intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Trust’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Trust’s Common Shares than if the Trust were not leveraged. In addition, each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trusts to incur losses. The use of leverage may limit a Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Trust incurs expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares. Moreover, to the extent the calculation of the Trusts’ investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts’ investment adviser will be higher than if the Trusts did not use leverage.

To obtain leverage, each Trust has issued Variable Rate Demand Preferred Shares (“VRDP Shares”), Variable Rate Muni Term Preferred Shares (“VMTP Shares”), or Remarketable Variable Rate Muni Term Preferred Shares (“RVMTP Shares”) (collectively, “Preferred Shares”) and/or leveraged its assets through the use of tender option bond trusts (“TOB Trusts”) as described in the Notes to Financial Statements.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Trust is permitted to issue debt up to 33 1/3% of its total managed assets or equity securities (e.g., Preferred Shares) up to 50% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by the Preferred Shares’ governing instruments or by agencies rating the Preferred Shares, which may be more stringent than those imposed by the 1940 Act.

If a Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Trust’s obligations under the TOB Trust (including accrued interest), a TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements under the 1940 Act.


Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other asset without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the

transaction or illiquidity of the instrument. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.



ANNUAL REPORT	JULY 31, 2016	5


Trust Summary as of July 31, 2016				BlackRock California Municipal Income Trust


Trust Overview

BlackRock California Municipal Income Trust’s (BFZ) (the “Trust”) investment objective is to provide current income exempt from regular U.S. federal income and California income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and California income taxes. The Trust invests, under normal market conditions, at least 80% of its assets in municipal obligations that are investment grade quality. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.


Trust Information
Symbol on New York Stock Exchange (“NYSE”)		BFZ
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of July 31, 2016 ($16.76)¹		4.81%
Tax Equivalent Yield²		9.80%
Current Monthly Distribution per Common Share³		$0.0672
Current Annualized Distribution per Common Share³		$0.8064
Economic Leverage as of July 31, 2016⁴		41%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

Tax equivalent yield assumes the maximum marginal federal and state tax rate of 50.93%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

The distribution rate is not constant and is subject to change.

⁴

Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5.


Performance

Returns for the 12 months ended July 31, 2016 were as follows:


	Returns Based On
	Market Price			NAV
BFZ^1,2		20.72	%		8.92	%
Lipper California Municipal Debt Funds³		22.31	%		11.51	%

All returns reflect reinvestment of dividends and/or distributions.

The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on price and performance based on NAV.

Average return.

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

•

Municipal bonds generated strong performance for the annual period. Municipals were aided by the sharp decline in Treasury yields, which was brought about by the slow global economy and the accommodative policies of the world’s central banks. (Bond prices rise as yields fall.) The gains were largely concentrated among intermediate- and longer-term bonds, while shorter-term issues produced much smaller returns. California municipal bonds outperformed the broader national tax-exempt market due to the state’s sound financial condition, robust employment growth and rising personal income. California municipals were also boosted by the favorable balance of supply and demand in the market.

•

The Trust was helped by its exposure to the long end of the yield curve, where performance was strongest. The portfolio’s fully invested posture and low level of cash reserves was an additional positive in the rising market.

•

Investments in AA-rated credits in the school district, transportation and health care sectors also aided results. AA-rated bonds generally experienced rising valuations thanks to California’s improving credit profile. At the sector level, allocations to the health care and utilities made the largest contributions to performance.

•

The Trust continued to employ leverage in order to increase income at a time in which the municipal yield curve was steep and short-term interest rates remained low. Leverage amplifies the effect of interest rate movements, which was a positive to performance during the past 12 months given that yields declined.

•

The Trust utilized ten-year U.S. Treasury futures contracts to manage exposure to a rise in interest rates, which had a slightly negative impact on performance given that the Treasury market finished with positive returns.



6	ANNUAL REPORT	JULY 31, 2016


		BlackRock California Municipal Income Trust


Market Price and Net Asset Value Per Share Summary


	7/31/16		7/31/15		Change			High		Low
Market Price	$	16.76	$	14.65		14.40	%	$	17.00	$	14.55
Net Asset Value	$	16.35	$	15.84		3.22	%	$	16.53	$	15.64

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*


Sector Allocation	7/31/16			7/31/15
County/City/Special District/School District		29	%		37	%
Health		12			10
Utilities		23			27
State		9			6
Transportation		9			6
Education		15			12
Tobacco		3			1
Corporate		—			1
Housing²		—			—

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



Call/Maturity Schedule³
Calendar Year Ended December 31, 2016	1	%
2017	9
2018	13
2019	27
2020	4

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

Excludes short-term securities.


Credit Quality Allocation¹	7/31/16			7/31/15
AAA/Aaa		6	%		7	%
AA/Aa		77			75
A		14			17
BBB/Baa²		—			—
BB/Ba		1			—
B		1			1
N/R³		1			—

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

Represents less than 1% of the Trust’s total investments.



ANNUAL REPORT	JULY 31, 2016	7


Trust Summary as of July 31, 2016				BlackRock Florida Municipal 2020 Term Trust


Trust Overview

BlackRock Florida Municipal 2020 Term Trust’s (BFO) (the “Trust”) investment objectives are to provide current income exempt from regular federal income tax and Florida intangible personal property tax and to return $15.00 per common share (the initial offering price per share) to holders of common shares on or about December 31, 2020. The Trust seeks to achieve its investment objectives by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Florida intangible personal property tax. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar-weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in such securities or synthetically through the use of derivatives. Effective January 1, 2007, the Florida intangible personal property tax was repealed.

There is no assurance that the Trust will achieve its investment objective of returning $15.00 per share.


Trust Information
Symbol on NYSE		BFO
Initial Offering Date		September 30, 2003
Termination Date (on or about)		December 31, 2020
Yield on Closing Market Price as of July 31, 2016 ($15.21)¹		2.45%
Tax Equivalent Yield²		4.33%
Current Monthly Distribution per Common Share³		$0.031
Current Annualized Distribution per Common Share³		$0.372
Economic Leverage as of July 31, 2016⁴		—

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

The distribution rate is not constant and is subject to change.

⁴

Percentage is less than 1% which represents TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5.


Performance

Returns for the 12 months ended July 31, 2016 were as follows:


	Returns Based On
	Market Price			NAV
BFO^1,2		5.24	%		3.41	%
Lipper Other States Municipal Debt Funds³		20.84	%		10.74	%

All returns reflect reinvestment of dividends and/or distributions.

The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV.

Average return.

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

•

The Trust is scheduled to mature on or about December 31, 2020, and it therefore holds securities that will mature close to that date. Given that longer-term bonds generally delivered the best performance, the Trust’s shorter maturity profile was a disadvantage in comparison to its Lipper category peers.

•

Municipal bonds generated strong performance in the annual period. Municipals were aided by the sharp decline in Treasury yields, which was brought about by the slow global economy and the accommodative policies of the world’s central banks. (Bond prices rise as yields fall.) The gains were largely concentrated among intermediate- and longer-term bonds, while shorter-term issues produced much smaller returns. In addition, lower-rated securities generally outpaced their higher-quality counterparts.

•

Florida municipal bonds underperformed the national market. The state’s strong economic momentum contributed to a higher average credit quality for its municipal market, which was a headwind at a time in which lower-quality issues outperformed.

•

The Trust’s allocations to the health care and utilities sectors provided the largest contribution to returns. The Trust’s positions in zero-coupon bonds, which outperformed current-coupon bonds, also benefited performance. Income in the form of coupon payments, which the Trust maximized through its fully invested posture, made up a meaningful portion of the Trust’s total return for the period. However, the price declines of select distressed securities detracted from performance.



8	ANNUAL REPORT	JULY 31, 2016


		BlackRock Florida Municipal 2020 Term Trust


Market Price and Net Asset Value Per Share Summary


	7/31/16		7/31/15		Change		High		Low
Market Price		$15.21		$14.82		2.63%		$15.30		$14.78
Net Asset Value		$15.50		$15.37		0.85%		$15.50		$15.23

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*


Sector Allocation	7/31/16			7/31/15
County/City/Special District/School District		34	%		38	%
State		12			16
Health		18			15
Utilities		16			11
Transportation		11			11
Education		4			4
Corporate		4			4
Housing		1			1



Call/Maturity Schedule³
Calendar Year Ended December 31,
2016	—
2017	11	%
2018	10
2019	11
2020	58

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

Excludes short-term securities.


Credit Quality Allocation¹	7/31/16			7/31/15
AAA/Aaa		1	%		1	%
AA/Aa		59			52
A		25			25
BBB/Baa		—			13
N/R²		15			9

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

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2016 and July 31, 2015, the market value of unrated securities deemed by the investment adviser to be investment grade represents 13% and 4%, respectively, of the Trust’s total investments.



ANNUAL REPORT	JULY 31, 2016	9


Trust Summary as of July 31, 2016				BlackRock Municipal 2030 Target Term Trust

Trust Overview

BlackRock Municipal 2030 Target Term Trust’s (BTT) (the “Trust”) investment objectives are to provide current income exempt from regular federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial offering price per share) to holders of common shares on or about December 31, 2030. The Trust seeks to achieve its investment objectives by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in such securities or synthetically through the use of derivatives.

The Trust’s Board approved a name change from “BlackRock Municipal Target Term Trust” to “BlackRock Municipal 2030 Target Term Trust” effective March 1, 2016. The Trust continues to trade under the symbol BTT.

There is no assurance that the Trust will achieve its investment objective of returning $25.00 per share.


Trust Information
Symbol on NYSE		BTT
Initial Offering Date		August 30, 2012
Termination Date (on or about)		December 31, 2030
Current Distribution Rate on Closing Market Price as of July 31, 2016 ($24.24)¹		3.96%
Tax Equivalent Rate²		7.00%
Current Monthly Distribution per Common Share³		$0.080
Current Annualized Distribution per Common Share³		$0.960
Economic Leverage as of July 31, 2016⁴		34%

Current Distribution Rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. See the financial highlights for the actual sources and character of distributions. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain at fiscal year end.

⁴

Represents RVMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to RVMTP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5.


Performance

Returns for the 12 months ended July 31, 2016 were as follows:


	Returns Based On
	Market Price			NAV
BTT^1,2		21.67	%		16.57	%
Lipper General & Insured Municipal Debt Funds (Leveraged)³		21.89	%		11.98	%

All returns reflect reinvestment of dividends and/or distributions.

The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV.

Average return.

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

•

The Trust’s allocations to the health care and transportation sectors provided the largest contribution to returns. Positions in zero-coupon bonds also contributed to performance due to their longer duration profile and relatively higher yields. (Duration is a measure of interest-rate sensitivity.) The Trust’s overall duration exposure contributed positively to performance given that bond yields declined.

•

The Trust continued to employ leverage in order to increase income at a time which the municipal yield curve was steep and short-term interest rates remained low. Leverage amplifies the effect of interest rate movements, which was a positive to performance during the past 12 months.

•

The Trust utilized ten-year U.S. Treasury futures contracts to manage exposure to a rise in interest rates during the first half of the reporting period. This aspect of the Trust’s strategy had a slightly negative impact on performance given that the Treasury market finished with positive returns in that interval. The Trust eliminated this strategy mid-way through the period.



10	ANNUAL REPORT	JULY 31, 2016


		BlackRock Municipal 2030 Target Term Trust


Market Price and Net Asset Value Per Share Summary


	7/31/16		7/31/15		Change			High		Low
Market Price	$	24.24	$	20.80		16.54	%	$	24.44	$	20.19
Net Asset Value	$	25.38	$	22.73		11.66	%	$	25.73	$	22.44


Market Price and Net Asset Value History Since Inception

LOGO

Commencement of operations.


Overview of the Trust’s Total Investments*


Sector Allocation	7/31/16			7/31/15
Transportation		23	%		23	%
Health		17			19
County/City/Special District/School District		17			13
Education		14			11
Corporate		8			11
Utilities		7			8
State		11			8
Housing		1			5
Tobacco		2			2



Call/Maturity Schedule⁵
Calendar Year Ended December 31, 2016	1	%
2017	1
2018	1
2019	1
2020	4

⁵

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

Excludes short-term securities.


Credit Quality Allocation²	7/31/16			7/31/15
AAA/Aaa		5	%		3	%
AA/Aa		24			25
A		39			46
BBB/Baa		18			15
BB/Ba		3			5
B		2			—	³
N/R⁴		9			6

Represents less than 1% of total investments.

⁴

The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2016 and July 31, 2015, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2% and less than 1% of the Trust’s total investments.



ANNUAL REPORT	JULY 31, 2016	11


Trust Summary as of July 31, 2016				BlackRock Municipal Income Investment Trust


Trust Overview

BlackRock Municipal Income Investment Trust’s (BBF) (the “Trust”) investment objective is to provide current income exempt from regular federal income tax and Florida intangible personal property tax. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds, the interest of which is exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax and Florida intangible) personal property tax. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives. Due to the repeal of the Florida intangible personal property tax, in September 2008, the Board gave approval to permit the Trust the flexibility to invest in municipal obligations regardless of geographical location since municipal obligations issued by any state or municipality that provides income exempt from regular federal income tax would now satisfy the foregoing objective and policy.

On December 18, 2015, the Boards of the Trust and BlackRock Municipal Bond Investment Trust (“BIE’’) approved the reorganization of BIE with and into the Trust, with the Trust continuing as the surviving trust after the reorganization. At a special shareholder meeting on March 21, 2016, the shareholders of the Trust approved the reorganization of BIE with and into the Trust, which was effective on May 16, 2016.

No assurance can be given that the Trust’s investment objective will be achieved.


Trust Information
Symbol on NYSE		BBF
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of July 31, 2016 ($16.00)¹		5.43%
Tax Equivalent Yield²		9.59%
Current Monthly Distribution per Common Share³		$0.072375
Current Annualized Distribution per Common Share³		$0.868500
Economic Leverage as of July 31, 2016⁴		39%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change.

⁴

Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5.


Performance

Returns for the 12 months ended July 31, 2016 were as follows:


	Returns Based On
	Market Price			NAV
BBF^1,2		26.29	%		8.40	%
Lipper General & Insured Municipal Debt Funds (Leveraged)³		21.89	%		11.98	%

All returns reflect reinvestment of dividends and/or distributions.

The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on price and performance based on NAV.

Average return.

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

•

Municipal bonds generated strong performance for the annual period. Municipals were aided by the sharp decline in Treasury yields, which was brought about by the slow global economy and the accommodative policies of the world’s central banks. (Bond prices rise as yields fall.) The gains were largely concentrated among intermediate- and longer-term bonds, while shorter-term issues produced much smaller returns. In addition, lower-rated securities generally outpaced their higher-quality counterparts.

•

The Trust was helped by its exposure to the long end of the yield curve, where performance was strongest. Leverage helped augment returns in this portion of the portfolio, as well. However, leverage had less of an impact in the second half of the period due to the Fed’s interest rate increase in December 2015.

•

Holdings in AA and A rated securities, including investments in transportation, tax-backed (states) and health care sectors, aided performance. Positions in the utilities and tax-backed (local) sectors were also additive.

•

The Trust utilized U.S. Treasury futures contracts to manage exposure to a rise in interest rates, which had a slightly negative impact on performance given that the Treasury market finished with positive returns.



12	ANNUAL REPORT	JULY 31, 2016


		BlackRock Municipal Income Investment Trust


Market Price and Net Asset Value Per Share Summary


	7/31/16		7/31/15		Change			High		Low
Market Price	$	16.00	$	13.44		19.05	%	$	17.00	$	13.28
Net Asset Value	$	15.47	$	15.14		2.18	%	$	15.62	$	14.92


Market Price and Net Asset Value History For the Past Five Years

LOGO


Overview of the Trust’s Total Investments*


Sector Allocation	7/31/16			7/31/15
County/City/Special District/School District		24	%		25	%
Transportation		22			22
Utilities		16			15
Health		13			14
Education		11			8
State		9			11
Tobacco		3			3
Corporate		1			1
Housing		1			1



Call/Maturity Schedule³
Calendar Year Ended December 31, 2016	2	%
2017	1
2018	15
2019	32
2020	11

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

Excludes short-term securities.


Credit Quality Allocation¹	7/31/16			7/31/15
AAA/Aaa		11	%		11	%
AA/Aa		52			56
A		23			24
BBB/Baa		9			6
BB/Ba		1			1
B		1			1
N/R		3	²		1

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2016, the market value of unrated securities deemed by the investment advisor to be investment grade represents less than 1% of the Trust’s total investments.



ANNUAL REPORT	JULY 31, 2016	13


Trust Summary as of July 31, 2016				BlackRock New Jersey Municipal Income Trust


Trust Overview

BlackRock New Jersey Municipal Income Trust’s (BNJ) (the “Trust”) investment objective is to provide current income exempt from regular federal income tax and New Jersey gross income tax. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New Jersey gross income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.


Trust Information
Symbol on NYSE		BNJ
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of July 31, 2016 ($16.79)¹		4.97%
Tax Equivalent Yield²		9.65%
Current Monthly Distribution per Common Share³		$0.0696
Current Annualized Distribution per Common Share³		$0.8352
Economic Leverage as of July 31, 2016⁴		38%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

Tax equivalent yield assumes the maximum marginal federal and state tax rate of 48.48%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

The distribution rate is not constant and is subject to change.

⁴


Performance

Returns for the 12 months ended July 31, 2016 were as follows:


	Returns Based On
	Market Price			NAV
BNJ^1,2		21.76	%		11.81	%
Lipper New Jersey Municipal Debt Funds³		21.92	%		11.82	%

All returns reflect reinvestment of dividends and/or distributions.

The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on price and performance based on NAV.

Average return.

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

•

Municipal bonds generated strong performance in the annual period. Municipals were aided by the sharp decline in Treasury yields, which was brought about by the slow global economy and the accommodative policies of the world’s central banks. (Bond prices rise as yields fall. The gains were largely concentrated among intermediate- and longer-term bonds, while shorter-term issues produced much smaller returns. New Jersey municipal bonds performed particularly well as a result of the highly favorable supply-and-demand profile in the state’s market.

•

At a time of falling yields, the Trust’s positions in longer-duration and longer-dated bonds generally provided the largest absolute returns. (Duration is a measure of interest-rate sensitivity.) The Trust’s positions in the tax-backed (state and local), transportation, education and corporate sectors made positive contributions to performance. The Trust’s exposure to lower-coupon and zero-coupon bonds, both of which outperformed, also aided returns.

•

Lower-rated bonds within the investment grade category outperformed during the period. In addition to offering higher incremental yield, the market segment benefited from a tightening of yield spreads that was fueled in part by investors’ elevated appetite for risk. In this environment, the Trust’s exposure to these higher-yielding bonds was a positive contributor to performance.

•

Leverage amplifies the effect of interest-rate movements, which was a positive to performance during the past 12 months given that yields declined.

•

The Trust utilized a mix of U.S. Treasury futures contracts to manage exposure to a rise in interest rates, which had a slightly negative impact on performance at a time in which the Treasury market finished with positive returns.



14	ANNUAL REPORT	JULY 31, 2016


		BlackRock New Jersey Municipal Income Trust


Market Price and Net Asset Value Per Share Summary


	7/31/16		7/31/15		Change			High		Low
Market Price	$	16.79	$	14.61		14.92	%	$	16.95	$	14.00
Net Asset Value	$	16.41	$	15.55		5.53	%	$	16.60	$	15.23


Market Price and Net Asset Value History For the Past Five Years

LOGO


Overview of the Trust’s Total Investments*


Sector Allocation	7/31/16			7/31/15
Transportation		33	%		33	%
County/City/Special District/School District		23			16
Education		17			17
State		12			16
Corporate		6			7
Health		5			7
Housing		3			3
Utilities		1			1



Call/Maturity Schedule³
2016	4	%
2017	2
2018	11
2019	10
2020	6

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

Excludes short-term securities.


Credit Quality Allocation¹	7/31/16			7/31/15
AAA/Aaa		1	%		2	%
AA/Aa		45			42
A		34			36
BBB/Baa		10			10
BB/Ba		9			8
N/R²		1			2

The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2016 and July 31, 2015, the market value of unrated securities deemed by the investment adviser to be investment grade each represents 1%, respectively, of the Trust’s total investments.



ANNUAL REPORT	JULY 31, 2016	15


Trust Summary as of July 31, 2016				BlackRock New York Municipal Income Trust


Trust Overview

BlackRock New York Municipal Income Trust’s (BNY) (the “Trust”) investment objective is to provide current income exempt from regular federal income tax and New York State and New York City personal income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City personal income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.


Trust Information
Symbol on NYSE		BNY
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of July 31, 2016 ($16.71)¹		4.31%
Tax Equivalent Yield²		8.72%
Current Monthly Distribution per Common Share³		$0.06
Current Annualized Distribution per Common Share³		$0.72
Economic Leverage as of July 31, 2016⁴		38%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

Tax equivalent yield assumes the maximum marginal federal and state tax rate of 50.59%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

The distribution rate is not constant and is subject to change.

⁴


Performance

Returns for the 12 months ended July 31, 2016 were as follows:


	Returns Based On
	Market Price			NAV
BNY^1,2		21.02	%		12.13	%
Lipper New York Municipal Debt Funds³		20.33	%		10.69	%

All returns reflect reinvestment of dividends and/or distributions.

The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on price and performance based on NAV.

Average return.

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

•

Municipal bonds generated strong performance for the annual period. Municipals were aided by the sharp decline in Treasury yields, which was brought about by the slow global economy and the accommodative policies of the world’s central banks. (Bond prices rise as yields fall.) The gains were largely concentrated among intermediate- and longer-term bonds, while shorter-term issues produced much smaller returns. New York municipal bonds performed well in the period, as the state’s healthy economy, robust overall financial position and general lack of pension-funding issues contributed to strong investor demand.

•

At a time of falling yields, the Trust’s positions in longer-duration and longer-dated bonds generally provided the largest absolute returns. (Duration is a measure of interest-rate sensitivity.) The Trust’s positions in the health care, transportation and education sectors made positive contributions to performance. The Trust’s exposure to lower-coupon and zero-coupon bonds, both of which outperformed, also aided returns.

•

Leverage amplifies the effect of interest-rate movements, which was a positive to performance during the past 12 months given that yields declined.

•



16	ANNUAL REPORT	JULY 31, 2016


		BlackRock New York Municipal Income Trust


Market Price and Net Asset Value Per Share Summary


	7/31/16		7/31/15		Change			High		Low
Market Price	$	16.71	$	14.54		14.92	%	$	16.91	$	14.10
Net Asset Value	$	15.94	$	14.97		6.48	%	$	16.15	$	14.80


Market Price and Net Asset Value History For the Past Five Years

LOGO


Overview of the Trust’s Total Investments*


Sector Allocation	7/31/16			7/31/15
County/City/Special District/School District		23	%		24	%
Education		20			20
Transportation		20			15
Utilities		12			12
Health		9			10
State		8			9
Corporate		5			8
Housing		2			2
Tobacco		1			—



Call/Maturity Schedule³
Calendar Year Ended December 31, 2016	2	%
2017	13
2018	3
2019	5
2020	5

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

Excludes short-term securities.


Credit Quality Allocation¹	7/31/16			7/31/15
AAA/Aaa		15	%		18	%
AA/Aa		43			37
A		24			27
BBB/Baa		7			6
BB/Ba		3			4
N/R²		8			8

The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2016 and July 31, 2015, the market value of unrated securities deemed by the investment adviser to be investment grade represents 3% and 2%, respectively, of the Trust’s total investments.



ANNUAL REPORT	JULY 31, 2016	17

Schedule of Investments July 31, 2016

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
California — 87.7%
County/City/Special District/School District — 21.9%
Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/30	$	8,425	$	9,617,980
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:
6.13%, 5/01/31		500		599,555
6.50%, 5/01/36		1,210		1,474,639
6.50%, 5/01/42		2,225		2,705,934
County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 8/01/35		2,000		2,262,400
County of Orange California Water District, COP, Refunding, 5.25%, 8/15/34		2,000		2,275,200
County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45		8,990		11,113,258
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A:
6.00%, 3/01/36		2,880		3,513,197
5.50%, 3/01/41		5,270		6,310,983
County of Santa Clara California Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/18 (a)		20,000		21,662,000
Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 8/01/33		2,500		2,816,300
Los Angeles California Municipal Improvement Corp., Refunding RB, Real Property, Series B (AGC), 5.50%, 4/01/19 (a)		5,065		5,722,640
Modesto Irrigation District, COP, Capital Improvments, Series A, 5.75%, 10/01/29		3,035		3,400,687
Oak Grove School District, GO, Election of 2008, Series A:
5.50%, 8/01/19 (a)		3,000		3,434,460
5.50%, 8/01/33		1,315		1,498,074
Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/19 (a)		2,000		2,312,280
Sacramento Area Flood Control Agency, Special Assessment Bonds, Consolidated Capital Assessment District, 5.25%, 10/01/32		4,865		5,733,305
San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 6/01/32		3,375		4,076,595
San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 8/01/41		3,060		3,681,058
Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/19 (a)		4,000		4,641,320
Tustin California School District, GO, Election of 2008, Series B, 5.25%, 8/01/21 (a)		3,445		4,189,430
Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/38		1,625		2,026,099


Municipal Bonds	Par (000)		Value
California (continued)
County/City/Special District/School District (continued)
West Contra Costa California Unified School District, GO, Series A:
Election of 2010 (AGM), 5.25%, 8/01/32	$	4,960	$	5,916,238
Election of 2012, 5.50%, 8/01/39		2,500		3,096,975

				114,080,607
Education — 5.3%
California Educational Facilities Authority, Refunding RB, San Francisco University, 6.13%, 10/01/36		6,280		7,762,457
California Municipal Finance Authority, RB, Emerson College, 5.75%, 1/01/33		2,500		2,970,950
California State University, Refunding RB, Systemwide, Series A:
5.00%, 11/01/36		1,380		1,724,406
4.00%, 11/01/38		5,000		5,654,800
5.00%, 11/01/41		5,625		6,995,250
University of California, Refunding RB, Series K, 4.00%, 5/15/37		2,085		2,360,950

				27,468,813
Health — 14.0%
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare, Series B, 6.25%, 8/01/39		4,975		5,770,552
California Health Facilities Financing Authority, RB:
Adventist Health System West, Series A, 5.75%, 9/01/39		6,710		7,639,536
Children’s Hospital, Series A, 5.25%, 11/01/41		8,500		9,936,160
Sutter Health, Series A, 5.25%, 11/15/46		4,500		4,564,530
Sutter Health, Series A, 5.00%, 8/15/52		3,500		4,121,180
Sutter Health, Series B, 6.00%, 8/15/42		6,015		7,196,226
California Health Facilities Financing Authority, Refunding RB, Series A:
Catholic Healthcare West, 6.00%, 7/01/39		5,550		6,355,804
Dignity Health, 6.00%, 7/01/34		4,520		5,186,158
Providence Health and Services, 5.00%, 10/01/38		3,000		3,595,290
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.25%, 12/01/56 (b)		5,000		5,813,250
California Statewide Communities Development Authority, Refunding RB:
Catholic Healthcare West, Series B, 5.50%, 7/01/30		2,880		3,008,218
Catholic Healthcare West, Series E, 5.50%, 7/01/31		5,065		5,291,456
Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41		4,000		4,646,480

				73,124,840

Portfolio Abbreviations


ACA	American Capital Access Holding Ltd.	COP	Certificates of Participation	ISD	Independent School District
AGC	Assured Guarantee Corp.	DFA	Development Finance Agency	LRB	Lease Revenue Bonds
AGM	Assured Guaranty Municipal Corp.	EDA	Economic Development Authority	M/F	Multi-Family
AMBAC	American Municipal Bond Assurance Corp.	EDC	Economic Development Corp.	MRB	Mortgage Revenue Bonds
AMT	Alternative Minimum Tax (subject to)	ERB	Education Revenue Bonds	NPFGC	National Public Finance Guarantee Corp.
ARB	Airport Revenue Bonds	FHA	Federal Housing Administration	OTC	Over-the-Counter
BAM	Build America Mutual Assurance Co.	GARB	General Airport Revenue Bonds	PILOT	Payment in Lieu of Taxes
BARB	Building Aid Revenue Bonds	GO	General Obligation Bonds	PSF-GTD	Permanent School Fund Guaranteed
BHAC	Berkshire Hathaway Assurance Corp.	HFA	Housing Finance Agency	RB	Revenue Bonds
CAB	Capital Appreciation Bonds	IDA	Industrial Development Authority	S/F	Single-Family
CIFG	CDC IXIS Financial Guaranty	IDB	Industrial Development Board	SONYMA	State of New York Mortgage Agency

See Notes to Financial Statements.



18	ANNUAL REPORT	JULY 31, 2016


Schedule of Investments (continued)		BlackRock California Municipal Income Trust (BFZ)


Municipal Bonds	Par (000)		Value
California (continued)
State — 9.8%
Orange County Community Facilities District, Special Tax Bonds, Village of Esencia, Series A, 5.25%, 8/15/45	$	2,500	$	2,970,975
State of California, GO:
Various Purposes, 6.00%, 3/01/33		1,000		1,180,090
Various Purposes, 6.00%, 4/01/38		14,000		15,895,880
Refunding, 4.00%, 9/01/33		3,810		4,382,757
State of California Public Works Board, LRB:
Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34		9,000		10,365,840
Various Capital Projects, Series I, 5.50%, 11/01/33		4,940		6,227,661
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34		5,025		5,920,706
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33		3,335		4,119,959

				51,063,868
Tobacco — 4.2%
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed:
Senior, Series A-1, 5.75%, 6/01/47		6,000		6,120,000
Series A, 5.00%, 6/01/45		8,070		9,731,855
Series A-1, 5.13%, 6/01/47		6,000		5,999,580

				21,851,435
Transportation — 10.9%
City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 5/01/39		6,750		7,718,625
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A:
5.00%, 5/15/34		6,650		7,472,804
5.00%, 5/15/40		4,760		5,424,972
City of San Jose California, Refunding ARB, Series A-1, AMT:
5.75%, 3/01/34		3,820		4,523,033
6.25%, 3/01/34		2,650		3,196,139
City of San Jose California, Refunding RB, Series A (AMBAC), 5.00%, 3/01/37		3,500		3,584,035
County of Orange California, ARB, Series B, 5.75%, 7/01/34		8,000		8,385,520
County of Sacramento California, ARB:
PFC/Grant, Sub-Series D, 6.00%, 7/01/35		3,000		3,294,240
Senior Series B, 5.75%, 7/01/39		1,850		2,022,272
Port of Los Angeles California Harbor Department, RB, Series B, 5.25%, 8/01/34		5,580		6,310,199
Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 8/01/44		4,135		4,893,979

				56,825,818
Utilities — 21.6%
Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 10/01/36		7,690		9,090,657
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D, 5.88%, 1/01/34		6,555		7,431,862
City of Los Angeles California Department of Water & Power, RB:
Power System, Sub-Series A-1, 5.25%, 7/01/38		9,000		9,763,290
Series A, 5.38%, 7/01/34		3,250		3,605,973


Municipal Bonds	Par (000)		Value
California (continued)
Utilities (continued)
City of Los Angeles California Department of Water & Power, Refunding RB, Series A:
Power System, 5.00%, 7/01/40	$	2,000	$	2,476,080
5.25%, 7/01/39		4,000		4,678,720
City of Los Angeles California Wastewater System, Refunding RB, Series A, 5.00%, 6/01/39		2,000		2,230,060
City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36		5,625		6,804,562
City of San Francisco California Public Utilities Commission Water Revenue, RB:
Series A, 5.00%, 11/01/35		10,625		12,028,456
Sub-Series A, 5.00%, 11/01/37		5,000		5,896,800
County of Orange California Sanitation District, COP, Series B (AGM), 5.00%, 2/01/17 (a)		8,000		8,181,120
Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.25%, 9/01/31		4,320		5,177,218
Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 8/01/41		2,425		2,901,828
East Bay California Municipal Utility District Water System Revenue, Refunding RB, Series A, 5.00%, 6/01/36		6,745		7,765,181
El Dorado Irrigation District / El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%, 3/01/39		10,000		12,191,100
San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/19 (a)		11,020		12,432,103

				112,655,010
Total Municipal Bonds in California				457,070,391

Multi-State — 0.4%
Housing — 0.4%
Centerline Equity Issuer Trust (b)(c):
Series A-4-2, 6.00%, 5/15/19		1,000		1,115,510
Series B-3-2, 6.30%, 5/15/19		1,000		1,123,560
Total Municipal Bonds in Multi-State				2,239,070
Total Municipal Bonds — 88.1%				459,309,461



Municipal Bonds Transferred to Tender Option Bond Trusts (d)
California — 78.6%
County/City/Special District/School District — 27.1%
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/41		11,620		14,242,518
Chabot-Las Positas Community College District, GO, Refunding, 4.00%, 8/01/37		1,897		3,845,774
Los Angeles Community College District California, GO, Election of 2008:
Election of 2001 (AGM), 5.00%, 8/01/17 (a)		8,000		8,365,440
Series C, 5.25%, 8/01/39 (e)		12,902		15,075,088
Los Angeles Community College District California, GO, Refunding, , 6.00%, 8/01/19 (a)		20,131		23,345,704
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34		5,000		5,626,250
Palomar California Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/44		15,140		18,516,826
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33		10,484		11,920,165

See Notes to Financial Statements.



ANNUAL REPORT	JULY 31, 2016	19


Schedule of Investments (continued)		BlackRock California Municipal Income Trust (BFZ)


Municipal Bonds Transferred to Tender Option Bond Trusts (d)	Par (000)		Value
California (continued)
County/City/Special District/School District (continued)
San Joaquin California Delta Community College District, GO, Election of 2004, Series C, 5.00%, 8/01/39	$	14,505	$	17,482,954
San Jose Unified School District Santa Clara County California, GO:
Election of 2002, Series D, 5.00%, 8/01/18 (a)		14,625		15,920,702
Series C, 4.00%, 8/01/39		6,100		6,797,596

				141,139,017
Education — 19.2%
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (e)		10,395		11,399,157
Grossmont Union High School District, GO, Election of 2004, 5.00%, 8/01/18 (a)		13,095		14,257,948
University of California, RB:
Series AM, 5.25%, 5/15/44		5,000		6,183,550
Series O, 5.75%, 5/15/19 (a)		12,300		14,053,980
University of California, Refunding RB:
5.00%, 5/15/38		4,250		5,305,998
Series AI, 5.00%, 5/15/38		14,225		17,133,539
Series I, 5.00%, 5/15/40		14,065		17,122,550
Series A, 5.00%, 11/01/43		11,792		14,509,004

				99,965,726
Health — 6.4%
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 8/15/52		9,695		11,415,634
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 4/01/42		18,960		22,128,027

				33,543,661
State — 5.5%
State of California, GO, Refunding Various Purposes:
4.00%, 9/01/34		13,790		15,810,235
5.00%, 9/01/35		10,115		12,716,858

				28,527,093
Transportation — 4.2%
City of Los Angeles California Department of Airports, Series D, AMT, 5.00%, 5/15/41		18,632		22,142,686


Municipal Bonds Transferred to Tender Option Bond Trusts (d)	Par (000)		Value
California (continued)
Utilities — 16.2%
City of Los Angeles California Department of Water & Power, RB, Power System, Sub-Series A-1 (AMBAC), 5.00%, 7/01/37	$	15,998	$	16,614,584
County of Orange California Water District, COP, Refunding, 5.00%, 8/15/39		10,480		11,819,554
County of San Diego California Water Authority Financing Corp., COP, Refunding, Series A (AGM) (a):
5.00%, 5/01/18		1,670		1,799,843
5.00%, 5/01/18		8,370		9,020,767
Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/33		18,002		19,505,280
Metropolitan Water District of Southern California, RB, Series A, 5.00%, 7/01/37		11,180		11,648,107
San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/19 (a)		12,460		14,056,624

				84,464,759
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 78.6%				409,782,942
Total Long-Term Investments (Cost — $792,327,206) — 166.7%				869,092,403



Short-Term Securities	Shares
BlackRock Liquidity Funds, MuniCash, Institutional Class 0.26% (f)(g)		3,771,908		3,771,908
Total Short-Term Securities (Cost — $3,771,908) — 0.7%				3,771,908
Total Investments (Cost — $796,099,114) — 167.4%				872,864,311
Other Assets Less Liabilities — 0.7%				3,694,056
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (34.9)%				(181,878,003	)
Loan for TOB Trust Certificates — (0.3)%				(2,045,025	)
VMTP Shares at Liquidation Value — (32.9)%				(171,300,000	)

Net Assets Applicable to Common Shares — 100.0%			$	521,335,339

Notes to Schedule of Investments

(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)

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.

(c)

Represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.

(d)

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts.

(e)

All or a portion of 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, 2016 and August 1, 2018, is $14,013,534. See Note 4 of the Notes to Financial Statements for details.

See Notes to Financial Statements.



20	ANNUAL REPORT	JULY 31, 2016


Schedule of Investments (continued)		BlackRock California Municipal Income Trust (BFZ)

(f)

During the year ended July 31, 2016, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at July 31, 2015		Net Activity			Shares Held at July 31, 2016		Value at July 31, 2016		Income
BIF California Municipal Money Fund		6,380,903		(6,380,903	)		—		—	$	3
BlackRock Liquidity Funds, MuniCash, Institutional Class		—		3,771,908			3,771,908	$	3,771,908		1,010
Total								$	3,771,908	$	1,013

(g)

Current yield as of period end.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Contracts Short			Issue	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
	(52	)	5-Year U.S. Treasury Note	September 2016	USD	6,344,813	$	8,146
	(63	)	10-Year U.S. Treasury Note	September 2016	USD	8,381,953		16,280
	(31	)	Long U.S. Treasury Bond	September 2016	USD	5,407,562		(106,299	)
	Total						$	(81,873	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


Assets — Derivative Financial Instruments		Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts		Other Contacts	Total
Futures contracts	Net unrealized appreciation¹	—	—	—	—	$	24,426	—	$	24,426

Liabilities — Derivative Financial Instruments
Futures contracts	Net unrealized depreciation¹	—	—	—	—	$	106,299	—	$	106,299
¹ Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the year ended July 31, 2016, the effect of derivative financial instruments in the Statements of Operations was as follows:


Net Realized Gain (Loss) From:	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts			Other Contacts	Total
Futures contracts	—	—	—	—	$	(953,509	)	—	$	(953,509	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	—	—	—	—	$	(38,759	)	—	$	(38,759	)


Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	164,560	¹
Average notional value of contracts — short	$	19,959,439
¹ Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

See Notes to Financial Statements.



ANNUAL REPORT	JULY 31, 2016	21


Schedule of Investments (concluded)		BlackRock California Municipal Income Trust (BFZ)

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹		—		$	869,092,403		—	$	869,092,403
Short-Term Securities	$	3,771,908			—		—		3,771,908

Total	$	3,771,908		$	869,092,403		—	$	872,864,311


Derivative Financial Instruments²
Assets:
Interest rate contracts	$	24,426			—		—	$	24,426
Liabilities:
Interest rate contracts		(106,299	)		—		—		(106,299	)

Total	$	(81,873	)		—		—	$	(81,873	)

¹See above Schedule of Investments for values in each sector.
²Derivative financial instruments futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	115,411		—		—	$	115,411
Cash pledged for futures contracts		249,000		—		—		249,000
Liabilities:
Loan for TOB Trust Certificates		—	$	(2,045,025	)	—		(2,045,025	)
TOB Trust Certificates		—		(181,645,774	)	—		(181,645,774	)
VMTP Shares at Liquidation Value		—		(171,300,000	)	—		(171,300,000	)

Total	$	364,411	$	(354,990,799	)	—	$	(354,626,388	)

During the year ended July 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.



22	ANNUAL REPORT	JULY 31, 2016

Schedule of Investments July 31, 2016

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Florida — 99.0%
Corporate — 4.0%
County of Hillsborough Florida IDA, Refunding RB, Tampa Electric Co. Project, Series A, 5.65%, 5/15/18	$	1,000	$	1,082,620
County of Palm Beach Florida Solid Waste Authority, Refunding RB, 5.00%, 10/01/20		2,000		2,329,200

				3,411,820
County/City/Special District/School District — 34.4%
City of Jacksonville Florida, Refunding RB:
Better Jacksonville Sales Tax, 5.00%, 10/01/20		4,000		4,656,600
Brooks Rehabilitation Project, 5.00%, 11/01/20		400		456,964
County of Broward Florida School Board, COP, Refunding, Series A, 5.00%, 7/01/20		2,000		2,306,940
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/18 (a)		2,500		2,720,325
County of Hillsborough Florida, RB (AMBAC), 5.00%, 11/01/17 (a)		5,545		5,856,407
County of Miami-Dade Florida School Board, COP, Refunding, Series B (AGC), 5.25%, 5/01/18 (a)		4,000		4,326,040
County of Northern Palm Beach Florida Improvement District, Refunding, Special Assessment Bonds, Water Control & Improvement District No. 43, Series B (ACA), 4.50%, 8/01/22		1,000		1,011,180
Florida State Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20		485		549,102
Indian River County School Board, COP, Refunding, Series A, 5.00%, 7/01/20		1,000		1,154,720
Miami-Dade County School Board Foundation, Inc., COP, Refunding, Series A, 5.00%, 5/01/20		1,250		1,434,663
Palm Beach County School District, COP, Refunding Series B, 5.00%, 8/01/20		3,000		3,455,730
Stevens Plantation Florida Imports Project Dependent Special District, RB, 6.38%, 5/01/13 (b)(c)		2,425		1,696,772

				29,625,443
Education — 4.2%
City of Tampa Florida, Refunding RB, Florida Revenue The University of Tampa Project, 5.00%, 4/01/20		795		902,587
County of Orange Florida Educational Facilities Authority, RB, Rollins College Project (AMBAC), 5.25%, 12/01/22		725		769,008
Florida State Board of Governors, Refunding RB, University of Central Florida, Series A, 5.00%, 7/01/18		400		430,624
Florida State Higher Educational Facilities Financial Authority, Refunding RB, University of Tampa Project, Series A, 5.00%, 4/01/20		1,000		1,128,020
Volusia County School Board, COP, Refunding Series A, 5.00%, 8/01/20		350		405,307

				3,635,546
Health — 17.8%
County of Brevard Florida Health Facilities Authority, Refunding RB, 5.00%, 4/01/20		500		568,145
County of Highlands Florida Health Facilities Authority, Refunding RB, Hospital, Adventist Health, Series I, 5.00%, 11/15/20		2,155		2,448,683
County of Marion Florida Hospital District, Refunding RB, Health System, Munroe Regional, 5.00%, 10/01/17 (a)		1,500		1,578,150
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center:
3.00%, 6/01/17		190		192,261
3.25%, 6/01/18		195		200,745
3.50%, 6/01/19		200		210,074


Municipal Bonds	Par (000)		Value
Florida (continued)
Health (continued)
County of Palm Beach Florida Health Facilities Authority, Refunding RB:
Acts Retirement-Life Communities, Inc., 5.00%, 11/15/22	$	4,735	$	5,619,214
Bethesda Healthcare System Project, Series A (AGM), 5.00%, 7/01/20		1,285		1,474,190
County of Palm Beach Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc., 4.00%, 11/15/20 (d)		2,000		2,228,320
Halifax Hospital Medical Center, Refunding RB, 5.00%, 6/01/20		590		673,739
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/20		150		172,479

				15,366,000
Housing — 1.0%
County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40		155		158,331
County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 9/01/40		150		152,382
Florida Housing Finance Corp., RB, Homeowner Mortgage, Series 2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 4.70%, 7/01/22		425		434,524
Jacksonville Housing Finance Authority, Refunding RB, Series A-1, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.63%, 10/01/39		90		91,687

				836,924
State — 11.7%
Florida Municipal Loan Council, RB, Series D (AGM):
5.00%, 10/01/19		1,050		1,184,316
4.00%, 10/01/20		1,105		1,222,672
4.00%, 10/01/21		500		560,910
Florida Municipal Loan Council, Refunding RB:
CAB, Series A (NPFGC), 0.00%, 4/01/20 (e)		3,185		2,932,971
Series B-2 (AGM), 4.00%, 10/01/20		655		725,733
State of Florida Department of Environmental Protection, Refunding RB, Series A, 5.00%, 7/01/20		3,000		3,471,690

				10,098,292
Transportation — 10.8%
City of Jacksonville Florida Port Authority, Refunding RB, AMT, 4.00%, 11/01/20		865		937,539
County of Broward Florida Fuel System, RB, Lauderdale Fuel Facilities, Series A (AGM), AMT, 5.00%, 4/01/20		160		181,344
County of Broward Florida Port Facilities, Refunding RB, Series B, AMT, 5.00%, 9/01/20		2,500		2,873,575
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,592,456
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20		1,500		1,733,340
County of Miami-Dade Florida Transit System Sales Surtax, Refunding RB, 5.00%, 7/01/20		550		635,558
Greater Orlando Aviation Authority, Refunding RB, Series C, 5.00%, 10/01/20		1,130		1,314,484

				9,268,296
Utilities — 15.1%
City of Fort Lauderdale Florida Water & Sewer Revenue, Refunding RB, 5.00%, 9/01/20		2,970		3,468,604
City of Miami Beach Florida, RB, 5.00%, 9/01/20		500		580,430
City of North Miami Florida Beach Water Revenue, RB, 5.00%, 8/01/20		1,200		1,373,328

See Notes to Financial Statements.



ANNUAL REPORT	JULY 31, 2016	23


Schedule of Investments (continued)		BlackRock Florida Municipal 2020 Term Trust (BFO)


Municipal Bonds	Par (000)		Value
Florida (continued)
Utilities (continued)
County of Miami-Dade Florida Water & Sewer System, Refunding RB, Series B (AGM), 5.25%, 10/01/19	$	4,000	$	4,580,800
Florida Governmental Utility Authority, RB, Golden Gate Utility System (AGM), 5.00%, 7/01/19		510		569,542
Florida Governmental Utility Authority, Refunding RB:
4.00%, 10/01/20		500		557,445
Lehigh Utility (AGM), 5.00%, 10/01/20		635		733,736
Florida Municipal Power Agency, RB, 5.00%, 10/01/20		500		579,850
Town of Davie Florida, Refunding RB, Nova Southeastern University Project, Series B, 5.00%, 4/01/20		530		597,851

				13,041,586
Total Municipal Bonds in Florida				85,283,907

Guam — 0.5%
Utilities — 0.5%
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20		100		114,231
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		310		353,512
Total Municipal Bonds in Guam				467,743
Total Municipal Bonds (Cost — $81,324,616) — 99.5%				85,751,650


Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, MuniCash, Institutional Class 0.26% (f)(g)		1,836,731	$	1,836,731
Total Short-Term Securities (Cost — $1,836,731) — 2.1%				1,836,731
Total Investments (Cost — $83,161,347) — 101.6%				87,588,381
Liabilities in Excess of Other Assets — (1.6)%				(1,378,949	)

Net Assets Applicable to Common Shares — 100.0%			$	86,209,432

Notes to Schedule of Investments

(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)

Non-income producing security.

(c)

Issuer filed for bankruptcy and/or is in default of interest payments.

(d)

When-issued security.

(e)

Zero-coupon bond.

(f)


Affiliate	Shares Held at July 31, 2015		Net Activity			Shares Held at July 31, 2016		Value at July 31, 2016		Net Income
BlackRock Liquidity Funds, MuniCash, Institutional Class		—		1,836,731		$	1,836,731	$	1,836,731	$	1,529
FFI Institutional Tax-Exempt Fund		550,062		(550,062	)		—		—		61
Total								$	1,836,731	$	1,590

(g)

Current yield as of period end.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Trust’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹		—	$	85,751,650		—	$	85,751,650
Short-Term Securities	$	1,836,731		—		—		1,836,731

Total	$	1,836,731	$	85,751,650		—	$	87,588,381

¹ See above Schedule of Investments for values in each sector.

See Notes to Financial Statements.



24	ANNUAL REPORT	JULY 31, 2016


Schedule of Investments (concluded)		BlackRock Florida Municipal 2020 Term Trust (BFO)

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of July 31, 2016, cash of $25,110 was categorized as Level 1 within the disclosure hierarchy.

During the year ended July 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.



ANNUAL REPORT	JULY 31, 2016	25

Schedule of Investments July 31, 2016

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Alabama — 0.6%
County of Jefferson Alabama, RB, Limited Obligation School, Series A:
5.25%, 1/01/19	$	1,000	$	1,005,830
5.25%, 1/01/20		1,000		1,005,830
5.50%, 1/01/21		1,200		1,206,996
5.50%, 1/01/22		1,105		1,111,442
County of Jefferson Alabama Sewer Revenue, Refunding RB, CAB, Senior Lien-Warrants, Series B (AGM) (a):
0.00%, 10/01/31		7,375		3,623,780
0.00%, 10/01/32		6,295		2,871,464
0.00%, 10/01/33		1,275		544,017

				11,369,359
Alaska — 1.0%
City of Valdez Alaska, Refunding RB, BP Pipelines Project, Series B, 5.00%, 1/01/21		9,595		11,004,410
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 6/01/23		6,130		6,228,141

				17,232,551
Arizona — 1.1%
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital:
Series A, 5.00%, 2/01/34		6,340		7,220,436
Series B, 5.00%, 2/01/33		1,810		2,077,789
City of Phoenix Arizona IDA, RB, Facility:
Candeo Schools, Inc. Project, 6.00%, 7/01/23		575		653,217
Eagle College Preparatory Project, Series A, 4.50%, 7/01/22		580		618,112
Eagle College Preparatory Project, Series A, 5.00%, 7/01/33		1,000		1,052,240
Legacy Traditional Schools Project, Series A, 5.75%, 7/01/24 (b)		750		867,255
County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 9/01/29		6,000		6,635,700

				19,124,749
California — 10.1%
Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub-Lien, Series A (AMBAC), 0.00%, 10/01/30 (a)		10,530		6,401,714
California HFA, RB, S/F Housing, Home Mortgage, Series I, AMT, 4.70%, 8/01/26		10,000		10,002,300
California Municipal Finance Authority, RB:
Biola University, 4.00%, 10/01/27		750		827,055
Biola University, 5.00%, 10/01/29		660		776,233
Biola University, 5.00%, 10/01/30		500		586,610
Biola University, 4.00%, 10/01/33		2,500		2,683,550
Senior, S/F Housing, Caritas Affordable Housing, Inc. Project, Series A, 5.00%, 8/15/30		1,000		1,181,150
California Pollution Control Financing Authority, RB, Poseidon Resources Desalination Project, AMT, 5.00%, 7/01/30 (b)		13,845		15,747,165
California State Public Works Board, RB, Judicial Council Projects, Series A, 5.00%, 3/01/33		5,220		6,253,403
California Statewide Communities Development Authority, RB, American Baptist Homes of the West, Series A, 5.00%, 10/01/23		1,500		1,791,750
California Statewide Communities Development Authority, Refunding RB, Eskaton Properties, Inc., 5.25%, 11/15/34		2,500		2,846,475


Municipal Bonds	Par (000)		Value
California (continued)
City & County of San Francisco California Redevelopment Agency, Refunding, Special Tax Bonds, No. 6 Mission Bay South Public Improvements, Series A:
5.00%, 8/01/28	$	1,000	$	1,151,550
5.00%, 8/01/29		1,300		1,489,553
5.00%, 8/01/33		1,335		1,510,900
El Camino Community College District, GO, CAB, Election of 2002, Series C (a):
0.00%, 8/01/30		9,090		6,209,197
0.00%, 8/01/31		12,465		8,249,212
0.00%, 8/01/32		17,435		11,242,960
Golden Empire Schools Financing Authority, Refunding RB, Kern High School District Projects, 0.94%, 5/01/17 (c)		8,590		8,587,595
Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFuel Corp., Los Angeles International, AMT:
4.50%, 1/01/27		5,000		5,633,750
5.00%, 1/01/32		4,110		4,654,657
Los Angeles Unified School District, GO, Election of 2008, Series A, 4.00%, 7/01/33		3,000		3,432,630
M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29		2,500		3,365,475
Oakland Unified School District, Alameda County, GO, Series A:
5.00%, 8/01/30		1,000		1,222,510
5.00%, 8/01/32		1,100		1,333,365
5.00%, 8/01/33		1,000		1,205,850
Poway Unified School District, GO, Election of 2008, Series A (a):
0.00%, 8/01/27		10,000		7,888,600
0.00%, 8/01/30		10,000		6,897,200
0.00%, 8/01/32		12,500		8,060,625
Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Series C (NPFGC), 4.50%, 8/01/30		10,000		10,310,600
San Bernardino Community College District, GO, Refunding, Series A:
4.00%, 8/01/31		10,660		11,980,454
4.00%, 8/01/32		12,010		13,456,124
4.00%, 8/01/33		5,665		6,327,578
San Diego Community College District, GO, CAB, Election of 2006, 0.00%, 8/01/30 (a)		5,000		2,915,800
Union City Community Redevelopment Agency, Refunding, Tax Allocation Bonds, Community Redevelopment Agency Projects, Series A:
5.00%, 10/01/32		1,355		1,682,517
5.00%, 10/01/33		3,000		3,711,030

				181,617,137
Colorado — 4.3%
Central Platte Valley Metropolitan District, GO, Series A:
5.13%, 12/01/29		700		819,798
5.50%, 12/01/29		750		897,900
5.38%, 12/01/33		1,500		1,769,280
City of Lakewood Colorado Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds, 4.00%, 12/01/23 (b)		1,000		1,057,900
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project, 5.00%, 8/15/30		1,000		1,170,820

See Notes to Financial Statements.



26	ANNUAL REPORT	JULY 31, 2016


Schedule of Investments (continued)		BlackRock Municipal 2030 Target Term Trust (BTT)


Municipal Bonds	Par (000)		Value
Colorado (continued)
Colorado Health Facilities Authority, Refunding RB, Series A:
Covenant Retirement Communities, 4.50%, 12/01/33	$	4,595	$	4,822,728
Covenant Retirement Communities, 5.00%, 12/01/33		3,000		3,373,380
The Evangelical Lutheran Good Samaritan Society Project, 5.00%, 6/01/29		3,455		4,046,392
The Evangelical Lutheran Good Samaritan Society Project, 5.00%, 6/01/30		3,140		3,666,766
The Evangelical Lutheran Good Samaritan Society Project, 5.00%, 6/01/31		2,250		2,617,898
The Evangelical Lutheran Good Samaritan Society Project, 5.00%, 6/01/32		1,500		1,730,085
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.25%, 12/01/30		500		534,780
Dawson Ridge Metropolitan District No. 1, GO, Refunding, Series A, 0.00%, 10/01/22 (a)(d)		27,540		25,236,830
Park Creek Metropolitan District, Refunding, Tax Allocation Bonds, Senior Limited Property, Series A:
5.00%, 12/01/26		1,000		1,229,800
5.00%, 12/01/27		1,500		1,833,630
5.00%, 12/01/28		1,500		1,822,170
5.00%, 12/01/30		1,350		1,623,267
5.00%, 12/01/31		1,500		1,796,745
5.00%, 12/01/33		1,000		1,188,700
Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds (b):
4.10%, 12/01/24		5,080		5,373,167
4.20%, 12/01/25		5,280		5,583,706
4.50%, 12/01/30		4,305		4,535,145
Tallyns Reach Metropolitan District No. 3, GO, Refunding, 5.00%, 12/01/33		505		549,541

				77,280,428
District of Columbia — 1.3%
District of Columbia, GO, Series A, 5.00%, 6/01/32		16,980		21,474,097
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/33		1,700		2,051,526

				23,525,623
Florida — 12.4%
City of North Miami Beach Florida, Refunding RB:
4.00%, 8/01/27		2,810		3,151,780
5.00%, 8/01/31		4,235		5,069,761
City of Tampa Florida, Refunding RB, Series A:
County of Hillsborough Florida Expressway Authority, 4.00%, 7/01/30		6,395		7,105,868
H. Lee Moffitt Cancer Center Project, 4.00%, 9/01/33		10,000		10,806,900
County of Alachua Florida Health Facilities Authority, RB, East Ridge Retirement Village, Inc. Project, 6.00%, 11/15/29		5,000		5,795,250
County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 4/01/33		3,760		4,481,845
County of Broward Florida, RB, Fort Lauderdale Fuel Facilities, Series A, AMT (AGM):
5.00%, 4/01/30		600		692,730
5.00%, 4/01/33		740		845,687
County of Broward Florida School District, COP, Refunding, Series A, 5.00%, 7/01/32		3,000		3,699,900
County of Indian River Florida School Board, COP, Refunding, Series A:
5.00%, 7/01/26		3,500		4,462,465
5.00%, 7/01/27		7,895		9,972,411


Municipal Bonds	Par (000)		Value
Florida (continued)
County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%, 12/15/25	$	5,250	$	5,494,545
County of Miami-Dade Florida, Refunding RB, Sub-Series B, 5.00%, 10/01/32		5,000		5,937,000
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Series A, 5.00%, 4/01/33		5,000		6,042,650
County of Miami-Dade Florida School Board, COP, Refunding:
Series A, 5.00%, 5/01/32		9,000		11,015,370
Series A, 5.00%, 5/01/32		10,000		11,803,500
Series D, 5.00%, 2/01/29		14,550		17,980,308
County of Orange Florida School Board, COP, Refunding, Series C, 5.00%, 8/01/33		17,500		21,508,375
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/32 (e)		19,790		23,938,776
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B (a):
0.00%, 6/01/29		2,295		1,792,877
0.00%, 6/01/30		2,000		1,525,140
0.00%, 6/01/31		1,295		963,881
0.00%, 6/01/32		2,495		1,814,738
Double Branch Community Development District, Refunding, Special Assessment Bonds, Senior Lien, Series A-1, 4.13%, 5/01/31		1,200		1,291,848
Florida Higher Educational Facilities Financial Authority, Refunding RB, Nova Southeastern University Project:
5.00%, 4/01/25		725		902,763
5.00%, 4/01/26		1,500		1,891,305
5.00%, 4/01/27		2,000		2,508,780
5.00%, 4/01/29		1,350		1,668,411
Greater Orlando Aviation Authority, Refunding RB, Jet Blue Airways Corp. Project, AMT, 5.00%, 11/15/26		2,000		2,183,700
Jacksonville Florida Port Authority, Refunding RB, AMT:
4.50%, 11/01/30		2,895		3,244,600
4.50%, 11/01/31		3,200		3,578,208
4.50%, 11/01/32		2,300		2,560,544
Miami Beach Health Facilities Authority, Refunding RB, Mont Sinai Medical Center:
5.00%, 11/15/26		250		303,858
5.00%, 11/15/27		375		453,371
5.00%, 11/15/28		500		600,195
5.00%, 11/15/30		1,000		1,191,970
Miami Beach Redevelopment Agency, Refunding, Tax Allocation Bonds, Tax Increment Revenue, 5.00%, 2/01/30		3,305		3,987,714
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/30		3,825		4,667,724
Village Community Development District No. 5, Refunding, Special Assessment Bonds:
Phase I, 3.50%, 5/01/28		2,040		2,102,016
Phase I, 3.50%, 5/01/28		3,860		3,972,326
Phase II, 4.00%, 5/01/33		1,190		1,239,290
Phase II, 4.00%, 5/01/34		2,465		2,559,533
Village Community Development District No. 6, Refunding, Special Assessment Bonds, Sumter County, 4.00%, 5/01/29		6,120		6,345,889

See Notes to Financial Statements.



ANNUAL REPORT	JULY 31, 2016	27


Schedule of Investments (continued)		BlackRock Municipal 2030 Target Term Trust (BTT)


Municipal Bonds	Par (000)		Value
Florida (continued)
Village Community Development District No. 10, Special Assessment Bonds, Sumter County:
4.50%, 5/01/23	$	2,700	$	3,016,872
5.00%, 5/01/32		5,685		6,406,540

				222,579,214
Idaho — 0.6%
Idaho Housing & Finance Association, RB, Series A, 4.00%, 7/15/30		10,000		10,924,400
Illinois — 15.1%
Chicago Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 1/01/33		5,000		5,797,850
Chicago O’Hare International Airport, Refunding RB:
5.00%, 1/01/33		6,940		8,331,886
5.00%, 1/01/34		7,850		9,404,457
City of Chicago Illinois, GO:
CAB (NPFGC), 0.00%, 1/01/27 (a)		5,000		3,343,050
Project, Series A, 5.00%, 1/01/33		10,000		10,189,700
City of Chicago Illinois, RB, Wastewater Transmission, 2nd Lien:
4.00%, 1/01/31		10,375		10,848,100
4.00%, 1/01/32		10,790		11,254,617
4.00%, 1/01/33		11,220		11,674,635
4.00%, 1/01/35		9,135		9,477,471
City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT:
4.00%, 1/01/27		5,000		5,417,650
4.00%, 1/01/29		28,425		30,188,203
City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, (AGM), 5.00%, 1/01/30		730		834,835
City of St. Charles Illinois, GO, Refunding, Corporate Purpose:
4.00%, 12/01/30		1,620		1,800,743
4.00%, 12/01/31		1,715		1,898,814
4.00%, 12/01/32		1,800		1,986,192
County of Cook Illinois, GO, Refunding, Series C, 4.00%, 11/15/29		19,750		21,018,938
County of Will Illinois Community High School District No. 210 Lincoln-Way, GO, Refunding, CAB, Series B (a):
0.00%, 1/01/29		6,920		3,918,934
0.00%, 1/01/30		5,680		3,056,692
0.00%, 1/01/31		13,330		6,850,020
0.00%, 1/01/32		16,500		8,035,665
Illinois Finance Authority, Refunding RB:
Lutheran Home & Services Obligated Group, 5.00%, 5/15/22		4,560		4,985,722
Lutheran Home & Services Obligated Group, 5.50%, 5/15/27		4,350		4,795,266
Lutheran Home & Services Obligated Group, 5.50%, 5/15/30		4,900		5,361,286
Presence Health Network, Series C, 5.00%, 2/15/30 (e)		12,000		13,878,240
Rush University Medical Center, Series A, 5.00%, 11/15/31		8,415		10,229,358
Rush University Medical Center, Series A, 5.00%, 11/15/32		2,075		2,515,025
Rush University Medical Center, Series A, 5.00%, 11/15/33		2,125		2,558,755
The Peoples Gas Light & Coke Company Project, 4.00%, 2/01/33		11,000		11,916,410
Illinois State Toll Highway Authority, Refunding RB, Senior, Series A:
4.00%, 12/01/31		20,000		22,522,200
5.00%, 12/01/32		4,550		5,606,965


Municipal Bonds	Par (000)		Value
Illinois (continued)
Winnebago & Boone Counties School District No. 205 Rockford, GO:
4.00%, 2/01/29	$	9,305	$	10,095,460
4.00%, 2/01/30		9,835		10,641,962

				270,435,101
Indiana — 3.0%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 5.88%, 1/01/24		2,140		2,518,566
City of Whiting Indiana, RB, BP Products North America, Inc. Project, AMT, 5.00%, 3/01/46 (c)		8,500		10,100,295
Indiana Finance Authority, Refunding RB:
Community Health Network Project, Series A, 4.00%, 5/01/35		23,565		24,672,084
Earlham College Project, 5.00%, 10/01/32		11,255		12,845,556
Northern Indiana Commuter Transportation District, RB:
5.00%, 7/01/32		1,000		1,228,330
5.00%, 7/01/33		1,400		1,715,504

				53,080,335
Iowa — 1.9%
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:
5.50%, 12/01/22		18,500		19,238,150
5.25%, 12/01/25		14,345		15,474,812

				34,712,962
Kansas — 0.2%
Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A:
5.00%, 9/01/30		1,175		1,441,408
5.00%, 9/01/33		1,370		1,660,536

				3,101,944
Kentucky — 0.6%
Countyof Louisville/Jefferson Metropolitan Government, Refunding RB, Norton Healthcare, Inc., Series A, 5.00%, 10/01/32 (e)		7,300		8,910,672
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier-DownTown Crossing Project:
Convertible Series C, 0.00%, 7/01/33 (f)		1,500		1,368,780
Series B, 0.00%, 7/01/30 (a)		1,230		699,882

				10,979,334
Louisiana — 2.8%
City of New Orleans Louisiana, Refunding RB: