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 2030 Target Term Trust (BTT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal 2030 Target Term Trust, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 07/31/2017

Date of reporting period: 01/31/2017

Item 1 – Report to Stockholders

JANUARY 31, 2017

SEMI-ANNUAL REPORT (UNAUDITED)

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

The Markets in Review

Dear Shareholder,

The 12 months ended January 31, 2017 was an exceptionally strong period for risk assets (such as stocks and high yield bonds), while higher-quality assets generated muted returns after struggling in the latter part of 2016. As the period began, worries about slowing growth in China and the instability of oil prices had global equity prices sliding. However, the broad market momentum shifted in the second half of 2016 as reflationary expectations in the United States helped drive a pick-up in global growth.

Markets were remarkably resilient during the period. Big surprises such as the United Kingdom’s vote to leave the European Union and the outcome of the U.S. presidential election brought spikes in equity market volatility, but they were ultimately short-lived. Instead, investors used the sell-offs to seize upon buying opportunities, allowing markets to quickly rebound. We believe this reinforces the case for taking the long view rather than reacting to short-term market noise.

The global reflationary theme — rising nominal growth, wages and inflation — was the dominant driver of asset returns during the period, outweighing significant political upheavals and uncertainty. This trend accelerated after the U.S. election and continued into the beginning of 2017, stoked by expectations for an extra boost to U.S. growth via fiscal policy.

Although economic momentum is gaining traction, the capacity for rapid global growth is restrained by structural factors including an aging population, low productivity growth and excess savings. A tempered economic growth trend and high valuations across most assets have set the stage for muted investment returns going forward.

Equity markets still have room to move, although the disparity between winners and losers is widening, making stock selection increasingly important. Fixed income investors are also facing challenges as bond markets recalibrate to accommodate rising rates and higher inflation expectations. And in a world where political risk and policy uncertainty abound, there is no lack of potential catalysts for higher volatility.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of January 31, 2017
	6-month			12-month
U.S. large cap equities (S&P 500^® Index)		5.96	%		20.04	%
U.S. small cap equities (Russell 2000^® Index)		12.43			33.53
International equities (MSCI Europe, Australasia, Far East Index)		3.49			12.03
Emerging market equities (MSCI Emerging Markets Index)		4.92			25.41
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.20			0.37
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		(7.87	)		(3.26	)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		(2.95	)		1.45
Tax-exempt municipal bonds (S&P Municipal Bond Index)		(2.94	)		0.24
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		6.09			20.77
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.



2		THIS PAGE NOT PART OF YOUR FUND REPORT


Table of Contents


	Page
The Markets in Review		2
Semi-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		50
Statements of Operations		52
Statements of Changes in Net Assets		54
Statements of Cash Flows		57
Financial Highlights		58
Notes to Financial Statements		64
Officers and Trustees		76
Additional Information		77



SEMI-ANNUAL REPORT	JANUARY 31, 2017	3


Municipal Market Overview

For the Reporting Period Ended January 31, 2017

Municipal Market Conditions

Municipal bonds generated modestly positive performance for the period, in spite of vastly rising interest rates as a result of generally stronger economic data, signs of inflation pressures, Fed monetary policy normalization, and market expectations for pro-growth fiscal policy. 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 income, relative yield, and stability of municipal bonds amid bouts of interest rate volatility (bond prices rise as rates fall) resulting from the United Kingdom’s decision to leave the European Union, the contentious U.S. election, and widening central bank divergence — i.e., policy easing outside the United States while the Fed slowly commences policy tightening. During the 12 months ended January 31, 2017, municipal bond funds garnered net inflows of approximately $24 billion (based on data from the Investment Company Institute).

For the same 12-month period, total new issuance remained robust from a historical perspective at $451 billion (significantly above the $394 billion issued in the prior 12-month period). A noteworthy portion of new supply during this period was attributable to refinancing activity (roughly 60%) 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 January 31, 2017

6 months: (2.94)%

12 months: 0.24%

A Closer Look at Yields

LOGO

From January 31, 2016 to January 31, 2017, yields on AAA-rated 30-year municipal bonds increased by 33 basis points (“bps”) from 2.75% to 3.08%, while 10-year rates rose by 61 bps from 1.71% to 2.32% and 5-year rates increased 63 bps from 1.00% to 1.63% (as measured by Thomson Municipal Market Data). The municipal yield curve modestly flattened over the 12-month period with the spread between 2- and 30-year maturities flattening by 9 bps and the spread between 10- and 30-year maturities flattening by 28 bps.

During the same time period, on a relative basis, tax-exempt municipal bonds broadly underperformed U.S. Treasuries with the greatest underperformance experienced in the intermediate part of the yield curve. In absolute terms, the positive performance of municipal bonds was driven largely by 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 came under pressure post the November U.S. election, erasing a bulk of year-to-date performance and influencing a strong pattern of mutual fund inflows to turn negative in the closing months of the period. 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 January 31, 2017, 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 U.S. municipal bond market. All bonds in the index are exempt from U.S. 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	SEMI-ANNUAL REPORT	JANUARY 31, 2017


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 a Trust’s 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 diffi-

cult 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”) and 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.



SEMI-ANNUAL REPORT	JANUARY 31, 2017	5


Trust Summary as of January 31, 2017				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 U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and California income taxes. The Trust invests, under normal market conditions, at least 80% of its assets in municipal obligations that are investment grade quality, or are considered by the Trust’s adviser to be of comparable 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 New York Stock Exchange (“NYSE”)		BFZ
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of January 31, 2017 ($14.94)¹		5.40%
Tax Equivalent Yield²		11.00%
Current Monthly Distribution per Common Share³		$0.0672
Current Annualized Distribution per Common Share³		$0.8064
Economic Leverage as of January 31, 2017⁴		42%

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 monthly distribution per Common Share, declared on March 1, 2017, was decreased to $0.0595 per share. The yield on closing market price, current monthly distribution per Common Share and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

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 six months ended January 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BFZ^1,2		(8.48	)%		(5.31	)%
Lipper California Municipal Debt Funds³		(8.72	)%		(5.28	)%

All returns reflect reinvestment of dividends and/or distributions.

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

Average return.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

•

Municipal bonds lost ground in the six-month reporting period. After producing slightly positive returns in August, municipal bonds began to move lower in September and October due to a pick-up in new tax-exempt issuance and rising yields in the U.S. Treasury market. (Prices and yields move in opposite directions.) The weakness accelerated in November once Donald Trump’s election victory caused investors to adjust their expectations in favor of stronger growth and tighter Fed policy. The municipal market subsequently stabilized and retraced some of its losses in December and January as the relative attractiveness of the asset class brought in new investors, but the modest rally was insufficient to make up for the earlier downturn.

•

California underperformed the national tax-exempt market, reflecting an unwinding of previously tight credit spreads for state and local issues, together with a larger calendar of new issuance. Despite the after-tax value provided by California muni bonds for retail investors subject to the state’s high tax brackets, California funds were not immune to the redemptions experienced by both the general market and high-yield products in the latter part of the period.

•

The Trust’s positions on the long end of the yield curve detracted from performance in the environment of rising yields. In addition, positions in lower-rated investment-grade (such as those rated A and BBB) fared worse than high-grade securities as credit spreads widened.

•

All sectors experienced negative returns in the period, but the Trust’s positions in health care suffered the weakest performance due to uncertainty surrounding the future of the Affordable Care Act. The Trust’s use of leverage, which amplifies the effect of interest rate movements, also detracted.

•

On the positive side, the Trust’s holdings in shorter duration securities held up relatively well during periods of market volatility. (Duration is a measure of interest rate sensitivity.) The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields rose as prices fell, this aspect of the Trust’s positioning had a positive effect on returns.

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



6	SEMI-ANNUAL REPORT	JANUARY 31, 2017


		BlackRock California Municipal Income Trust


Market Price and Net Asset Value Per Share Summary


	1/31/17		7/31/16		Change			High		Low
Market Price	$	14.94	$	16.76		(10.86	)%	$	16.98	$	14.09
Net Asset Value	$	15.08	$	16.35		(7.77	)%	$	16.35	$	14.70

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

LOGO

Overview of the Trust’s Total Investments*


Sector Allocation	1/31/17			7/31/16
County/City/Special District/School District		30	%		29	%
Utilities		19			23
Education		13			15
Transportation		13			9
Health		12			12
State		9			9
Tobacco		4			3
Housing²		—			—

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



Call/Maturity Schedule³
Calendar Year Ended December 31, 2017	6	%
2018	11
2019	24
2020	4
2021	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	1/31/17			7/31/16
AAA/Aaa		7	%		6	%
AA/Aa		74			77
A		15			14
BBB/Baa²		—			—
BB/Ba		—			1
B		3			1
N/R		1			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.



SEMI-ANNUAL REPORT	JANUARY 31, 2017	7


Trust Summary as of January 31, 2017				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 U.S. 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 U.S. 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, or are considered by the Trust’s adviser to be of comparable quality, at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar-weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in 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 January 31, 2017 ($15.07)¹		2.47%
Tax Equivalent Yield²		4.36%
Current Monthly Distribution per Common Share³		$0.031
Current Annualized Distribution per Common Share³		$0.372
Economic Leverage as of January 31, 2017⁴		—

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 six months ended January 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BFO^1,2		0.30	%		(1.51	)%
Lipper Other States Municipal Debt Funds³		(8.44	)%		(5.37	)%

All returns reflect reinvestment of dividends and/or distributions.

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

Average return.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

•

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

•

The Trust is scheduled to mature on or about December 31, 2020, and it therefore holds securities that will mature close to that date. As a result of its shorter duration (interest-rate sensitivity), the Trust held up well in the environment of falling yields and underperformance for longer-term issues.

•

At the sector level, the health care and utilities sectors represented the largest detractors from performance due to their higher weightings. The Trust’s more-seasoned holdings, while producing generous yields compared to current market rates, detracted. The prices of many of these investments declined due to the premium amortization that occurred as the bonds approached their first call dates. (A call is when an issuer redeems a bond prior to its maturity date; premium is amount by which a bond trades above its $100 par value.)



8	SEMI-ANNUAL REPORT	JANUARY 31, 2017


		BlackRock Florida Municipal 2020 Term Trust


Market Price and Net Asset Value Per Share Summary


	1/31/17		7/31/16		Change		High		Low
Market Price		$15.07		$15.21		(0.92)%		$15.37		$14.85
Net Asset Value		$15.08		$15.50		(2.71)%		$15.50		$14.98

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

LOGO

Overview of the Trust’s Total Investments*


Sector Allocation	1/31/17			7/31/16
County/City/Special District/School District		35	%		34	%
Health		18			18
Utilities		15			16
State		12			12
Transportation		11			11
Education		4			4
Corporate		4			4
Housing		1			1



Call/Maturity Schedule⁴
Calendar Year Ended December 31,
2017	12	%
2018	10
2019	11
2020	57
2021	1

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	1/31/17			7/31/16
AAA/Aaa		1	%		1	%
AA/Aa		59			59
A		25			25
BBB/Baa		—	²		—
N/R³		15			15

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.

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

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2017 and July 31, 2016, the market value of unrated securities deemed by the investment adviser to be investment grade represents 4% and 13%, respectively, of the Trust’s total investments.



SEMI-ANNUAL REPORT	JANUARY 31, 2017	9


Trust Summary as of January 31, 2017				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 U.S. federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial offering price per share) to holders of common shares on or about December 31, 2030. The Trust seeks to achieve its investment objectives by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trust’s adviser to be of comparable quality, at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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 January 31, 2017 ($22.76)¹		4.22%
Tax Equivalent Rate²		7.46%
Current Monthly Distribution per Common Share³		$0.08
Current Annualized Distribution per Common Share³		$0.96
Economic Leverage as January 31, 2017⁴		37%

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 six months ended January 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BTT^1,2		(4.13	)%		(8.19	)%
Lipper General & Insured Municipal Debt Funds (Leveraged)³		(7.34	)%		(5.63	)%

All returns reflect reinvestment of dividends and/or distributions.

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

Average return.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

•

At the sector level, the health care and transportation sectors represented the largest detractors from performance due to their higher weightings.

•

The Trust’s longer duration profile was a negative for performance as rates were higher across the yield curve. (Duration is a measure of interest rate sensitivity.)

•

To the extent that the Trust held zero coupon bonds, these positions detracted since the bonds’ longer duration accentuated the negative price performance in a down market. Reinvestment was a further drag on results, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at materially lower prevailing rates.

•

The Trust continued to employ leverage in order to increase portfolio income. Since leverage also amplifies the effect of market movements, it was a net detractor from performance at a time of falling prices.



10	SEMI-ANNUAL REPORT	JANUARY 31, 2017


		BlackRock Municipal 2030 Target Term Trust


Market Price and Net Asset Value Per Share Summary


	1/31/17		7/31/16		Change			High		Low
Market Price	$	22.76	$	24.24		(6.11	)%	$	24.40	$	21.09
Net Asset Value	$	22.82	$	25.38		(10.09	)%	$	25.38	$	22.21


Market Price and Net Asset Value History Since Inception

LOGO

Commencement of operations.


Overview of the Trust’s Total Investments*


Sector Allocation	1/31/17			7/31/16
Transportation		23	%		23	%
Health		21			17
Education		15			14
County/City/Special District/School District		15			17
State		10			11
Corporate		8			8
Utilities		5			7
Tobacco		2			2
Housing		1			1



Call/Maturity Schedule³
Calendar Year Ended December 31, 2017	1	%
2018	1
2019	1
2020	4
2021	1

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	1/31/17			7/31/16
AAA/Aaa		3	%		5	%
AA/Aa		29			24
A		41			39
BBB/Baa		14			18
BB/Ba		2			3
B		2			2
N/R²		9			9

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 January 31, 2017 and July 31, 2016, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% and 2%, respectively, of the Trust’s total investments.



SEMI-ANNUAL REPORT	JANUARY 31, 2017	11


Trust Summary as of January 31, 2017				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 U.S. federal income 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 U.S. federal income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trust’s adviser to be of comparable 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		BBF
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of January 31, 2017 ($14.53)¹		5.98%
Tax Equivalent Yield²		10.57%
Current Monthly Distribution per Common Share³		$0.072375
Current Annualized Distribution per Common Share³		$0.868500
Economic Leverage as of January 31, 2017⁴		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.

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 six months ended January 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BBF^1,2		(6.45	)%		(4.51	)%
Lipper General & Insured Municipal Debt Funds (Leveraged)³		(7.34	)%		(5.63	)%

All returns reflect reinvestment of dividends and/or distributions.

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

Average return.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

•

Positions in bonds with longer maturities declined the most in value since they typically have longer durations (above-average interest rate sensitivity). The Trust’s exposure to issues with 4% coupons also detracted from results, as lower coupons generally underperform in rising rate environments.

•

From a sector allocation perspective, the Trust’s exposure to the transportation and tax-backed (state) sectors were the largest detractors.

•

Portfolio income, which was enhanced by the Trust’s use of leverage, made a positive contribution during a period of falling prices. However, leverage also served to accentuate the price declines associated with rising yields.

•

Positions in high-quality, short-duration bonds — such as pre-refunded securities — held up relatively well in the down market due to their lower interest rate sensitivity. The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields rose as prices fell, this aspect of the Trust’s positioning had a positive effect on returns.



12	SEMI-ANNUAL REPORT	JANUARY 31, 2017


		BlackRock Municipal Income Investment Trust


Market Price and Net Asset Value Per Share Summary


	1/31/17		7/31/16		Change			High		Low
Market Price	$	14.53	$	16.00		(9.19	)%	$	16.16	$	13.46
Net Asset Value	$	14.34	$	15.47		(7.30	)%	$	15.47	$	14.14


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

LOGO


Overview of the Trust’s Total Investments*


Sector Allocation	1/31/17			7/31/16
County/City/Special District/School District		21	%		24	%
Transportation		21			22
Health		15			13
Utilities		15			16
Education		12			11
State		10			9
Tobacco		4			3
Corporate		1			1
Housing		1			1



Call/Maturity Schedule³
Calendar Year Ended December 31, 2017	2	%
2018	14
2019	31
2020	11
2021	14

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	1/31/17			7/31/16
AAA/Aaa		10	%		11	%
AA/Aa		50			52
A		23			23
BBB/Baa		9			9
BB/Ba		2			1
B		1			1
N/R²		5			3

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2017 and July 31, 2016, the market value of unrated securities deemed by the investment advisor to be investment grade each represents less than 1% of the Trust’s total investments.



SEMI-ANNUAL REPORT	JANUARY 31, 2017	13


Trust Summary as of January 31, 2017				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 U.S. 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 U.S. 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, or are considered by the Trust’s adviser to be of comparable 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 January 31, 2017 ($14.77)¹		5.65%
Tax Equivalent Yield²		10.97%
Current Monthly Distribution per Common Share³		$0.0696
Current Annualized Distribution per Common Share³		$0.8352
Economic Leverage as of January 31, 2017⁴		40%

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 six months ended January 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BNJ^1,2		(9.58	)%		(6.43	)%
Lipper New Jersey Municipal Debt Funds³		(9.68	)%		(6.06	)%

All returns reflect reinvestment of dividends and/or distributions.

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

Average return.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

•

New Jersey underperformed the broader U.S. municipal bond market. The state’s credit rating remained under pressure due to continuing budgetary issues, lagging job growth versus the national averages, continued population out-migration and concerns about its pension-funding difficulties.

•

At the sector level, exposure to the state tax-backed, transportation and education sectors detracted from performance. Holdings in longer-duration bonds, which were more sensitive to rising yields, also detracted. (Duration is a measure of interest-rate sensitivity.) Credit spreads widened during the period, so the Trust’s holdings in lower-rated investment-grade bonds were a further detractor.

•

At a time when lower-quality, longer-dated bonds experienced the largest underperformance, the Trust’s positions in high-quality, short-dated issues performed relatively well and helped mitigate the impact of the market decline. The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields rose as prices fell, this aspect of the Trust’s positioning had a positive effect on returns.



14	SEMI-ANNUAL REPORT	JANUARY 31, 2017


		BlackRock New Jersey Municipal Income Trust


Market Price and Net Asset Value Per Share Summary


	1/31/17		7/31/16		Change			High		Low
Market Price	$	14.77	$	16.79		(12.03	)%	$	16.94	$	14.12
Net Asset Value	$	14.94	$	16.41		(8.96	)%	$	16.44	$	14.76


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

LOGO


Overview of the Trust’s Total Investments*


Sector Allocation	1/31/17			7/31/16
Transportation		35	%		33	%
County/City/Special District/School District		22			23
Education		17			17
State		9			12
Health		8			5
Corporate		6			6
Housing		2			3
Utilities		1			1



Call/Maturity Schedule³
2017	4	%
2018	11
2019	10
2020	6
2021	18

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	1/31/17			7/31/16
AAA/Aaa		1	%		1	%
AA/Aa		44			45
A		36			34
BBB/Baa		10			10
BB/Ba		8			9
N/R		1			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, the market value of unrated securities deemed by the investment adviser to be investment grade each represents 1% of the Trust’s total investments.



SEMI-ANNUAL REPORT	JANUARY 31, 2017	15


Trust Summary as of January 31, 2017				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 U.S. federal income tax and New York State and New York City personal income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City personal income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trust’s adviser to be of comparable 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 January 31, 2017 ($14.26)¹		5.05%
Tax Equivalent Yield²		10.22%
Current Monthly Distribution per Common Share³		$0.06
Current Annualized Distribution per Common Share³		$0.72
Economic Leverage as of January 31, 2017⁴		40%

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 six months ended January 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BNY^1,2		(12.56	)%		(5.96	)%
Lipper New York Municipal Debt Funds³		(9.25	)%		(5.24	)%

All returns reflect reinvestment of dividends and/or distributions.

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

Average return.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

•

At the sector level, exposure to the transportation, local general obligation and education sectors detracted from performance. Holdings in longer-duration bonds, which were more sensitive to rising yields, also detracted. (Duration is a measure of interest-rate sensitivity.) Credit spreads widened during the period, so the Trust’s holdings in lower-rated investment-grade bonds were a further detractor.

•



16	SEMI-ANNUAL REPORT	JANUARY 31, 2017


		BlackRock New York Municipal Income Trust


Market Price and Net Asset Value Per Share Summary


	1/31/17		7/31/16		Change			High		Low
Market Price	$	14.26	$	16.71		(14.66	)%	$	16.84	$	13.49
Net Asset Value	$	14.63	$	15.94		(8.22	)%	$	15.95	$	14.35


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

LOGO


Overview of the Trust’s Total Investments*


Sector Allocation	1/31/17			7/31/16
County/City/Special District/School District		24	%		23	%
Transportation		20			20
Education		19			20
Utilities		13			12
Health		10			9
State		8			8
Corporate		2			5
Housing		2			2
Tobacco		2			1



Call/Maturity Schedule³
Calendar Year Ended December 31, 2017	11	%
2018	5
2019	4
2020	6
2021	21

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	1/31/17			7/31/16
AAA/Aaa		19	%		15	%
AA/Aa		41			43
A		24			24
BBB/Baa		8			7
BB/Ba		2			3
B		1			—
N/R²		5			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 January 31, 2017 and July 31, 2016, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1% and 3%, respectively, of the Trust’s total investments.



SEMI-ANNUAL REPORT	JANUARY 31, 2017	17

Schedule of Investments January 31, 2017 (Unaudited)

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
California — 91.5%
County/City/Special District/School District — 23.6%
Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/30	$	8,425	$	9,207,176
Chabot-Las Positas Community College District, GO, Refunding, 4.00%, 8/01/37		2,000		2,072,040
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:
6.13%, 5/01/31		500		571,765
6.50%, 5/01/36		1,210		1,404,483
6.50%, 5/01/42		2,225		2,577,774
County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 2/01/19 (a)		2,000		2,192,120
County of Orange California Water District, COP, Refunding, 5.25%, 8/15/19 (a)		2,000		2,201,680
County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45		8,990		10,253,724
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A:
6.00%, 3/01/36		2,880		3,332,592
5.50%, 3/01/41		5,270		5,993,097
County of Santa Clara California Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/18 (a)		20,000		21,106,800
Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 8/01/33		2,500		2,709,675
Evergreen School District, GO, Election of 2014, 4.00%, 8/01/41		5,365		5,457,922
Foothill-De Anza Community College District, GO, Refunding, 4.00%, 8/01/40		4,000		4,157,160
Los Angeles Unified School District, GO, Election of 2008, Series A, 4.00%, 7/01/40		8,500		8,664,220
Modesto Irrigation District, COP, Capital Improvements, Series A, 5.75%, 10/01/29		3,035		3,284,174
Oak Grove School District, GO, Election of 2008, Series A, 5.50%, 8/01/33		1,315		1,439,346
Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/19 (a)		2,000		2,230,060
San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 6/01/32		3,375		3,815,606
San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 8/01/41		3,060		3,497,274
Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/19 (a)		4,000		4,470,800
Turlock Irrigation District, Refunding RB, 1st Priority, 5.00%, 1/01/33		500		575,945
Tustin California School District, GO, Election of 2008, Series B, 5.25%, 8/01/21 (a)		3,445		4,004,537


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	$	5,595,178
Election of 2012, 5.50%, 8/01/39		2,500		2,906,675

				113,721,823
Education — 5.2%
California Educational Facilities Authority, Refunding RB, San Francisco University, 6.13%, 10/01/36		6,280		7,349,798
California Municipal Finance Authority, RB, Emerson College, 5.75%, 1/01/33		2,500		2,797,475
California State University, Refunding RB, Systemwide, Series A:
5.00%, 11/01/33		4,640		5,404,904
5.00%, 11/01/41		3,225		3,694,786
University of California, Refunding RB, Series AR, 5.00%, 5/15/41		5,000		5,731,000

				24,977,963
Health — 11.4%
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare, Series B, 6.25%, 8/01/39		4,975		5,521,603
California Health Facilities Financing Authority, RB:
Adventist Health System West, Series A, 5.75%, 9/01/19 (a)		6,710		7,465,479
Children’s Hospital, Series A, 5.25%, 11/01/41		8,500		9,391,905
Sutter Health, Series B, 6.00%, 8/15/42		6,015		6,850,724
California Health Facilities Financing Authority, Refunding RB, Series A (a):
Catholic Healthcare West, 6.00%, 7/01/19		5,550		6,167,104
Dignity Health, 6.00%, 7/01/19		4,520		5,022,579
California Statewide Communities Development Authority, Refunding RB:
Catholic Healthcare West, Series B, 5.50%, 7/01/17 (a)		2,880		2,936,160
Catholic Healthcare West, Series E, 5.50%, 7/01/17 (a)		5,065		5,163,768
Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41		4,000		4,437,080
Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/38		1,625		1,859,650

				54,816,052
State — 9.3%
Orange County Community Facilities District, Special Tax Bonds, Village of Esencia, Series A, 5.25%, 8/15/45		2,500		2,681,125
State of California, GO, Various Purposes, 6.00%, 4/01/38		14,000		15,358,420


Portfolio Abbreviations


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

See Notes to Financial Statements.



18	SEMI-ANNUAL REPORT	JANUARY 31, 2017


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


Municipal Bonds	Par (000)		Value
California (continued)
State (continued)
State of California Public Works Board, LRB:
Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34	$	9,000	$	9,956,700
Various Capital Projects, Series I, 5.50%, 11/01/33		4,940		5,825,149
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/19 (a)		5,025		5,729,706
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33		4,335		5,074,508

				44,625,608
Tobacco — 5.7%
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior, Series A-1, 5.75%, 6/01/47		28,035		27,542,705
Transportation — 16.6%
City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 5/01/39		6,750		7,424,258
City of Los Angeles California Department of Airports, ARB, Series A, AMT, 5.00%, 5/15/42		8,980		9,882,759
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A:
5.00%, 5/15/34		6,650		7,187,852
5.00%, 5/15/40		4,760		5,247,281
City of San Jose California, Refunding ARB, Series A-1, AMT:
5.75%, 3/01/34		3,820		4,312,513
6.25%, 3/01/34		2,650		3,042,889
County of Orange California, ARB, Series B, 5.75%, 7/01/34		8,000		8,152,960
County of Sacramento California, Refunding ARB, Senior Series A, 5.00%, 7/01/41		12,500		13,939,625
County of Sacramento California, ARB:
PFC/Grant, Sub-Series D, 6.00%, 7/01/35		3,000		3,186,540
Senior Series B, 5.75%, 7/01/39		1,850		1,956,967
Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 8/01/44		4,135		4,526,750
San Francisco City & County Airport Commission, San Francisco International Airport, Refunding RB, Series A, AMT, 5.00%, 5/01/46		10,000		10,960,700

				79,821,094
Utilities — 19.7%
Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 10/01/36		7,690		8,646,251
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D, 5.88%, 1/01/34		6,555		7,160,158
City of Los Angeles California Department of Water & Power, RB, Power System:
Series A, 5.00%, 7/01/46		1,000		1,136,990
Sub-Series A-1, 5.25%, 7/01/38		9,000		9,511,110
City of Los Angeles California Department of Water & Power, Refunding RB, Series A, 5.25%, 7/01/39		4,000		4,519,560
City of Los Angeles California Wastewater System, Refunding RB, Series A, 5.00%, 6/01/39		2,000		2,149,620
City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36		5,625		6,502,444
City of San Francisco California Public Utilities Commission Water Revenue, RB, Sub-Series A, 5.00%, 11/01/37		5,000		5,636,400
Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.25%, 9/01/31		4,320		4,948,171


Municipal Bonds	Par (000)		Value
California (continued)
Utilities (continued)
Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 8/01/41	$	2,425	$	2,794,328
East Bay California Municipal Utility District Water System Revenue, Refunding RB, Series A, 5.00%, 6/01/36		5,745		6,353,625
El Dorado Irrigation District / El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%, 3/01/39		10,000		11,337,200
Los Angeles Department of Water, Refunding RB, Series B, 5.00%, 7/01/38		2,000		2,295,680
Los Angeles Department of Water & Power, RB, Series B:
5.00%, 7/01/37		1,000		1,145,330
5.00%, 7/01/38		5,010		5,729,686
5.00%, 7/01/45		1,000		1,137,820
Metropolitan Water District of Southern California, Refunding RB, Series A, 5.00%, 7/01/32		2,500		2,942,075
San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/19 (a)		10,000		10,932,000

				94,878,448
Total Municipal Bonds in California				440,383,693

Multi-State — 0.5%
Housing — 0.5%
Centerline Equity Issuer Trust (b)(c):
Series A-4-2, 6.00%, 5/15/19		1,000		1,084,050
Series B-3-2, 6.30%, 5/15/19		1,000		1,090,620
Total Municipal Bonds in Multi-State				2,174,670
Total Municipal Bonds — 92.0%				442,558,363



Municipal Bonds Transferred to Tender Option Bond Trusts (d)
California — 79.2%
County/City/Special District/School District — 27.8%
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/41		11,620		12,909,704
Chabot-Las Positas Community College District, GO, Refunding, 4.00%, 8/01/37		3,400		3,522,468
Los Angeles Community College District California, GO, Election of 2008, Series A (a):
Election of 2001 (AGM), 5.00%, 8/01/17		8,000		8,170,240
Series C, 5.25%, 8/01/20 (e)		12,902		14,615,655
Los Angeles Community College District California, GO, Refunding, , 6.00%, 8/01/19 (a)		20,131		22,511,102
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34		5,000		5,408,850
Palomar California Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/44		15,140		17,034,165
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/19 (a)		10,484		11,527,956
San Joaquin California Delta Community College District, GO, Election of 2004, Series C, 5.00%, 8/01/39		14,505		16,223,341
San Jose Unified School District Santa Clara County California, GO:
Election of 2002, Series D, 5.00%, 8/01/18 (a)		14,625		15,501,553
Series C, 4.00%, 8/01/39		6,100		6,226,941

				133,651,975

See Notes to Financial Statements.



SEMI-ANNUAL REPORT	JANUARY 31, 2017	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)
Education — 17.4%
Grossmont Union High School District, GO, Election of 2004, 5.00%, 8/01/18 (a)	$	13,095	$	13,881,978
University of California, RB:
Series AM, 5.25%, 5/15/44		5,000		5,784,550
Series O, 5.75%, 5/15/19 (a)		12,303		13,574,104
University of California, Refunding RB:
5.00%, 5/15/38		4,250		4,882,442
Series A, 5.00%, 11/01/43		11,792		13,409,351
Series AI, 5.00%, 5/15/38		14,225		16,052,415
Series I, 5.00%, 5/15/40		14,065		15,938,559

				83,523,399
Health — 8.8%
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 8/15/52		9,695		10,444,034
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 4/01/42		18,960		20,610,278
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 5/15/47		10,290		11,564,314

				42,618,626
State — 6.7%
State of California, GO, Refunding, Various Purposes:
4.00%, 9/01/34		13,790		14,290,163
5.00%, 9/01/35		10,115		11,589,240
State of California, GO, Refunding, 4.00%, 9/01/37		6,090		6,265,879

				32,145,282
Transportation — 5.6%
City of Los Angeles California Department of Airports, Series D, AMT, 5.00%, 5/15/41		18,632		20,655,081
County of San Diego Regional Transportation Commission, Refunding RB, Series A, 5.00%, 4/01/48		5,740		6,569,717

				27,224,798


Municipal Bonds Transferred to Tender Option Bond Trusts (d)	Par (000)		Value
California (continued)
Utilities — 12.9%
County of Orange California Water District, COP, Refunding, 5.00%, 8/15/19 (a)	$	10,480	$	11,471,408
County of San Diego California Water Authority Financing Corp., COP, Refunding, Series A (AGM) (a):
5.00%, 5/01/18		1,670		1,754,535
5.00%, 5/01/18		8,370		8,793,689
Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/18 (a)		18,002		19,012,437
Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 7/01/46		6,412		7,317,220
San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/19 (a)		12,460		13,621,272

				61,970,561
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 79.2%				381,134,641
Total Long-Term Investments (Cost — $788,260,370) — 171.2%				823,693,004



Short-Term Securities	Shares
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.50% (f)(g)		563,095		563,151
Total Short-Term Securities (Cost — $563,151) — 0.1%				563,151
Total Investments (Cost — $788,823,521) — 171.3%				824,256,155
Other Assets Less Liabilities — 1.4%				7,050,567
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (37.1)%				(178,894,257	)
VMTP Shares, at Liquidation Value — (35.6)%				(171,300,000	)

Net Assets Applicable to Common Shares — 100.0%			$	481,112,465

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.

(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 agreement, which expires on August 1, 2018, is $6,798,086. See Note 4 of the Notes to Financial Statements for details.

(f)

During the six months ended January 31, 2017, investments in issuers considered to be an affiliate 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, 2016		Net Activity			Shares Held at January 31, 2017		Value at January 31, 2017		Income		Net Realized Gain¹		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		3,771,908		(3,208,813	)		563,095	$	563,151	$	3,326	$	2,739		—
¹ Includes net capital gain distributions.

(g)

Current yield as of period end.

See Notes to Financial Statements.



20	SEMI-ANNUAL REPORT	JANUARY 31, 2017


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


Derivative Financial Instruments Outstanding as of Period End


Futures Contracts
Contracts Short			Issue	Expiration	Notional Value		Unrealized Depreciation
	(64	)	5-Year U.S. Treasury Note	March 2017	$	7,543,500	$	(19,960	)
	(193	)	10-Year U.S. Treasury Note	March 2017	$	24,022,469		(87,176	)
	(124	)	Long U.S. Treasury Bond	March 2017	$	18,704,625		(39,579	)
	(21	)	Ultra U.S. Treasury Bond	March 2017	$	3,374,438		(7,052	)
	Total						$	(153,767	)


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:


Liabilities — Derivative Financial Instruments		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Futures contracts	Net unrealized depreciation¹		—		—		—		—	$	153,767			—	$	153,767
¹ Includes cumulative (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 six months ended January 31, 2017, 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 Contracts		Total
Futures contracts			—		—		—		—	$	2,105,216			—	$	2,105,216
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts			—		—		—		—	$	(71,894	)		—	$	(71,894	)


Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	38,694,305

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.

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		—		$	823,693,004		—	$	823,693,004
Short-Term Securities	$	563,151			—		—		563,151

Total	$	563,151		$	823,693,004		—	$	824,256,155


Derivative Financial Instruments²
Liabilities:
Interest rate contracts	$	(153,767	)		—		—	$	(153,767	)
¹See above Schedule of Investments for values in each sector.
²Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

See Notes to Financial Statements.



SEMI-ANNUAL REPORT	JANUARY 31, 2017	21


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

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
Liabilities:
TOB Trust Certificates	—	$	(178,458,032	)	—	$	(178,458,032	)
VMTP Shares at Liquidation Value	—		(171,300,000	)	—		(171,300,000	)

Total	—	$	(349,758,032	)	—	$	(349,758,032	)

During the six months ended January 31, 2017, there were no transfers between levels.

See Notes to Financial Statements.



22	SEMI-ANNUAL REPORT	JANUARY 31, 2017

Schedule of Investments January 31, 2017 (Unaudited)

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Florida — 97.8%
Corporate — 3.9%
County of Hillsborough Florida IDA, Refunding RB, Tampa Electric Co. Project, Series A, 5.65%, 5/15/18	$	1,000	$	1,052,960
County of Palm Beach Florida Solid Waste Authority, Refunding RB, 5.00%, 10/01/20		2,000		2,241,160

				3,294,120
County/City/Special District/School District — 34.3%
City of Jacksonville Florida, Refunding RB:
Better Jacksonville Sales Tax, 5.00%, 10/01/20		4,000		4,471,720
Brooks Rehabilitation Project, 5.00%, 11/01/20		400		441,704
County of Broward Florida School Board, COP, Refunding, Series A, 5.00%, 7/01/20		2,000		2,218,140
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/18 (a)		2,500		2,647,600
County of Hillsborough Florida, RB (AMBAC), 5.00%, 11/01/17 (a)		5,545		5,716,729
County of Miami-Dade Florida School Board, COP, Refunding, Series B (AGC), 5.25%, 5/01/18 (a)		4,000		4,210,440
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		996,340
Florida State Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20		485		532,093
Indian River County School Board, COP, Refunding, Series A, 5.00%, 7/01/20		1,000		1,111,540
Miami-Dade County School Board Foundation, Inc., COP, Refunding, Series A, 5.00%, 5/01/20		1,250		1,380,837
Palm Beach County School District, COP, Refunding Series B, 5.00%, 8/01/20		3,000		3,341,130
Stevens Plantation Florida Imports Project Dependent Special District, RB, 6.38%, 5/01/13 (b)(c)		2,425		1,696,312

				28,764,585
Education — 4.2%
City of Tampa Florida, Refunding RB, Florida Revenue The University of Tampa Project, 5.00%, 4/01/20		795		870,891
County of Orange Florida Educational Facilities Authority, RB, Rollins College Project (AMBAC), 5.25%, 12/01/17 (a)		725		751,122
Florida State Board of Governors, Refunding RB, University of Central Florida, Series A, 5.00%, 7/01/18		400		419,952
Florida State Higher Educational Facilities Financial Authority, Refunding RB, University of Tampa Project, Series A, 5.00%, 4/01/20		1,000		1,094,490
Volusia County School Board, COP, Refunding Series A, 5.00%, 8/01/20		350		390,176

				3,526,631
Health — 17.6%
County of Brevard Florida Health Facilities Authority, Refunding RB, 5.00%, 4/01/20		500		545,710
County of Highlands Florida Health Facilities Authority, Refunding RB, Hospital, Adventist Health, Series I, 5.00%, 11/15/20		2,155		2,359,359
County of Marion Florida Hospital District, Refunding RB, Health System, Munroe Regional, 5.00%, 10/01/17 (a)		1,500		1,541,220
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center:
3.00%, 6/01/17		190		190,878
3.25%, 6/01/18		195		198,442
3.50%, 6/01/19		200		206,354


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	$	5,354,243
Bethesda Healthcare System Project, Series A (AGM), 5.00%, 7/01/20		1,285		1,421,544
County of Palm Beach Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc., 4.00%, 11/15/20		2,000		2,119,840
Halifax Hospital Medical Center, Refunding RB, 5.00%, 6/01/20		590		650,428
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/20		150		164,896

				14,752,914
Housing — 0.8%
County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40		110		111,071
County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 9/01/40		150		152,093
Florida Housing Finance Corp., RB, Homeowner Mortgage, Series 2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 4.70%, 7/01/22		420		427,136

				690,300
State — 11.7%
Florida Municipal Loan Council, RB, Series D (AGM):
5.00%, 10/01/19		1,050		1,144,101
4.00%, 10/01/20		1,105		1,180,903
4.00%, 10/01/21		500		537,965
Florida Municipal Loan Council, Refunding RB:
CAB, Series A (NPFGC), 0.00%, 4/01/20 (d)		3,185		2,917,683
Series B-2 (AGM), 4.00%, 10/01/20		655		700,712
State of Florida Department of Environmental Protection, Refunding RB, Series A, 5.00%, 7/01/20		3,000		3,344,160

				9,825,524
Transportation — 10.6%
City of Jacksonville Florida Port Authority, Refunding RB, AMT, 4.00%, 11/01/20		865		909,539
County of Broward Florida Fuel System, RB, Lauderdale Fuel Facilities, Series A (AGM), AMT, 5.00%, 4/01/20		160		174,885
County of Broward Florida Port Facilities, Refunding RB, Series B, AMT, 5.00%, 9/01/20		2,500		2,756,200
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,526,786
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20		1,500		1,664,670
County of Miami-Dade Florida Transit System Sales Surtax, Refunding RB, 5.00%, 7/01/20		550		612,122
Greater Orlando Aviation Authority, Refunding RB, Series C, 5.00%, 10/01/20		1,130		1,263,261

				8,907,463
Utilities — 14.7%
City of Fort Lauderdale Florida Water & Sewer Revenue, Refunding RB, 5.00%, 9/01/20		2,970		3,339,735
City of Miami Beach Florida, RB, 5.00%, 9/01/20		250		279,233
City of North Miami Florida Beach Water Revenue, RB, 5.00%, 8/01/20		1,200		1,322,736
County of Miami-Dade Florida Water & Sewer System, Refunding RB, Series B (AGM), 5.25%, 10/01/19		4,000		4,403,800

See Notes to Financial Statements.



SEMI-ANNUAL REPORT	JANUARY 31, 2017	23


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


Municipal Bonds	Par (000)		Value
Florida (continued)
Utilities (continued)
Florida Governmental Utility Authority, RB, Golden Gate Utility System (AGM), 5.00%, 7/01/19	$	510	$	551,315
Florida Governmental Utility Authority, Refunding RB:
4.00%, 10/01/20		500		537,835
Lehigh Utility (AGM), 5.00%, 10/01/20		635		705,453
Florida Municipal Power Agency, RB, 5.00%, 10/01/20		500		558,965
Town of Davie Florida, Refunding RB, Nova Southeastern University Project, Series B, 5.00%, 4/01/20		530		577,345

				12,276,417
Total Municipal Bonds in Florida				82,037,954

Guam — 0.6%
Utilities — 0.6%
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20		100		110,088
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		310		340,749
Total Municipal Bonds in Guam				450,837
Total Municipal Bonds (Cost — $80,422,345) — 98.4%				82,488,791


Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.50% (e)(f)		658,296	$	658,362
Total Short-Term Securities (Cost — $658,296) — 0.8%				658,362
Total Investments (Cost — $81,080,641) — 99.2%				83,147,153
Other Assets Less Liabilities — 0.8%				707,497

Net Assets Applicable to Common Shares — 100.0%			$	83,854,650


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.

(d)

Zero-coupon bond.

(e)


Affiliate	Shares Held at July 31, 2016		Net Activity			Shares Held at January 31, 2017		Value at January 31, 2017		Income		Net Realized Gain¹		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		1,836,731		(1,178,435	)		658,296	$	658,362	$	1,043	$	396	$	66
¹ Includes net capital gain distributions.

(f)

Current yield as of period end.


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 table summarizes the Trust’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹		—	$	82,488,791		—	$	82,488,791
Short-Term Securities	$	658,362		—		—		658,362

Total	$	658,362	$	82,488,791		—	$	83,147,153

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

During the six months ended January 31, 2017, there were no transfers between levels.

See Notes to Financial Statements.



24	SEMI-ANNUAL REPORT	JANUARY 31, 2017

Schedule of Investments January 31, 2017 (Unaudited)

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Alabama — 0.9%
County of Jefferson Alabama, RB, Limited Obligation School, Series A:
5.25%, 1/01/19	$	1,000	$	1,004,113
5.25%, 1/01/20		1,000		1,004,070
5.50%, 1/01/21		1,200		1,204,884
5.50%, 1/01/22		1,105		1,109,497
County of Jefferson Alabama Sewer Revenue, Refunding RB, CAB, Senior Lien-Warrants, Series B (AGM) (a):
0.00%, 10/01/31		7,375		3,570,238
0.00%, 10/01/32		6,295		2,826,392
0.00%, 10/01/33		1,275		535,424
University of South Alabama, Refunding RB, AGM:
5.00%, 11/01/29		1,105		1,277,413
5.00%, 11/01/30		2,000		2,299,980

				14,832,011
Alaska — 0.4%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 6/01/23		6,130		6,160,527
Arizona — 2.3%
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital:
Series A, 5.00%, 2/01/34		6,340		6,727,945
Series B, 5.00%, 2/01/33		1,810		1,933,569
City of Phoenix Arizona IDA, RB, Facility:
Candeo Schools, Inc. Project, 6.00%, 7/01/23		575		628,607
Eagle College Preparatory Project, Series A, 4.50%, 7/01/22		575		588,857
Eagle College Preparatory Project, Series A, 5.00%, 7/01/33		1,000		1,005,140
Legacy Traditional Schools Project, Series A, 5.75%, 7/01/24 (b)		750		821,895
County of Maricopa IDA, Refunding RB, Banner Health, Series A, 5.00%, 1/01/31		16,280		18,857,775
County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 9/01/29		6,000		6,209,580

				36,773,368
California — 11.8%
Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub-Lien, Series A (AMBAC), 0.00%, 10/01/30 (a)		10,530		5,737,586
Azusa Unified School District, GO, Refunding (AGM):
4.00%, 8/01/30		4,420		4,755,876
4.00%, 8/01/31		4,825		5,126,852
California Municipal Finance Authority, RB:
Biola University, 4.00%, 10/01/27		750		777,405
Biola University, 5.00%, 10/01/29		660		725,584
Biola University, 5.00%, 10/01/30		500		547,185
Biola University, 4.00%, 10/01/33		2,500		2,511,525
Senior, S/F Housing, Caritas Affordable Housing, Inc. Project, Series A, 5.00%, 8/15/30		1,000		1,104,900
California Pollution Control Financing Authority, RB, Poseidon Resources Desalination Project, AMT, 5.00%, 7/01/30 (b)		13,845		14,350,343
California State Public Works Board, RB, Judicial Council Projects, Series A, 5.00%, 3/01/33		5,220		5,821,031
California Statewide Communities Development Authority, RB, American Baptist Homes of the West, Series A, 5.00%, 10/01/23		1,500		1,692,915
California Statewide Communities Development Authority, Refunding RB, Eskaton Properties, Inc., 5.25%, 11/15/34		2,500		2,661,250


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	$	1,074,370
5.00%, 8/01/29		1,300		1,391,026
5.00%, 8/01/33		1,335		1,408,078
El Camino Community College District, GO, CAB, Election of 2002, Series C (a):
0.00%, 8/01/30		9,090		5,518,175
0.00%, 8/01/31		12,465		7,232,068
0.00%, 8/01/32		17,435		9,668,928
Golden Empire Schools Financing Authority, Refunding RB, Kern High School District Projects, 1.16%, 5/01/17 (c)		8,590		8,590,000
Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFuel Corp., Los Angeles International, AMT:
4.50%, 1/01/27		5,000		5,335,650
5.00%, 1/01/32		4,110		4,393,796
Los Angeles Unified School District, GO, Election of 2008, Series A, 4.00%, 7/01/33		3,000		3,128,490
M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29		2,500		3,082,900
Monterey Peninsula Community College District, GO, Refunding, CAB (a):
0.00%, 8/01/30		3,500		2,066,400
0.00%, 8/01/31		5,940		3,331,627
Oakland Unified School District/Alameda County, GO, Series A:
5.00%, 8/01/30		1,000		1,162,790
5.00%, 8/01/32		1,100		1,264,879
5.00%, 8/01/33		1,000		1,144,240
Poway Unified School District, GO, Election of 2008, Series A (a):
0.00%, 8/01/27		10,000		7,032,700
0.00%, 8/01/30		10,000		5,974,800
0.00%, 8/01/32		12,500		6,796,500
Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Series C (NPFGC), 4.50%, 8/01/30		10,000		10,122,800
San Bernardino Community College District, GO, Refunding, Series A:
4.00%, 8/01/31		10,660		11,188,843
4.00%, 8/01/32		12,010		12,555,494
4.00%, 8/01/33		5,665		5,898,681
San Diego Community College District, GO, CAB, Election of 2006, 0.00%, 8/01/30 (a)		5,000		2,736,550
State of California, GO, Refunding, 4.00%, 9/01/34		16,000		16,580,160
Union City Community Redevelopment Agency, Refunding, Tax Allocation Bonds, Community Redevelopment Agency Projects, Series A:
5.00%, 10/01/32		1,355		1,529,524
5.00%, 10/01/33		3,000		3,371,940

				189,393,861
Colorado — 3.3%
Central Platte Valley Metropolitan District, GO, Series A:
5.13%, 12/01/29		700		769,867
5.50%, 12/01/29		750		843,052
5.38%, 12/01/33		1,500		1,658,505
City of Lakewood Colorado Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds, 4.00%, 12/01/23 (b)		1,000		1,002,750

See Notes to Financial Statements.



SEMI-ANNUAL REPORT	JANUARY 31, 2017	25


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


Municipal Bonds	Par (000)		Value
Colorado (continued)
Colorado Health Facilities Authority, Refunding RB:
Covenant Retirement Communities, Series A, 4.50%, 12/01/33	$	4,595	$	4,648,348
Covenant Retirement Communities, Series A, 5.00%, 12/01/33		3,000		3,141,840
NCMC, Inc. Project, 4.00%, 5/15/30		2,860		3,010,179
The Evangelical Lutheran Good Samaritan Society Project, Series A, 5.00%, 6/01/29		3,455		3,744,771
The Evangelical Lutheran Good Samaritan Society Project, Series A, 5.00%, 6/01/30		3,140		3,356,283
The Evangelical Lutheran Good Samaritan Society Project, Series A, 5.00%, 6/01/31		2,250		2,386,710
The Evangelical Lutheran Good Samaritan Society Project, Series A, 5.00%, 6/01/32		1,500		1,581,405
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.25%, 12/01/30		500		505,105
Denver Convention Center Hotel Authority, Refunding RB, Senior, 5.00%, 12/01/30		2,000		2,219,840
Park Creek Metropolitan District, Refunding, Tax Allocation Bonds, Senior Limited Property, Series A:
5.00%, 12/01/26		1,000		1,126,230
5.00%, 12/01/27		1,500		1,676,160
5.00%, 12/01/28		1,500		1,668,825
5.00%, 12/01/30		1,350		1,483,461
5.00%, 12/01/31		1,500		1,640,985
5.00%, 12/01/33		1,000		1,084,590
Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds (b):
4.10%, 12/01/24		5,080		5,093,614
4.20%, 12/01/25		5,280		5,294,098
4.50%, 12/01/30		4,305		4,301,255
Tallyns Reach Metropolitan District No. 3, GO, Refunding, 5.00%, 12/01/33		505		517,650

				52,755,523
Connecticut — 3.9%
State of Connecticut, GO, Series D, 4.00%, 8/15/29		11,500		12,089,375
University of Connecticut, RB, Series A:
5.00%, 1/15/29		15,560		18,057,691
5.00%, 1/15/30		13,000		14,945,450
5.00%, 1/15/31		15,560		17,760,495

				62,853,011
District of Columbia — 1.3%
District of Columbia, GO, Series A, 5.00%, 6/01/32		16,980		19,771,172
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/33		1,700		1,967,682

				21,738,854
Florida — 10.9%
City of Lakeland Florida, Refunding RB, Lakeland Regional Health System, 5.00%, 11/15/30		3,750		4,183,800
City of North Miami Beach Florida, Refunding RB, 4.00%, 8/01/27		2,810		2,978,572
City of Tampa Florida, Refunding RB, Series A:
County of Hillsborough Florida Expressway Authority, 4.00%, 7/01/30		6,395		6,657,131
H. Lee Moffitt Cancer Center Project, 4.00%, 9/01/33		10,000		10,200,400
County of Alachua Florida Health Facilities Authority, RB, East Ridge Retirement Village, Inc. Project, 6.00%, 11/15/29		5,000		5,402,950
County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 4/01/33		3,760		4,050,347


Municipal Bonds	Par (000)		Value
Florida (continued)
County of Broward Florida, RB, Fort Lauderdale Fuel Facilities, Series A, AMT (AGM):
5.00%, 4/01/30	$	600	$	650,718
5.00%, 4/01/33		740		794,257
County of Broward Florida School District, COP, Refunding, Series A, 5.00%, 7/01/32		3,000		3,417,660
County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%, 12/15/25 (b)		5,250		5,364,607
County of Miami-Dade Florida, Refunding RB:
Series B, 4.00%, 4/01/32		6,690		6,912,978
Sub-Series B, 5.00%, 10/01/32		5,000		5,544,850
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Series A, 5.00%, 4/01/33		5,000		5,524,750
County of Miami-Dade Florida School Board, COP, Refunding, Series A:
5.00%, 5/01/32		10,000		11,041,700
5.00%, 5/01/32		9,000		10,149,480
County of Orange Florida School Board, COP, Refunding, Series C, 5.00%, 8/01/33		21,555		24,635,856
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/32		19,790		21,262,574
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B (a):
0.00%, 6/01/29		2,295		1,567,233
0.00%, 6/01/30		2,000		1,313,520
0.00%, 6/01/31		1,295		816,964
0.00%, 6/01/32		2,495		1,512,743
Double Branch Community Development District, Refunding, Special Assessment Bonds, Senior Lien, Series A-1, 4.13%, 5/01/31		1,200		1,221,792
Greater Orlando Aviation Authority, Refunding RB, Jet Blue Airways Corp. Project, AMT, 5.00%, 11/15/26		2,000		2,080,220
Jacksonville Florida Port Authority, Refunding RB, AMT:
4.50%, 11/01/30		2,895		3,057,583
4.50%, 11/01/31		3,200		3,366,912
4.50%, 11/01/32		2,300		2,412,631
Miami Beach Health Facilities Authority, Refunding RB, Mount Sinai Medical Center, 5.00%, 11/15/30		1,000		1,085,290
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/30		3,825		4,427,743
Village Community Development District No. 5, Refunding, Special Assessment Bonds:
Phase I, 3.50%, 5/01/28		2,025		1,903,541
Phase I, 3.50%, 5/01/28		3,805		3,576,776
Phase II, 4.00%, 5/01/33		1,180		1,135,774
Phase II, 4.00%, 5/01/34		2,435		2,325,644
Village Community Development District No. 6, Refunding, Special Assessment Bonds, Sumter County, 4.00%, 5/01/29		6,065		5,932,358
Village Community Development District No. 10, Special Assessment Bonds, Sumter County:
4.50%, 5/01/23		2,660		2,781,243
5.00%, 5/01/32		5,685		6,037,186

				175,327,783
Idaho — 0.6%
Idaho Housing & Finance Association, RB, Series A, 4.00%, 7/15/30		10,000		10,341,300

See Notes to Financial Statements.



26	SEMI-ANNUAL REPORT	JANUARY 31, 2017


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


Municipal Bonds	Par (000)		Value
Illinois — 14.2%
Chicago Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 1/01/33	$	5,000	$	5,358,650
Chicago O’Hare International Airport, Refunding RB, 5.00%, 1/01/33		6,940		7,624,006
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/33		10,000		9,403,000
City of Chicago Illinois, RB, Wastewater Transmission, 2nd Lien:
4.00%, 1/01/31		10,375		10,388,487
4.00%, 1/01/32		10,790		10,729,684
4.00%, 1/01/33		11,220		11,076,496
4.00%, 1/01/35		9,135		8,895,115
City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT:
4.00%, 1/01/27		5,000		5,159,850
4.00%, 1/01/29		28,425		28,868,430
City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, (AGM), 5.00%, 1/01/30		730		782,363
City of St. Charles Illinois, GO, Refunding, Corporate Purpose:
4.00%, 12/01/30		1,620		1,703,398
4.00%, 12/01/31		1,715		1,794,868
4.00%, 12/01/32		1,800		1,878,930
County of Cook Illinois, GO, Refunding, Series C, 4.00%, 11/15/29		19,750		20,031,042
Illinois Finance Authority, Refunding RB:
DePaul University, Series A, 5.00%, 10/01/30		1,000		1,143,690
DePaul University, Series A, 4.00%, 10/01/31		1,000		1,031,750
DePaul University, Series A, 4.00%, 10/01/32		1,000		1,025,790
Lutheran Home & Services Obligated Group, 5.00%, 5/15/22		4,560		4,761,096
Lutheran Home & Services Obligated Group, 5.50%, 5/15/27		4,350		4,548,229
Lutheran Home & Services Obligated Group, 5.50%, 5/15/30		4,900		5,078,997
Presence Health Network, Series C, 5.00%, 2/15/30		12,000		12,566,640
Rush University Medical Center, Series A, 5.00%, 11/15/31		8,415		9,252,377
Rush University Medical Center, Series A, 5.00%, 11/15/32		2,075		2,272,146
Rush University Medical Center, Series A, 5.00%, 11/15/33		2,125		2,315,783
The Peoples Gas Light & Coke Company Project, 4.00%, 2/01/33		11,000		11,265,430
The University of Chicago Medical Centre, Series B, 5.00%, 8/15/30		3,205		3,622,740
Illinois State Toll Highway Authority, Refunding RB, Senior, Series A:
4.00%, 12/01/31		20,000		20,728,800
5.00%, 12/01/32		4,550		5,113,244
Winnebago & Boone Counties School District No. 205 Rockford, GO:
4.00%, 2/01/29		9,080		9,336,147
4.00%, 2/01/30		9,835		10,049,993

				227,807,171
Indiana — 3.1%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 5.88%, 1/01/24		2,020		2,236,524
City of Whiting Indiana, RB, BP Products North America, Inc. Project, AMT, 5.00%, 3/01/46 (c)		8,500		9,631,435
Indiana Finance Authority, Refunding RB:
Community Health Network Project, Series A, 4.00%, 5/01/35		23,565		23,473,097
Earlham College Project, 5.00%, 10/01/32		11,255		11,819,888


Municipal Bonds	Par (000)		Value
Indiana (continued)
Northern Indiana Commuter Transportation District, RB:
5.00%, 7/01/32	$	1,000	$	1,130,560
5.00%, 7/01/33		1,400		1,575,560

				49,867,064
Iowa — 2.0%
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:
5.50%, 12/01/22		18,500		18,592,500
5.25%, 12/01/25		14,345		14,318,892

				32,911,392
Kansas — 0.2%
Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A:
5.00%, 9/01/30		1,175		1,336,081
5.00%, 9/01/33		1,370		1,535,208

				2,871,289
Kentucky — 0.6%
County of Louisville/Jefferson Metropolitan Government, Refunding RB, Norton Healthcare, Inc., Series A, 5.00%, 10/01/32		7,300		8,040,074
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier-DownTown Crossing Project:
Convertible Series C, 0.00%, 7/01/33 (d)		1,500		1,238,400
Series B, 0.00%, 7/01/30 (a)		1,230		645,750

				9,924,224
Louisiana — 3.2%
City of New Orleans Louisiana, Refunding RB:
5.00%, 12/01/27		1,500		1,702,005
5.00%, 12/01/29		1,000		1,123,430
City of Ruston Louisiana, RB, (AGM):
5.00%, 6/01/29		1,060		1,217,018
5.00%, 6/01/30		1,000		1,141,750
5.00%, 6/01/31		1,020		1,158,271
5.00%, 6/01/32		1,225		1,384,752
Louisiana Public Facilities Authority, Refunding RB:
Entergy Louisiana, Series B, 3.50%, 6/01/30		6,190		6,130,947
Ochsner Clinic Foundation Project, 5.00%, 5/15/29		1,250		1,405,750
Ochsner Clinic Foundation Project, 5.00%, 5/15/30